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Judgment Search Results Home > Cases Phrase: taxation laws extension to jammu and kashmir act 1954 section 2 extension of certain taxation laws to jammu and kashmir Page 1 of about 107 results (0.083 seconds)

Aug 02 1968 (SC)

Commissioner of Income-tax, U.P. Vs. Jagannath Mahadeo Prasad

Court : Supreme Court of India

Reported in : AIR1969SC209; [1969]71ITR296(SC); [1969]1SCR537

..... are concerned in the present case there was a proviso which was, at that time, the second proviso but it became the first proviso after the enactment of the taxation laws (extension to jammu and kashmir) act 1954. this proviso, at the material time, stood as follows:'provided further that in computing the profits and gains chargeable under the head 'profits and gains of business, profession ..... would be adjusted against profits under all other heads, and then the total income of the assessee would be worked out on that basis. the first proviso to this sub-section, however, lays down an exception to this general rule contained in the principal clause. the exception relates to income from business sustained in speculative transactions and places the limitation ..... which arises in these appeals by certificate, is whether speculative losses can be set off against profits from any other business activity under section 10 in spite of the first proviso to section 24 (1) of the income-tax act, 1922.2. the facts in c. a. 1761/67 in which the question in the above form was referred, the language of the question ..... by other high courts.3. now certain provisions of the act may be noticed before the case law is discussed. section 6 gives the heads of income chargeable to income-tax which are six in number. section 7 deals with the first head 'salaries'; section 8 with second head 'interest on securities'; section 9 with 'income from property' and section 10 provides for liability to tax under .....

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Apr 28 1964 (SC)

Union of India (Uoi) and ors. Vs. Gwalior Rayon Silk Manufacturing (We ...

Court : Supreme Court of India

Reported in : AIR1964SC1903; [1964(9)FLR124]; [1964]53ITR466(SC); [1964]7SCR892

..... enquiry committee. it may be mentioned that the recommendation was made on july 22, 1949 though it was brought into the agreement on february 25, 1950. section 60-a was introduced in the income-tax act by s. 19 of the taxation laws (extension to merged states and amendment) act, (no. lxvii of 1949). originally it only applied to merged territories, but when the income-tax ..... , the company was informed that the government of india had decided to exempt it from income-tax and super-tax for the assessment years 1950-51 to 1954-55 in respect of the weaving section. the company wanted exemption for the full period of twelve years as provided in the agreement of 1947, but was asked to apply later and eventually the ..... its report insofar as they apply to the state of madhya bharat together with the recommendations contained in chapter ix of part ii of its report were accepted by the parties subject to certain modifications and this agreement was in force for a period of ten years. further in order to overcome difficulties which might arise on the application of the indian ..... of april, 1950, there is in force in any part b state other than jammu and kashmir or in manipur, tripura or vindhya pradesh or in the merged territory of cooch-behar any law relating to income-tax or super-tax or tax on profits of business, that law shall cease to have effect except for the purposes of the levy, assessment and collection .....

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Jul 08 1988 (HC)

J.K. Cigarettes Co. Ltd. Vs. Union of India (Uoi)

Court : Jammu and Kashmir

Reported in : 1988(18)ECC34,1989(39)ELT355(J& K)

..... 2.1954 and the parliament applied the act of 1944 through the taxation laws act of 1954, the two statutes in the same field could not be allowed to continue. as held in naqashbandi's case (supra) 'the moment the parliament passed the act of 1954, it resulted in automatic repeal of the state income tax act'. same holds good for the ordinance also. parliament while passing the taxation laws (extension to jammu & kashmir) act, 1954 ..... the constitution of jammu and kashmir, the extent of the legislative powers of the state extend to all matters 'except those with respect to which parliament has power to make laws for the state under the provisions of constitution of india'. those powers are contained in the union list with certain exceptions. thus, the constitution of jammu & kashmir itself saves and ..... come to be issued by'tne president in consultation with or with the concurrence of, the state of jammu and kashmir, applying certain provisions of the constitution of india to the state as also extending the application of certain central laws to the state which conform to the enlarged jurisdiction of the union parliament in respect of the state of ..... protects the power of the parliament to make laws for the state in respect of such subjects in the union list over which the field of legislation has been .....

