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Showing 41 to 48 of 48 Records

• 1972 (6) TMI 8 - MADRAS HIGH COURT
  

  Whether the refusal to grant registration to the assessee-firm on the basis of the document dated October 1, 1961, was justified - Tribunal should have gone into the question as to whether the partnership was genuine and whether the partnership deed produced evidenced such a genuine partnership. Its disposal of the appeal on the ground that the partnership deed as such is invalid cannot be accepted. We have to, therefore, answer the reference technically in favour of the assessee and against the revenue. The result is that the Tribunal has to reconsider the matter afresh and dispose of the same after giving a finding on the question as to the genuineness of the partnership and considering the document in the light of its said finding

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• 1972 (6) TMI 7 - ANDHRA PRADESH HIGH COURT
  

  Assessee paid sums totalling Rs. 21,600 to sixteen individuals who were prospective bidders at the auction in order to prevent them from competing with the petitioners at the auction - assessee was entitled to deduct as revenue expenditure the said sum of Rs. 21,600

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• 1972 (6) TMI 6 - ANDHRA PRADESH HIGH COURT
  

  Whether in computing the assessed share of profit from the firm, depreciation on the building owned by the assessee, in which the business of the firm was run, was an admissible deduction – section 37 is in the same terms as the provisions contained in section 10(2)(xv) of the Act of 1922 and the decisions on section 10(2)(xv) of the Act of 1922 have a direct bearing on the interpretation of section 37(1) - held that, there is nothing which precludes the application of sections 30 to 37 to a partner's share income from the firm - in computing the assessee's share of profit from the firm, New Taj Mahal Hotel, Hyderabad, the depreciation on the building owned by the assessee in which the business of the firm was run was an admissible deduction

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• 1972 (6) TMI 5 - MADRAS HIGH COURT
  

  Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessee-firm was entitled to the grant of registration for the assessment year 1963-64 under section 185 of the Income-tax Act, 1961 – held that, Tribunal was right in holding that the rejection of the application for registration cannot be sustained

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• 1972 (6) TMI 4 - MADRAS HIGH COURT
  

  Whether the assessment of the income of the house property and of the business of Palaniappa Match Works for the assessment years 1957-58 to 1960-61 in the hands of the assessee in the status of an individual is correct in law - held that, where a coparcener, having a wife and two minor daughters and no son, receives his share of joint family properties on partition, such property in the hands of the coparcener belongs to the Hindu undivided family of himself, his wife and minor daughters and cannot be assessed as his individual property for the purpose of wealth-tax

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• 1972 (6) TMI 3 - MADRAS HIGH COURT
  

  Assessee is a firm of four partners carrying on business in Ceylon in pawn-broking and money-lending. All the four partners are residing in India – firm appointed a power of attorney to act as agent to conduct business in Ceylon. There was no evidence of control or management - Whether Tribunal was right in law in holding that the assessee should be assessed as a 'non-resident' - since there was no evidence that the assessee in any way controlled the business, it was liable to be assessed as a non-resident – question is answered in affirmative and against the revenue

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• 1972 (6) TMI 2 - MADRAS HIGH COURT
  

  Depreciation under section 10(2)(vi) of the Income-tax Act, 1922, and section 32(1) of the Income-tax Act, 1961- Partnership between the assessee (who became the absolute owner of the capital, deposits, outstandings and other properties in three Burmah Shell agencies) and working partners to carry on business - working partners have only a right to share the profits or loss of the partnership business and they have no right or claim against the partnership assets – held that, it is the firm which is entitled to depreciation on these assets, not the assessee

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• 1972 (6) TMI 1 - SUPREME COURT
  

  Application for refund - petition was accordingly never barred by the law of limitation as submitted on behalf of the respondents. The petitioners are entitled to repayment of Rs.1,30,845.40 which is now admittedly the sum which has been retained by the respondents and is liable to be refunded

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