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Judgment Search Results Home > Cases Phrase: income tax act Year: 1968 Page 12 of about 650 results (0.085 seconds)

Jan 16 1968 (HC)

Commissioner of Income-tax, Bombay City I Vs. Merwanji Kola and Co.

Court : Mumbai

Decided on : Jan-16-1968

Reported in : [1968]68ITR663(Bom)

..... was entered into with effect from 8th july 1940. this new firm claimed exemption in respect of its income in the assessment year 1940, claiming that the old firm had paid tax under the indian income-tax act of 1918. it was held that they were not entitled to the relief because there had been ..... 25 is found stated in the opening words of sub-section (3) : 'where any business, profession or vocation on which tax was at any time charged under the provisions of the indian income-tax act, 1918 (vii of 1918), is discontinued...... ' the requirement of the sub-section is that the business should be discontinued and ..... period between the end of the previous year and the date of its discontinuance of business under section 23(3) of the indian income-tax act. 4. so far as the department is concerned it has disputed this claim of the firm of the ground that the firm which ..... case not urged on behalf of the assessee namely that the business was continued and was not discontinued in 1931. it was only because the income-tax authorities failed to distinguish between the dissolution of the firm and the discontinuance of the business that they held that this statement estopped the assessee from ..... this distinction between the business as such and the body or legal entity which owns the business was drawn in decision of this court in commissioner of income-tax v. sanjana & co. ltd. in that case a company which went into voluntary liquidation transferred its business through its liquidators to a new company .....

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Feb 07 1968 (HC)

Habib Insurance Co. Ltd. Vs. Commissioner of Income-tax, Bombay

Court : Mumbai

Decided on : Feb-07-1968

Reported in : [1968]38CompCas475(Bom); [1968]69ITR174a(Bom)

..... of investment and in doing so he relied upon the special rules of computation of the profits and gains insurance business contained in the schedule to the income-tax act. he relied upon rule 6 read with rule 3 of the schedule. 5. the assessee on its part contented that these properties never formed part of ..... the commencement of an 'investment business' or 'non- insurance business'. secondly, they have found that no part of the income from such property was ever brought to tax under section 9 of the indian income-tax act under which it ought to have been submitted for taxation between the years 1943 and 1949, because if these properties were ..... of rs. 2,36,416 (rupees two lakhs thirty six thousand four hundred and sixteen) has been rightly assessed as the income of the petitioner company under para. 6 of the schedule to the income-tax act ?' 2. in stating the second question we have corrected an arithmetical error in that in the original question no. 2 the ..... insurance business at all, whether of life insurance or of general insurance and, therefore, could not be brought to tax under the provisions of rule 6 read with rule 3 of the schedule to the income-tax act, but represent capital gains of the company in respect of properties held by the assessee company on account of ..... kotval, c.j.1. the questions referred under section 66(2) of the indian income-tax act for our decision are : '(1) whether there was any evidence to support the findings that the house property assets were at all time .....

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Dec 06 1968 (HC)

Commissioner of Business Profits Tax, Bombay City I Vs. Tata Iron and ...

Court : Mumbai

Decided on : Dec-06-1968

Reported in : [1970]78ITR450(Bom)

..... avail him-self of the benefit of rule 2 : firstly, that the amount should not have been allowed in company the profits of the company for the purposes of the income-tax act, and, secondly, that it should be a reserve as contemplated by the rule. in the century mills case, in the decision of this court from which appeal before the supreme ..... 1922 came into force, it would be open to the company to create reserves out of allowable deduction under section 10(2) of the indian income-tax act as well as out of net profits after payment of the tax. rule 2(1) would exclude the first kind of reserves but not those of the second kind.' 18. it was this decision which was ..... subject to taxation before they can be added to the paid-up share capital of the company to determine the abatement permissible under the act. if for instance a company had certain reserves created before the indian income-tax act, 1922, came into force, i see no reason why the company cannot claim to add the same to its paid-up capital for finding ..... by rule 2(1) are only those which are built out of profits processed for the purpose of taxation under the indian income-tax act.' 14. the supreme court negatived this contention pointing out that in their earlier decision in commissioner of income-tax v. century spinning and ., they had already indicated what was the definition of 'reserve'. 'in its ordinary meaning the expression 'reserve .....

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Nov 14 1968 (HC)

Commissioner of Income-tax Vs. Nizam Sugar Factory Ltd.

Court : Andhra Pradesh

Decided on : Nov-14-1968

Reported in : [1969]74ITR647(AP)

..... of the said company as would have been from time to time allowed in calculating profits have to be calculated as if the british india income-tax act in force on the date of the agreement had been in force in hyderabad for the whole of the period of the agreement. it is ..... contention before thetribunal was that the words ' from time to time ' referred to the depreciation that would be allowed from time to time under the income-tax act and that if there are any changes in the types of depreciation deduction should be made accordingly. the tribunal in our view quite properly insisted on ..... the fixed assets and other assets of the said company, as would have been from time to time allowed in calculating profits, had the british india income-tax act (in force at the date hereof) been in force in hyderabad for the whole period of this agreement .....'4. on a prima facie reading of ..... in the manner it did, because it ignored the term which according to him emphasised that depreciation to be allowed is in accordance with the indian income-tax act in force from time to time. sri ramachandra rao, on the other hand, not only supports the interpretation given by the appellate tribunal, but contends ..... profits, which, under the agreement, were to be calculated in accordance with the depreciation on the fixed assets, etc., allowed under the british india income-tax act as in force on the date of the agreement, construed clause 2(b) as meaning that the depreciation, etc., has to be allowed in accordance .....

