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Judgment Search Results Home > Cases Phrase: income tax act Year: 1968 Page 9 of about 650 results (0.095 seconds)

Sep 03 1968 (SC)

Lakshmiratan Cotton Mills Co. Ltd. Vs. Commissioner of Income-tax, Utt ...

Court : Supreme Court of India

Decided on : Sep-03-1968

Reported in : AIR1969SC917; [1969]73ITR634(SC); [1969]1SCR951

..... only. 28. the company claims that the expenditure of rs. 19,03,300 is a permissible allowance under section 10(2)(xv) of the indian income-tax act as expenditure wholly and exclusively incurred for the purpose of the business of the company. the burden of proof lay upon the company to prove that ..... be exercised within the four corners of section 66.' 23. it is also well settled that in an application under section 66(2) of the income-tax act the high court cannot order that a case be stated on question which were not included in the application submitted under section 66(1). it was ..... . at the hearing of the reference the high court was of the view that the court had no jurisdiction under section 66(4) of the income-tax act to direct the tribunal to submit a second statement of case and the questions in addition to the one submitted before the tribunal 'could not legally ..... refer the additional questions also to the high court for decision. the high court, in purported exercise of the power under section 66(4) of the indian income-tax act, called upon the tribunal to submit another statement of case on the following questions : '1. was there any material for the finding - (a) that ..... made by the assessee-company for the purpose of getting rid of the managing agents was not expenditure admissible under section 10(2)(xv) of the income-tax act (2) whether there was any or sufficient evidence to justify the tribunal to hold that no services whatever were rendered by the managing agents to the .....

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Oct 10 1968 (SC)

Premier Automobiles Ltd. Vs. S.N. Shrivastava Income-tax Officer, Acom ...

Court : Supreme Court of India

Decided on : Oct-10-1968

Reported in : AIR1970SC1386; [1970]76ITR1(SC); [1969]2SCR353

..... an assessee in the financial year. section 210 provides by sub-section (1) : 'where a person has been previously assessed by way of regular assessment under this act or under the indian income-tax act, 1922, the income-tax officer may, on or after the 1st day of april in the financial year, by order in writing, require him to pay to the credit of the ..... of liability for and determination of the quantum of advance tax in respect of income which is chargeable to income-tax in the hands of a person on regular assessment. 6. under the income-tax act, 1961, a person is liable to be assessed to tax in respect of his own income, and also in respect of certain classes of income received by or accruing or arising to other. he ..... ) that under section 209 and 210 of the (indian) income-tax act, 1961, no order for payment of advance tax can be made against an agent of non-resident; and (2 ..... section 156, for the assessment year 1965-66 and for an injunction or prohibition restraining the income-tax officer from enforcing or implementing the order under section 163 and the notice under section 156 read with section 210 of the income-tax act, 1961. the petition was resisted by the income-tax officer. 2. in support of the petition counsel for the company raised two contentions : (1 .....

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Sep 05 1968 (SC)

Rajputana Trading Co. Ltd. Vs. Commissioner of Income-tax, West Bengal ...

Court : Supreme Court of India

Decided on : Sep-05-1968

Reported in : AIR1969SC572; [1969]72ITR286(SC); (1982)2SCC775; [1969]1SCR1013

..... it is apparent that one of the main purpose of the above provision which has been now re-enacted with some changes in section 41 of the income-tax act, 1962, was to catch cases of remission of debt by creditors in respect of earlier trading items which were allowed as deduction. as pointed out by ..... of the case, the sum of rs. 78,749, which was deemed to be the profits and gains of business under section 10(2a) of the income-tax act, can be said to be arising from speculative business ?' 2. the assessee carried on both speculative as well as non-speculative business. the system of account ..... 1954. the creditors had waived their right to receive the amount. the income-tax officer treated the amount was of rs. 78,749 as the assessee's income from business in terms of section 10(2a) of the income-tax act, 1922, hereinafter called the act. the amount was not set off against the speculative loss either brought forward ..... purpose of computation of the business profits of an assessee under section 12(1) of the excess profits tax act and when it or a portion of it was refunded it had to be treated as income of the assessee. when it was deposited with the central government it was a portion of the ..... tribunal negatived this contention. according to it the effect of the provision of section 10(2a) of the act is that it charges the amount to tax by its own force as a business income. 'the income character if the receipt is designated by the fiction of law and it is to be brought under assessment .....

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Aug 14 1968 (SC)

State of Assam and anr. Vs. Deva Prasad Barua and anr.

