Skip to content


Judgment Search Results Home > Cases Phrase: income tax act Year: 1968 Page 13 of about 650 results (0.150 seconds)

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 .....

Tag this Judgment!

Jul 23 1968 (SC)

Commissioner of Income-tax, Mysore Vs. Gurunath V. Dhakappa

Court : Supreme Court of India

Decided on : Jul-23-1968

Reported in : [1969]72ITR192(SC)

..... mysore : 'whether, on the facts of this case, and having regard to section 10(4) (b) and section 16(1) (b) of the income-tax act, 1922, the salary paid as per clause 7 of annexure a is liable to be excluded from the assessment of the assessee hindu undivided family and assessed in ..... court referred because, in our view, the question is concluded by a recent judgment of this court. in v. d. dhanwatey v. commissioner of income-tax this court held that, where a member of a hindu undivided family represents the family in a partnership, the remuneration received by him for working in ..... of the partnership. g. v. dhakappa was the karta of a hindu undivided family and he represented that the family in the partnership. before the income-tax officer the hindu undivided family contended that the amount of rs. 6,000 which was included in the total share allocated to g. v. dhakappa was ..... and the remuneration paid by the partnership to the manager of the joint hindu undivided family, who was a partner, the remuneration was taxable as the income of the hindu undivided family. in the present case there is no such finding recorded by the tribunal. as we have already observed, the departmental ..... the partnership is liable to be treated as the income of the hindu undivided family if it is directly related to the investment in the partnership business with the assets of the hindu undivided family. .....

Tag this Judgment!

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 .....

Tag this Judgment!

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 .....

Tag this Judgment!

Aug 22 1968 (SC)

J.B. Advani and Co. (P.) Ltd. Vs. R.D. Shah, Commissioner of Income-ta ...

Court : Supreme Court of India

Decided on : Aug-22-1968

Reported in : [1969]72ITR395(SC)

..... an appeal by special leave against the order dated april 24, 1965, made by the commissioner 01 income-tax, bombay, on an application under section 33a(2) of the indian. income-tax act, 1922, hereinafter called the act, by which the application was dismissed or, the ground that it was out of lime and no ..... which was given on july 7, 1964, the company filed an application dated august 21, 1964, before the commissioner of income-tax under section 33a of the act giving all these facts and pointing out that the tribunal had itself realised the disadvantage to which the assessee would be put ..... prevented for sufficient cause from making an application under section 33a within a period of one yearfrom the date of the order of the income-tax officer in respect of the assessment year 1952-53 because of the decision of the tribunal in respect of the assessment year 1953-54 ..... 4,71,375 had been suffered by the company which it had sought to set off during the assessment year 1953-54. the commissioner of income-tax made an order on april 24, 1965, dismissing the application on the ground already mentioned. 3. the learned counsel for the appellant-company ..... by the new point having been allowed to be raised and the appeal having been decided on that point with regard to the assessment year 1953-54. it was emphasised in this application that the revision of the income-tax .....

Tag this Judgment!

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 .....

Tag this Judgment!

Jul 25 1968 (HC)

United Mercantile Co. (P) Ltd., Calicut Vs. Commissioner of Income Tax ...

Court : Kerala

Decided on : Jul-25-1968

Reported in : AIR1969Ker227

..... and that, therefore, it would amount to a capital expenditure under section 58-k (1) of the income-tax act, 1922, corresponding to rule 14 (1) of the 4th schedule, part a of the income-tax act, 1961.' the assessee filed an appeal from the order of the income-tax officer first before the appellate assistant commissioner and then before the appellate tribunal, both without success; and it ..... come within the category of capital expenditure; (ii) rule 14 (1) of part a of the 4th schedule to the 1961 act which corresponded to section 58-k (1) of the indian income-tax act, 1922 (hereinafter referred to as the 1922 act) characterised the amount transferred by an employer to maintain a provident fund for the benefit of the employees in trust for the ..... , was a capital expenditure within the meaning of rule 14 (1) of part a of the 4th schedule of income-tax act, 1961, and was, therefore, not a permissible deduction under section 37(1) of the act'.2. the appellate tribunal has furnished a very clear statement of the case; and it is enough, if we quote paragraphs 2 and 3 of that statement ..... isaac, j. 1. this is a reference bythe madras bench of the income-tax appellate tribunal under section 256(1) of the income-tax act, 1961 (hereinafter referred to as the 1961 act) on the application of the assessee. the question referred is:'whether on the facts and in the circumstances of the case, the appellate tribunal was right in law in holding .....

