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Showing 101 to 112 of 112 Records

• 1970 (4) TMI 12 - SUPREME COURT
  

  Banking Company - Reserve for Development Rebate - appellant-company had transferred a sum from the profit and loss account to the reserve fund. The appellant claimed allowance by way of development rebate under proviso (b) of s. 10(2)(vib) amounting to ₹ 1,37,836 in the computation of its business income - Assessee's appeal dismissed

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• 1970 (4) TMI 11 - SUPREME COURT
  

  New Industrial Undertaking - Unabsorbed Depreciation - assessees are not entitled to the benefit of s. 15C(4) in respect of the dividend income received - Revenue's appeal allowed

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• 1970 (4) TMI 10 - SUPREME COURT
  

  Whether the income of the trust properties were not specifically receivable by trustees on behalf of any person - The court shall proceed on the basis that it is `a person` within the meaning of section 2(9) - case clearly falls within the meaning of s. 41(1) - first proviso to that section is inapplicable to the facts of the case - It cannot be said that the income or profits in question are "not specifically receivable by the trustees on behalf of any one person" - Revenue's appeal dismissed

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• 1970 (4) TMI 9 - SUPREME COURT
  

  Officer had not filed any affidavit in the proceedings - proceedings recorded by him before issuing the notices have not been produced - Hence, it is not possible to hold that the ITO had any reason to form the belief in question - ITO had no jurisdiction to issue the impugned notices - Assessee's appeal allowed

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• 1970 (4) TMI 8 - SUPREME COURT
  

  Income arising to the three minor sons of the assessee by virtue of their admission to the benefits of the partnership of Messrs A should not be included in the total income of the assessee under s. 16(3)(a)(iv) - Revenue's appeal is dismissed

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• 1970 (4) TMI 7 - SUPREME COURT
  

  Export profits - sum of Rs. 5,72,081 formed a part of the price which the assessee received for the sale of the hessian cloth, therefore, rightly treated as the income of the assessee - Assessee's appeal is dismissed

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• 1970 (4) TMI 6 - SUPREME COURT
  

  Expenditure was not laid out for any purpose other than that of carrying on the business - sum of Rs. 40,132 was payment of a revenue nature and, as such, allowable as deduction under s. 10(2)(xv) - revenue's appeal is dismissed

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• 1970 (4) TMI 5 - SUPREME COURT
  

  It was not open to the ITO to go behind the deed and find out, for the purposes of registration under s. 26A - registration under s. 26A of the IT Act, 1922, should not be refused to the appellant firm on the ground that the partnership in question violated the provisions of s. 4 f the Companies Act, 1913 - Assessee's appeal is allowed

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• 1970 (4) TMI 4 - SUPREME COURT
  

  Instructions or directions shall be given by the Board so as to interfere with the discretion of the AAC of Wealth-tax in the exercise of his appellate functions. It does not, however, imply that the Board may give any directions or instructions to the WTO or to the Commissioner in exercise of his quasi-judicial function and set aside the order passed by the Commissioner - Assessee's appeal is allowed

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• 1970 (4) TMI 3 - SUPREME COURT
  

  High denomination notes - assessment made upon the assessee HUF pursuant to a notice under s. 34 of the IT Act was not in accordance with law - Revenue's appeal is dismissed

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• 1970 (4) TMI 2 - SUPREME COURT
  

  It was not justified in holding that the additions made by the ITO were in accordance with law - additions were arbitrarily made - No reasons were given to reject the accounts - Further, the method adopted for determining the escaped income appears to be highly capricious - Revenue's appeal dismissed

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• 1970 (4) TMI 1 - SUPREME COURT
  

  Burden of proof - Apart from the falsity of the explanation given by the assessee, there was cogent material or evidence from which it could be inferred that the assessee had concealed the particulars of his income or had deliberately furnished inaccurate particulars in respect of the same and that the disputed amount was a revenue receipt. Therefore, penalty could not be imposed u/s. 28(1)(c) - Revenue appeal is dismissed

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