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Judgment Search Results Home > Cases Phrase: income tax act Year: 1967 Page 3 of about 674 results (0.095 seconds)

Sep 22 1967 (HC)

Commissioner of Income-tax Bombay City I Vs. Maharashtra Sugar Mills L ...

Court : Mumbai

Decided on : Sep-22-1967

Reported in : [1968]68ITR512(Bom)

..... the company. it could not be apportioned as the income-tax officer has done on the basis that part of the income of the company was agricultural income and therefore liable to the income of the company was agricultural income and therefore liable to exclusion under section 4(3) (vii) of the income-tax act. the appellate assistant commissioner did not accept the contention ..... salt & industries agencies ltd. v. commissioner of income-tax and to a decision of the supreme court in commissioner of income-tax v. c. parekh & co. (india) ltd. these cases lay down the principle that, where income of an assessee is either excluded or income is exempt under any provision of the income-tax act, it is not permissible to disallow the proportionate part ..... of the expenditure attributable to such excluded income or exempt income. no doubt, these authorities were not directly concerned with a case of exclusion ..... of the assessee. firstly, according to him, rule 23 permitted the splitting up of the income and the disallowance of the expenditure attributable to the agricultural income of the assessee even in respect of the managing agency commission. .....

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Sep 12 1967 (HC)

M.L. Dahanukar and Co. Pvt. Ltd. Vs. Commissioner of Income-tax, Bomba ...

Court : Mumbai

Decided on : Sep-12-1967

Reported in : [1968]68ITR533(Bom)

..... thereof should have been allowed as a valid deductions either under the provisions of section 10(2) (xi) or otherwise under section 10(1) of the indian income-tax act, 1922 and 2. whether there is any material whatever to support the finding that the sum of rs. 2,00,000 (rupees two lakhs) or any ..... to the interests of the revenue. therefore, after hearing the assessee, the commissioner took action under his revisional powers under section 33b of the income-tax act. the commissioner in his order held in favour of the assessee that the transactions were in the course of the money-lending business of the assessee ..... kotval, c.j. 1. two questions have been referred for our decision under section 66(2) of the indian income-tax act, they are as follows : '1. whether on the facts and the circumstances of the case, the amount of rs. 2,00,000 ( ..... amount is irrecoverable upon all the facts and circumstances of the case. we do not think, therefore, that the provision alters that position or precludes the income-tax officer from looking to any subsequent course of business or facts and events which have transpired after the amount has been written off. 18. the case, ..... own profits is diverted to the worli chemical works and that escapes taxation.' 7. when the matter was taken in appeal by the assessee to the income-tax appellate tribunal in bombay, the tribunal confined the findings of the appellate assistant commissioner and dismissed the appeal. the tribunal dealt with all the circumstances and .....

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Sep 27 1967 (HC)

Commissioner of Income-tax, Bombay Vs. A.J. Zaveri

Court : Mumbai

Decided on : Sep-27-1967

Reported in : [1968]68ITR594(Bom)

..... at the initial stage on the same facts can be considered to be 'information' within the meaning of section 34(1) (b) of the indian income-tax act, 1922, and, consequently, the order of the tribunal deleting the amounts from the assessment of the husband was information within the meaning of section 34(1 ..... , will have to be answered in the negative. 4. coming now to the second question, the material part of section 34(1) (b) of the income-tax act, 1922, as it stood at the relevant time was as follows : 'notwithstanding that there has been no omission or failure as mentioned in clause (a) ..... case and referred the two questions of law arising out of its order, which we have already set out, under section 66(1) of the income-tax act to this court. 3. so far as the first question is concerned, mr. joshi, learned counsel appearing for the revenue, has made no serious ..... the facts and in the circumstances of the case, proceedings for the assessment year 1952-53 were validly initiated under section 34(1) (a) of the income-tax act ?' (2) whether, on the facts and in the circumstances of the case, proceedings for the assessment year 1953-54 were validly initiated under section 34(1 ..... ) (b) of the income-tax act ?' 2. the facts briefly stated are as follows : the assessee, arvindrai jamnadas zaveri alias bhuta, purchased a running medical store run under the name .....

