|
Advanced Search Options
Case Laws
Showing 41 to 60 of 84 Records
-
1972 (10) TMI 90 - SUPREME COURT
Whether the assessing officer under these circumstances could be said to have had an honest belief that the turnover had partially escaped taxation so as to start proceedings under section 21?
Whether the aforesaid two preliminary notices asking for the production of accounts can be taken to be notices under section 21 for the starting of the proceedings so as to warrant passing of the assessment within one year of the service thereof?
Held that:- Appeal allowed and discharge the answer given by the High Court to question No. (i). In our opinion, the assessing authority had an honest belief that the turnover of the respondent had partially escaped taxation so as to justify initiation of proceedings under section 21 of the Act. We accordingly answer the said question in the affirmative and in favour of the department. The appellant shall be entitled to the costs of this court as well as in the High Court.
-
1972 (10) TMI 84 - SUPREME COURT
Whether the Government is competent to levy sales tax on the purchases made by the appellants of split or processed foodgrains and dal under the provisions of the United Provinces Sales Tax Act, 1948, as amended by the Uttar Pradesh Sales Tax (Amendment and Validation) Act, 1970?
Held that:- Appeal dismissed.
-
1972 (10) TMI 76 - SUPREME COURT
Whether on the facts and in the circumstances of the case the assessee acting as commission agent was liable to pay sales tax in the years 1960-61 and 1961-62 on the turnover of khandsari sugar manufactured by his principals?
Held that:- Appeal dismissed. Khandsari sugar with which we are concerned in this case was manufactured in U.P. That being so we are in agreement with the High Court that only the sales by the manufacturers are liable to be brought to tax under the notification.
-
1972 (10) TMI 55 - HIGH COURT OF MADRAS
General provisions with respect to memorandum and articles - Effect of memorandum and articles, Bills of exchange and promissory notes
-
1972 (10) TMI 54 - HIGH COURT OF MADRAS
Shares – Allotment of, Share capital - Further issue of ... ... ... ... ..... e over the financial difficulties of the company by allotting preference shares to all the creditors who were also directors of the company. In such circumstances where the shares are treated as paid up by adjusting the amounts due by the company to the various creditors, section 81 cannot have application. Thus the view of the lower appellate court that the resolution is hit by section 81 of the Companies Act appears to be erroneous. Besides, even if the allotment of shares is held to offend section 81, still it will only be voidable at the instance of shareholders who could be aggrieved against the non-allotment of shares to them. A shareholder who has been allotted a share cannot question the same on the ground that similar offer was not made to all shareholders. The result is the second appeals are allowed the decrees and judgments of the. lower appellate court are set aside and those of the trial court are restored. There will, however, be no order as to costs. No leave.
-
1972 (10) TMI 39 - HIGH COURT OF JUDICATURE AT MADRAS
Penalty - Purchaser ... ... ... ... ..... rated the labels which are acceptable from those which are not acceptable. There was also a failure of public duty in this behalf. No one can be punished on bare suspicions. No one again can be punished for a second time for the same offence when another person has been tackled and one punished for the offence. The petitioner is the bona fide owner in possession of the goods in question not knowing the taint if any attached to those goods. Having regard to the rules which are to be considered and applied in this case, I am of the view that the decision of Writ Petition 3427 of 1971 is not applicable as I am of the firm opinion that the petitioner has not committed any offence and the offence also has not been fully brought home and he is being tackled once over on the same set of facts. There is an error apparent in the order which has to be removed. 9.The petition is allowed and the order is quashed insofar as the petitioner is concerned. There will be no orders as to costs.
