Advanced Search Options
Case Laws
Showing 41 to 60 of 70 Records
-
1971 (10) TMI 30
Whether the provisions of the Succession Act can affect and are relevant for the levy of estate duty under the Act ?
What is the true effect of the provisions of section 7(3) of the Succession Act ?
Whether the estate duty would be leviable on the entire property which belonged to the sthanamdar or it can be levied only on 1/114th share in the sthanam properties to which alone the deceased, Thampan, would have been entitled if a partition had taken place under section 7(3) of the Succession Act immediately before his death ?
Held that:- We have no doubt that the High Court was right in saying that the word " devolve " as used in the first part has the meaning given to it of passing from a person dying to a person living. Thus, the sthanam property held by the sthanamdar has to pass from the sthanamdar to the members of the family to which he belonged and his heirs. Legal fiction, in the words which have been set out, do not cut down the sthanam property that passes on the death of the sthanamdar to a per capita share, the fiction having been introduced only for determining the respective share for the purpose of distribution to the members of the family and the heirs of sthanamdar - we affirm the decision of the High Court and dismiss this appeal
-
1971 (10) TMI 29
Private Company, Undisclosed Income ... ... ... ... ..... ate entity and pay regard to the economic realities behind the legal facade . In the present case, there is no finding that the company or the assessee was making any attempt to circumvent tax obligations or perpetrate fraud, and as such the question of application of that principle does not arise. The revenue, in the circumstances of this case, could only succeed in case they had brought on record material from which it could be concluded that the deposit made by the wife and the two major sons were in fact made by the assessee. This has not been done, and as such the amount in question could not be added. We are of the view that the Tribunal was justified in deleting the addition of Rs. 40,500 as income from an undisclosed source. We, therefore, answer the question in the negative and in favour of the assessee. The assessee is entitled to the costs of this reference which we assess at Rs. 200. Counsel s fee is assessed at the same figure. Question answered in the negative.
-
1971 (10) TMI 28
Assessment Year, Reopening Assessment ... ... ... ... ..... e subject to the provisions of section 151 of the Act. Section 151 of the Act provides that no notice under section 148 could be issued without the prior sanction of the Board or the Commissioner of Income-tax. When section 149 itself is not applicable to an assessment or reassessment coming within the purview of section 150(1) then both the conditions occurring in section 149, i.e., the time limit for the issue of notices and the prior sanction of the Board or the Commissioner of Income-tax do not apply to an assessment or reassessment made under section 150(1). We, therefore, hold that the reassessments for the assessment years 1957-58 and 1958-59 have been validly made and the notices for making those reassessments were valid and validly issued. Since the reassessments are legal and valid, they cannot be quashed. The writ petition fails and is accordingly, dismissed with costs. The assessee shall pay the costs of the department. Advocate s fee Rs. 100. Petition dismissed.
-
1971 (10) TMI 27
Investment Allowance, Shipping Company ... ... ... ... ..... he Kerala High Court in Hajee K. Assainar v. Commissioner of Income-tax 1971 81 ITR 423 (Ker) was relied upon in support of the argument that where rights and procedure are dealt with together and are inextricably linked, it may well be the intention of the legislature that the old rights are to be determined by the old procedure and that only the new rights under the amended provision are to be dealt with by the new procedure. This decision also is not applicable as there is no inextricable linking up of right and procedure in the instant case. In the result, we hold that the Appellate Tribunal was not right in holding that the provisions of section 18(1)(a) of the Wealth-tax Act as it stood prior to the amendment effected on 1st April, 1965, were applicable. Our answer to the reference is that the provisions of section 18(1)(a) of the Wealth-tax Act as amended on 1st April, 1965, are applicable to the case. The reference is answered in the negative and against the assessee.
