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Judgment Search Results Home > Cases Phrase: income tax act Year: 1967 Page 6 of about 674 results (0.118 seconds)

Sep 19 1967 (HC)

Kevaldas Ranchhodddas Vs. Commissioner of Income-tax

Court : Mumbai

Decided on : Sep-19-1967

Reported in : [1968]68ITR842(Bom)

..... dismissed. 7. now, quite apart from the general contention that has been raised as to the mode of construction of the provisions of section 34 and similar provisions in the income-tax act, mr. shah on behalf of the assessee has raised a contention based upon the terms of section 34(1) (a) itself. he has pointed out that, subject to the other ..... the assessee had suppressed speculation profits to the extent of about rs. 30,000. he, therefore, issued a notice against the assessee under section 34(1) (a) of the indian income-tax act. at that stage the assessee himself disclosed new figures as to his receipts from the speculation business as also of his payments made in the speculation business. the figures as ..... kotval, c.j.1. the following question has been referred for our decision under section 66(1) of the indian income-tax act : 'whether, in the course of reassessment proceedings properly initiated under the provisions of clause (a) of section 34(1) of the act, the assessee can claim the revision of the loss of rs. 4,49,650 that was determined in the original ..... ' and when the legislation speaks of recomputing the loss it means only the loss and not the income, profits or gains, so that this particular clause cannot empower a general recomputation of the income, profits or gains. we do not think that, if the income-tax officer were acting under this clause, he would have the power to determine afresh the original assessment or, as .....

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Dec 21 1967 (HC)

Commissioner of Income-tax, Bombay Vs. Abdul HusseIn Essaji Arsiwalla

Court : Mumbai

Decided on : Dec-21-1967

Reported in : [1968]69ITR174(Bom)

..... out, would clearly be contrary to the language of the provision. in our opinion, therefore, on a proper construction of the provision of section 9(1)(iv) of the indian income-tax act, the only amount which was claimable by the assessee in respect of the ground rent of the property was the ground rent for the period of the previous year and ..... )(iv) as ground rent to which the property was subject. 2. the assessee is the owner of one half share in certain properties, which are assessed to tax under section 9 of the indian income-tax act. the assessment year in question is 1958-59 for which the relevant previous year was the financial year ended on 31st march, 1958. the properties were constructed ..... which the property is subject in the computation of the income from property computed under section 9 of the indian income-tax act. 4. now, the income-tax chargeable under the indian income-tax act is annual in its structure and organisation. under section 3 of the act, which is the charging section, tax is charged in respect of the total income of the previous year. each previous year is a distinct ..... section 7 to 12 prescribe the made of computation of the total income under these heads. it would thus be seen that under the indian income-tax act, income-tax is charged on the taxable income of each previous year which is computed in the manner provided under the act. income taxable as income from property would, therefore, be income form property for the previous year computed in the mode of .....

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Oct 15 1967 (HC)

E.D. Sassoon and Co. Ltd. Vs. Commissioner of Income-tax, Bombay City ...

Court : Mumbai

Decided on : Oct-15-1967

Reported in : [1968]70ITR561(Bom)

..... reason for the exemption granted by section 25(3) was explained by the supreme court in a recent decision in o. rm. m. sp. sv. firm v. commissioner of income-tax. under the income-tax act of 1918, the mode of assessment was for the assessment to take place in each year of account. there used to be first of all a provisional assessment and ..... estimation thereof did not convert the accrued liability into a conditional one,...' the supreme court also pointed out that the expression 'profits and gans' in section 10(1) of the income-tax act has to be understood in its commercial sense and there can be no computation of such profits and gains until the expenditure which is necessary for the purpose of earning ..... earned in that year under section 25(3) on the ground that its business was charged to income-tax under the indian income-tax act, 1918, and had been discontinued. this claim of the assessee has been concurrently negatived by the tax authorities as well as the tribunal. the income-tax officer in considering the claim held that the assessee's treatment of their profit or loss in ..... of ahmuty & co. 32. the exemption granted by section 25(3) is in the following words : 'where any business, profession or vocation on which tax was at any time charged inter the provisions of the indian income-tax act, 1918 (vii of 1918), is discontinued, then, unless there has been a succession by virtue of which the provisions of sub-section (4) have been .....

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Nov 06 1967 (HC)

Commissioner of Income-tax, Bombay City Ii, Bombay Vs. New India Assur ...

