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Showing 61 to 67 of 67 Records
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1970 (10) TMI 7
Penalty on firm - deductibility of advance tax paid by individual partners ... ... ... ... ..... advance tax paid by the partners of such a firm as advance tax paid by the firm. Extension of this its nature would amount to creating a fiction upon fiction which is not permissible. It is true that sometimes the minimum penalty, which is now fixed by section 271(1), may, when so computed, look disproportionate to the lapse which is sought to be penalised in cases where the partners any have paid substantial advance tax on the income of the firm. But considerations of equity have seldom, it ever, any application in construing in Act like the Income-tax Act. Hardship of any individual case can, how ever, be avoided by the Income-tax Officer or the Appellate Assistant Commissioner deciding in his discretion not to impose any penalty or the Commissioner reducing or waiving the amount of minimum penalty by exercising his power under subsection (4A). For these reasons, I agree that the question referred to us should be answered in the manner proposed by my Lord the Chief Justice.
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1970 (10) TMI 6
Assesse is the Indian Chamber of Commerce, Cochin registered under 23(1) of the Cochin Companies Act, 1120 - Claim for exemption u.s. 11(1)(a)of the Income-tax Act, 1961 -
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1970 (10) TMI 5
Search - goods in the custody of Central Excise Authorities - proper procedure for the Income-tax Authorities is to proceed under ss. 69, 69A and 69B of the IT Act - order under sub-section (3) of section 132 freezing the silver was clearly unauthorised, so it is quashed
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1970 (10) TMI 4
Whether the Income-tax Officer initiated the proceedings by serving the notice under section 34(1)(a) on one Daulatram, believing Daulatram to be the sole legal representative of Chooharmal Wadhuramn, who was the original assessee - validity of proceedings
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1970 (10) TMI 3
Development rebate - Whether the Income-tax Officer was entitled to withdraw the development rebate granted on the cheese dyeing plant by holding that the grant of the allowance originally was a mistake apparent from the record which could be rectified
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1970 (10) TMI 2
Assessee is a limited liability company doing rubber plantation business; and the assessee took on lease forest land - it gave contracts to truck and remove trees for clearing the area for planting rubber - whether the amounts representing the sale proceeds of timber cut and removed with roots constitute revenue receipts in the hands of the assessee and are taxable as such under the Income-tax Act, 1961
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1970 (10) TMI 1
Winding-up of the company in liquidation - direction was issued to the liquidator to prepare and file returns before the Income-tax Officer with respect to the income derived in the course of the winding-up - held that any receipt in the course of the winding-up would attract liability to income-tax - and liquidator, on an order of winding-up being made, become a "principal officer" of the company within the meaning of section 2(35)(a) - so liquidator has to file the returns
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