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Judgment Search Results Home > Cases Phrase: income tax act Year: 1973 Page 9 of about 788 results (0.109 seconds)

Apr 04 1973 (SC)

Commissioner of Income Tax, West Bengal Ii Vs. Birla Gwalior (P) Ltd.

Court : Supreme Court of India

Decided on : Apr-04-1973

Reported in : AIR1973SC2486; [1973]89ITR266(SC); (1974)3SCC196; [1973]3SCR902

..... of its remuneration after it had become due was of no effect; and also rejected its claim that the amounts relinquished were allowable under section 10(2) (xv) of the income-tax act, 1922, because, as a result of the relinquishment , the financial position of the managed company did not become stronger while that of the assessee-company became weaker and, therefore, the ..... to have been foregone by the assessee as office allowance receivable from gwalior rayon and silk . was allowable as a revenue expenditure under section 10(2)(xv) of the indian income tax act, 1922 for the assessment years, 1955-56 and 1956-57, was called for.4. at the hearing, the high court came to the conclusion that it is not necessary to ..... rs. 1,11,779 said to have been foregone by the assessee as managing agency commission was allowable as a revenue expenditure under section 10(2)(xv) of the indian income-tax act, 1922 for the assessment year 1954-553. similar questions were called for the remaining two assessment years as well. but, in addition, one more question, namely :whether on the facts ..... -57. the previous financial years are the relevant accounting years.2. in all these appeals, as directed by the high court of calcutta under section 66(2) of the indian income tax act, 1922, certain questions were submitted by the tribunal. in the first case i.e. civil appeal no. 242 of 1970 only one question was submitted and in the other two .....

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Jan 29 1973 (SC)

The Commissioner of Income Tax, West Bengal 1, Calcutta Vs. Vegetables ...

Court : Supreme Court of India

Decided on : Jan-29-1973

Reported in : AIR1973SC927; [1973]88ITR192(SC); (1973)1SCC442; [1973]3SCR448; 1973(5)LC583(SC)

..... assessment for the assessment year 1960-61, the relevant account year ending on december 31, 1959. in that regard the income-tax officer issued a notice under section 22(2) of the indian income-tax act, 1922 (to be hereinafter referred to as the '1922 act') on june 1, 1960. the same was served on the assessee on june 13, 1960.that notice required the assessee ..... penalty leviable under section 271(1)(a)(i) of the income-tax act, 1961 the amount paid by the assessee under the provisional assessment under section 23b of the indian income-tax act, 1922, was to be deducted from the amount of tax determined under section 23(2) of that act in order to determine the amount of tax on which the computation of the penalty was to be ..... return for the assessment year in question. the assessment was completed by the income-tax officer only on october 31, 1962. meanwhile on april 1, 1961 the income-tax act, 1961 to be hereinafter referred to as the 'act') came into force. as under the provisions of section 297(2)(g) of the act, the proceedings for the imposition of the penalty had to be initiated and ..... relation to the assessment year commencing on the 1st day of april, 1965 and any subsequent assessment year means income-tax chargeable under the provisions of this act. and in relation to any other assessment year income-tax and super-tax chargeable under the provisions of this act prior to the aforesaid date. 10. but the difficulty in this case is, as mentioned earlier the expression used .....

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Dec 19 1973 (HC)

Mahavir Metal Works P. Ltd and anr. Vs. Union of India and anr.

Court : Delhi

Decided on : Dec-19-1973

Reported in : AIR1974Delhi73; [1974]95ITR197(Delhi)

..... then said that the sellers and the purchasers were treated differently inasmuch as the purchaser lost the property itself while the seller could be dealt with only under the general income-tax act and be made subject to a monetary penalty only. this difference between the treatment is inevitable. it is only the buyer who has the property which can be acquired. the ..... also supposed to have received more consideration that is stated in the instrument of transfer would be dealt with separately, for instance, under section 52 of the income-tax act, 1961 as chapter xxa 3. the act; came into force on 15th november, 1972. the taxation laws (amendment) bill 1971 was introduced in parliament on 12th august 1971. the instrument of transfer was executed ..... art. 39 are, thereforee, bound to be considered on numerous occasions in future in view of the enactment of art. 31-c.33. the taxation laws (amendment) act, 1972 inserting chapter xx-a in the income-tax act, 1961 is also a unique enactment. for the first time, it introduces a legislative measure which combines imposition of penalty with acquisition of property of a ..... date of the execution of the transfer deed, namely, 31st may, 1972.5. logically, the first question to be decided should be whether chapter xxa of the income-tax act, of 19612 as inserted therein by the act of 1972 is a ' law giving effect to the policy of the state towards securing the principles specified in clause (b) or clause (c) of article .....

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Aug 27 1973 (HC)

Gulab Chand Sharma Vs. H.P. Sharma Etc.