Court : Mumbai

Decided on : Nov-06-1967

Reported in : [1969]71ITR761(Bom)

..... life insurance business, the supreme court pointed out that 'the assessment of the profits of an insurance business is completely governed by the rules in the schedule to the income-tax act and the income-tax officer has no power to do anything not contained in it : there is no general right to correct the errors in the accounts of an insurance did not constitute ..... pointed out that they had already held that 'the assessment of the profits of an insurance business is completely governed by the rules in the schedule to the income-tax act and the income-tax officer has no power to do anything not contained in it; there is no general right to correct the errors in the accounts of an insurance business.' they also indicated ..... as a result of this devaluation the assets of the assessee were affected. in respect of taxation of its income in pakistan the assessee had deposited with the pakistan income-tax authorities under section 18a of the pakistan income-tax act amounts equal to income-tax and super-tax payable on the basis of the last completed assessment. in satisfaction of this liability the assessee had deposited with the ..... to the extent permitted by rule 6. they then pointed out that, having regard to its provisions, section 10(7) does not replace the entire income-tax act by the schedule, but only certain sections of the income-tax act to the extent indicated in section 10(7) and that section 10(7) does not inhibit the considerations of the exemptions provided in the other portions .....

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Sep 28 1967 (HC)

In Re: Colaba Land and Mills Co. Ltd., V.M. Deshpande and anr. Vs. V. ...

Court : Mumbai

Decided on : Sep-28-1967

Reported in : [1970]78ITR584(Bom)

..... the winding-up court in respect of proceedings referred 'to in sub-section (2). it is quite clear that, having regard to the scheme for assessment for quantum of income-tax contained in the income-tax, act, a, civil court and or a winding-up court could not 'entertai nor dispose of' assessment proccedings the procedure prescribed is altogether, so foreign to the proceedure prescribed ..... is this reason that we have not been able to appreciate mr. chagla's contention that the absence of a provision like section 41 of the life insurance corporation act in the : income-tax act is an important distinction and that for that reason thelobservations in paragraph,18 of the judgment of, the supreme court in the case of damji valji shah v. life ..... would be settled by de4ding if the jurisdictional provisions are special and or general. the special would exclude the general. in his submission the provisions in section 148 of the income-tax act where-under the notices in question were issued was a general provision relating to all assessees. on the contrary, in connection with the very same matter section 446(2) was ..... of section 446(1) there was no reason whatsoever for coming to the conclusion that the expression 'legal proceedings' would not include a proceeding for assessment or reassessment under the income-tax act. in support of that observation the referred to the decision of the federal court in the case of governor-general in council v. shiromani sugar mills 1; where also the .....

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Sep 28 1967 (HC)

Official Liquidator Vs. V.M. Deshpande and anr.

Court : Mumbai

Decided on : Sep-28-1967

Reported in : [1968]38CompCas26(Bom)

..... case must, therefore, be rejected.17. that brings me to the second contention of mr. joshi. in support of that contention, mr. joshi has argued that the income-tax act is a special act under which the income-tax officer has exclusive jurisdiction and is under a statutory duty to assess the company, whereas, according to mr. joshi, proceedings which fall under section 446(1) are ..... the federal court in shiromani's case: which is a direct decision on the point, and in which it was held that proceedings for recovery under section 46 of the income-tax act cannot be taken without the leave of the company judge. manchanda j. therefore, dismissed the writ petition filed by the company. i do not agree either with the construction placed ..... against the company. on the same page, the learned judges then proceeded to state as follows;' that still leaves open the question whether action under section 46 of the indian income-tax act is covered by the phrase ' other legal proceeding '. clearly it is not a proceeding in an ordinary court of law. but we see no reason why in british india no ..... reading of that section, there is no reason whatsoever for coming to the conclusion that the expression ' legal proceedings ' would not include a proceeding for assessment or reassessment under the income--tax act, since it would be aproceeding adopted in accordance with the provisions of law or a legal enactment.7. the question is, however, in my opinion, clinched by one single decision .....

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Nov 06 1967 (HC)

Raja Pid Naik Vs. Agricultural Income-tax Officer, Yadgiri and anr.

Court : Karnataka

Decided on : Nov-06-1967

Reported in : [1968]69ITR401(KAR); [1968]69ITR401(Karn); (1968)1MysLJ1

..... (1) of the hyderabad agricultural income-tax act is similar to that of section 24b of the indian income tax act, 1922. while an assesses as defined by the hyderabad act means a person by whom agricultural income-tax is payable, an assesses under the indian income-tax act, 1922, means a person by whom income-tax or any other sum of money is payable under that act. in additional income-tax officer, circle i, salem v ..... as a public demand payable to the taluqdar'. 3. the provision is in pari materia with the provisions contained in section 46(2) of the indian income-tax act, 1922 (to be hereinafter referred to as the income-tax act). the contention is that before action can be taken under section 34(3), it must not only be shown that the petitioner is an 'assesses' but ..... of this case, the petitioner can be said to be an 'assesses in default' within the meaning of that expression found in the section 34(3) of the hyderabad agricultural income-tax act, 1950 (act 13 of 1950) ?' 51. now, it becomes necessary to refer to the relevant statutory provisions, and they are sections 2(e), 22(1), 23, 33 and 34(3) of ..... circumstances of this case, the petitioner can be said to be an 'assesses in default' within the meaning of that expression found in section 34(3) of the hyderabad agricultural income-tax act, 1950 (act 13 of 1950) ?' 43. the papers will be placed before the learned chief justice for constituting a full bench for deciding the question of law referred. 44. the case .....

