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Judgment Search Results Home > Cases Phrase: income tax act Year: 1968 Page 10 of about 650 results (0.094 seconds)

Aug 23 1968 (HC)

Sardar Inder Singh Vs. Income-tax Officer, C-ward and ors.

Court : Allahabad

Decided on : Aug-23-1968

Reported in : [1969]72ITR349(All)

..... ] 2 s.c.r. 241. on page 375 it was pointed out that two conditions have to be satisfied in order to confer jurisdiction under section 34 of the indian income-tax act, 1922. in that case it was not the petitioner's contention that the proceedings were barred by time. the petitioner's objection was of a different kind.25. in kantamani ..... oak, c.j.1. this petition under article 226 of the constitution is directed against proceedings for reassessment under section 147 of the income-tax act, 1961 (hereafter referred to as the act or the 1961 act), the assessee is a hindu undivided family. it was assessed under the name and style ' punjab khalsa hindu hotel' for the assessment year 1948-49. at that time ..... contention of mr. p. n. pachauri appearing for the petitioner is that reassessment proceedings were barred by time under the indian income-tax act, 1922 (hereafter referred to as the old act or the 1922 act). consequently, reassessment proceedings cannot be initiated under the 1961 act. this position has been disputed by mr. gopal behari appearing for the respondents. firstly, he contended that reassessment proceedings were ..... 297 provides for repeals and savings. sub-section (1) of section 297 states that the indian income-tax act, 1922, was being repealed. sub-section (2) of section 297 of the 1961 act runs thus :'notwithstanding the repeal of the indian income-tax act, 1922. . .(d) where in respect of any assessment year after the year ending on the 31st day of march, 1940-- (i) a .....

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Dec 10 1968 (HC)

Lakshmipat Singhania Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Dec-10-1968

Reported in : [1969]72ITR512(All)

..... and the question was whether the sum of rs. 40,000 received by her as her remuneration in the relevant account year was salary chargeable under section 7 of the income-tax act, 1922. sir leonard stone c.j., who delivered the leading judgment, held that the amount paid to the lady was neither salary nor wages because she, as a director, was ..... company was registered in bhopal where the manufacturing operations were carried on. at all material times, bhopal was an indian state to which the indian income-tax act, 1922, as it then stood (hereafter referred to as the act), did not apply.3. the directors were entitled to receive sitting fees for attending meetings of the board under article 105a and further remuneration from ..... interest of the company in that country. the question before the house of lords was whether the remuneration received by the assessee was liable to tax in england under schedule e, rule 6. schedule e of the income tax act, 1918, provided :'tax under schedule e shall be charged in respect of every public office or employment of profit.'25. rule 6 laid down :'the ..... ' and he was, therefore, liable to be charged under schedule e to the income tax act, 1918.26. the decision, however, is no longer good law even in england. by the income tax act, 1952, as amended by the finance act, 1956, it was provided that for the years 1956-57 and subsequent years income-tax under schedule e in respect of any office or employment is chargeable on .....

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Sep 17 1968 (HC)

New Precision (India) Private Ltd. Vs. Commissioner of Income-tax

Court : Madhya Pradesh

Decided on : Sep-17-1968

Reported in : [1969]72ITR657(MP); 1969MPLJ27

..... consultancy and technical services rendered, cost of raw materials used for experimental work, and the royalties was allowable as a business expenditure under section 10(2)(xv) of the indian income-tax act, 1922. this case is also clearly distinguishable. as pointed out by the supreme court, the assessee, ciba of india ltd., did not, under the agreement become entitled exclusively, even for ..... paid to shri b. v. mahabale is expenditure allowable under section 37 of the income-tax act, 1961 '2. the material facts are that the assessee-company was incorporated on 22nd july, 1960. the shareholding of the company, as on 30th june, 1961, was thus-(i) 260 ..... dixit, c.j.1. in this reference under section 256(1) of the income-tax act, 1961 (hereinafter called the act), at the instance of the assessee,m/s. new precision (india) private ltd., dewas, the question which the income-tax appellate tribunal has referred to us for decision is :' whether, on the facts and in the circumstances of the case, the sum of rs. 40,100 ..... ground that this was an expenditure not of a capital nature but wholly and exclusively laid out for the purposes of business under section 37 of the act. this claim was disallowed by the income-tax officer and, on appeals, by the appellate assistant commissioner and the tribunal.5. there can be no doubt that the payment of rs. 40,100 which the .....

