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Judgment Search Results Home > Cases Phrase: income tax act Year: 1968 Page 17 of about 650 results (0.387 seconds)

Oct 17 1968 (HC)

South Madras Electric Supply Corporation Ltd. Vs. First Income-tax Off ...

Court : Chennai

Decided on : Oct-17-1968

Reported in : [1969]74ITR383(Mad)

..... petitions relate to orders made in common for the assessment years 1957-58 to 1959-60. they were made under section 35 of the indian income-tax act, 1922, to rectify the earlier orders. for instance, in respect of the assessment for the year 1958-59, as a result of ..... capital expenditure referable to the capital recoveries. on that view, we consider that the income-tax officer acted within his power under section 35. 3. the last contention for the petitioner is that the order of the income-tax officer does not ex facie show whether and, if so, how the entire ..... said, the petitioner took at that stage only the technical objections as to jurisdiction to act under section 35. when the income-tax officer at a later stagedecided to rectify and add to the chargeable income he should have at leastcalled for further particulars in order to enable him to decide ..... . it appears that the assessee had earlier succeeded in the supreme court on the basis of hoshiarpur electric supply co. v. commissioner of income-tax, : [1961]41itr608(sc) which held that collections made by the assessee by way of reimbursements of capital expenditure incurred by it on behalf ..... income-tax officer arc quashed. he will be at liberty to dispose of the question of rectification by fresh orders, after giving opportunity to the petitioner to produce materials, which would enable the officer to decide the question on its merits. no costs. 5. mr. balakrishnan says on behalf of his client that since the officer will be acting .....

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Nov 25 1968 (HC)

Commissioner of Income-tax Vs. S. Meyyappan

Court : Chennai

Decided on : Nov-25-1968

Reported in : [1969]73ITR20(Mad)

..... it could not be laid down as a general proposition that, in determining the income of an assessee who was a partner, no deduction under section 10(2) of the income-tax act could be made from his share of income in the firm after the share had been ascertained. the correctness of this proposition ..... those outgoings from the assessee's share income, on the view that the share income had been arrived at after allowance of expenses permissible under section 10 of the act in the hands of the firm. ..... for the subsequent two years also, the officer took a similar view. the appellate assistant commissioner differed, with whom the tribunal agreed. that is how the reference has been initiated by the commissioner of income-tax.4. basantlal gupta v. commissioner of income-tax, : [1963 ..... loss, in regard to the assessee's share of income and, for that year, he also claimed an allowance of rs. 7,000 paid by way of salary to adaikappa chettiar and rs. 867 towards travelling expenses paid to him. the income-tax officer rejected the claim of the assesses to deduct ..... was right in allowing the claim of the assessee for deduction of salary, commission and travelling expenses paid to sri adaikappa chettiar, from his share income in the firm of m/s. s.k. pictures, tirunelveli '2. the assessee and one s. kalyanasundaram pillai entered into a partnership with effect .....

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May 09 1968 (HC)

Ganesh Sugar Mills Ltd. Vs. Commissioner of Income-tax, West Bengal, I ...

Court : Kolkata

Decided on : May-09-1968

Reported in : AIR1969Cal92,[1969]73ITR395(Cal)

..... k.l. roy, j.1. by this reference under section 66 (1) of the indian income-tax act, 1922, the income-tax appellate tribunal has referred the following two questions to this court, namely:--'i. whether on the facts and in the circumstances ..... case of hindusthan motors. dr. pal referred to the decision of the supreme court in bombay steam navigation co. (1953) private ltd. v. commissioner of income-tax, bombay : [1965]56itr52(sc) and relied on the following observation at pages 59-60 (of itr)=(at p. 1205 of air):--'whether a particular expenditure ..... the affirmative and against the assessee.9. dr. pal submitted that the second question referred was covered by a very recent decision of this court in commissioner of income-tax, west bengal v. hindusthan motors ltd. : [1968]68itr301(cal) . in that case the assessee. which was manufacturing motor cars, had its factory near ..... deduction. the conditions for the allowance and the percentages are prescribed in rule 8 of the indian income-tax rules 1922 which is as follows:--'8. the allowance under section 10 (2) (vi) of the act in respect of depreciation of buildings, machinery, plant or furniture shall be at percentages of the written ..... the opinion that the expenditure was a capital expenditure. but he allowed rebate under section 15b of the act. the appellate assistant commissioner, on appeal by the assessee, concurred with this view of the income-tax officer, on further appeal by the assessee to the tribunal, the tribunal was of the opinion that .....

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Apr 26 1968 (HC)

Commissioner of Income-tax Vs. Kalyanji Mavji and Co.