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Jan 03 1967 (HC)

C. Venkata Reddy and anr. Vs. Income-tax Officer (Central) I, Banglore ...

Court : Karnataka

Decided on : Jan-03-1967

Reported in : [1967]66ITR212(KAR); [1967]66ITR212(Karn)

..... 19(1)(d), (f) and (g). 26. before doing so, we might very briefly refer to the legislative history behind the present section 132 of the income-tax act. 27. as already stated, the authorities under the income-tax act did not originally posses the power of search and seizure; they had only the powers normally exercised by civil courts under the code of civil pprocedure ..... in which are to quash, by the issue of appropriate writs, the warrants or authorisations sees to have been issued by the 3rd respondent, the commissioner of income-tax, under section 132 of the income-tax act and to direct the return of all books and documents taken possession of at the searches conducted as stated above. the preliminary orders were passed on the writ ..... like the magistrate. 71. we, therefore, hold that section 132 of the income-tax act, 1961 is not violative of the fundamental right guaranteed under article 14 of the constitution. 72. regarding article 19, the line of reasoning in the judgment of the supreme court ..... is certainly open to correction by the high court under article 226 of the constitution. 70. we are not, therefore, satisfied that the safeguards provided in section 132 of the income-tax act are ineffective or illusory for reason only of the fact that the original authorisations for search are issued by an officer of the department and not by an independent authority .....

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Feb 09 1967 (HC)

B.B. Danganavar Vs. Income-tax Officer, Special Survey Circle, Dharwar

Court : Karnataka

Decided on : Feb-09-1967

Reported in : [1967]65ITR370(KAR); [1967]65ITR370(Karn); (1967)1MysLJ426

..... set-off on the ground that the two earlier returns disclosing losses had been filed beyond the period of limitation prescribed by sub-section (3) of section 139 of the income-tax act, 1961. an appeal by the assessee to the appellate assistant commissioner, dharwar range, was also unsuccessful. 4. the petitioner thereupon has come to this court with this writ petition in ..... to perform in protection of his own right or interest, this court should compel him to perform that duty by the issue of a mandamus. 5. section 139 of the income-tax act, to sub-section (3) whereof the respondent has made a reference in his assessment order, deals with the topic of making a return for purposes of assessment. sub-section (1 ..... ] 33 i.t.r. 630] took the view that the voluntary returns of losses are not at all returns within the meaning of the income-tax act, and that the income-tax officer was not required by any provision of the act to make an assessment in respect of them or pursuant to them. the high court of madras also in two cases - one decided by ..... limit submitted voluntarily in answer to the general notice under section 22(1) of the income-tax act was a good return, because it was a return which the assessee considered represented his true income. they also pointed out that there was no provision in the income-tax act which would enable the income-tax authorities totally to refuse to consider a return, if filed. after noticing the difference .....

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Jan 11 1967 (HC)

Pathikonda Balasubba Setty (Deceased) Vs. Commissioner of Income-tax, ...

Court : Karnataka

Decided on : Jan-11-1967

Reported in : [1967]65ITR252(KAR); [1967]65ITR252(Karn); (1967)1MysLJ639

..... the appellate order. that application having been dismissed, the assessee approached this court with an application under sub-section (2) of section 66 of the income-tax act, 1922. this court, by its order dated 20th july, 1962, directed the tribunal to draw up a statement of the case and refer the ..... the 1922 act and the corresponding provisions of the 1961 act. 17. under both the acts the assessee has a right of appeal to two courts, ..... the point for consideration under this question is the nature and extent of the jurisdiction of the income-tax appellate tribunal and the extent of its appellate powers. 16. the present case is governed by the income-tax act of 1922. but, on this question, there is no difference between the relevant provisions of ..... operate beyond the scope of their appellate powers by contemplating, if not actually directing an enhancement of liability beyond the figures fixed by the income-tax officer and that the reference to the question of unaccounted stock was totally beyond the scope of the appeal itself. 33. our answer to ..... first to the appellate assistant commissioner and then to the income-tax appellate tribunal. the first appeal is under section 30 of the act of 1922; section 31(3) sets out in detailed terms the nature and extent of the appellate powers .....

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