-
1972 (10) TMI 38 - ANDHRA PRADESH HIGH COURT
Land By Government, Previous Year ... ... ... ... ..... he opinion that that distinction on the basis of which the decision of our court is so distinguished is hardly tenable, We find, on a reading of the aforesaid two decisions, that the principle which came to be propounded by the Division Bench of our High Court is practically approved, namely, that the income is said to be accrued only when it is rendered statutorily enforceable or legally payable, but not before then. We are, therefore, of the opinion that the entire amount of interest, that is, Rs. 31,659, accrued to the assessee on May 9, 1963, when the High Court passed a decree and, as such, it is an income accrued to the assessee only on that date, and, therefore, that amount is assessable as income for the assessment year 1964-65. We answer the former part of the question referred to for our decision in the affirmative, against the assessee and in favour of the department, and in view of that, the latter part of it need not have to be answered. Advocate s fee, Rs. 250.
-
1972 (10) TMI 37 - ALLAHABAD HIGH COURT
Accounting Year, Plant And Machinery, Provision For Payment, Sugar Industry ... ... ... ... ..... lable surplus for payment of bonus to its workmen. The Supreme Court held that the estimated liability of the assessee-company for payment of gratuity based on actuarial valuation was a permissible deduction and that such a liability was a liability its praesenti though payable in future and it was ascertainable. As indicated above the liability for payment of additional price for sugar cane purchased during the relevant period could be ascertained by resorting to the provisions of the Schedule annexed to the Sugarcane (Control) Order. It was, therefore, a liability in praesenti though payable in future. We are, therefore, of the opinion that the Tribunal was not correct in deleting the amount of extra price payable for the purchase of sugarcane by the two mills in question as a deduction under the provisions of the Income-tax Act. For the reasons stated above we answer question No. 2 in the negative in favour of the assessee and against the department. No order as to costs.
-
1972 (10) TMI 36 - ALLAHABAD HIGH COURT
Higher Rate ... ... ... ... ..... income-tax authorities to be rather low. On that ground the books were rejected and profit was assessed by applying a rate of 12 1/2 per cent. In the opinion of the Tribunal such a case did not attract the provisions of section 271(1)(c) because the enhancement could not be said to be due to fraud or wilful neglect on the part of the assessee. This, in our opinion, is a finding of fact and based, as it is, on relevant considerations cannot be said to be vitiated. Moreover, no separate question has been raised challenging the finding of the Income-tax Appellate Tribunal on this point. In the circumstances, the question as referred to us has to be answered against the department because, in our opinion, the same is concluded by a finding of fact recorded by the Tribunal. We, accordingly, answer the question in the affirmative, in favour of the assessee and against the department. The assessee is entitled to costs which we assess at Rs. 200. Question answered in the affirmative.
-
1972 (10) TMI 35 - BOMBAY HIGH COURT
Questions raised relate to the true construction and effect of the provisions in sections 184 and 199 of the United Kingdom Income Tax Act, 1952, in connection with the claim of the assessee concerned for relief under section 49D of the Indian Income-tax Act, 1922 - When TDS is made on the dividends received or arising outside taxable territories and no provision for relief from double taxation is available whether the provisions of section 49D are applicable - These dividend incomes had accrued in the nontaxable territories and the assessee had paid in those countries income-tax by deduction or otherwise in respect of that dividend income. There was no reciprocal arrangement for relief or avoidance of double taxation in those countries. The assessee was accordingly entitled to relief under section 49D upon calculations made in accordance with the scheme of that section.
