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Judgment Search Results Home > Cases Phrase: income tax act Year: 1968 Page 11 of about 650 results (0.174 seconds)

Jul 25 1968 (SC)

Jeewanlal (1929) Ltd. Vs. Commissioner of Income-tax, West Bengal Ii

Court : Supreme Court of India

Decided on : Jul-25-1968

Reported in : AIR1969SC753; [1969]74ITR753(SC)

..... the industrial finance corporation secured by a charge on its fixed assets was an admissible allowance under section 10 (2) (xv) of the income-tax act, 1922, in the computation of total income. in the view of the court the act of borrowing money was incidental to the carrying on of business the loan obtained was not an asset or an advantage of enduring nature ..... decision of this court in india cements ltd. v. commissioner of income-tax. 4. the appeal is therefore allowed and the order of the high court is discharged. the answer to the question referred is that the expenditure is of revenue nature allowable under section 10 (2) (xv) of the indian income-tax act, 1922. there will be no order as to costs. 5. appeal ..... that connection had to incur an expenditure of rs. 35,800. the amount so spent was claimed by the appellant company as a permissible deduction in proceedings for assessment of income-tax for the year 1952-53. the departmental authorities rejected the claim for allowance of the amount and the tribunal confirmed that order. the tribunal at the instance of the appellant .....

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Aug 23 1968 (SC)

Kalva Suryanarayana Vs. Income-tax Officer, A-3 Ward, Hyderabad

Court : Supreme Court of India

Decided on : Aug-23-1968

Reported in : AIR1969SC285; [1969]71ITR422(SC); [1969]1SCR840

..... . after about six years the respondent issued a notice to the appellant under section 45 of the income tax act, 1922, hereinafter called the 'act calling upon him to pay up the arrears on the footing that under the provisions of section 44 of the act there was joint and several liability of each and every partner of the dissolved firm in respect of ..... that the partnership had suppressed income to the extent of rs. 1,72,149 (i.g.) by inflating the expense under railway freight and by the ..... and on that basis proceeded to assess the total income of the partnership which he determined as rs. 1,64,546 (o.s.), and he total income was apportioned among the four earners in proportion of their respective shares. subsequently, the commissioner of income-tax in exercise of his revisional power under section 33b of the income-tax act, passed an order of february 26, 1955, holding ..... not accounting for the sale of old gunnies. the commissioners of income- tax accordingly directed that the assessment already made .....

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Sep 03 1968 (SC)

Lakshmiratan Cotton Mills Co. Ltd. Vs. Commissioner of Income-tax, Utt ...

Court : Supreme Court of India

Decided on : Sep-03-1968

Reported in : AIR1969SC917; [1969]73ITR634(SC); [1969]1SCR951

..... only. 28. the company claims that the expenditure of rs. 19,03,300 is a permissible allowance under section 10(2)(xv) of the indian income-tax act as expenditure wholly and exclusively incurred for the purpose of the business of the company. the burden of proof lay upon the company to prove that ..... be exercised within the four corners of section 66.' 23. it is also well settled that in an application under section 66(2) of the income-tax act the high court cannot order that a case be stated on question which were not included in the application submitted under section 66(1). it was ..... . at the hearing of the reference the high court was of the view that the court had no jurisdiction under section 66(4) of the income-tax act to direct the tribunal to submit a second statement of case and the questions in addition to the one submitted before the tribunal 'could not legally ..... refer the additional questions also to the high court for decision. the high court, in purported exercise of the power under section 66(4) of the indian income-tax act, called upon the tribunal to submit another statement of case on the following questions : '1. was there any material for the finding - (a) that ..... made by the assessee-company for the purpose of getting rid of the managing agents was not expenditure admissible under section 10(2)(xv) of the income-tax act (2) whether there was any or sufficient evidence to justify the tribunal to hold that no services whatever were rendered by the managing agents to the .....

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Sep 05 1968 (SC)

Rajputana Trading Co. Ltd. Vs. Commissioner of Income-tax, West Bengal ...