Court : Delhi

Decided on : Aug-27-1973

Reported in : ILR1974Delhi190; [1974]95ITR117(Delhi)

..... 297(2)(b) thereof. (2) the imposition of penalty on the accused could also be only under the income-tax act, 1961 and not under the income-tax act of 1922. (3) section 277 of the income-tax act, 1961 was applicable to the making of a false statement in a retum filed on 7-8-62. the ..... maharashtra : 1964crilj249 it was held by the supreme court that the effect of section 37(4) of the income-tax act, 1922 corresponding to section 136 of the income-tax act, 1961 was that the proceeding before the income-tax officer had to be treated as 'proceeding in any court' within the meaning of section 195(1)(b) ..... the assessment year 1959-60 had been iiled by the petitioner on 7-8-1962 i.e. after the commencement of the income-tax act 1961, (2) section 277 of the income-tax act 1961 was applicable to a false statement made in a retum filed on 7-8-1962 and (3) a person can ..... of the constitution says that 'no person shall be prosecuted and punished for the same offence more than once'. the imposition of a penalty under the income-tax act is neither a prosecution nor a punishment for any offence. the accused is not, thereforee, exposed to any 'double jeopardy'.(22) none of the ..... to section 200 criminal procedure code, he would have granted them exemption from personal appearance and examination. (5) even if the offences punishable under section 277 income-tax act, 1961 and section 193 indian penal code may be somewhat similar, they are not identical. there is no legal bar to the prosecution of the .....

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Dec 19 1973 (HC)

Mahabir Metal Works Pvt. Ltd. and anr. Vs. Union of India and anr.

Court : Delhi

Decided on : Dec-19-1973

Reported in : ILR1974Delhi617

..... consideration than is stated in the instrument of transfer would be dealt with separately, for instance, under section 52 of the income-tax act, 1961. the relevant part of the act of 1972 is inserted in the income-tax act, 1961 as chapter xxa. (3) the act came into force on 15th november 1972. the taxation laws (amendment) bill, 1971 was introduced in parliament on 12th august 1971 ..... then said that the sellers and the purchasers were treated differently inasmuch as the purchaser lost the property itself while the seller could be dealt with only under the general income-tax act and be made subject to a monetary penalty only. this difference between the treatment is inevitable. it is only the buyer who has the property which can be acquired. the ..... date of the execution of the transfer deed, namely, 31st may 1972. (5) logically, the first question to be decided should be whether chapter xxa of the income-tax act, 1961 as inserted therein by the act of 1972 is a 'law giving effect to the policy of the state towards securing the principles specified in clauses (b) or clause (c) of article 39 ..... .00 has been paid before the sub-registrar when the deed was presented for registration. the deed was actually registered on 31st january 1973. proceedings under chapter xxa of the income-tax act were then initiated against the petitioner who challenges in the present writ petition the validity of the proceedings on the following grounds. namely:- (1) that chapter xxa of the .....

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Apr 17 1973 (HC)

Shiv Shanker Lal Vs. Commissioner of Income Tax, Delhi

Court : Delhi

Decided on : Apr-17-1973

Reported in : ILR1973Delhi298; [1974]94ITR433(Delhi)

..... the land in excess of rs. 15.00 per sq. yd. actually received by the assessed which would be liable to income-tax under section 45 of the income-tax act, 1961 and would be liable to gift tax under section 4(a) of the gift tax act, would amount to double taxation (5) whether on the facts and in the circumstances of the case, the tribunal was ..... theatres private limited ' (2) whether on the facts and in the circumstances of the case, the tribunal was justified in holding that the provisions contained in section 52 of the income-tax act 1961 were not applicable to the facts of the case (3) whether on the facts and in the circumstances of the case, the tribunal was justified in holding that the ..... of the assessment proceeding he claimed that this was not a capital asset within the meaning of section 2(14) of the income-tax act, 1961 (hereinafter referred to as the act) as it was in the nature of agricultural land. the income-tax officer did not accept the assessed's claim that it was an agricultural land and held that it was a capital asset ..... concerned with the meaning of the term 'agricultural land', but was primarily concerned with the meaning of the term 'agricultural income' under section 2(1) of the income-tax act, 1922, the tests laid down by the supreme court for determining what the agricultural income would afiord guidance for deciding what is agricultural land. it would be sufficient for our purpose to reproduce the head .....

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Dec 14 1973 (HC)

Trilok Chand JaIn Vs. Dagi Ram Pindi Lall and ors.

