Court : Mumbai
Decided on : Jun-28-1978
Reported in : (1979)8CTR(Bom)116; 124ITR641(Bom)
..... whether, on the facts and in the circumstances of this case, it could be held that the assessee was entitled to relief under section 49bb of the indian income-tax act, 1922, and if so, to what extent ?' 8. if the order of the tribunal is properly perused, it would be found that the tribunal has ..... s. 49bb read together with expln. ii thereof. before going to these provisions, it may be mentioned further that there is no dispute that in the income-tax assessment for his year, i.e., assessment year 1960-61, the assessee was allowed depreciation and development rebate in the aggregate figure of rs. 19,66, ..... the assessee to the profit and loss account in the earlier years and as such there was no allowance allowed by the department for the purposes of income-tax which was not debited by the assessee to its profit and loss account. accordingly, it was submitted that the application of expln. ii was unwarranted. ..... year 1960-61, this system was changed and the old s. 49b deleted. as a consequence no credit was given to the shareholders in respect of income-tax paid by the company on its own profits. this change, however, created an anomalous situation in respect of those cases where a company earned profits in ..... 49bb of the indian i.t. act, 1922, on the dividend of rs. 1,82,250 declared by it for the financial year ended march 31, 1960. the relief claimed was on the footing the said dividend was wholly declared out of the profits already charged to income-tax before april 1, 1960. 2. during .....Tag this Judgment!
Court : Gujarat
Decided on : Oct-13-1978
Reported in : 163ITR381(Guj)
..... dated may 31, 1977. it will be open to the tribunal to dispose of the appeal pending before it under section 260(1) of the income-tax act, 1961, in the light of the observations made by us after determining the question which ought to be decided in the light of the circular ..... circular no. 220, dated may 31, 1977, issued by the central board of direct taxes. the circular is directed to all commissioners of income-tax and is headed 'section 40a(3) of the income-tax act, 1961 - rule 6dd(j) of the income-tax rules, 1962 - clarification regarding'. this circular clarified the circumstances in which the conditions laid ..... them and hence the cases which, according to the board, would be covered by the rule 6dd(j), could not be considered either by the income-tax officer or by the appellate assistant commissioner or by the appellate tribunal. 8. under these circumstances, it will be better to apply the formula adopted ..... government specified, by notification in the official gazette, that 31st march, 1969, was the specified date under section 40a(3). rule 6dd of the income-tax rules, 1962, provides for cases and circumstances in which payment in the sum of rs. 2,500 may be made otherwise than by a crossed cheque ..... 66(5) (of the old act) in the light of the answer of this court. if we direct the tribunal to submit a supplementary statement of the case, the tribunal will, according to the decisions of this court in new jehangir vakil mills co. ltd. v. commissioner of income-tax : 37itr11(sc) .....Tag this Judgment!
Court : Mumbai
Decided on : Jun-15-1978
Reported in : 114ITR515(Bom)
..... accrued to the taxpayer. it was further of the opinion that the proper head under which the income was required to the assessed was the final head to be found in section 14 of the income-tax act, 1961, viz., 'income from other sources.' it is the correctness of these conclusions of the tribunal which has been questioned in this reference before us. 6. the ..... other sources'. in the first place, our attention was drawn to the definition of 'income' to be found in clause (24) of section 2 of the income-tax act, 1961. according to this sub-section, 'income' includes : (iii) the value of any perquisite or profit in lieu of salary taxable under clauses (2) and (3) of section 17;....' (va) the value of any benefit or ..... learned counsel for the assessee has very strenuously urged that the tribunal was in error in coming to the conclusion that such payment by ballarpur constituted the income of the assessee ..... reason of the provision to be found in section 2(24)(iii) read with section 17 of the act. similarly, it was argued that such a benefit arising from business or exercise of a profession could be considered as income liable to assessment and tax only by reason of the provision to be found contained in section 2(24)(va) read with section .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-14-1978
