Court : Mumbai
Decided on : Feb-25-1967
Reported in : 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 .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Jul-21-1967
Reported in : AIR1967SC1907; 67ITR79(SC); 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 : 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 .....Tag this Judgment!
Court : Chennai
Decided on : Jan-09-1967
Reported in : AIR1968Mad327; 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. : 35itr298(sc) . in taking that view, the supreme court observed:'this decision ilr (1927) mad 765 = air 1927 mad 841 .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-22-1967
Reported in : 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 .....Tag this Judgment!
Court : Mumbai
Decided on : Sep-29-1967
Reported in : 68ITR470(Bom)
..... have already stated earlier, there is not dispute that the assessee is a company which comes within the ambit of section 23a of the income-tax act. now, under section 23a is cases where it is fond that a company, to which the provisions of this section are application, has ..... viz., the losses incurred in the previous year and the smallness of the profits, their lordships observed : 'the income-tax officer, acting under this section, is not assessing any income to tax : that will be assessed in the hands of the shareholder. he only does what the directors should have done ..... of account, its profit in that year could not be regarded as small. the income-tax officer made an order against the company under section 23a of the act. the view taken by the income-tax officer was accepted by the appellate assistant commissioner in appeal, and also by the ..... to the questions of unreasonableness to be considered. their lordships expressed their agreement with the observations of the judicial committee in commissioner of income-tax v. wiliamson diamonds ltd. where it was pointed out that the statute had not said 'having regard only' to the losses previously ..... . he puts himself in the place of the directors. though the object of the section is to prevent evasion of tax, the provisions must be worked not from the stand point of the tax .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-15-1967
Reported in : 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 .....Tag this Judgment!
Court : Karnataka
Decided on : Feb-09-1967
Reported in : 70ITR70(KAR); 70ITR70(Karn)
..... with the immediately preceding year 1947-48. 10. it is also now well-established that the power of an appellate assistant commissioner to give directions under section 31 of the income-tax act, 1922, is limited to the assessment year to which the appeal before him relates, and that the words 'finding' and 'direction' contained in sub-section (3) of section 34 mean ..... . 1. the assessee is a hindu undivided family trading in cotton and other goods. their accounting year is deepavali to deepavali. their income for the accounting year may 20, 1946, to november 12, 1947, was assessed to tax under the income-tax act for the assessment year 1948-49. during the scrutiny of accounts, the officer discovered the following entries purporting to be loans received ..... tribunal either. 5. the tribunal having refused to state a case on assessee's application under sub-section (1) of section 66 of the income-tax act, he petitioned to this court under sub-section (2) thereof in civil petition no. 215 of 1950. by an order made therein on april 11, 1962, this court called upon ..... them and, therefore, erroneous in law. 14. the above opinion stated by us finds support in the following decisions, namely, those reported in gangadas sarda v. commissioner of income and commissioner of income-tax v. hazarimul nagji & co. 15. as an answer in favour of the assessee on the second question for the reasons discussed above is sufficient to dispose of the entire .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Mar-23-1967
Reported in : AIR1967SC1475; 65ITR395(SC); 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. .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Mar-30-1967
Reported in : AIR1968SC150; 66ITR367(SC); 3SCR322
..... court is based on new stated by it in the penultimate paragraph of its judgment. 7. in our view, the high court exceeded its jurisdiction under section 66 of the income-tax act in finding new facts. if it felt any difficulty in answering the question, it should have called for a supplementary statement of the case. we will, for the purpose of ..... 1954, he shifted to 29/b, ballygunge circular road, calcutta, which is within the jurisdiction of the income-tax officer, district vi, calcutta. therefore, the jurisdiction for assessment vested in the income-tax officer, district vi, in view of the provision of section 64(2) of the income-tax act. that being the case, we are of the view that there was no lack of competence on ..... undivided family and for the assessment year 1947-48 the assessment was made by the income-tax officer, district i(2), on february 12, 1952. he held that the income of rs. 1,41,851 derived from forests in east pakistan was not agricultural income exempt from tax under the indian income-tax act, 1922. the assessee appealed to the appellate assistant commissioner, who, by his order dated ..... by the high court of judicature at calcutta under section 66a(2), of the indian income-tax act, 1922, is directed against the judgment of the high court in income-tax reference no. 79 of 1959. by its judgment, the high court answered the following question, referred to it by the income-tax appellate tribunal, against the revenue : 'whether, on the facts and in the circumstances of .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Apr-17-1967
Reported in : 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 .....Tag this Judgment!