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Showing 61 to 67 of 67 Records
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1968 (3) TMI 7
Interest earned by the minor son of the assessee, on the amounts standing to his credit in the firm - whether includible in total income of the assessee u/s 16(3)(a)(ii)
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1968 (3) TMI 6
Income Tax Authorities - Jurisdiction of HC - territorial jurisdiction - exercise of discretion
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1968 (3) TMI 5
Income from Business - set off against the carried forward losses ... ... ... ... ..... its business in Burma had to depend and it had, in effect, disposed altogether of its Burmese trade. To do that was to dispose finally of part of its fixed capital, and moneys received in return were not trading receipts. In the present case before us, as we have already pointed out, the assessee, by granting licences to its Indian subsidiary, was neither disposing of its commercial asset nor was it employing it in any way to the detriment of its trade or business. Far from it, on the other hand, it was employing it for the purpose of popularising and furthering the sale of its products in countries where it was not possible or practicable for it to export its products manufactured in Switzerland. In our opinion, therefore, the view taken by the Tribunal is the correct view and the question, therefore, must be answered in favour of the assessee. We accordingly answer it in the affirmative. Commissioner will pay the cost of the assessee. Question answered in the affirmative.
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1968 (3) TMI 4
Assessments made on an association of persons - legality ... ... ... ... ..... essee itself had prayed that it should be assessed as a firm, and there was no bar for the Tribunal to assess it as a firm if there is already material on the record. Otherwise, it may direct the Income-tax Officer to make a fresh assessment of the income of the assessee in the status of the firm. We may mention that the Tribunal is of course to decide the objection of the assessee that the firm was a dissolved firm and therefore it could not be assessed as a firm. We, therefore, answer the question as reframed by us, i.e., Whether, on the facts and circumstances of the case, the assessment of the firm Messrs. Chaganlal Durgaprashad for the years 1954-55 and 1955-56 as a firm would be bad in law in view of the fact that assessments had already been made by its partners individually ? in the negative. In our opinion, taking proceedings for assessment in accordance with section 23(5) of the Act would not be bad in law. The assessee shall pay Rs. 250 as costs to the department.
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1968 (3) TMI 3
Licence fee - paid for the purpose of setting up of a business for mining emerald - expenditure in connection with the obtaining of a prospecting licence - prospecting licence fee of is not allowable as revenue expenditure
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1968 (3) TMI 2
Gift Tax Act, 1958 - assessee who is an individual, and not the company made gifts of the shares of this company which he was holding in favour of his son - in determining the market value of the shares of the EGC (Pvt.) Ltd. gifted by the assessee the amount of the taxation liability of the company, is not liable to be deducted
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1968 (3) TMI 1
All depreciation which is allowable for income-tax purposes, must be allowed in the computation of the total wealth - written down value should be taken to be the real or correct value of fixed assets
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