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Showing 41 to 60 of 74 Records
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1972 (4) TMI 34
Law Applicable - the law as on the first day of the assessment year or the law as on the date of filing the return - "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in deleting the penalty of Rs. 10,500 levied under the Explanation to section 271(1)(c) ? " – held that law as on the date of filing the return has to be applied If there is a false return the penalty provisions become operative, otherwise not, and the question whether the return is false or not falls for determination when the return is filed. In the present case the return was filed on the 9th of April, 1964, when section 271, as it stands amended, was on the statute book and, therefore, effect had to be given to that provision
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1972 (4) TMI 33
" 1.Whether Tribunal was competent to direct the Income-tax Officer to calculate the amount of interest again and to pass a fresh assessment order so as to disallow out of interest a sum in excess of Rs. 30,000, when the assessee appealed against the disallowance of Rs. 30,000 ?- Held, no - 2. Whether Tribunal was right in including in the taxable income of the assessee the sum of Rs. 15,000, due as rent from M/s. J. N. Cocolas & Co. Ltd. when the assessee's case was that in respect of that source of income it followed the cash system of accounting and not the mercantile system which it followed in respect of its business income ? – Held, no - 3. Whether Tribunal was right in including in the assessable income of the assessee a sum of Rs. 2,181, as the assessee's share of income in another firm of the name and style of Gopal & Co. ? " – Held yes
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1972 (4) TMI 32
This is a reference made by the learned Sessions Judge, Indore, for setting aside an order passed by the Magistratewith regard to the production of certain cash amount which was seized by the police under sections 54(l) and 550 of the Code of Criminal Procedure - reference made by the learned sessions judge is accepted and the order dated September 2, 1970, passed by the learned Magistrate directing the Income-tax Officers to deposit the disputed amount in his court is hereby set aside. This order passed by this court will, however, not affect the rights of the non-applicants, Mohammad Hanif and others, to claim the amount from the income-tax department under the provisions of the Income-tax Act. Their appeal is still pending before the higher authorities and they shall be free to prosecute not only this appeal but such other remedies also to which they may be entitled under the Income-tax Act
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1972 (4) TMI 31
" (i) Whether, on the facts and in the circumstances of the case, the notice under section 34 was valid in law ? (ii) Whether, on the facts and in the circumstances of the case, the service of the notice under section 34 was valid in law ? "- Questions answered in the affirmative
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1972 (4) TMI 30
Whether the explanation to section 64 can be applied to the total income of either of the parents under section 64(3)(vi) or (v) - instant case falls under clause (iii) of section 64. The income arising to the petitioner from sources other than her share in the partnership are included in the assessment of her husband on the finding that such income arises from the assets transferred by the husband to the petitioner without adequate consideration - petition is allowed in part. The impugned order dated 31st December, 1971, together with the notice of demand issued in pursuance thereof are quashed so far as they pertain to the addition to the petitioners Income arising from sources other than her share in the partnership firm. The Income-tax Officer is permitted to amend the impugned assessment order accordingly
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1972 (4) TMI 29
" Whether, on the facts and in the circumstances of the case, the rent-free accommodation, the other benefits provided to the assessee M/s. J. K. Jute Mills Co. Ltd. during the relevant years, were income within the meaning of section 2(6C)(iii) of the Indian Income-tax Act, 1922 ? Question answered in the affirmative.
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1972 (4) TMI 28
Writ petition is directed against the assessment order – validity of notice of assessment served on one partner of the dissolved firm
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1972 (4) TMI 27
Whether the financial advisor of the company is a servant of the company and whether the value of rent-free accommodation is assessable u/s 7 - " Whether the Tribunal was correct in holding that the provisions of section 7 of the Indian Income-tax Act, 1922, did not apply to the facts and circumstances of the case and in deleting the addition? " - It is not possible from the resolution of the board itself to draw an inference that there existed the relationship of master and servant between the assessee and the company. Unless such a relationship is established, section 7 has no application
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1972 (4) TMI 26
" (1) Whether Tribunal is correct in not following the finding of the Madras Bench of the Tribunal in its earlier order that the assessee was not estopped from contending that the investments were made by his father ? and (2) Whether, on the facts and in the circumstances of the case, the Tribunal is justified in law in holding that the investments represent the income of the assessee from undisclosed sources for the assessment years 1954-55 and 1955-56 ? " - When assessee made a claim under estate duty proceedings whether he is precluded from making a different claim in income-tax proceedings
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1972 (4) TMI 25
" 1. Whether the assessee is entitled to deduct the business loss of Rs. 1,38,756 for 1957-58, in computing its total income for 1958-59, for the purpose of levying the tax on registered firms? 2. Whether the assessee is entitled to deduct the unabsorbed depreciation of Rs. 1,12,283 and Rs. 2,15,911 from the profits of the year to arrive at the total income for the material year ? "
