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Judgment Search Results Home > Cases Phrase: income tax act Year: 1968 Page 2 of about 650 results (0.086 seconds)

Dec 03 1968 (HC)

Commissioner of Income-tax Vs. Ghanta Bapaniah and ors.

Court : Andhra Pradesh

Decided on : Dec-03-1968

Reported in : [1969]74ITR605(AP)

..... january 1, 1952, and accordingly it was prayed that that fact may be recorded and an order passed under section 25a of the income-tax act, 1922 (hereinafter called 'the act'). about the same time, each of the individual coparceners, on the basis that the joint family was divided, filed for the ..... direction that the assessment should not be proceeded with owing to the statutory bar created by section 34(3) of the act. as the income-tax authorities did not accede to the request of the appellants, a petition under articles 226 and 227 was filed in the ..... their constituting a hindu undivided family along with others and that they were intimately connected with the 'person' whose assessment was made by the income-tax officer and set aside by the appellate assistant commissioner on whose direction fresh assessment proceedings were taken. the bench, consisting of ramaswami and grover ..... firm and therefore its income must be excluded from that of the family. the income-tax officer was directed to assess the income of the business in the hands of the firm. the income-tax officer issued fresh notice to the appellants under section 22(4) and 23(2) of the act. the appellant refused ..... to comply with these notices and moved the inspecting assistant commissioner of income-tax for .....

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Mar 11 1968 (HC)

R.B. Ram Rattan Prem Nath, Dehradun Vs. Commissioner of Income Tax, U. ...

Court : Allahabad

Decided on : Mar-11-1968

Reported in : AIR1969All375

..... (sc) thesupreme court, pronouncing upon the validity of proceedings under section 34(1)(a) for the assessment year 1945-46, held that during the period between the amendments of the income tax act in 1954 and 1956 and subsequently sections 34(1)(a) and 34(1a) occupied different fields, but apparently proceedings for the assessment year 1946-47 were excepted from the scope ..... parel-lel jurisdictions, one under section 34(1)(a) and the other under section 34(1a). it was open to the income-tax officer to take recourse to either jurisdiction for that assessment year. we are of opinion that the income-tax officer acted within, his powers in taking assessment proceedings under section 34(1)(a). that is also the view expressed by the bombay ..... high court in laxminarayan r. rathi v. income-tax officer : [1964]52itr254(bom) although upon somewhat different reason-ing.14. the assessee urges that ..... section 34(1a) or 34(1)(a)? 2. whether for the assessment years1947-48 and 1948-49 the income tax officer was justified in initiating action under section 34(1)(a) or he should have taken recourse to section 34(1)(b) of the act?' 2. the assessee is a partnership firm consisting of rai bahadur ram ratan and his son prem nath .....

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Mar 11 1968 (HC)

Ramchand and Sons Sugar Mills Pvt. Ltd. Vs. Commissioner of Income-tax ...

Court : Allahabad

Decided on : Mar-11-1968

Reported in : AIR1969All383

..... declined to accept the valuation of rs. 41,69,681/- as the basis of allowing depreciation on the assets, and acting under the first proviso to section 10 (5) (a) of the indian income tax act, 1922 he determined the cost of the assets to the assessee at rupees 24,08,110/- and allowed depreciation on that basis. the appellate assistant commissioner set aside ..... do.'in gangadhar banerjee's case : [1965]57itr176(sc) the supreme court indicated how the commercial or accounting profits should be determined. it explained:'the income-tax officer, acting under this section, is not assessing any income to tax; that will be assessed in the hands of the share-holder. he only does what the directors should have done. he puts himself in the place ..... the assessment and directed the income tax officer to re-determine the cost after recording the evidence of an expert.5. for the ..... after taking into account the loss of rs. 20,562/- suffered in the preceding year the income-tax officer was still justified in applying section 23-a.11. section 23-a (1) of the act, as it stood at the relevant time, read as follows:'where the income-tax officer is satisfied that in respect of any previous year the profits and gains distributed as .....