Court : Kolkata

Decided on : Apr-26-1968

Reported in : [1969]74ITR107(Cal)

..... borrowed a large sum of money in its business and was entitled to deduction of the interest paid on the borrowed capital, under section 10(2)(iii) of the indian income-tax act, 1922, which reads as follows :'10. (2) such profits or gains shall be computed after making the following allowances, namely:...... (iii) in respect of capital borrowed for the ..... in his possession, the income-tax officer has reason to believe that income chargeable to tax had escaped assessment, the income-tax officer has jurisdiction to assess or reassess income under section 147(b) of the income-tax act, 1961. information in his possession that income chargeable to tax has escaped assessment furnishes a starting point, for assessing or reassessing income. if he has that information, the income-tax officer may commence proceedings for ..... question of law:'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the reassessment made by the income-tax officer under section 34(1)(b) of the indian income-tax act, 1922, was incompetent?'10. it is necessary for us at this stage to examine the language of section 34(1 )(b), which reads :'34. ..... but for the purpose of giving interest-free advances to the partners of the assessee-firm.5. as a result of the discovery, the income-tax officer took action under section 34(1)(b) of the indian income-tax act, 1922, on the ground that he had reasons to believe that the assessee's claim of payment of interest on money borrowed was not .....

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Jun 06 1968 (HC)

Nanalal M. Varma and Co. (P.) Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jun-06-1968

Reported in : [1969]73ITR713(Cal)

..... any settlement of the contracts of purchase and sale and therefore one of the vital limbs of explanation 2 to section 24(1) of the indian income-tax act is not found as a fact in order to bring the transaction within the mischief of a speculative transaction.'33. in our case the appellate ..... of this case whether he has reached the correct conclusion.26. let us quote, at the outset, the relevant provisions in section 24(1) of the income-tax act, 1922. the provisions are as follows :'24. set-off of loss in computing aggregate inconte.--(1) where any assessee sustains a loss of profits or ..... the loss of rs. 1,50,217 was a loss from speculative transactions within the meaning of explanation 2 to section 24(1) of the indian income-tax act, 1922 ' 11. so far as the first question is concerned, mr. roy appearing for the assessee has advanced more or less the same arguments ..... .d.os. had been given or taken was not loss from speculative transactions within the meaning of explanation 2 to section 24(1) of the indian income-tax act, 1922. the tribunal set aside the appellate assistant commissioner's order and allowed the appeal.10. the following questions of law have been referred to us ..... ,50,217 was a speculative loss and allowed it to be carried forward to be set off against future speculation profits under section 24(1) of the income-tax act, 1922.3. before the appellate assistant commissioner the assessee contended, inter alia, that the delivery of p.d.os. amounted to actual delivery of the .....

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Oct 17 1968 (HC)

P. Venkanna Vs. Commissioner of Income-tax, Mysore

Court : Karnataka

Decided on : Oct-17-1968

Reported in : [1969]72ITR328(KAR); [1969]72ITR328(Karn)

..... in a fall in the gross profits is not a rule of universal application. in this reference directed by this court under section 256(2) of the income-tax act, 1961, the question of law which is before us reads : 'whether, on the facts and in the circumstances of this case, there was material for ..... the evidence such as the trading conditions in similar trade or on the reconstruction of the accounts books of the assessee on the basis selected by the income-tax officer which was different from the one adopted by the assessee.'dutta j., expressing the same view, observed : 'in the case before us the ..... to infer that the proportion between the turnover and the profits remains unaltered. 9. but there was no institution of any such comparison by the income-tax officer since he did not depend upon the estimation of the profits of the earlier years. his estimation depended on a formula evolved for other assessees ..... the tribunal to set aside the order of the appellate assistant commissioner which gave the assessee a reduction of rs. 4,000?'now, the income-tax officer's assessment order, which makes it clear that he did not depend upon the percentage selected for the earlier periods, reads : 'the sales shown ..... his return, to rs. 1,08,718 and the gross profit shown in the return was 22.3 per cent. of that turnover. 2. the income-tax officer who did not accept the accounts produced by the assessee estimated the gross turnover to be rs. 1,16,000 and he estimated the gross profits .....

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Nov 12 1968 (HC)

Commissioner of Income-tax, Madras Vs. K.R. Patel and ors.

