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Showing 61 to 80 of 113 Records
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1971 (9) TMI 53 - ALLAHABAD HIGH COURT
Assessee entered into an agreement with M/s. Prakash Talkies Distributors under which it was agreed that in consideration of the assessee's paying a sum of Rs. 600 per month for a period of 5 years to M/s. Prakash Talkies Distributors, the latter would not exhibit any film at Virendra Talkies - agreement enured for a period of 5 years. The benefit accruing to the assessee was a benefit which extended for the period of 5 years. It resulted in the elimination of competition. In our opinion, the payment made is of a capital nature
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1971 (9) TMI 52 - ALLAHABAD HIGH COURT
Whether, on the facts and in the circumstances of the case, the business of brick-kilns is not a cottage industry and, hence, income therefrom is not exempt from tax - Whether, on the facts and in the circumstances of the case, the claim for depreciation,on the amount incurred for the purchase of land has been rightly rejected - We answer both the questions referred in the affirmative, in favour of the Commissioner of Income-tax and against the assessee
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1971 (9) TMI 51 - MADRAS HIGH COURT
Petitioner is the village munsif - partition of the family properties - family property was admittedly subject to agricultural income-tax - Notwithstanding the alleged partition as above, the assessee was filing applications for composition for the prior assessment years including the entire extent of the family properties without noticing the partition, or giving effect to it - Since in this case such enjoyment and possession was postponed to a future date, the partition deed though was called as such cannot be treated as a partition deed - refusal of the offer to permit composition of only the assessee's share in the joint family property was held to be justified
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1971 (9) TMI 50 - ALLAHABAD HIGH COURT
Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the Inspecting Assistant Commissioner's order imposing penalty under section 274(2)/271(1)(c) was valid - In the instant case, as we are of opinion that there is no material to show that the assessee consciously concealed the particulars of its income or deliberately furnished inaccurate particulars of such income, we must hold that the Tribunal was not right in maintaining the penalty imposed by the Inspecting Assistant Commissioner. The question referred is answered in the negative
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1971 (9) TMI 49 - ALLAHABAD HIGH COURT
Interest on the borrowals - amounts were borrowed for making donation to educational institution - donation was not made on commercial expediency – therefore, interest is not deductible under section 10(2)(iii) or (xv)
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1971 (9) TMI 48 - GUJARAT HIGH COURT
Failure to pay advance tax under section 210 – penalty is leviable ... ... ... ... ..... the end of the relevant financial year, but we are not concerned with any practice which might be followed by the department. The practice of the department does not make the law. If the practice is wrong, it would have to be abandoned. We cannot determine the correct position in law by reference to the practice followed by the department. We are, therefore, of the view that default in payment of instalment of advance tax does not come to an end on the close of the financial year, but it continues until self-assessment, or failing self-assessment, provisional assessment, or failing both self-assessment and provisional assessment, regular assessment is made. We must, therefore, answer all the three questions referred to us in Income-tax Reference No. 12 of 1969 in the affirmative. Both the questions referred to us in Income-tax Reference No. 13 of 1969 would also have to be answered in the affirmative. The assessee will pay the costs of both the references to the Commissioner.
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1971 (9) TMI 47 - ALLAHABAD HIGH COURT
Whether Tribunal was right in holding that the assessee had no obligation to file an estimate of its income under section 18A(3) of the Act of 1922 - Tribunal is right in the view taken by it that the assessee (who has been provisionally assessed to tax )had no obligation to file an estimate of its income under section 18A(3).
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1971 (9) TMI 46 - ALLAHABAD HIGH COURT
Petitioner applies under article 226 of the Constitution for relief against proceedings initiated by a notice under section 148 – revenue had failed to prove that the conditions required for s. 147(a) were satisfied - to invoke section 10(2A), it appears necessary that the business in which the loss, expenditure or trading liability was incurred, should be in existence during the previous year in which the subsequent receipt is sought to be added as the assessee's profits – petition is allowed - notice issued under section 148 and the proceedings consequent thereto taken against the petitioner are quashed
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1971 (9) TMI 45 - GUJARAT HIGH COURT
It is clear that the allocation reports received from the Income-tax Officers having jurisdiction over the three firms conveyed information to the Income-tax Officer assessing the assessee that the correct share of the assessee in the profits of the three firms to the extent to which it was in excess of that declared in the return had escaped assessment at the time of the original assessment and it must, therefore, be held that the conditions for the applicability of section 147(b) were satisfied and the Income-tax Officer was entitled to reopen the assessment of the assessee under that section.
