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Showing 61 to 68 of 68 Records

• 1974 (1) TMI 8 - CALCUTTA HIGH COURT
  

  Assessee's voluntary disclosure was accepted and demand for tax was issued. When the assessee fully pays the tax as per instalments allowed, whether interest could be levied - It is true, that the petitioner is liable to pay interest and, unless he pays the interest, he is not entitled to get the certificate as provided under sub-section (15) of section 24 of the Finance (No. 2) Act of 1965. But the point for determination is whether for non-payment of interest penalty could be imposed under sub-section (1) of section 221 of the Act. In my view as " tax " has been defined under clause (43) of section 2 of the Act, there is no scope for any argument that " interest " is an " additional tax ". Accordingly. I hold that no penalty can be imposed for default in payment of interest under sub-section (1) of section 221 of the Act. - In the result, this rule is made absolute in part. The impugned notice of penalty under section 221(1) of the Income-tax Act, 1961, dated April 2, 1971, which is annexure " F " to the petition, must be quashed by a writ of mandamus.

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• 1974 (1) TMI 7 - PUNJAB AND HARYANA HIGH COURT
  

  Levy of penalty under section 221 - Penalty for default in payment of tax - Whether an Income-tax Officer is competent to levy the penalty - proviso to sub-section (1) of section 201 and clauses (1) and (o) of section 246 of the Act leave no manner of doubt that it is the Income-tax Officer who is authorised to impose a penalty.

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• 1974 (1) TMI 6 - PATNA HIGH COURT
  

  Assessee company agreed to pay commission to agent. The commission was credited in the accounts every month. Subsequently it was mutually agreed between the company and the agent that no commission was to be paid due to commercial expediency. Accordingly the entries in accounts were reversed - " Whether, on the facts and in the circumstances of the case, the amount of Rs. 2,04,947 was allowable as deduction of selling commission? " - I answer the question referred to this court in the negative, against the assessee and in favour of the revenue. I hold that, on the facts and in the circumstances of this case, the amount of Rs. 2,04,947 was not allowable as deduction of selling commission in the assessment for the assessment year 1955-56

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• 1974 (1) TMI 5 - KARNATAKA HIGH COURT
  

  Constitutional validity of section 217 of the Income-tax Act, 1961 - In these writ petitions, the petitioners have not questioned the correctness of the order passed by the Commissioner. But they have challenged the levy of interest on the ground that section 217 of the Act is unconstitutional as, according to them, it is violative of article 14 of the Constitution - writ petitions fail and they are dismissed

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• 1974 (1) TMI 4 - KARNATAKA HIGH COURT
  

  Estate Duty Act, 1953 - Property passing on death - deceased who was domiciled in India was entitled under a will to life interest in income from a fund situated outside India - settlor was not domiciled in India - whether the interest is includible in the property passing on the death of the deceased - " Whether, on the agreed facts and circumstances of the case, the Tribunal was right in law in holding that the sum of Rs. 7,14,000 representing the value of foreign movable property in the form of life interest was exempt from the levy of estate duty ? "

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• 1974 (1) TMI 3 - DELHI HIGH COURT
  

  Partner getting salary and commission on sales – partner entered into an agreement with an employee taking charge of the sales section agreeing to pay commission out of his own commission if sales reached certain target - Whether commission paid by the partner is deductible from his income

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• 1974 (1) TMI 2 - DELHI HIGH COURT
  

  Contention of the petitioner that the sealing of the contents of the lockers and the issuance of the restraint order under section 132(3) on the bank by the authorised officer amounted to seizure of the contents of the lockers, for reasons aforesaid, being not sustainable, this writ petition fails and is dismissed

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• 1974 (1) TMI 1 - ALLAHABAD HIGH COURT
  

  Estate Duty Act, 1953 - partner of a firm gifted money by adjustment entry in the firm accounts. The gifted money remained in the firm till the death of that partner. Whether the donor is excluded from the benefit of gifted property and whether it passes on his death - " Whether, on the facts and in the circumstances of the case, the sum of Rs. 35,000 was liable to estate duty as the property of the deceased under section 10 of the Estate Duty Act, 1953 ? "

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