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Showing 61 to 70 of 70 Records

• 1974 (10) TMI 10 - CALCUTTA HIGH COURT
  

  Business Loss

  
  
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  ... ... ..... acts of that case that the case was not a case of settlement of the contract itself either periodically or ultimately, but of payment of damages for breach or non-fulfilment or non-performance of the contract. That did not come within the expression speculative transaction . The aforesaid decisions were followed in a judgment of this court in the case of I.T.Reference No. 16 of 1969 Steel Enterprises Private Ltd. v. Commissioner of Income-tax judgment delivered on the 24th July, 1973. Similar view has also been expressed by the Mysore High Court on the meaning of the expression contract settled relying on the first two decisions of the Calcutta High Court under section 43(5) of the Income-tax Act, 1961, in the case of B. R. Kushalraj v. I. T. Commissioner 1974 96 ITR 401 (Mys). In the aforesaid view of the matter the question referred to this court must be answered in the affirmative and in favour of the assessee. Each party will pay and bear its own costs. PYNE J.--I agree.

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• 1974 (10) TMI 9 - CALCUTTA HIGH COURT
  

  Assessment Proceedings, Bona Fide, Gift Tax, Income Tax Authorities, Market Value, Reason To Believe, Reassessment Proceedings

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• 1974 (10) TMI 8 - MADRAS HIGH COURT
  

  Recovery Provision

  
  
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  ... ... ..... endant and the State. As between a public debt payable to the State and a private debt payable to a citizen, the former has priority and this is too well established. Under these circumstances, we are unable to sustain the judgment of the learned subordinate judge and we hold that the plaint camera which has been admittedly attached by defendants 1 and 2 is capable of being attached by them for recovery of arrears of income-tax and that they have a right of priority in the sense that from out of the sale proceeds of the camera they are entitled to recover arrears of income-tax payable for the assessment year 1958-59, by the third defendant, on such sale of the camera. The order of the second defendant in the claim petition is, therefore, quite sustainable and within the limits of law. The learned subordinate judge has misconceived the entire legal position. The judgment and decree of the learned subordinate judge are, therefore, set aside and the appeal is allowed with costs.

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• 1974 (10) TMI 7 - CALCUTTA HIGH COURT
  

  Gift Tax, Valuation Date

  
  
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  ... ... ..... e opinion that the assessment on the firm could not have been made. Counsel for the revenue drew our attention to s. 35(5) and drew our attention to the decisions in the case of ITO v. T.S. Devinatha Nadar 1968 68 ITR 252 (SC) and in the case of Second Addl. ITO v. Atmala Nagaraj 1962 46 ITR 609. In the case of an unregistered firm, in view of the observations of the Supreme Court as mentioned before and in the contingency that has happened, we are unable to accept that s. 35(5) is the authority for giving the revenue a right to assess again the firm after the partners constituting the firm had been subjected to tax. This conclusion of ours is in consonance with the decisions in the case of Girdhari Lal Laxman Prasad v. CIT 1968 70 ITR 853 (All) and CIT v. P. P. Johny 1969 73 ITR 459 (Ker). In the aforesaid view of the matter, the question referred to us is answered in the negative and in favour of the assessee. Each party will pay and bear their own costs. PYNE J.--I agree.

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• 1974 (10) TMI 6 - GUJARAT HIGH COURT
  

  Assessment Proceedings, Failure To Disclose Material Facts, Original Assessment, Reassessment Proceedings

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• 1974 (10) TMI 5 - GUJARAT HIGH COURT
  

  Diversion By Overriding Title, Right To Receive

  
  
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  ... ... ..... after ascertaining necessary relevant facts and more particularly what was precisely the custom of this impartible estate, the custom of the rule of primogeniture, what were the terms of the covenant entered into by the assessee with the Govt. of India, and what were the private properties allowed to the assessee, and whether the properties in question were part of the Gaddi, and whether the rule of descent to a single heir was recognised and maintained in terms of the covenant. It will be open to the Tribunal to dispose of the appeal in the light of the observations made hereinabove in respect of the relevant principles governing the question of the nature of impartible estates and joint family property, after determining the question which ought to have been decided as indicated above. The result is that we refuse to answer the questions referred to us, and send the matter back to the Tribunal with the above directions. There will be no order as to costs in the reference.

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• 1974 (10) TMI 4 - ALLAHABAD HIGH COURT
  
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  ... ... ..... er brought all these facts to the notice of these officers and prayed that since the ITO had adjusted the demand due from the various partners of the firm, he may adjust the paltry demand of Rs. 280 due from Kanhaiya Lal from the attached amount. If these officers had acceded to this small request, they would have saved the Department and the Government from a good deal of complication and loss. It was urged on behalf of the respondents that the petition is defective for not impleading the firm or its existing partners as parties to the writ petition. The petitioners do not claim any relief against the firm or the partners. It was hence unnecessary for them to implead these persons. In the result the petition succeeds and is allowed. The impugned notice, dated April 22, 1972, is quashed. The respondents are directed to return the sum of Rs. 1,91,362 to the Engineer-in-Chief, Northern Railway (Electrification), Allahabad, forthwith. The petitioners would be entitled to costs.

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• 1974 (10) TMI 3 - SUPREME COURT
  

  Whether the interest payment represents an element on the actual cost of the machinery, plant, etc., to the assessee and as such depreciation and development rebate are admissible with reference to this amount also - assessee is entitled to depreciation and development rebate with reference to such interest also - benefit of section 5 of the amending Act would be available only in respect of wealth-tax paid and not merely payable

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• 1974 (10) TMI 2 - SUPREME COURT
  

  Whether the sum received by the assessee from the trustees constituted income under the Indian Income-tax Act, 1922 and if so, whether the assessee was entitled to exemption from tax in respect of that income under the terms of the agreement entered into with the Government of India - held that assessee was entitled to the exemption from tax under the agreement

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• 1974 (10) TMI 1 - SUPREME COURT
  

  Validity of the proceedings under section 147 - Failure to Disclose Material Facts - It was open to the ITO at the time of the original assessment to make the presumption that the ladies were the legally wedded wives. If he had not done so, it cannot be corrected under s. 147 - revenue's appeal dismissed

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