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Showing 61 to 80 of 84 Records

• 1970 (9) TMI 24 - PUNJAB AND HARYANA HIGH COURT
  

  Claim for development rebate on the cost of mains, service lines and switch gears

  
  
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  ... ... ..... ve of any consideration as to the amount actually contributed by the company or the amount actually recouped ultimately, from the consumers. Consequently, it was held that under section 10(5)(a), the amount paid by the consumers on account of service connection should not be taken into account in calculating the actual cost to the company. A Division Bench of the Kerala High Court in Commissioner of Income-tax v. Cochin Electric Co. Ltd. also arrived at a similar conclusion in holding that the words actual cost meant the cost accurately ascertained and it did not mean that the cost should necessarily be defrayed from the assessee-company s own resources. We are in agreement with the above view which appears to have the consensus of authority in its favour arid in accordance therewith we hold in reply to the second question that the development rebate was admissible to the company on the gross cost irrespective of any reimbursement received by it. PREM CHAND PANDIT J.-I agree.

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• 1970 (9) TMI 23 - ALLAHABAD HIGH COURT
  

  Power of Appellate Assistant Commissioner - whether the Tribunal correctly held that the Appellate Assistant Commissioner was not competent to give a finding that the sum of Rs. 1,00,000 was assessable in the year 1956-57

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• 1970 (9) TMI 22 - KARNATAKA HIGH COURT
  

  Coorg Agricultural Income Tax Act, 1951 - set off the carried forward loss

  
  
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  ... ... ..... ome of the following year. The stand of the first respondent amounts to denial of the benefit of the decision of this court to the assessee. The second respondent has in fact ordered on December 21, 1967, that the loss of Rs. 51,143 shall be carried forward to the next year for being set off against the income of that year. But after making a correct order, he failed to give effect to the same when he sought the instructions of the first respondent who, under directions of the Government, not authorised by law, refused the request of the petitioner. In our opinion, the second respondent was bound to give effect to his order dated December 21, 1967, which is in accordance with the provisions of section 14, by revising his order of assessment for the assessment year 1953-54. Since he has failed to carry out his statutory duty, we issue a writ directing-the second respondent to give effect to his order dated December 21, 1967. In the circumstances, we make no order as to costs.

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• 1970 (9) TMI 21 - GUJARAT HIGH COURT
  

  Assessment of the income of the assessee - Method of accounting - Amount credited to the works account - Mere taking of an entry in the account books would not always supply a conclusive evidence on the question, whether the discreted amount had accrued to the assessee or not

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• 1970 (9) TMI 20 - ALLAHABAD HIGH COURT
  

  Mother and her minor son both are partner in same firm - includibility of interest on amount deposited by the minor in the total income of his mother us 64 (ii)Income Tax Act, 1961

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• 1970 (9) TMI 19 - GUJARAT HIGH COURT
  

  Sale of agricultural land - On account of the ban on the sale of agricultural land to non-agriculturists, the applied to the Collector seeking permission to convert the lands into non-agricultural lands - permission was granted and thereafter the sales were effected - whether profit on sale are taxable as capital gain

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• 1970 (9) TMI 18 - KARNATAKA HIGH COURT
  

  Whether an individual partner has the right to set off his share of the unregistered firm's loss against his share of income of registered firms of the same year under the same head - held that individual partner has no right to set off his share of an unregistered firm's loss against his share of income from a registered firm of the same year under the same head

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• 1970 (9) TMI 17 - KERALA HIGH COURT
  

  Whether there is any evidence or material on record to support a finding that the sum of Rs. 20,000 represents concealed income of the assessee of the previous year 1954-55 within the meaning of section 271(1)(c)

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• 1970 (9) TMI 16 - ALLAHABAD HIGH COURT
  

  Change in the constitution of the firm - death of one partner - business continued by other partners - mode of assessment

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• 1970 (9) TMI 15 - GUJARAT HIGH COURT
  

  Assessee's interest in the corpus of trust funds - assessability - whether it is exempt u/s 2(e)(iv), Wealth Tax Act, 1957

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• 1970 (9) TMI 14 - ALLAHABAD HIGH COURT
  