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1971 (9) TMI 44 - ALLAHABAD HIGH COURT
We are unable to hold that the company carried on any business or vocation, and it seems to us that the Tribunal is right in holding that the case is not governed by section 28 but falls to be considered under section 56. The income from the fixed deposits has to be considered as income from "other sources", and only that expenditure can be deducted from it which under section 57 can be considered as incurred for earning that income. The Tribunal has found that the expenses claimed are not related to that income, and this finding has not been shown to be erroneous in law.
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1971 (9) TMI 43 - ALLAHABAD HIGH COURT
"Whether, on the facts and in the circumstances of the case, the sum of Rs. 44,000 gifted by the deceased to his minor sons on April 15, 1954, was correctly included in the estate of the deceased as property deemed to pass on his death under section 10 of the Estate Duty Act, 1953?" - held that - In the case before us, the property gifted was brought in as the capital of the firm in which the donor was also a partner. The moment the money was brought into the firm as capital, the deceased, as a partner, had similar possession and control over that money as any partner has over any other asset of the firm.
In view of the aforesaid discussion, we answer the question in the affirmative and in favour of the revenue. The accountable person shall pay a sum of Rs. 200 as costs of this reference to the Controller of Estate Duty. Counsel's fee is assessed at the same figure.
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1971 (9) TMI 42 - DELHI HIGH COURT
Assessee is the Truck Operators Union in the status of association of persons - commission paid on gross bookings received from members – whether such payment is capital or revenue in nature – held that payment was of a capital nature because, it was paid to avoid competition and it was paid to only such members whose trucks were not booked
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1971 (9) TMI 41 - GUJARAT HIGH COURT
Validity of reassessment proceedings when capital gains were not included in returns ... ... ... ... ..... an be no doubt that if the actual date of sale of the rotary machine had been disclosed by the assessee, the Income-tax Officer would have been apprised that profit or gain resulting to the assessee from the sale of the rotary machine was capital gain assessable as such under section 12B and in that event he would have included it in the total income of the assessee. The conclusion is, therefore, inescapable that the capital gain arising from the sale of the rotary machine escaped assessment on account of the omission or failure of the assessee to disclose the actual date of sale of the rotary machine. We must, therefore, hold that the conditions requisite for the initiation of proceedings under section 147(a) were satisfied in the present case and the reopening of the assessment of the assessee for the assessment year 1957-58 was valid. We accordingly answer the question referred to us in the affirmative. The assessee will pay the costs of the reference to the Commissioner.
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1971 (9) TMI 40 - MADRAS HIGH COURT
Whether the writ petitions can be entertained against the orders of the Commissioner. The point is whether the assessee can be allowed to bypass the scheme of remedies against the assessment orders provided by the Act and be allowed to move this court straightaway under article 226 of the Constitution against the orders of assessment themselves – Held, no
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1971 (9) TMI 39 - PUNJAB AND HARYANA HIGH COURT
Gift of raw material free of cost from collaborators– taxability as income - Tribunal is not right in holding that the value of the gifts can be treated as income of the assessee
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1971 (9) TMI 38 - GUJARAT HIGH COURT
Assessee having contingent interest in the corpus of the trust funds under the four trust deeds – trustees of the four trust deeds were assessed to wealth-tax in respect of the trust properties and it was, therefore, not competent to the revenue to include the value of the interest of the assessee in the trust properties in the computation of her net wealth
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1971 (9) TMI 37 - KERALA HIGH COURT
Whether the distribution of the assets of the partnership on dissolution between the partners is a transfer or sale as contemplated by the proviso to section 10(2) (vib) of the Indian Income-tax Act, 1922 – held that such distribution does not amount to a transfer or sale - as such the development rebate already granted could not be withdrawn
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1971 (9) TMI 36 - KARNATAKA HIGH COURT
Mysore Agricultural Income-tax Act, 1957 - agricultural income –
notice issued to the petitioner to amend the status of the assessee as Hindu undivided family in the assessment – held that assessee's status in the assessment order can not be subsequently rectified
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1971 (9) TMI 35 - DELHI HIGH COURT
Reopening of assessment – bar of limitation - applicability of provision of section 153(3)(ii) - When the Appellate Assistant Commissioner clearly holds that certain investments in properties are not by the firm but by its partners, whether their assessments could be reopened even after the time-limits prescribed
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1971 (9) TMI 34 - PUNJAB AND HARYANA HIGH COURT
Transfer of shares to wife and children before declaring dividend – whether transfer is to avoid tax - Whether Income-tax Officer was justified in applying the provisions of section 94(2) – Held, yes - Whether assessee was entitled to the benefit of the provisions of section 94(3)(b) of the Income-tax Act, 1961 which says that the provisions of s. 94(2) would apply only if the avoidance of income-tax was exceptional and not systematic or regular practice of assessee – Held, yes
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