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Judgment Search Results Home > Cases Phrase: income tax act Year: 1967 Page 2 of about 674 results (0.110 seconds)

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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Jun 22 1967 (HC)

Commissioner of Income-tax Gujarat Vs. Jakisondas Bhukandas

Court : Gujarat

Decided on : Jun-22-1967

Reported in : (1968)9GLR501(GJ); [1967]66ITR515(Guj)

..... appears that for the assessment year prior to the assessment year 1961-62 with which we are concerned in the present reference, it was registered under section 26a of the income-tax act, 1922. there was a change in the constitution of the assessee from the commencement of samvat year 2016, being the relevant previous year for the assessment year 1961-62, and ..... the instance of the commissioner. 4. in order to arrive at a proper determination of the question, it is necessary to notice the relevant provisions of the act. there are two sections under which the income-tax officer has power to refuse registration of a firm : one in section 26a and the other is section 23(4). section 26a provides : '26a. (1) application ..... any firm, constituted under an instrument of partnership specifying the individual shares of the partners, for registration for the purposes of this act and any other enactment for the enactment for the time being in force relating to income-tax or super-tax. (2) the application shall be made by such person or persons, and at shall times and shall contain such particulars and ..... and the partners' accounts and his statement, read with the title of the order, might suggest that the income-tax officer was also acting under section 26a. but that does not excluded the conclusion which follows clearly from the succeeding words quoted above, that the income-tax officer was also exercising his discretion under section 23(4) in making the order. the order was an .....

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Mar 10 1967 (HC)

Chunilal Khushaldas Patel Vs. Commissioner of Income-tax

Court : Gujarat

Decided on : Mar-10-1967

Reported in : [1967]66ITR522(Guj)

..... under section 66(1) and two under section 66(2) of the income-tax act, 1922. the first question challenges the vires of section 34(a) but in view of the decision of the supreme court in k. s. rashid & son v. income-tax officer this question is not pressed by the assessee and it is conceded ..... its own finding. we are concerned in this reference only with the finding of fact recording by the tribunal and any finding recorded by the income-tax officer is of no consequence unless it is adopted and made its own by the tribunal. moreover there is no evidence at all to support ..... cost and receipt of those shares did not, therefore, amount to receipt of any profit. but the claim of the revenue was upheld by the income-tax authorities and on appeal by the assessee, the tribunal also, on an interpretation of the statement of account, took the same view and confirmed the addition ..... was drawn up after the shares were sold and this statement of account has been accepted as representing the correct state of affairs both by the income-tax authorities as also by the tribunal. the decision of the controversy in regard to 5,100 shares turns largely on the true interpretation of the ..... year but this is plainly incorrect. section 2(11) (i) as amended by the income-tax (amendment) act, 1939, defines 'previous year' in reference to each separate source of income and the previous year in respect of each source of income has, therefore, to be ascertained by applying the definition in reference to such source of .....

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Feb 08 1967 (HC)

Chimanlal Chunilal and Co. Vs. Commissioner of Income-tax, Bombay

Court : Mumbai

Decided on : Feb-08-1967

Reported in : [1967]65ITR303(Bom)

..... v.s. desai, j.1. the questions arising on this reference under section 66(1) of the indian income-tax act, 1922, relate to the assessee's assessments for the assessments years 1958-59 and 1959-60 for which the relevant previous years are the ..... , would not be allowable in view of the provisions of the first proviso to section 24(1) of the act. in the course of the assessment for the assessment year 1955-56, when the income-tax officer had to examine a similar bad debt claim, he realised that he had erroneously allowed an amount of rs ..... the dues having become irrecoverable, the assessee had written them off in the relevant accounting year and claimed them as a bad debt in the assessment. the income-tax officer allowed only a sum of rs. 3,044 out of the said amount, to be adjusted against the speculative profits, which amounted to that figure ..... loss for the subsequent years. 2. the assessee appealed against the order to the appellate assistant commissioner and failing in that appeal took a further appeal to the income-tax appellate tribunal. in both the appeals the assessee contended, firstly, that the assessment was wrongly reopened under section 34(1) (b), and secondly, that the ..... the said computation a sum of rs. 53,008, which was claimed as a bad debt in the account of one gopaldas champshi, was allowed by the income-tax officer. this amount of rs. 53,008 included a sum or rs. 19,453 which represented the valan profits made by the assessee in certain speculative transactions .....

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Oct 19 1967 (HC)

Executors of the Estate of Late J.J. Kapadia Vs. Commissioner of Incom ...