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Apr 14 1964 (HC)

Jagannath Mahadeo Prasad Vs. Commissioner of Income Tax

Court : Allahabad

Reported in : AIR1965All94; [1965]55ITR501(All)

..... further... ... .....' 5. the first proviso was omitted by the schedule to the taxation laws (extension to jammu and kashmir) act, 1954, and in the second proviso, which now became the first proviso, the word 'further' was in consequence omitted. the question framed by the appellate tribunal refers to the first proviso to section 24(1), but it is apparent that reference was actually intended to the provision ..... would but for the loss have accrued or arisen within the state of jammu and kashmir, shall not be taken into account except to the extent of the amount of income, profits and gains, if any, which would be exempt under the provisions of clause (c) of sub-section (2) of section 14: provided further that in computing the profits and gains chargeable under ..... . he observed: 'it was entirely unnecessary to compute the profits and gains of business, profession or vocation for the purpose of section 24(1) because that had already been done under section 10(2).' in view of the construction which, we think, can fairly be placed upon the proviso, we find ourselves, with respect, unable to agree with the view expressed ..... income of the previous year of every individual, hindu undivided family, company, etc. 'total income', by section 2(15), means 'total amount of income, profits and gains referred to in sub-section (1) of section 4 computed in the manner laid down in this act'. and section 4(1) provides that the total income of any previous year of any person includes all income, profits .....

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Sep 12 1980 (HC)

SaIn Dass Vs. Controller General, Jammu (Director Food and Supplies) a ...

Court : Jammu and Kashmir

Reported in : AIR1981J& K40

..... the state of jammu and kashmir along with many other central acts by act no. 25, central laws (extension to jammu and kashmir) act, 1968. although the act itself repeals the corresponding laws enforced in the state, a provision was made in the central laws (extension to jammu and kashmir) act, 1968, in section 5 of that act. section 5 provides:'if immediately before commencement of this act, there in force in the state of jammu and kashmir any law corresponding to any ..... of the clause shows that it excludes only foodgrains and embraces every other item which can be held to be an article. food stuff is specifically covered by section 2 (a) (v) of the act. it is not disputed that sweetmeats, the prices bf which the controller general sought to regulate under tthe ordinance would be covered under the definition of food stuff ..... not lose its vitality and would continue even though there may be repeal of parts of the constitution act under which it was enacted so long as the law is not inconsistent with the constitution act as it emerges after the amendment and repeal of certain provisions thereof. it dervies its binding force from the fact that it was within the competence of the .....

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Aug 21 2007 (HC)

Bhikamchand Betala and Sons Vs. Income-tax Officer

Court : Guwahati

..... of the same year, for the purpose of computing the income, profits and gains under section 10(1) of the indian income-tax act, 1922; the second proviso to section 24(1) of the act prior to the amendment of the section by the taxation laws (extension to jammu and kashmir) act, 1954, or the first proviso after that amendment applies. it provides in unmistakable and unequivocal terms ..... and cit v. gauri dutt bhagwan dass and co. : [1969]71itr296(sc) .16. in hoosen kasam dada : [1964]52itr171(cal) , the court held that under explanation 2 to section 24, a transaction in which a contract for purchase and sale of any commodity is settled otherwise than by delivery, is a speculative transaction irrespective of whether the parties initially ..... in treating the said loss as speculation loss.9. before proceeding further it would be apposite to note down the relevant provisions of the act relating to speculative transaction and speculation loss:section 28, explanation 2.--where speculative transactions carried on by an assessee are of such a nature as to constitute business, the business (hereinafter referred to as the ..... the tribunal and the tribunal was correct and justified in treating the said share transaction loss as speculation loss. referring to the provisions of explanation 2 to section 28, section 43(5) and section 73 of the act, learned standing counsel asserted that the said transactions came within the ambit of the meaning of speculative transaction and, therefore, the tribunal was .....

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Aug 21 2007 (HC)

Bhikamchand Betala and Sons Vs. Income Tax Officer

Court : Guwahati

..... activities of the same year, for the purpose of computing the income, profits and gains under section 10(1) of the indian it act, 1922; the second proviso to section 24(1) of the act prior to the amendment of the section by the taxation laws (extension to jammu and kashmir) act, 1954, or the first proviso after that amendment applies. it provides in unmistakable and unequivocal terms that ..... cit v. gauri dutt bhagwan dass and co. : [1969]71itr296(sc) .16. in hoosen kasam dada (india) ltd. (supra), the court held that, under expln. 2 to section 24, a transaction in which a contract for purchase and sale of any commodity is settled otherwise than by delivery, is a speculative transaction irrespective of whether the parties initially ..... in treating the said loss as speculation loss.9. before proceeding further, it would be apposite to note down the relevant provisions of the act relating to speculative transaction and speculation loss:section 28, explanation 2.: where speculative transactions carried on by an assessee are of such a nature as to constitute business, the business (hereinafter referred to as the ..... tribunal and the tribunal was correct and justified in treating the said share transaction loss as speculation loss. referring to the provisions of expln. 2 to section 28, section 43(5) and section 73 of the act, learned standing counsel asserted that the said transactions came within the ambit of the meaning of speculative transaction and, therefore, the tribunal was justified .....