Reported in : 121ITR762(Bom)
..... desai, j.1. in this reference the following two questions have been referred to us under s. 256(1) of the income-tax act, 1961, at the instance of the commissioner : '(1) whether there was any material before the tribunal to hold that the transaction of earning ..... of the assessee observing that the interest paid on the fixed loan was not expenditure wholly and exclusively incurred for the purpose of earning or making the income chargeable to tax under the head 'other sources'. he accordingly rejected the appeal on this point. 4. the assessee carried the matter further to the tribunal. before ..... the interest paid on the fixed loan can be capitalised and was not available to be set off against deduction of interest received which had been taxed under the head of 'income from other sources'. however, he allowed the sum of rs. 2,000 as a deduction on estimate. the matter was carried further by the ..... this connection he drew our attention to the observations in the judgment of a division bench of this court in cit v. mimraj manmal ruia : 84itr673(bom) . in that case the assessee had returned an income of rs. 27,677 from dividends and claimed against it a deduction of rs. 18,934 which was made ..... by mr. joshi that the interest earned by the assessee by reason of its fixed deposits kept with banks was chargeable as income from other sources under s. 57 of the i.t. act, 1961, and that only the expenditure laid out or expended wholly and exclusively for the purpose of making or earning such .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-03-1978
Reported in : (1979)10CTR(Bom)252
..... ito has taken the view that such initiation is justified u/s 34(1)(b). it will be appropriate in this connection to refer to the relevant provisions of the income-tax act then prevailing as well as the appropriate clauses of the agreement. 14. at the relevant time the provisions of s. 49a and 49aa as they then existed were as under ..... of the commissioner and the question referred to us pertains to the validity of the notice initiating proceedings u/s 34(1)(b) of the indian income-tax act, 1922. however, very curiously the notice issued by the income-tax officer to the assessee for the proposed re-opening under this section is not to be found annexed to the statement of case. as already ..... income of rs. 1,19,918/-. the full dividends including the amount of rs. 19,010/- received from the mills ..... was taken to be dividends arising in pakistan. in the order it is stated 'pakistan income is to be taken for rate proposes only'. 2. the assessment for this year was reopened u/s 34(1)(b) of the income-tax act, 1922, on the ground that the assessee's income had been subject of excessive relief. the revised assessment was completed on a total .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Jun-07-1978
Reported in : 120ITR185(AP)
..... in the circumstances of the case, the appellate tribunal is correct in holding that in terms of sub-section (4) of section 80g of the income-tax act, 1961, the assessee was entitled to deduction of a sum of rs. 22,169 only being 55% of 10% of the total ..... a) and in clause (b) of sub-section (2) as exceeds ten per cent, of the gross total income (as reduced by any portion thereof on which income-tax is not payable under any provision of this act and by any amount in respect of which the assessee is entitled to a deduction under any other provision of ..... ceiling on the deduction laid down by sub-section (4) is thus applicable to donations for these purposes only. that ceiling is 10% of the gross total income or two hundred thousand rupees, whichever is less.9. reading all these provisions together, the following comprehensive picture emerges. in respect of any of the donations ..... etc.', sub-sections (1), (2), (3) and (4), which are material for the present consideration, are as follows : ' 80g. (1) in computing the total income of an assessee, there shall be deducted, in accordance with and subject to the provisions of this section, an amount equal to,-- (a) where the assessee is a company, ..... he reduced the deductible amount to rs. 22,169 holding that the assessee-club was entitled only to a deduction representing 55% of 10% of its total income. in appeal, the aac rejected this view and upheld the assessee's contention and claim and allowed deduction of rs. 40,308.40. in further appeal, .....Tag this Judgment!