Court : Mumbai

Decided on : Oct-19-1967

Reported in : [1968]67ITR590(Bom)

..... the trust created by late mr. j. j. kapadia were carrying on business in shares 2. whether, the finding of the tribunal that the income-tax authorities were right in including under section 16 (3) of the income-tax act, income in respect of dealing in shares in the appellant assessment is justified in law ?' 2. the tribunal accordingly drew up a statement of the case ..... respect of the dealing in shares carried on by the trustees under the trusts could be included under section 16 (3) of the indian income-tax act in the assessment of the settlor. our answer to the second question, therefore, must be in favour of the assessee and against the department. 11. in the result, therefore, our ..... opinion, must be answered in the affirmative and against the assessee. 6. the second question is whether the income in respect of the dealing in shares in the several trusts could be included under section 16 (3)(b) of the income-tax act in the income of the settlor. the contention of the assessee was two-fold. it was urged that the trustees not having ..... year of the assessee was the samvat year 1999, the income-tax officer found that the trustees were the selves dealing in shares and the income earned by them would be income includible in the assessment of the settlor, j. j. kapadia under section 16 (3) (b) of the indian income-tax act. this decision of the income-tax officer, however, was reversed by the appellate assistant commissioner in .....

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Sep 18 1967 (HC)

Commissioner of Income-tax, Bombay Vs. Bai Ratanbai Gordhandas

Court : Mumbai

Decided on : Sep-18-1967

Reported in : [1968]68ITR1(Bom)

..... learned tribunal, there is no question of the bona fides of the agreement and if the said agreement is permissible in law, there is nothing in the income-tax act to prevent it from being recognised. in our opinion, there is nothing in the hindu law which prevents or comes in the way of the said ..... at between ratanbai and the minor son as to how they should deal with the properties of the family and that there was nothing in it the income-tax act which affected those arrangements and prevented effect being given to the same. according to the tribunal, although the arrangement did not purport to be a partial ..... v.s. desai, j.1. the question, which has been referred to us on this reference under section 66(1) of the indian income-tax act, arises out of the assessments made for the assessment years 1956-57 to 1959-60, the relevant previous years for which were the calendar ..... , is not valid in view of this decision. as to the other decision referred to by the tribunal, viz., sir sunder singh majithia v. commissioner of income-tax, mr. joshi says that it was a case of partial partition. there the members of the joint family had decided to hold one item of the joint ..... fourth share of the property called kastoorchand mills estate dealt with in the aforesaid documents was not assessable in the hands of the hindu undivided family. the income-tax officer did not accept the said claim because, in his view, the agreement was not entered into prior to the adoption but subsequent thereto after the .....

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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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Sep 08 1967 (HC)

Commissioner of Income-tax, Bombay City Ii Vs. London Hotel

Court : Mumbai

Decided on : Sep-08-1967

Reported in : [1968]68ITR62(Bom)

..... concerned in this reference with a claim made by the assessee firm in the respect of the balancing payment due to them under section 10(2) (vii) of the indian income-tax act and that claim was made on the basis of the following facts : the written down value of the building, according to the previous assessment orders, at the beginning of the ..... of the property does not entitle the appellant to claim loss under section 10(2) (vii), i have not been able to find any provision to this effect in the income-tax act. if any asset or part of an asset is sold, discarded, demolished or destroyed, the assessee is entitled to the benefits of section 10(2) (vii). the fact that in ..... 171.) from the privy council decision in corporation of calcutta v. chairman, cossipore and chitpore municipality. no doubt the latter case was not a tax case, but their lordships applied that definition for purpose of the income-tax act also. upon that definition a part of a machine would be included in machinery, with the result that even if a part of a machine ..... of rs. 41,998 and a motor lorry at a loss of rs. 3,700. in its assessment to income-tax for the assessment year 1946-47, the assessee claimed deduction of these two amounts under section 10(2) (vii) of the income-tax act. the supreme court upheld the right of the assessee to the deduction and pointed out that all the requirements of .....

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Feb 15 1967 (HC)

Commissioner of Income-tax, Bombay City I Vs. Tata Locomotive and Engi ...

Court : Mumbai

Decided on : Feb-15-1967

Reported in : [1968]68ITR325(Bom)

..... west germany during the previous year relevant to the assessment year 1955-56 amounted to manufacture or production of articles within the meaning of section 15c (2) (ii) of the income-tax act ?' 2. the assessee is the tata locomotive & engineering co. ltd., bombay, and the assessment year is 1955-56 corresponding to the accounting year ending march 31, 1955. the circumstances under ..... of the profits arising out of such bus/truck-chassis assembled during the year of account they claimed relief under section 15c of the indian income-tax act. initially it was the company which claimed the relief but the income-tax officer was not willing to grant it. by his letter dated 12th february, 1957, he rejected the company's claim. the company then ..... from parts imported in a knocked down condition was involved, it has been held that assembling amounts to manufacture. the cases are ashok motors ltd. v. commissioner of income-tax and commissioner of income-tax v. standard motor product of india ltd. of course the principal question involved in those cases was whether the mere sale of surplus spare parts was an activity which ..... which is found referred to in the authorities as meaning the transforming of raw material into a commercial commodity or a finished product which has a separate identity commissioner of income-tax v. ajay printery pvt. ltd. this shade of meaning is more appropriately used in the past participle 'manufactured'. see oxford dictionary, vol. 6, at page 143, sense no. 1, .....

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