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Judgment Search Results Home > Cases Phrase: income tax act Year: 1968 Page 8 of about 650 results (0.146 seconds)

Feb 15 1968 (HC)

Trustees of Gordhandas Govindram Family Charity Trust, Bombay Vs. Comm ...

Court : Mumbai

Decided on : Feb-15-1968

Reported in : [1968]70ITR600(Bom)

..... of deciding whether the property held thereunder by the trustees was wholly for religious or charitable purposes so as to make the income exempt from income-tax under section 4(3) (i) of the indian income-tax act. 'charitable purpose' within the meaning of section 4(3) (i) is defined as including relief of the poor, education ..... the ambit of the section in the absence of clear words. on the other hand, in the present section 41 of the income-tax act as well as section 21 of the wealth-tax act, a 'trustee' has been specifically mentioned. as their lordships of the supreme court pointed out, the concept of vesting is ..... was only created by an inappropriate language used in so far as the trustee was concerned. in section 11(1) of the u. p. agricultural income-tax act, however, there was no express mention of the trustee in the section itself and the question as to whether the said provision could apply to ..... of the contention, which has been raised before us, because it dealt with a similar contention, raised in connection with an analogous section of the income-tax act. in both these sections, there was no doubt whatsoever that the 'trustee' was intended to be included within the ambit of the section and the ..... , a trust property which could not be regarded as held wholly for charitable purposes within the meaning of section 4(3) (i) of the indian income-tax act will also fail to qualify as a trust for a public purpose of a charitable nature in india. moreover, on the view we have taken of .....

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Feb 07 1968 (HC)

Habib Insurance Co. Ltd. Vs. Commissioner of Income-tax, Bombay

Court : Mumbai

Decided on : Feb-07-1968

Reported in : [1968]38CompCas475(Bom); [1968]69ITR174a(Bom)

..... of investment and in doing so he relied upon the special rules of computation of the profits and gains insurance business contained in the schedule to the income-tax act. he relied upon rule 6 read with rule 3 of the schedule. 5. the assessee on its part contented that these properties never formed part of ..... the commencement of an 'investment business' or 'non- insurance business'. secondly, they have found that no part of the income from such property was ever brought to tax under section 9 of the indian income-tax act under which it ought to have been submitted for taxation between the years 1943 and 1949, because if these properties were ..... of rs. 2,36,416 (rupees two lakhs thirty six thousand four hundred and sixteen) has been rightly assessed as the income of the petitioner company under para. 6 of the schedule to the income-tax act ?' 2. in stating the second question we have corrected an arithmetical error in that in the original question no. 2 the ..... insurance business at all, whether of life insurance or of general insurance and, therefore, could not be brought to tax under the provisions of rule 6 read with rule 3 of the schedule to the income-tax act, but represent capital gains of the company in respect of properties held by the assessee company on account of ..... kotval, c.j.1. the questions referred under section 66(2) of the indian income-tax act for our decision are : '(1) whether there was any evidence to support the findings that the house property assets were at all time .....

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Dec 17 1968 (HC)

Commissioner of Income-tax, Bombay Vs. K.B.H.M.D.H. Bhiwandiwalla and ...

Court : Mumbai

Decided on : Dec-17-1968

Reported in : [1971]79ITR467(Bom)

..... v.s. desai, j.1. the question raised in this reference under section 66(2) of the indian income-tax act, 1922, arises out of the assessment order for the assessment year 1958-59 corresponding to the previous year ended on 31st march, 1958, and is as follows : 'whether, on the ..... its business. 21. the other case in birla cotton spinning & weaving mills ltd. v. commissioner of income-tax related to the expenses incurred by the assessee in making representations before the income-tax investigation commission and also for challenging the validity of the taxation of income (investigation commission) act, 1947. it was held that as the expenditure was incurred by the assessee-company in opposing an ..... company also acted as importers and distributors on behalf of foreign principals and bought and sold on its own account. under ..... the present case was for the stoppage of the source of income or for the stoppage of the profit-making apparatus. 14. another case relied upon by mr. dwarkadas is gillanders arbutnot & co. ltd. v. commissioner of income-tax. in that case the appellant-company carried on business in diverse lines : besides acting as managing agents, shipping agents, purchasing agents and secretaries, the .....