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Feb 01 1967 (HC)

P.C. Doshi and anr. Vs. 7th Income-tax Officer, C-i Ward, Bombay

Court : Mumbai

Decided on : Feb-01-1967

Reported in : [1967]65ITR187(Bom)

..... may, 1959, he was informed that the assessment order was not traceable. the department thereafter started the recovery proceedings by issuing a certificate under section 46(1) of the indian income-tax act and on the 16th of august, 1960, prohibitory order came to be issued in the said recovery proceedings. the petitioner requested the authorities to withdraw the said proceedings on the ..... which we are concerned, he held certain shares in bharat silk mills (pvt.) ltd., a company to which the provisions of section 23a of the indian income-tax act were applicable. on the 5th march, 1955, the income-tax officer, companies circle, passed an order under section 23a(1) upon the said company for the assessment year 1949-50, as the said company had declared ..... v.s. desai, j.1. this is petition challenging the orders made by the respondent, the 7th income-tax officer, c-i ward, bombay, under section 35(8) and 35(7) of the indian income-tax act, on the 23rd february, 1961, and on the 15th march, 1961, respectively, in relation to the assessment of one chaturbhuj sunderji doshi for the assessment years 1950-51 and ..... order, which is produced at exhibit k, that the assessee's share of the dividend deemed to have been declared under section 23a by the income-tax officer, companies circle, was added under section 35(8) of the act after due notice was given to the assessee. section 35(8) provides : 'where, as a result of proceedings initiated under clause (a) of sub .....

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Feb 06 1967 (HC)

Commissioner of Income-tax Vs. Trustees of Sir Kikabhai Premchand Trus ...

Court : Mumbai

Decided on : Feb-06-1967

Reported in : [1967]65ITR213(Bom)

..... under trust is wholly for religious or charitable purposes and, therefore, is clearly covered by the provisions of section 4(3) (i) of the indian income-tax act, and the refund with the trustees applied for would have to be granted. but the contention on half of the department has been that, in view ..... fell within the ambit of section 4(3) (i) of the indian income-tax act being wholly for religious or charitable purposes. if, after the utilisation of the income from the trust properties for the benefit of those specified charitable trusts, any income was available, it was to be utilised for the maintenance of any nursing ..... down by the supreme court by observing : 'it may be mentioned that, at one stage, an attempt was made on behalf of the commissioner of income-tax to raise the question about the validity of this deed of surrender, but, when the commissioner asked the tribunal to refer a question about the competence ..... us that the question referred is fully covered by the recent decision of the supreme court in civil appeals nos. 180 to 183 of 1966, commissioner of income-tax v. smt. kasturbai walchand trust, decided on october 31, 1966. the clause in that case, clause (8), was in almost identical terms. we ..... the second question in the affirmative and upon that answer the first question is not material for the determination of the levy of income-tax and, therefore, does not arise. the commissioner shall pay the costs of the respondent. 15. question no. 2 answered in the affirmative. .....

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Aug 24 1967 (HC)

Chhotey Lal, Kanpur Vs. Income Tax Officer and anr.

Court : Allahabad

Decided on : Aug-24-1967

Reported in : AIR1968All273; [1968]69ITR709(All)

..... 2, 1950. on january 17 1951 a penalty of rs. 6,000 was imposed on the firm under section 28 of the income tax act 1922 (hereinbelow called the act). the penalty was not paid, and on november 12, 1961 the income tax officer imposed a penalty of rs. 600 for default in payment of the penalty imposed under section 28. the appellant was then asked ..... the same case. mr. justice shah observed thus: 'counsel for the appellant reiving upon mahankali subbarao v. commissioner of income tax, hyderabad : [1957]31itr867(ap) ..... in which it was held that an order imposing penalty under section 28(1)(c) of the indian income tax act upon a hindu joint family after it had disrupted, and the disruption was accepted under section 25a(1) is ..... invalid, because there is lacuna in the act, submitted that a similar lacuna exists in the act in relation to dissolved firms. but whether on the dissolution of a hindu ..... penalty. counsel for the respondent seeks to justify the imposition with the aid of section 46(1) and section 47 of the act section 46(1) provides: 'when an assessee is in default in making a payment of income tax, the income tax officer may in his discretion direct that, in addition to the amount of the arrears, a sum not exceeding that amount shall .....

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Mar 17 1967 (SC)

Commissioner of Income-tax (Central), Calcutta Vs. Moon Mills Ltd.

