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Showing 81 to 100 of 101 Records

• 1971 (7) TMI 22 - DELHI HIGH COURT
  

  Applicability of s. 2(6)(iii) - assessee controlling the company and also contributed over 33% of its capital – Whether the sum spent by company after the personal necessities of the assessee is income u/s 2(6C)(iii) of IT Act, 1922 - held that assessee comes within clause 2(6C)(iii) - mere deletion of a portion of that clause from section 2(24)(iv) of the new Act will not make any difference and will reflect what the legislature had always intended the law to be

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• 1971 (7) TMI 21 - DELHI HIGH COURT
  

  Simultaneous notices of reassessment on members and association - whether the ITO had any such facts or material before him on the basis of which he could, prima facie, have reason to believe that the income of the petitioner or the association of persons named in the notice had escaped assessment and that such an association of persons did presumably exist.

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• 1971 (7) TMI 20 - DELHI HIGH COURT
  

  Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in holding that it was a case of mere change of opinion on the same facts and the assessment could not be reopened under section 147(b) of the Income-tax Act, 1961 - question is answered in the negative, i.e., in favour of the revenue and against the assessee

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• 1971 (7) TMI 19 - ALLAHABAD HIGH COURT
  

  Contributions made to Government for construction of roads - not related to the assessee's business - not admissible deductions in computing the taxable profits and gains of the company's business

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• 1971 (7) TMI 18 - ALLAHABAD HIGH COURT
  

  Amount paid by sugar manufacturer for developing roads to facilitate transport of sugar - whether such expenditure can be treated as revenue expenditure

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• 1971 (7) TMI 17 - RAJASTHAN HIGH COURT
  

  Partnership run by partner from his residence - held that payment made to the accountant and the correspondence clerk who worked for the assessee at the residence in assisting him to issue directions, maintain accounts and carry on the business, is an admissible deduction

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• 1971 (7) TMI 16 - ORISSA HIGH COURT
  

  Orissa Agricultural Income Tax Act, 1947 - Whether,the acknowledgment of previous partition is required to be registered - Whether,there was partition of the properties of the assessee 's family - whether the High Court has power to reframe the questions raised in a reference

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• 1971 (7) TMI 15 - MADRAS HIGH COURT
  

  Applicability of findings of prior years on subsequent years - principle of natural justice

  
  
  ... ...
  ... ... ..... justice also have been violated. The third point is whether at this stage and in the nebulous state of facts on record, I should undertake to decide on the final question of law posed by the Commissioner. As ultimately a decision on facts would obviate an investigation into the question of law posed, I am not inclined to take it up at this stage. For the reasons already stated, the orders by the authorities below are set aside and the rule nisi is made absolute. The subject-matter is remitted to the file of the Commissioner for Agricultural Income-tax, Madras, for a reappraisal on the merits and the facts as disclosed by the petitioner before me, and a finding whether the 51.59 acres of land are held by the petitioner in trust or otherwise, ought to be rendered thereafter. After deciding the question on the material available, the Commissioner shall assess the petitioner in accordance with law. In the result, both these writ petitions are allowed. No costs. Petitions allowed.

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• 1971 (7) TMI 14 - SUPREME COURT
  

  Firm - Reassessment -validity - assessment of the partner was made before 1st April, 1952 and the reassessment of the firm was made subsequently - partner's assessments could be rectified on the basis of reassessment of the firm

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• 1971 (7) TMI 13 - SUPREME COURT
  

  Gifts - genuine - fact that earlier proceedings in the Tribunal took a different view of the gifts was not a conclusive circumstance - There were evidences before the Tribunal in the present proceedings to arrive at a finding that the gifts were genuine - finding of the Tribunal cannot be said to be a perverse finding. That finding being finding of facts, it was not open to the High Court nor is it open to this court to interfere with that finding

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• 1971 (7) TMI 12 - SUPREME COURT
  

  Assessment was made in respect of the assessee's income on his legal representative in the status of an individual and not as karta of HUF - hence department can make a claim before the Supreme Court, that the assessee was Hindu undivided family

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• 1971 (7) TMI 11 - SUPREME COURT
  

  Assessee files a writ petition claiming that he attempted to remit tax due from Ceylon but the authorities did not permit - HC dismissed the petition summarily - we allow this appeal, set aside the order of the High Court and remand the case to the High Court with the direction to admit the writ petition and dispose of the same in accordance with law

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• 1971 (7) TMI 10 - SUPREME COURT
  

  Whether the loss of ₹ 21,881 in speculative transaction is an admissible deduction in the determination of the net income, profits and gains from " business " under section 10 - assessee is not entitled to set off loss of speculative business against profit of non-speculative business - we answer that question in the negative and in favour of the department

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• 1971 (7) TMI 9 - SUPREME COURT
  

  Sale of jewellery - whether the sale was by the firm or whether it was by an association of persons - that there was no evidence to show that the transaction in question was effected by Kapur Chand and Hira Lal but all the same the Tribunal directed the Income-tax Officer to proceed to find out as to who was responsible for the transaction and assess the profits arising therefrom in the hands of that person - order of tribunal was correct

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• 1971 (7) TMI 8 - SUPREME COURT
  

  Loss in share dealings - Tribunal has carefully considered the evidence on record and after applying the tests laid down has come to the conclusion, as mentioned earlier, that the losses in question are trading losses and its conclusions have been accepted by the High Court - revenue appeal is dismissed

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• 1971 (7) TMI 7 - SC ORDER
  

  Loss in sale of share - Tribunals as well as the High Court have concurrently come to the conclusion that the loss in question is trading loss - revenue appeal is dismissed

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• 1971 (7) TMI 6 - SUPREME COURT
  

  Capital Loss - Preference Shares - Solitary transaction of purchase of preference shares from a company belonging to the same group - activity of the assessee was not a trading activity. It was merely an investment. Therefore, the loss was not a trading loss

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• 1971 (7) TMI 5 - SUPREME COURT
  

  Order levying additional super-tax - assessee in which shares carrying more than 50 per cent. of the voting right were held by less than six persons, was not one in which the public were substantially interested even though it was not found that its affairs were at any time controlled by less than six persons - An order u/s 23A is not an order of assessment - assessee's appeal dismissed

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• 1971 (7) TMI 4 - SUPREME COURT
  

  Trustee held the trust properties on behalf of others within the meaning of section 21(1) - assessee was assessable to WT u/s 21 in respect of the trust properties - beneficiary had a right to be maintained out of the income of the trust and some other beneficiaries had right to residence - shares of the beneficiaries were indeterminate and the assessee had to be assessed u/s 21(4)

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• 1971 (7) TMI 3 - SUPREME COURT
  

  Courts could not ignore the harm that was likely to be caused by unsettling the law - Supreme Court was not justified in departing from the interpretation placed by the Madras High Court, though a different view of the law might be reasonably possible - revenue appeal is dismissed

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