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Judgment Search Results Home > Cases Phrase: income tax act Year: 1968 Page 7 of about 650 results (0.110 seconds)

Dec 30 1968 (HC)

Commissioner of Income-tax Vs. Trustees of H.E.H. the Nizam's Miscella ...

Court : Andhra Pradesh

Decided on : Dec-30-1968

Reported in : [1969]74ITR558(AP)

..... again on the basis that the assessee had not made out that the agreement to grant the loan was not subject to the condition that it was free of income-tax under the indian income-tax act. we have already stated that not only the decision of the supreme court deals with both the questions, one of which pertains to the grant of the identical ..... trust. the question for consideration that arose was (at page 679) whether the 1 per cent. loan is a state government security within the meaning of section 8 of the income-tax act. the answer to this question is at page 680 where subba rao j. (as he then was), delivering the judgment of the court, held in these words : ' with the aid ..... by the constituent assembly. in other words, the nizain and the military governor were both aware that after the applicability of the constitution to the state of hyderabad, the indian income-tax act would be made applicable and it is in contemplation of this contingency that the correspondence and the agreement took place. even after the promulgation of the constitution, the chief minister ..... , and secondly, that even if it is not taxable, as at the time when it was granted, the income-tax that was in the contemplation of parties was the hyderabad income-tax act, since the indian income-tax actsubsequently became applicable, the said loan cannot foe free from income-tax unless there was notification published by the government. the assessee's contention that the loan was to the state .....

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Nov 25 1968 (HC)

Khan Bahadur Ahmed AlladIn and Sons Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Nov-25-1968

Reported in : [1969]74ITR651(AP)

..... accounts could be reopened, his lordship observed at page 119 :'whether this principle is justified in the english law, it has no place under the indian income-tax act. when an income-tax officer proceeds to include a particular income in the assessment, he should ask himself, inter alia, two questions, namely : (i) what is the system of accountancy adopted by the assessee and (ii) if ..... by the district judge on 12th july, 1956, is assessable for the assessment year 1955-56 ?' 2. the assessee, a firm registered under section 26a of the income-tax act, 1922, was being assessed to income-tax for the year 1955-56, for which the corresponding accounting year was from 1st october, 1953, to 30th september, 1954, in which accounting year the second of the ..... accrued in the year in which it became so recoverable within the meaning of section 4(1)(b)(i) of the income-tax act, 1922, so long as that act was in force, and of section 5(1)(b) of the income-tax act, 1961, when that act commenced to operate. the attribution of the whole of that interest to the year of receipt is manifestly impossible.'17 ..... has, on several occasions, observed--which observations are reinforced by their lordships of the supreme court--that it is not advisable to rely upon english decisions in interpreting the indian income-tax act. we have already noticed the observations of subba rao j. (as he then was) in gajapathy naidu's case. in the same judgment, after referring to j. p. hall and .....

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Jul 03 1968 (HC)

Kishanlal Haricharan Vs. Income-tax Officer, A-ward

Court : Andhra Pradesh

Decided on : Jul-03-1968

Reported in : [1969]72ITR234(AP)

..... simple reason that it turns a blind eye to the true nature and effect of the order passed by the commissioner of income-tax under section 33a of the income-tax act, on august 31, 1955, and the consequential order passed by the income-tax officer, bombay, on january 29, 1963. even a bare reading of the commissioner's order shows that the revision was entertained by ..... assessment year 1950-51 was completed on october 30, 1953, wherein it was specifically mentioned that the assessment order was subject to rectification under section 35 of the income-tax act, 1922, as the share income belonging to the assessee in several firms including the firm of m/s. sriram haricharandas, bombay, were not available at that time.5. the assesment of the firm ..... firm preferred a revision application, r.p.c. no. 6 of 1955-56, under section 33a of the income-tax act, 1922, to the commissioner of income-tax, bombay, and the latter passed the following order on august 31, 1955 :' order under section 33a(2) of the income-tax act. this revision petition is in respect of the assessment made on the firm of sriram haricharandas of bombay ..... records relating g. i. no. k. 205/50-51 and quash the rectification order passed on march 16, 1965, by the respondent, namely, the income-tax officer, 'a' ward, nizamabad, under section 35(5) of the indian income-tax act, 1922.2. two grounds are taken in this writ petition and they are :(1) that inasmuch as the notice under section 35(5) of the .....

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Jan 12 1968 (HC)

Commissioner of Income Tax, U.P. Vs. Bharat Engineering and Constructi ...

