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Judgment Search Results Home > Cases Phrase: income tax act Year: 1979 Page 1 of about 1,141 results (0.103 seconds)

Mar 28 1979 (HC)

Smt. Annamma Paul Vs. Commissioner of Income-tax

Court : Kerala

Decided on : Mar-28-1979

Reported in : [1980]121ITR433(Ker)

..... the following questions of law for our opinion, namely :'1. whether, on the facts and in the circumstances of the case, the reassessment proceedings under section 147(a) of the income-tax act, 1961, are legal and valid was the appellate tribunal justified in sustaining the addition of rs. 49,700 for all or any of the reasons stated in the appellate order ..... escaped assessment. one of them was certain credits to the capital account amounting to rs. 65,000. the assessment was reopened and additions to the income were made. the matter was taken in appeal to the income-tax appellate tribunal. the plea before the tribunal was that the intangible additions which had been made in the assessment year 1948-49 and the assessment ..... fall to be carefully considered by the assessing authority. while the fact of such an amount having accrued to the assessee as his income during the earlier year is undoubtedly a matter to be taken note of by the income-tax officer in considering the question whether the source of the cash credits has been satisfactorily explained by the assessee, the burden of ..... only the peak amount which fell in the accounting year, namely, rs. 49,700. this was added to the income. the ito's order was dated march 26, 1969. an appeal to the aac failed. the matter came up before the income-tax appellate tribunal. the tribunal rejected the objection of jurisdiction to reopen the assessment. on the merits, the tribunal relied on .....

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Feb 08 1979 (HC)

Commissioner of Income-tax Vs. Krishna and Co.

Court : Chennai

Decided on : Feb-08-1979

Reported in : [1979]120ITR144(Mad)

..... and in the circumstances of the case, the appellate tribunal was right in law in cancelling the penalty of rs. 5,800 levied under section 271(1)(c) of the income-tax, act, 1961 and 2. whether the conclusion of the appellate tribunal is a reasonable view to take on the facts and in the circumstances of the case ?' 2. in the accounts ..... (delhi) .'7. again at page 1056, the principle applicable was set out as follows :'in our view, whether a revised return is filed or an admission is made before the income-tax officer in the course of original assessment proceedings would seem to make little difference. the basis in both cases is the same, viz., that the assessee agreed to accept the ..... the earlier stand taken by him, viz., that the amount represented receipts from certain third parties. no one, at any rate in these days, agrees to pay tax on an amount unless it was his income.10. learned counsel referred us to two other decisions of this court, both unreported. the first decision was rendered in t. c. no. 350 of 1974 ..... that there is anything in this decision which is of assistance to the points now before us.12. in cit v. j. k. a. subramania chettiar : [1977]110itr602(mad) , this court had to deal with a case where the assessee had disclosed certain income in a revised return. in the revised return, certain amounts not disclosed in the original return were shown .....

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Dec 19 1979 (HC)

Bharat Development (P.) Ltd. Vs. Commissioner of Income-tax, Delhi (Ce ...

Court : Delhi

Decided on : Dec-19-1979

Reported in : [1982]133ITR470(Delhi)

..... sc) , sarkar j., speaking for the majority, observed that business as contemplated by section 10 of the indian income-tax act, 1922, is an activity capable of producing a profit which can be taxed. in the case of the appellant-trust the activity of the trust, as observed earlier, has in fact been ..... had control over the dealings in these shares and actually controlled the shares for which we refer to the observations and reasonings of the income-tax officer which have been summarised by us at paragraph 10 of our order and nothing has been controverter that this was not the ..... elements of dealings in share transactions. the heads of income must be decided from the nature of income by applying practical notions and as the income cannot be brought to tax under section 28 of the act, it could be brought to tax under the residuary head in the circumstances of the case ..... and thus income from sale of shares is to be treated as income from other sources ..... .' for the reasons stated in the above paragraph, the tribunal confirmed the treatment of the income as income .....

