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Judgment Search Results Home > Cases Phrase: income tax act Year: 1980 Page 7 of about 1,135 results (0.261 seconds)

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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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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Feb 25 1980 (HC)

Commissioner of Income-tax, Gujarat-iv Vs. Mascalchi Mario

Court : Gujarat

Decided on : Feb-25-1980

Reported in : [1981]127ITR49(Guj)

..... aspect that in every case, it is only the party applying for a reference who is entitled to specify the question of law which should be referred. nowhere in the income-tax act, 1961, is there a right given to the non-applicant to ask for a reference of questions of law on the application made by the applicant. where the order of ..... tribunal was right in law in holding that the living allowance payable to the assessee in india is a perquisite taxable as per the provisions of the income-tax act, 1961 (3) if the answer to the aforesaid question is in the affirmative, whether the said amount of living allowance is exempt under section 10((14) or clause (v) of ..... s.b. majmudar, j.1. at the instance of the commissioner of income-tax, ahmedabad, the income-tax appellate tribunal at ahmedabad has referred under s. 256(1) of the i.t. act, 1961, for our decision a question of law arising out of its order dated february 16, 1977. the question referred by the tribunal at the instance of the revenue is ..... as under : 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding .....

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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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Jun 23 1980 (HC)

Shantaben P. Gandhi Vs. Commissioner of Income-tax, Gujarat-iii

Court : Gujarat

Decided on : Jun-23-1980

Reported in : [1981]129ITR218(Guj)

..... have constructed the house property within a period of two years after the date of transfer of the capital asset within the meaning of section 54 of the income-tax act, 1961 ?' 7. under s. 45, any profits or gains arising from the transfer of a capital asset effected in the previous year are, save ..... 45 and it provides that upon the satisfaction of the conditions therein prescribed, instead of the capital gain being charged to income-tax as provided in s. 45, it shall be dealt with in accordance with the provisions of the said section. two relevant conditions prescribed in the ..... the assessee's pwn residence and partly for letting, the benefit of the provisions of s. 54 was not available. 5. on further appeal, the income-tax appellate tribunal held that the first condition for earning the exemption under s. 54, namely, that the building standing on the larger plot should have been ..... in actual possession of the newly constructed building on the smaller plot also on the same day. 3. in the course of proceedings for assessment to income-tax for the assessment year 1970-71, the previous years being the financial year ended on march 31, 1970, the assessee claimed before the ito that ..... as otherwise provided, inter alia, in s. 54, chargeable to income-tax under the head 'capital gains' and they are deemed to be the income of the previous year in which the transfer took place. section 54 enacts an exemption to the provision of s. .....

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Oct 14 1980 (HC)

Commissioner of Income-tax, Gujarat-iv Vs. Karjan Co-op. Cotton Sale, ...

Court : Gujarat

Decided on : Oct-14-1980

Reported in : (1981)21CTR(Guj)185; [1981]129ITR821(Guj)

..... rebate on insurance charges, represented recoveries attributable to the activities of marketing of the agricultural produce of the members and were exempt under section 80p(2)(a)(i) of the income-tax act, 196 ?' 2. the assessment year under reference is 1970-71, the relevant previous year being the year ending 31 st october, 1969. the assessee is a co-operative society constituted ..... if payment is made beyond a particular date and this interest is known as'carrying charges'. 4. against the decision of the aac, the revenue took the matter to the income-tax appellate tribunal and the tribunal upheld the conclusion of the aac. according to the tribunal, these amounts were received either by way of interest of godown charges for the payments ..... in law in holding that the commission charges of rs. 27,383 received by the assessee from its mmembers were exempt under section 80p(2)(a)(iii) of the incommme -tax act, 196 (2) whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the amount of rs. 1,46,838 being ..... under the provisions of the co-operative societies act. it derives income from ginning and pressing of cotton received from its members and others and it also carries on activities of marketing cotton. the question arose before the ito whether the .....

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Jan 18 1980 (HC)

Chandrakant Damodardas Vs. Income-tax Officer Ward, a (Company), Rajko ...