  Interest paid on money borrowed for the purchase of shares - whether it would fall under section 10(2)(iii) or under section 12(ii) - deductibility

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• 1970 (9) TMI 13 - CALCUTTA HIGH COURT
  

  Assessee is the Indian Chamber of Commerce - Whether the Tribunal was right in holding that the activities carried on by the assessee from which it derived, (a) arbitration fees, (b) fees for certificate of origin, and (c) its share of profit from Messrs. Calcutta Licensed Measurers, were not activities carried on for profit within the meaning of section 2(15) of the Income-tax Act, 1961, and, accordingly, the income derived from such activities was exempt from tax u/s 11

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• 1970 (9) TMI 12 - GUJARAT HIGH COURT
  

  Capital gains - compensation received towards compulsory acquisition of property - solatium paid on compulsory acquisition - assessability

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• 1970 (9) TMI 11 - ALLAHABAD HIGH COURT
  

  Amounts paid towards endowment policy which are refundable - claim for rebate u/s 87(1)

  
  
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  ... ... ..... ulfilled. The Corporation has been doing business in life insurance since, the year 1956. The policy in question was issued in the year 1962. In the policy it was described as pure endowment assurance without profits. We have seen that the transaction is of the nature of life insurance business as defined, in the Insurance Act, 1938. Since payment of the sum assured depended on the survival of the assessee, this was an insurance on the life of the assessee. The assessee is an individual. It is not disputed that payment was made out of his income chargeable to tax. Thus, all the conditions mentioned in section 87(1)(a)(i) are satisfied in the instant case. We are of the opinion that the assessee is entitled to rebate on the amount of Rs. 4,687. We, therefore, answer the question referred to the court in the affirmative, and in favour of the assessee. The Commissioner of Income-tax shall pay the assessee Rs. 200 as costs of this reference. Question answered in the affirmative.

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• 1970 (9) TMI 10 - DELHI HIGH COURT
  

  Expenses incurred by a surgeon on tour of foreign country - wholly and exclusively for the purpose of assessee's profession - deduction allowed u/s 10(2)(xv)

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• 1970 (9) TMI 9 - ALLAHABAD HIGH COURT
  

  Carry forward - Set off - unabsorbed business loss

  
  
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  ... ... ..... . Dr. Misra conceded that by virtue of proviso (b) to sub-section (2) of section 24, business losses have to be given priority over unabsorbed depreciation allowance. We have seen that under proviso (b) to section 10(2)(vi), depreciation allowance which is carried forward merges into depreciation allowance for the succeeding year. After such merger, the unabsorbed depreciation allowance is to be deemed to be direct allowance for the current year. If business losses have to be given priority over unabsorbed depreciation allowance, there is no good reason why depreciation (sic) losses which have been brought forward should not receive priority over current depreciation allowance. The procedure adopted by the Appellate Assistant Commissioner in this respect appears to be correct. We, therefore, answer the question referred to the court in the affirmative, and in favour of the assessee. The Commissioner Income-tax, U.P., shall pay the assessee Rs. 200 as costs of this reference.

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• 1970 (9) TMI 8 - GUJARAT HIGH COURT
  

  Firm - brother succeeded as partner - sum paid as interest on the capital of the deceased to the partner - Tribunal was right in taking the view that the amount of interest credited in the account of Vrajlal Trikamlal belonged to Mulchand Trikamlal as his personal income and it was not allowable as a deduction in assessing the total income of the assessee-firm

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• 1970 (9) TMI 7 - PUNJAB AND HARYANA HIGH COURT
  

  Challenge to the validity of section 24 of the Finance Act, 1969, so far as the same amended the relevant provisions of Wealth-tax Act, 1957, and included the capitil value of agricultural land in computing the total assets on which wealth-tax is payable

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• 1970 (9) TMI 6 - DELHI HIGH COURT
  

  Gift made by the partner by debiting partner's capital account and omitting donees account - gift was not valid, therefore, interest credited to the accounts of the four donees was not a permissible deduction

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• 1970 (9) TMI 5 - DELHI HIGH COURT
  

  Whether the unutilised portion of the tax exemption computed under section 15C of the Indian Income-tax Act, 1922, could be carried forward to be set off against the future profits - Held, no

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