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Showing 121 to 140 of 159 Records

• 1971 (8) TMI 39 - SC ORDER
  

  Whether, in the circumstances of the case, in computing ' net welth ' as defined in section 2(m) of the Wealth-tax Act or in assessing the net value of the assets under section 7(2) of the said Act, the liability of the company in respect or gratuity in terms of the industrial court awards for the benefit of its employees in respect of their periods of service up to the valuation date, should be allowed as a deduction - Held, No

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• 1971 (8) TMI 38 - SC ORDER
  

  Loss on account of speculation in gold, silver, etc., - whether said speculative loss should be deducted from his other business income - Held, no

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• 1971 (8) TMI 37 - SUPREME COURT
  

  Whether in determining the net value of the assets of the assessee-company u/s 7(2) of the Wealth-tax Act, the value of the company's fixed assets as shown in its balance-sheet as on the valuation dates should have been substituted by the written down value of those assets as per the company's income tax records - question is answered in favour of department

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• 1971 (8) TMI 36 - SUPREME COURT
  

  Compensation for termination of service of the managing director - Held that the compensation of the type with which we are concerned in this appeal are capital receipts

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• 1971 (8) TMI 35 - SUPREME COURT
  

  Assessee succeeded the money-lending business of the father - Whether the sum of Rs. 10,55,025 due from Kunwar Ganesh Singh was allowable as a bad debt under section 10(2)(xi) - Tribunal had decided on the basis of evidence available that the amount was allowable as bad debt - finding of fact - cannot be disturbed by the High Court or the Supreme Court

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• 1971 (8) TMI 34 - SUPREME COURT
  

  Whether proceedings under section 34(1)(b) were validly initiated and the assessment made pursuant to the said proceedings was legal - Whether Tribunal was justified in holding that the loss of Rs. 5,14,295 on the sale of shares did not arise to the assessee from a share-dealing business but was a loss on realisation of investment - We are not satisfied that the Tribunal's finding is open to correction by this court on the facts and circumstances of this case - appeal of assessee is dismissed

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• 1971 (8) TMI 33 - SUPREME COURT
  

  Business of money lending - purchase of property- mortgagors was claimed and allowed as bad debt - subsequent sale of plots of a portion of the land purchased - profit will be taken as profit from money-lending business - Assessee's appeal is dismissed

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• 1971 (8) TMI 32 - SUPREME COURT
  

  Registration - firm was not entitled to renewal of the registration because application for renewal of registration did not comply with the conditions prescribed in paragraph 3 of rule 6 of the Indian Income-tax Rules, 1922

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• 1971 (8) TMI 31 - SUPREME COURT
  

  Donations - exemption - contribution to a Charitable Institution will not entitle the assessee to claim exemption

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• 1971 (8) TMI 30 - SUPREME COURT
  

  Held that the Income-tax Officer would have jurisdiction to initiate proceedings under section 34(1)(b) of the Income-tax Act, 1922, which is in pari materia with section 15 of the Act if he acted on information received from the decision of the superior authorities or the court even in the assessment proceedings

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• 1971 (8) TMI 29 - SUPREME COURT
  

  Loss on sale of shares - Tribunal was justified in drawing the inference that the loss in question was a capital loss. That is also the view taken by the High Court

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• 1971 (8) TMI 28 - SUPREME COURT
  

  Reopening of Assessment - Whether Tribunal was competent to rectify its order in respect of the assessment year 1960-61, in regard to the sum of Rs. 1,65,718, being the amount paid by the assessee as consultation fees - Tribunal was wrong in not stating the case and submitting that question to the High Court. We are also of the opinion that the High Court erred in summarily dismissing the application of the department

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• 1971 (8) TMI 27 - SUPREME COURT
  

  Whether the payment of royalty in excess of the aforesaid minimum is deductible under section 10 - answer is in favour of the assessee

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• 1971 (8) TMI 26 - SUPREME COURT
  

  Service of Notice - question whether the assessees had been served in accordance with the law or not is essentially a question of fact. The Income-tax Act provides for an appeal against the order under section 33B. Normally, the assessee should have gone up in appeal against the order under section 33B. They should not have been allowed to invoke the extraordinary jurisdiction of the High Court

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• 1971 (8) TMI 25 - SUPREME COURT
  

  Matter related to an assessment of a pre-Constitution period under the Mysore Income-tax Act, 1923, since the Mysore HC had delivered the judgment in 1967 on a reference under that Act, the SC could grant special leave under article 136 of the Constitution to appeal against the judgment of the HC - Revenue's appeal allowed

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• 1971 (8) TMI 24 - SUPREME COURT
  

  Appellant is a resident in India but he is carrying on business in Ceylon - appellant cannot claim abatement of tax that he would have had to pay before deduction of the allowance given by s. 45(2) of Ceylon Income-tax Ordinance, 1932

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• 1971 (8) TMI 23 - SUPREME COURT
  

  Transfer of property - High Court instead of answering the question, formulated two other questions - Supreme Court held that the High Court had no jurisdiction to raise new questions of law. The questions raised by it did not flow from the question referred by the Tribunal - HC could call for a fresh statement of case and direct the Tribunal to submit for its opinion the real question arising from the decision

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• 1971 (8) TMI 22 - SUPREME COURT
  

  Additional Super Tax - Capital Loss - Undistributed Profits - Whether Tribunal was justified in holding that in view of the capital loss suffered by the assessee on account of depreciation in the value of the shares payment of any dividend at all during any of the two relevant accounting years would have been unreasonable - capital losses would be relevant factor in not declaring dividends - section 23A(1). Cannot be invoked - Revenue's appeal is dismissed

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• 1971 (8) TMI 21 - SUPREME COURT
  

  Whether liability of company to additional super-tax should be considered in valuation of shares by break-up method - It is a question of law - Tribunal erred in opining that its finding that the additional tax payable under section 23A is deductible, is a finding of fact,. Hence, the Tribunal was wrong in refusing to refer that question for the opinion of the High Court under section 27(1)

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• 1971 (8) TMI 20 - SUPREME COURT
  

  Business of raising coal from coal mines and selling the same to its constituents - As lessee of the mines the assessee incurred liability for payment of Road and Public Works cess & Education cess - Profits arrived at according to the provisions of the two cess Acts could not be equated to the profits which were determined under s. 10 of Indian Income-tax Act, 1922. Therefore, s. 10(4) was not attracted

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