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Judgment Search Results Home > Cases Phrase: income tax act Year: 1970 Page 1 of about 698 results (0.112 seconds)

Aug 11 1970 (SC)

Commissioner of Income-tax, Delhi (Central) Vs. Singh Engineering Work ...

Court : Supreme Court of India

Decided on : Aug-11-1970

Reported in : AIR1971SC95; [1970]78ITR90(SC); [1971]1SCR769

..... and untrue estimates of tax and had not given any satisfactory explanation in respect of them. he imposed penalties under section 273 of ..... a.n. grover, j.1. the respondent company which is an assessee was required by the income tax officer by notices issued under section 18a(1) of the indian income tax act 1922, hereinafter called the 'old act' to make an advance payment of tax amounting to rs. 3,17,077 for the assessment year 1960-61 and rs. 3,54,911 for the assessment year 1961-62 ..... 'new act' had come into force. the income tax officer took the view that the assessee had furnished inaccurate ..... subsequently riled its returns of income for the aforesaid two years declaring the total income of rs. 4,53,942/- and rs. 7,02,383/- respectively. the income tax officer completed the assessment of total income of rs. 5,35,000/- and rs. 8,99,029/- for the assessment years 1960-61 and 1961-62 on january 21, 1963 after the income tax act 1961, hereinafter called the .....

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Jan 07 1970 (HC)

Rijhumal Valiram and ors. Vs. Commissioner of Income-tax, Bombay City ...

Court : Mumbai

Decided on : Jan-07-1970

Reported in : [1971]80ITR491(Bom)

..... the said other partners by overriding title or that in the alternative they were allowable as deductions in computing the assessee's total income on ordinary principles of commercial accounting or under section 10(2)(xv) of the income-tax act or otherwise ?' 12. this high court by its order dated 5th december, 1968, held that the said decision of the supreme court in ..... dulichand laxminarayan v. commissioner of income-tax applied when a firm sought to be a partner with another individual or firm or joint family, but that ..... . valiram sons on the other which could be mutually exercised or enforced and that therefore the ratio of the judgment of the supreme court in murlidhar himatsingka v. commissioner of income-tax does not apply. this contention of mr. joshi, however, emphasised only one aspect and does not take into consideration the entire situation or the entire evidence relating to the ..... the said deed of partnership relating to the new prabhat silk mills no. 1. 7. all the above, four partnership are partnerships registered for the purposes of income-tax. 8. in their respective individual assessments to income-tax for the assessment year 1948-49, the accounting period being 1st april, 1947, to 16th december, 1948, the share of profits received by each of rijhumal .....

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Sep 11 1970 (HC)

Commissioner of Income-tax, Gujarat Ii Vs. Western India Engineering C ...

Court : Gujarat

Decided on : Sep-11-1970

Reported in : [1971]81ITR712(Guj)

..... have legitimately taken a stand that the entries posted by the assessee do not represent the real income accrued to it. the reason is that under section 5 of the indian income-tax act, what is to be included in the total income of an assessee is the income which really and actually 'accrues or arises' to him. therefore, if an account entry posted in accordance ..... with the mercantile system of accounting is found to be not representing the real income of the concerned assessee, that entry cannot supply ..... might, in certain circumstances, have been made in the books of account. similar view is also taken in the bombay case of h. m. kashiparekh & co. ltd. v. commissioner of income-tax. 11. now, so far as the facts of this case are concerned, it is undoubtedly true that the assessee has credited the whole amount of bills preferred by it in ..... kasar amount is of rs. 26,000. the contention of the assessee is that this amount should not be added back for the purpose of assessing its income during the accounting period. 7. being dissatisfied with this decision of the income-tax officer, the assessee preferred an appeal before the concerned appellate assistant commissioner who also agreed with the view taken by the .....

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Jun 25 1970 (HC)

Kuberdas Hargovindas Modi Vs. K.N. Lalchandani, Income-tax Officer, Ci ...

Court : Gujarat

Decided on : Jun-25-1970

Reported in : [1972]83ITR783(Guj)

..... bhagwati, c.j.1. this petition is directed against a notice dated 28th march, 1969, issued by the income-tax officer, circle ii, ward c. ahmedabad, against the petitioner under section 148 of the income-tax act, 1961, seeking to reopen the assessment of the petitioner for the assessment year 1960-61. in or about 1930 ..... rule absolute by issuing a writ of mandamus quashing and setting aside the notice dated 28th march, 1969, issued by the income-tax officer under section 148 of the income-tax act, 1961. the respondent will pay the costs of the petition to the petitioner. ..... of the profit embedded in the sale proceeds of the plots was liable to be assessed during the relevant assessment year. it was for the income-tax officer to decide whether the interpretation of the judgment contended for on behalf of the petitioner was the correct interpretation or whether the judgment laid ..... assessment year in question. 8. before we proceed to consider whether the petitioner has succeeded in showing that on the material on record the income-tax officer could have no reason to believe that there was any omission or failure on the part of the petitioner to disclose material facts necessary ..... and truly all material facts necessary for his assessment for that year. 7. both these conditions are conditions precedent to be satisfied before the income-tax officer could have jurisdiction to issue notice for assessment or reassessment beyond the period of four years but within the period of eight years from .....

