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Showing 41 to 60 of 90 Records

• 1971 (1) TMI 50 - SUPREME COURT
  

  Whether in order to constitute short-levy, some amount should have been assessed as payable by way of duty so as to make R. 10 applicable?

  Whether the demands could be justified under Rule 9 (2)?

  Held that:- By the interpretation placed by us on Rule 10, the position will be that an assessee who has been assessed to the smaller amount as well as an assessee who has been assessed to nil duty will all be put on par and that is what is intended by Rule 10.The above reasoning leads to the conclusion that Rule 10-A does not apply to the case on hand.

  There is absolutely no material placed before us by the appellants which would justify the issue of the notice under Rule 9 (2). The proper provision under which action should have been taken if at all is Rule 10. The demands having admittedly been made long after the expiry of the period of three months, referred to in the said rule, it follows that the demands were not valid. The High Court was justified in striking down the notices dated November 3, 1961 Ex. G. as well as the demand dated December 2, 1961 under Ex. H. Appeal dismissed.

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• 1971 (1) TMI 49 - SUPREME COURT
  

  Rule 10A - Applicability of

  
  
  ... ...
  ... ... ..... Rule 10-A applies whereas according to the respondents Rule 10 applies and the demand having been made far beyond the period provided therein is illegal. 7. We have discussed the scope of the rules in Civil Appeal No. 1467 of 1967 (AIR 1971 S.C. 2039) in which we have just now delivered the judgment. For the reasons stated therein we hold that Rule 10-A is not applicable and as such the High Court was justified in quashing the demand dated November 9, 1963. We may further state that even on the restricted interpretation sought to be placed on Rule 10 by the appellant it will be seen that the case on hand is one the where a duty was levied and paid by the party. What is sought, to be done is to recover an additional duty on the ground that the original imposition was at a lower rate due to the misapprehension of the Department. Such a case also will be covered only by the Rule 10 and not by Rule 10A. 8. The appeal fails and is dismissed with the costs of the first respondent.

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• 1971 (1) TMI 48 - SUPREME COURT
  

  Whether an order was made under section 10A of the Excess Profits Tax Act in a pending proceeding for assessment of excess profits tax?

  Held that:- In the interests of justice, it is necessary that a supplementary statement of the case should be called for on the question whether there was any proceeding pending under section 15. On the question whether the proceeding under section 15, if pending, was valid, we express no opinion at this stage.

  We direct the Tribunal to submit a supplementary statement of the case on the question whether the proceeding under section 10A was started in the course of assessment or reassessment proceeding commenced under section 15.

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• 1971 (1) TMI 47 - ANDHRA PRADESH HIGH COURT
  

  Gift For Education

  
  
  ... ...
  ... ... ..... an be gathered from the document. That apart, this claim was not raised at the earliest instance before the Gift-tax Officer. For the first time, this claim was raised before the Appellate Assistant Commissioner who rejected it. We may also refer to the statement made by the Appellate Assistant Commissioner to the effect that there is no other evidence which would go to show that the gift was intended for the Purpose of education of his minor son. The same view has been endorsed by the Tribunal who are of the view that there was no basis for such a claim. On the facts and in the circumstances, we are in entire agreement with the view expressed by the Tribunal that the assessee was not entitled for a claim under section 5(1)(xii). For all these reasons, we, therefore, answer the question in the affirmative and against the assessee who shall pay the costs of this reference to the Commissioner of Gift-tax. Counsel s fee is fixed at Rs. 250. Question answered in the affirmative.