Court : Supreme Court of India

Decided on : Aug-14-1968

Reported in : AIR1969SC831; [1970]75ITR18(SC); [1969]1SCR698

..... on receipt of the return but that was not done.4. section 19 is almost in the same terms as section 22 of the income-tax act, 1922, hereinafter called the income-tax act. section 19(1) reads as follows : 'the agricultural income-tax officer shall, on or before the first day of may for the year commencing 1st april, 1939 or any later day notified by government ..... according to the ordinary canons of interpretation, the words employed must be given their proper and plain meaning. moreover, section 19 is in pari materia with section 22 of the income-tax act and the law which has been laid down by this court, while interpreting the provisions of that section, must govern the construction of provisions of section 19 as well. the ..... that return. he cannot ignore that return and serve on the assessee a notice under the provisions relating to escaped income which was section 34 in the income-tax act. this view also finds support from the decision of this court in commissioner of income-tax v. s. roman chettiar : [1965]55itr630(sc) in which it was laid down, inter alia, that section 22(3) ..... particulars as may be required by the notice) his total agricultural income during the previous year.' 5. section 20 of the act is similar to section 23 of the income-tax act. section 30 which deals with escapement of income-tax is in the following terms : 'if for any reason any agricultural income chargeable to agricultural income-tax has escaped assessment for any financial year, or has been assessed .....

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Sep 04 1968 (SC)

C.R. Nagappa Vs. Commissioner of Income-tax

Court : Supreme Court of India

Decided on : Sep-04-1968

Reported in : AIR1969SC888; [1969]73ITR626(SC); [1969]1SCR979

..... presumable intended to remove the conflict of judicial opinion which arose in the interpretation of the analogous provisions of sections 40 and 41 of the indian income-tax act of 1922. in saifudin alimohamed v. commissioner of income-tax : [1954]25itr237(bom) . the bombay high court expressed the opinion (which was not necessary for the ultimate decision of the reference) that section 41 conferred an ..... recover it in the manner laid down in section 41.' the same considerations must apply in the interpretation of section 161(2) of the income-tax act, 1961. 15. sub-section (2) of section 161 merely enacts that when income is assessed in the hands of a representative assessee in his own name, the assessment shall be deemed to be made upon him in ..... . in our view chagla c.j. was right in observing in balwantrai jethalal vaidya's case in dealing with the scheme of section 41 of the income- tax act, 1922, that '....... it is clear that every case of an assessment against a trustee must fall under section 41, and it is equally clear that, even though a trustee is ..... the high court of mysore : '(1) whether having regard to the provisions of sub-section (2) of section 161, section 64(v) of the income-tax act was applicable to the assessee's case for computing the assessee's income for the assessment year 1962-63 ?' (2) whether the assessments on the minor beneficiaries for the assessment year 1962-63 are a bar for .....

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Aug 20 1968 (SC)

J.P. Jani, Income-tax Officer, Circle Iv, Ward G, Ahmedabad and anr. V ...

Court : Supreme Court of India

Decided on : Aug-20-1968

Reported in : AIR1969SC778; [1969]72ITR595(SC); [1969]1SCR714

..... that there was no valid service of the notice. the decision of the appellate assistant commissioner was given on january 5, 1963, by which time the income-tax act, 1922, had been repealed and the income-tax act, 1961 (hereinafter called ' the new act') had come into force with effect from april 1, 1962. the time for taking action for assessment or reassessment in case of escaped ..... special civil application no. 54 of 1964 whereby a writ of mandamus was issued to quash the notices issued under sections 147, 148 and 142(1) of the income-tax act, 1961, against the respondent.2. the respondent was assessed by the income-tax officer, ward e, circle ii, ahmedabad, for the assessment year 1947-48 by an assessment order dated january 31, 1952. the ..... proceeding for assessment against the assessee as an agent of a non-resident party under the income-tax act before it was amended, ended on march 31, 1956. it is true that, under the amending act, by section 18 of the finance act, 1956, authority was conferred upon the income-tax officer to assess a person as an agent of a foreign party under section 43 ..... of the respondent not having disclosed it at the time of the original assessment. the income-tax officer, therefore, after obtaining the approval of the commissioner of income-tax issued a notice dated march 27, 1956, under section 34(1)(a) of the income-tax act, 1922 (hereinafter referred to as 'the old act'). the notice could not be served personally, and, therefore, was served by affixing on .....

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Aug 02 1968 (SC)

J.K. Woollen Manufacturers Vs. Commissioner of Income-tax, U.P.

