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Judgment Search Results Home > Cases Phrase: income tax act Year: 1977 Page 1 of about 736 results (0.258 seconds)

Nov 04 1977 (HC)

Life Insurance Corporation of India, Bombay Vs. Commissioner of Income ...

Court : Mumbai

Decided on : Nov-04-1977

Reported in : [1978]115ITR45(Bom)

..... view ofnotification no.878(f) issued undersection 60 of the indian income-tax act,1922, read with section 297(2)(1) of theincome-tax act, 1961.3. 94,738 rebate of income-tax and super-tax ondividends received by the assesseefrom co-operative societies during therelevant inter-valuation period undersections 82 and 99(1)(iii) ..... who carries on life insurance business. in the case of new india assurance co. ltd. : [1969]71itr761(bom) , the provisions considered was section 10(7) of the indian income-tax act, 1922. section 10(7) read as follows : 'notwithstanding anything to the contrary contained in section 8, 9, 10, 12 or 18, the profits and gains of any business ..... under section 44 read with rules in the first schedule to the income-tax act, 1961, was the assessee entitled, under notification no. 878(f) issued under section 60(1) of the indian income-tax act, 1922, read with section 297(2)(1) of the income-tax act, 1961, to a rebate of income-tax on the interest of rs. 1,44,751 received by it during ..... a) 1,72,009 interest on post office and nationaltreasury savings certificates notincludible in total income under section10(15)(ii) of the income-tax act, 1961.(b) 41,019 agricultural income not includible intotal income under section 10(1) of theincome-tax act, 1961.2. 1,44,751 rebate of income-tax on the interestreceived by the assessee during therelevant inter-valuation period on mysoregovernment securities in .....

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Jul 04 1977 (HC)

Commissioner of Income-tax Vs. Shyam Sundar Tea Co. Pvt. Ltd.

Court : Guwahati

Decided on : Jul-04-1977

..... whether, on the facts and in the circumstances of the case, the tribunal was justified in cancelling the penalties imposed by the income-tax officer under section 221(1) of the income-tax act, 1961, relating to the assessment years 1960-61, 1961-62, 1962-63, 1963-64, 1964-65 and 1965-66, against the assessee ..... -64, 1964-65 and 1965-66, in the view that amounts, as assessed, were not recoverable under the provisions of the indian income-tax act, but that they could be recovered only by a suit in civil court; as such no penalty can be imposed either under section 46(7) of ..... not paid to the government account because there was no demand for payment from the income-tax department. the above excuse is thoroughly unconvincing and unacceptable. section 200 of the income-tax act, 1961, casts responsibility on any person deducting tax at source to pay within the prescribed time, the sum so deducted, to the ..... rangarajan, j. 1. the short, but interesting, question that arises for decision in this income-tax reference is whether income-tax due from the assessee which could not be recovered summarily under section 231 of the income-tax act, 1961 (hereinafter called 'the act '), can be recovered by way of penalty. the reference was made ia the following terms : ' ..... for the year 1941-42, was resisted on the ground that it was barred by section 67 of the indian income-tax act, 1922, as well as by limitation. the trial court had negatived both the contentions and decreed the suit. the decision .....

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Jul 08 1977 (HC)

JaIn and Co. Vs. Commissioner of Income-tax

Court : Guwahati

Decided on : Jul-08-1977

..... assessee, that retirement of a partner does not ipso facto dissolve a firm and that the firm continues; but the essential requisites for the registration of a firm under the income-tax act, as stated above, are the names of the partners and their respective shares in profits. the firm now sought to be registered consists of four partners with 25% share in ..... of the assessee for the assessment year 1965-66 ended on april 9, 1965. on april 9, 1965, the assessee-filed an application under section 185 of the income-tax act, 1961 (hereinafter called 'the act'). the application was signed by the four partners who signed the memorandum and was accompanied by the partnership deed dated 1st february, 1964, and the memorandum dated january ..... in holding that the assessee-firm was not constituted under a valid instrument of partnership and so the assessee-firm was not entitled to registration under section 185 of the income-tax act, 1961, for the assessment years 1965-66 and 1966-67?'2. the material facts of the case may be briefly stated thus; 3. the assessee-firm, m/s. jain & co ..... the firm is liable to assessment. these two provisions clearly show that for the purpose of registration of a partnership firm for the purpose of the income-tax act, 1961, the act is primarily concerned with the names and addresses of the partners and their respective shares in the profit of the firm.10. an application for registration of a firm has .....

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Mar 24 1977 (HC)

Jai Prakash Singh (Legal Representative of Estate of Late B.N. Singh) ...

