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Showing 41 to 56 of 56 Records

• 1966 (4) TMI 16 - ALLAHABAD HIGH COURT
  

  ITO demanded advance payment of income-tax u/s 18A - assessee contend that the sum of Rs. 7,415-5-0 out of the amount which the company was entitled to receive as refund was adjusted by the ITO towards the payment of advance tax - ITO levied interest for default in payment of advance tax - held that interest charged on balance due after adjustment of refund was justified

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• 1966 (4) TMI 15 - CALCUTTA HIGH COURT
  

  Basic ingredients of speculative transactions are that the contracts are to be periodically or ultimately settled, and, the settlement would be otherwise than by actual delivery or transfer of commodity - there is no finding that there was any settlement of the contracts of purchase and sale and therefore one of the vital limbs of Expln. 2 to s. 24(1) of the IT Act is not found -transaction cannot brought within the mischief of a speculative transaction.

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• 1966 (4) TMI 14 - PATNA HIGH COURT
  

  Assessee agreed to pay office allowance to managing agents - amount shown in balance-sheet as trading liability the money due to agents in previous year - later agents agreed to forego the amount - this amount was shown in assessee`s books as miscellaneous receipts - remission of previous liability is not a trading receipt and cannot be included in total income

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• 1966 (4) TMI 13 - ANDHRA PRADESH HIGH COURT
  

  Baddebt - IT department was not legally justified in rejecting the claim of the assessee under s. 10(2)(xi)

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• 1966 (4) TMI 12 - PATNA HIGH COURT
  

  Whether, the ITAT is right in holding that any profit should be deemed to have been distributed as dividends amongst the shareholders for the assessment year 1954-55 u/s 23A - Held, no

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• 1966 (4) TMI 11 - PATNA HIGH COURT
  

  Whenever any fund, however small, is found available for distribution as dividend, its non-distribution will amount to an unreasonable Act on the part of the company - provisions of s. 23A of the IT Act have not been properly applied according to law to the assessee-company by the Appellate Tribunal

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• 1966 (4) TMI 10 - PATNA HIGH COURT
  

  Change in constitution of firm - expression "on behalf of" as used in s. 21 of the WT Act was not synonymous with the expression "for the benefit of" - That a trustee does not hold the trust property on behalf of the beneficiary, but he holds that only for their benefit. Therefore trustee was not assessable u/s 21

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• 1966 (4) TMI 9 - PUNJAB HIGH COURT
  

  Application filed under s. 26A for registration of a partnership - Where the Appellate Tribunal in appeal finds that the petition of the assessee under section 26A was invalid, whether the Tribunal had jurisdiction to dismiss the assessee's application on this ground

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• 1966 (4) TMI 8 - PUNJAB HIGH COURT
  

  Interest On Securities - held that personal and private income of the assessee which has been brought to tax under the Patiala IT Act, 2001 was exempt because he was the Ruler of the former Faridkot State - assessee was not liable to pay income-tax on the amount of interest on Govt. securities

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• 1966 (4) TMI 7 - PUNJAB HIGH COURT
  

  It was not open to the petitioner to have waited till after the attachment order, etc., had been issued for filing objections as contemplated by cl. (vi) of s. 226(3) of the Income Tax Act, 1961 Act - Once he sent his objections earlier which were not supported by an affidavit which were rejected and the attachment proceedings were taken, it was too late for the petitioner to take advantage of the provisions contained in cl. (vi)

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• 1966 (4) TMI 6 - MADHYA PRADESH HIGH COURT
  

  Petitioner, a public company incorporated in the former State of Bhopal, prays that the Taxation Laws (Merged States) (Removal of Difficulties) (Amendment) Order, 1962, be declared ultra vires, inoperative, seeks a writ of certiorari for quashing assessments of income-tax made on it and, as also the assessments made

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• 1966 (4) TMI 5 - MYSORE HIGH COURT
  

  Change In Constitution Of Firm - there was no change in the firm and the partnership was in existence when it was registered and was not a bogus or not a genuine one, and its constitution was not void, registration could not be refused - firm was entitled to renewal of registration u/s 26A

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• 1966 (4) TMI 4 - ALLAHABAD HIGH COURT
  

  Undisclosed Income - no payments were made even after adjustments - assessee was clearly in default - penalty under s. 46(1) of the IT Act as applied to the Excess Profits Tax Act was legally imposed

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• 1966 (4) TMI 3 - ALLAHABAD HIGH COURT
  

  Payment of Rs.56,000 made to the Congress Parliamentary Board for the General Elections was not an admissible expenditure under s. 10(2)(xv) - no any nexus between this contribution to the Congress Parliamentary Board and expenditure incurred for the purpose of the business

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• 1966 (4) TMI 2 - MADHYA PRADESH HIGH COURT
  

  Since bank collected the amount from the consignees on its own behalf and not as an agent of the consignor, held that the income accrued to the consignor at Indore and not at the places in the taxable territories where the bank received the amounts from the consignees.

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• 1966 (4) TMI 1 - BOMBAY HIGH COURT
  

  Income Tax officer has no jurisdiction to enquire into mixed question of fact and law in a provisional assessment u/s. 141 - assessment and demand notice based on such enquiry can be quashed by the High Court by issuing a writ

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