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Judgment Search Results Home > Cases Phrase: income tax act Year: 1968 Page 16 of about 650 results (0.106 seconds)

May 09 1968 (HC)

Devendra Prakash Vs. Income-tax Officer

Court : Allahabad

Decided on : May-09-1968

Reported in : [1969]72ITR151(All)

..... he partly allowed three writ petitions (nos. 841 of 1960 and 842 and 843 of 1961), challenging notices of demand issued by the income-tax authorities on the basis of a rectification order passed under section 35 of the income-tax act, 1922. 2. the facts of the case in brief are as follows : there was a partnership business started in the year 1949, in ..... income and the income actually assessed was no discrepancy at all, because it stood explained by the reference to section 16(3)(a)(ii) in the ..... that calls for decision in these special appeals is whether rectification of the petitioners' assessments under section 35 of the income-tax act, 1922, was legally possible or not. the relevant portion of this section runs as follows : ' 35. rectification of mistake.--...the income-tax officer may, at any time within four years from the date of any assessment order or refund order passed by ..... on a share of rs. 13,193. thus, it is obvious that the correct share of the assessee has not been assessed to tax. this is a mistake apparent from the record and as such it was sought to be rectified under section 35 of the income-tax act.' 13. learned counsel for the appellants objects that the so-called discrepancy between the declared .....

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Nov 14 1968 (HC)

M.S.M.M. Firm, Ipoh Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Nov-14-1968

Reported in : [1969]72ITR14(Mad)

..... the following question : ' whether, on the facts and in the circumstances of the case, the sums of $1,00,455 and $71,460 were income liable to assessment under the indian income-tax act for the assessment years 1951-52 and 1952-53 ?' 2. a hindu undivided family comprised of the karta, who was the father, and his sons had ..... it seems to us that the facts in this case are more or less similar to those in s. t. s. swaminathan chettiar v. commissioner of income-tax, : [1966]62itr125(mad) . 6. mr, balasubrahmanyan, for the revenue, invited our attention to m.r.r.m. sp.l. subramanian chettiar v. commissioner of ..... income-tax, : [1968]70itr262(mad) . but, we think, that it has no application to the facts of this case. in that case, there was conduct on the part ..... was treated as part of the stock-in-trade. the conduct consisted in this : the sale proceeds were actually utilised in the money-lending business like the income from the properties before then sale. there was also the further fact that loss resulting from the sale of properties was treated as business loss. that is not ..... profits thus made by the firm out of the sale of the immovable properties were included by the revenue in its total income charged to tax, on the view that the properties constituted the stock-in-trade of the firm. all the authorities below have concurred in that view. 3. the .....

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Dec 11 1968 (HC)

Commissioner of Income-tax, W.B. Vs. Mahabir Finance Ltd., Calcutta

Court : Kolkata

Decided on : Dec-11-1968

Reported in : AIR1970Cal445,[1970]75ITR83(Cal)

..... 080.00 (and not merely rs. 1,17,500.00) was liable to be 'grossed up' as to 95% thereof under section 16(2) of the indian income-tax act, 1922'.9. mr. debi pal, learned counsel for the assessee, contends that the appellate assistant commissioner has found that the declaration of dividend, in the instant case, ..... received as dividend at the rate applicable to the dividend paying company i, e. 95%.12. now, in this reference the sections of the indian income-tax act, 1922, which need consideration are sections 16 (2), 18 (5) and 49b. section 16 (2), inter alia, provides that for the purposes of inclusion in ..... payment to the shareholders of the bharat nidhi limited, in excess of 5%. the tribunal relied on the supreme court's decision in kantilal manilal v. commissioner of income-tax : [1961]41itr275(sc) , and held that the market value of the shares received by the assessee would be the amount of dividend it had received as ..... rs. 14.56 per share. according to the income-tax officer, the value of 11,750 shares was, in the premises, rs. 1,71,080.00. now, at the general meeting of the new central jute ..... the assessee received 11,750 shares of the new central jute mills company limited from the bharat nidhi limited, by way of dividend in specie.2. the income-tax officer found that the face value of the shares of the new central jute mills company limited was rs. 10.00 only; but the market value was .....

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Nov 05 1968 (HC)

Sidh Gopal Gajanand and ors. Vs. Income-tax Officer and ors.