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Dec 04 1968 (HC)

Whittle Anderson Ltd. Vs. Commissioner of Income-tax, Bombay City I

Court : Mumbai

Decided on : Dec-04-1968

Reported in : [1971]79ITR613(Bom)

..... claimed relief under the provisions of the third and fourth sub-sections to section 25 because they alleged that they had been assessee to income-tax under the provisions of the indian income-tax act of 1918. it appears that this claim of the assessee failed because it was held that provision of the law was not attracted ..... of the case : 'whether, on the facts and in the circumstances of the case, the second proviso to section 10(2) (vii) of the indian income-tax act, 1922, was applicable to the receipts on the sale of the assessee-company's buildings, machinery and plant ?' 10. on behalf of the department objection was ..... to be referred, whether on the facts and in the circumstances of the case, the second proviso to the section 10(2)(vii) of the indian income-tax act, 1922, was applicable to the receipts on the sale of the assessee-company's building, machinery and plant. the question is couched in wide terms ..... of the case : 'whether, on the facts and in the circumstances of the case, the second proviso to section 10(2) (vii) of the indian income-tax act, 1922, was applicable to the receipts on the sale of the assessee-company's buildings, machinery and plant ?' 21. then we turn to the second question ..... in a case which was very similar to the present case, this court, with reference to the provisions of section 10(2) (vi) of the indian income-tax act, said that the word 'used' in that section should be understood in a wide sense so as to embrace passive as well as active user. they .....

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Nov 15 1968 (HC)

Commissioner of Income-tax, City I, Bombay Vs. Kores (India) Private L ...

Court : Mumbai

Decided on : Nov-15-1968

Reported in : [1969]72ITR431(Bom)

..... any purpose on the crucial date did not constitute reserves within the meaning of schedule ii, rule 2(1).' 16. the business profits tax act was a taxation statute in pari materia with the provisions of section 23a of the income-tax act and, therefore, this court applied that definition of the expression 'reserve' in section 23a in nanubhai maneklal & co.'s case. 17. ..... nanubhai maneklal's case the company had distributed as dividends more than 60 per cent. of its assessable income reduced be the tax payable thereon and had thus satisfied the requirement of section 23a(1) of the income-tax act but the department took the view that the proviso to that section applied inasmuch as the undistributed reserves representing accumulation of past profits of ..... representing accumulation of post profits within the meaning of the proviso. that item, therefore, will have to be taken into account. as regards the item of 'reserve for taxation', the income-tax officer held that the whole amount should be treated as a reserve within the meaning of the proviso to section 23a(1), but the appellate assistant commissioner took the view ..... had been decided by the supreme court in the earlier decision in commissioner of income-tax v. century spinning and . in that case the supreme court was considering the provisions of the business profits tax act (xxi of 1947), schedule ii, read with rule 2(1) of the business profits tax rules. that rule required two circumstances to be established, one of which was that .....

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Dec 16 1968 (HC)

Manilal Dharamchand Vs. Commissioner of Income-tax, Poona

Court : Mumbai

Decided on : Dec-16-1968

Reported in : [1970]78ITR96(Bom)

..... partnership with an individual member of the coparcenary quoad his separate property. it was also held by the privy council in sundar singh majithia v. commissioner of income-tax that there was nothing in the income-tax act to prohibit the members of a joint hindu family from dividing some properties, while electing to retain their joint status, and carrying on business as partners in ..... the circumstances were almost similar to the circumstances here. on 23rd august, 1940, a firm known as bhagat ram mohanlal was constituted and registered under section 26a of the indian income-tax act. its partners were (1) bhagat ram mohanlal, hindu undivided family, (2) richpal and (3) gajadhar, who were strangers to the hindu undivided family. the respective shares given to the ..... partnership formed by the deed of partnership dated 12th november, 1953, is one which gives rise to a legal partnership and can be registered under section 26a of the indian income-tax act, 1922. 2. manilal and keshavlal were two brothers and they were coparceners in a hindu undivided family. they entered into a partnership with one mangalji on 25th october, 1943. ..... rahim and co., and on the remarks at page 659 : 'the legal position may be stated thus : when a firm makes an application under section 26a of the act for registration, the income-tax officer can reject the same if he comes to the conclusion that the partnership is not genuine or the instrument of partnership does not specify correctly the individual shares .....

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Feb 29 1968 (HC)

Commissioner of Income-tax, Bombay Vs. RamnaraIn Kapur and Co. Pvt. Lt ...

