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Judgment Search Results Home > Cases Phrase: income tax act Year: 1973 Page 5 of about 788 results (0.166 seconds)

Sep 25 1973 (HC)

Assam Co-operative Apex Bank Ltd. Vs. Commissioner of Income-tax and a ...

Court : Guwahati

Decided on : Sep-25-1973

..... -in-trade qualifies for exemption under notification no. f.d. (c. r.) r. dis. no. 291-i.t./25 dated august 25, 1925, issued under section 60 of the indian income-tax act, 1922.' 13. their lordships further held (page 88) : 'in bihar state co-operative bank's case : [1960]39itr114(sc) , the appellant-society carried on business of general banking and received ..... jurisdiction.'4. no doubt, the order of the commissioner is within his jurisdiction and competence, but in view of the fact that no appeal, revision or review lies under the income-tax act against that order, this application under article 226 of the constitution cannot be dismissed on the ground that the petitioner did not exhaust the statutory remedies which would have been ..... to refuse to have recourse to that machinery and to approach the high court directly against the action. .....where the party feeling aggrieved by an order of an authority underthe income-tax act has an adequate alternative remedy which he may resort to against the improper action of the authority and he does not avail himself of that remedy the high court will ..... , in view of the fact that an alternative remedy was open to the petitioner, which the petitioner did not exhaust. the learned standing counsel further submitted that the income-tax act is a self-contained act and that the remedies available thereunder should first be availed of before the petitioner could seek relief under article 226 of the constitution of india. the learned standing .....

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Apr 25 1973 (HC)

Indian Oil Corporation Ltd. Vs. S. Rajagopalan, Income-tax Officer, Co ...

Court : Mumbai

Decided on : Apr-25-1973

Reported in : [1973]92ITR241(Bom)

..... of profits aboard or for any other purpose which is not a business purpose of the undertaking. the provision with regard to development rebate in the indian income-tax act, 1922, and the present income-tax act are substantially the same and in substantially the same language. the various decision of the courts referred to by us hereinafter are under the provisions of the ..... and for other reliefs. the question that arise for determination in this petition in this petition pertain to development rebate provided for in section 33 of the income-tax act, 1961 (hereinafter referred to as 'the income-tax act'), the conditions for allowances such development rebate prescribed by section 34 and computation of capital employed in an industrial undertaking under section 80j of the said ..... the manner indicated hereinabove. 29. the last point taken in this case by the petitioner is that the impugned rectification notices cannot be issued under section 154 of the income-tax act as there is no mistake apparent from the record but obviously a different legal interpretation is being put on section 34 purporting to be based on the judgment of the ..... making the debit aforesaid) in accordance with the profit and loss account.....' 8. on behalf of the petitioner mr. palkhivala pointed out that section 33(1)(a) of the income-tax act which provides for grant of development rebate says that such rebate 'shall be allowed' in respect of the previous year in which the machinery or plant was installed or put .....

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Apr 27 1973 (HC)

J.S. Parkar Vs. V.B. Palekar and ors.

Court : Mumbai

Decided on : Apr-27-1973

Reported in : [1974]94ITR616(Bom)

..... restricted to the plea raised by him.' again, in beharilal ramcharan cotton mills ltd. v. commissioner of income-tax, the court observed as follows : 'there is nothing in the income-tax act or the income-tax rules or in the rules prescribed by the tribunal itself for regulation its procedure which prevents a party from ..... from the view taken by his learned colleague, mr. justice mukhi felt that if the profits from an illegal business were assessable to tax under the income-tax act, there was no reason why loss arising in illegal business should not be taken into account while computing the net profit of the ..... the assessee's pocket or is forced out of him by coercive process of law. when viewed from the point of view of the income-tax act. (which taxes profits and gains even from illegal business) equating loss of goods by confiscation with imposition of a penalty can never be realistic. if ..... rights off the petitioner. the supreme court also observed that if the petitioner does not avail of the alternate remedy provided under the income-tax act for obtaining relief against the improper action of the authority then the high court will require a strong case to be made out for ..... raised a preliminary objection to the entertainment of this petition under articles 226 and 227 of the constitution. according to mr. hajarnavis, the income-tax act provides for the alternate remedy under section 256(2) for approaching the high court requiring the appellate tribunal to state the case and refer it .....

