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Showing 61 to 66 of 66 Records
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1969 (10) TMI 6
Firm - Deduction claimed of amount paid as remuneration - admissibility ... ... ... ... ..... travention of the clear provisions of section 10(4)(b). The bar imposed section 10(4)(b) is clear and unambiguous and the fact that the payment of salary and remunelation to the partners, who happened to be also the members of the board of management, was made at the instance of the Government of India is, in our opinion, inconsequential. We are, therefore, of the view that the Tribunal was not justified in allowing deduction in respect of the amounts of Rs. 74,880 and Rs. 64,700, respectively, for the assessment years 1955-56 and 1956-57, in the computation of the profits of the firm. Our answer to the questions referred by the Tribunal is that the amount in question was not admissible to the assessee in view of section 10(4)(b) for any of the two relevant assessment years. We, therefore, answer both the questions in the negative and in favour of the Commissioner of Income-tax. The Commissioner will get Rs. 200 as costs of this reference. Questions answered in the negative.
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1969 (10) TMI 5
Allowance was made for the expenditure incurred by the assessee for the godown and compensation was awarded on the ground that the assessee had been deprived of the use of the godown - whether compensation paid to an assessee by government constituted income under sub-section (2A) of section 10 - Held, no
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1969 (10) TMI 4
Section 10(2)(vib) - claim for development rebate ... ... ... ... ..... reason why they should not constitute machinery or plant within the meaning of clause (vib) of section 10(2) of the Act. Even if there is some difficulty in looking upon poles, cables, conductors and switch-boards as machinery, there is no difficulty in accepting the assessee s case that these articles constitute a plant within the meaning of clause (vib) of section 10(2) of the Act. The Tribunal was, therefore, right in holding that the assessee is entitled to development rebate under clause (vib) of section 10(2) of the Act. We answered the question referred to this court as follows On the facts and in the circumstances of the case, the electrical instalations installed by the assessee-company as a result of a change over from D.C. to A.C. system constitute plant. Consequently, development rebate was admissible in respect of expenditure incurred in connection therewith. The assessee shall receive from the Commissioner of Income-tax, U.P. Rs. 200 as costs of this reference.
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1969 (10) TMI 3
Gift Tax Act, 1958 - Whether conversion of the self-acquired property into joint family property amounted to a transfer so as to come within the scope of the definition of gift u/s. 2(vii) of the GT Act - Held, yes
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1969 (10) TMI 2
Petitions relate to orders made by ITO under section 35 of the Indian Income-tax Act, 1922, to rectify the earlier orders
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1969 (10) TMI 1
When in respect of any year a return has been voluntarily submitted before assessment, the ITO cannot ignore the return - hence notice of reassessment and consequent assessment under s. 34 ignoring the return are invalid
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