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Showing 61 to 70 of 70 Records

• 1965 (2) TMI 31
  

  Winding up - Dissolution of company

  
  
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  ... ... ..... ts till that time. The profit of rupees three lakhs and odd in question have all been earned by the liquidator during the liquidation of the company. All this profit is not dividend and nothing can be deducted at source by the liquidator under section 194 of the Act. The liquidator was in error in making the deduction at the rate of 30 from the second dividend. Sri Deoki Nandan, learned counsel for the petitioner, did not press the second part of the prayer. He stated that his client will take appropriate proceedings before the Income-tax Officer for refund as the deducted income-tax has already been paid by the liquidator to the department. It is, therefore, not necessary to make any direction in respect of the deduction already made from the second dividend. The official liquidator is directed not to deduct anything by way of income-tax or super-tax from the dividends that are to be declared and distributed in respect of this company. The parties shall bear their own costs.

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• 1965 (2) TMI 30
  

  Powers of Court to rectify register of members

  
  
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  ... ... ..... . 476, P. B. Mukharji J. held ...disputed questions of fact should not be tried in a summary procedure in an application for rectification of the share register under section 155 because they are more appropriate subjects for a trial in a suit on evidence after a full discovery of documents and inspection. I have indicated above that several disputed questions of fact require determination in this case. The petitioner s title to the shares is itself seriously disputed. Having regard to the facts and circumstances, I am not inclined to exercise the power conferred on this court under section 155. The petition is, from this point of view, not maintainable. Issue No. 4 is decided against the petitioner. In this view of the matter it is not necessary to decide the other issues. The petitioner will be at liberty to take such steps in the civil court as he may be advised to do. This petition is, therefore, dismissed. Under the circumstances of the case, I make no order as to costs.

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• 1965 (2) TMI 8
  

  Whether, on the facts and in the circumstances of the case, the sums of ₹ 12,68,460, ₹ 4,40,878 and ₹ 6,71,735, or any them, which represents receipts by the assessee-company of its sale proceeds in British India, include any portion of its income in British India ?

  Held that:- Having carefully weighed the pros and cons of the controversy which have been pressed before us on the present occasion, we are not satisfied that a case has been made out to review and revise our decisions in the case of the New Jehangir Mills [1959 (5) TMI 4 - SUPREME Court] and the case of the Petlad Co. Ltd.[1962 (11) TMI 45 - SUPREME COURT] That is why we think that the contention raised by Mr. Palkhivala must be upheld. In the result, the order passed by the High Court is set aside and the matter is sent back to the High Court with a direction that the High Court s

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• 1965 (2) TMI 7
  

  Whether Zamindari Abolition Compensation Bonds issued by the U. P. Government to intermediaries in payment of compensation payable on the basis of their rights under the Uttar Pradesh Zamindari Abolition and Land Reforms Act, 1950 have to be accepted by the appropriate authorities in payment of the agricultural income-tax due from them?

  Held that:- The fact that the bonds are negotiable does not make them legal tender and does not make it obligatory on anyone, including Government, to accept them in payment of any dues. When the compensation payable to an intermediary has been paid in the form of cash or bonds, that compensation ceases to be payable. Section 6(4) of the Act and rule 8-A of the rules do not, as already stated, provide for the receipt of agricultural income-tax in the form of bonds.

  We are therefore of opinion that the Collector cannot be said to be in error in not accepting the bonds which had been delivered and which were not even cashable at the time, in payment of the arrears of agricultural income-tax payable under the Agricultural Income-tax Act. Allow the appeal, set aside the order of the High Court and restore that of the Collector dated August 24, 1956

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• 1965 (2) TMI 6
  

  Whether the constitutional validity of section 2(6A)(d) Indian Income-tax Act, 1922 can be supported on the ground that it was enacted to prevent evasion of income-tax?

  Whether the said dividends were distributed in the year 1953-54, as the appellant contends, or in the accounting year 1954-55, as the respondent argues?

  Held that:- When there is a factual avoidance of tax, in terms of law, the legislature steps in to amend the income-tax law so that it can catch such an income within the net of taxation. There is, therefore, no inconsistency between a receipt being a capital one under the company law, and by fiction being treated as taxable income under the Income-tax Act.Therefore, as section 2(6A)(d) of the Act embodies a law to prevent evasion of tax, it falls within the ken of entry 54 of List I of Schedule VII to the Government of India Act, 1935.

  We agree with the High Court that the dividends were distributed to the shareholders during the accounting year, i. e., 1954-55. Appeal dismissed.

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• 1965 (2) TMI 5
  

  Sum received by the assessee in consideration of consenting to the assignment of lease by M Ltd., in favour of B Ltd., is not a revenue receipt - Where the source of a sum of money is proved, the question of taxability depends on a consideration of all the circumstances of the case

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• 1965 (2) TMI 4
  

  Whether the customs rebate received by the assessee was liable to be taxed in the hands of the assessee - Whether there is any evidence on the record to justify the finding of the Tribunal that the customs rebate was not received by the assessee on behalf of a third party and it was a revenue receipt of the assessee

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• 1965 (2) TMI 3
  

  Whether, on the facts and in the circumstances of the case, the bonus shares of the face value of Rs. 50,07,500 should be included in the paid-up capital of the assessee within the meaning of that term in pursuance of sub-section (1) of the Explanation to Paragraph D of Part II of the Finance Act, 1956, for the relevant assessment year - Held, no

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• 1965 (2) TMI 2
  

  Inclusion in the assessable income of the receipts on account of the coffee crop delivered to the Coffee Board prior to April 1, 1954 - held that expenditure incurred before the 1st April, 1954 cannot be deducted under section 5 of the Act

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• 1965 (2) TMI 1
  

  Prayer, for quashing the noticesissued to the petitioner under section 23(2) - petitioner has also prayed for a writ in the nature of prohibition prohibiting the respondents from taking any steps in pursuance of the aforesaid notices or making any orders for assessment in pursuance thereof.

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