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Showing 41 to 60 of 67 Records
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1970 (10) TMI 27
Whether for breach of a condition of the licence penalty may be imposed under Section 5 of the Imports and Exports (Control) Act, 1947, read with the Sea Customs Act, 1878?
Held that:- The High Court was right in holding that the scope of power under the Sea Customs Act was not enlarged by the amendment to Section 5 of the Imports and Exports (Control) Act, and there is nothing in the amended Section 5 of the Imports and Exports (Control) Act which warrants the view that the provisions of the Sea Customs Act, 1878, may be invoked to punish the breach of a condition of a licence granted under the Imports and Exports (Control) Act, 1947. Appeal dismissed.
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1970 (10) TMI 26
"Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the requirements of proviso (b), clause (vib), of sub-section (2) of section 10, of the Indian Income-tax Act, 1922, for creation of development rebate reserve have been satisfied ?" - In our opinion it was open to the assessee to make these entries at any time before the assessment was completed. The entries only become final as and when they are accepted or rejected by the Income-tax Officer, i.e., when the assessment is made. Till then, they are in a fluid state and any error or defect in them could be corrected.For the reasons recorded above, we reply the question referred to us in the affirmative, that is, against the department
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1970 (10) TMI 25
Whether on the true interpretation of the partnership deed, the Tribunal was right in holding that the assessee did not carry on any business activities and that it was not liable to be taxed under the Indian Income-tax Act,1922 - Tribunal was right in observing that the association formed by the ice manufacturers in the present case was not a partnership concern, as it was not carrying on any business activity within the meaning of section 4 of the Indian Partnership Act, and as such it was not liable to be taxed under the Indian Income-tax Act, 1922
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1970 (10) TMI 24
Reassessment proceedings under section 147(a) mere on basis of suspicion or change of opinion - validity of invoking section 147(a)
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1970 (10) TMI 23
Expenditure Tax Act, 1957 - partition of HUF - applicability of section 19 - whether assessment must be made against all members
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1970 (10) TMI 22
Whether the Income-tax Officer's order 'proceedings filed ' was an order of reassessment under the provisions of section 34 and, consequently, the Commissioner of Income-tax was precluded from revising the order by reason of sub-section (2)(a) of section 33B of the Income-tax Act, 1922
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1970 (10) TMI 21
Interest on excess profits tax refunded to the assessee - Whether,the interest was liable to be assessed under the head 'Other sources' - Whether,the assessee continued to be the owner of the property for the purposes of computation of income under section 9 of the Indian Income-tax Act, 1922
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1970 (10) TMI 20
Trade association - objects of general public utility - charitable purpose - Whether the Tribunal was right in holding that the assessee was entitled to the benefit of exemption provided in section 4(3)(i) of the Act of 1922 and in excluding the property income from the assessment of the assessee
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1970 (10) TMI 19
Penalty notice issued under Act of 1922 - whether penalty can be levied under Act of 1961 ... ... ... ... ..... rresponding provision of section 271 of the 1961 Act. Similarly, section 28(3) of the old Act is almost in a language identical with section 274(1) of the new Act. Lastly, Mr. Punchi resorted faintly to the contention that a notice under section 28(3) would not fall within the ambit of the words direction , instruction , order or rule used in section 297(2)(k) above said. We are unable to accede to this contention also because, in our view, the language used in the sub-section is of an amplitude which easily covers a notice issued prior to the imposition of penalty. In the light of the foregoing discussion, the answer to question No. (1) is, therefore, in the negative and in favour of the revenue. Mr. Awasthy, on behalf of the revenue, agrees that, in view of the proposed answer to question No. (1), the second question referred to us is redundant and does not arise. We, accordingly, decline to answer the same. There would be no order as to costs. PREM CHAND PANDIT J.- I agree
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1970 (10) TMI 18
Petitions under article 226 of the Constitution of India have been filed against the order of the first respondent transferring the cases - transfering of case without recording the reason for transfer is invalid
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1970 (10) TMI 17
Leviability of penalty on HUF on 4th November,1957 which got disrupted on 31st October, 1957
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1970 (10) TMI 16
Recovery proceedings - Since we have taken the view that the Sub-Divisional Officer's order in appeal refusing to set aside the sale has become final and the sale is not liable to be set aside, we do not think it necessary to go info this question whether the failure on the part of the petitioner to deposit the amount recoverable from him disentitles him to make an application for setting aside the sale or disentitles the Tax Recovery Officer to set aside the same
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1970 (10) TMI 15
Assessee is a company which carries on the business of commission agency, hire purchase and mony-lending - claim for loss on sale of securities as revenue loss - whether claim is acceptable
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1970 (10) TMI 14
Unexplained credits in the firm's books - whether sum was rightly assessed in the hands of the assessee as income from undisclosed sources in addition to the addition made to the share income of the assessee from the firm
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1970 (10) TMI 13
Whether a certain amount received by the assessee on liquidation of a private limited company incorporated in Uganda, in respect of 192 shares held by him in that company to the extent to which it exceeded the value of those shares, represents capital gain within the meaning of section 45 read with section 2(47) of the Income-tax Act, 1961 -
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1970 (10) TMI 12
Whether the Tribunal misdirected themselves in law in coming to the finding that no business was carried on and therefore there was no partnership in law entitled to registration under section 26A of the Income-tax Act
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1970 (10) TMI 11
Assessee construdt a house - more than half of the building had been let out to tenants soon after the completion of construction - it cannot be said that the new building had been constructed by the assessee for the purposes of his own residence - exemption u/s 54 not given
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1970 (10) TMI 10
Hindu Succession Act, 1956 - properties left by Rajagopala Reddiar (Mitakshara Hindu) were partitioned by the widow and her children into four schedules - Whether the Tribunal was right in holding that the full value of the C schedule properties in the partition deed could be included in the dutiable estate of the deceased
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1970 (10) TMI 9
Assessee's business was taken over - amount paid on account of transfer of goodwill - assesability u/s 12B - not assessable as capital gain
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1970 (10) TMI 8
Assessee, a partnership firm took the cinema hall, with shops and out-houses on lease - damage to the stage and screen by collapse of lintel - whether expenditure incurred for reconstruction of lintel, stage and screen and also widening the stage and screen is a permissible deduction
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