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Showing 61 to 78 of 78 Records

• 1967 (9) TMI 18 - BOMBAY HIGH COURT
  

  Sugar Manufacturing Company - assessee had appointed managing agents - Whether the department could disallow a portion of the managing agency commission paid by the assessee-company for the A.Y. 1957-58, in computing the income from business of the assessee-company - Held, no

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• 1967 (9) TMI 17 - BOMBAY HIGH COURT
  

  Profits of hedging contracts made to safe guard against further export loss. Profits wipedout by loss before declaration of dividend - order u/s 23A was not justified

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• 1967 (9) TMI 16 - BOMBAY HIGH COURT
  

  Assessee claimed abatement on the increase in capital employed on the basis of the goodwill - If for the purpose of the assessment the valuation of the goodwill is necessary, such valuation has to be made as on the 1st day of the relevant year - goodwill should be value for each chargeable period

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• 1967 (9) TMI 15 - BOMBAY HIGH COURT
  

  Payment of the interest on the money due on the fact of rendering the service outside India - interest payable to company at London, was not an amount chargeable under the Act - therefore, there was no obligation upon the assessee to deduct the amount of interest at source

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• 1967 (9) TMI 14 - BOMBAY HIGH COURT
  

  Firm dissolved - Reassessment for the income escaped prior to the dissolution - service of notice on one partner alone was sufficient

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• 1967 (9) TMI 13 - CALCUTTA HIGH COURT
  

  Assessee, a motor car manufacturing company paid contribution to Govt. for repairing approach road to factory - held that contribution paid was business expenditure and was allowable

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• 1967 (9) TMI 12 - KERALA HIGH COURT
  

  Whether the sum under `Reserves and Surplus` in the balance-sheet, is to be taken into consideration in computing the capital of the applicant-company for the purpose of determining the standard deduction as contemplated in sub-s. (9) of section 2 of the Super Profits Tax Act, 1963, and the Schedules mentioned therein - held, no

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• 1967 (9) TMI 11 - BOMBAY HIGH COURT
  

  Assessee, a company, carrying on the business of dealing in and holding of investments - valuation of the investment - market value - question of the mode of accounting employed in the balance-sheet would be clearly immaterial in considering the applicability of section 23A

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• 1967 (9) TMI 10 - BOMBAY HIGH COURT
  

  Loss - demolition of a part of the building - even if, loss is not actually written off in the books of the assessee - assessee is entitled to the allowance u/s 10(2)(vii)

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• 1967 (9) TMI 9 - BOMBAY HIGH COURT
  

  Assessee claimed that he had incurred speculation loss as a set-off against possible trading losses due to fluctuations in the market price - ITO disallowed these speculation losses - AAC accepted the assessee`s contention and directed ITO to go into trading account and determine whether there are actual profits - Tribunal is justified in holding that enquiry must be limited to points arose in appeal

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• 1967 (9) TMI 8 - BOMBAY HIGH COURT
  

  Whether the HUF consisting of R and her adopted son, is liable to be taxed on the income from the 1/2 share of the property or only on the income of the 1/4 share therein - held that HUF is liable to be taxed on the income from the i/4th share of the income from the property

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• 1967 (9) TMI 7 - PUNJAB AND HARYANA HIGH COURT
  

  Status of the assessee - What the Tribunal has done is to confirm the assessment which has been made by the ITO only with the modification that the status of the assessee would be changed to that of an association of persons - Tribunal was competent to consider the question of the correct status of the assessee

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• 1967 (9) TMI 6 - BOMBAY HIGH COURT
  

  Penalty paid by the assessee to the customs authorities for infringement of Import Control Regulations constitutes an allowable deduction u/s 10 of Indian Income Tax Act, 1922

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• 1967 (9) TMI 5 - KERALA HIGH COURT
  

  Gift Tax Act, 1958 - Hindu coparcener throwing self-acquired property into hotchpot of joint family - Tribunal was not right in holding that the abandonment by the assessee of his exclusive right to the self-acquired properties in favour of the joint Hindu family amounted to a gift within the meaning of section 2(xii) r/w s. 2(xxiv)(d)

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• 1967 (9) TMI 4 - BOMBAY HIGH COURT
  

  Assessee was the Cotton Textiles Export Promotion Council, which was registered as a company - object is to promote, support, protect, maintain and increase the export of cloth and yarn - assessee`s income was exempt under s. 4(3)(i)

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• 1967 (9) TMI 3 - BOMBAY HIGH COURT
  

  Whether, the assessee was entitled to exemption from super-tax on the whole of the dividend income derived from any other company which had paid or would pay the super-tax in respect of the profits out of which such dividends were paid, and the Income-tax Officer was not entitled to deduct any loss or other expenses that the company had incurred, from the said amount - Held, yes

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• 1967 (9) TMI 2 - BOMBAY HIGH COURT
  

  Proceedings for assessment or reassessment under the IT Act are `legal proceedings` within the meaning of section 446 of the Companies Act. The IT authorities are not entitled to commence the assessment or reassessment proceedings contemplated against company, or to continue the same, without obtaining the leave of the court u/s 446(1) of the Companies Act, 1956

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• 1967 (9) TMI 1 - DELHI HIGH COURT
  

  Amount of dividends is diverted at the source by an overriding title - whether the amounts paid by the company to the assessee`s sisters out of the dividends on the shares could be assessed to tax in the hands of the assessee - Held, no

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