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Judgment Search Results Home > Cases Phrase: medical degrees act 1916 section 2 definitions Year: 1986 Page 9 of about 512 results (0.225 seconds)

Nov 19 1986 (HC)

Andhra Pradesh Carbides Ltd. Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Nov-19-1986

Reported in : [1992]198ITR386(AP)

..... tax (appeals) and also by the tribunal in appeal. the tribunal was of the opinion that such a set-off cannot be claimed under section 57(iii) of the income-tax act, 1961, inasmuch as, under that provision, only that expenditure which is laid out or expended wholly for purposes of earning such income can be ..... towards the shares allotted to them. both are distinct items and it is not possible to see any reasonable connection between them. neither by section 57(iii) of the income-tax act, 1961, nor by applying the test of a prudent person managing his affairs, can it be said that the interest earned on the ..... in the accounting year relevant to the assessment year 1978-79, the company earned interest income of rs. 12,497 and the other miscellaneous income of rs. 2,450. the interest income was earned by making fixed deposits of the contribution raised from the shareholders towards allotment of shares. as against the income from interest ..... could not be allowed to be set off against the interest income earned by the assessee of the rs. 12,497 in the assessment year 1978-79 ?' 2. the assessment year concerned is 1978-79. the assessee-company was incorporated of november 22, 1975, with the object of establishing a plant for the manufacture of ..... b.p. jeevan reddy, j.1. the following question is referred for our opinion under section 256(1) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the interest paid in .....

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Sep 22 1986 (HC)

Commissioner of Income-tax Vs. Anasuya Devi

Court : Andhra Pradesh

Decided on : Sep-22-1986

Reported in : [1987]168ITR587(AP)

..... sunil siddharthbhai v. cit : [1985]156itr509(sc) becomes applicable. in view of that decision, it must be held that there is a transfer within the meaning of section 2(47) of the income-tax act when the partners unilaterally threw the asset into the partnership stock. but then, the supreme court observed that the claim for levy of tax on the capital gains ..... the partnership, the property owned by the assessee and her sons was thrown into the common stock of the partnership so that the property became partnership property under section 14 of the partnership act. in consideration of the assessee and her two sons throwing the property in to the partnership stock, their capital accounts were credited with a sum of rs. 8 ..... or any part of the same as business profits in the absence of any sale or transfer ?' 2. the tribunal declined to refer any of the five questions to this court under section 256(1) of the act and hence this application under section 256(2) of the act. 3. it is not necessary to set out the facts in great detail. it is perhaps enough ..... y.v. anjaneyulu, j.1. this application under section 256(2) of the income-tax act, 1961 (hereinafter referred to as 'the act'), is filed by the commissioner of income-tax seeking to raise the following five questions of law : '1. whether, on the facts and in the circumstances of the case, the .....

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Sep 30 1986 (HC)

Commissioner of Income-tax Vs. Chitra Kalpana

Court : Andhra Pradesh

Decided on : Sep-30-1986

Reported in : (1988)67CTR(AP)215; [1987]169ITR678(AP)

..... in the circumstances of the case, the sum of rs. 40,000 paid to two partners, sri m. venkataramana and sri laxminarayana, are allowable in view of section 40(b) of the income-tax act, 196 ?' 2. a partnership firm consisting of three partners, m. venkataramana, s. laxminarayana alias bapu and n. s. murthy, was constituted under a deed of partnership dated february ..... interest paid to a partner in a character other than a partner could not be disallowed under section 40(b) of the act. this principle has since received statutory recognition by the taxation laws (amendment) act, 1984, which added three explanations to section 40(b) of the act. explanation 2, newly added, provides that, where an individual is a partner in a firm in a representative ..... of the act. the reason ..... capacity, the interest paid by the firm to such individual otherwise than as partner in a representative capacity, shall not be taken into account for the purposes of clause (b) of section 40 .....

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Oct 17 1986 (HC)

Commissioner of Income-tax Vs. Godavari Plywoods Ltd.