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Mar 25 1973 (HC)

Babubhai M. Sanghvi Vs. Commissioner of Income-tax, Bombay City Ii

Court : Mumbai

Decided on : Mar-25-1973

Reported in : [1974]97ITR213(Bom)

..... between the fair market value and the actual consideration received by the petitioner was treated as gift under section 4 of the gift-tax act, 1958, and assessed under that act. the income-tax officer, however, held that section 52 of the income-tax act, 1961, also applied to the case and that capital gains had accordingly to be computed on the basis of the fair market value ..... following four questions have been referred for out determination : '(1) whether, on the facts and in the circumstances of the case, the first proviso to section 12b of the indian income-tax act, 1922, property became applicable if the answer to the question no. 1 is in the affirmative - (2) whether, on the facts and in the circumstances of the case, the 'fair ..... quoted above. 21. a similar view has been taken by the kerala high court in the case of k. p. varghese v. income-tax officer. in that case the court was concerned with the provisions of section 52 of the income-tax act, 1961, which are in pari materia with and the same as the provisions of the first proviso to section 12b (2) of ..... above, the sale could not be taken to have been made by the assessees at the full value. therefore, we think the income-tax officer was fully justified in resorting to the proviso to section 12b (2) of the income-tax act.'10. mr. kolah has taken serious exception to the manner in which the tribunal has disposed of the question of applicability of the .....

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Mar 26 1973 (HC)

Commissioner of Income-tax, Poona Vs. Hindustan Antibiotics Ltd.

Court : Mumbai

Decided on : Mar-26-1973

Reported in : [1974]93ITR548(Bom)

..... revenue the following question is referred for our determination : 'whether, on the facts and in the circumstances of the case, the assessee is entitled to exemption of tax under section 15c of the indian income-tax act, 1922, for the assessment year 1960-61 ?'2. the assessee is a limited company whose shares are entirely held by the government. it was incorporated on march ..... march 31, 1960, a question arose whether the assessee-company was entitled to exemption under the provisions of section 15c of the act. such exemption was claimed by the assessee-company but the claim was rejected by the income-tax officer. the income-tax officer, inter alia, took the view that it is no correct that the assessee-company's actual manufacturing operations commenced with ..... paid and electricity charges were incurred. 5. in the appeal by the assessee, the appellate assistant commissioner reversed the order of the income-tax officer and held that the assessee-company was entitled to exemption under section 15c of the act for the assessment year 1960-61 also. on a further appeal by the revenue before the tribunal, the judicial member of the ..... for the assessment year 1960-61, as four years succeeding ended in that period. 12. reliance was placed by mr. joshi upon a decision of this court in commissioner of income-tax v. tata locomotive & engineering co. ltd. 13. the controversy that arose in this case was whether the assessee-company can be regarded as having begun to manufacture or produce articles .....

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Jul 18 1973 (HC)

Amalgamated Electricity Co. Ltd. Vs. Commissioner of Income-tax, Bomba ...

Court : Mumbai

Decided on : Jul-18-1973

Reported in : [1974]97ITR334(Bom)

..... the tribunal should have framed and submitted to us was whether this particular relief sought by the assessees could be claimed under rule 8 of the indian income-tax act, 1922. having regard to the above discussion, we will answer question no. 8 thus : 36. electrical meters of the assessees fall under rule 8 ..... entitled to any multiple shift allowance in respect of their meters and what we have to consider is, looking to the provisions of the income-tax act and the relevant rules, whether the claim could be granted to the assessees or not and it is not necessary for the assessees to ..... be followed by this court. in our view, since the question which arises for our consideration pertains to an all-india fiscal statute like the income-tax act, for the sake of maintaining uniformity, it is desirable that we should follow the decision of the kerala high court on this question. even ..... the tariffs and dividends control reserve and the contingency reserve are admissible deductions under section 10 (2) (xv) or section 10 (1) of the indian income-tax act, 1922?' 11. now, the facts pertaining to these two questions in which the amalgamated, the malegaon and the ajmer are interested may be stated : ..... it in respect of the period prior to amalgamation, which payment was claimed as admissible deduction under section 10 (2) (xv) of the indian income-tax act, 1922 and the question runs as follows : whether the gratuity paid by the assessee to employees of the companies, which were amalgamated with it, .....

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Nov 17 1973 (HC)

Ramdas Khimji Brothers Vs. Commissioner of Income-tax, Bombay City I

Court : Mumbai

Decided on : Nov-17-1973

Reported in : [1974]97ITR361(Bom)

..... the tribunal has held, but there was a succession to the business of the old firm within the terms of section 25 (4) of the indian income-tax act 1922. in this connection, it is important to bear in mind that the decision of the supreme court in chamber's case shows unmistakably that no formal ..... 1948, the son transferred the business to a limited company, and for the assessment year 1948-49, he claimed relief under section 25 (4) of the indian income-tax act, 1922 and the question which arose was, whether on the facts stated above, there was a succession to the business within the terms of the said section 25 ..... so, i would, however prefer at this stage to consider what is the legal concept of succession within the meaning of section 25 (4) of the indian income-tax act, 1922. 6. many cases were cited before us in the course of the hearing of this reference, but i propose to refer to only two of them ..... 3. it will be convenient at this stage to refer to the provisions of section 25 of the indian income-tax act of 1922 with which the court is concerned in the present case. it may be stated that sub-section (1), (2) and (3) of the said ..... the facts and in the circumstances of the case, the firm of m/s. ramdas khimji bros. was entitled to relief under section 25 (4) of the indian income-tax act, 1922, in respect of the profits from its business for the period from october 1, 1951, to december 28, 1951, relevant to the assessment year 1953-54?' .....