Court : Mumbai

Decided on : Feb-29-1968

Reported in : [1968]69ITR719(Bom)

..... kotval, c.j. 1. the following question has been referred under section 66(1) of the indian income-tax act for our decision : 'whether the inference of the tribunal that the profits of rs. 52,075 and rs. 29,035 are ..... ltd., or of any other company, was incorrect. the appellate assistant commissioner in deciding this issue, it appears, went through the records before the income-tax officer and allowed some evidence to be produced before himself and it appears that the assessee produced the minutes book of the meeting of the board of ..... and that the record also showed that the assessee cannot be considered as a dealer in shares. 24. the department appealed against this order to the income-tax appellate tribunal at bombay and they have substantially upheld the order of the appellate assistant commissioner. so far as the new glen morgan estates ltd., they ..... the resolution passed by the board of directors on the 25th january, 1952, pursuant to which the shares were purchased and pointed out that the income-tax officer was not again correct in holding that there was no evidence to show that the shares and debentures were purchased with a view to ..... carried the matter in appeal to the appellate assistant commissioner. the appellate assistant commissioner considered the facts and circumstances relating to transactions and held that the income-tax officer was in error in saying that there was no proof whatsoever to indicate that the assessee-company had intended to get the managing agency of .....

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Jan 18 1968 (HC)

Greaves Cotton and Cromption Parkinson Ltd. Vs. Commissionero of Incom ...

Court : Mumbai

Decided on : Jan-18-1968

Reported in : [1968]70ITR181(Bom)

..... was not in respect of the premises used for the purposes of the business and, therefore, did not qualify to fall under section 10(2) (ix) of the indian income-tax act. 7. the next item to be considered was section 10(2) (xv), which permitted any expenditure not being an allowance of the nature described in any of the clauses (i) ..... part of the circumstances of the assessee with a view to the imposition of the union rate did not fall within section 10(4) of the indian income-tax act. they pointed out that the rate or tax levied on the profits or gains of any business or profession mentioned in the first part of sub-section (4) of section 10 clearly implied an ..... the same for the purpose of business, was an allowable deduction in the computation of the profits of the business under section 10 of the indian income-tax act. under section 37 of the bengal village self-government act, 1919, the union board was empowered to impose yearly rate on persons who were owners or occupiers of buildings. under section 38, the rate to ..... gains. the expression 'profits or gains' in this provision is the profits and gains as understood in the income-tax act, which are the taxable profits and gains as computed under the said head and not the gross income. mr. kolah points out that the gross income may have no relation to the profits and gains, because it is possible that even though the gross .....

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Jan 23 1968 (HC)

(In Liquidation) Official Liquidator Vs. Commissioner of Income-tax, B ...

Court : Karnataka

Decided on : Jan-23-1968

Reported in : [1969]39CompCas896(Kar); [1968]68ITR295(KAR); [1968]68ITR295(Karn); (1970)2MysLJ512

..... quantification or collection of the income-tax, he should obtain the leave of the ..... of section 4 of the income-tax act, that therefore any receipt in the course of winding up which would attract liability to income-tax under appropriate provisions of the income-tax act, would be liable to income-tax or for payment of tax under the income-tax act, but that before any action can be taken by the appropriate income-tax officer under the income-tax act for the purpose of ..... winding-up court under section 446 of the companies act, and further that the collection of tax ..... of the company called the principal officer. the definition of the principal officer both in clause (12) of section 2 of the income-tax act, 1922, and in clause (35) of section 2 of the income-tax act, 1961, is to the same effect so far as our present enquiry is concerned. according to the relevant portion of the definition .....

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Nov 29 1968 (HC)

Vijaya Traders Vs. Commissioner of Income-tax, Mysore

Court : Karnataka

Decided on : Nov-29-1968

Reported in : [1969]74ITR279(KAR); [1969]74ITR279(Karn)

..... question of law referred to us reads : 'whether, on the facts and in the circumstances of these cases, the income-tax appellate tribunal was right in law in holding that the income-tax officer could act on the proviso to section 13 of the income-tax act, 1922, for completing the assessment for the assessment year 1961-62 and on the proviso to sub-section (1) of ..... assessment having rejected the accounts produced by the assessee under section 13 of the indian income-tax act, 1922, in one case and under the proviso to sub-section (1) of section 145 of the income-tax act, 1961, in the other. the appeals preferred to the assistant commissioner and the income-tax appellate tribunal were dismissed. this reference is made by the tribunal to us under ..... inventory, even if true, has no materiality in the sphere of computation of income. 13. so, our answer to the question before us, therefore, is that, the income-tax appellate tribunal was in error in affirming the assessments made by the income-tax officer under the proviso to section 13 of the income-tax act, 1922, in respect of the assessment year 1961-62 or under the ..... proviso to sub-section (1) of section 145 of the income-tax act, 1961, in respect of the assessment year 1962- .....

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