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Judgment Search Results Home > Cases Phrase: income tax act Year: 1968 Page 8 of about 650 results (0.097 seconds)

Aug 21 1968 (SC)

BaladIn Ram Vs. Commissioner of Income-tax, Uttar Pradesh

Court : Supreme Court of India

Decided on : Aug-21-1968

Reported in : AIR1969SC351; [1969]71ITR427(SC); [1969]1SCR800

..... be assessed or reassessed is to make the assessment during the ordinary financial year.5. mr. manchanda has called our attention to section 68 of the income-tax act, 1961, according to when where any sum is found credited in the books an assessee maintained for any previous year and the assessee offers no explanation about the nature and ..... ). on february 20, 1945, the income-tax officer made an assessment on a total income of rs. 26,800 odd which comprised income from the share in the business of kasi iron foundry and the income from the property. this order was revised under section 34 of the indian income-tax act, 1922, hereinafter called the act. in the revised assessment order the total income of the assessee was computed ..... at rs. 71,731. in this amount a sum of rs. 40,000 was included as income from undisclosed sources. this assessment was challenged before the appellate tribunal, and was set aside on ..... year relevant for the assessment year 1944-45 and were not made in the financial year relevant for the assessment year 1945-46. the income tax officer had, therefore, no choice but to resort to section 34 of the act.' 2. the tribunal, however, found, as is apparent from its order dated march 21, 1957, that the unexplained investment which was really the .....

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Aug 19 1968 (SC)

Balchand Vs. Income-tax Officer, Sagar

Court : Supreme Court of India

Decided on : Aug-19-1968

Reported in : AIR1969SC496; [1969]72ITR197(SC); 1969MhLJ855(SC); [1969]1SCR704

..... no notice for the assessment year 1946-47 calling upon him to submit a return for that year was issued, a notice under section 34 of the income-tax act, 1922, or under section 148 of the income-tax act, 1961, was incompetent so long as the return submitted by the appellant in august, 1959, for the assessment year 1946-47 was not considered and disposed ..... court has held in ranchhoddas's case : [1959]36itr569(sc) that where no return has been filed by the assessee within the period prescribed by section 22(1) of the income-tax act, 1922, the assessee is entitled in law to submit a voluntary return in answer to the general notice under section 22(1) before assessment is completed, for a return in ..... of. reliance in support of this contention was placed upon two decisions of this court : commissioner of income-tax v. ranchhoddas karsondas : [1959]36itr569(sc) and commissioner of income-tax v. s. raman chettiar : [1965]55itr630(sc) . 4. under section 22(1) of the income-tax act, 1922, the income-tax officer was required before the 1st day of may in each year to give notice, by publication in ..... , sagar, assessed the appellant to pay under section 23(3) of the income-tax act, 1922, tax on his income computed for the assessment years 1945-46 and 1946-47. on june 24, 1959, the income-tax officer issued a notice of reassessment under section 34 of the income-tax act, 1922, reciting that the income of the appellant had escaped assessment and requiring the appellant to submit a return of .....

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Jan 09 1968 (SC)

Commissioner of Income-tax, Bombay, City Ii Vs. Goverdhan Ltd.

Court : Supreme Court of India

Decided on : Jan-09-1968

Reported in : AIR1969SC292; [1968]69ITR675(SC)

..... assessee is a public limited company registered under the indian companies act. its share capital consist of 50,000 shares subscribed and paid up. out of these ..... the judgement of the bombay high court dated september 18, 1962, in income-tax reference no. 34 of 1961 whereby the high court held that the order passed against the respondent, hereinafter referred to as 'the assessee' under section 23a of the indian income-tax act, 1922 (hereinafter referred to as the 'act'), was not justified and valid for the assessment year 1951-52. 2. the ..... be treated as the part of the distributable profit of the company for the purpose of section 23a(1) of the act. in other words, the order made by the income-tax officer against the assessee under section 23a of the act for the assessment year 1951-52 must be held to justified and valid and the question of law referred by the appellate ..... declared any dividend as its annual general meeting during either of the aforesaid two years or within six months thereafter, the income-tax officer issued notices to the assessee to show cause why an order under section 23a(1) of the act should not be passed for the two years. the assessee, however, contended that section 23a was not applicable inasmuch as the .....

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Aug 22 1968 (SC)

Commissioner of Income-tax, Kerala Vs. Pangal Vittal Nayak and Co. P. ...

