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Showing 61 to 80 of 84 Records

• 1968 (10) TMI 24 - MADRAS HIGH COURT
  

  Can the advance tax be adjusted towards capital gains tax - Held, yes

  
  
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  ... ... ..... oceed on the footing that the tax levied on capital gains is a kind of tax totally different from income-tax. That assumption is entirely incorrect. Mr. Ranganatha Sastri argues that, if for purposes of payment of advance tax capital gains are not taken into account as directed by section 18A(12), it should be taken that the advance tax is meant for appropriation towards income-tax levied on total income exclusive of capital gains. We do not think that this result follows. All that is implied by section 18A(12) is that because capital gains are not a recurring income, so they are not to be taken into account in assessing the advance tax to be paid. That is in the nature of a concession and from it the proposition cannot be evolved and it does not follow that the tax on capital gains is anything other than income-tax. The Income-tax Officer was, therefore, well within his right in adjusting the advance tax as he did. The petition is dismissed with costs. Counsel s fee, Rs. 250

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• 1968 (10) TMI 23 - KARNATAKA HIGH COURT
  

  Capital gains - assessee is a Electricity Company taken over by the Government - controversy regarding the amount of compensation which was referred to arbitration and the award was given on July 15, 1960 - Delivery of the undertaking was being given on May 3, 1944 - Since, however section 12B of the Act was not introduced in the year 1944, no capital gains could be charged to tax

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• 1968 (10) TMI 22 - MADRAS HIGH COURT
  

  Expenditure Tax Act had been suspended and later revived by the Finance Act, 1964 - After the death of the assessee, the assessee's widow was called upon to furnish a return of the expenditure incurred by the deceased from 1.7.62 to 30.6.63 - whether expenditure of assessee is liable to tax - Held, yes

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• 1968 (10) TMI 21 - KARNATAKA HIGH COURT
  

  Seizure of gold by custom officer on 30 January 1958 - Income Tax Officer added the value of the gold seized as income from undisclosed sources in the assessment year 1959-60 - action of ITO is not justified - Income from undisclosed sources could be assessed to tax only in the assessment year relevant to the assessment year in which the gold was seized

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• 1968 (10) TMI 20 - MADHYA PRADESH HIGH COURT
  

  Assessee was granted instalments for payment of tax subject to payment of interest @ 5% on the unpaid balance - notices of demand issued to the petitioner under section 156 of the Act based on interest computed at the rate of six per cent. per annum on the unpaid amount of tax in each case is quashed. The respondent is restrained from demanding or recovering interest from the petitioner on the unpaid balance of tax at a rate higher than five per cent.

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• 1968 (10) TMI 19 - KARNATAKA HIGH COURT
  

  Assessee firm was refused registration on the ground that the deed specified only shares in the profits and not in the losses - refusal of registration to the firm was not proper

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• 1968 (10) TMI 18 - DELHI HIGH COURT
  

  Wealth-tax payment - not allowable against profits and gains of the company's business u/s 10(1) or 10(2)(xv) of the 1922 Act

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• 1968 (10) TMI 17 - MADRAS HIGH COURT
  

  Interest on refund - refund was paid by the Department within six months from the date of the order of the Supreme Court in assessee's own case - Whether the assessee is entitled to interest on amount of refund from the date of payment to date of refund - Held, no

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• 1968 (10) TMI 16 - KERALA HIGH COURT
  

  Exemption under section 4(3)(i) - charitable object - income set apart for purchasing properties for the trust would fall within the exemption - there can also be no doubt that giving food, clothing, education, marriage and funeral expenses of members of the executor's family who are poor and suffering on account of financial distress would also be a charitable object

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• 1968 (10) TMI 15 - DELHI HIGH COURT
  

  Managing agency firm (assessee-firm) was to receive towards remuneration 15% of the net profits of the managed company or Rs.25,000, whichever is larger - there was no actual waiver in respect of the sum of Rs.25,000 by the assessee firm - sum of Rs. 25,000 was assessable in the hands of the assessee as its income

