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Showing 61 to 80 of 90 Records
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1971 (1) TMI 30
Hindu Women's Right to Property Act, 1937 - Question relates to the right of a female Hindu who, although she is a member of the Hindu undivided familly, is nonetheless not a coparcener. She wants to blend her property with the, coparcenalry property of the joint family. Can she do so by a mere declaration made by her in that behalf
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1971 (1) TMI 29
Gift Tax Act, 1958 - transfer of property - blending of individual property with property of joint family - it not amounts to gift because it is not a bilateral/multilateral Act - but it is just a unilateral act of throwing self acquired property
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1971 (1) TMI 28
Assessment of the firm - payment of salary to a partner - partner represented a Hindu Undivided Family - whether amount paid is an admissible expenditure u/s 10(4)(b) of Indian Income-tax Act, 1922
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1971 (1) TMI 27
Trust - exemption under section 4(3)(i) of the Indian Income-tax Act, 1922 ... ... ... ... ..... reas an act cannot be said to be philanthropic unless it indicates goodwill to mankind at large. It has been further stated in the said dictionary that the word philanthropic is wide enough to comprise purposes not technically charitable. In our opinion, the revenue cannot derive much assistance from the above meaning of the word philanthropic . The words philanthropic objects in Dalmia s letter have to be read not in isolation but in the context of preceding words and as qualified by the words such similar which indicate that philanthropic objects mentioned in the letter must be similar to the establishment of medical or educational institutions . We, therefore, are of the view that the objects of the trust cannot be held to suffer from the infirmity of vagueness. As a result of the above, we answer the question in the affirmative, in favour of the assessee. The parties, in the circumstances of the case, are left to bear their own costs. Question answered in the affirmative.
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1971 (1) TMI 26
U.P. Agricultural Income Tax Act, 1948 - petitioner realised arrears of rent in respect of that part of the estate which had ceased to belong to him - whether arrears of rent was liable to tax and whether property yielding income should be held by the assessee
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1971 (1) TMI 25
Whether the omission to levy tax on the assessee firm was a mistake apparent on the face of the record rectifiable under section 154
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1971 (1) TMI 24
U.P. Agricultural Income Tax Act, 1948 - Assessee, Mahant Indresh Charan Das - Whether the property was held by the assessee under 'other legal obligations' wholly for religious or charitable purposes - whether property belonged to the math and not the mahant
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1971 (1) TMI 23
Company aquiring the business of a firm - amount paid as consideration for goodwill - computation of value of company's shares
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1971 (1) TMI 22
Whether action can be taken under section 34(1)(b) of Indian Income Tax Act, 1922 when no assessment had been made on the voluntary returns filed by assessee - Held, no
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1971 (1) TMI 21
Section 66(4)of Indian Income Tax Act, 1922 did not imply that the High Court could ask the Tribunal to state a case on a question which the Tribunal had not referred to the High Court and which, on the contrary, the Tribunal had refused to refer
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1971 (1) TMI 20
Initiation of action under section 34(1)(b) - mother and minor son both are partners in firm - mother's assessment was set aside on appeal with direction to assess the minor's income separately - whether the limitations would be saved by second proviso to section 34(3)Indian Income Tax Act, 1922
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1971 (1) TMI 19
Whether the disallowance of the bad debt is right in law - finding of the Tribunal that the amounts sent to Bombay were not advanced in the course of money-lending business or any other business was a finding of fact. Such finding was supported by evidence on record and was therefore binding on the court - appeal of assessee is dismissed
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1971 (1) TMI 18
When assessments have been made after 1st April, 1962, penalty can be imposed under Income-tax Act, 1961 in respect of assessment years ending prior to the commencement of Income-tax Act, 1961 - Tribunal has a discretion to say that no penalty could be levied at all, only in a case where there is no default or there is a reasonable cause for the default to which section 271(1)(a) refers - Revenue's appeal partly allowed
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1971 (1) TMI 17
Reassessment Notice - assessee, a money-lender received amounts from the debtor outside the compromise and did not enter the same in accounts, whether it can be treated as appropriated towards capital - assessee must be taken to have appropriated these amounts towards the interest due to him and the amounts were taxable income - remarks by the officer in the order sheet did not amount to decision by him on the basis of facts found but are to be treated as casual observation.
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1971 (1) TMI 16
Counsel conceded that the question whether by virtue of the second proviso to sub-section (3) of section 34 the assessment could be completed outside the bar of that sub-section was not argued and not even raised before the Tribunal or before the High Court. We do not, therefore, deem it necessary to record our answer to the question raised - Revenue's appeal is dismissed
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1971 (1) TMI 15
Assessee's contribution to an unrecognized provident fund - interest on the assessee's contribution was not exempt from tax - It does not fall under the head " salary " because it was not a profit in lieu of salary u/s 17(3)(ii) - It was income falling under the head " income from other sources " taxable u/s 56 - Revenue's appeal is allowed
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1971 (1) TMI 14
When lands were taken by lessee separately, whether they can be assessed as association of individuals if they appoint common manager and maintain common accounts - Supreme Court did not consider it necessary to record a conclusion on the question whether the land must be held in any of the capacity mentioned in the definition - Revenue's appeal is dismissed
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1971 (1) TMI 13
Compensation received for termination of one of the several managing agencies - compensation for loss of office is capital receipt but there is an exception that the payment receipt even for termination of an agency agreement could be revenue if the agency was one of many which the assessee held and its termination did not impair the profit-making structure of the assessee - Assessee's appeal is allowed
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1971 (1) TMI 12
It is not open to the High Court to discard the findings of the Tribunal which was a finding of fact because the jurisdiction of the High Court under s. 66 of Indian Income-tax Act, 1922 was only advisory - Revenue appeal is allowed
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1971 (1) TMI 11
Whether assessee is entitled to claim balancing allowance - assessee is entitled to set off the loss from business carried out from earlier years against the dividends of current years under s. 24(2) of Indian Income-tax Act, 1922 - Assessee's appeal allowed
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