Court : Supreme Court of India

Decided on : Aug-02-1968

Reported in : AIR1969SC609; [1969]72ITR612(SC); [1969]1SCR525

..... an amount claimed as expenditure was laid out or expended wholly or exclusively for the purpose of business, profession or vocation as required under section 10(2)(xv) of the income-tax act has to be decided on the facts and in the light of the circumstances of each particular case. but, as observed by this court in swadeshi cotton mills co, ltd ..... question against the assessee. against the judgment of the high court the present appeal is brought by special leave.3. sections 10(2)(x) and 10(2)(xv) of the income-tax act, 1922, at the relevant time, read as follows :'10. (2)(x) any sum paid to an employee as bonus or commission for services rendered, where such sum would not have ..... by its order dated july 10, 1950, dismissed the appeal. as directed by the high court the appellate tribunal submitted a statement of case under section 66(2) of the income-tax act, 1922, on the following question of law :'whether, in the circumstances of the case, the sum of rs. 37,733 paid to the general manager, shri j. p. vaish, which ..... of the assessee within the meaning of section 10(2)(xv) of the income-tax act, 1922.5. we should make it clear that in this case we are not called upon to decide whether the income-tax officer could exercise the power he exercised under section 10(2)(x) of the income-tax act. the question referred by the tribunal and answered by the high court only .....

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Sep 04 1968 (SC)

Sahu Rajeshwar Nath Vs. Income-tax Officer, C-ward, Meerut and anr.

Court : Supreme Court of India

Decided on : Sep-04-1968

Reported in : AIR1969SC667; [1969]72ITR617(SC); [1969]1SCR999

..... 46(2) of the act for recovery of the tax due and the case of the appellantis that he learnt of the proceedings for the first time in ..... pay' in section 29 should be construed as ' other person liable to pay under the income-taxact' and the liability cannot therefore be construed with reference to the partnership act or any other statute. in the income-tax act itself the liability is imposed on other persons to pay the tax apart from the assessee by several sections. for example ' the other person apart from the ..... of the assessment and was not liable to pay the income-tax assessed upon the partnership firm. it was also stated that no notice of the assessment proceedings was given to the appellant, nor was any notice of demand issued under section 29 of the income-tax act, 1922 (hereinafter called 'the act'). it appears that the income-tax officer forwarded a certificate to the collector under section ..... of an unregistered firm does not fall within the language of section 29 of the act, for the liability of the partner is not imposed on account of any provision of the income-tax act itself. we are, therefore, of the opinion that a notice under section 29 of the act is not necessary to be served upon the partner of an unregistered firm before .....

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Aug 22 1968 (SC)

Commissioner of Income-tax, West Bengal Vs. Durga Prasad More

Court : Supreme Court of India

Decided on : Aug-22-1968

Reported in : [1969]72ITR807(SC)

..... the assessee on mere scepticism instead of any tangible evidence to support its findings ?' 2. submitted by the tribunal under section 66(2) of the income-tax act, 1922, in the negative. the commissioner of income-tax has appealed to this court against the order of the high court on the first question. the high court recorded their answer on the second question in ..... more--hereinafter called 'the assessee'--was assessed by the income-tax officer, calcutta, to tax under the indian income-tax act, 1922, in the assessment year 1945-46 in the status of individual resident and ordinarily resident in british india. in proceedings for reassessment of the income of the assessee, the income-tax officer added to the total income of the assessee for the assessment year 1945-46 ..... theincome was from some undisclosed business activity in british india was not warranted.7. again, the total income of the assessee was liable to be charged to tax at the rates in force under the appropriate finance act. according to the income-tax act then in force, the total income of the (previous year of an assessee, who was resident in british india, included all ..... income, profits and gains during such year which accrued or arose or were deemed to accrue or arise to .....

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Sep 10 1968 (SC)

Oriental Investment Co. (P) Ltd. Vs. Commissioner of Income Tax, Bomba ...

Court : Supreme Court of India

Decided on : Sep-10-1968

Reported in : AIR1969SC460; [1969]72ITR408(SC); [1969]2SCR46

..... a dealer the assessee company could not be held to be an investor. the assessee company then applied to the appellate tribunal under section 66(1) of the income tax act, 1922, hereinafter called the 'act' for a reference of the following questions of law for the opinion of the high court:'(i) whether on the facts and in the circumstances of the case ..... that return was submitted the central board of revenue has decided that the company is an investment holding company, and accordingly an amended return of total income under section 22(1) of the indian income-tax act is submitted herewith on which the assessment for 1943-44 may be based, as on this particular question the company obviously cannot have one status for excess ..... of this contention the assessee company relied on the order of the central board of revenue dated august 18, 1943 passed under section 26(1) of the excess profits tax act. the income tax officer rejected the plea and held that the investments were held by the assessee company as the stock-in-trade of its business which it carried on during the previous ..... profits tax and another for income-tax.'5. it was contended by the assessee company that it never carried on any business in the purchase of sale of shares, securities .....

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