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Showing 41 to 60 of 67 Records
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1972 (12) TMI 27 - MADRAS HIGH COURT
This is a petition for the issue of a writ of prohibition prohibiting the respondent from recovering the amount of the annuity deposit under the Income-tax Act, 1961, in pursuance of his notice of demand - Whether omission of annuity deposit payable before 1st April, 1967 could be assessed and recovered even after that date - We have to reject the petitioner's contention that there is no accrued liability before April 1, 1967, so as to invoke section 6 of the General Clauses Act. In this case, there being a liability to pay the annuity deposit, the Income-tax Officer was justified in issuing the demand based on the order of assessment which can also be constructed as an order under section 280K. The petition, therefore, fails and is dismissed
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1972 (12) TMI 26 - MADRAS HIGH COURT
Estate Duty Act, 1953 - In the writ petition the petitioner has prayed for the issue of a writ of certiorari to quash the order of the Assistant Controller of Estate Duty, dated May 21, 1966 - authorised representative who had authorisation granted during assessment proceedings appeared during rectification proceedings - Whether the authorisation holds good for subsequent rectification proceedings also
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1972 (12) TMI 25 - MADRAS HIGH COURT
Levy of interest under section 139(8) – treating registered firm as an unregistered one - whether advance tax paid by the registered firm is deductible - The result is that the writ petitions are allowed in part and the petitioners will be entitled to have the advance tax paid by them deducted from the total tax as determined by the respondent for purpose of calculation of interest under section 139(1), proviso. The respondent in each of these cases is directed to modify the assessment accordingly.
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1972 (12) TMI 24 - MADRAS HIGH COURT
Gift Tax Act, 1958 - One Appavoo Pillai made a gift of three buses to his son, Vimalan, the assessee, under a registered settlement deed - Under that deed the value, shown for the three buses was Rs. 20,000. The Gift-tax Officer found that the written down value of the buses on the date of the transfer was Rs. 31,688. He, therefore, estimated the value of the buses at Rs. 31,688. In addition he also estimated the value of the route permits on which the buses were plying at the time of the transfer at Rs. 75,000 and computed the gift-tax payable on that basis - Gift-tax Officer was justified in estimating the value of the route permits and adding them to the value of the buses
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1972 (12) TMI 23 - KERALA HIGH COURT
" Whether Tribunal was right in holding that the sum of Rs. 10,225 transferred to the contingencies reserve account, the sum of Rs. 30,475 transferred to the development reserve account and the sum of Rs. 23,417 transferred to the special reserve account are not to be deducted in arriving at the taxable income of the assessee-company ?" - this amount is really laid out for the purpose of the business because it is to meet certain contingencies which a public utility concern has normally to anticipate to happen in the business and provide for. But I do not rest my final conclusion on this point applying section 37. I agree with the reasoning of my learned brother that this amount of contingency reserve must be deducted in arriving at the total income for assessment
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1972 (12) TMI 22 - ALLAHABAD HIGH COURT
" 1. Whether, on the facts and in the circumstances of the case, the provisions of sections 4(1)(a)(i) and 4(1)(a)(ii) of the Wealth-tax Act, 1957, were rightly applied ; and 2. Whether the dividends of Rs. 53,809 and Rs. 12,500, respectively, declared by the company but not actually paid to the assessee prior to the valuation dates could be assessed to wealth-tax for the assessment years 1962-63 and 1963-64 ? " - we answer the first question in the negative, against the department and the second question in the affirmative, in favour of the department.
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1972 (12) TMI 21 - KERALA HIGH COURT
Foreign Technician - Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that the skipper of the fishing trawler is a ' technician ' as laid down in the Explanation to section 10(6)(vii) of the Income-tax Act, 1961 ?
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1972 (12) TMI 20 - GUJARAT HIGH COURT
This reference raises a short but interesting question of law relating to the construction of section 68 of the Finance Act, 1965. - Whether liability to pay tax on concealed income under s. 68 of the Finance Act, 1965 is deductible in the computation of the net wealth
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1972 (12) TMI 19 - MADRAS HIGH COURT
Payment of salary to a partner of managing agency firm who was appointed as manager – Legal Expenditures - deductibility - Whether income declared by the assessee can be enhanced on the basis of the excess stock disclosed the bank for obtaining overdraft facilities - Tribunal is justified in accepting the books as correct because the entries therein tallied with the returns submitted by the assessee to the Textile Commissioner and ignoring the stock declarations made by the assessee to the banks - result is that the questions are answered in the affirmative and in favour of the assessee
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1972 (12) TMI 18 - DELHI HIGH COURT
Set Off - " Whether, on the facts, and in the circumstances of the case, the Tribunal was right in holding that the assessee was entitled to set off his share of loss in a business carried on by an unregistered firm against the profits of his personal business? " - question iis answered n the affirmative, in favour of the assessee and against the department - If a profit from an unregistered firm has to be added to the income of an individual partner and he has to pay tax on that amount subject to the provisions of section 14(2)(a) of the Act, there does not seem to be any reason why the same should not be held true of a loss.