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Feb 29 1968 (HC)

Vithaldas Kedar Nath Vs. Income Tax Officer District Ii (ii) Kanpur an ...

Court : Allahabad

Decided on : Feb-29-1968

Reported in : AIR1969All390

..... (1968) 67 itr 230 madras high court expressed doubt whether the court can compel an officer to go outside the limits of time prescribed by section 35 of the indian income-tax act and direct him to rectify an order after the expiry of the time prescribed by the section.15. in rex v. hanley (1912) 3 k. b. 518 it was observed ..... possible for the court to intervene in the matter.11. in kadirvel nadar v. state of madras : [1962]46itr251(mad) it was explained that section 34 of the madras agricultural income-tax act merely lays down a period within which proceedings under the section should be commenced. if the proceedings commenced within the period prescribed in the section, the power of the commissioner ..... oak, c.j.1. these three connected petitions under article 226 of the constitution arise out of three connected proceedings for rectification under section 35 of the indian income-tax act, 1922 (hereafter referred to as the act). the facts of the three cases are similar. they raise common questions of law. it will, therefore, be sufficient to refer to the facts of one of ..... not necessary that the power should be exercised within the period fixed in the section.12. in commissioner of income-tax, west bengal v. duncan brothers : [1955]28itr427(cal) calcutta high court had to examine the provisions of section 66 (1) of the indian income-tax act. it was held that the provision to the effect that the appellate tribunal shall within 90 days of .....

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Oct 31 1968 (HC)

H.G. Misra and Co. Vs. Appellate Assistant Commissioner of Income-tax ...

Court : Allahabad

Decided on : Oct-31-1968

Reported in : AIR1969All566; [1969]72ITR489(All)

..... by the above sub-section the central government issued the following order by notification on the 11th june, 1963:--'in exercise of the powers conferred by section 298 of the income-tax act, 1961 (xliii of 1961), the central government hereby makes the following order, namely:-- 1. short title and commencement--(1) this order may be called the ..... october, 1961 and ended on the 31st march, 1962. for this period, the applicant returned an income of rs. 74,129/- assessable for the assessment year 1962-63. the income was ultimately assessed at rs. 86,302/-. the indian income tax act, 1922, hereafter referred to as the old act, was in force throughout this account period. the applicant was a new assessee and, therefore, section ..... reasonable cause failed to furnish an estimate of the tax payable by him under sub-section (3) of section 18-a of the repealed act in respect of the said financial year, the provisions of section 273 of the income-tax act, 1961 (xliii of 1961), shall apply as if the references in that section to the provisions ..... commencing on the 1st day of april, 1961, an assessee has furnished an estimate of the tax payable by him under sub-section (2) or sub-section (3) of section 18-a of the indian income-tax act, 1922 (xi of 1922) (hereinafter referred to as the repealed act), which he knew or had reason to believe to be untrue, or where he has without .....

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Apr 23 1968 (HC)

income-tax Officer Vs. Bisheshwar Lal

Court : Allahabad

Decided on : Apr-23-1968

Reported in : [1970]76ITR653(All)

..... against the imposition of penalty might well have disappeared. we are satisfied, therefore, that when a notice regarding penalty is issued under section 28 of the income-tax act, 1922, after an unreasonable lapse of time, it amounts to an abuse of power and the proceedings can certainly be quashed by a writ issued by ..... petitioner had an alternative remedy. (3) that even admitting all the facts alleged by the petitioner, the proceedings taken against him under section 28 of the income-tax act could not be said to be without jurisdiction and, consequently, should not be interfered with by this court by the issue of any writ. 4. it ..... the assessment in question was completed on june 24, 1944, and on the same date a notice under section 28 of the income-tax act of 1922 was issued, calling upon the assessee to show cause why a penalty should not be imposed upon him for concealment of ..... important, mr. gopal behari's contention is that, since no period of limitation is provided in the act for the issue of a notice under section 28, the issue of fresh notice by the income-tax authorities to the petitioner in the year 1956, after having taken no action for 12 years on the ..... case with the plea of alternative remedy, mr. gopal behari suggest that the petitioner should have allowed the income-tax officer to impose the penalty and should then have gone up in appeal, as provided under the act. but, in the peculiar circumstances of this case, we feel that the petitioner was justified in preferring .....

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Jul 12 1968 (HC)

Raghubir Saran Vs. O.P. Jain, Additional Munsif (i) and ors.

Court : Allahabad

Decided on : Jul-12-1968

Reported in : [1969]73ITR482(All)

..... particulars contained in any statement made, return furnished, or accounts or documents produced or in any evidence given or affidavit or deposition made in thecourse of any proceedings under the income-tax act. in other words, the obligation extends to each document referred to in section 54(1).27. the statement in question was made at a time when section 54 was in ..... were certainly right in claiming privilege in respect of the statement in question.18. but the question is does section 54 really apply even after the repeal of the income-tax act of 1922 of which it was a part. according to the learned counsel for the petitioner the effect of section 54 has been preserved after its repeal by section 6( ..... wanted to be produced in court. section 54 of the income-tax act of 1922 undoubtedly affords protection against disclosure of any information contained in the income-tax records of an assessee. the income-tax act of 1922, however, has been repealed and has been replaced by the income-tax act of 1961, with effect from 1st april, 1962. the act of 1961 also had a provision in section 137 similar to ..... the production of the statement. i have already shown that neither the repeal of the income-tax act of 1922 nor the enactment of the income-tax act of 1961 nor indeed the omission of section 137 from the act of 1961, had obliterated the obligation imposed by section 54. the income-tax authorities as also the petitioner wore justified in their stand that the statement in question could .....

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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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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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