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Showing 81 to 100 of 104 Records

• 1967 (7) TMI 24 - ALLAHABAD HIGH COURT
  

  A suit filed by the assessee for the recovery of a sum of money advanced to a limited company together with interest, was compromised and the entire amount was satisfied by the execution of a simple mortgage by the company in favour of the assessee`s sons - held that amount of interest recovered assessable in the hands of the assessee

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• 1967 (7) TMI 23 - ALLAHABAD HIGH COURT
  

  Advance tax - ITO made an order under s. 18A(9)(b) read with s. 28(1)(a) imposing a penalty upon the assessee on the ground that it was bound to pay advance tax under s. 18A(3)- imposition of penalty - whether branches bound to pay advance tax until order u/s 25A is passed - Held, yes

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• 1967 (7) TMI 22 - CALCUTTA HIGH COURT
  

  On the death of a Hindu governed by the Dayabhaga school of Hindu law, his heirs do not spontaneously, by operation of law, become members of a Hindu joint family - Heirs must be assessed separately not as HUF

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• 1967 (7) TMI 21 - CALCUTTA HIGH COURT
  

  Compensation is paid on the cessation of the business - it shall be deemed to be the income even after the termination of managing agency - Tribunal was right in holding that the compensation was taxable profit within the meaning of section 10(5A) of the IT Act, 1922

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• 1967 (7) TMI 20 - GUJARAT HIGH COURT
  

  Financial Year - Previous Year - Unless the firm has balanced its accounts in the sense of drawing up a balance-sheet and ascertaining the profits as of a particular date, the option under s. 2(11)(c) cannot be availed of by the assessee and since the assessee had merely carried forward the balances from Samvat year 2014 to Samvat year 2015, it cannot be said that as at the end of Samvat year 2014, the assessee had made up its accounts

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• 1967 (7) TMI 19 - DELHI HIGH COURT
  

  Company took the policy both for life and accident and paid premium, in the name of governing direct and claimed the premium as deduction under s. 10(2)(xv) - deduction not permissible

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• 1967 (7) TMI 18 - CALCUTTA HIGH COURT
  

  Whether the value of the residential quarters aggregating to Rs. 51,81,559 was allowable as a deduction u/s 2(e)(ii) of the WT Act, 1957, in the computation of the net wealth of the assessee as on the valuation date - Held, no

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• 1967 (7) TMI 17 - GUJARAT HIGH COURT
  

  New machinery imported and installed by M/s. S & Sons which business was taken over by the assessee-company - assessee entitled to deduction of the development rebate u/s 10(2)(vib) and additional depreciation u/s 10(2)(via) -

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• 1967 (7) TMI 16 - MYSORE HIGH COURT
  

  ITO could not take any further steps for the recovery of the debt which was not admitted by the maker of the promissory note - So the delivery of the promissory note to the ITO and its endorsement, even if true, could not result in the extinction of the petitioner`s liability to pay the arrears of tax

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• 1967 (7) TMI 15 - MADRAS HIGH COURT
  

  Whether the failure of the assessee to include the income receipt of his wife in his return or returns justifies the imposition of the penalty u/s 28(1)(c) - Held, no

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• 1967 (7) TMI 14 - GUJARAT HIGH COURT
  

  Order passed by the AAC calling for a remand report from the ITO is not appealable to the Tribunal

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• 1967 (7) TMI 13 - PUNJAB AND HARYANA HIGH COURT
  

  HUF - partition - penalty - Whether the imposition of penalty under s. 28(1)(c) on Feb. 13, 1959, is bad in law as the assessee HUF had already disrupted on March 31, 1956 - Held, yes

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• 1967 (7) TMI 12 - GUJARAT HIGH COURT
  

  Purchase and sale of shares - the right to the issue of deferred shares went to the assessee along with 5,100 shares taken over by him and that was clearly capital in his hands - there is nothing to show that it was converted by him as his stock-in-trade - If assessee realised a profit by sale of this right, it must be regarded as a capital receipt in his hands

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• 1967 (7) TMI 11 - GUJARAT HIGH COURT
  

  Business Expenditure - Held that expenditure of Rs. 6,024 incurred by the assessee on a car which was used by him for the business of the firm is an allowable deduction against the assessee's share income from the firm of M/s. D & Bros.

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• 1967 (7) TMI 10 - GUJARAT HIGH COURT
  

  Tribunal having set aside the assessment was justified in directing the ITO to reassess the share income of the non-resident after due notice to the assessee firm as representing the non-resident partner - Tribunal has authority under s. 33(4) to direct the AAC or the ITO to hold a further enquiry and dispose of the case on the basis of such inquiry

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• 1967 (7) TMI 9 - SUPREME COURT
  

  High Court was right in holding that the bonus shares should have been valued at their face value and the loss of Rs. 35,000 on the valuation of the shares as such should have been considered in determining the applicability of s. 23A - proper method of valuation is to spread the cost of the old shares over the old shares and the new issue (viz., the bonus shares) taken together - Case remanded

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• 1967 (7) TMI 8 - SUPREME COURT
  

  There are materials to hold the assessee as the principal officer of M.M. Ipoh assessed in the status of an association of persons - appeal of assessee is dismissed

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• 1967 (7) TMI 7 - SUPREME COURT
  

  Assessable agricultural income - Appellant settled certain agricultural land under the deed of settlement - settlement was hit by the provisions of s. 9(1) - Revenue’s appeal dismissed

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• 1967 (7) TMI 6 - SUPREME COURT
  

  Assessee was an agent of a company and was in receipt of a certain percentage of sale as commission - assessee-company held an office or employment of profit comes within the meaning of s. 4(3)(vi) - legislature by the amendment made it clear that only the expenses actually incurred by the assessee will be exempted under s. 4(3)(vi). Revenue's appeal allowed

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• 1967 (7) TMI 5 - SUPREME COURT
  

  Proportion of income from securities which is exempt from taxation under s. 14(3) of the Act will be that proportion which the capital of the society used for the purpose of the business bears to the total working capital - explanation to s. 8 would not be applicable.

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