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Judgment Search Results Home > Cases Phrase: income tax act Year: 1980 Page 5 of about 1,135 results (0.147 seconds)

Aug 11 1980 (HC)

Addl. Commissioner of Income-tax, Delhi-ii Vs. Chanderbhan Harichand a ...

Court : Delhi

Decided on : Aug-11-1980

Reported in : [1980]126ITR709(Delhi)

..... about a change in the constitution of the firm within the meaning of section 187 of the income-tax act, 1961 3. whether, on the facts and in the circumstances of the case, the firm was entitled to the continuation of registration under section 184(7) of the ..... income-tax act, 1961 ?' 5. mr. m. l. verma, learned counsel for the department, has really pressed us for a decision on questions no. 2 and 3 above and has not seriously doubted ..... the circumstances of the case, the tribunal was right in law in holding (a) that the income-tax officer had the authority to condone the delay in the filing of declaration under section 184(7) of the income-tax act, 1961, read with section 185(2) of the income-tax act, 1961 2. whether it was necessary for all the partners in a firm to agree to bring ..... harichand & co., sabzi mandi, delhi, was a partnership firm with four partners holding equal shares. it was registered under the i.t. act for the assessment years 1962-63 and 1963-64. the statement of case referred by the income-tax appellate tribunal relates to the assessment of the firm for the year 1964-65. for this year, the return was filed on .....

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Sep 19 1980 (HC)

Addl. Commissioner of Income-tax, Delhi-ii Vs. Rajindra Flour and Alli ...

Court : Delhi

Decided on : Sep-19-1980

Reported in : [1981]128ITR402(Delhi)

..... off against losses of the company from the business of the manufacture of textiles brought forward from the preceding year under section 24(2) of the income-tax act.' 27. this was the case of a company which was forced to let out its factory due to business losses. no doubt, the factory was ..... on and the assets are not business assets. in such a case, the income would be an income derived by the owner from his capital assets, and the head of income under which such income would fall for the purpose of the income-tax act would be section 12 and not section 10. whether a business is carried ..... question before the court was whether the rent paid by the limited company to the partnership firm could be considered to be a business income under the excess profits tax act. it was held by the court that the partnership did not carry on any business and did not have any commercial activity after ..... kapur, j. 1. two references under s. 256(1) of the i.t. act, 1961, being references no. 50 and 51 of 1974, have been made by the income-tax appellate tribunal at the instance of the additional commissioner of income-tax, delhi, for the assessment years 1965-66 and 1966-67. the assessed in this ..... as such depreciation and development rebate are admissible with reference to these amounts also.' 3. for 1966-67 : 'whether, in the circumstances of the case, income from the lease of plant, machinery and building should be computed under the head 'profits and gains of business' ?' 4. the facts giving rise to .....

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Feb 12 1980 (HC)

Commissioner of Income-tax, (Central), New Delhi Vs. Dalmia Dadri Ceme ...

Court : Delhi

Decided on : Feb-12-1980

Reported in : [1980]125ITR510(Delhi)

..... actual cost of the asset for the purposes of allowance of development under section 33 and depreciation under section 32 of the income-tax act, 1961, and it was not the cost as determined by the income-tax officer at rs. 3,60,000 (2) whether, on the facts and in the circumstances of the case, the tribunal ..... income-tax arrears, and rs. 7,400, being commission paid on shares borrowed for the purpose of pledging them as security against income-tax demands, are permissible deductions under the provisions of the income-tax act, 1961 ?' 2. the assessed is the dalmia dadri cement ltd. and ..... rs. 8,679 claimed by the assessed as legal and court expenses was an admissible deduction under section 37(1) of the income-tax act, 1961 (3) whether, on the facts and in the circumstances of the case, the amount of rs. 46,718, being interest paid on ..... this court for the year 1961-62, in the present assessed's case and we have answered a similar question in the negative and against the assessed (income-tax reference no. 34 of 1971, decided on november 12, 1979). following that decision we answer this question against the assessed. 19. we next advert to ..... )(xv) of the indian i.t. act, 1922, in view of this chain of decisions, we are unable to interfere with the order of the tribunal holding that sum of rs. 8,679 claimed by the assessed as legal and court expenses for preparation and pursuing of income-tax appeals was permissible. question no. 2 .....

