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Judgment Search Results Home > Cases Phrase: income tax act Year: 1967 Page 10 of about 674 results (0.101 seconds)

Nov 28 1967 (SC)

New Era Agencies (Pvt.) Ltd., Bombay Vs. Commissioner of Income-tax, B ...

Court : Supreme Court of India

Decided on : Nov-28-1967

Reported in : AIR1968SC811; [1968]68ITR585(SC); [1968]2SCR483

..... it, and obtains a greater price for it than he originally acquired it at, the enhanced price is not profit in the sense of schedule d of the income tax act of 1842 assessable to income tax. but it is equally well established that enhanced values obtained from realisation or conversion of securities may be so assessable, where what is done is not merely a ..... survive and therefore need not be answered. the present appeal is brought to this court on a certificate granted by the high court under s. 66(a) of the indian income tax act, 1922. 5. the distinction between investment and stock-in-trade, between fixed capital and circulating capital is well-known. in californian copper syndicate (limited and reduced) v. harris 5 ..... which allowed the appeal, set aside the order of the appellate assistant commissioner and restored that of the income tax officer. thereafter, at the instance of the appellant the income tax appellate tribunal stated a case to the high court under s. 66(1) of the indian income tax act, 1922 on the following question of law : 'whether on the facts and in the circumstances of the ..... case the sum of rs. 2,34,230/- was the income of the assessee ?' 3. on the direction of the high court, the tribunal submitted a supplementary statement of .....

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Apr 06 1967 (SC)

Raja Mohan Raja Bahadur Vs. the Commissioner of Income-tax, U.P.

Court : Supreme Court of India

Decided on : Apr-06-1967

Reported in : AIR1968SC114; [1967]66ITR378(SC); [1967]3SCR482

..... assessee includes all income, profits and gains from whatever sources derived which are received or are deemed to be received in the taxable territories in such year by ..... 1949-50 as interest received during the year of account the difference between the amount realized by sale of the bonds and the amount due as principal. the income-tax officer issued a notice under s. 34(1) (a) of the india income-tax act and brought to tax the difference between the face value of the bonds and the amount due as principal as escaped ..... income of the previous year relevant to the assessment year 1948-49. the order was confirmed by the appellate assistant commissioner and the income-tax appellate tribunal. the tribunal then submitted three questions to ..... under the u. p. encumbered estates act merely amounted to promise by an agent of the debtor to pay the amount of fond in installments and by receiving the bons incorporating such a promise no money or money's worth is received by the creditor. 6. under s. 4 of the income-tax act, 1922, the total income of any previous year of a resident .....

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May 01 1967 (SC)

Rampyari Devi Saraogi Vs. Commissioner of Income-tax, West Bengal and ...

Court : Supreme Court of India

Decided on : May-01-1967

Reported in : [1968]67ITR84(SC)

..... any evidence before the commissioner. the assessee appeared before the commissioner on march 15, 1963, and on the same day the commissioner passed an order under section 33b of the income-tax act, 1922. in the concluding paragraph of the order he stated : 'having regard to all the facts and circumstances of the case as i consider that the assessments made by the ..... pass such orders thereon as the circumstances of the cases justify after giving you an opportunity of being heard under the powers vested in me under section 33b of the income-tax act, 1922. the cases will be heard at 10.30 a.m. on 15th march, 1963, at my above office when you are requested to produce the necessary evidence in support ..... passed the order dated march 15, 1963, under section 33b of the indian income-tax act, 1922. following our judgment in kalawati devi harlalka v. commissioner of income-tax : [1967]66itr680(sc) we hold that the commissioner of income-tax, west bengal, calcutta, had jurisdiction under section 33b of the income-tax act, 1922, to revise the assessment orders for the years 1952-53 to 1960- 61. 2. to appreciate ..... the additional point raised before us it is necessary to give the relevant facts. on march 8, 1963, the commissioner of income- tax, west bengal, sent a notice under .....

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Dec 14 1967 (SC)

S. Sankappa and ors. Vs. the Income-tax Officer, Central Circle Ii, Ba ...

Court : Supreme Court of India

Decided on : Dec-14-1967

Reported in : AIR1968SC816; [1968]68ITR760(SC); [1968]2SCR674

..... . this submission, in our opinion, has been rightly rejected by the high court, because it has already been explained by this court that the word 'assessment' is used in the income-tax act in a number of provisions in a comprehensive sense and includes all proceedings, starting with the filing of the return or issue of notice and ending with determination of the ..... of mysore are against the judgment of the high court dismissing eighteen writ petitions by these six appellants praying for quashing notices issued by the income-tax officer, bangalore, purporting to be under section 155 of the income-tax act no. 43 of 1961, proposing to rectify the assessments of the appellants in respect of the assessment years 1958-59, 1959-60 and 1960-61 ..... 1960-1961, both the firms filed returns declaring themselves to be registered firms and also presented applications for registration of the firms under s. 26a of the income-tax act no. 11 of 1922. the income-tax officer refused registration of the firms and assessed the income of the firms, treating them as unregistered. the assessments of these six appellants were also made, so that their ..... be held to be proceedings for assessment within the meaning of that expression used in s. 297(2)(a) of the act of 1961, so that, under that provision of law, the act of 1922 could not be resorted to by the income-tax officer in order to rectify the assessments of the appellants. on the same basis, it was further urged that, in .....