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Mar 12 1968 (HC)

Badrilal Bholaram Vs. B.K. Srivastava, Income-tax Officer

Court : Madhya Pradesh

Decided on : Mar-12-1968

Reported in : [1970]77ITR954(MP); 1969MPLJ594

..... 4. this application must fail on the short ground that the discretion to treat an assessee as not being in default has to be exercised by the income-tax officer under section 45 of the income-tax act, 1922, on the material before him, and this court cannot substitute its own discretion by issuing any writ or direction under article 226 of the ..... other evidence and to satisfy him that any ground exists for granting them relief under section 45 of the income-tax act. the books of accounts produced by the petitioners were scrutinised by the income-tax officer in their presence. the following observations from the income-tax officer's order clearly show that he has applied his mind to the requirements of the section :'it ..... a request for staying the demand, but the authorities declined to interfere. , thereafter, the petitioners again applied to the income-tax officer under section 45 of the income-tax act, 1922. the income-tax officer called upon the petitioners to appear before him with their books of accounts on 25th february, 1965, and produce such other evidence as desired which would substantiate ..... bholaram, indore, and its partners, apply to this court for a writ of certiorari for quashing an order of the income-tax officer, special investigation circle, indore, dated 27th february, 1965, rejecting their application under section 45 of the income-tax act, 1922 (act no. xi of 1922), and for a writ of mandamus requiring him to forbear from enforcing the demands raised by him .....

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Aug 01 1968 (SC)

Commissioner of Income-tax, Uttar Pradesh Vs. Devi Prasad Vishwanath P ...

Court : Supreme Court of India

Decided on : Aug-01-1968

Reported in : [1969]72ITR194(SC)

..... out of the order of the tribunal. as we have already stated, before the tribunal at the hearing of the appeal under section 33 of the income-tax act, only two question were argued : (1) that the explanation of the assessee about the genuineness of the entry in the name of banshidhar should ..... of the assessee in handloom clothe and silk fabrics. 3. an application filed by the assessee under section 66(1) of the income-tax act to submit a statement of case to the high court of allahabad was rejected. but the high court directed the tribunal to submit a ..... as unreliable. this was so decided in kale khan mohammad hanif v. commissioner of income-tax, . whether is a given case the income-tax officer may tax the cash credit entered in ..... 6. there is nothing in law which prevents the income-tax officer in an appropriate case in taxing both the cash credit, the source and nature of which is not satisfactorily explained, and the business income estimated by him under section 13 of the income-tax act, after rejecting the books of account of the assessee ..... an entry dated january 15, 1945, of a deposit of rs. 20,000 in the name of messrs. banshidhar rawatmal of ratangarh. the income-tax officer called upon the assessee to prove the nature and source of this deposit and, after considering the evidence produced by the assessee, rejected the .....

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Sep 06 1968 (SC)

Commissioner of Income-tax, Uttar Pradesh Vs. Madan Gopal Radhey Lal

Court : Supreme Court of India

Decided on : Sep-06-1968

Reported in : AIR1969SC840; [1969]73ITR652(SC); [1969]2SCR7

..... association may convert its accumulate profit into capital and then utilise such profit by issuing additional shares by was of bonus of the shareholders. under the income-tax act, 1922, at the relevant time, issue of such of bonus shares by capitalisation of the accumulate profit was not treated as distribution of dividend. 5 ..... conclusion of the tribunal is supported by the evidence cannot be made. 12. in india cements ltd. v. commissioner of income-tax this court observed that in a reference under the income-tax act the high court must accept the findings of fact made by the appellate tribunal, and it is for the person who ..... his hands.' 7. the principle of the case was affirmed by the judicial committee in a case arising under the indian income-tax act, 1922, commissioner of income-tax v. mercantile bank of india. accordingly, bonus shares given by a company in proportion to the holding of equity capital by ..... even in the supplementary statement on attempt has been made to set out the facts on which the conclusion was based. the orders of the income-tax officer and there appellate assistant commissioner are also not before us. the mere circumstance that in the copies of the balance-sheets rendered by the ..... at different times bonus hares proportionate to their equity holding. from time to time the assessees sold the bonus shares received by them. the income-tax officer brought to tax rs. 55,607 in the assessment year 1946-47; rs. 41,625 in the assessment year 1948-49; rs. 1,43,050 in .....

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Aug 30 1968 (SC)

Laxmipat Singhania Vs. Commissioner of Income-tax, U.P.

Court : Supreme Court of India

Decided on : Aug-30-1968

Reported in : AIR1969SC501; [1969]72ITR291(SC); [1969]1SCR904

..... was credited in the accounts of the assessee during the accounting period of the assessment year 1943-44 could be subjected to tax under section 16, sub-clause (2), of the income-tax act. although an order under section 23a of the indian income-tax act had already been made on 12th december, 1941, for the assessment year 1939-40 in the case of the atherton west ..... rejecting the contention of the appellant that the amount was not liable to be taxed in that year. the income-tax appellate tribunal agreed with the order of the income-tax officer. 3. the following question under section 66(1) of the indian income-tax act, 1922, was referred to the high court of allahabad for opinion : ' whether, on the facts and in the circumstances of this case ..... have been paid, credited or distributed to him, . . .' 9. section 4(1)(b) of the indian income-tax act, 1922, in so far as it is material, provides : '(1) subject to the provisions of this act, the total income of any previous year of any person includes all income, profits and gains from whatever source derived which . . . (b) if such person is resident in the taxable ..... the company of its previous year as reduced by the amount of income-tax and super-tax payable by the company in respect thereof. the income-tax officer, by order dated november 18, 1940, ordered in exercise of the power under section 23a of the indian income-tax act, as then in force, that an amount of rs. 3,32,691 shall be deemed to be distributed amongst .....