Court : Gujarat

Decided on : Jan-18-1980

Reported in : (1980)16CTR(Guj)1; [1980]123ITR748(Guj)

..... to while calculating interest under section 217(1a), interest has to be calculated keeping in mind the date on which tax is paid before the date of completion of the regular assessment and if that tax, that is, tax chargeable under the provisions of the income-tax act, 1961, is paid before the 1st day of april next following the financial year in which the advance ..... tax was payable under section 212(3a) then full effect to that payment must be made in computing the interest under section ..... of the assessment proceeding s for the assessment year 1975-76 came to much less and an amount of rs. 30,015 was payable by the income-tax authorises by way of refund so far as payment of advance tax was concerned. however, at the time of passing the order of refund, the ito stated : 'no interest under section 214 granted as advance ..... arises as to whether under s. 214 interest which is contemplated can be denied to an assessee who has not paid the instalments of advance tax on the dates specified under s. 211 of the i.t. act. 4. in order to appreciate the contentions which have been urged before us, it is necessary to refer to the group of sections from .....

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Aug 25 1980 (HC)

Jayantilal Bhogilal Desai Vs. Commissioner of Income-tax, Gujarat-ii

Court : Gujarat

Decided on : Aug-25-1980

Reported in : (1981)22CTR(Guj)186; [1981]130ITR655(Guj)

..... from the full value of the consideration for the transfer of the capital asset (headnote of 89 itr 88) : 'in the context of the income-tax act, the expression 'cost of acquisition' signifies some expenditure or outlay in terms of money by the assessee in the creation or acquisition of the concerned capital ..... that case by its transfer to the company. it was further observed (headnote) : 'in order to be taxable capital gain within the meaning of section 12b of the income-tax act, there has to be : (1) profit or gain, (2) capital asset, (3) the profit or gain must arise out of transfer, and (4) ..... gains arises only on the transfer of a capital asset which has actually cost to the assessee something. such actual cost in the context of the income-tax act being cost in terms of money, it cannot apply to transfer of capital assets which did not cost anything to the assessee in terms of money ..... under s. 48. without computation of 'profits or gains' no tax can be levied under s. 45 of the act. therefore, the amount received by the assessee towards the value of goodwill was not assessable to tax under s. 48 of the income-tax act, 1961.' 31. the full bench of the kerala high court also ..... thereof, so much of the excess as does not exceed the difference between the actual cost and the written down value, shall be chargeable to income-tax as income of the business or profession of the previous year in which the moneys payable for the building, machinery, plant or furniture became due. similarly, .....

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Aug 28 1980 (HC)

Artex Manufacturing Co. Vs. Commissioner of Income-tax, Gujarat-ii

Court : Gujarat

Decided on : Aug-28-1980

Reported in : (1981)21CTR(Guj)31; [1981]131ITR559(Guj)

..... basis of the two circulars relied on by it (6) whether the transfer of a going concern is liable to tax under section 45 of the income-tax act, or under section 41(2), or is it realisation sale, which is not liable to tax ?' 2. we are concerned in this case with the assessment year 1967-68, the previous year being financial year ending ..... (31), clause (v), an association of persons or a body of individuals, whether incorporated or not, is a 'person' for the purposes of the i.t. act, and such a person can be assessed to income-tax. after the transfer of the business of the firm to the limited company, artex private limited, the erstwhile partners of the firm became a body of ..... stock were transferred came to rs. 15,87, 296 whereas the written down value as per income-tax records was rs. 3,32,276. thus, the difference came to rs. 12,55,020 and that was the income which was brought to tax under s. 41(2) of the act, but ito proceeded on the footing that for the purpose of s. 41(2), the ..... s. 10(2)(vii), prov. (ii) of the indian i.t. act, 1922, being equivalent to s. 41(2) of the 1961 act, the sum of rs. 40,743 being the excess realised over the written down value of the machinery. but the income-tax appellate tribunal held, relying upon the decisions in cit v. homi mehta's executors : [1955]28itr928(bom) , rogers & co. v .....

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