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1972 (12) TMI 17 - MADRAS HIGH COURT
Whetherthe inclusion of the movable assets belonging to Lakshmikanthammal, the wife of the assessee, in the taxable wealth of the assessee is lawful - Whetherthe movable assets of Lakshmikanthammal, are liable to be included in the taxable wealth of the assessee in view of or having regard to section 4(4) - assessee also contends that the Tribunal has not considered the applicability of section 4(4) of the Wealth-tax Act to movable properties standing in the name of the assessee's wife, though that section was applied and relief granted in respect of immovable properties. But on the finding given by the Tribunal that the movable properties consisting of advances and investments are benami and that the assessee continued to be the beneficial owner of the same, there is no question of applying section 4(4) as there was in fact no transfer before the coming into force of the Act in relation to movable properties and the Tribunal is justified in not applying section 4(4) so far as the movable properties are concerned - Reference answered in the affirmative
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1972 (12) TMI 16 - DELHI HIGH COURT
Delay in filing the return under the old act - discretion to reduce the penalty fixed by the new act - " Whether, on the facts and in the circumstances of the case, the Tribunal was in law competent to reduce the penalty levied under section 271(1)(a) to a figure lower than the sum equal to 2% of the tax for every month during which the deault continued but not exceeding in the aggregate 50% of the tax ? " - question referred to us should be answered in the negative, in favour of the revenue and against the assessee.
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1972 (12) TMI 15 - MADRAS HIGH COURT
Assessee, a private limited company incurred loss - whether dividends must be declared from the dividends equalisation fund - " Whether, on the facts and in the circumstances of the case, the provisions of section 23A(1) were not attracted for the assessment year 1959-60 ? " - Having regard to the facts and circumstances of this case, we are of the view that the provisions of section 23A(1) of the Indian Income-tax Act, 1922, were not attracted. The reference is accordingly answered in the affirmative and against the revenue
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1972 (12) TMI 14 - DELHI HIGH COURT
Grant-in-aid received by a government company before commencing the trading activities to meet expenditure in connection with administration – held that such amount was not chargeable under section 10(1)
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1972 (12) TMI 13 - MADRAS HIGH COURT
" 1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in disallowing a sum of Rs. 7,850 paid as commission to the three parties ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal is right in confirming the addition of Rs. 50,000 to the business in imported electric motors ? " - both the questions are answered in the affirmative and against the assessee.
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1972 (12) TMI 12 - MADRAS HIGH COURT
Petitioners made a voluntary disclosure of income under section 68 of the Finance Act, 1965. The tax payable on The income so voluntarily disclosed amounted to Rs. 15,55,500. The said tax was due to be paid on or before November 30, 1965, under the said section. However the tax was not paid before the said date. Subsequently, the petitioners offered to pay the said tax but the Commissioner of Income-tax declined to receive the same on the ground that the time for payment was long over - When assessee does not pay taxes with in the due date but if the sale after coming into force of Finance (No. 2) Act, 1967 whether interest can be levied for the period prior to 1/4/1967
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1972 (12) TMI 11 - MADRAS HIGH COURT
Petitioner has filed the petitions on the ground that section 18(1)(a) of the Act is ultra vires, illegal and invalid - The learned counsel for the petitioner submitted that section 18(1)(a), in so far as it levies penalty at the uniform rate of one-half per cent. on the net wealth assessed, is violative of article 14 ; secondly, the penalty imposed under that section is confiscatory in nature and, therefore, infringes article 19(1)(f) of the Constitution ; thirdly, any penalty for non-submission of a return should have relation to the tax payable and not to the wealth and the penalty under section 18 being not related to the tax evaded is beyond the legislative competence of Parliament
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1972 (12) TMI 10 - MADRAS HIGH COURT
In this writ petition the CIT, has prayed for a writ of mandamus or other appropriate writ or order directing the ITAT to take up the department appeal and rehear the appeal under section 66(5) of the Indian Income-tax Act, 1922 and decide the appeal in conformity with the judgment of this court - since the Tribunal had jurisdiction to decide the question whether the remittance could be assessed at all in the hands of the individual and it give a finding that it could be assessed the dismissal of the appeal by the Tribunal was valid, also the department did not file a reference against the dismissal it did not even file a reference against the order u/s 66(5) it therefore cannot seek belatedly relief under article 226 of the Constitution
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1972 (12) TMI 9 - MADRAS HIGH COURT
Whether reasons for reopening the assessment should be disclosed to the assessee - - assessee cannot compel the income-tax officer to disclose all the materials which formed the basis of notice u/s 148 before he files his return in pursuance of this notice
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1972 (12) TMI 8 - ALLAHABAD HIGH COURT
Whether, on the facts and in the circumstances of the case, the refusal of registration or the continuance thereof was legally valid in terms of section 184/185 of the Income-tax Act, 1961
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