Court : Allahabad

Decided on : Jan-12-1968

Reported in : AIR1969All188

..... j. 1. this is an application under section 66(2) of the indian income tax act, 1922 (hereinafter referred to as the act), m/s. bharat engineering and construction company is the assessee. the assessment year is 1944-45. under section 34 read with section 23(3) of the act the income tax officer made the assessment. in making the assessment certain receipts of the assessee ..... assessee's claim, two items of rs. 2,50,000/- and 40,000/- were excluded from the assessee's income, the commissioner of income tax, u. p., filed before the appellate tribunal an application under section 66(1) of the act requesting for reference of two questions of law to this court. the application was dismissed by the appellate tribunal. the commissioner ..... of income tax, u. p., hasfiled the present application in this court under section 66(2) of the act.2. we may mention at the outset that the appellate tribunal accepted the assessee's claim with respect to two separate items for ..... were treated as income. the assessee protested that these items did not constitute income of the assessee. when the matter went before the income tax appellate tribunal, bombay bench at allahabad, the appellate tribunal partly accepted the .....

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May 24 1968 (HC)

Jawahar Lal Mani Ram Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : May-24-1968

Reported in : [1969]72ITR78(All)

..... the assessment proceedings for the assessment years 1946-47, 1947-48, 1948-49 and 1949-50 a claim was made under section 25a of the indian income-tax act, 1922, that the hindu undivided family had disrupted with effect from may 19, 1945, giving rise to smaller hindu undivided families. one of such smaller ..... instance of the assessee the tribunal referred the following question to this court for its opinion : ' whether the assessments made under section 34 of the income-tax act for the assessment years 1946-47, 1947-48, 1948-49 and 1949-50 were bad in law, as they were made after the expiry of the ..... a bench of this court. the bench considered it necessary to reframe the question as follows : ' whether the assessments made under section 34 of the income-tax act for the assessment years 1946-47, 1947-48, 1948-49 and 1949-50 were bad in law, as they were made after the expiry of ..... arise in the case and accordingly we have framed the following two questions : '(1) whether it was open to the income-tax officer to issue notices under section 34 of the income-tax act, 1922, for the assessment years 1946-47 to 1949-50 and make assessmentin pursuance of the notices in spite of the ..... belonged to the same category and therefore required equal treatment. this court pointed out that section 34 of the indian income-tax act and sub-section (4) of section 5 of the impugned act dealt with persons who had similar characteristics and properties and therefore a different treatment of some out of the same .....

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Oct 24 1968 (HC)

J.K. Commercial Corporation Ltd. Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Oct-24-1968

Reported in : [1969]72ITR296(All)

..... is that the entire legal and travelling expenses incurred by the assessee, amounting to rs. 77,158 and rs. 11,891, respectively, were allowable under section 12(2) of the income-tax act, 1922. the tribunal was not justified in disallowing a substantial portion thereof,25. we, therefore, answer the two questions referred to this court by the tribunal as follows. the whole ..... protecting its shares in the muir mills co. ltd., and to ensure its prospective dividend earning capacity. as such, the expenditure would be admissible under section 12(2) of the income-tax act.'18. thus, according to the tribunal, the objectives which induced the assessee to finance the litigation were two-fold, namely, to protect the shares, and, secondly, to insure the prospective ..... assessee-company's investment in the shares in question. accordingly, the tribunal directed that a sum of rs. 15,000 be allowed as expenditure under section 12(2) of the income-tax act, 1922.11. against the decision of the tribunal, both the department as well as the assessee-company sought a reference to this court on the question of the allowability of ..... shares in the muir mills co. ltd. and to ensure its prospective dividend earning capacity. the tribunal, therefore, held that the expenditure was admissible under section 12(2) of the income-tax act. as regards the quantum of allowance, the tribunal took the view that the whole of the expenditure was not a permissible deduction. the tribunal took into consideration the fact that .....

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Dec 10 1968 (HC)

Lakshmipat Singhania Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Dec-10-1968

Reported in : [1969]72ITR512(All)

..... and the question was whether the sum of rs. 40,000 received by her as her remuneration in the relevant account year was salary chargeable under section 7 of the income-tax act, 1922. sir leonard stone c.j., who delivered the leading judgment, held that the amount paid to the lady was neither salary nor wages because she, as a director, was ..... company was registered in bhopal where the manufacturing operations were carried on. at all material times, bhopal was an indian state to which the indian income-tax act, 1922, as it then stood (hereafter referred to as the act), did not apply.3. the directors were entitled to receive sitting fees for attending meetings of the board under article 105a and further remuneration from ..... interest of the company in that country. the question before the house of lords was whether the remuneration received by the assessee was liable to tax in england under schedule e, rule 6. schedule e of the income tax act, 1918, provided :'tax under schedule e shall be charged in respect of every public office or employment of profit.'25. rule 6 laid down :'the ..... ' and he was, therefore, liable to be charged under schedule e to the income tax act, 1918.26. the decision, however, is no longer good law even in england. by the income tax act, 1952, as amended by the finance act, 1956, it was provided that for the years 1956-57 and subsequent years income-tax under schedule e in respect of any office or employment is chargeable on .....