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Sep 18 1968 (HC)

K.S. Kannan Kunhi Vs. Commissioner of Income-tax

Court : Kerala

Decided on : Sep-18-1968

Reported in : [1969]72ITR757(Ker)

..... tribunal, madras bench, under section 66(2) of the indian income-tax, act, 1922, 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 addition of rs. 60,813 or any portion thereof as the income of the assessee-family from undisclosed sources during the previous year ..... discarded it in relation to a sum of rs. 30,000.'11. we shall now examine the decision in govindarajulu mudaliar v. commissioner of income-tax. in that case, the income-tax officer found that the income of the assessee, chargeable to tax, was rs. 54,600 for the assessment year 1945-46, rs. 27,500 for the year 1946-47 and rs. 54,500 for ..... the high denomination bank notes (demonetisation) ordinance, 1946, promulgated on 12th january, 1946. for the assessment year 1947-48, for which the accounting year was the calendar year 1946, the income-tax officer called upon the assessee to explain the possession of these 61 high denomination notes. the assessee submitted that they were received by him in the course of his business ..... that the said amount came from past remittances from ceylon out of the earnings of the family and from savings from agricultural property. the above explanation was rejected by the income-tax officer; and his finding was affirmed both by the appellate assistant commissioner and the appellate tribunal. the appellate assistant commissioner, however, held that the sum of rs. 3,000 invested .....

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Sep 05 1968 (HC)

Commissioner of Income-tax, Gujarat I Vs. Karamchand Premchand Private ...

Court : Gujarat

Decided on : Sep-05-1968

Reported in : [1969]74ITR254(Guj)

..... wholly and exclusively for the purpose of the assessee's business and as such allowable as a deduction under section 10(2) (xv) of the income-tax act, 1922, corresponding to section 37 of the present act. the assessee thereupon made an application to the tribunal for raising an additional ground of appeal challenging the disallowance of the third claim and this application ..... bhagwati, c.j.1. this references raises a rather important question affecting the jurisdiction of the tribunal under the provisions of the income-tax act, 1961. the reference arises out of an assessment made on the assessee for the assessment year 1964-65. the assessees is a private limited company and in the course ..... the explanation, the interpretation consistently placed by the high courts on the corresponding provisions of the old act was - vide narrondas manordass v. commissioner of income-tax, and this interpretation was confirmed by the supreme court in commissioner of income-tax v. mcmillan and co., and commissioner of income-tax v. shapoorji pallonji mistry 3 - that once an appeal is preferred by an assessee, the powers ..... does not say anything which helps in the determination of the present question. certain cash credits were added as undisclosed profits in the assessment of the assessee by the income-tax officer and the assessee challenged the addition before the appellate assistant commissioner without success. the assessee thereafter carried the matter in appeal to the tribunal but the tribunal did .....

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Dec 13 1968 (HC)

Commissioner of Income-tax Vs. S. Arumugham Pillai

Court : Chennai

Decided on : Dec-13-1968

Reported in : [1969]73ITR382(Mad)

..... agreement to share such profits as between the partners of the ' j ' firm is an internal arrangement, which could not be pressed for relief under the provisions of the indian income-tax act. according to him, the assessee earned the profits by reason of his accepted status as partner in the ' b ' firm and any collateral, anterior or posterior arrangement to divide the ..... , depends upon the true scope of the word ' income ' which is exigible to tax. it is not every income of an assessee but the real income earned by him in the commercial and normal sense, which enters into the magnitude of its monetary value. when section 10(1) of the indian income-tax act of 1922 prescribes that tax shall be paid by an assessee in respect of ..... the profits or gains of any business, profession or vocation carried on by him, it cannot be said that the word ' income ' has been deployed in the abstract and all notional income earned would also come within its mischief. thus, interpreting ..... under section 66(1) of the indian income-tax act, 1922, on an application by the department, arises out of an order of the tribunal which accepted the contention of the assessee, that, the share of profits received by him as partner of the firm, erode bleaching and finishing company, was not his real income, but was income which he was bound to share with .....

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