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Judgment Search Results Home > Cases Phrase: income tax act Year: 1973 Page 11 of about 788 results (0.091 seconds)

Sep 03 1973 (HC)

Commissioner of Income-tax Vs. Lakshmi Lines Ltd.

Court : Kerala

Decided on : Sep-03-1973

Reported in : [1976]102ITR196(Ker)

..... for unpaid purchase money of the ship was an allowable deduction under section 37(1) of the income-tax act, 1961 ?'2. one alagusundaram chettiar purchased a ship by name 'hugo arlt' from m/s. avers and arlt, bremmen, netherlands. the purchase was with the approval of the government of ..... india......' our task has been considerably lightened by the findings of this tribunal in similar circumstances.' 8. referring to section 42(1) of the earlier act, indian income-tax act, 1922, which corresponds to section 9(1) of the act, the supreme court in aggarwal chamber of commerce v. ganpat rai hira lal, : [1958]33itr245(sc) quoted with approval a passage from the decision of ..... bar created under section 40(a)(i) is not attracted and the interest amount paid by the assessee is an allowable deduction under section 37(1) of the income-tax act, 1961. the order of the appellate assistant commissioner is confirmed.'4. section 37(1) allows deduction of any expenditure laid out or expended wholly and exclusively for the purposes of ..... , on the facts and in the circumstances of the case, and having regard to the provisions of section 10(15)(iv)(c) of the income-tax act, 1961, the tribunal is correct in holding that payment of interest of rs. 10,346 by the assessee to the non-resident company, m/s. avers and arlt, bremmen, netherlands, .....

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Oct 10 1973 (HC)

Malabar Co-operative Central Bank Ltd. Vs. Commissioner of Income-tax

Court : Kerala

Decided on : Oct-10-1973

Reported in : [1975]101ITR87(Ker)

..... rs. 49,086 by way of interest on securities. this amount, it was contended by the assessee, should be exempted under section 80p(2)(a)(i) of the income-tax act, 1961, for short, the act. this contention had been rejected by the tribunal. the assessee is a co-operative society carrying on banking business. the submission on behalf of counsel for the assessee ..... the circumstances of the case, the interest on securities received by the assessee amounting to rs. 49,086 is exempt from tax under section 80p(2)(a)(i) of the income-tax act, 1961 ?'2. the question has been referred to us by the income-tax appellate tribunal, cochin bench, as arising from the order of the tribunal in the matter of the assessee, the malabar ..... heads only for the purpose of computation of the total income : by that break-up the income does not cease to be the income of the business, the different heads of income being only the classification prescribed by the indian income-tax act for computation of income.'6. in the decision of the supreme court in commissioner of income-tax v. cocanada radhaswami bank ltd., : [1965]57itr306(sc) it is ..... .5. certain observations in certain cases to the effect that income from interest comes under a different head under the income-tax act and, therefore, such income cannot be treated to be business income will have to be adverted to before closing this case. only if interest income is business income, section 80p(2)(a)(i) of the act would apply. we have no doubt held that this is .....

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Jul 19 1973 (HC)

Commissioner of Income-tax Vs. Dr. K. George Thomas

Court : Kerala

Decided on : Jul-19-1973

Reported in : [1974]97ITR111(Ker)

..... the cases the question that arose for consideration was whether within the meaning of section 100, schedule d, case 1, rule 3 of the income tax act, 1842, the sum claimed was or was not a loss connected with or arising out of a trade or business. the words construed are ..... 3,63,750 are exempt from taxation under section 4(3)(vii) of the indian income-tax act, 1922, for the assessment years 1960-61 and 1961-62, respectively?' before we read section 4(3)(vii) of the act, we shall refer to the admitted facts and the basis on which the tribunal dealt ..... tribunal, cochin bench, has referred to this court under section 66(1) of the indian income-tax act, 1922, the following two questions for decision:'(i) whether, on the facts and in the circumstances of the case, ..... the assessee and those who made the contributions. his case has been clearly stated in the communication dated 3rd january, 1962, addressed to the income-tax officer by the chartered accountants who represented the assessee :'the source of credit in the personal account of dr. k. george thomas is from ..... be forwarded to the appellate tribunal as required by sub-section (5) of section 66 of the indian income-tax act, 1922. ..... they will be included in the total income. in thatcase, whether they were of a casual and non-recurring nature is of noimportance, in fact, irrelevant. this aspect is not seriously disputed beforeus. this is an accepted proposition is clear from the commentaries to theincome-tax act by kanga, 6th edition, page .....

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Mar 14 1973 (HC)

Commissioner of Income-tax Vs. Parkins (P.) Ltd.

