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Case Laws
Showing 41 to 54 of 54 Records
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1973 (1) TMI 14 - CALCUTTA HIGH COURT
In this application under article 226 of the Constitution of India the petitioner, challenges a notice, issued by the Income-tax Officer under section 274 read with section 271 of the Income-tax Act, 1961 - Whether show cause notice for penalty for concealment can be issued after the hearing is completed but before passing the assessment order
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1973 (1) TMI 13 - KARNATAKA HIGH COURT
Reduction or Waiver of penalty – discretion of Commissioner to reduce or waive the penalty, when the conditions stipulated in clause (a), (b) and (c) of section 271(4A) are satisfied
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1973 (1) TMI 12 - PUNJAB AND HARYANA HIGH COURT
" Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in directing the Income-tax Officer to first allow full development rebate under the Rules and subsequently withdraw it under section 35(11) of the Indian Income-tax Act, 1922, if applicable ?" Question answered in the negative and in favour of the revenue.
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1973 (1) TMI 11 - GAUHATI HIGH COURT
The short though somewhat vexing question that the falls for determination in this writ petition field under articles 226and 227 of the Constitution of India by the Assam Financial Corporation Shillong, hereinafter briefly referred to as Corporation, is about the exact legal connotation of expression "individual" used section 3 the Wealth-tax Act 1957 hereinafter called "the Act". - Whether the term "individual" includes a financial corporation and it is liable for wealth-tax
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1973 (1) TMI 10 - MADRAS HIGH COURT
Firm – registration -entire control and management is entrusted to one partner - mere fact that the management had been entrusted to one of the partners does not make the firm non-existent – firm entitled to registration.
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1973 (1) TMI 9 - KERALA HIGH COURT
" Whether the Income-tax Appellate Tribunal was right in law in permiting the Income-tax Officer to dispute the, reduction of Rs 8,730, given by the Appellate Assistant Commissioner, on the, basis of a report submitted by him, conceding the claim of the assessee ? - Whether there is an estoppel in regard to rectification of assessment" – Held, no, If a bona fide mistake has been committed in an assessment, it is open to the department to rectify the mistake
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1973 (1) TMI 8 - KERALA HIGH COURT
Assessee is a banking company and, as part of its banking business, has been purchasing cheques, payment orders, mail transfers, demand drafts, bills and other negotiable instruments drawn in foreign currencies and, sometimes, foreign currencies themselves from its clients - " (i) Whether the sum of Rs. 4,65,515, being profit arising on the devaluation of the Indian rupee on 6th June, 1966, was income chargeable to income-tax ? (ii) Whether Tribunal was right in law in rejecting the assessee's claim to deduct an amount of Rs. 52,935 being loss arising on the valuation of closing stock of Government securities, in determining its total income for the assessment year 1967-68 ?" - first question referred to above is answered in favour of the revenue and against the assessee, and the second question is answered against the revenue and in favour of the assessee
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1973 (1) TMI 7 - KERALA HIGH COURT
Levy of penalty under section 28(1)(c) - concealment of Income - Whether in this case there was a finding by the Tribunal of concealment of Income
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1973 (1) TMI 6 - ALLAHABAD HIGH COURT
Refund of the amount paid under provisional assessment - regular assessment is held to be void - assessee will not be entitled to refund of the amount paid under section 23B
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1973 (1) TMI 5 - PUNJAB AND HARYANA HIGH COURT
Leviability of penalty for concealment of income - assessee admits that the disputed income belongs to him and files a revised return during the assessment proceedings - " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the penalty was exigible under section 271(1)(c) ? " - It is thus obvious that the department discharged the onus of proof by confronting the assessee with his own admission which he made by filing the revised return owning the amount in question to be his income and the assessee having failed to lead any evidence to show that the said admission was incorrectly made or should not be relied upon, no fault can be found with the income-tax authorities levying the penalty on the assessee - question referred to us is, therefore, answered in the affirmative
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1973 (1) TMI 4 - MADRAS HIGH COURT
Amount set apart in trust during partition for the purpose of marriage and ceremonial expenses of the female members was assessed as association of persons - whether the assessment could be reopened for applying maximum marginal rate as the beneficiaries were not known - " (1) Whether the reopening of the original assessments under section 147(b) was valid in law ? and (2) Whether assessment at the maximum rate of the income from the trust fund under the provisions of section 41(1) of the Indian Income-tax Act, 1922, was valid in law - the proviso to section 41(1) of the old Act is quite applicable to the facts of this case. It is not in dispute that the shares of the various beneficiaries of the trust are indeterminate and unknown and, as a matter of fact, the beneficiaries themselves are a fluctuating body of persons – question answered in the affirmative and against the assessee
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1973 (1) TMI 3 - DELHI HIGH COURT
Adventure in the Nature of Trade - agreement for buying 2 lakhs feet of disposal pipes within stipulated period by paying cash on delivery but delivery was not taken - vendor sold goods incurring loss. The assessee reimbursed the loss. Whether this reimbursement is a business loss and whether the interest on borrowing to pay the loss and the expenses incurred in connection with the loss are allowable
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1973 (1) TMI 2 - SUPREME COURT
Whether, in the facts and circumstances of the case, the provisions of section 23A were rightly invoked - mere fact that two public companies are holding more than 75 per cent. of the shares between themselves does not attract the provisions of section 23A - We answer the said question in the negative and in favour of the assessee
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1973 (1) TMI 1 - SUPREME COURT
Whether Tribunal was right in holding that in calculating the penalty leviable u/s 271(1)(a)(i), the amount paid by the assessee under the provisional assessment u/s 23B of the Indian Income-tax Act, 1922, was to be deducted from the amount of tax determined under section 23(2) in order to determine the amount of tax on which the computation of the penalty was to be based - held that amount paid by the assessee under the provisional assessment under s. 23B of 1922 Act had to be deducted
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