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Mar 12 1970 (HC)

Commissioner of Income-tax, Bombay City - I Vs. ScIndia Steam Navigati ...

Court : Mumbai

Decided on : Mar-12-1970

Reported in : [1971]80ITR589(Bom)

..... the depreciation allowance for the ship 's. s. englestan' was in accordance with the provisions of section 31 (3) (a) and (b) of the income-tax act ?' 8. under the provisions of section 10, the assessee was entitled to a deduction for depreciation on said ship. the provisions of subsections (5) of section ..... division bench of this high court held that the power conferred upon the appellate assistant commissioner by the income-tax act are much wider than the power of an ordinary court of appeal. under the income-tax act once an assessment comes before the appellate assistant commissioner, his competence is not restricted to examining those aspects ..... mody, j.1. this is a reference under section 66 (1) of the income-tax act, 1922. 2. the assessee is a shipping company. the relevant assessment year is 1952-53, the accounting year being the year ended ..... of the assessment which are complained of by the assessee, but ranges over the whole assessment and it is open to him to correct the income-tax officer not only with ..... that in making the order setting aside the assessment and directing a fresh inquiry the only objective of the appellate assistant commissioner was that the income-tax officer should proceed under that first proviso and allow depreciation on the footing of the provisions of that provision. he contended that the power to .....

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Apr 06 1970 (HC)

Hindusthan Klockner Switchgear Ltd. Vs. Commissioner of Income-tax, Bo ...

Court : Mumbai

Decided on : Apr-06-1970

Reported in : [1971]81ITR20(Bom)

..... k.k. desai, j.1. the question of law referred to this court under section 66(1) of the indian income-tax act, 1922, is as follows : 'whether, on the facts and in the circumstances of the case, the claim of the applicant to deduct the sum of ..... enunciated in atherton's case on which reliance had been placed by mr. joshi are, having regard to the reasons which appear in the case of commissioner of income-tax v. new india assurance co. ltd. not applicable to the facts in the present case. the facts in the present case are so entirely similar to the ..... in no manner connected with the terms of employment of the employees. this kind of expenditure has been held by this court in the case of commissioner of income-tax v. new india assurance co. ltd. mentioned above as deductible revenue expenditure. the finding was made in spite of the fact that the revenue had in ..... observations in the case of atherton v. british insulated and helsby cables ltd. in this connection, he attempted to distinguish the observations in the case of commissioner of income-tax v. new india assurance co. ltd., 8. now, in connection with these contentions, it is necessary to notice the scheme of the fund as contained in ..... and/or any asset of lasting nature of any kind. 6. in this connection, he relied upon the decision of this court in the case of commissioner of income-tax v. new india assurance co. ltd. 7. in reply, mr. joshi repeated the reasoning contained in the observations in the order of the appellate tribunal. his .....

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Feb 18 1970 (HC)

Commissioner of Income-tax, Bombay City I Vs. Champaklal Dalsukhbhai

Court : Mumbai

Decided on : Feb-18-1970

Reported in : [1971]81ITR293(Bom)

..... by a common judgment and the parties also have not objected to that procedure being adopted. both the reference are under section 66(2) of the indian income-tax act, 1922. 2. the question of law referred in the first reference is : 'whether, on the facts and in the circumstances of the case, the ..... of the hindu undivided family. in view of this judgment of the tribunal, the first reference has been made at the instances of the commissioner of income-tax. 11. the question of law as referred appears to have been framed through some mistake inasmuch as it assumes that the tribunal has held that ..... his status as hindu undivided family instead of his status declared in the earlier years as individual under misapprehension. it states that, as known to the income-tax authorities, the hindu undivided family of their late ancestor kasturchand become divided on aso vad 30, s.y. 1997 and all members of the family thereupon ..... the karta and in the return included his shares of the profits of all the said four firms. each of them forwarded the return to the income-tax authorities along with a covering letter dated the 26th october, 1956. the contents of the covering letters are identical. each letters states that each had ..... . all the coparceners of that joint family became divided as on aso vad 30, s. y. 1997. champaklal as well as mulchand were assessed to income-tax as individuals in respect of the twelve assessment years 1944-45 to 1955-56 relating to the accounting years s.y. 1999 to s.y. 2010. .....