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Mar 11 1973 (HC)

A.J. Patel (by His Legal Representative) Vs. Commissioner of Income-ta ...

Court : Mumbai

Decided on : Mar-11-1973

Reported in : [1974]97ITR683(Bom)

..... jhaverbhai) patel bridge at chowpatty is exempt from tax under section 4 (3) (i) of the indian income-tax act, 1922? 2. whether, on the facts and in the circumstances stated in the statement of case, the ..... income from the advertisements on the said overbridge could be added as income of the assessee?' 2. the questions referred for our determination relate ..... appellate assistant commissioner or the appellate tribunal. 4. it was sought to be contended on behalf of the assessee before the income-tax officer that the income from advertisement business was exempt under section 4 (3) (i) of the act. the income-tax officer rejected the contention of the assessee holding that there was neither a valid trust nor any legal obligation of whatever kind ..... this reference under section 66 (1) of the indian income-tax act, 1922 (hereinafter referred to as 'the act'), at the instance of the assessee the following two questions of law are referred to us for our determination : '1. whether, on the facts and in the circumstances stated in the statement of case, the income derived by letting out the space on ambalal (sic .....

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Mar 12 1973 (HC)

Commissioner of Income-tax, Bombay City Ii Vs. Trustees of Abdulcadar ...

Court : Mumbai

Decided on : Mar-12-1973

Reported in : [1975]100ITR85(Bom)

..... assessment years the claim was made on behalf of the assessee (the trustees) that the income of the trust properties was entitled to the exemption under section 4 (3) (i) of the income-tax act, 1922. the income-tax officer, while accepting that there was a validly constituted trust and that the objects of the ..... trust were religious and/or charitable, rejected the claim of the assessee for exemption on the ground that the provisions of clause 14 of the trust deed conferred upon mullaji saheb complete power over the income ..... position which mullaji saheb occupied in the community which made it incumbent upon the mullaji saheb to use the income of the trust property for charitable purposes mentioned in the document. the income-tax officer took the view that the fact that the mullaji saheb had not exercised the power conferred upon ..... trust and enjoyment thereof for his own use and benefit and in any other manner he liked and, according to the income-tax officer, this clause had overriding effect on all the assessee that in fact mullaji saheb had not utilised that power at ..... the instance of the revenue is as under : 'whether, on the facts and circumstances of this case, the income of the assessee-trust is exempt under section 4 (3) (i) of the act ?' 2. the assessee happens to be the trustees of abdulcadar ebrahim trust, bombay, and the question referred to .....

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Nov 29 1973 (HC)

Commissioner of Income-tax, Bombay City Iii Vs. Himalayan Tiles and Ma ...

Court : Mumbai

Decided on : Nov-29-1973

Reported in : [1975]100ITR177(Bom)

..... nature of trade, and, that if surplus was realised from such venture, such surplus was liable to be included in the income of the assessee-company under section 10 of the indian income-tax act, 1922. vimadalal, j.31. i agree with the judgment just delivered by my brother, desai j., and would like to ..... the head 'profits and gains of business' and accordingly to definition of 'business' found contained in section 2(4) of the indian income-tax act, 1922, would become relevant. the said definition read as follows : '2. (4) 'business' includes any trade, commerce, or manufacture any adventure or ..... s.k. desai, j.1. this is a reference under section 66(1) of the indian income-tax act, 1922, made by the income-tax appellate tribunal, bombay bench 'a', bombay. 2. the reference arise out of the assessment of a private limited company for the year ..... , the company had to bear and pay. accordingly, the net excess realised, viz., rs. 61,340 was held to be taxable by the income-tax officer. the income-tax officer also rejected the contention that unless and until both the claims taken over were finally settled and the legal expenses in respect thereof fully paid, ..... 'adventure in the nature of trade' appearing in the definition of 'business' under section 2(4) of the act came to be considered by the supreme court in g. venkataswami naidu & co. v. commissioner of income-tax, where after exhaustive analysis of the statutory provisions and the english and indian authorities, gajendragadkar j. (as he then .....

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