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Judgment Search Results Home > Cases Phrase: income tax act Year: 1987 Page 1 of about 2,274 results (0.099 seconds)

Jan 29 1987 (HC)

Commissioner of Income-tax Vs. Pyarchand Keshrimal Porwal (H.U.F.)

Court : Mumbai

Decided on : Jan-29-1987

Reported in : [1987]167ITR272(Bom)

..... the sanction of the central board of direct taxes. on march 22, 1973, the income-tax officer passed an order of reassessment and brought to tax the value of the said ..... , on february 15, 1969, to the central board of direct taxes that the assessee's assessment for the assessment year 1952-53 be reopened by invoking the provisions of section 147 of the income-tax act so as to bring to tax the value of the said gold. the assessment was reopened upon ..... alone that we decide this reference. we find it unnecessary in the circumstances to go into any other question.as we have stated, the income-tax officer who handled the individual assessment of keshrimal reopened the assessment consequent upon the seizure of the said gold. the proceedings in that behalf are ..... a protective basis as an alternative to the assessment of the assessee for the assessment year 1969-70 which was substantive.it appears that the income-tax officer assessing keshrimal in his individual capacity also had, at the same time, initiated reassessment proceedings and these proceeding are still pending.against the ..... and their son, nemkumar. the search culminated in seizure of primary gold weighing 42.424 kgs.3. on july 13 and 16, 1968, the income-tax authorities searched the same premises and seized other gold ornaments and jewellery. with relation to this seizure, this reference is not concerned.4. in relation .....

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Mar 12 1987 (HC)

Richardson Hindustan Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Decided on : Mar-12-1987

Reported in : (1987)63CTR(Bom)16; [1987]169ITR516(Bom)

..... j.1. the question of law referred to this court for the opinion at the instance of the assessee under section 256(1) of the income-tax act, 1961, is :'whether, on the facts and in the circumstances of the case, the following payments are items of capital expenditure and not allowable ..... fresh share capital of rs. 22,50,000 during the previous year and incurred an expenditure of rs. 2,44,888 in connection therewith. the income-tax authorities as well as the tribunal disallowed the expenditure on the ground that the expenditure was of a capital nature. placing reliance on this court's ..... demised premises and paid a sum of rs. 8,396 to m/s. ravee a. sood, estate agents, during the previous year.4. the income-tax officer disallowed the assessee's claim for deduction in respect of both the above items of expenditure on the ground that the expenditure was incurred in connection ..... issue of shares and obtaining of loan by issuing debentures. it is pertinent to mention that in the case of bombay burmah trading corporation ltd. v. cit : [1984]145itr793(bom) , the capital raised included both by issue of bonus shares and by issue of altogether fresh shares and certain types of ..... decision in the case of bombay burmah training corporation ltd. v. cit : [1984]145itr793(bom) , mr. dastur submitted that the disallowance of the entire expenditure is not at all justified and that expenditure on items like postage .....

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Feb 20 1987 (HC)

Geep Industrial Syndicate Ltd. and Another Vs. Central Board of Direct ...

Court : Delhi

Decided on : Feb-20-1987

Reported in : (1987)63CTR(Del)1; [1987]166ITR88(Delhi)

..... properly calculated the amount of interest which the assessed could be called unto to pay under the provisions of section 220(2) of the income-tax act. these demands in consequence of the appellate orders were raised by the income-tax officer, central circle, allahabad. 3. for the assessment years 1972-73 to 1974-75, the assessed submitted applications under section 154. relying on ..... rejected these applications both on merits and also by holding that the amendment sought by the petitioner did not fall within the preview of section 154 of the income-tax act, not being a mistake apparent from the record of the case. 4. counsel for the department has raised a preliminary objection to the maintainability of these petitions in this court. ..... new delhi and the petitioner is challenging the correctness of that circular, this court has jurisdiction to entertain these writ petitions. he also submits that the demands raised by the income-tax officer as a consequence of the appellate orders are being contested only in respect of interest and this contest cannot be raised in appeal against an order charging interest. so ..... far as the orders under section 154 are concerned, he submits that since the income-tax officer has pointed out that the grounds on which the assessed challenges the levy of interest raise a controversial question regarding the applicability of section 220(2), the provisions of .....

