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Judgment Search Results Home > Cases Phrase: income tax act Year: 1976 Page 1 of about 909 results (0.091 seconds)

Nov 11 1976 (HC)

Aziende Colori Nazionali Affini, Italy Vs. Commissioner of Income-tax, ...

Court : Mumbai

Decided on : Nov-11-1976

Reported in : [1977]110ITR145(Bom)

..... 10,000 for the three assessment years respectively. thereafter, at the instance of the assessee a reference has been made to this court under section 66(1) of indian income-tax act, 1922. 3. the question which has been referred to us for our opinion is as follows : 'whether the sum of rs. 7,500, rs. 10, ..... agreement as divorced from one another. it is true that clause (3) seems to suggest that the payment of rs. 25,000 net free of income-tax in terms of indian rupees as made by the indian company to the assessee in consideration of a.c.n.a.'s disclosure and supplies of the ..... paragraphs (1) and (2) above, amar shall pay to a.c.n.a. an annual technical service fee of rs. 25,000 net free from income-tax in italian lire at italian lire 130 per re. 1, subject to any exchange restrictions as may be for the time being in force. this fee shall ..... order upheld the view of the income-tax officer. the assessee thereafter went in second appeals tot he income-tax appellate tribunal. the contention before the tribunal was that the technical services as required to be rendered in terms of clause (3) ..... to be rendered which were distinct and for which a separate payment was provided. the income-tax officer took the view that a part of the above amounts must be deemed to be income accrued in india and hence liable to tax in india. the assessee then filed appeals to the appellate assistant commissioner, who by an .....

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Feb 16 1976 (HC)

Marghabhai Kishabhai Patel and Co. Vs. Commissioner of Income-tax, Guj ...

Court : Gujarat

Decided on : Feb-16-1976

Reported in : [1977]108ITR27a(Guj)

..... distributed is not prohibited. a taxpayer may resort to a device to divert 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. it is a well accepted principle of law that an assessee can so arrange ..... in taxing statutes may not, except on peril of penalty, by violated, but it may lawfully be circumvented.' 18. in the instant case, it is nobody's case that the transactions of ..... commissioner of income-tax v. a. raman & company : [1968]67itr11(sc) : 'avoidance of tax liability by so arranging commercial affairs that charge of tax is distributed is not prohibited. a taxpayer may resort to a device to divert the income before it 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 .....

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Mar 14 1976 (HC)

Commissioner of Income-tax, Bombay City-i Vs. Menora Hosiery Works Pvt ...

Court : Mumbai

Decided on : Mar-14-1976

Reported in : [1977]109ITR714(Bom)

..... or revenue nature and the exact question referred to us for our opinion by the tribunal under section 256(1) of the income-tax act, 1961, at the instance of the commissioner of income-tax, bombay city-i, runs thus : 'whether, on the facts and in the circumstances of the case, the expenditure of rs ..... in support of his contention he strongly relied upon a decision of the andhra pradesh high court in the case of taj mahal hotel v. commissioner of income-tax : [1967]66itr303(ap) . on the other hand, mr. patil appearing for the assessee has sought to support the view of the tribunal by ..... revenue the disallowance was sought to be supported on the basis of a decision of the madras high court in m. subbiah nadar v. commissioner of income-tax : [1953]23itr58(mad) . the tribunal distinguished the madras decision as, in its view, it rested on its peculiar facts and that in the instant ..... construction did not amount to payment of advance rent. on appeal, the appellate assistant commissioner upheld the disallowance of the claim as he confirmed the income-tax officer's view that the expenditure in question was clearly in the nature of capital expenditure. the assessee carried the matter in second appeal to ..... 5th of it as pertaining to the year of account in the assessment proceedings for assessment year 1962-63. the claim was disallowed by the income-tax officer on the ground that the expenditure was of a capital nature inasmuch as the assessee had acquired an enduring benefit by the construction of .....

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Mar 16 1976 (HC)

Godavari Sugar Mills Ltd. Vs. Commissioner of Income-tax, Bombay City ...