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Jul 10 1968 (HC)

S.P. Jaiswal Vs. Commissioner of Income-tax

Court : Punjab and Haryana

Decided on : Jul-10-1968

Reported in : [1969]73ITR179(P& H)

..... has been filed by shri s. p. jaiswal (hereinafter referred to as the assessee) under section 66(3) of the income-tax act, 1922 (hereinafter called the 1922 act), read with section 256 of the income-tax act, 1961 (hereinafter referred to as the 1961 act), and under article 227 of the constitution. the only facts which are necessary to be noticed for deciding this application are ..... has referred to the following passage in the division bench judgment of the calcutta high court in kalawati devi harlalka v. commissioner of income-tax, [1966] 62 i.t.r. 544 :' the word 'assessment' has been used in the income-tax act in a comprehensive sense. the expression ' proceedings for the assessment' in section 297(2)(a) has a wide connotation and embraces within ..... 297. the relevant extract from that section is quoted below:' (1) the indian income-tax act, 1922, is hereby repealed,(2) notwithstanding the repeal of the indian income-tax act, 1922 (hereinafter referred to as the repealed act) -- (a) where a return of income has been filed before the commencement of this act by any person for any assessment year, proceedings for the assessment of that person for ..... word ' assessment ' in the said phrase has been used in its widest connotation and in a very comprehensive sense so as to include therein all possible proceedings under the income-tax act or the finance act relating to assessment up to the stage after which nothing remains to be done in connection with the assessment and computation of the .....

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Jan 10 1968 (SC)

Anglo American Direct Tea Trading Co. Ltd. Vs. Commissioner of Agricul ...

Court : Supreme Court of India

Decided on : Jan-10-1968

Reported in : AIR1968SC1213; [1968]69ITR667(SC); [1968]2SCR745

..... in the assessment under the central income-tax act. there is no provision in the kerala act authorising the agricultural income-tax officer to disregard the computation of the tea income made by the income-tax authorities acting under the central income-tax acts. the agricultural income-tax officer in making an assessment of agricultural income is bound to accept the computation of the tea income already made by the central income-tax authorities and to assess only 60 ..... him to compute the income independently applying the relevant provisions of the income-tax act and the agricultural income-tax act. from these orders, the present appeals have been filed by special leave ..... applying the provisions of the income-tax act and make the assessment exercising his powers under the agricultural income-tax act '. following its earlier decision in commissioner of agricultural income-tax, kerala v. perunad plantations ltd. : [1965]56itr193(ker) , the high court held that the agricultural income-tax officer was not obliged to accept the computation of the tea income made by the income-tax officer acting under the income-tax act, and it was open to .....

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Jan 09 1968 (SC)

Commissioner of Income-tax, Bombay, City Ii Vs. Goverdhan Ltd.

Court : Supreme Court of India

Decided on : Jan-09-1968

Reported in : AIR1969SC292; [1968]69ITR675(SC)

..... assessee is a public limited company registered under the indian companies act. its share capital consist of 50,000 shares subscribed and paid up. out of these ..... the judgement of the bombay high court dated september 18, 1962, in income-tax reference no. 34 of 1961 whereby the high court held that the order passed against the respondent, hereinafter referred to as 'the assessee' under section 23a of the indian income-tax act, 1922 (hereinafter referred to as the 'act'), was not justified and valid for the assessment year 1951-52. 2. the ..... be treated as the part of the distributable profit of the company for the purpose of section 23a(1) of the act. in other words, the order made by the income-tax officer against the assessee under section 23a of the act for the assessment year 1951-52 must be held to justified and valid and the question of law referred by the appellate ..... declared any dividend as its annual general meeting during either of the aforesaid two years or within six months thereafter, the income-tax officer issued notices to the assessee to show cause why an order under section 23a(1) of the act should not be passed for the two years. the assessee, however, contended that section 23a was not applicable inasmuch as the .....

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Aug 02 1968 (SC)

Commissioner of Income-tax, Kerala Vs. K.B. Kalikutty and anr.

Court : Supreme Court of India

Decided on : Aug-02-1968

Reported in : [1969]73ITR533(SC); 1968(0)KLT721(SC); [1969]1SCR531

..... in this appeal by special leave is whether on a true interpretation and constriction of the second proviso to section 10(2) (vii) of the income-tax act, 1922, sale of the assets of an assessee effected for the purpose of closing down the business would be covered by that proviso and would be ..... which the sale took place.' 7. the words within brackets did not exist before the amendment made by act 67 of 1949 and were inserted by that act. in liquidators of pursa ltd. v. commissioner of income-tax, bihar : [1954]25itr265(sc) the controversy arose out of the proceedings relating to the assessment of ..... as it stood before the amendment made by s. 11 of the taxation laws (extension to merged states and amendment) act, 1949 (67 of 1949). the decision of this court in commissioner of income tax, kerala v. west coast chemicals and industries ltd. : [1962]46itr135(sc) was also held by the tribunal ..... in the following manner : sale price of 6 buses rs. 86,000written down value ofsix buses rs. 36,712--------------rs. 49,288--------------3. the income-tax officer consequently assessed the sum of rs. 49,288 as profit under the second proviso to section 10(2) (vii). before the appellate assistant commissioner ..... it would nonetheless be taxable sine the sale was made after the amendment of the second proviso by act 67 of 1949. the high court in the present case referred to the observations in commissioner of income-tax v. express newspapers ltd. : [1964]53itr250(sc) and to the three conditions laid down .....