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Feb 21 1970 (HC)

Commissioner of Income-tax, Bombay City I Vs. K.A. Patch

Court : Mumbai

Decided on : Feb-21-1970

Reported in : [1971]81ITR413(Bom)

..... mody, actg.c.j. 1. this is a reference under section 66(1) of the indian income-tax act, 1922. 2. the relevant assessment year is 1960-61, the accounting year being the year ended 31st march, 1960. the assessee is an individual ..... from the principle laid down by this court for valuation of bonus shares issued by a company to holders of original shares in the case of commissioner of income-tax v. dalmia investment co. ltd. 15. the above observations of the supreme court appearing at page 654 hold that the correct method for evaluating the ..... decide the questions arising in this reference four judgments of the supreme court have been brought to our notice. the first judgment is that in commissioner of income-tax v. dalmia investment co. ltd. in that case bonus ordinary shares were issued in in respect of ordinary shares held in the company by the assessee ..... there was a loss and no profit. 6. the decision of the tribunal being against the department, this reference has been made at the instance of the commissioner of income-tax, bombay city i, bombay. 7. the questions of law referred are : '1. whether, on the facts and in the circumstances of the case, the amount ..... has been approved and followed by the supreme court in two subsequent judgments relating to the issue of bonus shares in commissioner of income-tax v. gold mohore investment co. ltd. and commissioner of income-tax v. gold mohore investment co. ltd. 12. the fourth judgment is that of miss dhun dadabhoy kapadia v. commissioner of .....

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Mar 25 1970 (HC)

Official Liquidator of the Sakeeria Cotton Mills Ltd. (In Liquidation) ...

Court : Mumbai

Decided on : Mar-25-1970

Reported in : [1971]81ITR528(Bom)

..... reformulate the following two questions : '1. whether provision for gratuity is permissible for deduction under section 10(2) (xv) or section 10(1) of the indian income-tax act, 1922 2. if the answer to question no. 1 is in the affirmative, how is the amount of liability to be quantified ?' 15. in our opinion, ..... mody, j.1. this is a reference under section 66(1) of the indian income-tax act, 1922. 2. this reference relates to three assessment years 1952-53, 1955-56 and 1956-57, the relevant accounting years being the calendar ..... be stated that the judgments of the house of lords in southern railway of peru v. owen and of the madras high court in commissioner of income-tax v. indian metal and metallurgical corporation show that it is conceivably possible that a scientific method of calculation may, given the requisite facts, be possible. ..... on two occasions when it filed its said two appeals. mr. dastur, however, contended that all the three authorities, viz., the income-tax officer, the appellate assistant commissioner and the income-tax appellate tribunal, rejected the assessee's contention on the ground that no provision against gratuity could be allowed as a deduction in this ..... or correct. in the circumstances the provision is disallowed and actual payments as and when made allowed to the company.' 6. this passage shows that the income-tax officer rejected the assessee's claim because of two reasons : firstly, that the claim for deduction as made by the assessee was on the basis of .....

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Apr 14 1970 (HC)

Dhondiram Dalichand Vs. Commissioner of Income-tax, Poona

Court : Mumbai

Decided on : Apr-14-1970

Reported in : [1971]81ITR609(Bom)

..... the business are not deductible, the operation of the proviso to section 13 of the income-tax act would be attracted : bombay cycle stores co. ltd. v. commissioner of income-tax. it may also be added, as was held by this court in commissioner of income-tax v. mcmillan & co. that the income-tax officer, even if he accepts the assessee's method of accounting, is not bound ..... for decision in this reference under section 66(2) of the indian income-tax act, 1922, is as follows : 'was there any material on the basis of which it can reasonably be said that, in the facts and circumstances of the case, the method of accounting employed is such that the income, profits and gains cannot properly be deduced therefrom ?' 2. the applicant ..... of his total sales. the assessee did not take that practical step even until the stage of the hearing before the appellate tribunal was completed. in that connection, the income-tax officer made his findings on the surrounding circumstances and facts as already recited above. the appellate assistant commissioner definitely held that the method of accounting adopted by the assessee and ..... several other circumstances and assessed the assessee on footing of his having made gross profits of 10 per cent. 4. the appellate assistant commissioner accepted the above finding of the income-tax officer and in that connection observed that '..... even though his sales during the year exceeded rs. 7 lakhs, he has not attempted to maintain a quantitative reconciliation with .....

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