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Aug 01 1980 (HC)

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

Court : Delhi

Decided on : Aug-01-1980

Reported in : [1982]135ITR456(Delhi)

..... consistently with the ordinary principles of commercial accounting, so far as applicable and in conformity with the rules of the income tax act, or of that act as modified by the provisions and schedules of the acts regulating excess profits duty, as the case may be. for example, the ordinary principles of commercial accounting require that ..... a dealer in book debts, the amount of surplus cannot be brought to taxes a business profit. 2. even assuming that any profit had arisen out of amalgamation arrangement, it was exempt from tax under section 4(3)(vii) of the income-tax. act as a receipt of casual and non-recurring nature. 3. no profit could ..... observed if the figure of liabilities needed modification in the light of appellate orders in respect of income-tax demand or otherwise in the light of evidence produced by the assessed, necessary rectification under s. 154 of the i,t. act, 1961, would be made as and when necessary. 7. the orders passed by the ito ..... a wide amplitude and it has varied facets. section 2(6c) of the indian i.t. act, 1922, amplified its vast scope. 32. reference to the observations at p. 490 of law and practice of income tax by kanga palkhivala, in my view, does not call for undue significance when the articles of association of ..... ranganathan, j.1. these are two references by the commissioner of income-tax under s. 66(1) of the indian i.t. act, 1922. the respondent assessed in i.t.r. no. 34/70 is bharat development pvt. ltd., rajpura, and the assessed in i.t. .....

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Feb 14 1980 (HC)

Commissioner of Income-tax, Delhi (Central) Vs. Orissa Cement Ltd.

Court : Delhi

Decided on : Feb-14-1980

Reported in : [1980]124ITR251(Delhi); [1981]6TAXMAN387(Delhi)

..... share capital and of its reserves in so far as they have not been allowed in computing the profits of the company for the purposes of the indian income-tax act'. 3. the super profits tax act, 1963, also laid down a similar rule. here again, the super profits represented the excess of its chargeable profits of a previous year over the standard deduction, which ..... the court was of the view that though such a liability is a contingent liability and thereforee not a 'debt' under section 2(m) of the wealth-tax act, it would be deductible under the income-tax act while computing the taxable profits. in the instant case, the question is not whether such estimated liability arising under the gratuity schemes amounts to a debt or ..... deduction in computing the income of the company for the purposes of the indian income-tax act, 1922 (xi of 1922), or the income-tax act, 1961 (xliii of 1961);...... explanationn. - for the removal of doubts it is hereby declared that any amount standing to the credit of ..... ; (ii) its reserves, if any, created under the proviso (b) to clause (vib) of sub-section (2) of section 10 of the indian income-tax act, 1922 (xi of 1922), or under sub-section (3) of section 34 of the income-tax act, 1961 (xliii of 1961); (iii) its other reserves as reduced by the amounts credited to such reserves as have been allowed as a .....

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Dec 08 1980 (HC)

Commissioner of Income-tax, Delhi-ii Vs. Banwari Lal and Sons Ltd.

Court : Delhi

Decided on : Dec-08-1980

Reported in : [1982]137ITR91(Delhi)

..... and in the circumstances of the case, the tribunal was right in not converting provisions of section 147(a) into provisions of section 147(b) of the income-tax act, 1961 ?' 2. the assessed is a limited company. it owned a building known as radha krishan bhawan, darya ganj, delhi. the building was let ..... the rent, the excess shall be included or the deficiency shall be allowed by revising the assessment order u/s. 35 of the income-tax act or else the full amount of deficiency shall be allowed as irrecoverable rent in the year of actual receipt and similarly excess received, if any, ..... on the facts and in the circumstances of the case, the appellate tribunal was right in cancelling the assessments made by the income-tax officer in pursuance of proceedings under section 147(a) of the income-tax act, 1961, against the assessed 2. if the answer to the first question is in the affirmative, whether, on the facts ..... 147(a) were not validly invoked against the assessed as the assessed had disclosed fully and truly all material facts necessary for assessments in the income-tax return itself. it was contended that the primary facts having been disclosed by the assessed, it was for the ito to draw the correct and ..... material facts necessary for his assessment for that year, income chargeable to tax has escaped assessment for that year.' 7. the scope and extent of this expression in s. 147(a) which is similar to s. 34(1)(a) of the 1922 act has been the subject-matter of pronouncement by the supreme .....

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Dec 18 1980 (HC)

Commissioner of Income-tax, Delhi-ii Vs. Caxton Press (P.) Ltd.

Court : Delhi

Decided on : Dec-18-1980

Reported in : (1981)22CTR(Del)144; [1981]129ITR462(Delhi)

..... must be deemed to have exercised his discretion and waived levy of penal interest and that the commissioner had no jurisdiction under section 33b of the indian income-tax act, 1922, or revise the order of the income-tax office ?' 12. there are two possibilities. either the appellate tribunal was right in holding that the ito must be deemed to have exercised his discretion and ..... is not so because the order of the commissioner is as follows : 'the said order is, thereforee, set aside and the income-tax officer is directed to make a fresh assessment after charging interest under section 18a (8) of the indian income-tax act, 1922, in accordance with law.' 15. the order, thereforee, left no discretion with the ito. the assessed will get costs of ..... 1961-d and a tax demand of rs. 38,939.60 was raised. the commissioner, on examining the records of the case, was ..... circumstances of the case, the appellate tribunal was right in holding that the income-tax officer must be deemed to have exercised his discretion and waived levy of penal interest and that the commissioner had no jurisdiction under section 33b of the indian income-tax act, 1922, to revise the order of the income-tax office ?' 2. the question referred to us relates to the assessment year .....

