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Judgment Search Results Home > Cases Phrase: income tax act Year: 1971 Page 1 of about 877 results (0.153 seconds)

Jan 28 1971 (HC)

Commissioner of Income-tax, Poona Vs. Sunderlal N. Daga and ors. (No. ...

Court : Mumbai

Decided on : Jan-28-1971

Reported in : [1971]81ITR84(Bom)

..... mody, j.1. this is a reference under section 66(1) of the income-tax act, 1922. the assessment year relevant to this reference is 1947-48, the corresponding previous year being the year which ended on diwali ..... case, a return in answer to a general notice under section 22(1) was filed. no assessment was made on that return. subsequently, however, the income-tax officer initiated action under section 34. the supreme court held that the notice issued under section 34 was improper, because with the return already filed, there ..... order in connection with that voluntary return. he contended that when in respect of any year a return has been voluntarily submitted for assessment, the income-tax officer cannot chose to ignore the return and any notice of reassessment and consequent assessment under section 34 ignoring the return is invalid. in support ..... learned counsel for the revenue, has advanced the same arguments, raised the same contentions and has made the same applications as he had made in that income-tax reference no. 67 of 1965 we have, in our judgment in that matter which we have just delivered, rejected whose arguments, contentions and applications. it ..... returns on 12th december, 1960, under protest raising an objection that the action taken was without jurisdiction and time-barred. on 30th december, 1960, the income-tax officer completed the assessments of the three minors under section 23(3) read with section 34(1) (b). the appellate assistant commissioner accepted the contention .....

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Oct 15 1971 (HC)

Commissioner of Income-tax Vs. Net Ram Ram Swarup

Court : Allahabad

Decided on : Oct-15-1971

Reported in : [1973]88ITR213(All)

..... the nature and source of the deposits was sufficient to discharge the burden of the department that the assessee was liable to penalty under section 28(1)(c) of the income-tax act, 1922 ?' 2. the facts necessary for the disposal of these questions fall within a narrow compass. the assessment years involved are 1955-56 and 1956-57. the assessment for the ..... available, and that there were some suspicious cash credits in the books of account of prior accounting year also, i.e., year relevant for the assessment year 1955-56. the income-tax officer thereafter initiated proceedings under section 34 for the assessment year 1955-56. the assessee was asked to explain the nature and source of the cash credits and in response ..... the additions voluntarily will not mitigate against the original default in furnishing accurate figures of income. he, therefore, upheld the order passed by the income-tax officer. the tribunal, on appeal, however, took the view that the mere fact that the assessee had failed to prove the nature and source of the ..... that the offer of the assessee to agree to the addition amounted to revising the original return and as such no question of penalty arose. the income-tax officer held that the assessee had concealed its income and as such was liable to penalty. the appellate assistant commissioner was of the view that the mere fact that the assessee had offered to accept .....

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Mar 01 1971 (HC)

K.K. Porbunderwalla Vs. Commissioner of Income-tax, Bombay

Court : Mumbai

Decided on : Mar-01-1971

Reported in : [1972]85ITR385(Bom)

..... assessed in the hands of the assessee by the application of the provisions of section 16 (3) (a) (iii) of the indian income-tax act, 1922. on 30th march, 1957, khatijabai made a gift of two out of those four properties, described as the colaba property and ..... secondly, that before any income of a minor child can be brought within the scope of section 16 (3) ..... 10. in a recent decision in commissioner of income-tax v. prem bhai parekh, the supreme court laid down three propositions with reference to the provision of section 16 (3) of the income tax act of 1922. firstly, that section 16 (3) creates an artificial income and it must receive a strict construction. ..... separate, is thus clearly established and they attract the words of the section, namely, 'transferred directly or indirectly to the wife'.' in commissioner of income-tax v. keshavji morarji, the supreme court reiterated the principle of kothari's case, and proceeded to state the law thus : 'therefore if the ..... individual otherwise than for adequate consideration.....' 4. these provisions are made with the object of prevention attempts by a person to escape liability to income-tax by transferring properties in favour of his wife or minor children. the tribunal has emphasised the words 'transferred directly or indirectly' in both .....

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Jul 13 1971 (HC)

New Prahlad Mills (P.) Ltd. Vs. Commissioner of Income-tax, Bombay Cit ...