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Nov 12 1979 (HC)

Dalmia Dadri Cement Ltd. Vs. Commissioner of Income-tax

Court : Delhi

Decided on : Nov-12-1979

Reported in : [1980]125ITR425(Delhi)

..... our opinion, this reference should be disposed of bearing in mind the eminent desirability of uniformity of construction in an all-india statute like the income-tax act. courts have held that the considered opinion of another high court should be followed unless there are overriding reasons for taking a divergent view ..... [1971]82itr166(sc) , judicial decisions still show a divergence of view regarding the deductibility of interest payments in connection with the liability to pay income-tax. in these circumstances, we refrain from taking a view different from that taken by the punjab high court in the case of the assessed itself ..... the shares of this trust were borrowed by the assessed and were pledged with the commissioner in order to secure stay of recovery of income-tax pending disposal of appeals against the orders of the ito. the claim of the assessed before the department was that these amounts of commission ..... of rs. 9,000 representing commission paid on borrowing shares for the purpose of pledging them as security to the income-tax department for securing stay of recovery of taxes, in the ..... s. ranganathan, j.1. the income-tax appellate tribunal, delhi bench ' b ', has referred for our decision the following question under section 66(1) of the indian i.t. act, 1922 :' whether, on the facts and in the circumstances of the case, the assessed was entitled to deduction .....

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Jul 03 1979 (HC)

Commissioner of Income-tax Vs. V. Venkatachalam

Court : Chennai

Decided on : Jul-03-1979

Reported in : [1979]120ITR688(Mad)

..... in the circumstances of the case, the tribunal was correct in holding that the assessee was entitled, for the assessment year 1973-74, to relief under section 80t of the income-tax act, 1961, on an amount calculated in terms of the aforesaid provisions, with reference to the gross capital gains of rs. 1,02,740?'2. the assessee, a huf, derived capital ..... under the head 'capital gains',..... '. we have to see what is the income chargeable under the head ' capital gains ' under the act. section 45 provides that any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to income-tax under the head 'capital gains'. how this capital gain is to be computed is provided ..... in section 48. the language of section 48 is : 'the income chargeable under the head ' capital ..... section, in so far as it is material, ran as follows :' in the case of a company to which this section applies, where the total income (as computed in accordance with the other provisions of this act) includes any profits and gains attributable to the business of generation or distribution of electricity......there shall be allowed a deduction from such profits and .....

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Jan 19 1979 (HC)

Commissioner of Income-tax, Bombay City-i Vs. ScIndia Workshop Ltd.

Court : Mumbai

Decided on : Jan-19-1979

Reported in : [1979]119ITR526(Bom); [1979]1TAXMAN418(Bom)

..... with the determination of the true character of the receipt for the purposes of income-tax, the supreme court observed at page 77 as follows : 'but in assessing the true character of the receipt for the purpose of the income-tax act, inability to ascribe to the transaction a definite category is of little consequence. ..... been pointed out, what has to be seen when a question under the income-tax law comes to be decided is the character of the transaction or the payment from a business or accountancy point of view. if when looked ..... of the transaction was to be ascertained the calcutta high court observed as follows (p. 644) : 'indeed from the point of view of the income-tax law, it is hardly necessary to decide finally the true legal character of a transaction or the character in law of a payment. as has often ..... when a person sells his property and agrees to receive the price stipulated in instalments, by whatever name such instalments are called, they are not liable to income-tax - see foley v. fletcher [1858] 3 h & n 769, secretary of state in council of india v. andrew scoble [1903] ac 299 , ..... it is not the nature of the receipt under the general law but in commerce that is material. it is often difficult to distinguish whether an agreement is for payment of a debt by instalments or for making annual payments in the nature of income .....

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Feb 28 1979 (HC)

Birla Bombay P. Ltd. Vs. Commissioner of Income-tax, Bombay City I

Court : Mumbai

Decided on : Feb-28-1979

Reported in : (1979)12CTR(Bom)4; [1980]121ITR142(Bom); [1979]1TAXMAN143(Bom)

..... aims and objects of the bill at the time when s. 85a was introduced in the i.t. act. the aims and objects were indicated in the following words : 'clause 22 seeks to insert a new section 85a in the income-tax act to secure that income from dividends received by one company from another indian company or a company which had made the prescribed ..... arrangements for the declaration or payment of dividends within india will bear income-tax at the rate of 25%. further, in the case of a company which has ..... assessee derived income from business, dividend and capital gains. the question arose of the relief available to the assessee-company ..... , and in the reference the following question has been referred to us : 'whether deduction of tax on inter-corporate dividends in the hands of the assessee has been properly allowed under the provisions of section 85a of the income-tax act, 1961 ?' 2. the assessee is a private limited company and we are concerned in the reference with the assessment year 1965-66. the .....