Court : Supreme Court of India

Decided on : Sep-05-1968

Reported in : AIR1969SC572; [1969]72ITR286(SC); (1982)2SCC775; [1969]1SCR1013

..... it is apparent that one of the main purpose of the above provision which has been now re-enacted with some changes in section 41 of the income-tax act, 1962, was to catch cases of remission of debt by creditors in respect of earlier trading items which were allowed as deduction. as pointed out by ..... of the case, the sum of rs. 78,749, which was deemed to be the profits and gains of business under section 10(2a) of the income-tax act, can be said to be arising from speculative business ?' 2. the assessee carried on both speculative as well as non-speculative business. the system of account ..... 1954. the creditors had waived their right to receive the amount. the income-tax officer treated the amount was of rs. 78,749 as the assessee's income from business in terms of section 10(2a) of the income-tax act, 1922, hereinafter called the act. the amount was not set off against the speculative loss either brought forward ..... purpose of computation of the business profits of an assessee under section 12(1) of the excess profits tax act and when it or a portion of it was refunded it had to be treated as income of the assessee. when it was deposited with the central government it was a portion of the ..... tribunal negatived this contention. according to it the effect of the provision of section 10(2a) of the act is that it charges the amount to tax by its own force as a business income. 'the income character if the receipt is designated by the fiction of law and it is to be brought under assessment .....

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Aug 14 1968 (SC)

State of Assam and anr. Vs. Deva Prasad Barua and anr.

Court : Supreme Court of India

Decided on : Aug-14-1968

Reported in : AIR1969SC831; [1970]75ITR18(SC); [1969]1SCR698

..... on receipt of the return but that was not done.4. section 19 is almost in the same terms as section 22 of the income-tax act, 1922, hereinafter called the income-tax act. section 19(1) reads as follows : 'the agricultural income-tax officer shall, on or before the first day of may for the year commencing 1st april, 1939 or any later day notified by government ..... according to the ordinary canons of interpretation, the words employed must be given their proper and plain meaning. moreover, section 19 is in pari materia with section 22 of the income-tax act and the law which has been laid down by this court, while interpreting the provisions of that section, must govern the construction of provisions of section 19 as well. the ..... that return. he cannot ignore that return and serve on the assessee a notice under the provisions relating to escaped income which was section 34 in the income-tax act. this view also finds support from the decision of this court in commissioner of income-tax v. s. roman chettiar : [1965]55itr630(sc) in which it was laid down, inter alia, that section 22(3) ..... particulars as may be required by the notice) his total agricultural income during the previous year.' 5. section 20 of the act is similar to section 23 of the income-tax act. section 30 which deals with escapement of income-tax is in the following terms : 'if for any reason any agricultural income chargeable to agricultural income-tax has escaped assessment for any financial year, or has been assessed .....

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Sep 06 1968 (SC)

Third Income-tax Officer, Mangalore Vs. M. Damodar Bhat

Court : Supreme Court of India

Decided on : Sep-06-1968

Reported in : AIR1969SC408; [1969]71ITR806(SC); [1969]2SCR29

..... act), -....... (g) any proceeding for the imposition of a penalty in respect of any assessment for the year ending ..... . it is necessary at this stage to set out the relevant provisions of the income-tax act, 1961 (43 of 1961), and of the income-tax act, 1922 (11 of 1922), hereinafter referred to as the 'old act'. section 156 of the new act is to the following effect : 'notice of demand. - when any tax, interest, penalty, fine or any other sum is payable in consequence of any ..... , 1967, in writ petition no. 846 of 1965 holding that the notice under section 226(3) of the income-tax act, 1961, hereinafter called the 'new act', bearing no. 770-d/60-61, 61- 62, 62-63 and 63-64 issued by the iii income-tax officer to m/s. rajarajeswari motor service, mangalore, produced as exhibit viii with the writ petition was invalid and ..... have the same effect as an attachment of a debt by the tax recovery officer in exercise of his powers under section 222..........' 7. section 297 provides as follows : '297. repeals and savings. - (1) the indian income-tax act, 1922 (11 of 1922), is hereby repealed. (2) notwithstanding the repeal of the indian income-tax act, 1922 (11 of 1922) (hereinafter referred to as the repealed .....

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Aug 20 1968 (SC)

J.P. Jani, Income-tax Officer, Circle Iv, Ward G, Ahmedabad and anr. V ...

