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Income Tax - Supreme Court - Case Laws

Showing 3341 to 3360 of 3830 Records

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  • 1965 (10) TMI 19

    Whether the sum of ₹ 16,309/Rs. 39,515 received by the assessee from the syndicate is income for the purpose of the Indian Income-tax Act, 1922 ? - If the answer to the above question is in the affirmative, whether the income-receipt is exempt under section 4(3)(vii) of the Act by reason of its being of a casual and non-recurring nature ? - Held that - The appellant has received certain amount under a contract with the syndicate, and if tha....... + More


  • 1965 (10) TMI 18

    Whether the two amounts were rightly excluded from the assessable agricultural income for the two assessment years? - Held that - The High Court was thus right in holding that there was no sale in the years relevant to the assessment years for which ....... + More


  • 1965 (10) TMI 17

    Whether the scheme of annuity deposit incorporated in Chapter XXII-A is invalid? - Held that - The argument that the scheme of annuity deposit makes an unlawful discrimination between taxpayers is also devoid of force. Article 14 of the Constitution guarantees equality before the law, and equal protection of the laws. But thereby the power of the legislature to make a reasonable classification of persons, objects or transactions for attaining cer....... + More


  • 1965 (10) TMI 16

    Whether section 10(2)(vib) was not repugnant to article 14 of the Constitution, and that the transaction amounted to transfer within section 10(2)(vib)? - Held that - The legislature perhaps presumes that if the machinery is offered to the Government for sale, the Government will only buy it at a price which will take into consideration the rebate taken by the assessee. In our opinion, therefore, it has not been established that section 10(2)(vib....... + More


  • 1965 (10) TMI 15

    Whether there is any evidence on record to justify the finding of the Tribunal that the assessee failed to prove that they had suffered speculation losses to the tune of ₹ 1,58,080 ? - Whether the loss suffered by the assessee in speculation, viz., ₹ 1,58,080, is an admissible deduction under the Indian Income-tax Act ? - Held that - The Income-tax Appellate Tribunal passed its order in appeal under section 33 of the Act on July 2, 19....... + More


  • 1965 (10) TMI 14

    Whether on a true construction of the Raigarh Darbar Notification No. 89/44/D/Raigarh dated July 31, 1944, section 34 of the Indian Income-tax Act, 1922, as amended by the Income-tax and Business Profits Tax (Amendment) Act, 1948, was applicable to the proceedings taken in the present case ? - Held that - . The question of construction now raised would not arise on the basis the judgment was given by the Tribunal. Furthermore, the Tribunal defini....... + More


  • 1965 (10) TMI 13

    Whether in the facts and circumstances of the case the Tribunal is right in holding that the Hindu undivided family represented by Sri Shyam Sundar Patnaik in the instant case, is a Hindu undivided family consisting of brothers only ? - Held that - For the purpose of interpreting clause B, we must incorporate the Explanation (i) in the expression consisting of brothers only and by so doing the conclusion is inevitable that an undivided family con....... + More


  • 1965 (10) TMI 10

    Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that there was actual delivery of the commodity within the meaning of Explanation 2 to section 24(1) of the Indian Income-tax Act, 1922 ? - Whether, on the facts and in the circumstances of the case, the term scrips in Explanation 2 to section 24(1) of the Indian Income-tax Act, 1922, can refer to scrips pertaining to any commodity or to stocks and share....... + More


  • 1965 (5) TMI 4

    Whether there was nothing to show that the Income-tax Officer had purported to exercise his discretion when he passed the order of assessment and did not impose any liability for payment of interest under section 18A(6)? - Held that - It is unfortunate that the Commissioner in considering the matter under section 33A assumed that the amending Act 25 of 1953 had no retrospective operation and rejected the claim of the assessee on the ground that a....... + More