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Feb 27 1979 (HC)

Commissioner of Income-tax, Bombay City-ii Vs. British Drug Houses (In ...

Court : Mumbai

Decided on : Feb-27-1979

Reported in : (1979)13CTR(Bom)74; [1980]124ITR192(Bom); [1979]2TAXMAN146(Bom)

..... whether, on the facts and in the circumstances of the case, the assessments were validly initiated under s. 147(a) of the income-tax act, 1961 ?' 7. it becomes necessary in these circumstances to go through the various clauses of the said agreement and understand their implications. ..... the ito had wrongly exercised his jurisdiction under s. 147(a) of the act. the aac rejected all the submissions and fully upheld the decision of the ito. 5. the assessee carried the matter in second appeal to the income-tax appellate tribunal. before the tribunal it was contended by counsel appearing on behalf of ..... is answered in the negative and in favour of the assessee. in the view that we have taken of the agreement, there was no income earned by the assessee liable to tax. 14. in our view, in the view we have taken of the answer to question no. 2, it is unnecessary to answer questions ..... under protest and that the ito had completed the assessment in the status of a registered firm. 6. the assessee succeeded in its appeals before the income-tax appellate tribunal. the tribunal took a ..... , it was submitted that even assuming that a partnership had come into existence, no income liable to tax had escaped assessment. accordingly it was submitted that there was no question of invoking s. 147(a) of the i.t. act, 1961. it may be mentioned that the assessee had filed an application for registration .....

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Nov 19 1979 (HC)

Praga Tools Ltd. Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Nov-19-1979

Reported in : [1980]123ITR773(AP)

..... during the accounting years relevant for the assessment years 1965-66 and 1966-67 respectively are deductible as revenue expenditure under section 37 of the income-tax act, 1961 '2. in order to appreciate the scope and ambit of the question, we shall briefly refer to the facts admitted or found ..... hyderabad bench, has, at the instance of the assessee, referred the following question of law under section 256(1) of the income-tax act, 1961 (hereinafter referred to as ' the act ') for the opinion of this court:' whether, on the facts and in the circumstances of the case, the sums of rs ..... circumstances. that apart, these payments are made subject to indian taxes. the amounts payable towards royalty are liable to indian taxes which include income-tax also. if it is a capital receipt, for the sale or transfer of a capital asset no income-tax need be paid. applying the principles of business expediency, it ..... processes and money paid for other information and that the amount paid for ' know-how ' in the course of the assessee's trade was income and not capital. in jeffrey v. rolls-royce ltd. [1965] 56 itr 580 it was held that the payment received for licensing a foreign ..... i.t. act, 1922. the ito himself allowed the amount of 2% paid towards royalty of trade marks but disallowed the contributions made towards technical consultancy and technical service and the cost of raw material used for experimental work. the aac agreed with the assessing authorities. but the income-tax appellate tribunal .....

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Jun 29 1979 (HC)

Additional Commissioner of Income-tax Vs. Burugupalli China Krishnamur ...

Court : Andhra Pradesh

Decided on : Jun-29-1979

Reported in : [1980]121ITR326(AP)

..... emphasise that the assessee is not called upon to prove his innocence; it is for the department to establish his guilt...... each proceeding under the income-tax act is a self-contained proceeding and the findings in one proceeding do not become binding in respect of other proceedings. now, it is difficult to ..... the sense of computation of income and when section 44 declares that the partners or members of the firm or association shall be jointly and severally liable ..... kondaiah, c.j.1. this is a reference under section 256(2) of the income-tax act, 1961 (hereinafter called ' the act '), at the instance of the cit.2. the income-tax appellate tribunal, hyderabad bench 'b', has submitted a statement of case for the opinion of this court on the following question ..... the indian i. t. act, 1922, for the purpose of finding out whether that expression included the procedure for imposition of penalty of a dissolved firm, it was observed by the supreme court thus :' the expression 'assessment' used in the sections of chapter iv of the income-tax act is not used merely in ..... proceedings and penalty proceedings are distinct and different, and not one and the game. penalty is levied in addition to the income-tax imposed under the act. but each case has got its own separate concept and content.8. the burden of proof would depend upon the nature and .....

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