Court : Andhra Pradesh

Decided on : Oct-17-1986

Reported in : (1987)62CTR(AP)179; [1987]168ITR632(AP)

..... is allowable on the actual cost of buildings, machinery and plant. the expression 'actual cost' occurring in section 32 should be understood in the light of the definition of that expression contained in section 43(1) of the act. according to section 43(1) of the act, the actual cost of the assets to an assessee has to be reduced by that portion of the cost ..... submissions of learned standing counsel for the revenue are brief and basically founded on section 43(1) of the income-tax act which contains the definition of the expression, 'actual cost'. 13. it may be relevant to extract the definition, 'actual cost' below : '43. in sections 28 to 41 and in this section, unless the context otherwise requires - (1) 'actual cost' means the actual cost ..... under any executive orders issued when the indian income-tax act, 1886 (2 of 1886), was in force......' the expression 'actual cost' is defined in clause (1) of the same section. excluding the proviso and the explanations which are again not relevant for our purpose, the definition reads as follows : '(1) 'actual cost' means the actual cost of the assets to the assessee, ..... the income-tax act, depreciation in the case of buildings, machinery, plant or furniture shall be allowed at such percentage 'on the written down value thereof' as may in any case or class of cases be prescribed. clause (6) of section 43 defines 'written down value'. excluding the proviso and the explanations which are not necessary for our purpose, the definition reads as .....

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Sep 24 1986 (HC)

Commissioner of Income-tax Vs. Jetha Lal Nanji and Bros.

Court : Andhra Pradesh

Decided on : Sep-24-1986

Reported in : [1987]167ITR191(AP)

..... , a separate account called 'construction account' was opened in the account books of the firm. at the end of the construction, the total cost of the construction came to rs. 2,15,174. after the construction was completed, the total expenditure incurred was divided into seven equal portions and the amount transferred to the individual accounts of the seven partners. for ..... has got undefined interest in the property of the firm and as such the income from the property has to be assessed in the hands of the partner ?' 2. we may first state the facts relevant to the above questions. the partnership firm called messrs. jethalal nanji and brothers, new bhoiguda, secunderabad, consisted of seven partners. their shares in ..... , j.1. two questions are referred for our opinion under section 256(1) of the income-tax act, 1961. the questions are : '1. whether, on the facts and in circumstances of the case, the income-tax appellate tribunal was justified in holding that the property did not belong to the firm 2. whether the appellate tribunal was justified in holding that the partners .....

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Nov 05 1986 (HC)

Commissioner of Income-tax Vs. Navabharat Enterprises (P.) Ltd.

Court : Andhra Pradesh

Decided on : Nov-05-1986

Reported in : [1988]170ITR326(AP)

..... of the foreign purchaser but also providing a guarantee for payment of such amount and such activity for obtaining information and arranging guarantee falls within sub-clause (ii) of section 35b(1)(b) of the act and as such is eligible for weighted deduction. 3. learned standing counsel for the revenue contends that the expenditure does not fall within any of the clauses ..... the items of expenditure contemplated therein with a view to give an incentive and fillip to the export market. this additional deduction over and above the normal deduction under section 37 of the act should be allowed if the expenditure is strictly within the contours of the items of expenditure comprised in clause (b) and if a liberal or stretched interpretation is ..... -tax is : 'whether, on the facts and in the circumstances of the case, the assessee is entitled to weighted deduction under section 35b of the income-tax act, 1961, in respect of rs. 2,05,211 incurred for export credit guarantee insurance ?' 2. the assessee claimed weighted deduction of certain items of expenditure amounting to rs. 10,74,535. out of this amount, the ..... of the income-tax act and as such the exemption granted by the tribunal is not justified. learned counsel for the assessee, seeking to sustain the order of the tribunal contends that the deduction under section 35b should be considered from a broad perspective and the expenditure claimed is within the purview of sub-clauses (ii) and (viii) of section 35b(1)(b). to .....

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Sep 02 1986 (HC)

Commissioner of Income-tax Vs. V. Veeri Naidu and Sons

Court : Andhra Pradesh

Decided on : Sep-02-1986

Reported in : [1987]168ITR567(AP)

..... from the order of the assessing authority that any endeavour was made to examine whether the two partnership firms could be considered to have been validly constituted under the partnership act or not. apparently, the conclusion regarding the assessability of the income relating to the two partnership firms in the hands of one single partnership firm was reached with reference to ..... for carrying on business, then only the further question whether the two partnerships could be considered to be one partnership for the purpose of tad assessment under the income-tax act arises. 4. in the present case, the conclusion that the two partnership firms constituted one indivisible firm was reached on the basis of single circumstance, namely, that one of the ..... brothers, visakhapatnam, are two different entities and not one and the same entity and the income-tax officer cannot make a single assessment clubbing the income of both the firms ?' 2. having looked into the facts of the case, we are not persuaded to accept the submission of learned standing counsel for the revenue that a question of law does arise ..... y.v. anjaneyulu, j.1. these applications filed under section 256(2) of the income-tax act, 1961, relate to the same assessee but for different assessment years. the revenue is aggrieved by the refusal by the income-tax appellate tribunal, hyderabad, to refer the following question .....

