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Judgment Search Results Home > Cases Phrase: income tax act Year: 1980 Page 5 of about 1,135 results (0.098 seconds)

Nov 17 1980 (HC)

Renusagar Power Co. Ltd. Vs. Union of India, Etc.

Court : Delhi

Decided on : Nov-17-1980

Reported in : ILR1981Delhi102; [1982]137ITR97(Delhi)

..... purchase of structural steel and additional spares and accessories raised/debt incurred abroad by renusagar power co. ltd. under section 10(15))(iv)(c) of the income tax act, 1961. factsnecessary for the appreciation of the points raised are these. in october and november, 1963 negotiations took place and a preliminary agreement was entered into between birla gwalior private ..... of purchase of plant and machinery raised/debt incurred abroad by renusagar power co. ltd., renukoot, accorded earlier in the exemption orders under section 10(15)(iv)(c) of the income tax act, 1961 issued on september 3, 1965 and june 7, 1967 and the other order refuses to accord approval of the rate of interest on the long- term loans for the ..... finance (department of revenue) on january 21, 1965 for determining the rate of interest which would be exempt from income-tax under section 10(15)(iv)(c) of the income tax act, 1961 (hereinafter called the act). the application was acknowledged by the central board of direct taxes of the government of india in the letter february 27, 1965 when it was pointed out that the application ..... of interest would be 61/2 per cent per annum and i.g.e. would itself be responsible for the payment of indian income tax on the interest income. the exemption orders under section 10(15)(iv)(c) of the act issued on september 3, 1965 and june 7, 1967 were pronounced as incorrect and were cancelled retrospectively. by the second impugned order of .....

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Dec 10 1980 (HC)

Commissioner of Income-tax Vs. Haji P. Mohammed

Court : Kerala

Decided on : Dec-10-1980

Reported in : (1981)23CTR(Ker)39; [1981]132ITR623(Ker)

..... 17,633 then the assessee might have been only guilty of negligence and not gross negligence for the purpose of the explanation to section 271(1)(c) of the income-tax act, 1961, and is not such finding perverse and unreasonable 4. if the answer to question no. 3 above is in favour of the department, whether, on the ..... or wilful neglect or gross neglect on the part of the assessee for the application of the explanation under section 271(1)(c) of the income-tax act, 1961, and is not the said finding perverse and unreasonable 3. whether, on the facts and in the circumstances of the case, the ..... penalty for concealment and that a case cannot be made out for a penalty under the ' main provisions' of section 271(1)(c) of the income-tax act, 1961, and is not the said finding perverse and unreasonable 2. whether, on the facts and in the circumstances of the case, the ..... in o.p. no. 2674 of 1976, filed by the commissioner of income-tax, kerala, the income-tax appellate tribunal, cochin bench (hereinafter called ' the tribunal '), has referred the following questions of law to this court under section 256(2) of the i.t. act, 1961, for short, ' the act ', as arising out of the tribunal's order dated june 26, 1975 ..... , in i.t.a. no. 215 (coch)/74-75 : '1. whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is right in law in finding that .....

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Aug 06 1980 (HC)

K.P. Moideenkutty and ors. Vs. Commissioner of Income-tax

Court : Kerala

Decided on : Aug-06-1980

Reported in : (1981)22CTR(Ker)103; [1981]131ITR356(Ker)

..... 'the tribunal'), has referred to thiscourt under section 256(1) of the income-tax act, 1961--for short, 'the act'--the following question : ' whether, on the facts and in the circumstances of the case, was the tribunal justified in holding that the income-tax officer had jurisdiction to go into the source of income which was not considered in the original assessment and which was set aside ..... not been proved. but, while disallowing the said claim for deduction of interest, the ito did not make any addition of the amounts covered by the alleged hundis as income from unexplained sources. 3. the assessee carried the matter in appeal before the aac contending that the disallowance of the claim for deduction of interest on the hundi transactions was ..... by the appellate assistant commissioner ' 2. the assessee is an individual who was deriving income from ..... ]47itr906(all) and abhai ram gopi nath v. cit : [1971]79itr339(all) , with which rulings we are in respectful agreement. tested in the light of the legal position explained above, the contention of the assessee that the ito acted without jurisdiction in going into the source of the income amounting to rs. 1,05,000 which was not considered in the original .....

