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Showing 81 to 100 of 106 Records

• 1967 (4) TMI 26 - MADRAS HIGH COURT
  

  Properties of the assessee in Malaya, were destroyed by enemy bombing - these were part of his stock-in-trade - therefore the loss was allowable u/s 10

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• 1967 (4) TMI 25 - CALCUTTA HIGH COURT
  

  Computing the net-wealth - Tribunal was right in directing that the value of the depreciable assets should be included in the net wealth after allowing normal depreciation in place of the balance-sheet value. The Tribunal was not, however, right in directing the WTO to do so according to the computation for the purposes of income-tax assessment

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• 1967 (4) TMI 24 - DELHI HIGH COURT
  

  ITO initiated proceedings u/s 23A and before order u/s 23A passed, he initiated proceedings u/s 34(1)(b) - held that action u/s 34(1)(b) could not be initiated

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• 1967 (4) TMI 23 - ANDHRA PRADESH HIGH COURT
  

  Winding Up - whether the department was deliberately kept in the dark about the liquidation proceedings and was entitled to have the dissolution declared void under s. 559(1) of the Act

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• 1967 (4) TMI 22 - MADRAS HIGH COURT
  

  Whether the Commissioner of Agrl. IT was right in holding that the assessee would be liable to pay agrl. income-tax in respect of income from the land - order of the Commissioner of Agrl. IT, cannot be supported

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• 1967 (4) TMI 21 - CALCUTTA HIGH COURT
  

  Additional evidence

  
  
  ... ...
  ... ... ..... of the evidence, the Tribunal came to the conclusion that gifts had, in fact, been made by the assessee to his brother, and nephew and with the gifted money a separate business under the name and style of Brijlal Nandkishore was started, with which the assessee had no concern. The Tribunal also came to the conclusion that the income of Brijlal Nandkishore should not be tagged to the income of the assessee. Mr. Pal could not contend that if we are of the opinion that the finding of the Tribunal was not based on partial consideration of evidence even then we should go behind the finding. We have already stated that the finding of the Tribunal does not suffer from the defect of partial consideration of evidence. In the view that we take we are of the opinion that the Tribunal came to the correct conclusion and the question referred to us must be answered in the negative. We order accordingly. The assessee is entitled to costs. MASUD J.-I agree. Question answered in the negative

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• 1967 (4) TMI 20 - RAJASTHAN HIGH COURT
  

  Whether it was obligatory on the succeeding ITO to give another opportunity of showing cause before imposing a penalty under s. 28 of the IT Act, 1922 - held, no

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• 1967 (4) TMI 19 - SUPREME COURT
  

  Aspect of the question not considered by the Tribunal but it has considered the larger part of the question - appeal of assessee is allowed

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• 1967 (4) TMI 18 - SUPREME COURT
  

  Capital gains - Whether the sum of Rs. 6,93,000 has been rightly held to be capital gains of the assessee assessable under section 12B - set aside the judgment of the Calcutta High Court - Case remanded

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• 1967 (4) TMI 17 - SUPREME COURT
  

  Whether the ITO is competent to initiate the proceeding under s. 34(1)(b) of the IT Act, 1922 for bringing to tax the excessive rebate granted to the assessee - matter is remanded

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• 1967 (4) TMI 16 - SUPREME COURT
  

  Hiring out of specially built vaults and providing special services to the licensees - return received by the assessee is not the income derived from the exercise of property rights only but is derived from carrying on an adventure or concern in the nature of trade. Therefore, the income arising therefrom is assessable under s. 10.

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• 1967 (4) TMI 15 - SUPREME COURT
  

  Partnership was, dissolved - tax liability - It does not mean that where the assessment is made under s. 23(5)(a) of a registered firm and the income of each individual partner is assessed, the partners become jointly and severally liable to pay the aggregate amount of tax attributable to their various shares, in their individual assessments - revenue's appeal dismissed

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• 1967 (4) TMI 14 - SUPREME COURT
  

  Having found that the assessee was not able to explain satisfactorily the source of the credit of ₹ 1,37,000, whether the Tribunal had any material to come to the conclusion that the addition of ₹ 1,37,000 made by the Income-tax Officer as the income from undisclosed sources should be reduced to ₹ 50,000 only ?

  Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in reducing the addition of ₹ 1,37,000 to ₹ 50,000 as income from undisclosed sources?

  Held that:- The High Court correctly answered the two questions in the negative by observing that the Tribunal's conclusion that out of the amount brought to tax by the Income-tax Officer only ₹ 50,000 represented income from undisclosed sources was based on no evidence.

  The judgment recorded by the Tribunal has not the merit of clarity or of consistency. The Tribunal commenced by disbelieving the explanation of the assessee relating to the source of the credit entry. After some inconclusive statements it proceeded to record that it was not unlikely that the assessee had some cash on hand from profits earned in the trade from jaggery, and from assets received on partition of the joint family of which the assessee was a member. In estimating ₹ 50,000 as the income from undisclosed sources, the Tribunal merely relied upon the offer made by counsel for the assessee. This was an unsatisfactory way of disposing of the appeal. The High Court has held, and we agree with the High Court, that the judgment of the Tribunal is based on no reasoning and is on that account speculative. Appeal dismissed.

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• 1967 (4) TMI 13 - SUPREME COURT
  

  Investment of capital in shares and stocks - surplus derived by the assessee in the sale of its shares and securities - revenue receipt

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• 1967 (4) TMI 12 - SUPREME COURT
  

  Assessee received compensation for the property - interest on the amount of compensation from the date of the notification for acquisition - Interest received by the assessee was properly held taxable

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• 1967 (4) TMI 11 - SUPREME COURT
  

  Credit entries - proceedings for reassessment commenced under s. 34 - there was evidence before the Tribunal to hold that the credit of ₹ 55,293 in the account of the wife of the assessee did not represent the sale proceeds of her gold ornaments - assessee's appeal allowed

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• 1967 (4) TMI 10 - SUPREME COURT
  

  Claim of the assessee that he was a non-resident during the previous year relevant to the asst. yr. 1945-46 - Tribunal was justified in holding that the assessee was a resident in British India during the relevant previous year - revenue's appeal allowed

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• 1967 (4) TMI 9 - SUPREME COURT
  

  Held that properties which had been set apart by the commissioner for the performance of sheba and worship of the deities formed part of the residuary estate of the testator and they were not dedicated for charitable purposes - question was rightly answered by the High Court against the assessee

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• 1967 (4) TMI 8 - SUPREME COURT
  

  Enhancing the assessment of assessee - since the ITO has not applied his mind to the question of taxability or non-taxability of the amount of Rs. 5,85,000 received as remittance, the AAC had no jurisdiction to enhance the taxable income of the assessee

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• 1967 (4) TMI 7 - SUPREME COURT
  

  HUF - business of money-lending, and maintains its accounts on cash basis - Whether the receipt of Encumbered Estate Bonds during the previous year 1947-48 amounted to receipt of cash during that previous year and not during the previous year 1948-49 when the bonds were in fact sold at less than their face value - Held, yes - assessee's appeal dismissed

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