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Judgment Search Results Home > Cases Phrase: income tax act Year: 1967 Page 1 of about 674 results (0.113 seconds)

Feb 25 1967 (HC)

Commissioner of Income-tax, Bombay City I Vs. Devidas Vithaldas and Co ...

Court : Mumbai

Decided on : Feb-25-1967

Reported in : [1968]68ITR388(Bom)

..... 1958-59 the assessee paid rs. 42,480 and the question was whether the payment of that sum was allowable under section 10 of the income-tax act. the supreme court held, reversing the decision of the kerala high court, that the payment under clause 7 of the agreement was in the ..... their own convenience and it had no reference to padamsi or his legal representatives. 32. the decision in ratilal b. daftari v. commissioner of income-tax was next relied upon. that was case where there was, so to say, sub-partnership between one partners and strangers and the share which the ..... supreme court. 22. the sheet-anchor of the argument of mr. kolah was the decision in travancore sugar & chemicals ltd. v. commissioner of income-tax. there the assessee-company was floated to take over the assets of certain undertaking run by the government of travancore, and the promoters entered into an ..... heirs was the purchase price of capital asset, namely, the goodwill. the case vithaldas thakordas and co. v. commissioner of income-tax, therefore, cannot apply here. 20. in commissioner of income-tax v. p. n. ethiraj, it was held that even in cases where a business in partly transferred to another and payment ..... expenditure to the assessee. the payments were for the purchase of the goodwill and could only be treated as capital expenditure. in appeal, the income-tax appellate tribunal has reversed this decision. the reasoning by which they came to the conclusion that the amounts paid to mrs. premlata padamsi were in .....

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Jan 09 1967 (HC)

S. Kanagasabapathi Pillai and ors. Vs. Commissioner of Income-tax, Mad ...

Court : Chennai

Decided on : Jan-09-1967

Reported in : AIR1968Mad327; [1968]67ITR735(Mad)

..... the accounting year ended february 1, 1955, he was assessed on a total income which included rs. 10253, as foreign income after deducting the statutory allowance under the third proviso to sec. 4(1) of the income-tax act 1922. the total foreign income consisted of rs. 2400 as salary and the balance, as working share of ..... the assessee's of profits. in the firm of v.t.v. dharmaperumal pillai, the income-tax officer noticed that a sum of rs. 15,000 had ..... was revised under sec. 35, is not clear. but we are of the view that so far as rs. 10253 that was brought to tax by the income-tax officer is concerned, there can be no doubt that the charge should in any case be sustained on the accrual basis. the controversy, therefore, ..... without actual cash being handled, may as much result in remittance as by the physical transfer of cash. this proposition is supported by authority. commissioner of income-tax v. subramaniam chettiar, ilr (1927) mad 765 = air 1927 mad 841, decided by a full bench of this court held that credit entries made on ..... be treated as payments though that interest was not actually paid in british india. this decision was approved by the supreme court in indermani jatia v. commissioner of income-tax, u. p. : [1959]35itr298(sc) . in taking that view, the supreme court observed:'this decision ilr (1927) mad 765 = air 1927 mad 841 .....

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Feb 22 1967 (HC)

D.M. Dahanukar Vs. Commissioner of Income-tax, Bombay

Court : Mumbai

Decided on : Feb-22-1967

Reported in : [1967]65ITR280(Bom)

..... at by the tribunal that the assessee had concealed the particulars of his income or deliberately furnished inaccurate particulars thereof so as to make himself liable for the imposition of a penalty under section 28 of the income-tax act. 5. in the result, therefore, we answer the question referred to ..... of the indian income-tax act, 1922, is : 'whether, there was any evidence on which the tribunal could come to the conclusion that the petitioner had concealed the particulars of his income or deliberately furnished inaccurate particulars for the purpose of section 28(1)(c) of the indian income-tax ac 2. the ..... urged that this conduct on his part clearly showed that he had no intention either to conceal or to deliberately furnish inaccurate particulars. the income-tax officer, however, was not satisfied with the explanation offered by the assessee because in his opinion the excuse which the assessee had put forward ..... constituted the dividend declared in the previous year corresponding to the said assessment year and liable to be included in the said assessment. the income-tax officer also issued a notice to the assessee under section 28(3) for penalty proceedings and in the said proceedings levied a penalty of ..... september, 1954. the inclusion of a big amount of dividend from the belvandi sugar farm ltd. in the assessment year 1955-56 led the income-tax officer to make enquiries with the assessee as to why no such dividends were included in the assessment year 1954-55. thereafter, on the .....