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May 05 1967 (SC)

Seth Pushalal Mansinghka (P.) Ltd. Vs. Commissioner of Income-tax, Del ...

Court : Supreme Court of India

Decided on : May-05-1967

Reported in : AIR1967SC1626; [1967]3SCR961

..... (taxation concessions) order, 1950, and that section 4(1)(a) of the income-tax act, 1922 (hereinafter called 'the act') was not applicable to its trtansactions. by his orders dated march 24, 1955, and may 31, 1954, the income-tax officer held that the sales took place in part a and part c states and ..... godown at bhilwara, they would be entirely at the buyer's risk. apart from these written terms and and conditions of the contract, the income-tax appellate tribunal has recorded the further finding of fact that the appellant consigned the goods to 'self' and that the railway receipts in favour of ..... merely handed over to the bank for collection. on appeal, the appellate assistant commissioner by his order dated september 20, 1957, held that the income-tax officer was justified in holding that the appellant was not entitled to any rebate under the part b states (taxation concessions) order, 1950. on further ..... rajasthan bank and payment to that extent should be treated as having been received at bhilwara in the part b state. it was held by the income-tax officer : (1) that the letter for discounting was forged, (2) that even assuming that the appellant tendereed some of its bills for discounting, ..... income-tax v. chunilal b. mehta, it is impossible to lay down any general test to determine the place where the profits of the business accrue. in some cases it may be the place of the formation of the contract, but other matters - for instance the place where the contract is carried out or acts .....

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Nov 22 1967 (SC)

Sevantilal Maneklal Sheth Vs. Commissioner of Income-tax (Central), Bo ...

Court : Supreme Court of India

Decided on : Nov-22-1967

Reported in : AIR1968SC697; [1968]68ITR503(SC); [1968]2SCR360

..... adequate consideration or in connection with an agreement to live apart'. section 2(6c) of the income-tax act, 1922 states : ''income' includes..................... (vi) any capital gain chargeable under section 12b; .............' section 12b of the income tax act enacts : '(i) the tax shall be payable by an assessee under the head 'capital gains' in respect of any ..... the provisions of s. 16(3)(a)(iii) of the income-tax act, 1922 ?' 3. by its judgment dated february 19, 1965 the high court answered the first question in the affirmative and against the assessee. it answered ..... 1956, for the sum of rs. 1,54,800/- resulting in a capital gain of rs. 70,860/- as computed under s. 12b of the income-tax act. the whole amount realised by the sale of the shares was deposited by bai laxmibai with m/s. a. h. bhivandiwalla & co., in which ..... of rs. 4,183/- has been properly included therein in accordance with provisions of s. 16(3)(a)(iii) of the income-tax act, 1922 4. whether in computing the total income of maneklal for the assessment year 1959-60, the sum of rs. 5,105/- has been properly included therein in accordance with ..... rs. 70,860/- has been properly included therein in accordance with the provisions of s. 16(3)(a)(iii) of the income-tax act, 1922 2. whether in computing the total income of maneklal for the assessment year 1958-59 the sum of rs. 5,104/- has been properly included therein in accordance with .....

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Nov 21 1967 (SC)

Sowdagar Ahmed Khan (Deceased) (by His Legal Representatives) Vs. Inco ...

Court : Supreme Court of India

Decided on : Nov-21-1967

Reported in : [1968]70ITR79(SC)

..... produces the books of account or other evidence which has a material bearing on the assessment. it is clearly implicit in the terms of sections 23 and 34 of the income-tax act that the assessee is under a duty to disclose fully and truly material facts necessary for the assessment of the year, and that the duty is not discharge merely by ..... . shahzada nana and sons, in which it was held that notice can be issued under section 34(1) (a) of the indian income-tax act, 1922, as amended by the finance act, 1956, after march 31, 1956, in respect of any assessment year whose relevant previous year falls wholly or partly within the period september 1, 1939, to march 31, 1946. it ..... escaped assessment or was under-assessed. after obtaining the requisite permission from the central board of revenue, the income-tax officer issued notices dated september 5, 1959, under section 34 (1) (a) of the income-tax act, 1922 (hereinafter called 'the act') to reopen the assessment for the assessment years 1943-44 to 1949-50. the assessee raised an objection to the issue of the notices ..... on the ground that the proceedings were barred by limitation and the income-tax officer was seeking to revise assessments merely on a change .....