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Jan 13 1987 (HC)

Addl. Commissioner of Income-tax Vs. Ghasiram Phoolchand

Court : Mumbai

Decided on : Jan-13-1987

Reported in : [1987]167ITR243(Bom)

..... . 1,57,708 ? 2. whether, on the facts and in the circumstances of the case, the tribunal was justified in deleting the sum of rs. 73,7708 assessable as income for the assessment year in question under section 68 of the income-tax act, 1961 ?'2. this reference relates to the assessment year 1963-64. the assessee is a hindu undivided family and derives ..... ,708 remained unexplained. this amount, the income-tax officer added, to the assessee's 'income from other sources'.14. before the tribunal, the assessee did not dispute ..... extent of rs. 84,000, being the estimated income. the balance thereof in the amount of rs. 73 ..... other business by offering to be assessed on estimated income, the available funds for being introduced in the business can only be accepted to the extent of income estimated, and the balance of credits still not covered will be treated as income from undisclosed sources under section 56 read with section 68 of the income-tax act......'. thus, the cash credits were covered to the .....

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Jan 23 1987 (HC)

income-tax Officer, A-ward, Visakhapatnam Vs. B. Appa Rao

Court : Andhra Pradesh

Decided on : Jan-23-1987

Reported in : [1987]166ITR543(AP)

..... , the crucial point that has to be determined is whether in a case where a claim petition is filed and allowed by the tax recovery officer, under rule 11 (6) of part i of schedule ii to the income-tax act, 1961, the burden of proof completely rests on the plaintiff who filed a suit to set aside that order. the two ruling that ..... he has got a right to attach the property for the purposes of selling the right, title and interest of the judgment-debtor. we cannot expect the income-tax officer plaintiff to adduce negative evidence. the income-tax officer has neither knowledge nor information about the factum of adoptions. once the party filed a petition and in a summary enquiry, though it is not ..... b. appa rao. the defendants are closely related to late guruvulu. the visakha gowda association fell in arrears of income-tax to the tune of rs. 12,62,921 including penalties for the two assessment years 1971-72 and 1972-73. when the income-tax department proceeded to attach the property, a claim petition has been filed to lift the attachment to the extent ..... of 5/6ths share. it was found by the tax recovery office that the first and the second defendants are entitled to 1/6th share each .....

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Apr 02 1987 (HC)

Sri Krishna Dairy and Agricultural Farm Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Apr-02-1987

Reported in : (1987)65CTR(AP)44; [1988]169ITR291(AP)

..... dairy farm and also raises agricultural produce. during the period relevant to the claimed that it represented a capital receipt and not liable to levy of income-tax. the income-tax officer held that it was a sale of capital asset resulting in a short-term capital gain (as the age of the calves that were sold ..... as it constituted a part of the actual cost of the calves. apparently, the adoption of the figure of 75 per cent. as capital gain by the income-tax officer does not stand and in its place, the sale price less cost of rearing will be the cost of acquisition. 6. for this purpose, it ..... on feeding and maintenance of the calves after their birth till the date of sale as a part of the cost of acquisition. it directed the income-tax officer to determine to deduction to be granted for the expenditure on the maintenance of the calves from their birth to the date of sale. the ..... section 256(1) of the income-tax act, 1961, at the instance of the assessee, the following question is referred for the opinion of this court : 'whether, on the facts and in the circumstances of the case, the sum of rs. 29,730 realised on sale of calves was liable to capital gains tax ?' 2. the assessee- ..... of the ratio of the aforesaid supreme court decision. he also urged that the decision of the supreme court in cit v. gold mohore investment co. ltd. : [1969]74itr62(sc) relied upon by the income-tax officer does not apply to the facts of this case. 4. the standing counsel for the revenue has supported the .....

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Mar 19 1987 (HC)

Trustees of H.E.H. the Nizam's Dependants and Khanazadas Trust Vs. Com ...

Court : Andhra Pradesh

Decided on : Mar-19-1987

Reported in : [1988]171ITR207(AP)

..... b.p. jeevan reddy, j.1. the question referred in this case for our opinion, under section 256(1) of the income-tax act, is : 'whether, on the facts and in the circumstances of the case, the assessee should be given credit for the tax deducted at source on dividends from the shares held in the name of c. b. taraporewala ?' the assessee is 'trustees ..... the assessment year 1972-73 and which was deleted by the appellate tribunal. while including the said income, the income-tax officer did not allow the claim of the assessee with respect to the tax deducted at source from the dividends. though no reasons were by the income-tax officer, the appellate authority was of the opinion that this refusal was based on the ground that ..... very shares in respect of which tax been deducted at source. in other words, the dividend income included in the assessee's income is the income of those very shares from out of which income-tax has been deducted at source by the company. the tribunal shall, however, verify this factual aspect while passing orders under section 260 of the act. we are only laying down the ..... principle. the tribunal shall pass appropriate orders keeping the said principle in mind. in view of the clarification we have made, we do not think that the direction given by the appellate assistant commissioner to tax only the net dividend income is correct. the gross income from the dividends shall be .....