Court : Supreme Court of India

Decided on : Aug-22-1968

Reported in : [1969]74ITR754(SC); 1968(0)KLT860(SC)

..... dated september 2, 1964, the high court answered the question in the affirmative and in favour of the assessee. 4. section 24 (1) of the income-tax act, 1922, hereinafter called 'the act', provides as follows : '24. (1) where any assessee sustains a loss of profits or gains in any year under any of the heads mentioned in ..... assistant commissioner and dismissed the appeal. the appellate tribunal thereafter referred the fallowing question of law to the high court under section 66 (1) of the indian income-tax act, 1922 : 'whether, on the facts and circumstances of the case the appellate tribunal was correct in holding that commission received by the company amounting to rs. ..... 59, 1959-60 and 1960-61 and the a question referred to the high court should be answered in the negative and in favour of the commissioner of income-tax. 7. for these reasons the judgment of the high court of kerala dated september 2, 1964, in i. t. r. no. 69 of 1963 ..... against its speculation losses on the ground that the commission received for placing forward contracts of this kind should be taken as part of its income from speculation. the income-tax officer rejected this claim. the appellant assistant commissioner on appeal held that the commissioner received was profit arising out of speculation and was incident ..... ramaswami, j.1. these appeals are brought by special lease by the commissioner of income-tax kerala, from the judgment of the kerala high court dated september 2, 1964, in i. t. r. no. 69 of 1963. 2. .....

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Aug 22 1968 (SC)

Daffadar Bhagat Singh and Sons Vs. the Income-tax Officer, A-ward, Fer ...

Court : Supreme Court of India

Decided on : Aug-22-1968

Reported in : AIR1969SC340; [1969]71ITR417(SC); [1969]1SCR828

..... prayer was also made for the issue of a writ of certiorari for quashing the notices under section 23(2) and 22(4) of the income-tax act, 1922, hereinafter called 'the act', which had been issued by the income tax officer in that connection. the appellant firm filed a return of the assessment year 1952-53 on march 31, 1953. it also applied that it ..... giving a direction that the assessment should be not be proceeding 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 request of the appellants, a petition under articles 226 and 227 was filed in the high court. the high court dismissed ..... all the three partners filed their returns of profit and loss on march 31, 1953, with the income-tax officer and also made an application under section 26a of the act for registration of the firm. it is true the in the assessment order of the income-tax officer the status of the assessee is shown hindu undivided family but that has been apparently shown ..... is a given which was necessary for the disposal of the appeal the second proviso to section 34 (3) of the act would be attracted and the bar of limitation would be lifted. in n. k. sivalingam chettiar v. commissioner of income-tax madras : [1967]66itr586(sc) this court after referring to the relevant observations in murlidhar bhagwan das's : [1964]52itr335(sc .....

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Sep 11 1968 (SC)

income Tax Officer Vs. M.K. Mohammed Kunhi

Court : Supreme Court of India

Decided on : Sep-11-1968

Reported in : [1969]71ITR815(SC); 1968(0)KLT794(SC); [1969]2SCR65

..... writ petition to compel the income-tax officer to exercise his discretion under section 45 or to exercise it honestly and objectively was not barred. but, on the merits, ..... sastri j., in his separate judgment, made the following observations at page 271 : 'lastly, it has to be observed that section 45 of the income-tax act is somewhat cryptic in its terms and merely gives the income-tax officer power to declare a person to be not a default pending the appeal. there is no provision for stay similar to order xli, rules ..... important question which is involved in this appeal by special leave from a judgment of the kerala high court is whether the income-tax appellate tribunal has the power, under the relevant provisions of the income-tax act, 1961 (hereinafter called 'the act'), to stay the recovery of the realization of the penalty imposed by the departmental authorities on an assessee during the pendency of ..... an appeal. in vetcha sreeramamurthy v. income- tax officer, vizianagaram and another : [1956]30itr252(ap) , the assessee had not been stayed during the pendency of an appeal before the tribunal. the controversy centered in the case mainly on the scope of the discretionary power conferred by section 45 of the indian income-tax act, 1922, on the income-tax officer. it was held that a .....

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Aug 20 1968 (SC)

income Tax Officer, Distt. Ii(ii), Kanpur and ors. Vs. Shri Mani Ram E ...