Court : Mumbai

Decided on : Jul-13-1971

Reported in : [1972]85ITR480(Bom)

..... chandrachud, j.1. this is a reference under section 66 (2) of the indian income-tax act, 1922, for the determination of there questions : '(1) whether, on the facts and in the circumstances of the case, the loss of rs. 5, ..... therefore, the acquisition was of a capital asset. in raja bahadur kamakhya narain singh v. commissioner of income-tax, it was held that the surplus realised by the assessee by the sale of a certain quantity of gold and shares was by way of realisation of investment ..... the object of the assess was to acquire had managing agency and that led to the inference that the assessee had acquired a capital asset. in commissioner of income-tax v. national finance ltd. also, it was held that the object of the company in purchasing certain shares was to acquire a lucrative managing agency and, ..... assessee the power to trade in shares cannot determine the nature of the transaction which it has entered into. in kishan prasad & co. ltd. v. commissioner of income-tax, the supreme court observes : 'the circumstance whether a transaction is or is not within the company's powers has no bearing on the nature of the transaction, ..... various shares and in reply the assessee stated that it object was to 'raise their market values and resell them with a view to earn profit.' the income-tax officer rejected this explanation and held that the shares were purchased by the assessee, not for the purpose of dealing in them, but as an investment .....

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Jan 28 1971 (HC)

Commissioner of Income-tax, Poona Vs. Sunderlal N. Daga and ors. (No. ...

Court : Mumbai

Decided on : Jan-28-1971

Reported in : [1971]81ITR73(Bom)

..... on the facts and in the circumstances of the case, the tribunal was right in holding that the assessment could not be justified under section 35 of the income-tax act, 1922 ?' 10. it is stated in the order which the tribunal made on that application for reference as appearing in the agreed statement of the case, ..... in its paragraph 12 : 'the first question is merely of academic importance. the assessee filed a return for the assessment year in question. the income-tax officer acted upon it and passed an order and has duly disposed of that return in accordance with law. he did not consider that return as an invalid return, ..... mody, j.1. this is a reference under section 66(1) of the income-tax act, 1922. the assessment year relevant to this reference is 1946-47, the corresponding previous year being the year which ended on diwali of 1945. ..... as the question pertains to clause (b), mr. hajarnavis stated that he advanced the same arguments and contentions which he had advanced in commissioner of income-tax v. sunderlal daga (income-tax reference no. 66 of 1965). the decision in the latter case was reserved and had not been delivered when the arguments in this case concluded. ..... nor did he in his proposal to the commissioner of income-tax for obtaining the sanction for reopening the assessment, suggest that the return filed for the .....

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Jan 20 1971 (HC)

Karsondas Ranchhoddas (Legal Heirs of Late Ranchhoddas Jethabhai) Vs. ...

Court : Mumbai

Decided on : Jan-20-1971

Reported in : [1972]83ITR256(Bom)

..... fact and such a finding of the tribunal must bind the high court, because the jurisdiction of the high court under section 66(1) of the income-tax act, 1922, is limited to entertaining references on question before the tribunal was a pure question of fact. as observed by the supreme court in oriental ..... has drawn up a statement of the case and has referred the following question for the opinion of the high court under section 66(1) of the income-tax act, 1922 :'whether, on the facts and in the circumstances of the case, the losses amounting to rs. 602, rs. 91,778 and rs. 9 ..... accrues or arises to him. effectiveness of the device depends not upon considerations of morality, but on the operation of the income-tax act. legislative injunction in taxing statutes may not except on peril of penalty, be violated, but it may lawfully be circumvented'.18. we might also in ..... investment co. p. ltd. v. commissioner of income-tax, there is a : '..... class of cases in which the assessee or the department may seek to challenge the correctness of the conclusion reached by the ..... facts which are before it. a finding recorded in total disregard of a relevant consideration would vitiate its judgment.13. in investment ltd. v. commissioner income-tax, a company called 'investment ltd.' was incorporated with the object, inter alia, of investing its fund and dealing in shares. for the assessment years 1952 .....

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Feb 22 1971 (HC)

Kishinchand Chellaram Vs. Commissioner of Income-tax

Court : Mumbai

Decided on : Feb-22-1971

Reported in : [1972]84ITR485(Bom)

..... messrs. kishinchand chellaram were assessed under section 23 of the indian income-tax act and their assessment completed for the year in question on 30th june, 1951. they were assessed on an income of rs. 26,43,573. some time in 1955, however, the income-tax officer received certain information and commenced to make enquiries regarding the ..... kotval, c.j.1. the assessee at whose instance this reference was called for under section 66(2) of the indian income-tax act, 1922, is a firm known as messrs. kishinchand chellaram carrying on business at gazdar house, dhobi talao, bombay. we are ..... material and must be given an adequate opportunity of explanining. see c. vasantlal & co. v. commissioner of income-tax. it is precisely in observance of this rule that the appellate assistant commissioner acted in the present case. after the fresh material which he had called for from the bank was before him, ..... to ascertain the true facts without knowing who the remitter was. secondly, he pointed out that the same difficulty for the first time in the income-tax officer's letter dated 4th march, 1955, and nathirmal being a common name in the community to which the parties belonged, it was impossible to ..... working at the mount road shop was known as tilokchand chellaram. the latter, namely, tilokchand chellaram, was at hongkong at the time when the income-tax officer was making enquiries regarding the remittance of rs. 1,07,350. tilokchand chellaram was at one time working at the ootacamund branch of the .....