Tag this Judgment!

Oct 03 1968 (HC)

Commissioner of Income-tax, Gujarat Ii Vs. Alembic Glass Industries Lt ...

Court : Gujarat

Decided on : Oct-03-1968

Reported in : [1969]71ITR752(Guj)

..... expended wholly and exclusively for the purposes of such business, profession or vocation.' 3. the proviso to clause (xv) is not relevant for the purposes of this judgment. under the income-tax act of 1961, which came into force from april 1, 1962, i.e., for the assessment year 1962-63, the relevant section is section 37. sub-section (1) of section 37 ..... divan, j.1. in this reference two assessment years are involved and this joint reference had been made under section 66(1) of the income-tax act, 1922, and section 256(1) of the income-tax act, 1961. the assessment years are 1961-62 and 1962-63, the corresponding previous years being the calendar years 1960 and 1961. the assessee is a company manufacturing glassware; and it ..... . 3,489 was revenue expenditure ?' 2. the law applicable to the assessment for the assessment year 1961-62 is the income-tax act, 1922, and the relevant section of that act is section 10(2)(xv), which provided as follows : '10. (1) the tax shall be payable by an assessee under the head 'profits and gains of business, profession or vocation' in respect of the ..... with the assessment year 1962-63. thereafter, the assessee-company went in appeal before the appellate assistant commissioner and that officer dismissed both the appeals confirming the view of the income-tax officer that the sums which had been disallowed were items of capital expenditure. thereafter, the assessee-company took the matter in further appeal to the tribunal and the tribunal directed .....

Tag this Judgment!

Apr 04 1968 (HC)

Erode Transports (P.) Ltd., Tirupur Vs. Commissioner of Income-tax, Ma ...

Court : Chennai

Decided on : Apr-04-1968

Reported in : AIR1970Mad23

..... of rs. 1,250. the tribunal also concurred with the revenue. in the circumstance the reference comes before us under section 99 (1) of the indian income-tax act, 1922, and the question is :"whether, on the facts and circumstances of the case, the sum of rs. 1,250 is not an admissible deduction in ..... the computation of the assessees business income under section 10(2)(xv) of the indian income-tax act for the assessment year 1959-60 ?"it is stated that the sum of rs. 1,250 was fees paid to a lawyer ..... out wholly for the purpose of the business which the assessee has been carrying on. nor do we think that india cements ltd. v. commissioner of income-tax is of assistance in deciding the question. in the course of running the business expenditure was incurred for obtaining loans which were used in the business ..... who appeared in proceedings under the motor vehicles act, to obtain the the new route permits. the assessee is a fleet owner as we ..... has been invited to the following observations in commissioner of income-tax v. malayalam plantations ltd. :"it may also comprehend payment of statutory dues and taxes imposed as a per-condition to commence or for carrying on of a business; it may comprehend many other acts incidental to the carrying on of a business."in our .....

Tag this Judgment!

Dec 20 1968 (HC)

Late R. Sridharan by Legal Heirs Mrs. Rosa Marie Stenbchler and Minor ...

Court : Chennai

Decided on : Dec-20-1968

Reported in : AIR1970Mad249; [1969]73ITR360(Mad)

..... the tribunal therefore, was in error in holding that there was no hindu undivided family of sridharan and his eon whereby the assessee could claim to be assessed and taxed as such either under the income-tax act, wealth tax act or the expenditure tax act we therefore, answer the question in the affirmative and in favour of the assesses with costs. counsel's fee rs. 250. ..... out and stated succinctly thus:"..... under the hindu system of law a joint family may consist of a single male member and widows of deceased male members, and the income-tax act does not indicate that a hindu undivided family as an assessable entity must consist of at least two male members."in the case under consideration, nicolas sundaram has to be ..... law of hindus by legislation. it has to be stated at the outset that certain doctrines of hindu law though seemingly inconsistent with the spirit and scheme of the income tax act, yet a possible reconciliation can be made when a seeming or apparent conflict arises and find whether the intention of the legislature when it enacted the fiscal enactment was ..... the circumstances of the case, the assessee and his son constituted a hindu undivided family for purposes of assessment under the income tax, wealth tax and expenditure tax acts."2. the tribunal passed a consolidated order in the appeals against the assessments respectively made under the income-tax act and wealth tax act for the assessment years 1960-61 and 1961-62 and against the assessment under the expenditure .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //