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Showing 41 to 60 of 65 Records

• 1969 (11) TMI 25 - MADRAS HIGH COURT
  

  Business Expenditure, Charitable Institution, Income Tax Act

  
  
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  ... ... ..... sing stock in each of the accounting years has no impact on the reckoning of agricultural income for the relevant accounting years (4) that, on proof, the assessee is entitled to the reduction from the agricultural income of the year, the advances or loans repaid during the accounting year but which is not relatable to agricultural income of that year and (5) that, on proof, the assessee is entitled to the reduction from the agricultural income of the year, of so much of the produce entrusted to the petitioner for storage and safe custody and which is not the product from the assessee s lands for that year. As the Tribunal has disposed of the appeals before it without appreciating the correct position of law, it has become necessary for us to set aside the orders of the Tribunal and remit the matter to its file for a fresh disposal of all the three appeals in accordance with law and in the light of this judgment. The tax cases are allowed. There will be no order as to costs.

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• 1969 (11) TMI 24 - CALCUTTA HIGH COURT
  

  Before AO made the assessment he must give the assessee an opportunity of being heard

  
  
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  ... ... ..... ndent-Income-tax Officer has not only the jurisdiction to make the assessment in this case but he has also the jurisdiction in the course of such assessment to determine the status of the assessee. But if in making his decision he ignores or acts in contravention of well-established principles of law the order would certainly be amenable to the writ jurisdiction of this court. In the view I have taken, this rule must be discharged and all interim orders must be vacated. Very recently, the Supreme Court has expressed the opinion that in applications under article 226 of the Constitution, the High Court is entitled to give a declaration it is not necessary for me to give a declaration in this case, but I would direct the Income-tax Officer to act according to law in making the proposed assessments for the assessment years 1964-65 and 1965-66. The operation of this order would be stayed till a fortnight after the vacation. There will be no order as to costs in this application.

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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

  
  
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  ... ... ..... 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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