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• 1968 (10) TMI 14 - KERALA HIGH COURT
  

  Firm - application for registration

  
  
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  ... ... ..... nor was made a full-fledged partner, and he was also made liable for proportionate loss of the partnership business vide the decision of the Supreme Court in Commissioner of Income-tax v. Dwarkadas Khetan. A valid partnership was constituted only by the execution of the deed of clarification on March 26, 1963. Therefore, there was no question of renewal of registration. It was open for the assessee to apply for the registration of the firm for the year 1963-64. Admittedly, it has not made any-such application. All that it did was to file a declaration under section 184(7) of the Income-tax Act, 1961, as if there was a firm which was registered for the previous assessment year. In the result, we answer the question in this reference in the negative and against the assessee. The parties will bear their own costs. A copy of this judgment will be forwarded to the Income-tax Appellate Tribunal as required by section 260(1) of the Income-tax Act. Question answered in the negative.

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• 1968 (10) TMI 13 - KERALA HIGH COURT
  

  Gift-tax Act, 1958 - gift of the properties - assessment - status - association of persons

  
  
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  ... ... ..... executes a deed of gift in respect of the property of each one of them, there would be no tax but if all of them join in executing one deed of gift in respect of the same properties,, they would be liable to tax. The number of documents by which the gift was effected cannot, in our view, have any relevancy to the incidence of taxation under the Act. We are unable to hold that the legislature ever intended any such illegal consequence. In our opinion, the provisions of the Gift-tax Act do not yield to such a construction. We, therefore, hold that the assessment of the applicant and her sister as an association of individuals was not warranted under law. In the result, we decline to answer questions Nos. 1 and 2 and we answer question No. 3 in the negative, and that is against the Commissioner of Gift-tax. The parties will bear their own costs. A copy of this judgment will be forwarded to the Income-tax Appellate Tribunal as required by section 26(6) of the Gift-tax Act, 1958.

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• 1968 (10) TMI 12 - KERALA HIGH COURT
  

  Estate Duty Act, 1953 - sum deposited by the assessee in the bank in the name of his minor son - value of the agricultural properties gifted by the deceased to his sons under the gift deed - includibility in the estate of the deceased u/s 10

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• 1968 (10) TMI 11 - KERALA HIGH COURT
  

  Commencement of Business - Whether interest income and the share transfers were rightly assessed under other sources - Whether the assessee was entitled to the deduction of the Office and Establishment expenses - question No. 1 is answered in the affirmative and question No. 2 in the negative, and both against the assessee

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• 1968 (10) TMI 10 - ALLAHABAD HIGH COURT
  

  Writ petition raises the question of vires of section 298 of the Income-tax Act, 1961, and the Removal of Difficulties Order No. 2 of 1963 issued by the Central Government thereunder by notification dated the 11th June, 1963

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• 1968 (10) TMI 9 - KERALA HIGH COURT
  

  Net wealth of the assessee - benami transactions - purchase of the property in the name of the assessee`s wife - inclusion of value of property in assessee's net wealth

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• 1968 (10) TMI 8 - KERALA HIGH COURT
  

  Movable properties - profits u/s 10(2)(vii) of the IT Act, 1922, on the sale amount for the building, machinery or plant - passing ot title of movable properties to the vendee - assessability of the profit

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• 1968 (10) TMI 7 - KARNATAKA HIGH COURT
  

  Appellate Assistant Commissioner reduced the addition made by the Income-tax Officer to the net income - Whether there was material for the Tribunal to set aside the order of the AAC - Held, no

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• 1968 (10) TMI 6 - ALLAHABAD HIGH COURT
  

  Legal expenses and travelling expenses - for the purpose of protecting its shares in the MM Ltd., and to ensure its prospective dividend earning capacity - allowable u/s 12(2)

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• 1968 (10) TMI 5 - MADHYA PRADESH HIGH COURT
  

  Computing the net wealth - initial and additional depreciation granted under sections 10(2)(vi)(a), (b), (c) and 10(2)(via) should not be allowed

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