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• 1971 (1) TMI 46 - CALCUTTA HIGH COURT
  

  Petitioner challenges the notice issued under section 148 - When depreciation on machinery was claimed and allowed, if subsequently it is learned that the machinery did not exist, whether the assessment can be reopened – it would be unreasonable to say that the petitioner had disclosed truly and fully all primary facts. In that view of the matter the conditions precedent required for the issue of the notice have been fulfilled - held that that there was reasonable ground for reopening the assessment

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• 1971 (1) TMI 45 - CALCUTTA HIGH COURT
  

  Surplus from sale of assets and reserves created on revaluation of agricultural assets - computation of accumulated profits available for distribution within the meaning of section 2(6A)(c)

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• 1971 (1) TMI 44 - BOMBAY HIGH COURT
  

  Reconstitution of firm - transport business – sale of vehicles – assessability of excess realised over the written down value

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• 1971 (1) TMI 43 - ALLAHABAD HIGH COURT
  

  Penalty - concealment of income - merely, because the assessee's explanation is not acceptable to the department it cannot be said that the assessee had concealed his income to invite penalty for concealment

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• 1971 (1) TMI 42 - ANDHRA PRADESH HIGH COURT
  

  Gift Tax Act, 1958 - settlement deed – transfer of property - whether there is a transfer of interest in the property in favour of the son – whether it amounts to gift under Gift-tax Act

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• 1971 (1) TMI 41 - ANDHRA PRADESH HIGH COURT
  

  Whether Tribunal was right in holding that the registration granted to the assessee-firm would have effect for the assessment year 1963-64 under section 184(7) notwithstanding that there had been no ascertainment or division of the profits of the business among the partners of the firm - question is, answered in the affirmative and in favour of the assessee

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• 1971 (1) TMI 40 - PUNJAB AND HARYANA HIGH COURT
  

  Acquisition of land - interest on compensation - time of accrual - the right to recover interest arises from the moment the owner is deprived of his property

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• 1971 (1) TMI 39 - KARNATAKA HIGH COURT
  

  Mysore Agricultural Income Tax Act - orders of rectification made under section 37 - records of proceedings for another assessment year cannot be made basis for rectification of current year's assessment

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• 1971 (1) TMI 38 - CALCUTTA HIGH COURT
  

  Commissioner gave a consolidated notice u/s 33B -Commissioner had passed a consolidated order in respect of all the assessment years - validity of order of Commissioner setting aside assessments for 1957-58 to 1961-62 and directing the Income-tax Officer to make fresh assessments

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• 1971 (1) TMI 37 - ALLAHABAD HIGH COURT
  

  Registration of Firm - whether appeal lies against ITO's refusal to certify continuation of registration of firm

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• 1971 (1) TMI 36 - ALLAHABAD HIGH COURT
  

  Whether the expression 'decree for the payment of money' in rule 16(1) includes a decree for sale in enforcement of a mortgage under order XXXIV, rule 5, Code of Civil Procedure - held, no - held that terms "decree for the payment of money" have restricted meaning confining it to a simple money decree

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• 1971 (1) TMI 35 - BOMBAY HIGH COURT
  

  Assessee's transactions in shares in his individual capacity - loss suffered in share transaction must be treated as business loss

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• 1971 (1) TMI 34 - ALLAHABAD HIGH COURT
  

  Petitioner prays for a writ in the nature of certiorari against the notice under section 148 of the Income-tax Act, 1961, dated July 14, 1967, and a writ in the nature of prohibition restraining the Income-tax Officer from taking proceedings pursuant to that notice

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• 1971 (1) TMI 33 - BOMBAY HIGH COURT
  

  Loss in dealing with shares - Whether there was any evidence and/or material before the Tribunal to hold that the business of dealing in shares was not being carried on by the assessee in the year of account - Whether assessee is entitled to the loss as business loss in the year of account

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• 1971 (1) TMI 32 - ALLAHABAD HIGH COURT
  

  Business was settled on trust - one of the beneficiaries was carrying on the business - whether receipts in the hands of beneficiaries are to be treated as earned income or not

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• 1971 (1) TMI 31 - CALCUTTA HIGH COURT
  

  Surplus as a result of the association's activities connected with providing medical facilities to its members - whether ITO is justified in holding that the assessee was a trade association rendering specific services to its members for remuneration definitely related to such services and, therefore, the aforesaid, surpluses came within the purview, of section 10(6) of the Indian Income-tax Act, 1922

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