Court : Kerala

Decided on : Mar-14-1973

Reported in : [1974]97ITR232(Ker)

..... 1,28,5,50. the assessee also made a business loss of rs. 1,06,880 during the same previous year. the total income assessable to tax under the indian income-tax act, 1922, for short, the act, was thus only rs. 21,750. the income-tax and super-tax payable on rs. 21,750 was rs. 9,787.50. the assessee contended that under section 49b of the ..... are only that an assessee should have received dividend income and that that dividend income came from a company which was assessed to agricultural income-tax under the agricultural income-tax act applicable to the case, if these two conditions are satisfied, section 49b of the act is attracted and if further tax was payable by the assessee on income received by the assessee by way of dividend from ..... is entitled to a deduction from the tax payable by him under section 49b of the indian income-tax act, 1922, as amended by section 14 of the finance act, 1959, even on that portion of the dividend attributable to the profits of the companies assessed to agricultural income-tax which has not been subjected to tax under the indian income-tax act in the hands of the shareholder ?'2 ..... such a company, he is entitled to relief under section 49b of the act. in this case there .....

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Sep 19 1973 (HC)

Commissioner of Income-tax Vs. Cochin-malabar Estates Ltd.

Court : Kerala

Decided on : Sep-19-1973

Reported in : [1974]97ITR466(Ker)

..... -65, 1965-66 and 1966-67 of the same assessee. the question is whether the assessee is liable for interest as provided by section 215(1) of the income-tax act, 1961, for short, 'the act'. the income-tax officer did not charge interest under the section. his orders which are annexures 'a', ' a-1' and 'a-2' to the paper book are absolutely silent in ..... , the appellate tribunal was right in law in holding that the commissioner of income-tax was not justified in modifying the assessment order of the income-tax officer for the assessment year 1964-65 under section 263 of the income-tax act, 1961 ?' 3. at this stage, it will be useful to read sub-sections (1) and (4) of section 215 ..... .r. 149. the question therein was whether the income-tax officer acting under section 35 of the indian income-tax act, 1922, had the power to rectify an alleged mistake in the order of assessment passed by the income-tax officer in that he omitted to charge interest under section 18a(6) of that act. at the time when the income-tax officer passed the order, section 18a stood unqualified casting ..... the facts and in the circumstances of the case, the presumption made by the appellate tribunal that the income-tax officer had exercised his discretion and decided not to levy the penal interest for the assessment year 1964-65 under section 215 of the income-tax act, 1961, is supported by any material ? (2) whether, on the facts and in the circumstances of the case .....

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Mar 21 1973 (HC)

K.P. Mathew Vs. Agricultural Income-tax Officer

Court : Kerala

Decided on : Mar-21-1973

Reported in : [1974]96ITR121(Ker)

..... evidence which he might under section 17 or section 18 have required from the deceased person.' 4. the corresponding provision is section 24b in the indian income-tax act, 1922, and section 159 in the income-tax act, 1961. the latter section contains a more detailed provision. the law is the same under all these three statutes regarding the procedure for assessment of the ..... representatives; and 'if there are more than two, all must be impleaded to make the representation of the estate complete'. but section 24 of the agricultural income-tax act, 1950, or the corresponding provision in the income-tax act, 1961, does not say that, in such a case, the assessment must be against all the legal representatives, or that the whole estate must be ..... to whom all the notices have been duly issued. the case arises under the agricultural income-tax act, 1950. the relevant provisions in this act and in the income-tax act, 1956, are similar ; and the same question would arise also under the latter act. so, i issued notice to the income-tax counsel of the central government; and i had the able assistance of shri. p. a ..... it is now necessary to briefly state the facts of the case. one ittiachan poulose, who was an assessee under the agricultural income-tax act, 1950, within the jurisdiction of the respondent, the agricultural income-tax officer, alwaye, filed a return of his total agricultural income for the assessment year 1970-71. in response to a notice issued under section 18(2) of the .....

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Jun 06 1973 (HC)

Commissioner of Income-tax Vs. A.V. Thomas and Co. Ltd. and anr.

Court : Kerala

Decided on : Jun-06-1973

Reported in : [1974]96ITR343(Ker)

..... in the hands of the company which distributed the dividends and another in the hands of the shareholder. to give relief to the shareholders, earlier section 49b of the indian income-tax act, 1922, was amended and substituted by a new provision in 1959 which is in the following terms :' 49b. where a company pays to a shareholder any dividend out of its ..... are also similarly worded and, therefore, they are not repeated here.3. dividends declared by companies assessed to agricultural income-tax have been held to be dividends chargeable to income-tax under the income-tax act (see the supreme court decision in mrs. bacha f. guzdar v. commissioner of income-tax, [1955] 27 i.t.r. 1 (s.c.)). this conclusion resulted in a double taxation of the same ..... per cent., on that portion of the dividend which is attributable to the profits of the company assessed to agricultural income-tax ; whichever is less.' 5. as per the language of the section, from the tax payable by the shareholder under the income-tax act the lesser of the two sums calculated under that section has to be reduced and that calculation is to be made ..... relevant to the above-mentioned assessment years of the assessees. these dividends have been reckoned under the head ' income from other sources ' in computing the total income of the assessee-companies. under section 80m of the income-tax act, a sum equal to 60% of such income by way of dividends paid to the assessees by the other companies is to be deducted in computing the .....