Court : Supreme Court of India

Decided on : Mar-17-1967

Reported in : [1967]65ITR630(SC)

..... tribunal, calcutta bench 'a', referred the following question under section 66(1) of the indian income-tax act, 1922, to the high court at calcutta : 'whether, on the facts and in the circumstances of the case, the sum of ..... to be profits of the previous year in which such moneys were received.......' 7. this court recently interpreted proviso 2 above in commissioner of income-tax v. express newspapers ltd. and commissioner of income-tax v. ajax products ltd. in the former case, subba rao j., as he then was, held : 'therefore, to bring the ..... the appellate assistant commissioner but on different considerations. the high court answered the question in the negative and in favour of the assessee. the commissioner of income-tax having obtained special leave, the appeal is now before us. 5. the learned counsel for the revenue contended that the high court erred in answering ..... year 1950 in which the compensation was received but they had been so used in the year 1948 before they were destroyed by fire. 3. the income-tax officer for the assessment year 1951-52 held that a sum of rs. 22,35,181 was profit assessable under the fourth proviso the section 10( ..... latter case, after considering the cases of liquidators of pursa ltd. v. commissioner of income-tax and commissioner of income- tax v. express newspapers ltd., subba rao j. observed. 'to put it in other words, the subject is not to be taxed unless the charging provision clearly imposes the obligation. equally important is the rule of .....

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Mar 15 1967 (SC)

Commissioner of Income-tax, Kerala Vs. Thayaballi Mulla Jeevaji Kapasi ...

Court : Supreme Court of India

Decided on : Mar-15-1967

Reported in : [1967]66ITR147(SC)

..... to the business premises of the respondent in the presence of two persons and an endorsement was made in that behalf. service of notice prescribed by section 34 of the income-tax act, for the purpose of commencing proceedings for reassessment, is not a mere procedural requirement : it is a condition precedent to the initiation of proceedings for assessment under section 34. if ..... ?' 4. the high court, after calling for a supplementary statement on the question whether the respondent had waived the notice, held that a notice under section 34 of the indian income-tax act was a condition precedent to the commencement of the proceeding for reassessment and since the notice was not properly served upon the respondent, the proceeding for reassessment could not be ..... that the deposits made by the respondent represented profits of the business which had escaped assessment issued on march 18, 1954, a notice under section 34(1)(a) of the income-tax act, 1922, to the assessee. the notice was, it is claimed, tendered to the son of the respondent and was accepted by him. the process server was informed that the ..... 12, 1954, submitted a fresh return again disclosing a net loss of rs. 7,960 in his business transactions. the income-tax officer completed the proceeding for reassessment under section 23(3) and section 34 of the indian income-tax act, 1922, and brought to tax an additional amount of rs. 61,036. in appeal before the appellate assistant commissioner the contention of the respondent that .....

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May 05 1967 (SC)

Commissioner of Income-tax, Madras Vs. S. Nelliappan

Court : Supreme Court of India

Decided on : May-05-1967

Reported in : [1967]66ITR722(SC)

..... the directions of the high court, and it was finding on a question of fact and gave rise to no questions of law. petitions under section 66(2) of the income-tax act by the commissioner the high court of madras were also dismissed. the commissioner has appealed to this court. 5. in hearing an appeal the tribunal may give leave to the ..... that the overall quantum is excessive'. the tribunal submitted a statement of the case under section 66(2) of the indian income-tax act to the high court of madras and referred the question whether the tribunal was justified in estimating the income of the assessees and refusing to consider the contentions put forward by them. the high court held that the tribunal was ..... the profits made by the income-tax officer gave an average rate very much less than rs. 4,000 per vehicle, and that the final assessments at rates less than the rates 'uniformly followed in other ..... , the assessing officer rejected the books of account maintained by the assessees and made several additions to the profits disclosed by them and brought the profits so computed to income-tax and excess profits tax. the orders of the assessing officer were confirmed by the appellate assistant commissioner. the appellate tribunal dismissed the appeals against those orders observing that the final computation of .....

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Apr 26 1967 (SC)

Commissioner of Income-tax, West Bengal and anr. Vs. George Henderson ...

Court : Supreme Court of India

Decided on : Apr-26-1967

Reported in : [1967]66ITR622(SC)

..... transaction, we must hold that it will react to the prejudice of the assessee.' in paragraph 10 the appellate tribunal has observed that under section 12b(2) of the income-tax act, the income-tax officer has to compute the capital gains after making certain deductions from the full value of the consideration for the sale and he, therefore, has a right to know the ..... per share and the difference of rs. 484 per share on 1,500 shares was capital gain arising from the sale of the shares under section 12b of the income-tax act. the income-tax officer made the order under the first proviso to section 12b(2) with the previous approval of the inspecting assistant commissioner as required by the proviso apparently on the footing ..... under section 12b of the income-tax act ?' 3. the reference was heard by a bench constituted by sinha and datta jj. who did not agree as to how question of law should be answered. by his judgment ..... up a statement of the case dated july 20, 1952, and referred the following question of law for the determination of the high court under section 66(1) of the income-tax act : 'whether, on the facts an in the circumstances of the case, the sum of rs. 6,93,000 has been rightly held to be capital gains of the assessee assessable .....

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