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Showing 61 to 64 of 64 Records
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1968 (7) TMI 5
Amount transferred by the assessee to the Provident Fund Commissioner under the provisions of the Employees` Provident Funds Act - held that it is not a capital expenditure within the meaning of rule 14(1) of Part A of Schedule IV of the IT Act, 1961
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1968 (7) TMI 4
Gift-tax Act, 1958 - sum transferred to the account of sons in the previous year - gift - assesment
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1968 (7) TMI 3
Amendment made to s. 23A - applicabilty to assessee company for the A.Y. 1955-56 ... ... ... ... ..... tax Act, 1922, is susceptible to the test of reasonableness envisaged in the section. Whether, in the facts and circumstances of this case, it was unreasonable on the part of the assessee-company in not having declared the 100 per cent. of its profits as dividends, which scale was prescribed later by the Finance Acts but with retrospective effect and whether there are other circumstances which prompt one to justify the action of the company as reasonable are matters which have to be considered but not animadverted to by the revenue at any time. Even the Tribunal failed to consider this. Whilst, therefore, answering the second question against the assessee and in favour of the department, we direct that when the appeal is considered by the Tribunal it would bear in mind the third ingredient of section 23A and find whether the company acted unreasonably in declaring 60 per cent. of its distributable profits as dividends. In the circumstances, there will be no order as to costs.
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1968 (7) TMI 2
Claim for allowance - appellant-company started negotiations with a bank for securing overdraft facilities for the purpose of its business and in that connection had to incur an expenditure of Rs. 35,800 - Tribunal was not justified in holding that the sum of Rs. 35,800 incurred by the assessee for the purpose of raising or securing overdraft facilities from the bank was an expenditure of a capital nature not allowable under s. 10(2)(xv) - Assessee's appeal allowed
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