Court : Supreme Court of India

Decided on : Aug-20-1968

Reported in : AIR1969SC543; [1969]72ITR203(SC); [1969]1SCR724

..... been contended that they do. at the highestit can be said that they may proceed upon an erroneous assumption that the word'sold' in section 17(1) (a) of the income tax act, 1945, has a meaning which ihold it has not. this may be so and, if so, it is an excellent example of theproposition to which reference was made in the ..... on behalf of the appellants referred to thelanguage of sections 210 and 212(3) of the income-tax act, 1961, which state : '210. order by income-taxofficer. - (1) where a person has been previously assessed by way of regularassessment under this act or under the indian income-tax act, 1922 (11 of1922), the income-tax officer may, an or after the 1st day of april, in thefinancial year, by order ..... .m. no. 1591 of 1962 and the connected writ applications.3. it is necessary at this stage to set out the provisions of sections 18a,23 and 23b of the income-tax act, 1922, as they stood at the material time : '18a. (1) (a) in the case ofincome in respect of which provision is not made under section 18 for deductionof ..... . 212. estimate by assessee. - (1)...... (3) any person who has notpreviously been assessed by way of regular assessment under this act or underthe indian income-tax act, 1922 (11 of 1922), shall, before the first day ofmarch in each financial year, if his total income exclusive of capital gains ofthe period which would be the previous year for the immediately followingassessment year is likely to .....

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Sep 24 1968 (SC)

Jaipur Udyog Ltd. and anr. Vs. Commissioner of Income-tax, Delhi, Raja ...

Court : Supreme Court of India

Decided on : Sep-24-1968

Reported in : AIR1969SC470; [1969]71ITR799(SC); [1969]2SCR193; 1968()WLN23

..... three petitions. against the orders passed by the high court, these three appeals have been preferred by the company. 6. section 141 of the income-tax act, 1961, authorises the income-tax officer to make a provisional assessment of the income of the assessee on the basis of the return made under section 139 and the accounts and documents, if any, accompanying the return. the assessment ..... of loss which it claimed it had suffered in the previous years and was entitled to set off against the income of that year. the income-tax officer made a provision assessment of the tax under section 141 of the income-tax act, 1961, and against the income returned by the company he allowed deduction of rs. 39,89,731 as loss carried forward from the earlier years ..... relying upon sub-section (2) of section 141, that the assessee cannot claim, and the income-tax officer cannot, allow, loss in respect of previous years in excess of the loss certified by the income-tax officer. that he says is the effect of sections 72 and 80 of the income-tax act, 1961. section 72 provides : '(1) where for any assessment year, the net result of ..... filed its returns under the income-tax act, 1922, and after the repeal of that act under the act of 1961. the following chart sets out the income or loss returned by the company for the years 1954-55 to 1964- 65 and the income or loss computed for the years by the income-tax officer on assessment : year of income or loss returned income or losscomputedassessment. by the company .....

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Sep 04 1968 (SC)

Juggi Lal Kamlapat Vs. Commissioner of Income-tax, U.P.

Court : Supreme Court of India

Decided on : Sep-04-1968

Reported in : AIR1969SC932; [1969]73ITR702(SC); [1969]1SCR988

..... of rs. 2 lakhs was paid to the assessee on october 31, 1943. the amount was claimed by the assessee as compensation for loss of office not liable to tax under the income-tax act as a capital receipt. the receipt of this sum of rs. 2 lakhs, though incorporated in its books by the assessee, was not disclosed at the time when the ..... receipt liable to tax under the income-tax act and the excess profits tax act ?' 12. by its judgment dated july 10, 1962, the high court answered the question against the assessee and in favour of the commissioner of ..... tribunal no loss was sustained by the assessee. at the instance of the assessee the appellate tribunal stated a case to the high court under s. 66(1) of the income tax act on the following question of law : 11. 'whether there was material on which the tribunal could hold that the receipt of rs. 2,00,000 by the assessee was revenue ..... and by the appellate assistant commissioner in appeal. the assessee thereafter preferred second appeals to the income tax appellate tribunal. in these appeals the assessee abandoned the contention regarding the legality of the proceedings under s. 34 of the income tax act and s. 15 of the excess profits tax act and confined its argument merely to the point that the sum was not liable to be .....

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Aug 23 1968 (SC)

Kalva Suryanarayana Vs. Income-tax Officer, A-3 Ward, Hyderabad

Court : Supreme Court of India

Decided on : Aug-23-1968

Reported in : AIR1969SC285; [1969]71ITR422(SC); [1969]1SCR840

..... . after about six years the respondent issued a notice to the appellant under section 45 of the income tax act, 1922, hereinafter called the 'act calling upon him to pay up the arrears on the footing that under the provisions of section 44 of the act there was joint and several liability of each and every partner of the dissolved firm in respect of ..... that the partnership had suppressed income to the extent of rs. 1,72,149 (i.g.) by inflating the expense under railway freight and by the ..... and on that basis proceeded to assess the total income of the partnership which he determined as rs. 1,64,546 (o.s.), and he total income was apportioned among the four earners in proportion of their respective shares. subsequently, the commissioner of income-tax in exercise of his revisional power under section 33b of the income-tax act, passed an order of february 26, 1955, holding ..... not accounting for the sale of old gunnies. the commissioners of income- tax accordingly directed that the assessment already made .....

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