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Showing 61 to 80 of 81 Records

• 1972 (3) TMI 21 - MADRAS HIGH COURT
  

  Expenditure Tax Act, 1957 - When the assessee Karta spent family money on wife and minor children, whether the expenditure is of the family or the individual - When HUF spends certain amount on Karta's wife and children it is doing so on account of its own obligation to the Karta's wife and children who are the members of the family and not in respect of a personal obligation of a Karta in his individual capacity therefore the expenditure cannot be treated as that of the individual Karta

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• 1972 (3) TMI 20 - CALCUTTA HIGH COURT
  

  Notice under section 148 - petitioner, therefore, submits that the purported action of the respondent No. 1 to assess the salary income of the petitioner on " due basis " and not on " actual receipt basis " is amounting to and/or will amount to a mere change of opinion and, as such, the respondent No. 1 had no competence, jurisdiction or authority to initiate the purported reassessment proceeding under section 148 - petitioner also contended that the purported notice under section 148 of the Act dated 30th March, 1971, which was served upon the petitioner on the 1st April, 1971, as alleged by him, is barred by limitation and that the said notice for reassessment for the assessment year 1962-63, was issued in violation of section 149 of the Act.

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• 1972 (3) TMI 19 - KERALA HIGH COURT
  

  The challenge in these petitions filed under article 226 of the Constitution by a public limited company, the Lord Krishna Bank Ltd., and two of its directors, is to the validity of four assessment orders passed under the Income-tax Act, 1961 (43 of 1961)

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• 1972 (3) TMI 18 - CALCUTTA HIGH COURT
  

  Mistake apparent from the records - When assessee's valuation of depreciation and development rebate has been accepted by four different officers in four years whether subsequent notice for rectification under section 154 is valid and also whether writ petition is maintainable to quash the notice

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• 1972 (3) TMI 17 - KERALA HIGH COURT
  

  Kerala Agricultural Income Tax Act, 1950 - Whether, on the facts and in the circumstances of the case, the finding of the Tribunal that the income derived by the assessee by slaughter-tapping of rubber trees is not agricultural income is correct

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• 1972 (3) TMI 16 - ALLAHABAD HIGH COURT
  

  Return is filed prior to 1st April, 1962 - revised return is filed after that date - which act is applicable - Income-tax Officer had jurisdiction to take and continue the assessment proceedings. He enjoyed that jurisdiction under the Act of 1922 by virtue of section 297(2)(a) of the Act of 1961. The conditions and limitations to which that jurisdiction is subject do not differ in any material respect from those governing the corresponding jurisdiction under the Income-tax Act, 1961. Therefore, although the assessment proceedings purported to have been taken in its later stage by reference to the provisions of the Act of 1961, it must be referred to the jurisdiction of the Income-tax Officer under the Act of 1922 - assessment for the assessment year 1961-62 is a valid assessment

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• 1972 (3) TMI 15 - PUNJAB AND HARYANA HIGH COURT
  

  In a suit pending between the parties before the Subordinate Judge, First Class, Amritsar, records relating to the assessment of the respondents were summoned from the income-tax department. Though the records were brought to the court by a clerk of the department, on an objection taken by the defendant, the learned Subordinate Judge ruled that they could not be produced in view of the provisions of section 138 of the Income-tax Act and the notification issued by the Central Government under sub-section (2) of that section on 3rd June, 1965. It is for quashing this order of the trial court, dated 8th August, 1969, that the plaintiff has come up in revision under section 115 of the Civil Procedure Code

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• 1972 (3) TMI 14 - ALLAHABAD HIGH COURT
  

  Whether can be said to have complied with the provisions of proviso (b) to section 10(2)(vib) of the Indian Income-tax Act, 1922, and was, therefore, entitled to allowance of development rebate on the plant and machinery installed after January 1, 1958 ? - Whether expenditure of Rs. 3,000 towards the fees of a lawyer for drafting a special resolution and making amendments to the articles of association was an admissible expenditure within the meaning of section 10(2)(xv) of the Indian Income-tax Act, 1922 ?

