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Showing 41 to 60 of 61 Records

• 1967 (11) TMI 21 - CALCUTTA HIGH COURT
  

  `Profit` earned by the assessee from the transactions with its shareholders - whether exemt from tax or not

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• 1967 (11) TMI 20 - CALCUTTA HIGH COURT
  

  Search and seizure of books - validity

  
  
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  ... ... ..... for production of the warrants of authorisation to be quashed and a writ in the nature of prohibition directing the respondents not to take steps pursuant to the search and seizure. There is nothing in the rule nisi issued by this court for a writ or order upon the respondents directing them to return the books on the ground that they were being retained in violation of the provisions in sub-section (8) of section 132 of the Act. This court, in disposing of the writ petition would not go beyond the terms of the rule nisi, which the respondents have been called upon to answer. For this reason, this contention on behalf of the petitioners must be rejected. For the reasons mentioned above, this application fails and is dismissed. The rule is discharged. Each party to pay its own costs. As the writ petition is hereby disposed of no order is necessary on the application for extension of the interim order and accordingly no order is made in that application. Application dismissed.

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• 1967 (11) TMI 19 - CALCUTTA HIGH COURT
  

  Inclusion of income of trust fund in the estate of the deceased

  
  
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  ... ... ..... e annuitant. The Appellate Tribunal rejected this argument on the following grounds (a) the legal ownership of the funds vested in the trustees and not in the assessee (b) it was life interest with restraint on anticipation (c) the power of appointment was restricted to children (d) the assessee was issueless, and aged round about 60 years and was incapable of making any appointment. Now, generally speaking, a right to annuity without right of anticipation but with power of appointment is more than mere right to annuity. But in the facts of the instant case, it may be justly said that for the assessee the power of appointment no longer subsists and that consideration should not be taken to augment her right under the will. Since we hold what was given to the assessee was not mere annuity but a share in the general income of a trust fund, we answer the question in the affirmative and against the assessee. The Commissioner of Wealth-tax is entitled to costs. MASUD J.- I agree.

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• 1967 (11) TMI 18 - MADHYA PRADESH HIGH COURT
  

  Whether the WT Act in so far as it levies tax on HUF, is ultra vires the powers of Parliament and is it discriminatory in imposing a higher burden of tax on members of the HUF and consequently void and unenforceable - Held, no

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• 1967 (11) TMI 17 - CALCUTTA HIGH COURT
  

  Determining the net wealth - assessee is a sterling company - whether the amounts standing in the special reserve account on the books of the assessee-company were deductible

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• 1967 (11) TMI 16 - MADRAS HIGH COURT
  

  Remarks were made in an IT proceedings affecting a third person who was not a party to the proceedings and the latter applied to the Court which heard the IT reference for inspection of records of the proceedings - whether the firm, represented by G, is entitled to inspect the proceedings to which proceeding the firm was not a party

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• 1967 (11) TMI 15 - MADHYA PRADESH HIGH COURT
  

  Market value as on the valuation date of the instalments due to be paid under the provisions of the Madhya Bharat Abolition of Jagirs Act after the valuation date is liable to be included in the total wealth of the assessee

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• 1967 (11) TMI 14 - MADHYA PRADESH HIGH COURT
  

  Whether the income from the property transferred to the assessee`s wife could be assessed in the hands of the assessee u/s 16(3) - Held, yes

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• 1967 (11) TMI 13 - KERALA HIGH COURT
  

  Income from the properties - assessability in hands of firm - assessment by the department u/s 22 of the Act including the income of the house properties in the total income of the firm appears to be correct

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• 1967 (11) TMI 12 - SUPREME COURT
  

  Capital gains - respondents sold the omnibus together with the right to ply it - deemed profit under s. 10(2)(xii) - excess of Rs. 17,000 over the deemed profits of Rs. 6,000 should not be held taxable under s. 10(2)(vii) - Revenue's appeal dismissed

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• 1967 (11) TMI 11 - SUPREME COURT
  

  Appellant-society, a bank - exemption - interest received from the Govt. securities - business was to deal in money and credit and was not restricted to receiving deposits and lending money to its members or other societies, therefore the High Court was in error in treating interest derived from deposits as not arising from the business of the bank and therefore not falling within the income exempted under the notification - Revenue's appeal dismissed

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• 1967 (11) TMI 10 - SUPREME COURT
  

  Reopening of the assessment - notices under s. 34(1)(a) - limitation - notices issued after March 31, 1956, were not barred by time and there was material before the ITO which justified his belief that the income chargeable to tax had escaped assessment - Assessee's appeal dismissed

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• 1967 (11) TMI 9 - SUPREME COURT
  

  Assessee-firm was not a partner in B House and had been receiving interest in the capacity of a banker, the ITO decided to take action under s. 34(1)(b)- Reopening of the assessment - jurisdiction to issue notice under s. 34(1)(b) of the IT Act - Assessee's petition is dismissed

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• 1967 (11) TMI 8 - SUPREME COURT
  

  Tribunal omitted to consider the facts stated for the first time in petition for reference u/s 66(2)- Tribunal was right in law by basing their decision on a part of the evidence ignoring the statement made in petition for reference - High Court was incompetent to direct the Tribunal to state the case on the question which was directed to be referred and dealt with by the High Court - revenue's appeal is allowed and the order passed by the High Court is set aside

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• 1967 (11) TMI 7 - SUPREME COURT
  

  Sale of entire block of shares - Profit was not a capital accretion but business income - entire excess received by assessee over cost price was profits from business - Assessee's appeal is dismissed

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• 1967 (11) TMI 6 - SUPREME COURT
  

  Resale of parts of land and buildings purchased from government, within short time - Interest on loans taken to pay purchase money was far in excess of income from property - transaction was an adventure in the nature of trade - Assessee's appeal is dismissed

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• 1967 (11) TMI 5 - SUPREME COURT
  

  Capital gains derived by the sale of the asset by the wife to whom the assets were transferred - income derived directly or indirectly from asset transferred includible in the income of husband - - Assessee's appeal is dismissed

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• 1967 (11) TMI 4 - SUPREME COURT
  

  Payments made under the lease deed were expenditure of revenue nature - expenditure incurred by the assessee was not related to the acquisition of an asset or a right of a permanent character - Assessee's appeal is allowed

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• 1967 (11) TMI 3 - SUPREME COURT
  

  Company - buying and selling shares - buying and selling of shares amounted as business - Assessee's appeal is dismissed

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• 1967 (11) TMI 2 - SUPREME COURT
  

  Exclusion of Govt. servants from the exemption given under s. 4(3)(xxi) of the IT Act, 1922, and later on under s. 10(26) of the IT Act, 1961 - exclusion of Govt. servant from exemption is violative of Art. 14 of the Constitution of India - Revenue's appeal is dismissed

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