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Mar 05 1973 (HC)

Joseph Joseph Vs. Agricultural Income-tax Officer

Court : Kerala

Decided on : Mar-05-1973

Reported in : [1973]92ITR114(Ker)

..... orders of assessments, exhibits p-l, p-2 and p-3, all dated september 15, 1969, made by the respondent, the agricultural income-tax officer, palai, under the agricultural income-tax act, 1950, for the years 1966-67, 1967-68 and 1968-69. in all the assessments, the name 6f the assessee is described as ..... impugned, assessment in the mysore case was made without notice of the fact that the assessee had died, while in the instant case, the income-tax officer had knowledge about the death of the assessee before the impugned orders were passed. but i do not think that this will make any ..... any assessment made without issuance of such a notice is bad under law. the submission is not wholly right under the above provision. the income-tax officer is bound to issue only such notices 'which would have to be served on the deceased person had he survived'. if the assessment proceedings ..... 3) of section 24 of the act, with reads: '24. tax of deceased person payable by representatives.--(1).... (3) where a person dies without having furnished a return which he has been required to furnish under section 17, or having furnished a return which the agricultural income-tax officer has reason to believe to ..... (3) of the kerala act, which corresponds to section 23(2) of the mysore act. the mysore high court held that, if the entire investigation of the assessment proceedings has come to a conclusion during the lifetime of the , deceased, it was plainly unnecessary for the income-tax officer to issue notice to .....

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Jun 07 1973 (HC)

C.J. George Vs. Commissioner of Income-tax

Court : Kerala

Decided on : Jun-07-1973

Reported in : [1973]92ITR137(Ker)

..... for which the property might reasonably be expected to let from year to year'. this contention was based on section 23 of the income-tax act, 1961 (hereinafter referred to as 'the act'). section 23 states that 'for the purpose of section 22, the annual value of any property shall be deemed to be the sum ..... and that only the annual value as denned in section 23 and determined in accordance with the provisions thereof is liable to be taxed under the act. the question, therefore, arose before the income-tax officer as to the annual value of the property. he fixed the annual value at rs. 33,000, the amount for ..... answer the question referred to us in thenegative that is in favour of the assessee and against the department.the assessee will have his costs in these income-tax referred cases includingadvocate's fee in each case which we fix at rs. 250.6. a copy of this judgment under the seal of the high ..... that, therefore, the finding entered by the tribunal is vitiated. he also relied on the decision of the supremecourt in sree meenakshi mills ltd. v. commissioner of income-tax, (1) [1957] 31 i.t.r. 28; [1956] s.c.r. 691 (s.c.) and contended that if the relevant material has been ignored ..... in nalinikant ambalal mody v. s. a. l. narayan row, commissioner of income-tax, [1966] 61 i.t.r. 428 (s.c.) and said :'we accepted the contention on behalf of the assessee that notional income contemplated by section 23 of the act, namely, the sum for which the property might reasonably be expected to let .....

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Jun 08 1973 (HC)

Smt. Regina Vs. Commissioner of Income-tax

Court : Kerala

Decided on : Jun-08-1973

Reported in : [1973]92ITR153(Ker)

..... the circumstances of the case, the tribunal was justified in law in holding that the sum of rs. 61,330 is assessable under section 10(2)(vii) of the indian income-tax act, 1922 ?'2. the facts are these. the assessee was carrying on business at trichur. the business consisted of oil mills, soap works and foundry. on september 27, 1954, a private ..... the case of assets acquired before the previous year the actual cost to the assessee less all depreciation actually allowed to him under this act, or any act repealed thereby, or under executive orders issued when the indian income-tax act, 1886 (ii of 1886), was in force.' 4. a reading of these provisions shows that all depreciation actually allowed to the assessee under the ..... the appellate assistant commissioner reached the same conclusion as that arrived at by the income-tax officer. it was found that a sale within the meaning of section 10(2)(vii) of the indian income-tax act, 1922, has been effected and the profit realised therefrom was correctly included in the total income for assessment. on second appeal before the tribunal it was again contended that ..... act shall be deemed to be the profits of the previous year in which the sale took place if the sale amount exceeds the written down value. 5 .....

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