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Oct 24 1980 (HC)

Commissioner of Income-tax Vs. Marikar (Motors) Ltd.

Court : Kerala

Decided on : Oct-24-1980

Reported in : (1981)22CTR(Ker)93; [1981]129ITR1(Ker)

..... on the following observation of shah j., as he then was, in the supreme court case in benares state bank ltd. v. cit : [1970]75itr167(sc) :' there can be no doubt that for the purpose of the income-tax act the same income cannot be received more than once.'11. the facts of that case were as follows: the appellant, whose year of account was ..... that inasmuch as no such expenditure was allowed by the ito, he was not entitled to invoke the provisions of section 41(1) of the act.5. the commissioner of income-tax filed two reference applications before the income-tax appellate tribunal, r.a. nos. 246 and 247/coch/ 75-76 against the order dated january 20, 1976, disposing of i.t.as. nos. 354 ..... c.j., delivering the dissenting judgment) held that the sum of rs. 12,302, less the permitted deductions under section 10 of the indian i.t. act, 1922, was income of the assessee liable to income-tax. the passage relied on by the counsel for the assessee is the following sentences in the judgment of kania j., at page 39 of the report:' it ..... peculiar facts of the case on hand :' mr. kolah pressed into service the argument based on section 13 of the act that the mercantile system of accounting regularly adopted by the assessee was obligatory on the income-tax authorities for computation of his income. while agreeing generally with that submission in case of residents, we doubt whether that position would be available to a .....

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Sep 10 1980 (HC)

Commissioner of Income-tax Vs. Premier Cotton Spinning Mills Ltd.

Court : Kerala

Decided on : Sep-10-1980

Reported in : (1981)20CTR(Ker)357; [1981]128ITR694(Ker)

..... in holding that the sum of rs. 41,250, being 50% of the donation made by the assessee-company and deducted under section 80g of the income-tax act, 1961, is an item includible in the total income of the assessee and that the capital of the company is not to be decreased correspondingly for the purpose of rule 4 of the second schedule ..... profits was fixed by the ito at rs. 2,04,265 and the assessment to surtax was finalised accordingly.4. the commissioner of income-tax, acting in exercise of the power vested in him under section 16 of the surtax act, took the matter in suo motu revision and after issuing a notice to the assessee and hearing the parties he passed an order ..... view of the commissioner the amount covered by such deduction granted under section 80g constituted part of the income of the assessee 'not includible in its total income as computed under the income-tax act' for the purpose of rule 4 of sch. ii to the surtax act and hence the capital as computed in accordance with rules 1 to 3 thereof is required to be ..... , inter alia, to replace the existing provisions for grant of full or partial rebate of tax at the average rate of tax or charging of tax at a concessional rate on certain items of income or payments, contained in chapter vii, chapter viii and chapter xii of the income-tax act, by provisions for allowing a straight deduction of the whole or a specified percentage of the .....

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Jun 17 1980 (HC)

Commissioner of Income-tax Vs. Westcoast Shipping Agencies (P.) Ltd.

Court : Kerala

Decided on : Jun-17-1980

Reported in : [1981]127ITR442(Ker)

..... of its managing director, sri p. k. korah, discharged its burden of proof in establishing that under section 40(c) of the income-tax act, 1961, the monthly salary of rs. 5,000 paid to sri p. k. korah is just and reasonable having regard to the legitimate business needs of the company and the ..... of its managing director, sri p. k. korah, discharged its burden of proof in establishing that under section 40(c) of the income-tax act, 1961, the monthly salary of rs. 5,000 paid to sri p. k. korah is just and reasonable having regard to the legitimate business needs of the company and the ..... tribunal is right in law in deleting the addition of rs. 15,000 made by the income-tax officer for the assessment year 1974-75 under section 40(c) of the income-tax act, 1961 2. whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is right in law in holding that the assessee-company has by giving the qualifications ..... tribunal is right in law in deleting the addition of rs. 18,000 made by the income-tax officer for the assessment year 1973-74 under section 40(c) of the income-tax act, 1961 2. whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is right in law in holding that the assessee-company has, by giving the qualifications .....