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Apr 10 1987 (HC)

Manoj Didwania Vs. Union of India and Others

Court : Delhi

Decided on : Apr-10-1987

Reported in : (1987)63CTR(Del)207; [1987]167ITR177(Delhi)

..... delhi to madras nor in respect of the ex parte assessment order dated march 20, 1986, passed by the income-tax officer, madras, against him. 5. section 127 of the income-tax act, 1961, as amended by the taxation laws (amendment) act, 1975, with effect from october 1, 1975, confers on the board power to transfer cases and the ..... case from one or more of the following officers subordinate to him, namely :- (a) any income-tax officer or income-tax officers; (b) any income-tax officer or income-tax officers having concurrent jurisdiction with the inspecting assistant commissioner, to any other income-tax officer or income-tax officers or (whether with or without concurrent jurisdiction with the inspecting assistant commissioner) also subordinate to him ..... and the board may similarly transfer any case from - (i) any income-tax officer or income-tax officers, or (ii) any income-tax officer having concurrent jurisdiction with the inspecting assistant commissioner, to any other income-tax officer or income-tax officers or (whether with or without concurrent jurisdiction with the inspecting assistant commissioner) : provided that nothing in ..... -section (1) may be made at any stage of the proceedings, and shall not render necessary the reissue of any notice already issued by the income-tax officer or income-tax officers from whom the case is transferred.' 6. it was conceded on behalf of the petitioner that show-cause notice in regard to the proposed transfer .....

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Feb 20 1987 (HC)

Geep Industrial Syndicate Ltd. and ors. Vs. Union of India and ors.

Court : Delhi

Decided on : Feb-20-1987

Reported in : 1987(13)DRJ25

..... rejected these applications both on merits and also by holding that the amendment sought by the petitioner did not fall within the purview of section 154 of the income-tax act, not being a mistake apparent from the record of the case. counsel for the department has raised a preliminary objection to the maintainability of these petitions in this court. his ..... properly calculated the amount of interest which the assessed could be called upon to pay under the provisions of section 220(2) of the income-tax act. these demands in consequence of the appellate orders were raised by the income- tax officer, central circle, allahabad.(3) for the assessment years 1972-73 to 1974-75 the assessed submitted applications under section 154. relying on certain ..... decisions, as there is no provision for an appeal against an order charging interest. so far as the orders under section 154 arc concerned, he submits that since the income-tax officer has pointed out that the grounds on which the assessed challenges the levy of interest raise a controversial question regarding the applicability of section 220(2), the provisions of ..... new delhi and the petitioner is challenging the correctness of that circular, this court has jurisdiction to entertain these writ petitions. he also submits that the demands raised by the income-tax officer as a consequence of the appellate orders aie being contested only an respect of interest and this contest, cannot be raised in appeal as has been held in various .....

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Mar 24 1987 (HC)

Bombay Burmah Trading Corporation Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Decided on : Mar-24-1987

Reported in : (1987)64CTR(Bom)21; [1988]169ITR148(Bom)

..... bharucha, j.1. this reference under section 256(1) of the income-tax act, 1961, made at the instance of the assessee, goes back to the second world war. the assessee is a public limited company which, prior to ..... 1944-45 and 1945-46.4. for the assessment year 1951-52, with which we are concerned in this reference, the treatment of the came up before the income-tax appellate tribunal. the tribunal held that the assessee's right to the compensation arose on march 18, 1951. upon which date the award was made. it rejected the ..... due to the exchange fluctuation had to be treated as a capital receipt.13. mr. munim also drew our attention to the supreme court judgment in senairam doongarmall v. cit : [1961]42itr392(sc) . this was a case in which the assessee owned a tea estate consisting of tea gardens, factories and other buildings, and it carried ..... compensation paid on account of these items, even if considered separately, was, therefore, a capital receipt.12. mr. munim relied upon the judgment of the supreme court in cit v. canara bank ltd. : [1967]63itr328(sc) . the canara bank had opened a branch in karachi prior to partition. after partition, the currencies of india and pakistan ..... machinery stores, pounds 1,10,125 in respect of upcountry stores, that is, sawn timber, and pounds 5,11,582 in respect of missing logs. the taxing authorities and the tribunal found that the compensation in regard to these items constituted a revenue receipt in as much as they were stock-in-trade. this finding .....

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