Court : Allahabad

Decided on : Nov-05-1968

Reported in : [1969]73ITR226(All)

..... comprehensive examination in respect of all the cases may be had.19. the only impugned notices left are those dated january 5, 1962, issued under section 34 of the indian income-tax act, 1922. in regard to them we may record the statement in all the three writ petitions of the learned advocate-general, who appears for the respondents, that the proceedings ..... kapur. the allegations contained in the petition correspond substantially to those already set out above. by this petition, certiorari is claimed against the notice under section 34 of the indian income-tax act, 1922, served upon the petitioners on february 26, 1958, stating that under section 44 they and the other members of the dissolved firm were jointly and severally liable to ..... persons, and the notice published in the times of india dated march 27, 1962, all being notices under section 34 of the indian income-tax act, 1922, and the notice dated march 16, 1966, under section 148 of the income-tax act, 1961. the petitioners have also prayed for prohibition restraining the respondents from continuing the proceedings consequent to the aforesaid notices,23. the ..... objections. on september 4, 1958, the central board of revenue made an order under section 5(7a) of the indian income-tax act, 1922, transferring the case of the dissolved firm from the first income-tax officer, a-b ward, bombay, to the income-tax officer, b-ward, special circle, kanpur. it was stated that the transfer had been made for facility of investigation and .....

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Nov 08 1968 (HC)

Tika Ram and Sons (Private) Ltd. Vs. Income-tax Officer, A-ward

Court : Allahabad

Decided on : Nov-08-1968

Reported in : [1969]72ITR437(All)

..... the assessment year 1965-66 the loss can be carried forward only in accordance with and subject to the provisions relevant to the carry forward of loss in the income-tax act, 1961. those provisions are set out in sections 72 to 74. for the purpose of a provisional assessment under section 141, subsection (2) of section 141 expressly enjoins that due ..... to the loss carried forward.8. it is contended by the petitioner that it is not open to the income-tax officer, when proceeding under section 141, to examine whether the provisions of the income-tax act have been followed by the assessee when computing his assessable income. now, it may be that an adjudication of complicated questions of law is not contemplated within the scope ..... return, the petitioner paid a sum of rs. 23,705 as self-assessed tax under section 140a of the income-tax act, 1961.2. on august 21, 1965, the income-tax officer, a-ward, aligarh, served a notice upon the petitioner stating :'kindly refer to your returned income at rs. 47,412. the income at this figure has been returned by you after claiming loss of rs. 3 ..... section 141 is vitiated, these are matters which will be reconsidered by the income-tax officer when he proceeds to make a fresh demand under section 141.11. the petition is allowed. the notice of demand under section 141 of the income-tax act, 1961, is quashed. it is open to the income-tax officer to proceed afresh in accordance with law in order to provisionally assess .....

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Aug 07 1968 (HC)

Mohd. Shakoor Mohd. Bashir Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Aug-07-1968

Reported in : [1969]72ITR545(All)

..... december 3, 1958, for the purpose of assessing the income of the mauranipur business in the hands of mohd. shakoor and mohd. bashir for the assessment years 1945 ..... , allah bux and zahur bux, and directed the income-tax officer 'to assess the income from the various sources in the hands of the respective persons to whom they arose bearing in mind the provisions of the second proviso to sub-section (3) of section 34 of the indian income-tax act.' pursuant to that direction, the income-tax officer initiated proceedings under section 34(1)(a) on ..... section 34 when the assessee had filed a return and the period of limitation for making an assessment order had not yet expired. clearly, it was open to the income-tax officer to act upon the return and make an assessment order because the period of limitation had not expired. a case where such period had expired, such as the case before us ..... section 34 were valid. on the merits, it granted some relief to the assessee.3. the tribunal held that income had escaped assessment, because, as the period of limitation for making the assessment had expired, it was not open to the income-tax officer to act upon the voluntary returns filed by mohd. shakoor and mohd. bashir and, therefore, section 34 was attracted. it .....

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Jan 03 1968 (HC)

Smt. Gulabbai Legal Representative of Late Karelal Kundanlal Vs. Commi ...