Court : Mumbai

Decided on : Mar-16-1976

Reported in : [1978]112ITR205(Bom)

..... was cane crushing and manufacture and sale of sugar. the income derived by the assessee from the former activity was agricultural income which was exempt from payment of income-tax under section 4(3)(xiii) of the indian income-tax act, 1922, and the income from the latter activity was business income chargeable to income-tax under section 10 of the indian income-tax act, 1922. the profit and loss account of the assessee ..... kantawala, c.j.1. this reference has been made under section 66(2) of the indian income-tax act, 1922, pursuant to an order passed by this court. there are two sets of questions referred to us for determination. the first set of common questions relate to the assessment ..... not consider it necessary that elaborate discussion is required for answering the three questions which are referred to us. 12. the first question pertains to the rate fixed by the income-tax officer and confirmed by the other authorities for sugarcane being lower than the average rate at which the assessee-company purchased the sugarcane from the market and the question relates ..... operations. the assessee was showing loss in the manufacturing business and huge profits in the agricultural business. in the course of examination of the details furnished by the assessee the income-tax officer found that the assessee had debited to the profit and loss account of the manufacturing activity several expenses which were patently of an agricultural character; that large sums of .....

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Sep 23 1976 (HC)

Additional Commissioner of Income-tax Vs. Trikamji Punia and Sons

Court : Andhra Pradesh

Decided on : Sep-23-1976

Reported in : [1977]106ITR597(AP)

..... narration of the facts hereinabove set out that the books of account were not found reliable and correct by the income-tax officer. under section 145(2) of the income-tax act, 1961, since the income-tax officer was not satisfied about the correctness or the completeness of the accounts of the assessee, he could make ..... an assessment in the manner provided in section 144. section 144 provides for best judgment assessment and it enables the income-tax officer, after taking ..... a full bench in view of the fact that the view taken by this high court in v.d. rajarathanam v. commissioner of income-tax : [1968]68itr19(ap) and commissioner of income-tax v. k.s. reddy : [1976]103itr822(ap) is contrary to the view taken by the madras high court, kerala high court ..... department on that issue.17. the next decision in point of time is the decision of this high court in v.d. rajarathanam v. commissioner of income-tax : [1968]68itr19(ap) . that case was decided by a division bench consisting of jaganmohan reddy c.j. and ananthanarayana ayyar j. there also ..... it desirable that the question is finally settled by a larger bench.2. the question which has been referred to the high court by the income-tax appellate tribunal is as follows :'whether, on the facts and in the circumstances of the case, the tribunal was justified in law in giving .....

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Sep 01 1976 (HC)

R. Dalmia Vs. the Commissioner of Income-tax

Court : Delhi

Decided on : Sep-01-1976

Reported in : ILR1976Delhi565b; [1978]113ITR522(Delhi)

..... been satisfactorily explained. hence, it held, that the conclusion of this amount in the income of the assessed was justified.(13) on 6th july 1970 the assessed moved an application under section 66(1) of the income-tax act 1922 before the tribunal requiring it to refer to the high court eight questions of law ..... t.p.s. chawla, j. (1) this is an application under section 66(2) of the income-tax act, 1922. the petitioner is r. dalmia, the assessed. he prays for an order to be made requiring the appellate tribunal to ..... the tribunal to support its finding, the high court has no power to require a reference even though it does not concur in the conclusion : see commissioner of income-tax, (central) calcutta vs . daulat ram rawatmull, : [1964]53itr574(sc) . here the material was overwhelming and the conclusion irresistible.(27) although these were ..... to take notice of material which was relevant, if this were true there would be ground for requiring the tribunal to make a reference : see commissioner of income-tax (central) , calcutta vs . daulat ram rawatmull : [1973]87itr349(sc) but beyond making these assertions counsel for the assessed could point to nothing in support ..... sources.'again, it will be noticed, that the court was adverting to the question whether the tribunal's conclusion on the facts was right.(23) in commissioner of income-tax (central) , calcutta vs . daulat ram rawatmull : [1973]87itr349(sc) the assessed was a firm. as collaterals security for the overdraft account of the .....

