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Showing 61 to 80 of 101 Records
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1971 (7) TMI 42
Whether, on the facts and in the circumstances of the case, the Tribunal erred in reducing the penalty from Rs. 1,800 to Rs. 200 – held that Appellate Tribunal cannot reduce the quantum of penalty below the minimum prescribed by the statute
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1971 (7) TMI 41
Whether Tribunal was right in holding that relief should be given to the assessee on its Pakistan business income in accordance with the provisions of the DTAA between the Government of India and Pakistan without setting off against it the loss in agricultural operations in Pakistan – held that if the assessee's income from agriculture in Pakistan could not be taken into consideration for granting abatement the assessee's loss of income from agriculture has also to be kept out of view in giving effect to the provisions of the Agreement for Avoidance of Double Taxation. From this point of view we agree with the conclusions the Appellate Tribunal has arrived at in the instant case. Our answer to the question is in the affirmative and in favour of the assessee
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1971 (7) TMI 40
Whether the penalties levied on the assessee under section 273(b) of the Act of 1961 for the assessment years 1958-59 and 1959-60 were rightly cancelled – held that Section 297(2)(g) of the Act of 1961 is applicable to the case of a default under section 18A of the Act of 1922 and that being so, section 273 of the Act of 1961 is attracted – therefore, question is answered in negative
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1971 (7) TMI 39
Subsequent rectification in partnership deed - rectification bringing the shares in accord with the distribution of profit was made much later - Whether, on the facts and in the circumstances of the case, and particularly in view of the fact that the deed of corrigendum had been executed before the Income-tax Officer passed the impugned orders, the assessee was entitled to registration and continuation thereof - till that date, there was no valid partnership deed - question referred is answered in negative, that is in favour of the department and against the assessee
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1971 (7) TMI 38
Application for the issue of a writ of certiorari to quash the order of the Tax Recovery Officer - if any member of a Hindu family which was assessed as an undivided family makes a claim of partition, that claim must be inquired into after giving notice to the other members - When no notice is given to the other members after claim of partition is made, the assessment of the Hindu undivided family would be void – held that petitioner is not liable to pay any tax due in pursuance of an assessment order - writ petition is allowed in part
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1971 (7) TMI 37
Whether the receipt of Rs. 10,900 on account of lucky price,
is exempt under section 10(3) of the Income-tax Act of 1961 – Held, yes
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1971 (7) TMI 36
Net wealth - Whether the sum of Rs. 58,62,248 being the value of 3 1/2% war loan securities and foreign bank balances, was includible in the net wealth – Held, no. But the value of the intangible right of the assessee's claim to the said assets was includible in her net wealth - Whether, the sum of Rs. 4,81,181 representing the value of debentures and shares standing in the names of the assessee and her sons were includible in the wealth of the assessee – Held, yes
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1971 (7) TMI 35
Madras Agricultural Income Tax Act - a husband settles properties not for valuable consideration but for love and affection in favor of his wife – wife in turn settles the property in favor of children born later on - Commissioner of Income-tax has rightly held that the transfer in question is an indirect transfer made by the petitioner, and the composition application has been rightly dealt with by the Agricultural Income-tax Officer
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1971 (7) TMI 34
If the provisions of the proviso to sub-section (2) and the provisions of sub-section (4)(a) of section 139 are perused, it is clear that sub-clause (iii) of the proviso to sub-section (1) of section 139 applies not only where the assessee requests for extension of time for furnishing his return of income but also where the date fixed originally under section 139(2) falls beyond the date specified in the proviso to sub-section (2) of section 139.
In that view, the levy of interest in the impugned assessment orders was perfectly legal and the contention urged on behalf of the petitioner has to fail.
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1971 (7) TMI 33
"Whether, on the facts and in the circumstances of the case, the amount of Rs. 36,966 charged to the assessee-company by Messrs. Oriental Carpet Manufacturers (London) Ltd. was not an allowable deduction under section 10(2)(xv) of the Income-tax Act, 1922?" - Held that amount is allowed as deductible expenditure.
