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Showing 61 to 80 of 112 Records
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1970 (4) TMI 52
Rejection of method of accounting adopted by assessee - was there any material on the basis of which it can reasonably be said that the method of accounting employed is such that the income, profits and gains cannot properly be deduced therefrom
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1970 (4) TMI 51
Adventure in the nature of trade - Land on lease - Whether the amount received by the assessee-company as acquisition-compensation in respect of a portion of the lands held by the assessee on a lease agreement, is a capital receipt
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1970 (4) TMI 50
Enhancement in the value of the assets by company - whether the enhanced value can be considered for the purposes of wealth-tax and whether depreciation would be allowable
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1970 (4) TMI 49
Gift Tax Act, 1958 - petitioner is the widow - gift made by deceased - notice issued u/s 16 for escapement from gift-tax - legal representative - service of notice
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1970 (4) TMI 48
Not ordinarily resident - previous year - assessee had no business in India during this previous year. During this previous year the assessee had two accounts in India - remittances received - taxability
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1970 (4) TMI 47
Contribution made by the assessee-company to its Employee's welfare fund - expenditure was incurred due to commercial expediency - exemption allowed u/s 10(2)(xv), Indian Income Tax Act, 1922
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1970 (4) TMI 46
Validity of a notice issued under section 148 of the Income-tax Act, 1961, for reassessment of the income of the petitioner
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1970 (4) TMI 45
Bills sent for excess amounts and entries for such amounts are made in the accounts - amount shown in its balance-sheet as an asset under the head "Sundry creditors considered doubtful" - taxability of such amount when assessee is legally entitled to lesser amount
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1970 (4) TMI 44
Held that order u/s 23A cannot be rectified u/s 35, because section 35 covers any orders made in the proceedings of the regular assessment and not in proceedings under section 23A - but order u/s 23A can be rectifed by ITO u/s 154 of Income-tax Act, 1961
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1970 (4) TMI 43
Change of ownership of business - old business continued - successor is entitled to claim bad debts
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1970 (4) TMI 42
Notice issued by the Income-tax Officer under section 34(1)(a) - validity ... ... ... ... ..... sed the import of Prashar v. Vasantsen Dwarkadas in these terms . . . . section 4 of the Amending Act, 1959, operated on and validated notices issued uader section 34(1)(a) as amended in 1948 even earlier than April 1, 1956, in other words in respect of assessment years prior to March 31, 1956, and, therefore, notices issued under section 34(1)(a) of the Income-tax Act before April 1, 1956, could not be challenged on the ground that they were issued beyond the time limit of eight years from the respective assessment years prescribed by the 1948 amendment. In the light of our discussion and in the wake of such a clear exposition of law as laid down and latterly interpreted, we are of the view that the notice dated November 3, 1958, issued by the Income-tax Officer under section 34(1)(a) of the Act is valid and the further proceedings are saved by section 4 of Act I of 1959. The surviving questions are, therefore, answered against the assessee with costs. Counsel s fee Rs. 250.
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1970 (4) TMI 41
Wealth Tax Act, 1957 - held that provisions made for payment of income-tax and super tax which is not an over estimate is allowable as debt owed by the assessee - Whether,the sum being the balance of the demand payable as a result of the findings and orders of the Income-tax Investigation Commission was deductible in determining the net wealth of the company - question is answered in affirmitive in favour of assessee
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1970 (4) TMI 40
Interest accrued but not received was not included in balance-sheet filed - accounts are maintained on cash basis - as per section 7(2)(a), such amount is excludible from the computation of net wealth
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1970 (4) TMI 39
Voluntary submission of return under section 22(3) - applicability of period of limitation of four years
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1970 (4) TMI 38
When the assessment of an HUF is set aside on appeal, what is the time-limit for initiating proceedings for reassessment of member
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1970 (4) TMI 37
Import of plant - adventure in the nature of trade - plant could not be acquired for the purpose of investment, the machinery or plant could not be kept idle indefinitely, it had to be put to use and worked soon after its import - transaction is an adventure in the nature of trade
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1970 (4) TMI 36
Assessment was wrongly made under Income-tax Act, 1961 instead of Indian Income-tax Act, 1922 - assessment order cannot be held to be invalid merely because of insertion of wrong sections in the order as well as in the notices
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1970 (4) TMI 35
Notices issued under section 34(1)(a)to legal representative of Babarbhai after B`s death - held that reassessment proceedings cannot be continued against the HUF of the deceased
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1970 (4) TMI 34
Maintaining dwelling place in India - assessee residing in Ceylon staying in ancestral family house as guest during visit to India - it cannot be said that the assessee maintained a dwelling house
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1970 (4) TMI 33
Carry forward and set off of loss ... ... ... ... ..... be set off against the income for subsequent years. It is true that the order of the Appellate Assistant Commissioner was rather inapt, but that its purpose was what has been held to be its import and meaning by the Appellate Assistant Commissioner and the Tribunal cannot be gainsaid and we entirely agree with their inference of it, namely, as long as that order stood and as it had not been challenged in appeal, its effect was that the Income-tax Officer had to complete the assessment and carry forward the loss to be set off against the income of the assessee for the year 1959-60. We, therefore, answer the reference in the affirmative saying that, on the facts and in the circumstances of the case, the assessee is entitled to have its loss for the assessment year 1955-56 carried forward and set off against the income for 1959-60. The costs of this reference shall be paid by the applicant-Commissioner of Income-tax. Counsel s fee Rs. 100. Reference answered in the affirmative.
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