Court : Supreme Court of India
Decided on : May-02-1978
Reported in : AIR1978SC1290; 113ITR636(SC); (1978)3SCC161; 3SCR844; 1978(10)LC404(SC)
..... sterling. for the assessment year 1960-61 the relevant u previous year being the calendar year 1959, the assessee applied for relief under section 49d of the indian income-tax act, 1922 (for short 'the act'). the income-tax officer declined to grant the relief but the reasons for the decision were not made explicit. in appeal by the assessee, the appellate assistant commissioner confirmed the ..... . k. by deduction or otherwise in respect of the net dividends of rs. 15,266 so as to be eligible for the relief contemplated by section 49d of the indian income tax act,1922 2. the respondent assessee is a resident company carrying on business of general insurance. the company held shares of u.k. based joint stock companies. the net dividend ..... been paid by deduction or other-wise in accordance with the law in force in the country in which the income accrued. if it is now charged to tax under the indian income-tax act, it obviously becomes a doubly taxed income and one of the requirements of section 49d would be satisfied.19. it was contended on behalf of the revenue that section 49d should be ..... resident in taxable territory and is liable to be charged to income-tax according to indian income-tax act. in other words, it must be doubly taxed income.10. the question which was vigorously debated is whether the dividend income which accrued in u.k. was charged to tax by deduction or otherwise according to the law of income-tax in force at the relevant time in u.k.11. in .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Oct-06-1978
Reported in : AIR1979SC117a; 1978(10)LC798(SC)
..... . bhagwati, j.1. these two appeals by special leave raise a short but interesting question of law relating to the interpretation of section 15c of the indian income-tax act, 1922 and section 84 of the income-tax act, 1961. these two sections are in material respects in identical terms and the interpretation we place on section 15c is bound to apply equally to section 84 ..... intended to achieve various social and economic objectives. it is often used as an instrument for accelerating economic growth and development. section 15c is a provision introduced in the indian income-tax act, 1922 with a view to carrying out this objective and it is calculated to encourage setting up of new industrial undertakings in the country. sub-section (1) of this section ..... the accounting year relevant to the assessment year 1959-450, the assessee set up a new industrial undertaking which admittedly satisfied the requirement of section 15c(2) of the indian income-tax act, 1922. the profit, depreciation and development rebate in respect of this new unit for the assessment years 1959-60 and 1960-61 were as follows:year profit depreciation and development ..... after obtaining certificate of fitness from the high court. 7. the same question also arose in the assessment of the assessee to tax for the assessment year 1962-63, but in this assessment year the law in force was the income-tax act, 1961 which had come into force with effect from 1st april, 1962. the corresponding provision in section. 84 of the new .....Tag this Judgment!
Court : Kerala
Decided on : Nov-13-1978
Reported in : 123ITR31(Ker)
..... for our determination.'(1) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is right in law in cancelling the penalty imposed under section 271(1)(c) of the income-tax act, 1961 ?(2) whether the income-tax appellate tribunal is right in law in holding that the inspecting assistant commissioner cannot in his order of ..... particulars of his income or furnished inaccurate particulars of such income,he may direct that such person shall pay by way of ..... penalty utilise the findings of the appellate assistant commissioner ; also in ignoring the additional evidence gathered by the appellate assistant commissioner and used by him in his appellate order '6. section 271(1)(c) of the i.t. act ..... , as it stood at the relevant time, reads:'271. failure to furnish returns, comply with notices, concealment of income, etc.-- (1) if the income-tax officer or the appellate assistant commissioner in the course of any proceedings under this act, is satisfied that any person--...... (c) has concealed the .....Tag this Judgment!
Court : Rajasthan
Decided on : Jan-23-1978
Reported in : 120ITR309(Raj); 1978WLN(UC)24
..... the court the following question for its opinion, namely :' whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in cancelling the penalty of rs. 15,500 levied by the inspecting assistant commissioner under section 271(1)(c) of the income-tax act, 1961, for concealment of income '10. there shall be no order as to costs. ..... a.p. sen, actg. c.j.1. this is an application under section 256(2) of the i.t. act, 1961, by the cit, jodhpur at jaipur, for requiring the income-tax appellate tribunal, jaipur bench, jaipur, to state a case and refer to the court, a certain question of law said to arise from its order in i.t.a. no. ..... to do and, therefore, a question of law clearly arises : omar salay mohamed sait v. cit : 37itr151(sc) and lalchand bhagat ambica ram v. cit : 37itr288(sc) .9. the application under section 256(2) of the i.t. act, 1961, is, therefore, allowed and the income-tax appellate tribunal, jaipur, is directed to draw up the statement of the case and refer to ..... determined by the ito was rs. 67,960. however, the income-tax appellate tribunal determined the income at rs. 42,591. the amount assessed included amongst others income from plying of truck no. rjy 1600 and profits on sale thereof under section 41(2) of the i.t. act, 1961, which the assessee had failed to disclose in the return filed by her. the order .....Tag this Judgment!