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Feb 15 1967 (HC)

Jivatlal Purtapshi Vs. Commissioner of Income-tax, Bombay

Court : Mumbai

Decided on : Feb-15-1967

Reported in : [1967]65ITR261(Bom)

..... , it sent the matter back to the appellate assistant commissioner for hearing an disposal according to law. the assessee then made an application under section 66(1) of the indian income-tax act requesting the tribunal to raise questions, which arose on the preliminary contentions raised by it, and the tribunal accordingly drew up a statement of the case and referred to this ..... objection for its exclusion from the assessment. the addition is, therefore, deleted.' 2. after having agreed to the deletion of the said amount, the department preferred an appeal to the income-tax appellate commissioner complaining that the item of rs. 4,72,500 was wrongly deleted. at the hearing of the appeal before the tribunal, the counsel for the assessee contended, inter ..... that appeal to the deletion of the said amount from the assessment. in accordance with this argument, on august 7, 1959, when the appellate assistant commissioner decided the appeal, the income-tax officer conceded the deletion of the said amount of rs. 4,72,500 and the appellate assistant commissioner, after recording the said concession in his order, directed the deletion of ..... s letter to the inspecting assistant commissioner dated july 21, 1958, appearing at annexure 'c' to the statement of the case and the letter from the inspecting assistant commissioner of income-tax to the assessee to august 5, 1958, appearing at annexure 'd'. according to this settlement, it appears to have been agreed to between the parties that the sum of rs .....

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Mar 23 1967 (SC)

Commissioner of Income-tax Central, Calcutta, and anr. Vs. Amalgamated ...

Court : Supreme Court of India

Decided on : Mar-23-1967

Reported in : AIR1967SC1475; [1967]65ITR395(SC); [1967]3SCR263

..... not incurred in connection with stock-in-trade of the business of the respondent-company is not deductible under section 10(2)(xv) of the income-tax act. we are unable to accept this arguments as correct. it is not, in our opinion, a right approach to examine the question as if ..... 2. whether, on the facts and circumstances of the case, the assessee was liable to be taxed only on the actual realisation of sales in cash subject to the allowances admissible under the indian income-tax act ?' 5. by its judgment dated december 4, 1962, the high court answered the questions in favour ..... the expenses incurred in respect of the lands already sold by the firm when the respondent company took over. against the orders of the income-tax officer the respondent company preferred appeals to the appellate assistant commissioner who dismissed the appeals by a consolidated order, dated november 7, 1956. ..... the respondent company thereafter took the matter in appeal before the appellate tribunal. the view taken by the appellate tribunal was that the income-tax officer should have made the assessment on the basis of cash system for the year 1951-52 and for that year only the cash receipts ..... the expenses incurred in respect of the lands already sold by the firm when the respondent company took over. against the orders of the income-tax officer the respondent company preferred appeals to the appellate assistant commissioner who dismissed the appeals by a consolidated order, dated november 7, 1956. .....

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Jul 21 1967 (SC)

Commissioner of Income-tax, Bombay City and Suburban District Vs. Huku ...

Court : Supreme Court of India

Decided on : Jul-21-1967

Reported in : AIR1967SC1907; [1968]67ITR79(SC); [1968]1SCR47

..... appellate assistant commissioner. in compliance with the order of the bombay high court, the appellate tribunal drew up a statement of the case under section 66(4) of the indian income-tax act, and referred the three questions mentioned above. the high court, as stated above, answered question no. 3 in favour of the assessee, and the appellant having obtained special leave ..... does not make the property in the goods pass at indore. there is considerable force in the learned counsel's submissions. in seth pushalal mansinghka (p.) ltd. v. commissioner of income-tax [civil appeals nos. 557-558 of 1966 : judgment delivered on may 5, 1967 : since reported in : [1967]66itr159(sc) ], this court, on similar facts, held that the ..... )--------- -------- --------- ------- ------------19,93,053 3,35,855 16,57,198 1,77,139 14,80,059--------- -------- --------- ------- ------------ (the figures at the extreme right show the item numbers used by the income-tax officer in para. 2 of the assessment order.) 5. the modus operandi for effecting the sales enumerated in the chart referred to above is described as follows in the statement ..... .1. these appeals by special leave are directed against the judgment of the high court of judicature at bombay answering the following questions (question no. 3) against the commissioner of income-tax, bombay city and suburban district, appellant before us : '3. whether, on the facts and in the circumstances of the applicant's case, the tribunal was right in holding .....

