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Judgment Search Results Home > Cases Phrase: income tax act Year: 1967 Page 5 of about 674 results (0.089 seconds)

Sep 11 1967 (HC)

Commissioner of Income-tax, Bombay City Ii Vs. Industrial Investment T ...

Court : Mumbai

Decided on : Sep-11-1967

Reported in : [1968]67ITR436(Bom)

..... notification means the computed income or the total income and not the gross income. his argument is that the notification provides for exemption from tax and, therefore, postulates the taxability of the income. now, taxable income under the income-tax act is the total income, because under the charging section it is the total income that is subjected to tax. total income under the income-tax act is the income of the categories ..... entitled to an exemption in respect of the entire amount of rs. 5,86,873. on an application made by the department under section 66 (1) of the income-tax act, it has referred the following question arising out of its order to this court : 'whether, on the facts and on a proper construction of the notification no. ..... referred to in sub-section (1) of section 4 and computed in the manner laid down in the act. the different heads of the income referred to ..... negatived the said contention and held that the notification was a self-contained one giving a total exemption from income-tax, and there was, therefore, no scope for controlling the provisions of the notification with reference to section 8 of the income-tax act. 'interest receivable' was an unambiguous expression and it could only mean the amount of interest calculated in .....

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Jan 30 1967 (HC)

Arvind N. Mafatlal Vs. T.A. Balakrishnan, Deputy Controller of Estate ...

Court : Mumbai

Decided on : Jan-30-1967

Reported in : [1968]67ITR449(Bom)

..... and section 59 has no reference to any mistake. it is a new provision analogous to the provisions of section 34 (1) (b) of the indian income-tax act and gives, subject to certain conditions, power to the department to assessee or reassess. 68. now, the conditions which have to be fulfilled, before a ..... mistake of law, but section 62 requires a mistake apparent from the record and with reference to the identical words in section 35 of the indian income-tax act the division bench pointed out that a mistake becomes a mistake apparent from the record when it is a glaring, obvious or self-evident mistake. ..... that decision that the plain effect of the substitution of new section 34 with effect from march 30, 1948, was that from that date the income-tax act was to be read as including the new section as a part thereof; the further effect of the express language of the section was that, ..... for decision before this court in s. c. prashar v. vasantsen dwarkadas. in that case a firm of purshottam laxmidas was registered under the indian income-tax act. another firm of vasantsen dwarkadas had filed a return for the assessment year 1942-43 and applied for registration. the petitioner in that case was the ..... made. this is a completely new power conferred upon the controller and it is comparable to the power conferred by section 34 of the indian income-tax act. but all this shows that there is a vast distinction between the remedies provided by the old section 62 and the new remedy provided by section .....

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Mar 01 1967 (HC)

Commissioner of Income-tax, Bombay Vs. Sir Chunilal V. Mehta and Sons ...

Court : Mumbai

Decided on : Mar-01-1967

Reported in : [1967]65ITR50(Bom)

..... ,34,000 and interest thereon was taxable under section 10(5a) of the indian income-tax act in the assessment year 1956-57. mr. joshi argues that even if it is held that the compensation amount is not taxable under section 10(5a ..... claim to a profit or to liability is not sufficient to make the profit to accrue or the liability to be incurred for the purposes of the income-tax act. 5. now, it is true that a mere claim to a profit, which, if upheld, would give rise to a profit may not be ..... the facts and in the circumstances of this case, the compensation of rs. 2,34,000 and interest thereon was taxable under section 10(5a) of the income-tax act in the assessment year 1956-57 ?' 4. on the point of law raised by the first question mr. joshi, learned counsel for the department, has ..... source. in your opinion, therefore, the amount which the assessee company received as compensation was not taxable under section 10(5a) of the indian income-tax act in the assessment year 1956-57. 11. the second question as it is framed requires us to state whether the compensation of rs. 2 ..... which the receipt which has been deemed to be income could be brought to tax.' 8. now the income received from business comes in for computation under the income-tax act according to the other provisions laid down in the income-tax act. those provisions include the provisions of section 13, which states : 'income, profits and gains shall be computed, for .....

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Sep 21 1967 (HC)

Commissioner of Income-tax, Bombay City I Vs. Cotton Textiles Export P ...