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Aug 29 1980 (HC)

Commissioner of Income-tax, Delhi-ii Vs. Eternal Science of Man's Soci ...

Court : Delhi

Decided on : Aug-29-1980

Reported in : ILR1980Delhi1559

..... to refer briefly to the relevant statutory provisions. chapter iii of the income-tax act, 1961 (to be referred to in brief as 'the act'), contains provisions pertaining to income which does not form part of the total income. section 11, which is in this chapter, deals with income derived from property held for charitable or religious purposes. it provides, inter alia, that if ..... 1970-71 and goodwill india ltd. amounting to rs. 75,450 from m/s. daulat ram public trust were not taxable income in the hands of the receiving trust under the provisions of sections 11 and 12(2) of the income-tax act, 1961 ?' 3. before setting out the facts on the basis of which the above question have been referred, it is advisable ..... in the form of 22,130 shares of motor and general finance ltd. from daulat ram public trust was not taxable income in the hands of the receiving trust under the provisions of sections 11 and 12(2) of the income-tax act, for the assessment year 1970-71 2. whether, on the facts and in the circumstances of the case, the tribunal was ..... form of rs. 40,000 shares of motor & general finance ltd. from m/s. daulat ram public trust was not taxable income in the hands of the receiving trust under the provisions of section 11 and section 12(2) of the income-tax act, 1961, for the assessment year 1970-71 2. whether, on the facts and in the circumstances of the case, the .....

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Apr 14 1980 (HC)

Jaipur Charitable Trust Vs. Commissioner of Income-tax, Central, Delhi

Court : Delhi

Decided on : Apr-14-1980

Reported in : [1981]127ITR620(Delhi)

..... the claim for the two succeeding years has to be considered under the provisions of s. 11 of the income-tax act, 1961. 2. the claim of this trust for the same exemption under the indian i ..... .t. act, 1922, in relation to the assessment years 1954-55 to 1960-61, was considered and negatived by the judgment of this court in cit v. jaipur charitable trust : [1971]81itr1 ..... decision of the supreme court in surat art silk cloth mills manufacturers association : [1980]121itr1(sc) , on a direct reference made to it by the income-tax appellate tribunal. it may be convenient, without referring in detail to the very exhaustive discussion in the judgment, to summarise the various points decided in the case ..... to exemption from income-tax for the assessment years 1961-62, 1962-63 and 1963-64 (for which the previous years were respectively the preceding financial years). the claim in respect of the first of these years has to be considered under s. 4(3)(i) of the indian i.t. act, 1922, whereas ..... trust or institution would not be liable to be regarded as charitable and no part of its income could would be exempt from tax. mohammed ibrahim riza malak v. cit air 1930 pc 226, and east india industries (madras) p. ltd. v. cit : [1967]65itr611(sc) approved. (ii) if the primary or dominant purpose of a .....

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Feb 05 1980 (HC)

Nawabganj Sugar Mills Co. Ltd. and Others Vs. Commissioner of Income-t ...

Court : Delhi

Decided on : Feb-05-1980

Reported in : (1980)17CTR(Del)194; [1980]123ITR287(Delhi)

..... tribunal (delhi bench 'c') in compliance with the directions of this court under section 66(2) of the indian income-tax act, 1922. one set pertains to the assessment of the nawabganj sugar mills co. ltd., and is for assessment years 1948-49 ..... to have been wrongly stated, not, thereforee, could justify recourse to reassessment. we have, thereforee, nothing to differ with the conclusions arrived at by the income-tax appellate tribunal. the question referred is answered in the affirmative. the revenue will be entitled to costs. 29. before concluding we may also refer to the ..... was required not only to make full disclosure of all facts relevant to assessment but also a true disclosure thereof. it was wholly immaterial whether the income-tax officer making the original assessment could or could not have found the same to be faked or not. in that case, the assessed had disclosed certain ..... a) of the 1922 act envisaged recourse to reassessment proceedings where the ito had reason to believe that by reason of the omission or failure on the part of the assessed to disclose fully and truly all material facts necessary for his assessment, income, profits or gains, chargeable to income-tax had escaped assessment, or ..... is necessary in the manner...'' 23. subsequently, the ito reopened the assessment under s. 34 (1)(a) of the act and by an order of reassessment assessed the assessed to tax on the profits earned by it under s. 10(2)(vii). in these circumstances, it was observed that if any part .....

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