Court : Guwahati

Decided on : Mar-24-1977

..... case, the tribunal was wrong in holding that non-service of notice under section 143(2) of the income-tax act, 1961, against nine out of the ten legal representatives of the deceased, shri b. n. singh, did not invalidate the assessment orders of the income-tax officer relating to the assessment years 1965-66, 1966-67 and 1967-68 and that it was at ..... 2) of the income-tax act, 1961, against nine out of the ten legal representatives of the deceased, shri b.n. singh, did not invalidate the assessment orders of the income-tax officer relating to the assessment years i965r66, 1966-67 and 1967-68 and that it was at best ..... legal representatives both for the purposes of the civil procedure code as well as for the purposes of the income-tax act. in view of the provisions of section 159 of the act, all the ten legal representatives of late b. n. singh are, therefore, liable to pay any tax that is payable by late b. n. singh. it is also very clear that all these ten ..... pathak, c.j. 1. the following question of law has been referred by the income-tax appellate tribunal, gauhati bench, under section 256(1) of the income-tax act, 1961, hereinafter referred to as 'the act', to this court for decision :'whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that non-service of notice under section 143( .....

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Jun 24 1977 (HC)

Ram Lal Ganpat Rai Vs. Commissioner of Income-tax, Bombay

Court : Mumbai

Decided on : Jun-24-1977

Reported in : [1978]112ITR462(Bom)

..... tulzapurkar, j.1. in this reference which has been made to this court under section 66(2) of the indian income-tax act, 1922, at the instance of the assessee, the following two questions have been referred to us for our opinion : '(1) ..... attention was invited. strong reliance was placed by him upon the decision of the allahabad high court in ram kishan das munnu lal v. commissioner of income-tax : [1961]41itr452(all) , of the purpose of contending that mere rejection of the explanation offered by the assessee in respect of cash credit items ..... lending any support to its case and after considering all the other facts and circumstances which emerged on record, the appellate assistant commissioner confirmed the income-tax officer's additions and dismissed the appeals. when the matter was further carried in second appeal to the tribunal, on an appreciation of the material ..... of money was laying in deposit with that firm. in regard to this explanation that was given by the assessee, shrimati parwatibai was examined by the income-tax officer and here statements were recorded on two days, viz., february 15,1955, and february 18,1956. a declaration of shrimati parwatibai dated january 22 ..... he had reason to believe that the said deposits represented the assessee's suppressed income which had escaped assessment, he initiated proceedings under section 34(1)(a) of the act with the prior approval of the commissioner of income-tax. in the proceedings thus initiated by him under section 34(1)(a) the .....

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Aug 09 1977 (HC)

Commissioner of Income-tax, Gujarat-ii Vs. Vania Silk Mills P. Ltd.

Court : Gujarat

Decided on : Aug-09-1977

Reported in : [1978]112ITR701(Guj)

..... out his land and carrying on exploitation of part of that land by selling gravel out of it, was prima facie held to fall under section 9 of the indian income-tax act, as income earned, no matter by whatever method from land, and specifically dealt with by that section. it was, therefore, held that the facts in iles' case [1947] 1 all er ..... business or trade. owning properties and then letting them out was not a purpose for which it was formed and that being so, the disputed income cannot be said to fall under any section of the indian income-tax act, 1922, other than section 10. their lordships pointed out that the cases of undertaking of this nature started on an entirely different footing and ..... were distinguishable from cases of individuals or companies acquiring lands or buildings and making income by letting them on hire. these latter cases might legitimately fall under ..... , the object of this manufacturing concern was also to give its properties on lease. applying the settled legal position in commissioner of excess profits tax v. shri lakshmi silk mills ltd. : [1951]20itr451(sc) and commissioner of income-tax v. national mills co. ltd. : [1958]34itr155(bom) and having particular regard to the object clause 3(o) as above, the tribunal held that .....

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Jun 30 1977 (HC)

Kishinchand Chellaram Vs. Commissioner of Income-tax, Bombay City-iii

Court : Mumbai

Decided on : Jun-30-1977

Reported in : [1978]114ITR654(Bom)

..... outsiders. such deposits were taken or moneys were borrowed for the purposes of business. he submitted that having regard to the provisions of section 10(2)(iii) of the indian income-tax act, 1922, if it was established that capital is borrowed for the purposes of business, profession or vocation, then the amount of interest paid in respect of such capital will be ..... 10(2)(iii) will be attracted. according to the high court, where the assessee claims deduction of interest paid on capital borrowed under section 10(2)(iii) of the indian income-tax act, all that the assessee has to show is that the capital which was borrowed was used for the purposes of the business of the assessee in the relevant year of ..... is the profits that is made before you deduct the tax - you have no right to deduct the income-tax before you ascertain what the profits is. i cannot understand how you can make the income-tax part of the expenditure. 23. an identical principle has been expressly embodied in section 10(4) of the income-tax act, which states as follows : 'nothing in clause (ix) or clause ..... (xv) of sub-section (2) shall be deemed to authorise the allowance of any sum paid on account of any cess, rate or tax levied on the profits or gains of any business, profession or vocation or assessed .....

