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Showing 61 to 80 of 80 Records
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1968 (2) TMI 20 - MADRAS HIGH COURT
Petition for certiorari filed by the assessee, the question turns on a construction of the scope of an order of the Commissioner of Income-tax
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1968 (2) TMI 19 - KERALA HIGH COURT
Petitioner, an owner of non-agricultural land and buildings protests against the levy of what has been called additional wealth-tax, and odd made on her under clause (c) of Paragraph A read with rules 1 and 2 of Paragraph B of Part I of the Schedule to the Wealth-tax Act, 1957
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1968 (2) TMI 18 - ALLAHABAD HIGH COURT
Assessee is a Hindu undivided family - whether the salary earned by S as managing director has been rightly held to be the income of the assessee family - Held no
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1968 (2) TMI 17 - MADRAS HIGH COURT
Petitioner, an erstwhile director of a private limited company prays for a rule forbidding the respondents from attaching his personal properties for recovery of penalty levied on the company for non-payment of tax due
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1968 (2) TMI 16 - MADRAS HIGH COURT
Whether the revision petition was valid in regard to penal interest levied 18A(6) and (7) of the IT Act, 1922 on account of under-assessment of the estimated income for purposes of payment of advance tax - held that Section 30 which provides for appeals against specific orders makes no mention of section 18A(6) - hence the revision petition filed before the Commissioner was competent
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1968 (2) TMI 15 - ANDHRA PRADESH HIGH COURT
Gift Tax Act, 1958 - gift of property - section 2(xii) and section 4(d) of the Act ... ... ... ... ..... ress enactment. In Narayana Chetty v. Income-tax Officer the Supreme Court observed that the validity of a rule cannot be challenged merely on the ground that no appeal has been provided against the order passed under the impugned rule. We are of the opinion, therefore, that even on the assumption that there is no right of appeal expressly provided for a donee called upon to pay the tax, that circumstance by itself will not invalidate section 29. With great respect to the learned judge of the Calcutta High Court, we are unable to agree with his conclusion that section 29 of the Act is violative of article 19(1)(f) of the Constitution. We, therefore, hold that there are no merits in this writ petition. We understand that some appeals have been filed before the Appellate Assistant Commissioner by some of the petitioners. We should be understood as having expressed no opinion on the merits of those appeals.The writ petition fails and is dismissed with costs. Advocate s fee 100.
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1968 (2) TMI 14 - CALCUTTA HIGH COURT
Municipal tax - allowability u/s 12(2) of the IT Act, 1922
... ... ... ... ..... is necessarily framed in general terms and authorizes the allowance of any expenditure (not being in the nature of capital expenditure) incurred solely for the purpose of making or earning such income, profits or gains. There in that case the liability was a liability incident to the very zamindari itself and the income from such zamindari. But here, in the reference before us, the liability to pay the municipal tax was a prior and existing liability on the assessee-company as owner of that building and the payment of such tax therefore could by no stretch of argument be said to have been incurred or made to earn the guarantee commission. For the reasons and on the authorities we answer the question in the negative holding that in the facts and the circumstances of the case the sum of Rs. 17,000, was not allowable as deduction under section 12(2) of the Indian Income-tax Act. The assessee will pay the costs of this reference. Certified for two counsel. K. L. Roy J.- I agree.
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1968 (2) TMI 13 - PATNA HIGH COURT
Question of law - When the point for determination is a mixed question of law and fact, while the finding of the Tribunal on the facts found is final, its decision as to the legal effect of those findings is a question of law which can be reviewed by the court
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1968 (2) TMI 12 - BOMBAY HIGH COURT
Trust - assessment of the trustees - applicability of section 21 of Wealth Tax Act, 1957 - held that Section 21 was applicable to the assessment of the trustees and they would also be capable of being treated as an individual and, consueqently as an assessable entity u/s 3 of the WT Act
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1968 (2) TMI 11 - MADRAS HIGH COURT
Power of the ITO - power of the ITO has got to be exercised only during the pendency of the appeal before the AAC - Once that appellate authority disposes of the appeals, the power of the ITO to treat the petitioner as not being in default in respect of the relative amounts of tax in the appeals comes to an end
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1968 (2) TMI 10 - MADRAS HIGH COURT
Money-lending business - Whether the assets constituted the stock-in-trade of the business - Held, no
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1968 (2) TMI 9 - BOMBAY HIGH COURT
Whether the company is entitled to set off its unabsorbed depreciation of past years against the assessable income earned by the company of the assessment year 1958-59 - Question answered in the affirmative
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1968 (2) TMI 8 - ALLAHABAD HIGH COURT
Estate duty - Whether,the inclusion in principal value of the estate of the deceased, of the sum of Rs. 54,720 as representing 1/5th share of the deceased in the immovable properties at Hardwar and Jhunjhnu, was justified in law - Held, no
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1968 (2) TMI 7 - BOMBAY HIGH COURT
Shares in a company are purchased as a part of the transaction of acquiring the managing agency of the company - any profit or loss resulting from the purchase or sale of such shares cannot be treated as a revenue loss or profit, but must be treated as a profit or loss on capital account
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1968 (2) TMI 6 - ALLAHABAD HIGH COURT
Salary and allowances - whether constitutes individual income - or taxable in the hands of the assessee HUF
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1968 (2) TMI 5 - PATNA HIGH COURT
Whether in computing the market value of the share, the assessee is entitled to the deduction of a sum by way of brokerage commission and s.s. 5(1)(viii) and 5(1)(xv) of the WT Act, the assessee is entitled to the exclusion of the value of jewellery from the computation of his total wealth - Held, no
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1968 (2) TMI 4 - BOMBAY HIGH COURT
Trust - shares of the persons on whose behalf the trustees under the two trust deeds were holding the assets were determinate and known - s. 21(4) not applicable - each of the beneficiaries to the extent of his share would be liable to be assessed
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1968 (2) TMI 3 - BOMBAY HIGH COURT
Assessee is an individual - One T had taken on long lease certain open plots of land - owner of these plots had mortgaged them with the ABC Bank Ltd. but that bank went into liquidation and the plots were acquired by the assessee from the liquidator of the bank - Tribunal was not right in holding that the assessee`s case falls u/s 34(1)(a)
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1968 (2) TMI 2 - BOMBAY HIGH COURT
Insurance Business - Whether there was any evidence to support the findings that the house property assets were at all times acquired in the course of the petitioner company's business and not as part of its any allied non insurance business - Held, yes
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1968 (2) TMI 1 - ASSAM AND NAGALAND HIGH COURT
Whether the assessee`s dwelling house was exempted from wealth-tax u/s 5(1)(iv) of the WT Act, 1957, as it was situated at a distance of more than five miles from a central point of the municipality whose population exceeded ten thousand - Held, no
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