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Judgment Search Results Home > Cases Phrase: income tax act Year: 1976 Page 1 of about 909 results (0.119 seconds)

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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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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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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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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Mar 15 1976 (HC)

Trilokchand Chunilal Vs. Commissioner of Income-tax, Gujarat

Court : Gujarat

Decided on : Mar-15-1976

Reported in : [1976]104ITR732(Guj)

..... facts and circumstances of the case for the purpose of arriving at the amount of net profits. under section 260, sub-section (1) of the income-tax act, 1961, the tribunal will work out this percentage in order to give effect to this judgment of ours. 26. the question is answered accordingly. ..... by the military authorities to be used in the building works by the assessee had not been disclosed, the income-tax officer issued notices to the assessee under seciton 34 of the indian income-tax act, 1922, and made orders of reassessment by adding profits at the same rates on the cost of the ..... of materials supplied by the government must be included while estimating the profit of the contractor. 20. in v. d. rajarathanam v. commissioner of income-tax, the andhra pradesh high court was concerned with the contract undertaken by the assessee for carrying out certain items of renovation and repairs to 'rashtrapathi ..... approach of the allahabad high court to the question of determination of the real character of a receipt, actual or deemed. 12. in commissioner of income-tax v. k. s. guruswami gounder & k. s. krishnaraju, the madras high court held that the cost of materials supplied to the contractor by ..... kind. 8. in chowringhee sales bureau p., ltd. v. commissioner of income-tax, the facts before the supreme court were that the appellant before the supreme court was a private company dealing in furniture and it is also acted as an auctioneer. in respect of the sales effected by it as auctioneer, .....

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Mar 15 1976 (HC)

Chemaux Private Ltd. Vs. Commissioner of Income-tax, Bombay City-iii

Court : Mumbai

Decided on : Mar-15-1976

Reported in : [1977]109ITR705(Bom)

..... tulzapurkar, j.1. in this reference made by the tribunal under section 66(1) of the indian income-tax act, 1922, the following question has been referred to us for our opinion at the instance of the assessee : 'whether, on the facts ..... and, therefore, cannot be allowed. in other words, the appellate assistant commissioner was not satisfied upon the mere statement of shri khopkar made before the income-tax officer that he received the amount from the assessee-company and that the expenditure had been incurred by the assessee-company for the purposes indicated in the ..... discharge this burden. in fact, before the appellate assistant commissioner a specific contention was made by counsel, who appeared for the assessee-company, that the income-tax officer had not disputed the fact of payment to shri khopkar and that the expenditure could not be disallowed merely on the ground that detailed information as ..... payment to shri khopkar and this was done when the receipt of that amount by shri khopkar had been proved by the assessee-company before the income-tax officer when shri khopkar was examined. in our view, it is true that particulars or details as to the persons or customers for whom this ..... profits as also on the ground that the said expenditure had been wholly and exclusively laid out for the purpose of business of the company. the income-tax officer disallowed the whole of the commission in the company's assessment; he took the view that the assessee-company had parted with the amount of .....

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Mar 01 1976 (HC)

Commissioner of Income-tax, Bombay City-i Vs. India United Mills Ltd.

Court : Mumbai

Decided on : Mar-01-1976

Reported in : [1978]112ITR129(Bom)

..... company at the relevant time. 4. at the time of the assessment the income-tax officer did not accept the income as disclosed by the assessee-company and applying the proviso to section 13 of the indian income-tax act, 1922, assessed the company on a total income of rs. 1,18,03,914. thus, having regard to the proviso to ..... proviso to section 13 was not applicable in the present case and directed deletion of the addition of rs. 76,92,566 made by the income-tax officer to the income of the assessee-company. the tribunal in its order has exhaustively dealt with the various contentions that were urged both on behalf of the assessee ..... had accrued or was received by the assessee-company and it directed deletion of the sum of rs. 76,92,566 which was added by the income-tax officer. it is from this order of the tribunal that the above two questions are referred for our determination. 7. mr. joshi on behalf ..... the sum of rs. 76,92,566 to the income disclosed. 9. in that view of the matter question no. 1 is ..... cannot be said that any additional income was received by the assessee-company or it accrued to it. thus, the tribunal was right that the provisions of the proviso to section 13 of the act cannot be invoked in the present case and on the material on record the income-tax officer was not justified in adding .....

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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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