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Apr 17 1967 (SC)

Raja Sharda NaraIn Singh Vs. Commissioner of Income-tax, Uttar Pradesh

Court : Supreme Court of India

Decided on : Apr-17-1967

Reported in : [1968]68ITR209(SC)

..... leave is directed against the judgment of the allahabad high court in miscellaneous i. t. case no. 176 of 1957, refusing to direct the income-tax appellate tribunal to state a case under section 66(2) of the indian income-tax act, 1922. 2. in order to appreciate the points raised before us, it is necessary to set out the relevant facts. the appellant's ..... only inference that can be drawn is that the sum of rs. 2 lakhs represents not only the income of the assessee but also the income of the previous year under consideration.'5. the assessee then filed an application under section 66(1) of the income-tax act before the appellate tribunal. the appellate tribunal, however, rejected the application on the ground that the findings ..... (4) whether there was any evidence on the record to justify a finding that rupees two lakhs was the income from nazrana, etc., or from other undisclosed sources ?' 7. the assessee then applied to the high court under section 66(2) of the income-tax act, asking the same questions to be referred. the counsel pressed two points in support of the application before ..... the high court : '(1) whether an amount of rupees two lakhs included in the total income of the assessee in as income from some undisclosed source was not assessable in the assessment year .....

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Aug 16 1967 (HC)

Chooharmal Wadhuram (Decd.) (by Legal Representatives) Vs. Commissione ...

Court : Gujarat

Decided on : Aug-16-1967

Reported in : [1968]69ITR88(Guj)

..... , subsequently forming part of pakistan, during the previous years relevant to the assessment years 1946-47 and 1947-48, should not be assessable in the taxable territories under the indian income-tax act. the first question must, therefore, be answered against the assessee. 4. the position of the assessee is equally hopeless, when we turn to the second question. we will assume for ..... by the revenue authorities in india. but this contention ignore the fact that during the relevant previous years karachi was a part of british india and its income was liable to be assessed under the income-tax act and merely because subsequently karachi, which was the place of residence of the assessee, because part of pakistan, the assessee cannot escape his liability to indian ..... assessee as an 'individual' for making assessment in that status, it is manifest that the proceedings taken under that notice were illegal and without jurisdiction. under the scheme of the income-tax act the 'individual' and the 'hindu undivided family' are treated as separate units of assessment and if a notice under section 34 of the ..... income-tax. this conclusion is undisputable on principle but apart from principle there is a direct decision of a division bench of the bombay high court in support of it .....

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Mar 12 1967 (HC)

Commissioner of Income-tax, Ahmedabad Vs. Bhavnagar Trust Corporation ...

Court : Gujarat

Decided on : Mar-12-1967

Reported in : [1968]69ITR278(Guj)

..... reframe it as follows : 'whether, on the facts and in the circumstances of the case, the dividend income of rs. 6,148 though chargeable under section 12 of the indian income-tax act, 1922, is part of the income of the business of the assessee for the purpose of set off of the loss of rs. 99,704 ..... brought forward under section 24(2) of the indian income-tax act, 1922 ?' 8. our answer to the question as reformed ..... losses incurred by the assessee in the money-lending business for the assessment years 1955-56 to 1958-59 were determined as under by the income-tax officer : assessment year loss determinedrs.1955-56 21,9181956-57 27,4271957-58 30,2571958-59 20,102----------total: 99,704----------2. these losses were ..... held by the income-tax officer to be losses arising in the money-lending business of the assessee which the assessee was entitled to carry forward and set off in accordance ..... 29,308 which included rs. 27,845 payable s interest on the amounts borrowed by the assessee. the income-tax officer treated the sum of rs. 29,308 as business expenditure and after taking into account the income of rs. 562 earned as interest on advances, he determined the business loss of the assessee to be .....

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Sep 26 1967 (HC)

Commissioner of Income-tax (Central), Bombay Vs. Devidayal Metal Indus ...

Court : Mumbai

Decided on : Sep-26-1967

Reported in : [1968]68ITR50(Bom)

..... entire loss of rs. 4,05,905 which has been treated as speculation loss under proviso 2 to section 24(1) of the indian income-tax act is actually the ready loss, because it is the loss in respect of he hedging transactions to guard against the loss from future price fluctuations ..... 'whether, in the facts and circumstances so the case, the tribunal was justified in restricting the powers conferred on the income-tax officer in making assessment under section 31(3) (b) of the income-tax act ?' 2. this question arises upon the following facts. we need not in stating the facts refer to any of the ..... terms. they have held that 'the powers of the appellate tribunal in dealing with appeals are expressed in section 33(4) of the income-tax act in the widest possible terms. the word 'therein' in section 33(4) restricts the jurisdiction of the tribunal to the subject-matter ..... with reasonable precision'. 9. for these reasons, the appellate assistant commissioner passed the following order : 'in the circumstances it is necessary that the income-tax officer should go into the question of the forward transactions in the assessment years 1955-56 and 1956-57, fully examining the relevant contracts and also ..... order passed with jurisdiction and so long as he has acted within his jurisdiction, the tribunal ought not to have interfered with his decision. he relied in this respect upon a decision of this court in narrondas manordass v. commissioner of income-tax. in that case, in an assessment made against the .....

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