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Showing 141 to 159 of 159 Records
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1971 (8) TMI 19
Trust received gifts (shares) - we answer the questions referred to the High Court in the affirmative and in favour of the assessee - gifted shares were vested in the trustees and the trust was entitled to the dividends - as per 4(3)(i) of Indian Income-tax Act, 1922, the dividends were exempt from tax and the trust was entitled to the refund
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1971 (8) TMI 18
The assessee sold house properties - It maintained pump-house and boilers and also rendered services such as scavenging and lifts - services rendered by the assessee to its tenants were the result of its activities carried on continuously in an organised manner, with a set purpose and with a view to earn profits - income from such activity would be assessable u/s 10
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1971 (8) TMI 17
Whether on a proper interpretation of the deed of conveyance and the deed of settlement the Tribunal is right in holding that the house property being premises is not trust property - Income-tax authorities are entitled to look into the surrounding circumstances to find out the reality-Revenue's appeal is allowed
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1971 (8) TMI 16
When salami is payable in addition to rent and royalty in respect of lease of mining rights, whether it is capital receipt - answer to the question referred is returned in favour of the assessee
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1971 (8) TMI 15
Whether Tribunal was right in holding that the distribution to the assessee of the amount attributable to land acquisition compensation, was, in the hands of the assessee, receipt of dividend within the meaning of section 2(6A) - Whether Tribunal was right in holding that the receipt by the assessee of the amount attributable to salamis was a receipt of income of the assessee and taxable as the income of the assessee from other sources - revenue appeal dismissed
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1971 (8) TMI 14
Assessee was carrying out one composite business of growing sugar-cane and manufacturing sugar - managing agency commission - entire commission was spent for the purposes of business carried on by the assessee and was allowable under s. 10(2)(xv) - Revenue's appeal dismissed
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1971 (8) TMI 13
Whether the sums of ₹ 75,000 and ₹ 37,500, paid to the Road Development Fund set up by the Government of U.P. were rightly disallowed as items of capital expenditure - answer of the question is in the negative and in favour of the assessee
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1971 (8) TMI 12
Whether, on a true interpretation of article 37 of the articles of association, the assessee-company can be regarded as one in which the public are substantially interested within the meaning of the third proviso to section 23A(1) - question referred in each case is answered in favour of the assessee
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1971 (8) TMI 11
Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the action under section 34(1)(b) of the Income-tax Act, 1922, was legal and valid ?
Held that:- It is well settled by now, and Mr. Desai quite rightly does not dispute the proposition, that mere change of opinion could not be a valid ground for reopening the assessment under section 34(1)(b) of the Act. We would accordingly uphold the answer returned by the High Court on the short ground that the reassessment for the year in question was sought to be reopened for the reason that the successor of the Income-tax Officer who had made the original assessment had changed his opinion which lid not furnish a justifiable reason for taking action under section 34(1)(b). Appeal dismissed
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1971 (8) TMI 10
Assessee maintaining his accounts in mercantile system - Assessee was entitled to claim the deduction towards the sales tax liability which it was liable under law to pay during the relevant accounting year - That liability did not cease to be a liability because the assessee had taken proceedings before higher authorities for getting it reduced so long as the assessee's completion did not prevail - assessee's appeal is allowed
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1971 (8) TMI 9
Expenditure which was incurred in opposing a coercive Government action with the object of saving taxation and safeguarding business was incurred by commercial expediency and therefore allowable under s. 10(2)(xv)
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1971 (8) TMI 8
Trust Whether Revocable - portion of income from the trust properties which are settled on a third person is to be assessed in the hands of that third person and not in the hands of the settlor if the latter does not retain any power to deflect that amount - income accruing to the other beneficiaries could not be included in the total income of the assessee - question which was referred shall stand answered in favour of the assessee
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1971 (8) TMI 7
Balance-sheet showed the service connections as assets of the assessee and also the market value. Therefore, the assessee was not entitled to claim deduction in respect of these assets - Assessee's appeal dismissed
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1971 (8) TMI 6
Notice for reassessment - two reasons given for the belief formed by the Income-tax Officer did not meet the requirements of s. 34(1A) - There was no material which had been stated on which any belief could be founded of the nature specified in s. 34(1A) - reassessment notices were not valid - Appeal of assessee is allowed
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1971 (8) TMI 5
Bonus Shares - assessee revaluates its assets for the purpose of issuing bonus shares, but Government declined to grant permission for the issue - It was for the assessee to establish that the figure had been inflated for acceptable reasons - It is also open to the Officer not to accept the figure given by the assessee but, to arrive at another figure, if he is satisfied for good reasons that the valuation was wrong
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1971 (8) TMI 4
Termaination of agency - maintaining accounts on mercantile system - compensation - assessee's right to get the compensation arose only in April, 1951. Therefore, the compensation was not taxable in 1956-57 - assessee had included the compensation in its income on tax basis in 1956-57 is immaterial. What was relevant was the method of accountancy - Revenue appeal is dismissed
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1971 (8) TMI 3
When the original assessment of a registered firm was made on slab rate as per Finance Acts and partners assessed as non-residents, whether assessment can be rectified to apply maximum rate - Income-tax Officer cannot go into the two scopes of the provisions of Act in a rectification proceeding - HC was not justified in going into the question whether the original assessments were in accordance with the law - Revenue's appeal is dismissed
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1971 (8) TMI 2
Sanitary and pipeline fittings installed in a hotel - eligibility for development rebate as a plant - The sanitary and pipeline fittings fell within the definition of plant in section 10(5) and the assessee would be entitled to development rebate u/s 10(2)(vib)
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1971 (8) TMI 1
Assessee's boats requisitioned by Government - traffic originated from Pakistan - hire charges received by the assessee - income from transport of ships or income falling under residuary clause - agreement for avoidance of double taxation of income between India and Pakistan did not make any distinction between hire and freight - hire received for the boats requisitioned by the Government clearly held within the scope of item 5(g)
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