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1971 (7) TMI 32
The assessee in the instant case did not disclose the fact of this sale in Part V of the return of income. On the other hand, column 5 of the return in which the information regarding sale of building and machinery should have been furnished was scored out by the assessee. Therefore, the mere filing of copies of accounts of building, machinery, etc., did not amount to disclosure of material facts in view of the Explanation to section 34(1)(a). For the reasons recorded above, we answer the question referred to us in the affirmative, i.e., against the assessee and in favour of the department.
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1971 (7) TMI 31
Whether, on the facts and in the circumstances of the case, the balance of Rs. 48,513 remaining at the date of death of the deceased out of the amount credited to the wife's account by debiting the account of the deceased in the books of Messrs. Sheo Prasad Kanhaiyalall, Bahraich, in which the deceased was a partner, was correctly included in the estate of the deceased as property passing or deemed to pass on his death? - HC observed that we find ourselves unable to concur in the view expressed by the Gujarat High Court in the cases of Smt. Shantaben S. Kapadia v. Controller of Estate Duty, and Controller of Estate Duty v. Chandravadan Amratlal Bhatt. For the same reason we respectfully disagree with the view of the Punjab and Haryana High Court in the case of Controller of Estate Duty v. Ronaq Ram Bakshi Ram Gupta.
In the result we answer the question referred to us in the negative and in favour of the assessee. The assessee is entitled to his costs which we assess at Rs. 200. Counsel's fee is also assessed at the same figure.
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1971 (7) TMI 30
Petitioner applied to the court for a writ in the nature of mandamus directing the respondents to forthwith give the petitioner tax credit certificates under the Tax Credit Certificate (Exports) Scheme, 1965 - prayer for quashing the notification No. G. S. R. 865 dated 6th June, 1966, and notification No. G. S. R. 1226 dated 8th August.1966
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1971 (7) TMI 29
Whether where the assessee had kept its books on mercantile system of accountancy and had made a provision for payment of bonus just before the close of the accounting year in pursuance of a resolution of the board of directors, it could rightly be held that the claim for the deduction on the amount for the provision of bonus cannot be allowed as a deduction on the ground that the assessee's profits were not ascertained or known till the final adjustment of the accounts – Held, no
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1971 (7) TMI 28
Transfer Of Property Act, 1882 - Whether only half share of the properties included in the estate duty assessment of the deceased should have been included as property passing or deemed to pass on his death under section 7 of the Act - Whether the amount of Rs. 80,000 standing in the names of the grand-children of the deceased was correctly included in his estate
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1971 (7) TMI 27
Excess Profits Tax Act, 1940 - price paid for goodwill and for transfer of shares of managed company – inclusion in capital of the assignee of managing agency
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1971 (7) TMI 26
Estate Duty Act, 1953 – Whether the Board was right in holding that estate duty was payable on the death of the deceased under the provisions of the Estate Duty Act, 1953, on the value of non-agricultural property at the rate applicable to the principal value of the estate which would include the value of agricultural land in Pepsu which was not liable to duty but was liable to inclusion in the value of the estate
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1971 (7) TMI 25
Madras Agricultural Income Tax Act - reassessment notice not indicating the reasons for the re-opening – validity of notice - mere participating of the assessee in proceedings relating to the reassessment cannot validate these proceedings – notice is held as invalid
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1971 (7) TMI 24
Assessee who was holding shares in company renunciated the fresh issue in favor of minor child - Whether renunciation of the 'right' to apply for shares amounted to transfer of an asset – held that it amounts to transfer within the meaning of section 16(3) (a) (iv) of Indian Income-tax Act, 1922 and section 64 of Income-tax Act, 1961 - whether 75% of the dividend income could be included in the total income of the assessee – Held, yes
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1971 (7) TMI 23
Assessee speculator in cotton and shares also derives income from salary, properties and dividends. At the end of S.Y. 2014, corresponding to the assessment year 1959-60, his liabilities included an overdraft from the Bank and loans from sundry creditors - whether interest paid to Bank on over draft is allowable if there is no evidence that the over draft was created for purchase of shares
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