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Aug 22 1968 (SC)

Commissioner of Income-tax, Kerala Vs. Pangal Vittal Nayak and Co. P. ...

Court : Supreme Court of India

Decided on : Aug-22-1968

Reported in : [1969]74ITR754(SC); 1968(0)KLT860(SC)

..... dated september 2, 1964, the high court answered the question in the affirmative and in favour of the assessee. 4. section 24 (1) of the income-tax act, 1922, hereinafter called 'the act', provides as follows : '24. (1) where any assessee sustains a loss of profits or gains in any year under any of the heads mentioned in ..... assistant commissioner and dismissed the appeal. the appellate tribunal thereafter referred the fallowing question of law to the high court under section 66 (1) of the indian income-tax act, 1922 : 'whether, on the facts and circumstances of the case the appellate tribunal was correct in holding that commission received by the company amounting to rs. ..... 59, 1959-60 and 1960-61 and the a question referred to the high court should be answered in the negative and in favour of the commissioner of income-tax. 7. for these reasons the judgment of the high court of kerala dated september 2, 1964, in i. t. r. no. 69 of 1963 ..... against its speculation losses on the ground that the commission received for placing forward contracts of this kind should be taken as part of its income from speculation. the income-tax officer rejected this claim. the appellant assistant commissioner on appeal held that the commissioner received was profit arising out of speculation and was incident ..... ramaswami, j.1. these appeals are brought by special lease by the commissioner of income-tax kerala, from the judgment of the kerala high court dated september 2, 1964, in i. t. r. no. 69 of 1963. 2. .....

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Sep 11 1968 (SC)

income Tax Officer Vs. M.K. Mohammed Kunhi

Court : Supreme Court of India

Decided on : Sep-11-1968

Reported in : [1969]71ITR815(SC); 1968(0)KLT794(SC); [1969]2SCR65

..... writ petition to compel the income-tax officer to exercise his discretion under section 45 or to exercise it honestly and objectively was not barred. but, on the merits, ..... sastri j., in his separate judgment, made the following observations at page 271 : 'lastly, it has to be observed that section 45 of the income-tax act is somewhat cryptic in its terms and merely gives the income-tax officer power to declare a person to be not a default pending the appeal. there is no provision for stay similar to order xli, rules ..... important question which is involved in this appeal by special leave from a judgment of the kerala high court is whether the income-tax appellate tribunal has the power, under the relevant provisions of the income-tax act, 1961 (hereinafter called 'the act'), to stay the recovery of the realization of the penalty imposed by the departmental authorities on an assessee during the pendency of ..... an appeal. in vetcha sreeramamurthy v. income- tax officer, vizianagaram and another : [1956]30itr252(ap) , the assessee had not been stayed during the pendency of an appeal before the tribunal. the controversy centered in the case mainly on the scope of the discretionary power conferred by section 45 of the indian income-tax act, 1922, on the income-tax officer. it was held that a .....

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Aug 20 1968 (SC)

income Tax Officer, Distt. Ii(ii), Kanpur and ors. Vs. Shri Mani Ram E ...

Court : Supreme Court of India

Decided on : Aug-20-1968

Reported in : AIR1969SC543; [1969]72ITR203(SC); [1969]1SCR724

..... been contended that they do. at the highestit can be said that they may proceed upon an erroneous assumption that the word'sold' in section 17(1) (a) of the income tax act, 1945, has a meaning which ihold it has not. this may be so and, if so, it is an excellent example of theproposition to which reference was made in the ..... on behalf of the appellants referred to thelanguage of sections 210 and 212(3) of the income-tax act, 1961, which state : '210. order by income-taxofficer. - (1) where a person has been previously assessed by way of regularassessment under this act or under the indian income-tax act, 1922 (11 of1922), the income-tax officer may, an or after the 1st day of april, in thefinancial year, by order ..... .m. no. 1591 of 1962 and the connected writ applications.3. it is necessary at this stage to set out the provisions of sections 18a,23 and 23b of the income-tax act, 1922, as they stood at the material time : '18a. (1) (a) in the case ofincome in respect of which provision is not made under section 18 for deductionof ..... . 212. estimate by assessee. - (1)...... (3) any person who has notpreviously been assessed by way of regular assessment under this act or underthe indian income-tax act, 1922 (11 of 1922), shall, before the first day ofmarch in each financial year, if his total income exclusive of capital gains ofthe period which would be the previous year for the immediately followingassessment year is likely to .....

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