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Sep 17 1968 (HC)

New Precision (India) Private Ltd. Vs. Commissioner of Income-tax

Court : Madhya Pradesh

Decided on : Sep-17-1968

Reported in : [1969]72ITR657(MP); 1969MPLJ27

..... consultancy and technical services rendered, cost of raw materials used for experimental work, and the royalties was allowable as a business expenditure under section 10(2)(xv) of the indian income-tax act, 1922. this case is also clearly distinguishable. as pointed out by the supreme court, the assessee, ciba of india ltd., did not, under the agreement become entitled exclusively, even for ..... paid to shri b. v. mahabale is expenditure allowable under section 37 of the income-tax act, 1961 '2. the material facts are that the assessee-company was incorporated on 22nd july, 1960. the shareholding of the company, as on 30th june, 1961, was thus-(i) 260 ..... dixit, c.j.1. in this reference under section 256(1) of the income-tax act, 1961 (hereinafter called the act), at the instance of the assessee,m/s. new precision (india) private ltd., dewas, the question which the income-tax appellate tribunal has referred to us for decision is :' whether, on the facts and in the circumstances of the case, the sum of rs. 40,100 ..... ground that this was an expenditure not of a capital nature but wholly and exclusively laid out for the purposes of business under section 37 of the act. this claim was disallowed by the income-tax officer and, on appeals, by the appellate assistant commissioner and the tribunal.5. there can be no doubt that the payment of rs. 40,100 which the .....

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Aug 13 1968 (HC)

Jhandu Mal Tara Chand Rice Mills Vs. Commissioner of Income-tax

Court : Punjab and Haryana

Decided on : Aug-13-1968

Reported in : [1969]73ITR192(P& H)

..... the fact that the assessee had not kept any register from day to day about the consumption of raw cotton and production of ginned cotton, the income-tax authorities applied the proviso to section 13 of the income-tax act. it was held by this court that there was sufficient material in the case for invoking the provisions of the proviso to section 13. in ..... had been mostly purchased by the assessee-firm during the months of october to december, 1957, when the paddy was highly moist. the income-tax officer applied the proviso to section 13 of the indian income-tax act, 1922 (hereinafter called the act), and after rejecting the accounts of the assessee-firm, determined the yield of rice as 26 seers per maund of paddy, thereby adding ..... profits on other basis and not for the assessee to prove that his method of accounting ought not to be rejected. in that case, the income-tax authorities had applied the proviso to section 13 of the indian income-tax act on the ground that the assessee had not maintained a variety-wise stock register, as a result of which, the stock position could not ..... question of law arose out of its order. in cases involving the applicability of the proviso to section 13 of the indian income-tax act, 1922, the question to be determined by the income-tax officer was a question of fact, namely, whether the income, profits and gains could or could not be properly deduced from the method of accounting regularly adopted by the assessee. there .....

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Jan 10 1968 (SC)

Anglo American Direct Tea Trading Co. Ltd. Vs. Commissioner of Agricul ...

Court : Supreme Court of India

Decided on : Jan-10-1968

Reported in : AIR1968SC1213; [1968]69ITR667(SC); [1968]2SCR745

..... in the assessment under the central income-tax act. there is no provision in the kerala act authorising the agricultural income-tax officer to disregard the computation of the tea income made by the income-tax authorities acting under the central income-tax acts. the agricultural income-tax officer in making an assessment of agricultural income is bound to accept the computation of the tea income already made by the central income-tax authorities and to assess only 60 ..... him to compute the income independently applying the relevant provisions of the income-tax act and the agricultural income-tax act. from these orders, the present appeals have been filed by special leave ..... applying the provisions of the income-tax act and make the assessment exercising his powers under the agricultural income-tax act '. following its earlier decision in commissioner of agricultural income-tax, kerala v. perunad plantations ltd. : [1965]56itr193(ker) , the high court held that the agricultural income-tax officer was not obliged to accept the computation of the tea income made by the income-tax officer acting under the income-tax act, and it was open to .....

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