Home Case Index All Cases Income Tax Section Wise 1967 1967 (4) This

Law	-- All -- GST Income Tax Benami Property Customs Corporate Laws Securities / SEBI Insolvency & Bankruptcy FEMA Law of Competition PMLA Service Tax Central Excise CST, VAT & Sales Tax Wealth tax Indian Laws
Court	-- Any -- Supreme Court SC Orders / Highlights High Court Appellate Tribunal Tribunal Appellate authority for Advance Ruling Advance Ruling Authority National Financial Reporting Authority Competition Commission of India ANTI-PROFITEERING AUTHORITY Commission Central Government Board DISTRICT/ SESSIONS Court Commissioner / Appellate Authority Other
Citation	--Year-- 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961 1960 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 Upto 1949 - -Volume- 1 2 3 4 5 6 7 8 9 10 11 12 -
Landmark	Nil - N/A Referred in >= 2 Cases Referred in >= 4 Cases Referred in >= 5 Cases Referred in >= 10 Cases Referred in >= 15 Cases Referred in >= 25 Cases Referred in >= 50 Cases Referred in >= 100 Cases
Order by	TMI Citation Date of Decision

Advanced Search Options

Case Laws

Showing 101 to 106 of 106 Records

• 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.

  ---

• 1967 (4) TMI 5
  

  Claim for exemption - assessee claimed before the WTO that it was not liable to pay wealth-tax during the year of account as it was exempted from wealth-tax u/s. 45(d) - WTO was not justified in rejecting the claim on the ground that the assessee was established within the meaning of s. 45(d) and the proviso thereto in November, 1951, and, consequently, the period of five years' exemption was over with the assessment years 1956-57 - Assessee's appeal is allowed

  ---

• 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.

  ---

• 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

  ---

• 1967 (4) TMI 2
  
  Issues Involved:
  1. Eligibility for tax exemption under Section 15B of the Income-tax Act, 1922.
  2. Interpretation of the trust deed to determine whether the trust is for wholly charitable or religious purposes.
  3. Jurisdiction of the High Court in addressing the eligibility of the trust for tax exemption.
  
  Issue-wise Detailed Analysis:
  
  1. Eligibility for Tax Exemption under Section 15B of the Income-tax Act, 1922:
  
  The assessee, East India Industries Limited, claimed tax exemption for a donation of Rs. 7,500 made to the Agastyar Trust under Section 15B of the Income-tax Act, 1922. The Income-tax Officer and the Appellate Assistant Commissioner rejected the claim on the grounds that the trust did not satisfy the conditions laid down under Section 15B. The Income-tax Appellate Tribunal initially allowed the claim, referencing a previous assessment year where it had recognized the Agastyar Trust as a public trust eligible for deductions under Section 15B. The High Court, however, answered the question against the assessee, leading to the present appeal.
  
  2. Interpretation of the Trust Deed to Determine Whether the Trust is for Wholly Charitable or Religious Purposes:
  
  The primary question was whether the property from which the Agastyar Trust derived its income was held under trust or other legal obligation wholly for religious or charitable purposes as per Section 4(3)(i) of the Act. The trust deed listed several objects, including educational, medical, and religious purposes. However, one object, specifically item 4, involved the manufacture and sale of pharmaceutical and medicinal preparations, which was deemed neither charitable nor religious. The court held that if any object of the trust is non-charitable, the conditions of Section 4(3)(i) are not met, and the exemption under Section 15B cannot be applied. The trust deed allowed trustees to utilize the income for any of the trust's objects, including non-charitable ones, thus failing to meet the criteria for tax exemption.
  
  3. Jurisdiction of the High Court in Addressing the Eligibility of the Trust for Tax Exemption:
  
  The appellant argued that the High Court exceeded its jurisdiction by addressing whether the trust was constituted for wholly religious or charitable purposes under Section 4(3)(i). They contended that the Tribunal had not examined this specific question in detail. However, the court noted that the Tribunal had referenced an earlier case and had not thoroughly examined the question of law. The Assistant Commissioner had specifically addressed whether the trust's income was exempt under Section 4(3)(i). The High Court was within its jurisdiction to examine this question as it was integral to determining the applicability of Section 15B. The court cited the principle from Commissioner of Income-tax v. Scindia Steam Navigation Co. Ltd., affirming that the High Court could address questions arising from the Tribunal's order.
  
  Conclusion:
  
  The court concluded that the Agastyar Trust did not meet the conditions for tax exemption under Section 4(3)(i) due to the inclusion of non-charitable objects in its trust deed. Consequently, the donation made by the assessee to the Agastyar Trust could not be exempted under Section 15B of the Act. The High Court's decision to address the eligibility of the trust for tax exemption was upheld, and the appeal was dismissed with costs.

  ---

• 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 allowed

  ---

1 ....23456