Court : Supreme Court of India

Decided on : Aug-20-1968

Reported in : AIR1969SC778; [1969]72ITR595(SC); [1969]1SCR714

..... that there was no valid service of the notice. the decision of the appellate assistant commissioner was given on january 5, 1963, by which time the income-tax act, 1922, had been repealed and the income-tax act, 1961 (hereinafter called ' the new act') had come into force with effect from april 1, 1962. the time for taking action for assessment or reassessment in case of escaped ..... special civil application no. 54 of 1964 whereby a writ of mandamus was issued to quash the notices issued under sections 147, 148 and 142(1) of the income-tax act, 1961, against the respondent.2. the respondent was assessed by the income-tax officer, ward e, circle ii, ahmedabad, for the assessment year 1947-48 by an assessment order dated january 31, 1952. the ..... proceeding for assessment against the assessee as an agent of a non-resident party under the income-tax act before it was amended, ended on march 31, 1956. it is true that, under the amending act, by section 18 of the finance act, 1956, authority was conferred upon the income-tax officer to assess a person as an agent of a foreign party under section 43 ..... of the respondent not having disclosed it at the time of the original assessment. the income-tax officer, therefore, after obtaining the approval of the commissioner of income-tax issued a notice dated march 27, 1956, under section 34(1)(a) of the income-tax act, 1922 (hereinafter referred to as 'the old act'). the notice could not be served personally, and, therefore, was served by affixing on .....

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Sep 04 1968 (SC)

Sahu Rajeshwar Nath Vs. Income-tax Officer, C-ward, Meerut and anr.

Court : Supreme Court of India

Decided on : Sep-04-1968

Reported in : AIR1969SC667; [1969]72ITR617(SC); [1969]1SCR999

..... 46(2) of the act for recovery of the tax due and the case of the appellantis that he learnt of the proceedings for the first time in ..... pay' in section 29 should be construed as ' other person liable to pay under the income-taxact' and the liability cannot therefore be construed with reference to the partnership act or any other statute. in the income-tax act itself the liability is imposed on other persons to pay the tax apart from the assessee by several sections. for example ' the other person apart from the ..... of the assessment and was not liable to pay the income-tax assessed upon the partnership firm. it was also stated that no notice of the assessment proceedings was given to the appellant, nor was any notice of demand issued under section 29 of the income-tax act, 1922 (hereinafter called 'the act'). it appears that the income-tax officer forwarded a certificate to the collector under section ..... of an unregistered firm does not fall within the language of section 29 of the act, for the liability of the partner is not imposed on account of any provision of the income-tax act itself. we are, therefore, of the opinion that a notice under section 29 of the act is not necessary to be served upon the partner of an unregistered firm before .....

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Aug 14 1968 (SC)

Kapurchand Shrimal Vs. Tax Recovery Officer, Hyderabad and ors.

Court : Supreme Court of India

Decided on : Aug-14-1968

Reported in : AIR1969SC682; [1969]72ITR623(SC); [1969]1SCR681

..... in enforcement of the certificate issued under section 222 of the income-tax act, 1961, must be upheld.4. by virtue of section 297(2)(j), notwithstanding the repeal of the indian income-tax act, 1922, any sum payable by way of income-tax, super-tax, interest, penalty or otherwise under the income-tax act, 1922, may be recovered under the act of 1961, but without prejudice to any action already taken for ..... certificate for recovery is issued against the family.7. counsel for the revenue invited our attention to section 140(b) and section 282(2) of the income-tax act, 1961, in support of his contention that when tax is assessed against the hindu undivided family there is no distinction between the representative status of the manager of the family and his personal status. section ..... , a hindu undivided family is a distinct taxable entity, apart from the individual members who constitute that family. section 4 of the income-tax act charges to tax for any assessment year, the total income of the previous year of every person and 'person' is defined in section 2(31) as including--(i) an individual, (ii) a hindu undivided family, (iii) a company, (iv) a .....

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Aug 22 1968 (SC)

Commissioner of Income-tax, West Bengal Vs. Durga Prasad More

Court : Supreme Court of India

Decided on : Aug-22-1968

Reported in : [1969]72ITR807(SC)

..... the assessee on mere scepticism instead of any tangible evidence to support its findings ?' 2. submitted by the tribunal under section 66(2) of the income-tax act, 1922, in the negative. the commissioner of income-tax has appealed to this court against the order of the high court on the first question. the high court recorded their answer on the second question in ..... more--hereinafter called 'the assessee'--was assessed by the income-tax officer, calcutta, to tax under the indian income-tax act, 1922, in the assessment year 1945-46 in the status of individual resident and ordinarily resident in british india. in proceedings for reassessment of the income of the assessee, the income-tax officer added to the total income of the assessee for the assessment year 1945-46 ..... theincome was from some undisclosed business activity in british india was not warranted.7. again, the total income of the assessee was liable to be charged to tax at the rates in force under the appropriate finance act. according to the income-tax act then in force, the total income of the (previous year of an assessee, who was resident in british india, included all ..... income, profits and gains during such year which accrued or arose or were deemed to accrue or arise to .....

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