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Showing 61 to 76 of 76 Records
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1972 (7) TMI 16
Assessee, a managing agent used company cars - Income-tax Officer, Coimbatore, who made the assessment on the company for the said years disallowed a portion of the company's claim on the ground that the cars were partly used by the managing agents of the company for their private purposes. – as it was found that the unauthorised use was by the assessees as managing agents and not as directors, the provisions of section 2(6C)(iii) cannot be applied.
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1972 (7) TMI 15
The difference between the fair market value and the actual consideration can be treated as capital gains despite the fact that it has been assessed to gift-tax - Besides, the scheme of taxation to income-tax is different from that under the Gift-tax Act. It is the income that accrues or arises or is deemed to accrue or arise as a result of the transfer that is subject to assessment under the Income-tax Act. It is the transaction of the gift itself, i.e., the transaction used for transmission of title that is assessed under the Gift-tax Act. So understood, there is no question of double taxation
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1972 (7) TMI 14
Whether, on the facts and in the circumstances of the case, and on a true interpretation of the various provisions of the Income-tax Act, 1961, the Tribunal was correct in holding that a registered firm was not entitled to have its losses in speculation business carried forward for set off against future profits in speculation business
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1972 (7) TMI 13
This petition under article 226 of the Constitution seeks to set aside notices, issued under section 148 - the grounds are that the Income-tax Officer had no reason to believe and had no material before him for that belief that the income amounting to Rs. 50,000 had escaped assessment or was likely to have escaped assessment for any of the years mentioned above and had, therefore, no jurisdiction to reopen the assessments that had been completed long years ago
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1972 (7) TMI 12
Whether, on the facts and in the circumstances of the case, the proceedings initiated under section 147(b) of the Income-tax Act, 1961, are legal and valid?"
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1972 (7) TMI 11
Loss arising from the advances made by the film distributors to film producers - Whether, on the facts and in the circumstances of the case, the irrecoverable part of the advance amounting to Rs. 10,457 was a business loss deductible in the computation of the assessee's income
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1972 (7) TMI 10
Respondents are insurance companies doing general insurance business and each of these companies derived an income which consists of dividends arising out of their investments. These dividends are received from Indian companies. The short question is whether the dividend income received by the three respondent-companies is wholly exempt from super-tax either under the provisions of section 99(1)(iv) (as it then stood) of the Income-tax Act, 1961, or under section 85A of the said Act. In Income-tax Reference No. 9 of 1971, the respondent-assessee has also claimed exemption under the provisions of section 85 and section 235 of the same Act in respect of dividend income. In each of the cases the department has claimed that exemption no doubt can be allowed but not upon the full amount of the dividend received by each company but only on the net dividend earned, that is to say, after the deduction of proportionate expenses of management from the total amount of the dividend
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1972 (7) TMI 9
Whether an appeal lies against an order of rectification made by the Income-tax Officer under section 35, sub-section (1), of the Indian Income-tax Act, 1922
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1972 (7) TMI 8
Assessee earned a profit of Rs. 2,54,862 being the appreciation in the exchange value of the price in dollars, in terms of the Indian rupee - Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that the amount of Rs. 2,54.862,19 represents income derived by the assessee in the course of trade
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1972 (7) TMI 7
Assessee’s business of manufacture of scientific instruments and communication equipment - it cannot be said to have started until the necessary machinery were installed - obtaining of land and ordering for machinery, etc. were merely operations for setting up of the business - finding of the Tribunal that the business of the assessee was set up in the previous year that is, prior to 31st March, 1966, was contrary to evidence or based on no evidence at all. It was impossible for the Tribunal to have come to that decision on the facts found by it - revenue expenditure incurred prior to that date would not be permissible deduction
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1972 (7) TMI 6
Companies Act - This is an application by the Income-tax Officer, Central Circle, Ernakulam, under section 559 of the Companies Act, 1956, for an order declaring the dissolution of the Mambad Timber and Estates (Private) Ltd. to have been void - since due to the amalgamation the private company did not have any assets and liabilities no purpose would be served by declaring the dissolution void
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1972 (7) TMI 5
Proceedings for levy of penalty u/s 28(1)(c) of Indian Income-tax Act,1922 in respect of a return filed by the previous karta could be initiated even after his death
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1972 (7) TMI 4
Change of opinion - petitioner in this application challenges a notice under section 148 of the Income-tax Act, 1961 - assessment is reopened to dissallow development rebate on second-hand machinery and interest on arrears of income-tax allowed in the original assessment - condition precedent for issuing notice u/s 148 has not been fulfilled in this case
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1972 (7) TMI 3
Sale of a firm of chartered accountants - Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that the amount of Rs. 32,000 cannot be subjected to tax as capital gains – held that amount received on account of goodwill does not give rise to capital gains - Question answered in the affirmative
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1972 (7) TMI 2
Partner goes abroad for studies - Whether the income of the assessee derived from partnership business is earned income or unearned income - knowledge gained by the assessee during his stay abroad would finally benefit the firm in carrying on its business in a better manner - therefore, the income earned by him was an earned income
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1972 (7) TMI 1
Whether the price mentioned in the deed of conveyance can be rejected by the department while determining the actual cost - if circumstances exist for going behind the valuation as also the allocation given in the deed of conveyance, it was and is open to the income-tax authorities to determine the valuation as well as the allocation between depreciable and non-depreciable assets - assessee's appeal is dismissed
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