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Nov 15 1977 (HC)

Commissioner of Income-tax, Bombay City-iii, Bombay Vs. Khimji Teju Ka ...

Court : Mumbai

Decided on : Nov-15-1977

Reported in : [1978]115ITR168(Bom)

..... set arising out of the original assessments and the other, against the reassessments made under section 34 of the indian income-tax act, 1922, as a result of certain proceedings before the income-tax investigation commission. the quantum was not in dispute in the appeals and the short question that was agitated before the tribunal ..... desai, j. 1. this is a reference made by the income-tax appellate tribunal, bombay bench 'b', under section 66(1) of the indian income-tax act, 1922. before setting down the question referred to us, a few facts may be stated : in this reference we are ..... to khimji teju kaya, an individual. the contentions to this effect based on the provision of hindu law were made before the income-tax officer but were rejected by the income-tax officer. the matter was carried in appeal to the aac where these contentions were repeated. in the memorandum of appeal before the ..... the sons was limited in any way. 13. arunachala's case : [1954]1scr243 was considered by a division bench of this high court in commissioner of income-tax v. gordhandas k. vora : [1974]96itr50(bom) . this decision also examines the question whether the separate or self-acquired property had been thrown into ..... presumption either way. 12. arunachala's case : [1954]1scr243 , was subsequently applied by the supreme court in m. p. periyakaruppan chettiar v. commissioner of income-tax : [1975]99itr1(sc) . in the said case, it had been contended on behalf of the revenue that since the gift was stated to be in .....

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Nov 09 1977 (HC)

M.G. Bhatt Vs. Commissioner of Income-tax, Bombay City-ii

Court : Mumbai

Decided on : Nov-09-1977

Reported in : [1980]123ITR931(Bom); 1978MhLJ457

..... does not clothe the taxing authority with any power or jurisdiction to determine the reasonableness of the amount so fixed and paid by the assessee. the only ..... paid, or because the expenditure is not solely and exclusively for the business, and not on the ground that in the opinion of the income-tax officer or other taxing authority the remuneration is 'unreasonably' high either because the employee does not, in the authority's opinion, deserve so much, or because ..... cit : [1955]28itr378(mad) and the following observations made by that court have been quoted with approval by this court in f. e. dinshaw ltd. v. cit : [1959]36itr114(bom) : 'under our taxing system, it is for the assessee to conduct his business, and in his wisdom or otherwise to fix the remuneration to his staff. the income-tax act ..... view that the amount paid to shri kapadia was only an appropriation of the profits and was, therefore, not allowable and he brought to tax the entire income of rs. 90,738 in the hands of the assessee. 2. in appeal by the assessee, the aac allowed the appeal and the ..... to tax. in ramniklal kothari's case : [1969]74itr57(sc) , the supreme court pointed out that the share of a partner is business income in his hands for the purpose of s. 10(1) of the indian i.t. act, 1922, and, being business income, expenditure necessary for the purpose of earning that income and .....

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Aug 26 1977 (HC)

Addl. Commissioner of Income-tax Vs. S.R.Y. Ankineedu Prasad

Court : Andhra Pradesh

Decided on : Aug-26-1977

Reported in : [1978]115ITR78(AP)

..... a share of k. c. p. ltd. was rs. 22'30 issued a notice to the assessee to show cause why he should not be assessed to tax invoking section 52(1) of the income-tax act. it was explained by the assessee on december 16, 1968, that the transaction was only for the purchase of shares of challapalli sugars in order to acquire ..... the shares of k. c. p. ltd. transferred to his brother'. it is against the order of the tribunal that the additional commissioner of income-tax moved the tribunal for reference under section 256(1) of the income-tax act, the following question for our opinion:'whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that neither ..... under the head 'capital gains'.12. the words 'full value of the consideration', which also occurred in section 12b(2) of the 1922 act, came to be construed by the supreme court in commissioner of income-tax v. george henderson and co. ltd. : [1967]66itr622(sc) . the supreme court said that the expression 'full consideration' in the main part of section 12b(2 ..... as one of fact (see sree meenakshi mills ltd. v. commissioner of income-tax : [1957]31itr28(sc) and i.c.i. (india) private ltd. v. commissioner of income-tax : [1972]83itr710(sc) . in lc.l (india) private ltd. v. commissioner of income-tax : [1972]83itr710(sc) the supreme court, construing section 52 of the act, opined that the question whether the object of the assessee in transferring .....

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