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Oct 20 1967 (SC)

Straw Products Ltd. Vs. Income-tax Officer, Bhopal and ors.

Court : Supreme Court of India

Decided on : Oct-20-1967

Reported in : AIR1968SC579; 1968(16)BLJR254; [1968]68ITR227(SC); [1968]2SCR1

..... taken into account as was actually allowed under the indian income-tax act, or under any act repealed thereby or under executive orders issued under the indian income-tax act, 1886, and since the income-tax acts of the merged states were repealed not by the indian income-tax act, 1922, but by ordinance 21 of 1949 and by act 67 of 1949, in computing the written down value ..... that by the removal of difficulties order, 1950 and anomalous result followed, and the depreciation allowance allowed to the assessee under the indian income-tax act was more than the depreciation allowance under the hyderabad income-tax act, and it was necessary to issue the removal of difficulties order, 1956. in the view of the court, in that case the condition ..... no return was filed by the assessee, no proceedings for assessment were taken, and no depreciation was allowed to the assessee for the purpose of the bhopal income-tax act. this court in commissioner of income-tax v. straw products ltd. : [1966]60itr156(sc) , observed that the expression 'all depreciation actually allowed under the laws or rules of a merged state ..... footing that since the commencement of the business the assessee must be deemed notionally to have been allowed depreciation under the bhopal income-tax act. the appellate assistant commissioner and the income-tax appellate tribunal disagreed with the income-tax officer and restored the original assessment. on a reference made by the appellate tribunal, the high court of madhya pradesh held .....

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Apr 25 1967 (SC)

Sundaram and Company (P.) Ltd., Madurai Vs. Commissioner of Income-tax ...

Court : Supreme Court of India

Decided on : Apr-25-1967

Reported in : AIR1968SC124; [1967]66ITR604(SC); [1967]3SCR798

..... must, having regard to the context in which the expression is used and in the scheme of the indian income-tax act, be regarded merely as the fraction which determines tax liability of the assessee, but when in computing super-tax liability, the income-tax officer has after determining the amount by applying the fraction to reduce the resultant by reference to a factor unrelated ..... was in the circumstances of the case competent to initiate the proceeding under s. 34(1) (b) of the indian income-tax act for bringing to tax the excessive rebate granted to the assessee ?' 10. section 34(1) (b) of the indian income-tax act, as it stood at the relevant time, provided : 'if - (a)..........(b) notwithstanding that there has been no omission ..... (bom) . in simplex mills : [1963]48itr182(sc) case advance tax paid by the assessee for the assessment year 1952-53 was found refundable and the income-tax officer allowed interest on the tax paid under s. 18a(5) of the income-tax act, 1922, as it then stood. the act was amended by the income-tax (amendment) act, 1953, with retrospective effect from april 1, 1952, and it was ..... found that interest allowed to the company was excessive. the income-tax officer then initiated a proceeding under .....

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Jul 18 1967 (SC)

The Vith Income-tax Officer, City Circle Ii-a, Bangalore Vs. K.Y. Pill ...

Court : Supreme Court of India

Decided on : Jul-18-1967

Reported in : AIR1968SC260; [1967]66ITR730(SC); [1968]1SCR6

..... to make a fresh assessment after making inquiries on certain matters specified in the order. 2. at the request of the respondents under s. 66(2) of the mysore income-tax act, the commissioner of income-tax, mysore, referred the following question to the high court of mysore : '1. on the facts and in the circumstances of the assessee's case whether within the meaning ..... - a hindu undivided family - were assessed for the assessment year 1949-50 to tax under s. 23 of the mysore income tax act on a total income of rs. 10,100/-. the second additional income-tax officer (urban circle), bangalore, commenced a proceeding under s. 34 of the mysore income-tax act for re-assessment of the income of the respondents for the assessment year 1949-50, and served a notice ..... the contention of the respondents and allowed the petition. in the view of the high court the provisions of s. 34 of the mysore income-tax act were 'more or less similar to rule 34 of the mysore sales tax act, 1948. hence the present case clearly comes within the rule laid down by this court in m/s k. s. subbarayappa and sons v ..... of s. 34 of the mysore income-tax act, if a notice under that section is issued within the prescribed period, whether the income-tax officer can proceed to assess or re-assess such escaped income after four years from the close of the assessment year 2. on the facts and in the circumstances .....

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