Court : Delhi

Decided on : Dec-14-1973

Reported in : ILR1985Delhi331; [1974]95ITR34(Delhi)

..... general law for summoning documents or records relevant to the case before it. but. that power has to be subject to the provision in a special statule like the income-tax act. the indian income-tax act, 1922. by section 54 thereof, declared such documemts, records, etc. as confidential and prohibited a court from requiring, the production of such documents, records, etc. and from ..... documents are in respect of assessment years up to and including assessment year 1961-62, yet they were filed after april 1, 1962, in proceedings taking place under the income-tax act, 1961. the indian income-tax act, 1922, having been 'repealed with effect from april 1, 1962, the provisions of sections 54 and- 59-b ceased to exist. the proceedings being under the ..... various points that are involved in the questions referred to. us, it is necessary to refer to the relevant provisions in the indian income-tax act, 1922, and the income-tax act, 1961. sub-sections (1) and (2) of section 54 of the indian income-tax act, 1922, provided as under:'54. disclosure of information by a public servant (1) all particulars contained in any statement made, ..... for disclosure of any particulars contained in such documents, etc. laid down in section 54(2) remained unaffected and continued to subsist notwithstanding the repeal of the indian income-tax act, 1922, the enactment of the income-tax act, 1961, and the amendments of sections 137 and 138 on april 1, 1964, and april 1. 1967.(55) coming now to question l(b) which .....

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Jul 30 1973 (HC)

Commissioner of Income-tax Vs. Uttam Singh Duggal and Co. (P) Ltd.

Court : Delhi

Decided on : Jul-30-1973

Reported in : ILR1973Delhi741; [1974]94ITR486(Delhi)

..... instance of the revenue. 'whether on the facts and in the circumstances of the case the tribunal was right in holding that the provisions of section 23a(1) of the income-tax act, 1922 were not applicable to the case of messrs uttam singh duggal & co. private limited, new delhi, for the assessment year 1955-56.'(2) the respondent company, messrs uttam singh ..... .00. the assessed company declared a dividend amounting in all to rs. 1,86,300.00 only. on this, the income-tax officer, held that section 23a of the income-tax act, 1922, herein called 'the act', was applicable to the case. he accordingly imposed super-tax on the undistributed balance, which he worked at rs. 4,30,544.00. the assessed, in appeal before the appellate ..... act or even for the assessment, although it afforded a prima fade proof of the financial position of the company on the date when ..... approach to the difficult problem that arises in each case. we find it difficult to accept the argument that the income-tax officer cannot take into consideration any circumstances other than losses and smallness of profits'. the supreme court further observed that there was no provision in the income-tax act which makes the balance sheet final for the purpose of section 23a of the .....

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Mar 12 1973 (HC)

Gulab Singh and Sons Vs. Commissioner of Income Tax

Court : Delhi

Decided on : Mar-12-1973

Reported in : [1974]94ITR537(Delhi); 1973RLR535

..... the circumstances of the case the interest on additional premium of rs.2,53,125.00 at 6% per annum is allowable under section 9(i)(iv) of the indian income tax act, 1922 2. whether on the facts and in the circumstances. of the case, the tribunal was legally justified, in holding that the claim of the assessed amounting to rs. 4 ..... , the interest on additional premium of rs. 2,53,125.00 at 6% per annum from 1-1-60 to , is allowable under section 9(i)(iv) of the indian income tax act, 1922'.for the assessment year 1962-63, there are 4 questions, first 2 at the instance of the assessed assessed company and other two at the instance of the commissioner ..... held that the amount of additional premium was a mortgage or capital charge and hence the interest on the premium was payable under section 9(1) (iv) of the indian income tax act, 1922. the tribunal also deleted the addition of rs. 4,319.00 referred to above on the ground that though it was not a bad debt it should be considered ..... payable on a capital charge, and hence allowable under section 9(1)(iv) of the indian income tax act, 1922. the same holds true for the year 1962-63 as the provision of section 24(1)(iii) of the income tax act, 1961, permit the identical allowance under the new act, the answer to these questions has, thereforee, to be in favor of the assessed. (15) claim .....

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Apr 26 1973 (HC)

In the Matter Of: Shki Hanuman Pershadganeriwala Vs. the Director of I ...

Court : Delhi

Decided on : Apr-26-1973

Reported in : 10(1974)DLT96; [1974]93ITR419(Delhi)

..... the case of the petitioner as the assessment cannot be completed by the officer authorised to make the search, unless he derives jurisdiction under section 130a of the income tax act, 1961. every assessedhas a specific income tax officer who has jurisdiction over that assessed. that officer in the case of the petitioner is obviously shri jeevan lal, to whom the case had been transferred ..... however, dependent on the petitioner getting that order or information. (12) this construction of the sub-section is more in accordance with the scheme of the income tax act.for example, interms of section 151 of the act, an income tax officeer cannot issue a notice under section 148 after eight years wither the satisfaction of the board based on reasons to be recorded by the ..... sort of quasi-judicial enquiry has to be held. hence, the court held that a hearing was necessary. on the other hand, subsection (8) of section 132 of the income tax act, 1961 indicates that the authorised officer has to record reasons and get the approval of the commissioner. the language used seems to contemplate the commissioner approving the reasons given by ..... that the commissioner shall not authorise the retention of the books of account and other documents. for a period exceeding thirty days after all the procerdings under the indian income tax act, 1922, or this act in respect of the years for which the books of account or other documents are relevant, are completed. on the question of being heard before the order, .....

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