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Showing 61 to 80 of 89 Records
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1968 (9) TMI 29 - KERALA HIGH COURT
Whether the imposition of a penalty for default in the payment of the tax assessed for the year 1961-62 as per the assessment order of the Agricultural ITO, which was set aside in appeal by the AAC, can be sustained - question referred is not a question arising out of the order of the Tribunal in so far as it was neither raised before the Tribunal, nor had it the occasion to consider it - answer to the question referred to this court declined
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1968 (9) TMI 28 - KERALA HIGH COURT
Agricultural Income Tax Act, 1950 - imposition of the penalty - validity - jurisdiction of the Agricultural Income-tax Officer to impose the penalty
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1968 (9) TMI 27 - MADRAS HIGH COURT
Assessee claimed legal expenses incurred in defending a suit instituted against him disputing adoption and on his claim over the shares on death of his foster father - held that such expenditure is not allowable as a deduction against dividend income
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1968 (9) TMI 26 - MADHYA PRADESH HIGH COURT
Payment made by the assessee to person for joining his company as director - payment made as the so-called director was to make the payment to concern of which he was in service. The payment was made to him for getting left the service - such expenditure is not allowable under section 37
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1968 (9) TMI 25 - MADHYA PRADESH HIGH COURT
Estate Duty Act, 1953 - Whether the sum being the realisable value of the NSC held in the joint names of the deceased and his wife was property passing on death or deemed to pass on death having regard specially to section 13 - finding of the Tribunal that the debt in question did not become a bad debt is a finding of fact - contention that the amount should have been excluded from the property of the deceased passing on his death and liable to estate duty was rightly rejected
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1968 (9) TMI 24 - GUJARAT HIGH COURT
Valuation of shares in stock - officer valued the shares in stock at the prevalent market price as on the relevant valuation date - held that it was not obligatory for the Wealth-tax Officer to determine the net value of the businesses of the two assessees u/s 7(2)(a) of the Act and that he had the option to proceed u/s 7(1) to value each asset separately
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1968 (9) TMI 23 - MADRAS HIGH COURT
Interest on borrowed money - application of the borrowed money was not for the business at all - assessee is not entitled to a deduction u/s 10(2)(iii)
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1968 (9) TMI 22 - MADHYA PRADESH HIGH COURT
Annuity received by the assessee - it was recurring in nature and its source was in the Chief Commissioner`s notification read with cl. 30 of the Order relating to jagirs - therefore, it is liable to assessment under the IT Act
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1968 (9) TMI 21 - MADHYA PRADESH HIGH COURT
Whether in respect of the assessment for 1961-62 made under the provisions of the Indian Income-tax Act, 1922, penalty proceedings could be validly initiated and concluded under section 271 read with section 274 of the Income-tax Act, 1961 - Held, yes
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1968 (9) TMI 20 - ALLAHABAD HIGH COURT
Taxability of unclaimed balances would depend on the nature and character of the initial receipts - If the amounts initially received partake of the character of a trading receipt, the unclaimed accumulations of such receipts would necessarily be taxable as such ; if, however, the amounts are initially the trading liability of the assessee, the unclaimed balances cannot be taxed
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1968 (9) TMI 19 - KERALA HIGH COURT
Interest incurred by assessee for raising loan for the business of firm - held that it is an allowale expenditure
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1968 (9) TMI 18 - MADRAS HIGH COURT
Madras Agricultural Income Tax Act - no new machinery was purchased by the company, no new method was employed but as a result of the expenditure, the methods and processes already employed by the company were rendered more efficient - such expenditure are allowale as revenue expenditure
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1968 (9) TMI 17 - GUJARAT HIGH COURT
Computation of the assessee`s net wealth on the valuation date - whether in view of the provisions of section 2(m)(iii)(a) of the WT Act, 1957, the income-tax liability is a debt which could be allowed as a deduction - Held, no
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1968 (9) TMI 16 - MADRAS HIGH COURT
Assessee transferred all his rights in the firm of which he was a partner and received a sum towards his share of the goodwill - assesable as capital gains
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1968 (9) TMI 15 - SUPREME COURT
Whether there was, proper material before the Appellate Tribunal in support of its finding that the receipt of Rs. 2 lakhs by the assessee-firm was a receipt in the course of its managing agency business and was hence a revenue receipt - Held, Yes - Assessee's appeal dismissed
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1968 (9) TMI 14 - SUPREME COURT
Assessees dealing in shares and securities held in the relevant years as part of their stock-in-trade shares of certain companies - sale proceeds of bonus shares which had been issued in respect of shares which formed part of the assessees' stock-in-trade of the share dealing business are liable to inclusion in the assessees' total incomes for the respective years as profits of the share dealing business - Revenue's appeal allowed
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1968 (9) TMI 13 - SUPREME COURT
Burden of proving that services were rendered by the managing agents for earning the remuneration lay upon the company - sum of Rs. 18,90,000 was allowable revenue expenditure under section 10(2)(xv) - Assessee's appeal dismissed
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1968 (9) TMI 12 - SUPREME COURT
Section 64(v) income which accrues from the assets settled by N upon the trustees for the benefit of his minor children was liable to be included in his total income - Section 64(v) of the Income-tax Act, 1961, was rightly applied to the assessee's case for computing his income - Assessee appeal dismissed
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1968 (9) TMI 11 - SUPREME COURT
Concealment of income - penalties which have been provided by section 28(1) are meant for the acts of omission or commission which are set out therein and once an assessee is proved to have been guilty of them the penal provisions are attracted and with reference to clause (c) irrespective of the amount concealed - Assessee appeal dismissed
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1968 (9) TMI 10 - SUPREME COURT
Capital asset - character of the receipt must be determined by reference to its source, its relation to the assets of the family of which the recipient was the member - Tribunal was not justified in holding that the income from salary, commission and sitting fees, represented his individual income and not the income of the Hindu undivided family of which he is the karta - Assessee's appeal dismissed
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