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Sep 10 1980 (HC)

B. Rajeevi R. Hegde Vs. Addl. Agricultural Income-tax Officer (1st Cir ...

Court : Kerala

Decided on : Sep-10-1980

Reported in : [1981]127ITR855(Ker)

..... total agricultural income of every person; and section 4(1) specifies that such income comprises all agricultural income derived from land situated within the state and received by him. the tax is thus on the income received by a person from lands inside the ..... and that she did not become his legal representative, in respect of both the properties. under the circumstances, she cannot be held liable for the agricultural income-tax due from ramayya under section 24 of the act.10. if support is required for the above view, we find it in the full bench decision in balakrishna menon v. iac of agrl. i.t ..... for the arrears of tax due from ramayya. the learned judge who referred the o. p. to the bench has formulated the question in the following general terms :' whether a person who is a remainderman is liable for the liability of the deceased life-estate holder under the agricultural income-tax act '6. under section 3(1) of the act, the tax is charged on the ..... . : [1968]70itr548(ker) . the question was whether agricultural income-tax due in respect of the income derived by a sthanamdar from sthanam property was, after his death, leviable from the .....

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Feb 25 1980 (HC)

Commissioner of Income-tax Vs. CochIn Co. (Pvt.) Ltd.

Court : Kerala

Decided on : Feb-25-1980

Reported in : [1980]126ITR522(Ker)

..... referred the following questions to this court :' (1) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is right in law in holding that the reassessment made by the income-tax officer, under section 147(b) of the income-tax act, 1961, in respect of the assessment year 1967-68 was not valid ? (2) whether, on the facts and in ..... , the finding of the income-tax appellate tribunal that the reopening of the assessment by the income-tax officer under section 147(b) of the income-tax act, 1961, was not on information from the tribunal's order dated november 30, 1970 ..... , is perverse and unreasonable ? (3) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is right in law ..... the circumstances of the case, and in view of the reasons recorded by the income-tax officer on the basis of which he reopened the assessment .....

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Feb 13 1980 (HC)

Plakkad Estate (P.) Ltd. and ors. Vs. Agricultural Income-tax Officer ...

Court : Kerala

Decided on : Feb-13-1980

Reported in : (1980)18CTR(Ker)203; [1980]125ITR564(Ker)

..... appropriated by him (the mortgagee) for payment of government revenue and in lieu of interest on the mortgage-loan are really his (the mortgagor's) agricultural income and that in computing his total income under the income-tax act, the amounts appropriated by the possessory-mortgagee should be deducted since the appropriations were really in the discharge of his obligations. dealing with this contention, the ..... legislative list of the government of india act, 1935 'can sustain a law made to prevent the evasion of tax '.13. section 4 of the act as obtained now was substituted by the agrl. i.t. (amendment) act, 1974 (9 of 1974). the preamble to this act says only that 'it is expedient further to amend the agricultural income-tax act, 1950, for the purposes hereinafter appearing'. ..... there is no suggestion anywhere in the amending act or in the statement of objects and reasons read out at the bar by the learned ..... advocate-general or in the counter-affidavits filed in these cases that section 4(2) of the act was enacted as a measure to prevent evasion of agricultural income-tax by resort to the device of mortgaging agricultural lands, or that any such practice is widely prevalent in the state. nor was any argument .....

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Oct 13 1980 (HC)

Laxmichand Hirjibhai Vs. Commissioner of Income-tax, Gujarat-iii

Court : Gujarat

Decided on : Oct-13-1980

Reported in : (1981)21CTR(Guj)181; [1981]128ITR727(Guj)

..... and in the circumstances of the case, the tribunal was right in law in holding that even after assessing the partner of the firm, the firm could be taxed as unregistered firm under the income-tax act, 1961 (2) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the circular was not binding on the ..... that the firm is not entitled to registration. although the supreme court's decision is under the indian income-tax act, 1922, the board is advised that it will equally apply to the assessments made under the income-tax act, 1961. in view of the above decision, the income-tax officers assessing the partners of a firm should not normally complete the regular assessment of the partners by ..... including their share from the firm unless the assessment of the firm has already been made. the income-tax officers assessing the firms must give priority to ..... income-tax officer, and, therefore, the assessee was not entitled to the benefit thereof ?' the facts leading to this reference are as follows : we are concerned with the assessment year .....

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