  • 1965 (4) TMI 23

    Whether the High Court acted improperly in refusing to investigate a plea raised by the company that in issuing a notice under section 34(1)(a) of the Income-tax Act the Income-tax Officer acted without jurisdiction and for a colourable purpose? - Held that - As in the present case, the claim made is that the Income-tax Officer had no power to issue the notice under section 34, and that the power is exercised not for any legitimate purpose for wh....... + More


  • 1965 (4) TMI 22

    Whether the assessee, Messrs. Shah Jethaji Phulchand, can be granted registration under section 26A of the Indian Income-tax Act on the basis of the deed made on November 20, 1950, for the assessment year 1953-54 and/or 1954-55 ? - Held that - As no ....... + More


  • 1965 (4) TMI 21

    Whether on the facts and in the circumstances of the case what the assessee received in the relevant years is assessable to tax and whether section 34 of the Income-tax Act could be invoked in regard to the years 1947-48, 1948-49 and 1950-51 ? - Held....... + More


  • 1965 (4) TMI 20

    Whether the two sums of ₹ 42,148 in the assessment year 1953-54 and ₹ 77,138 in the assessment year 1954-55 were deductible in computing income, profits and gains from the assessee s business assessable to tax ? - Held that - The appellant-company is a commercial undertaking. It does business of the supply of electricity subject to the provisions of the Act. As a business concern its real profit has to be ascertained on the principles....... + More


  • 1965 (4) TMI 19

    Whether the amount described as premium in the lease deed is really rent and, therefore, a revenue receipt? - Held that - There is no material placed before us, either direct or circumstantial, to displace the description given in the lease deed to t....... + More


  • 1965 (4) TMI 18

    Whether the assessee, Mohandas Sadhuram, can be granted registration under section 26A of the Indian Income-tax Act, on the basis of the partnership deed made on April 1, 1952, for the assessment year 1953-54 and on the basis of the said deed read with the supplementary deed on April 1, 1953, for the assessment year 1954-55? - Held that - The partnership deed, reasonably construed, only confers benefits of partnership on the two minors and does n....... + More


  • 1965 (4) TMI 17

    Whether the dividend income of 300 shares of the Simbhaoli Sugar Mills Private Ltd. transferred by the assessee to S. Raghbir Singh Trust was the income of the assessee liable to tax ? - Whether the assessee was entitled to claim deduction of ₹ 19,856 paid as interest to R. B. Seth Jessa Ram Fatch Chand against the dividend income of the aforesaid 300 shares ? - Held that - Unable to accept the argument of counsel for the revenue that by th....... + More


  • 1965 (4) TMI 16

    Whether on the facts and in the circumstances of the case the disallowance of a sum of ₹ 19,796 out of the remuneration paid to Mr. T. M. Ayyadurai is justifiable ? - Whether a sum of ₹ 17,346, which represented compensation received by the assessee for the loss of the managing agency of the Nellore Power and Light Company Ltd., is income liable to tax? - Held that - It is true that if, on a consideration of the relevant materials, th....... + More


  • 1965 (4) TMI 15

    Whether the depreciation allowance should be computed in respect of the 10/16th share in the factory on the basis of the original cost to the larger joint family or on the basis of the valuation at which the assessee took over the factory? - Held tha....... + More


  • 1965 (4) TMI 13

    Whether the provisions of section 41 of the Income-tax Act, 1922 can be said to apply to the assessees in this case ? - Held that - In terms of section 41 of the Act the nattamaigars are the managers of the properties on behalf of others and are entitled to receive the income therefrom on behalf of them. With the result, the income which they hold on behalf of the kasupangudars can be assessed only in their hands in the manner prescribed thereund....... + More


  • 1965 (4) TMI 12

    Whether the profit arising to the assessee-company from miscellaneous insurance transactions of a mutual character was assessable under the Indian Income-tax Act ? and - Whether on the facts and in the circumstances of the case, if the answer to question No. (1) is in the affirmative, the balance of the profits as disclosed in the assessee-company s profit and loss account after deducting the various reserves should be the taxable profits within ....... + More


 
 
 
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