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Showing 21 to 39 of 39 Records

• 1969 (5) TMI 19 - CALCUTTA HIGH COURT
  

  Notice of reassessment - service of notice - proper service under section 41 of Wealth-tax Act

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• 1969 (5) TMI 18 - CALCUTTA HIGH COURT
  

  Assessee is an unregistered firm which deals in shares - loss in purchase and resale of renunciation letters - whether such loss is a speculation loss or business loss - held that such loss is allowable as business loss

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• 1969 (5) TMI 17 - CALCUTTA HIGH COURT
  

  Assessee-deity - only income which could be assessed in the hands of the assessee would be the beneficial interest of the said deity under the will, which would be the expenses incurred for seva puja of the deity and for the various religious ceremonies conducted with the said deity

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• 1969 (5) TMI 16 - CALCUTTA HIGH COURT
  

  Includibility of trust's income in income of father

  
  
  ... ...
  ... ... ..... t right or not. Therefore, it appears that in the year of account the minor derived certain benefits from the trust property, he had the right of accumulation of income of the year subject to disbursement for his advancement, maintenance or education, if any, made by the trustees in their discretion. The minor beneficiary had also the right to enforce disbursement and compel exercise of discretion by the trustees in the year relevant for the present purpose in case there was need for his benefit or education or advancement or maintenance. This would be benefit derived by the minor under the trust deed and the beneficial interest accrued to the minor are the income of the trust property in the relevant year of account. In that view of the matter we are of the opinion that the Tribunal was right in its conclusion and the answer to the question referred to his court must be in the affirmative. The assessee will pay the costs of this reference. SHANKAR PRASAD MITRA J. - I agree.

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• 1969 (5) TMI 15 - CALCUTTA HIGH COURT
  

  Agricultural land given on lease - profit on sale of lessee's right - income derived was agricultural income and there was no transfer or sale or relinquishment of any capital asset as per section 2(4A) of Indian Income-tax Act, 1922 - profits are not taxable as capital gains u/s 12B

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• 1969 (5) TMI 14 - CALCUTTA HIGH COURT
  

  Applicability of section 21(4) of the Wealth-tax Act - executor held the residuary funds and income was to be paid to the daughter of the testator for life and the estate was to the next of kin on her death - in assessment of executor, section 21(4) is applicable to on whole value of estate

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• 1969 (5) TMI 13 - ALLAHABAD HIGH COURT
  

  Search and seizure - validity

  
  
  ... ...
  ... ... ..... osite parties for 19 months before the present petition was filed. The circumstances indicate that both the Commissioner of Income-tax and the the Income-tax Officers acted beyond the legitimate scope of section 132 of the Act. There is force in the petitioner s complaint that opposite parties carried out indiscriminate search. The search and seizure constitute abuse of power conferred on the income-tax authorities by section 132 of the Act. These proceedings should, therefore, be quashed. In my opinion, the documents seized by the opposite parties in September, 1964, should be returned to the petitioner and other persons from whom they were seized. A. K. KIRTY J.-I am also of the same opinion. I have nothing to add. BY THE COURT The petition is allowed with costs. The search and seizure proceedings of September, 1964, are quashed. We direct the opposite parties to return the documents seized by them to the petitioner and other persons from whose custody they were recovered.

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• 1969 (5) TMI 12 - CALCUTTA HIGH COURT
  

  Reopening of assessment - no omission or failure to disclose fully and truly the material facts necessary for the purpose of the regular assessment - conditions precedent for the exercise of power in issuing the impugned notice not having been fulfilled and the notice must be held to be without jurisdiction and void

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• 1969 (5) TMI 11 - CALCUTTA HIGH COURT
  

  Validity of the wealth-tax assessment made on the assessee Hindu undivided family - HUF had contended in its income-tax assessments that the HUF had been disrupted on the passing of the preliminary decree on the June 26, 1950, and no assessments could be made on the HUF after that date