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1972 (4) TMI 24
Development rebate - assessee filed an appeal before the Appellate Assistant Commissioner who reversed the order of the Income-tax Officer holding that, since the original assessment was made under the old Act, the rectification could also be made under the same Act and as an order of rectification had been made under the 1961 Act, therefore, it was bad - Whether Tribunal was correct in confirming the order of the Appellate Assistant Commissioner of Income-tax cancelling the order made by the Income-tax Officer dated March 7, 1968, rectifying the order of assessment made on June 23, 1960, for the assessment year 1959-60
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1972 (4) TMI 23
Income-tax Officer did not accept the explanation given by the assessee and imposed a minimum penalty of 2% by virtue of the provisions of section 297(2)(g) of the Act of 1961 - return filed before commencement of the Income-tax Act, 1961 but the assessment was made after commencement - whether penalty u/s 271(1)(a) can be levied
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1972 (4) TMI 22
Whether reassessment made on the assessee-family u/s 34(1)(a) of the Indian Income-tax Act, 1922, are valid - Whether inclusion and assessment to tax of the share income from Kaloogala Estate in Ceylon in the hands of the assessee-family are justified - Whether, inclusion and assessment of the interest income is justified in law - Whether inclusion and assessment to wealth-tax, the value of the share in Kaloogala Estate in the net wealth of the assessee's family, is valid in law - Whether inclusion of the share from the Kaloogala Estate with that of the assessee-family in the assessment of 1950-51 was not justified
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1972 (4) TMI 21
Whether the Tribunal was justified in law to come to the conclusion that no action under section 17(1)(a) of the Wealth-tax Act could be taken against the assessee in this case - Whether the Tribunal was in law justified in holding that the assessment under section 17(1)(b) of the Wealth-tax Act would also be not competent on the facts of this case - Whether the Tribunal was in law right in coming to the conclusion that the gifts can be said to have been made by the assessee himself
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1972 (4) TMI 20
Petitioner in this case returned a net income of Rs. 6,474.34 under the Madras Agricultural Income-tax Act, for the assessment year 1962-63 in respect of lands leased out to a sugar factory. In response to a notice under section 17(2) - it was however urged on behalf of the assessee that even the said sum did not represent the income of that year. The assessing authority, however, rejected the assessee's contention and computed the total income of the assessee at Rs. 37,814 calculating the rents @ of Rs. 175 per acre for 216.08 acres held by the assessee during the accounting year, and leased out to the sugar factory. The assessment order was challenged before the Assistant Commissioner of Agricultural Income-tax and later before the Agricultural Income-tax Appellate Tribunal but without success - even accepting the contention of the assessee that the date of accrual of the rents has been wrongly taken by the assessing authority, we cannot set aside the asssssment as such - tax revision cases are dismissed
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1972 (4) TMI 19
Whether the Tribunal, having held that the order of assessment for the year 1961-62 made under section 143(3) of the Income-tax Act, 1961, was invalid, could restore the case to the file of the Income-tax Officer and direct him to proceed from the return stage and make fresh assessment according to law under the Income-tax Act, 1922 - question has to be answered in favour of the assessee - Reference answered in the negative
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1972 (4) TMI 18
Assessee is admittedly a registered shareholder of the company with 500 partly paid up shares, and any loan taken by her from the company has to be deemed to be a dividend from the company so as to attract section 2(6A)(e) - It is also not in dispute that only if the amount of Rs. 12,500 being the call-monies due by the assessee is taken as a loan from the company, section 2(6A)(e) will stand attracted. But, the question is whether the debit and credit entries made in relation to the assessee's liability for Rs. 12,500 towards the arrears of call-monies due by her could be treated as a loan without the actual flow of money from the company to the shareholder – held that mere adjustment of book entries could not be treated as "payment by way of loan by the company to its shareholders"
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1972 (4) TMI 17
Whether, on the facts and in the circumstances of the case, the sum of Rs. 20,272 being loss suffered by theft is an admissible charge against the income of the previous year
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1972 (4) TMI 16
Gift Tax - Gift-tax Officer took the view that by converting his individual business into a partnership business and by admitting his son as a partner, Pukharaj had made a gift of not only the said sum of Rs. 61,311 but also the half share in the goodwill of the business - father's business belonged to the joint family consisting of himself and his son - therefore, there was no question of gift, when the joint family business was converted into a partnership one
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1972 (4) TMI 15
Whether, on the facts and in the circumstances of the case, the assessee-firm is entitled to registration - business is not yet commenced - actual existence of a business carried on by the partners is essential to constitute partnership. Since the business contemplated under the partnership deed did not commerce during the relevant accounting period, it cannot be said that there was in existence any partnership. The Tribunal therefore, was right in rejecting the application for registration
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