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• 1972 (3) TMI 13 - MADRAS HIGH COURT
  

  Gift Tax Act, 1958 - Whether Tribunal was right in law in holding that the redistribution of the profit sharing ratio on the admission of the two partners did not amount to a gift by the assessee of a portion of his share in the goodwill of the firm - Whether Tribunal was right in law in holding that the surrender or abandonment by the assessee of a share in the goodwill of the business in favour of his two children was bona fide and, therefore, did not amount to a gift within the meaning of section 4(c) of the Gift-tax Act

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• 1972 (3) TMI 12 - KERALA HIGH COURT
  

  Kerala Agricultural Income Tax Act, 1950 - Whether, on the facts and circumstances of the case, the Tribunal is justified in holding that the interest of Rs. 4,204 is allowable under section 5(h) or 5(i) of the Agricultural Income-tax Act

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• 1972 (3) TMI 11 - CALCUTTA HIGH COURT
  

  Whether any proceedings need to be pending to issue summons – held that no proceedings need be pending for issuing summons under section 132 – in view of Explanation 2 to section 132, such summons may be issued in connection with any proceedings which may be commenced – further it is held that Act or the Rules do not require that documents to be seized should be specified in the warrant of authorisation

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• 1972 (3) TMI 10 - MADRAS HIGH COURT
  

  Applicability of proviso to section 12B (2) - sale of shares - There was nothing to suggest that the sales were made to avoid or reduce tax liability - The proviso is, part of the machinery or computation provision and deals with cases of under-statement of the consideration and it is not intended to impose a tax on a deemed or fictional basis - conclusion of the Tribunal that the first proviso to sub-section (2) of section 12B of the Income-tax Act, 1922, was applicable is not correct

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• 1972 (3) TMI 9 - CALCUTTA HIGH COURT
  

  Exemption under s. 15C of 1922 - Whether, on the facts found by the Tribunal or on record and in the circumstances of the case, the Tribunal was justified in holding that section 15C of the Indian Income-tax Act, 1922, was applicable to the new production units added to the existing production units of the assessee at Belur, Alupuram and Muri in respect of buildings, plants and machineries and directing exemption to be granted under the aforesaid section accordingly - When there is substantial expansion of business at considerable cost, the undertaking can said to have been formed by reconstruction of existing business and it is entitled to exemption - question raised must be answered in the affirmative in favour of the assessee

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• 1972 (3) TMI 8 - MADRAS HIGH COURT
  

  Expenditure Tax Act, 1957 - petitioner is aggrieved by the notice issued by the respondent under section 15(4) read with section 16 of the Expenditure-tax Act, 1957, an seeks a writ of prohibition-preventing the respondent from making a revised assessment on the petitioner - In case the provisions of section 4(i) were mistakenly applied by the revenue on the earlier occasion and such an error was discovered later, department is at liberty to take such necessary actions – therefore, officer had the jurisdiction to reopen the assessment

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• 1972 (3) TMI 7 - MADRAS HIGH COURT
  

  Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee was entitled to double tax relief of Rs. 19, 654 under the Agreement for Relief from or Avoidance of Double Taxation between India and Ceylon - On a prima facie reading of the text of this article it is clear that the country is obliged to allow an abatement equal to the lower of the amounts of tax attributable to such excess in either country – therefore question is answered in affirmative and against revenue

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• 1972 (3) TMI 6 - MADRAS HIGH COURT
  

  Whether the amount of development rebate in excess of the statutory percentage required to be made under the Income-tax Act is part of the accumulated profits of the company within the meaning of section 2(22)(e) of the Income-tax Act – assessee is well-founded in his contention that the artificial breaking up of the development rebate reserve into 75% of the reserve statutorily required to be made under the Act and the rest of the reserve and treating the 75% of the reserve alone as tied-up reserve is incorrect – question is answered in affirmative

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• 1972 (3) TMI 5 - MADRAS HIGH COURT
  

  Madras Agricultural Income Tax Act - proviso to section 40, vests a discretionary power in the Agricultural Income-tax Officer to treat the assessee as not being in default, if he has filed an appeal - fact that the assessees are sound and in a position to pay the tax is not in itself a ground for refusing to exercise the discretion under the proviso to Section 40

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• 1972 (3) TMI 4 - ANDHRA PRADESH HIGH COURT
  

  Petitioner invoking the jurisdiction of this court under article 226 of the Constitution for the issue of a writ of mandamus or other direction directing the respondents not to take any further steps to recover the penalty imposed on the petitioner.

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• 1972 (3) TMI 3 - SUPREME COURT
  

  Whether there was any material before the Tribunal on which it could add a sum as the marriage expenses incurred by the assessee - Whether the conclusion of the Tribunal that in addition to the expense admitted by the assessee, a further expense at a lump figure has been incurred on account of the marriage expenses was based on conjectures, suspicions and surmises and on a failure to consider the relevant evidence on record - Tribunal is directed to submit to the High Court the above questions

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• 1972 (3) TMI 2 - SUPREME COURT
  

  Wealth-tax paid by a company on assets held by it for the purpose of its business was deductible as a business expenditure - Whether having regard to the provisions of the Wealth-tax Act of 1957, the allowance of wealth-tax liability was correct - Following our decision in Indian Aluminium Co. Ltd. v. Commissioner of Income-tax, judgment delivered just now, the appeal of revenue is dismissed

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