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Sep 25 1986 (HC)

Commissioner of Income-tax Vs. Venkateswara Transmission (P.) Ltd.

Court : Andhra Pradesh

Decided on : Sep-25-1986

Reported in : [1988]171ITR476(AP)

..... declined to grant depreciation on the ground that the drawings, designs, charts, etc., did not constitute 'books' so that they did not fall within the definition of 'plant' in section 43(3) of the income-tax act, 1961. that view was upheld by this court and the decision of this court was challenged in the supreme court. the only question that fell for ..... (sc) . attention is invited to the observation of the supreme court that drawings, designs, charts, plans, processing data and other literature comprised in the documentation service fell within the definition of 'plant' in section 43(3) on such a capital asset. drawing inspiration from the aforesaid observations, learned standing counsel contended that the drawings, designs, etc., supplied by m/s. ventra engineering ..... appellate tribunal is correct in law in holding that the expenditure of rs. 1,15,000 incurred by the assessee on acquisition of technical know-how is not capital expenditure ?'2. we have heard learned standing counsel. we are unable to accept his connection that the expenditure incurred by the assessee is of capital nature. in our opinion, the principle is .....

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Nov 12 1986 (HC)

Commissioner of Income-tax/Wealth-tax Vs. Polisetty Somasundaram Chari ...

Court : Andhra Pradesh

Decided on : Nov-12-1986

Reported in : [1990]183ITR377(AP)

..... the advancement of knowledge and education and running and maintenance of educational institutions of any kind. the income-tax officer found that the objects were within the provisions of section 2(15) of the act but, however, held that the income of the institution is taxable as the entire funds of the institution were lent to messrs. polisetty somasundaram in which the founder ..... of lending the amount jacked up by interest or adequate security or both. the lending as such is not prohibited if adequate security are taken care of section 13(2)(h) interdicts investment and the act of investment alone is sufficient to deny the exemption. in view of this seminal distinction, the revenue endeavoured to bracket the transaction under investment so as to ..... of the commissioner are: '(1) whether, on the facts and in the circumstances of the case, the income of the assessee was entitled to exemption under section 11(1) of the income-tax act, 1961? (2) whether, on the facts and in the circumstances of there case, the income-tax appellate tribunal was justified in holding that the assessee satisfied the requirements of ..... 'investment' primarily means the act of laying out moneys in the acquisition of some species of property. in cit v. external science of man's society : [1981]128itr456(delhi) , the delhi high court held that the interest income received by a charitable institution has to be excluded from the taxable income of the assessee in view of clause section (2) and clause (h .....

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Nov 21 1986 (HC)

Dadala Ramanayya Vs. Tax Recovery Officer

Court : Andhra Pradesh

Decided on : Nov-21-1986

Reported in : [1987]168ITR266(AP)

..... have delegated its power under rule 6 of the aforesaid rules to the tax recovery commissioners. the tax recovery commissioners are undoubtedly commissioners as the definition of 'tax recovery commissioner' in section 2(43b) of the income-tax act would indicate. apart from the above, we are of the opinion that this court should not exercise its discretionary jurisdiction under article 226 of the ..... , the second contention of the petitioner also fails. 9. now, coming to the third contention, it is based upon rule 118 of the income tax rules read with section 156 and sub-section (2) of the section 220 of the income-tax act. rule 118(1) says that where the tax has fallen due, the income-tax officer shall calculate the interest payable under sub ..... -section (2) of section 220 at the end of each financial year and serve a notice of demand under section 156 of the act. section 156 provides for notice of demand for the tax or interest due. sub-section (2) of section 220 says that if the amount specified in any notice of demand under ..... section 156 is not paid within the period limited under sub-section (1), the assessee shall be liable to pay simple interest .....

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