Court : Mumbai

Decided on : Sep-21-1967

Reported in : [1968]67ITR539(Bom)

..... from the indian statute, have little value'.12. the supreme court also pointed out that the legislature had used language of great amplitude in defining 'charitable purpose' in the indian income-tax act and the definition was inclusive and not exhaustive or exclusive. we hold, therefore, that the tribunal was right in holding that the property held by the assessee-company was for ..... the court could and would enforce when called upon to do so. therefore, we hod that the assessee is entitled to the exemption under section 4 (3) (i) of the income-tax act'. having so held, the tribunal felt that it was unnecessary for it to consider and deal with the other contentions raised before it. it is upon these finding that the ..... law that has been referred for our decision in this case is : 'whether, on the facts and in the circumstances of the case, the assessee's income is exempt under section 4 (3) (i) of the income-tax act ?' 2. the circumstances under which the question arises are briefly as follows : the assessee is the cotton textiles export promotion council, which was registered as ..... advocates for enrolling themselves to practice in the high court or registration fee for apprentices of law is not income derives from property held under trust or other legal obligation and is not, therefore exempt from tax under section 4 (3) (i) of the income-tax act. even accepting the principles laid down in these authorities, we may point out that the position here is .....

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Feb 03 1967 (HC)

Burmah-shell Refineries Ltd. Vs. G.B. Chand, Income-tax Officer, Co. C ...

Court : Mumbai

Decided on : Feb-03-1967

Reported in : [1968]67ITR653(Bom)

..... in this connection, the legislative history of this section was also stressed. clause (b) of section 10 (5) was included in the indian income-tax act by the indian income-tax amendment act 23 of 1941. the provision of section 10 (5) (b), which includes within the meaning of 'written down value' the depreciation allowed to ..... assuming that upon prima facie examination we are wrong, we are completely satisfied that such an error cannot be corrected under section 154 of the income-tax act, 1961. we may also add here that it is not open to the authorities to make an error 'an error apparent from the record ..... written down value of an asset for any year, for the purposes of proviso (c) to section 10 (2) (vi) of the indian income-tax act, initial depreciation should be taken into account to ascertain whether the aggregate of all allowances in respect of depreciation exceeds the original cost to the assessee ..... the first item which was, as we have said, the computation of the capital employed in the undertaking under section 15c of the indian income-tax act. the dispute as to this item is whether the initial depreciation, which was taken into account in making the original assessments in allowing the ..... issued on the 18th january, 1965, with a view to correcting the errors apparent from the record under sections 154 and 155 of the income-tax act, 1961. the notices were issued by the 1st respondent but the proceedings were completed by the 4th respondent. the four petitions are related to .....

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Mar 07 1967 (HC)

Kevalchand Nemchand Mehta Vs. Commissioner of Income-tax (Central), Bo ...

Court : Mumbai

Decided on : Mar-07-1967

Reported in : [1968]67ITR804(Bom)

..... head of charge as enumerated in section 6. section 6 of the indian income-tax act opens with the words 'save as otherwise provided by this act, the following heads of income, profits and gains, shall be chargeable to income-tax in the manner hereinafter appearing'. the words 'save as otherwise provided by this act' obviously do not make any exceptions to the provisions of section 6, but ..... refers back to the provisions to sub-section (1), namely, income which may be included in his total income. it seems to us, therefore, that the income which is included by any provision of the income-tax act in the income of the assessee would become a source of income in his hands taxable under the head 'income from other source'. in other words, so far as section 12 ..... (1) is concerned, it clearly treats that income which is included in the assessee's income as his income and in this respect it seems to us that ..... was an expenditure incurred solely for the purpose of making or earning any income as required by the provisions of section 12 (2) of the income-tax act and having regard to the provisions of section 16 (3), the income which was that of the minor child must be included in the total income of the assessee. in a further appeal to the tribunal, it confirmed .....

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Sep 25 1967 (HC)

Commissioner of Income-tax (Central), Bombay Vs. Devidayal and Sons

Court : Mumbai

Decided on : Sep-25-1967

Reported in : [1968]68ITR425(Bom)

..... : 'by a fiction, the firm is deemed to continue after discontinuance for the purpose of assessment under chapter iv'. under section 44 of the income-tax act, therefore, the assessment of a firm which has discontinued its business as a result of dissolution or otherwise, is in precisely the same manner as ..... ensured and, therefore, there was no question of assessing the individual members of the association. all the provisions of chapter iv of the indian income-tax act, were to be applicable to the assessment made after the dissolution of the association and consequently an association of persons was to be assessed as ..... business from 1st april, 1940, to 31st march, 1944. subsequent to the dissolution of the firm notices were issued under section 34 of the indian income-tax act to two of the three partners on november 25, 1944. in each of the said two notices, the person, to whom the notice was ..... dissolved in october, 1951, and the business of the firm was discontinued, the assessment should have been made under section 44 of the indian income-tax act only on the individual partners and since in the present case the assessment had been made on the firm itself, the assessment is invalid, unauthorised ..... made by the department under section 34(1) (b). thereafter, on an application made by the commissioner under section 66(1) of the indian income-tax act it drew up a statement of the case and referred the following question to this court : 'whether, on the facts and in the circumstances of .....

