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Showing 121 to 140 of 831 Records
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1969 (11) TMI 23 - MADRAS HIGH COURT
Common trading activity between the assessee and the firm - business of firm carried on by another firm of same partners after separation of business - claim for a deduction of the sum under section 37(1) , as sum was an expenditure incurred by the assessee's business
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1969 (11) TMI 22 - MADRAS HIGH COURT
Reopening of assessment on ground of grant of excessive relief - ITO was competent to initiate the proceedings under section 34(1)(b) for brining to tax the excessive rebate granted to the assessee
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1969 (11) TMI 21 - PUNJAB AND HARYANA HIGH COURT
legal expenses - amount claimed by way of deductible expenditure was on account of its share of the fees paid to the legal consultants by the group but the names of the companies of the group and the extent of legal work done by the legal consultants for each company have not been indicated - nature of the consultation had not been disclosed nor was the basis of the allocation amongst different companies mentioned - not allowable as revenue expenditure
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1969 (11) TMI 20 - ANDHRA PRADESH HIGH COURT
Reassessment notice - reasonable belief to hold that any income of the petitioner has escaped assessment - jurisdiction to issue notice
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1969 (11) TMI 19 - ALLAHABAD HIGH COURT
Wealth-tax paid - held that the amount of wealth-tax paid by an assessee on his net wealth, under the Wealth-tax Act, 1957, is not a permissible deduction under section 10(2)(xv)
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1969 (11) TMI 18 - ALLAHABAD HIGH COURT
Payment made to the Govt. towards road development fund - must be treated as capital expenditure - not allowable for deduction
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1969 (11) TMI 17 - KARNATAKA HIGH COURT
Business of a race club - claim for deduction from the gross profits u/s 11 - It cannot be said that betting on horses is beneficial to the public - exemption not allowed
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1969 (11) TMI 16 - PUNJAB AND HARYANA HIGH COURT
Payment by way of commission - incurred in connection with the procurement of raw material for the business and trade of the assessee-company - spent by an assessee to run and maintain its business and as a part and parcel of its working capital can only be described as revenue expenditure - allowable as revenue expenditure
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1969 (11) TMI 15 - PUNJAB AND HARYANA HIGH COURT
Travelling expenses - foreign tour expenses of engineer - expenditure of a capital nature - not allowable to the assessee-company under section 10(2)(xv)
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1969 (11) TMI 14 - KERALA HIGH COURT
Petitioner used to slaughter-tap the trees; and thus he got on account of these transactions an income by sale of the rubber trees and also an income by sale of rubber obtained by slaughter-tapping - income obtained by the petitioner by slaughter-tapping of rubber trees purchased by him from planters is not agricultural income
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1969 (11) TMI 13 - ALLAHABAD HIGH COURT
In the beginning of 1948, the Govt. imposed additional excise duty on yarn - Whether the sum appropriated to the capital reserve account of the assessee in 1950 was not a business receipt assessable to income-tax in the assessment year 1951-52 - Held, no
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1969 (11) TMI 12 - ALLAHABAD HIGH COURT
Whether the Commissioner of Income-tax, U.P., was competent to cancel a previous order passed by him allowing interest on excess income-tax paid by an assessee - the Commissioner had at no stage passed any order in revision under section 263 or 264 of the new Act - so, the Commissioner had no power to rectify any mistake under cl. (c) of sub-s. (1) of section 154 of the new Act
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1969 (11) TMI 11 - MADRAS HIGH COURT
Estate Duty Act, 1953 - Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that the value of the jewellery that passed on the death of the deceased was Rs. 1,00,000 - Held, yes
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1969 (11) TMI 10 - MADRAS HIGH COURT
Madras Agricultural Income Tax Act - Whether the salary paid to managing and another partner was allowable deduction u/s 5(e) - managing partner has indeed undertaken variegated service for the benefit of the firm establishes that he was rendering service de hors a partner and that, therefore, he was entitled to it qua a servant of the firm
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1969 (11) TMI 9 - KERALA HIGH COURT
Whether the variation in the consumption of electricity can by itself be taken as sufficient for discrediting the accounts - department itself has admitted variations ranging from 10 to 12 units per quintal; and the petitioner's consumption of electricity is 12 units per quintal, which cannot be said to be wide off the accepted consumption - rejection of the accounts is not legally justified
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1969 (11) TMI 8 - MADRAS HIGH COURT
Income from undisclosed sources - No explanation is given as to why the person, who transported such imaginary agricultural produce, was not even examined or any voucher produced to satisfy the revenue that such an expenditure was incurred at all - therefore, amount should be deemed to be income from undisclosed sources and therefore exigible to tax
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1969 (11) TMI 7 - ALLAHABAD HIGH COURT
Whether a certain transaction amounts to a mortgage by conditional sale or a sale with a condition for repurchase - on the true interpretation of s. 58(c) of the Transfer of Property Act the transaction envisaged by the decree can be regarded as a mortgage by conditional sale so as to enable the assessee to deduct the bad debt u/s 10(2)(xi)
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1969 (11) TMI 6 - MADRAS HIGH COURT
Levy of additional super-tax u/s. 23A(1) - validity ... ... ... ... ..... revenue should act strictly in accordance with the rules of guidance embedded in the section itself and should also be prompted to exercise their jurisdiction in the context of commercial expediency as well. Viewed in the light of the dicta as noticed above, the Tribunal went wrong in observing that the Income-tax Officer is only to consider the past losses and whether the profit made in the previous year was so small that the payment of a higher dividend would be unreasonable. Their understanding of the section that the creation of reserves or of appropriation for the same have no relevance to the investigation under section 23A is obviously running contra to the ratio of the decision of the Supreme Court and our court referred to above. In these circumstances, while answering the question in favour of the assessee, we remit the matter to the Tribunal to re-hear the appeal and decide the same in the light of the observations made herein. There will be no order as to costs.
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1969 (11) TMI 5 - ALLAHABAD HIGH COURT
Assessee had advanced a loan of Rs. 6,00,000 to Baraon Estate - assessee obtained a decree against Baraon Estate for a sum exceeding Rs. 6,00,000 on account of principal and interest - further sum of Rs. 89,687 which was received by the assessee was appropriated by the assessee towards principal - Income-tax Officer was bound to dispose of the matter on that basis
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1969 (11) TMI 4 - ALLAHABAD HIGH COURT
Amounts paid by the customers of the assessee on account of dharmada or charity - fact that it was a compulsory levy does not, ipso facto, impress the same with the character of a trading receipt - money received were never his income, hence not liable to tax
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