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Showing 81 to 100 of 113 Records
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1971 (9) TMI 33 - GUJARAT HIGH COURT
Appellate Assistant Commissioner holding that there is no concealment of income - Whether it was competent in law for the Inspecting Assistant Commissioner of Income-tax to impose penalty under section 271(1)(c) for concealment of income - held that, Inspecting Assistant Commissioner had no jurisdiction to impose a penalty
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1971 (9) TMI 32 - GUJARAT HIGH COURT
Scope and ambit of the jurisdiction of the Appellate Assistant Commissioner to entertain a new claim for exemption made before him for the first time
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1971 (9) TMI 31 - GUJARAT HIGH COURT
Sale of earth dug and removed from assessee's land - consideration from the sale of earth - such amount cannot be treated as revenue receipt
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1971 (9) TMI 30 - GUJARAT HIGH COURT
Payment by the assessee to liquidator of the society for the benefit of members of the society - claim of the assessee was that the money was spent for the welfare of its employees - held that the expenditure was laid out wholly and exclusively for the purpose of assessee's business so entitled to deduction
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1971 (9) TMI 29 - PATNA HIGH COURT
Interim compensation paid to assessee when govt. acquires the land - held that such interim compensation an be treated as an asset within the meaning of S.2(e) for wealth-tax purposes
contention of the assessee that the unpaid agricultural income-tax as a debt was deductible while computing his net wealth, is not acceptable
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1971 (9) TMI 28 - SUPREME COURT
Whether the provision of Rs. 2,99,21,841 made by the assessee for its tax liability, less the amount of the last installment of advance tax constituted a debt owed by the assessee within the meaning of clause (m) of section 2 of the Wealth-tax Act on the relevant valuation date - question is answered in favor of assessee
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1971 (9) TMI 27 - SUPREME COURT
Whether on the facts and the circumstances of the case the Tribunal was right in holding that the income-tax liabilities amounting to Rs. 1,994,270 was not allowable as a deduction in the computation of net wealth of the assessee-company in view of the provisions of section 2(m)(iii) of the Wealth-tax Act, 1957 - answer of the question is given in favour of the department
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1971 (9) TMI 26 - SUPREME COURT
Whether Tribunal was justified in holding that the interest of the assessee under the trust had no value - even if the property in question is incapable of being sold in the open market, being a personal estate, in that event also the interest of the assessee has to be valued by the Wealth-tax Officer
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1971 (9) TMI 25 - SUPREME COURT
Whether Tribunal acted rightly in holding that the sum of Rs. 64,020 was not assessable as income of the assessee - held that the amount of the consideration not received by the assessee but which the purchasers agreed to pay in future and for which lands were mortgaged by them in favour of the assessee, could not be considered to be revenue receipts for the assessment periods, and the assessee was liable to be taxed only on the actual realisations in cash
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1971 (9) TMI 24 - SUPREME COURT
Whether the disallowance of commission paid to sole selling agent is justified when there is a finding that the selling agent did not render any service - question of fact - High Court was justified in declining to give direction to the Appellate Tribunal to state a case and refer those questions
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1971 (9) TMI 23 - SUPREME COURT
Capital ;gains - Whether the amount of Rs. 2,344 was rightly included as dividend in the total income of the assessee for the assessment year 1949-50 - This question is concluded by the decision of this court in Commissioner of Income-tax v. Nalin Behari Lall Singha - Following that decision this revenue's appeal is dismissed
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1971 (9) TMI 22 - SUPREME COURT
Proceedings under s. 34(1)(b) of Indian Income-tax Act, 1922 were pending - whether fresh notice could be issued under Income-tax Act, 1961 - Officer could not have issued notice under s. 148 - department cannot take any support from section 150(1) - order of the High Court is set aside. The writ petition is allowed and the impugned notices quashed
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1971 (9) TMI 21 - SUPREME COURT
Whether the profits and gains in respect of the sales to the Government of India, were received by the assessee in the taxable territories - HC had no jurisdiction to go beyond the findings recorded in the original judgment - appeals, accordingly, are held to be not maintainable and are dismissed
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1971 (9) TMI 20 - SUPREME COURT
Undistributed Profits - company - dealing in investment - shares - whether the assessee company comes within the scope of section 23A - held that assessee was not a company whose business consisted mainly in dealing in or holding of investments as per section 23A
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1971 (9) TMI 19 - SUPREME COURT
Penalty - Tribunal holds that there was no deliberate attempt at concealment - Tribunal's conclusions were on the facts of the case. These facts cannot be questioned in a reference
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1971 (9) TMI 18 - SUPREME COURT
Held that refund granted by the Income-tax Officer under section 48 of the Mysore Income-tax Act, 1923 amounted to an assessment - Held that there could not be two assessments in respect of the income of an assessee for one year, one under the Mysore Act in respect of the income disclosed by the assessee and the other under the Indian Act in respect of the other income - revenue's appeal is dismissed
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1971 (9) TMI 17 - SUPREME COURT
Income From Undisclosed Sources - assessee not furnished wrong particulars deliberately - penalty cannot be levied - revenue's appeal is dismissed
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1971 (9) TMI 16 - SUPREME COURT
Transfer of assets to a firm as partner's share of capital - writing up of the value of machinery in the account books - When assets are transferred to a firm to become a partner in the firm, the transaction cannot be considered to be a sale- certificate granted by the High Court as the same is not supported by any reason. Hence this appeal is not maintainable
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1971 (9) TMI 15 - SUPREME COURT
Transfer of the assets - income - proximate connection between the income and the transfer of assets - income derived by the assessee's wife must be included in the total income of the assessee u/s 16(3)(a)(iii)
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1971 (9) TMI 14 - SUPREME COURT
Tribunal hold that cash credits made in the first year of the assessee's business do not represent its income and the assessee could not make profits soon after it commenced business - order of tribunal is justified - High Court after careful examination of the various findings reached by the Tribunal has come to the conclusion that the Tribunal's findings are findings of fact
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