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Mar 29 1971 (HC)

Commissioner of Income-tax, Bombay City Ii Vs. Mimraj Manmal Ruia

Court : Mumbai

Decided on : Mar-29-1971

Reported in : [1972]84ITR673(Bom)

..... commissioner allowed the whole of the deduction as a business loss under section 10(2) (iii) and not under section 12(2) of the income-tax act, 1922, as claimed by the assessee. by a cryptic order, the tribunal has allowed the deduction to the extent of rs. 9,408 ..... security is inadmissible as a deduction from the dividend income under section 12(2) of the act ?'4. section 12(1) of the income-tax act, 1922, provides that tax shall be payable by an assessee under the head 'income from other sources' in respect of income, profits and gains of every kind which may be ..... included in his total income if not included under any of the heads preceding. under section 12(1a), income from other sources includes income ..... was created for the purpose of buying shares with the object of investing in those shares. it is clear from the orders of the income-tax officer and the appellate assistant commissioner that the assessee justified the claim for deduction on the ground (1) that the overdraft account was secured ..... 2). the key words of the sub-section are that the expenditure must have been incurred 'solely' for the purpose of earning the income. tax on dividends is assessed separately under section 12 and only such expenditure can be allowed as a deduction as is specifically provided for in the .....

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Nov 12 1971 (HC)

Commissioner of Income-tax Vs. Rampur Timber and Turnery Co. Ltd.

Court : Allahabad

Decided on : Nov-12-1971

Reported in : [1973]89ITR150(All)

..... counsel we are in entire agreement with the views expressed by the president. the learned president held :this case has been referred to me under section 255(4) of the income-tax act, 1961, by the learned members of the delhi bench 'c' who had differed on the following question of law :'whether the profit of rs. 6,982 assessed under section 41 ..... considered carefully the relevant provisions of law bearing on the question and am inclined to agree with the view taken by the learned judicial member.7. section 28 of the income-tax act, 1961, says that the profits and gains of any business or profession 'carried on by the assessee at any time during the previous year ' shall be chargeable to ..... actually carried on the business and the asset in question was used for the purposes of such business. the decision of the supreme court in the case of commissioner of income-tax v. jaipuria china clay mines (p.) ltd., [1966] 59 i.t.r. 555 ; [1966] 2 s.c.r. 449 (s.c.). is an authority for the view that unabsorbed depreciation ..... income-tax under the head ' profits and gains of business or profession'. section 29 provides that income referred to in section 28 shall be computed in accordance with the provisions contained in sections 30 to 43. obviously, therefore, in computing .....

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Sep 06 1971 (SC)

Commissioner of Income Tax, West Bengal Vs. Hind Construction Ltd.

Court : Supreme Court of India

Decided on : Sep-06-1971

Reported in : (1972)4SCC460; 1972(4)LC132(SC)

..... of 1968 is by certificate. both these appeals arise from a reference made to the high court of calcutta under section 66(2) of the indian income tax act, 1922. the facts of the case are fully set out in the statement of case. there is no need to restate them. the finding of the ..... we hereby draw up the following agreed statement of the case and refer it to the high court at calcutta under section 66(2) of the indian income tax act, 1922.2. the assessment year concerned is 1951-52, for which the relevant accounting year is the financial year 1950-51.3. there was a ..... the firm hind patel co. with regard to the purpose for which the machinery had been acquired at assam as stated by the assessee, the income tax officer observed that the purpose for which the machinery were actually acquired was not at all material for determining the question as to whether any profit ..... firm fell not within the financial year 1949-50 but during the year under consideration. the income tax officer further observed that earlier balance sheets of the assessee showed that it had transferred machinery, furniture, office-equipments, etc., from time to time as ..... executing their own contracts, namely, the contracts of earth work etc. which required such machinery as had been obtained and not for sale.5. the income tax officer held, disagreeing with the assessee's contention, that it was a sale of machinery and the amount for which it was actually sold to the .....

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