-
1971 (10) TMI 26
These two writ petitions are by the directors of Andhra Automobiles (Private) Ltd., Vijayawada, a company, registered under the Indian Companies Act - company goes into liquidation and was not wound up - whether the directors are personally liable for the outstanding tax demand
-
1971 (10) TMI 25
Petitioner-firm filed its return as required under section 139 of the Income-tax Act, 1961 - Along with the return of income, the balance-sheet was filed in which credit entries in the names of various firms - When the credit entries were accepted at original assessment after enquiry, whether the assessment could subsequently be reopened on information that the transactions were bogus - impugned notices having been issued more than four years after the expiry of the assessment years 1963-64 and 1964-65 were void and without jurisdiction and no proceedings on their basis can be taken. These petitions are consequently accepted with costs and the impugned notices are quashed
-
1971 (10) TMI 24
Estate Duty Act, 1953 - dispute relates to the estate of Shri T.D. Kochhar who died on August 24, 1961. The property in dispute was built between 1931 and 1937, and was registered in the name of the wife of the deceased - source of money spent on this property was the husband who continued to reside in the house till his death. On these facts the Assistant Controller of Estate Duty included the same in the estate of the deceased. The accountable person filed an appeal - Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the value of the Kanpur property was not includible in the estate of the deceased
-
1971 (10) TMI 23
Mode of computation of tax - When assessee has income from capital gains and total income under other heads is a loss - terms "on the whole amount of such inclusion" in section 17(6)(ii) has to be understood in a peculiar sense in case the total income under other heads results in a loss, namely, as the net capital gain arrived at after setting off against the loss incurred by the assessee
-
1971 (10) TMI 22
Whether the order of the Appellate Tribunal was vitiated by its failure to consider all the material upon which the Appellate Assistant Commissioner rested his decision upholding the order of penalty imposed by the ITO - Whether the mere failure of the assessee to prove the nature and source of the deposits was sufficient to discharge the burden of the department that the assessee was liable to penalty under section 28(1)(c) - held that in the absence of cogent material evidence, apart from the falsity of the assessee's explanation, it cannot be inferred that the assessee has concealed the particulars of his income or has deliberately furnished inaccurate particulars - therefore, we answer both the questions in the negative and against the department
-
1971 (10) TMI 21
Whether mere realisation of interest on outstandings and sale of spares and stores during the accounting period amounts to carrying on the business and whether set off of carried forward loss of earlier years would be available - Tribunal has found that the business of the assessee in steel castings and steel forgings had been brought to a close and the Tribunal further held that the assessee-company did not carry on business of castings and forgings in the year of account and there was also no evidence to show that the company carried on any other business. That being so, the company was not entitled to deduction of any expenditure other than that allowed by the Tribunal. The assessee was also not entitled to set off of business loss of earlier years against the current income since the assessee did not carry on any business in that year
-
1971 (10) TMI 20
Assessee is a registered firm. It carries on business as a dealer in motor vehicles - assessee paid Telco (supplier) a sum of Rs. 7,242 under training scheme of apprentices and the amount was utilised by the supplier company for construction of hostel for apprentices - Whether sum of Rs. 7,242 paid by the assessee to the Tata Locomotive Engineering Co. Ltd. was rightly held to be a capital expenditure in the hands of the assessee – held that payment was made wholly and exclusively for the purposes of business and was allowable under section 10(2)(xv) as revenue expenditure
-
1971 (10) TMI 19
Agricultural income - assessee had taken 332 acres of land on lease - Whether, on the facts and in the circumstances of the case, the income of Rs. 21,000 was liable to be exempt as agricultural income under section 4(3)(viii) of the Indian Income-tax Act, 1922, equal to section 10(1) read with section 2(1)(a) of the Income-tax Act, 1961 – question is answered in the negative, i.e., in favour of the department and against the assessee
-
1971 (10) TMI 18
Mysore Agricultural Income Tax Act - whether trustees appointed by will can be treated as appointed by written agreement – held that section 10(1)(a) according to which "written agreement" must be read as a “written instrument”, is applicable to a trustee appointed under a will
-
1971 (10) TMI 17
Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the firm was entitled to registration under section 185 of the Income-tax Act, 1961 – held, yes - held that a firm having fishing licence does not become illegal by taking in some more partners and can not be disentitled to registration
-
1971 (10) TMI 16
Petition to the Commissioner to reduce penalty - an application for waiver of penalty can be made even after the penalty has been levied - when the return is filed within the outermost limit for filing the returns, whether penalty can be levied - mere fact that an outer limit is fixed for filing a return, does not affect the power of the Income-tax Officer to act u/s 271
-
1971 (10) TMI 15
Notice of reassessment – validity - notice of reassessment issued to a Hindu undivided family addressing to the mother of the karta is not a valid notice
-
1971 (10) TMI 14
Whether, the assessments on the firm made after all the partners had been assessed first on the share income from the firm, were valid - it cannot be said that assessment of individual partners prevents assessment of registered firm – therefore, the assessments on the firm made after all the partners had been assessed first on the share income from the firm, were valid
-
1971 (10) TMI 13
Garnishee order - whether the notice issued by the Income-tax Officer under section 46(5A) of the Income-tax Act, 1922, was valid
-
1971 (10) TMI 12
Penal interest paid by a sugar manufacturer (assessee) for the ommission to pay cess on sugarcane within time - amount paid is not an allowable expenditure
-
1971 (10) TMI 11
Appealable order - return showing loss - filed beyond the time-limits – such return cannot be ignored by the ITO – order of ITO simply filing the return is therefore an Appealable one under section 30 of Indian Income-tax Act, 1922
|