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• 1969 (5) TMI 10 - CALCUTTA HIGH COURT
  

  Estate Duty Act, 1953 - one Probodh Chandra Ray executed a deed of trust in which he was referred to as a settlor - After possession and enjoyment had been bona fide assumed by the donee, and retained by him, mere presence or stay of the donor for a few days prior to his death, on the facts and circumstances of this case, without any benefit being given to the donor by contract or otherwise, would not prevent retention of the possession and enjoyment of the property by the donor to the exclusion of the donee

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• 1969 (5) TMI 9 - ASSAM AND NAGALAND HIGH COURT
  

  Natural justice - cancellation of registration was done without giving any reasonable opportunity to the firm - it is clear violation of principle of natural justice - cancellation order are quashed

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• 1969 (5) TMI 8 - DELHI HIGH COURT
  

  Estate Duty Act, 1953 - determining the principal value of the estate passing on the death of the deceased - Whether the sum deposited with M/s. M Co. Ltd., in the name of the minor daughter of the deceased, was correctly included in the principal value of the estate of the deceased - Held, no

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• 1969 (5) TMI 7 - KARNATAKA HIGH COURT
  

  Exemption claimed u/s 14(3)(iv) of the IT Act, 1922, in respect of its income from interest on securities and from property for the assessment year 1961-62 - Tribunal was right in law in holding that the assessee was an urban consumers' society and was, therefore, not entitled to exemption from income-tax u/s 81(v) of the IT Act, 1961

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• 1969 (5) TMI 6 - RAJASTHAN HIGH COURT
  

  Payment of dead rent (minimum royalty payable under the deed of lease) and development rebate - payment of dead rent is allowable as a deduction in determining its profits - further assessee was entitled to a deduction on account of development rebate

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• 1969 (5) TMI 5 - PUNJAB AND HARYANA HIGH COURT
  

  Section 288 of the Income-tax Act, 1961 - section 288(3) is not ultra vires to article 19 of the Constitution

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• 1969 (5) TMI 4 - MADRAS HIGH COURT
  

  Declaration filed by the assessee under section 17(1)- mere acceptance of the declaration under the second proviso to section 17 does not make any difference - therefore, declaration filed by the assessee u/s 17(1) in respect of the assessment year 1958-59 cannot be operative and be availed of by the assessee in relation to the reassessments proposed by the revenue in respect of the previous assessment years

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• 1969 (5) TMI 3 - ALLAHABAD HIGH COURT
  

  Whether the provisions of the new IT Act retaking to refund would apply in suppression of the provisions of the old IT Act - Held, yes

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• 1969 (5) TMI 2 - GUJARAT HIGH COURT
  

  Gift Tax Act, 1958 - taxable gift

  
  
  ... ...
  ... ... ..... at even if the assessee can be said to hold some interest in the property, her decision not to exercise her option to share on partition was a perfectly bona fide one and, therefore, the question of levying tax under section 4(c) does not arise in the instant case. Thus, as regards the alternative case, under section 4(c), the Tribunal has found as a matter of fact that the agreement not to claim share was a perfectly bona fide transaction. We, therefore, answer the question referred to us as follows There was no taxable gift in the instant case under section 2(xii), nor was there any transfer of property within the meaning of section 2(xxiv) nor are the provisions of section 4(c) attracted in respect of the assessee s agreement not to claim a share on the partial partition of 1,320 shares in question. We, therefore, answer the question in the negative and in favour of the assessee and against the revenue. The Commissioner will pay the costs of this reference to the assessee.

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• 1969 (5) TMI 1 - GUJARAT HIGH COURT
  

  Gift Tax Act, 1958 - A member of a HUF by his unilateral act throws his separate property into the common hotchpot of the joint family and impresses it with the character of joint family property - held that there is no `gift` within the meaning of section 2(xii) of the GT Act when an individual coparcener impresses his separate property with the character of joint family property

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