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Sep 15 1967 (HC)

Allied Publishers Private Ltd. Vs. Commissioner of Income-tax Bombay C ...

Court : Mumbai

Decided on : Sep-15-1967

Reported in : [1968]68ITR546(Bom)

..... this court (to which my learned brother was a party) held that only that part of the depreciation as has entered into the computation of the income liable to tax under the indian income-tax act can be taken into account to determine the business asset in view of the definition of 'written down value' in section 10(5) (b) ..... -55 and 1955-56 depreciation was allowed on the car under section 10(2) (vi) and sub-clause (via) (because it was a new car) of the income-tax act. the assessee sold the car in 1955 for a sum of rs. 4,025 and he claimed allowance of a loss of rs. 708 under section 10(2) ( ..... the asset and in the case of assets acquired before the previous year the actual cost to the assessee less all depreciation actually allowed to him under the income-tax act and section 10(3) contemplates the computation of the amount as if the machinery, etc., was wholly used for the purposes of the business and after computation ..... kotval, c.j.1. the question referred under section 66(1) of the indian income-tax act for our decision in the present case is as follows : 'whether, on a proper construction of sections 10(2) (vi), 10(3) and 10(5), ..... include any notional allowance. following that judgment, we must interpret the words 'actually allowed' occurring in section 10(5) (b) of the act in the same manner. ' the decision in commissioner of income-tax v. nandlal bhandari mills ltd. arose in appeal by special leave against the decision of the madhya pradesh high court in nandlal bhandari mills ltd .....

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Feb 06 1967 (HC)

Volkart Brothers and ors. Vs. Income-tax Officer, Companies Circle Iv( ...

Court : Mumbai

Decided on : Feb-06-1967

Reported in : [1967]65ITR179(Bom)

..... firms comes after the provision in paragraph 'c' where a maximum rate of 25 per cent. is to be charged in all the cases where, under the provisions of the income-tax act, income-tax is to be charged at the maximum rate. it appears that the maximum rate spoken of in paragraph 'c' is applicable to cases of substantial and main levy of assessments ..... no. 1 firm and the firm as well as the partners are being assessed in india as non-residents. the petitioner-firm was duly registered under the indian income-tax act, 1922, and also under the income-tax act of 1961. in the original assessments of the firm for the relevant assessment years with which we are concerned, the assessments were made on the slab relates ..... cannot apply to the registered non-resident firms. it appears that the section applies to case where a person is liable to the several taxes and charges, liable to be imposed under the indian income-tax act, viz., the income-tax, super-tax and the corresponding surcharges. in other words, the provision of section 17(1) appears to cover cases of main and substantial taxation, and apply ..... in making the assessments of the firm cannot be regarded as a mistake apparent from the record. 3. now, the power of the income-tax officer under section 35 of the income-tax act, 1922, or the corresponding section 154 of the act of 1961, is limited to rectification of mistakes which are apparent from the record. it is well settled that the error apparent from .....

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Sep 29 1967 (HC)

Bai Hirbai Rahim Aloo Paroo and Kesarbai Dharamsey Kakoo Charitable an ...

Court : Mumbai

Decided on : Sep-29-1967

Reported in : [1968]68ITR821(Bom)

..... religious so far as the personal law of the settlor is concerned, but even then it may not necessarily be entitled to exemption under the income-tax act. the exemption is confined to public religious trusts and does not extent to private religious trusts which do not ensure for the public benefit. ..... religious so far s the personal law of the settlor is concerned, but even then it may not necessarily be entitled to exemption under the income-tax act. the exemption is confined to public religious trusts and does not extend to private religious trusts, which do not enure for the public benefit. ..... a religious purpose so far as the personal law of kesarbai was concerned but still it would not necessarily be entitled to exemption under the income-tax act. the tribunal pointed out that the exemption was confided only to public religious trusts and did not extent to private religious trusts. in any ..... not being 'wholly for religious or charitable purposes' within the meaning of the sub-section (3) (i) of the section 4 of the indian income-tax act thereby depriving the trust of the exemption granted under that sub-section. 2. two separate trusts were created by two ladies, who were sisters, ..... held that the scheme settled did not create a trust which was wholly for religious or charitable purposes and as such its income was not entitled to exemption under the income-tax act. we are concerned in the present reference with a common order of assessment for the assessment years 1953-54 to 1958 .....

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