-
1972 (10) TMI 34 - ALLAHABAD HIGH COURT
Assessee had advanced certain loans to a private limited company known as Virmani Refrigeration and Cold Storage Company Ltd. He was being assessed to tax on interest accruing on these loans from year to year. However, for the two assessment years 1953-54 and 1954-55, the assessee did not include any income from this source in its return. The Income-tax Officer estimated the income from interest on these two loans at Rs. 12,000 for the first year and Rs. 6,000 for the second year and taxed the assessee on interest which had accrued to him, even if it was not received, during the assessment years in question - When assessee follows mercantile system of accounting whether interest accrued but not received can be included in the income
-
1972 (10) TMI 33 - PUNJAB AND HARYANA HIGH COURT
Exemption under section 15C - development rebate - re-conditioned machinery imported from England
-
1972 (10) TMI 32 - KARNATAKA HIGH COURT
Estate Duty Act, 1953 - When, for the Wealth-tax Act, valuation of unquoted shares as on 31st March, 1967, has to be done in accordance with the Wealth-tax (Amendment) Rules, 1967, taking the last Published balance-sheet as on 31st December, 1966, as the basis, whether the Tribunal is right in placing the same value as on September 11, 1967, the date of the death of the deceased for the purpose of estate duty assessment resulting in non-consideration of other items not covered by the Wealth-tax Rules going into the determination of the value of shares for estate duty purposes ? " - When no matter of valuation of unquoted share was described under Estate Duty Act, whether the valuation can be made as per Wealth-tax Act
-
1972 (10) TMI 31 - ANDHRA PRADESH HIGH COURT
"Whether on a true interpretation of the order dated the 8th October, 1963, passed by departmental authorities with reference to the assessee's application, the penalties levied under section 221(1) of the Income-tax Act, 1961were valid ?" hold that the Income-tax Officer has passed the order dated October 8, 1963, only under section 220(6) of the Act and the same can be operative only till the disposal of the appeals before the Appellate Assistant Commissioner, and the Income-tax Officer, in the present case, is perfectly entitled to impose penalty under section 221(1) of the Act for non-payment of the arrears of tax - our answer to the question must be in the affirmative and in favour of the department. If there are any other grounds raised in the appeal by the assessee before the Appellate Tribunal, it is open to the Tribunal to pass appropriate orders in that regard
-
1972 (10) TMI 30 - KERALA HIGH COURT
Company conducting kuries or chits - “1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that the income derived by the assessee is exempt under section 11(1)(a) of the Income-tax Act. 1961? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that setting apart reserves under article 39 of the assessee's memorandum did not vitiate the charitable purpose of the institution? - writ petitions are allowed and the relevant notices sought to be quashed in the petitions are quashed
-
1972 (10) TMI 29 - KERALA HIGH COURT
This is a petition under section 561-A of the Code of Criminal Procedure filed for quashing the proceedings in C.C. No. 336 of 1971 on the file of the District Magistrate's Court, Quilon, initiated at the instance of the Income-tax Officer under section 227 - assessee filed his return of income after 1st April, 1962 for the AY 1961-62 - assessment was made under Income-tax Act, 1961 and penalty was levied for concealment - Whether prosecution under section 277 of Income-tax Act, 1961 is possible and whether section 28(4) of Indian Income-tax Act, 1922 would be applicable
-
1972 (10) TMI 28 - ALLAHABAD HIGH COURT
Dispute is confined to the question whether the profits accruing on the sale of two patlas of gold were assessable to tax - Whether Commissioner is bound to give personal hearing to an assessee in disposing of provision petition under section 33A(2)
-
1972 (10) TMI 27 - BOMBAY HIGH COURT
" Whether the income from the lease of the Kohinoor Cinema building, which had been equipped as a cinema theatre, is assessable under section 12 of the Indian Income-tax Act, 1922, or under section 9 of that Act? " and " Whether the mortgage interest allocated to the building, K (Rs. 28,052 and Rs. 31,583, as the case may be), is an admissible deduction under section 9(1)(iv) in computing the assessee's income from the two properties (other than ' the building, K ') for the assessment years 1958-59 and 1959-60 ? " Our answer to the first question is that the income from the lease of the Kohinoor Cinema building which has been equipped as a Cinema Theatre is assessable under section 12 of the Indian Income-tax Act, 1922. So far as the second question is concerned, it is answered in the affirmative.
-
1972 (10) TMI 26 - MADRAS HIGH COURT
Estate Duty Act, 1953 - Whether foreign movable property is liable to estate duty in India - Whether the share in a firm holding immovable property is a movable property
-
1972 (10) TMI 25 - MADRAS HIGH COURT
Madras Agricultural Income Tax Rules - The assessee in this case is a public limited company owning a tea estate in Valparai Hills. - When the Central Income-tax Officer apportions head office expenses between tea and cardamom cultivation and the agricultural income-tax officer gives a finding that cardamom cultivation is practically given up whether the proportionate expenditure can be disallowed
|