Court : Karnataka

Decided on : Nov-12-1968

Reported in : [1969]73ITR508(KAR); [1969]73ITR508(Karn)

..... . the appeal preferred by the department to the appellate tribunal was dismissed. 4. in these references, the questions of law referred to this court under section 256(1) of the income-tax act, 1961, reads : '(1) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in holding that the finding or the directions of ..... holding that the direction of the appellate assistant commissioner in the firm's appeal was an invalid direction and that it conferred no jurisdiction on the income-tax officer to initiate proceedings under section 147 of the income-tax act, 1961. our answer to the second question is that the appellate tribunal was right in holding that those proceeding under section 147 barred by time ..... the appellate assistant commissioner in the firm's appeal was not a valid one which would give jurisdiction to the income-tax officer for initiating the proceedings under section 147 the income-tax act (2) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in holding that the proceedings under ..... section 147 of the income-tax act, 1961, were barred by time ?' 5. it is clear that the answer to the second question depends upon the answer to the first. if the first question has to be .....

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Dec 05 1968 (HC)

Raza Sugar Co. Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Dec-05-1968

Reported in : [1970]76ITR541(All)

..... could be set off against the profits and gains made by him in his individual business. that principle applies in the present cases, even though after the amendment of the income-tax act in 1939, the position of a partner in an unregistered firm may stand on a different footing, a distinction which is not material for the present cases.' (b) jagannath mahadeo ..... their respective original cost minus the depreciation which but for the exemption granted to the company by the then rampur state would have been allowed to it under the rampur income-tax act?(2) whether, on the facts and in the circumstances of the case, we rightly held that the assessce-company was not entitled to set off its share of loss in ..... class of cases be prescribed.......provided that--;..... (c) the aggregate of all allowances in respect of depreciation made under this clause and clause (via) or under any act repealed hereby or under the indian income-tax act 1886 (2 of 1886), shall, in no case, exceed the original cost to the assessee of the buildings, machinery, plant or furniture, as the case may be ..... the case of assets acquired before the previous year the actual cost to the assessee less all depreciation actually allowed to him under this act, or any act repealed thereby, or under executive orders issued when the indian income-tax act, 1886, was in force ;......' (underlined by us)* 17. it will be clear from the two provisions reproduced above that it is only the depreciation .....

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Nov 14 1968 (HC)

Sool Chand Ram Sewak Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Nov-14-1968

Reported in : [1969]73ITR466(All)

..... 5-1968).28. the present reference covers two questions. the first question is whether in the instant case action taken under section 34 of the indian income-tax act, 1922, was within time. the second question is whether action under section 34 was permissible in spite of the fact that the assessee had filed ..... on the question. das, kapur and sarkar jj., who constituted the majority, agreed in holding that the second proviso to section 34(3) of the income-tax act, 1922, in so far as it authorises the assessment or reassessment of any person other than the assessee beyond the period of limitation specified in section ..... family claimed total disruption in the assessment year 1948-49 and applied for an order under section 25a(1), indian income-tax act, 1922 (hereafter referred to as the act), but the application was rejected by the income-tax officer. in the alleged partition, the business carried on by the family was allocated to sool chand and ramsewak ..... t.p. mukherjee, j. 1. this consolidated reference made by the appellate tribunal under section 66(1) of the indian income-tax act, 1922, arises out of three assessments relating to the assessment years 1951-52, 1952-53 and 1953-54. the facts are as ..... of section 34(1)(b) (at pages 5 and 6 of the report):' it is clear that two conditions must be satisfied before the income-tax officer can act under section 34(1)(b). he must have information in his possession, which, in the context, means that the relevant information must have come .....

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Nov 11 1968 (HC)

Kanhaiya Lal Moti Lal Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Nov-11-1968

Reported in : [1969]72ITR507(All)

..... court: 'whether, on the facts and in the circumstances of the case, when no orders were passed on the application of the assessee filed under section 26a of the income-tax act in the assessment year 1946-47, an application other than for renewal of registration could be filed in law and whether the tribunal was justified in dismissing the appeal of ..... from the date of such intimation.'13. it is true that section 185(2) of the income-tax act, 1961, does not; in terms, apply to cases governed by the indian income-tax act, 1922. but section 185(2) of the new. act recognises the broad principle that the income-tax officer has to consider the substance of the application, andmust not attach undue importance to the form ..... containing all the particulars as set out in the rules, has beenmade. 12. section 185 of the income-tax act, 1961, lays down the procedure for the disposal of an application for registration. sub section (2) of section 185 of the income-tax act, 1961, states: 'the income-tax officer shall not reject an application for registration merely on the ground that the application is not in ..... the relevantprovisions in the statute and the rules. the present case is governed bythe indian income-tax act, 1922 (hereafter referred to as the act). section 26a of the act laid down the procedure for registration of firms.section 26a stated: '(1) application may be made to the income-tax officer on behalf of any firm, constituted under an instrument of partnership specifying the individual .....

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