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Jul 25 1969 (SC)

Benares State Bank Ltd. Vs. Commissioner of Income-tax, Uttar Pradesh

Court : Supreme Court of India

Reported in : AIR1970SC281; [1970]75ITR167(SC); (1969)2SCC316; [1970]1SCR669

..... state, it was received by the bank in the taxable territories on december 31, 1949, and by the express words contained in section 14(2)(c) of the indian income-tax act, 1922, before it was omitted by the taxation laws (extension to jammu & kashmir) act, 1954, it was not exempt from liability to payment of tax, even if the right thereto had accrued to the bank in an indian ..... , the words 'an indian state' were substituted by the words 'a part b state', and the words 'british india' were substituted by the words 'taxable territories'. section 2(14a)-(which was also incorporated by the adaptation of laws order, 1950, with effect from april 1, 1950) insofar as it is material provides :'taxable territories' means-(a) ...(b) as respects any period after the ..... , 1949-the day on which it was declared and on that date the bank being a non-resident it could not be brought to tax. but under section 16(2) of the indian income-tax act, 1922, the dividend income was taxable only in the year in which it was paid, credited or distributed, or was deemed to be paid, credited or distributed ..... bank cannot be assessed to tax in respect of dividend accruing to it at a time when the bank was a non-resident. it is urged that by virtue of section 14(2)(c) of the income-tax act, 1922, as then in force, the income received by the bank was not liable to be taxed. at the relevant time .....

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Jan 09 1951 (HC)

Madangopal Kabra Vs. the Union of India (Uoi)

Court : Rajasthan

Reported in : AIR1951Raj94a; [1951]20ITR214(Raj)

..... where income-tax law existed prior to 1-4 1950. it has already been seen that the whole of india (except jammu & kashmir) has been defined to be taxable territory from 1-4-1950 & income accruing etc from 1-4-1950 become taxable by virtue of the provisions in sections 3 & 4 of the act. in order that persons may not escape taxation during the intervening ..... states, & while some were merged in the provinces, others were constituted into certain chief comrs.' provinces. reference may be made to the states merger (governors' provinces) order, 1949, & the states merger (chief commissioners' provinces) order, 1949. the taxation laws (extension to merged states and amendment) act, 1949, extended the income-tax act to the merged states mentioned in the order, & was brought into force in ..... accepting the above recommendation of the committee. the result was the enactment of the finance act (xxv [25] of 1950) which amended the income-tax act (xi [11] of 1922) & made it applicable to the whole of india except the states of jammu & kashmir & in place of cl. (14a) of section 2, as it stood before, a totally new clause defining 'taxable territories' was substituted. ..... the assessment year 1950-51 in respect of his total income for the year ending 31-8-1960 computed in accordance with the provisions of the income-tax act, as section 3 read with section 2 (14a) proviso (b) (iii) authorized the levy of income-tax on incomes which accrued or were received in rajasthan prior to 1-4-1950. a reference was .....

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May 01 1967 (SC)

Kalawati Devi Harlalka Vs. Commissioner of Income-tax, West Bengal and ...

Court : Supreme Court of India

Reported in : AIR1968SC162; [1967]66ITR680(SC); [1967]3SCR833

..... . 17. in bhailal amin & sons ltd. v. r. p. dalal : [1953]24itr229(bom) the bombay high court (chagla, c.j., & shah j.), interpreting s. 7 of the taxation laws (extension to merged states and amendment) act (lxvii of 1949) the relevant portion of which is in the following terms : '7. (1) if immediately before the 26th day of august, 1949, there was in force ..... : [1954]25itr58(sc) while interpreting s. 13 of the finance act, 1950, already extracted above, this court observed at p. 68 : 'nor can section 6 of the general clauses act, 1897, serve to keep alive the liability to pay tax on the income of the year 1949-50 assuming it to have accrued under the repealed state law, for a 'different intention' clearly appears in section 2 ..... for 1949-50 would be governed by the patiala income-tax act, 2001, or by the indian income-tax act, we may here set our 13 of the finance act, 1950 : 'if immediately before the 1st day of april, 1950, there is in force in any part b state other than jammu and kashmir or manipur, tripura or vindhy pradesh or in the merged territory ..... with recovery; cl. (k) deals generally with all agreements, notifications, orders issued under the 1922 act; cl. (1) continues the notifications issued under s. 60(1) of the 1922 act and cl. (m) against the application of a longer period of limitation prescribed under the 1961 act to certain applications, appeals, etc. it is hardly believable in this context that parliament did not think .....

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