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Jan 09 1976 (HC)

Commissioner of Income-tax Vs. C.P. Adam

Court : Kerala

Decided on : Jan-09-1976

Reported in : [1976]105ITR465(Ker)

..... -nate interest in respect of the last two loans and set aside the order treating the last two loans amounting to rs. 90,000 as undisclosed income. hence the present reference.5. section 68 of the income-tax act, 1961, reads as follows:'where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers ..... . the order of the income-tax officer was confirmed by the appellate assistant commissioner by his order dated november 11, 1969. on ..... in the shape of hundi loans from these bankers.'for these reasons the income-tax officer, by his order dated march 18, 1969, treated the total sum of rs. 1,35,000 as the assessee's concealed income, and added the same to his total income, under section 65 of the income-tax act. he also disallowed the claim for deducting the interest of rs. 25,672 ..... further appeal, the tribunal confirmed the finding of the income-tax officer in regard to the loans borrowed .....

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Apr 08 1976 (HC)

Janatha Contract Co. Vs. Commissioner of Income-tax

Court : Kerala

Decided on : Apr-08-1976

Reported in : [1976]105ITR627(Ker)

..... answer the question raised by the tribunal and leave the matter to the tribunal to take appropriate steps to adjust its decision under section 260(1) of the income-tax act, 1961, in the light of what, we have stated in this judgment. we decline to answer the question because the relevant materials are not before us ..... accompanied by a profit and loss account and balance-sheet. the total receipts seen from the profit and loss account were rs. 20,48,083. the income-tax officer on enquiry with the executive engineers found that the assessee had received rs. 25,99,353 in the course of the accounting year. there was thus ..... in mind the observations in this judgment. the tribunal may remand the case to the appellate assistant commissioner or the income-tax officer and further may take additional evidence or direct additional evidence being taken. the income-tax referred cases are disposed of on the above terms. there will be no direction regarding costs. 16. a copy ..... the procedure employed by the supreme court in the two decisions in commissioner of income-tax v. greaves cotton & co. ltd., : [1968]68itr200(sc) and commissioner of income-tax v. indian molasses & co. p. ltd., : [1970]78itr474(sc) . 13. though there are two income-tax references there is a really only one reference at the instance of the assessee ..... govindan nair, c.j.1. the income-tax appellate tribunal, cochin bench, has stated a case and referred the following question to this court for its opinion : 'whether, on the facts and .....

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Feb 20 1976 (HC)

Commissioner of Income-tax, Gujarat-iii Vs. Bipinbhai Vadilal

Court : Gujarat

Decided on : Feb-20-1976

Reported in : [1978]113ITR664(Guj)

..... point necessary for the determination of the controversy between the parties. it will be open to the tribunal, however, to dispose of the appeals under section 260(1) of the income-tax act, 1961, in the light of the observations made in the course of this judgment. in this connection, we may invited the tribunal's attention to the decision of this court ..... law that it has failed to determine the real point which arose for its decision in the present case. under the income-tax act, the charge is on the total income of the previous year of the taxpayer and the total income includes all income, from whatever source derived, which is received or is deemed to be received by the taxpayer or which accrues or arises ..... , income in respect of which liability to tax is attracted must be the real income of the taxpayer and not his artificial or ..... , i had observed in that case as under : 'income-tax is a levy on income but every sum of money which appears to have been earned by a taxpayer is not necessarily income chargeable to tax. when the charging section of the income-tax act subjects to charge the total income of the taxpayer, it is what reaches him as income which it is intended to charge. in other words .....

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Jan 19 1976 (HC)

Commissioner of Income-tax, Gujarat Iii Vs. Natu Hansraj

Court : Gujarat

Decided on : Jan-19-1976

Reported in : [1976]105ITR43(Guj)

..... of the case, the tribunal was right in law in holding that the capital gain earned by the assessee was exempt from tax under section 54 of the income-tax act, 1961 ?' 7. under section 45, as it stood at the material time, any profits or gains arising from the ..... was within the exempting provisions contained in section 54. the income-tax officer computed the cost of the old property (including the ..... assessment to income-tax for the assessment year 1968-69, the assessee claimed before the income-tax officer that the profit arising to him on the sale of the old property was no chargeable to tax under the head 'capital gains' under section 45 of the income-tax act, 1961 (hereinafter called 'the act'), since it ..... after that date constructed, a house property for the purposes of his own residence, then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, ..... transfer of a capital asset effected in the previous year were, save as otherwise provided in sections 53 and 54, chargeable to income-tax under the head 'capital gains' and were deemed to be the income .....

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