Court : Madhya Pradesh

Decided on : Jan-03-1968

Reported in : AIR1968MP181; [1968]69ITR238(MP); 1968MPLJ223

..... income-tax calcutta v. jitendra nath mallick : [1963]50itr313(cal) . the appellate assistant commissioner accepted the contention and allowed the inclusion of only one-fourth ..... income tax officer, however, held that as one-fourth income was actually spent on charities, the assessee was entitled to deduction of the ..... urged that inasmuch as the trust-deed did not provide for return of whole of the income to the settlor. the three-fourth income was outside the ambit of the first proviso and was governed by the third proviso to section 16(1)(c) of the income-tax act. in support, reliance was placed on the decision of the calcutta high court in commissioner of ..... smt. tarabai. (iii) the remaining four annas share was to be spent on charities 4. the income tax officer held that the settlement of the property was revocable in view of the first proviso to section 16(1)(c) of the income-tax act, 1922, and as such the whole of the income from the said property was assessable in the hands of the assessee. the .....

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Aug 06 1968 (HC)

Raj Singh Baldev Kishan Vs. Commissioner of Income-tax

Court : Punjab and Haryana

Decided on : Aug-06-1968

Reported in : [1969]72ITR735(P& H)

..... or revenue expenditure in which latter event only it would be a deductible allowance under section 10(2)(xv) of the income-tax act. the question has all long been considered to be a question of fact to be determined by the income-tax authorities on an application of the broad principles laid down above and the courts of law would not ordinarily interfere with ..... the lease was for agricultural purposes, and, therefore, it was an asset of an enduring nature. this contention he cannot be allowed to raise at this stage. neither before the income-tax officer, the appellate assistant commissioner nor the tribunal, this was the department's case. it was precisely for this reason that we set out the statement of the case. the ..... expense and the remaining nine-tenth was to be distributed in the remaining nine years. on the assessee's appeal, the appellate assistant commissioner came to the conclusion that the income-tax officer was wrong in allowing one-tenth as revenue expenditure.6. according to the appellate assistant commissioner, the entire expenditure was of a capital nature. the assessee, who was dissatisfied ..... appellate assistant commissioner, he held that the expenditure ranked as capital and accordingly disallowed the entire claim to the tune of rs. 5,934. copies of the orders of the income-tax officer dated february 13, 1962, and that of the appellate assistant commissioner dated july 27, 1962, are annexed herewith as annexures 'b' and 'c' respectively and form part of the .....

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Aug 02 1968 (SC)

Commissioner of Income-tax, U.P. Vs. Jagannath Mahadeo Prasad

Court : Supreme Court of India

Decided on : Aug-02-1968

Reported in : AIR1969SC209; [1969]71ITR296(SC); [1969]1SCR537

..... can be set off against profits from any other business activity under section 10 in spite of the first proviso to section 24 (1) of the income-tax act, 1922.2. the facts in c. a. 1761/67 in which the question in the above form was referred, the language of the question ..... has been followed in several other decisions by other high courts.3. now certain provisions of the act may be noticed before the case law is discussed. section 6 gives the heads of income chargeable to income-tax which are six in number. section 7 deals with the first head 'salaries'; section 8 with second ..... rs. 7,254/- should be set off against profit from other business. the tribunal rejected this contention following the decision in keshavlal premchand v. commissioner of income-tax, bombay, : air1957bom20 . thereafter the assessee moved the tribunal for making a reference to the high court. the high court did not accept the view ..... if there are profits in speculative business, those profits are added to income under the other heads mentioned in section 6 for purposes of computing the total income of the assessee in order to determine the tax under section 23 of the act. on the other hand, losses in speculative business are not to ..... be taken into account when computing the total income, except to the extent to which they can be .....

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Sep 13 1968 (HC)

B.F. Varghese (No. 1) Vs. Commissioner of Agricultural Income-tax

Court : Kerala

Decided on : Sep-13-1968

Reported in : [1969]72ITR724(Ker)

..... isaac, j.1. this is a reference made by the kerala agricultural income-tax appellate tribunal under section 60(3) of the agricultural income-tax act, 1950, as directed by this court on the application of the assessee. the question referred is :'whether, on the facts and in the circumstances of the case, the imposition of ..... a penalty of rs. 1,000 for default in the payment of the tax assessed for the year 1961-62 as per the ..... income-tax for the year 1961-62 by the agricultural income-tax officer as per his order dated january 22, 1965. he filed an application under ..... assessment order of the agricultural income-tax officer dated january 21, 1965, which was act aside in appeal by the appellate assistant commissioner can be sustained ?'2. the assessee was assessed to agricultural .....

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