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Income Tax - Case Laws

Showing 101961 to 101980 of 104762 Records

  • 1967 (4) TMI 17

    Whether the ITO is competent to initiate the proceeding under s. 34(1)(b) of the IT Act, 1922 for bringing to tax the excessive rebate granted to the assessee - matter is remanded....... + More

  • 1967 (4) TMI 16

    Hiring out of specially built vaults and providing special services to the licensees - return received by the assessee is not the income derived from the exercise of property rights only but is derived from carrying on an adventure or concern in the nature of trade. Therefore, the income arising therefrom is assessable under s. 10........ + More

  • 1967 (4) TMI 15

    Partnership was, dissolved - tax liability - It does not mean that where the assessment is made under s. 23(5)(a) of a registered firm and the income of each individual partner is assessed, the partners become jointly and severally liable to pay the aggregate amount of tax attributable to their various shares, in their individual assessments - revenue s appeal dismissed....... + More

  • 1967 (4) TMI 14

    Having found that the assessee was not able to explain satisfactorily the source of the credit of ₹ 1,37,000, whether the Tribunal had any material to come to the conclusion that the addition of ₹ 1,37,000 made by the Income-tax Officer as the income from undisclosed sources should be reduced to ₹ 50,000 only ? - Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in reducing the addition....... + More

  • 1967 (4) TMI 13

    Investment of capital in shares and stocks - surplus derived by the assessee in the sale of its shares and securities - revenue receipt....... + More

  • 1967 (4) TMI 12

    Assessee received compensation for the property - interest on the amount of compensation from the date of the notification for acquisition - Interest received by the assessee was properly held taxable....... + More

  • 1967 (4) TMI 11

    Credit entries - proceedings for reassessment commenced under s. 34 - there was evidence before the Tribunal to hold that the credit of ₹ 55,293 in the account of the wife of the assessee did not represent the sale proceeds of her gold ornaments - assessee s appeal allowed....... + More

  • 1967 (4) TMI 10

    Claim of the assessee that he was a non-resident during the previous year relevant to the asst. yr. 1945-46 - Tribunal was justified in holding that the assessee was a resident in British India during the relevant previous year - revenue s appeal allowed....... + More

  • 1967 (4) TMI 9

    Held that properties which had been set apart by the commissioner for the performance of sheba and worship of the deities formed part of the residuary estate of the testator and they were not dedicated for charitable purposes - question was rightly answered by the High Court against the assessee....... + More

  • 1967 (4) TMI 8

    Enhancing the assessment of assessee - since the ITO has not applied his mind to the question of taxability or non-taxability of the amount of Rs. 5,85,000 received as remittance, the AAC had no jurisdiction to enhance the taxable income of the assessee....... + More

  • 1967 (4) TMI 7

    HUF - business of money-lending, and maintains its accounts on cash basis - Whether the receipt of Encumbered Estate Bonds during the previous year 1947-48 amounted to receipt of cash during that previous year and not during the previous year 1948-49 when the bonds were in fact sold at less than their face value - Held, yes - assessee s appeal dismissed....... + More

  • 1967 (4) TMI 6

    Acquisition of the undertaking of the company - company was paid Rs. 15,50,000 as compensation for loss of its undertaking, assets and documents - tribunal was justified in bringing the amount as taxable income of the company in the previous year - profits received by the company the State of Mysore is, by virtue of s. 26(2) of the IT Act, liable to be taxed........ + More

  • 1967 (4) TMI 4

    Transfer of the undertaking - Whether the workmen of the undertaking became entitled to retrenchment compensation - Held, no - amount claimed as a permissible allowance by the assessee in its profit and loss account cannot, be regarded as properly admissible either u/s. 10(1) or s. 10(2)(xv) - appeal of revenue is allowed and the order passed by the High Court is set aside........ + More

  • 1967 (4) TMI 3

    Whether the department was entitled to call upon the respondent to make good the sum as the payments did not contravene the notice u/s. 46(5A) - A person to whom the notice has been issued has only to object that the sum demanded or part thereof is not due to the assessee or that he does not hold any money on account of the assessee - Appeal of department dismissed....... + More

  • 1967 (4) TMI 2

    Claim for exemption from tax u/s. 15B - Whether, on the facts and in the circumstances of the case, the assessee is entitled to claim deduction u/s. 15B in respect of the donation paid to the Agastyar Trust - Held, No....... + More

  • 1967 (4) TMI 1

    Whether the asst. in pursuance of the notice issued u/s 34 is a valid asst. - ITO was legally justified in ignoring the 1st notice issued u/s 34 & the return filed by the assessee in response to that notice and consequently the asst. made in pursuance of the 2nd notice issued on Feb. 12, 1958, was a valid asst.- question of law referred to the H. C. should be answered in the affirmative & against the assessee - Appeal of revenue is allowe....... + More

  • 1967 (3) TMI 114

    ... ...
    ... ... erstood by Crown and subject alike, surely they should seek statutory powers to do so and not, by an internal change of practice, try to alter well-settled law. I would allow this appeal and restore the decision of the commissioners. Appeal allowed.

  • 1967 (3) TMI 110

    ... ...
    ... ... income is capable of being included in the assessment of the assessee. In the result, therefore, our answer to the question referred to us must be in the negative. The department will pay the costs of the assessee. Question answered in the negative.

  • 1967 (3) TMI 104

    ... ...
    ... ... y commercial expediency and were allowable expenditure. In the result, we answer the question referred to this court in the negative. The assessee is entitled to costs. Certified for two counsel. MASUD J.- I agree. Question answered in the negative.

  • 1967 (3) TMI 46

    Firm - default in payment of the penalty - further imposition of penalty - validity....... + More

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