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Showing 61 to 80 of 103 Records
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1973 (3) TMI 43
A Firm, A Partner ... ... ... ... ..... 8 of the Indian Partnership Act a partner is the agent of the firm for the purpose of the business of the firm. Section 19 lays down that subject to the provisions of section 22 the act of a partner which is done to carry on in the usual way business of the kind carried on by the firm, binds the firm, and that the authority of a partner to bind the firm conferred by this section is called his implied authority . N. Lokumal being a partner of M/s. Nathir Mal and Sons, by virtue of his rights and obligations as a partner, was a part and parcel of the head and brain of the firm. From the correspondence referred to above we are clearly of the opinion that the control and management of the affairs of M/s. Nathir Mal and Sons was at the relevant time situated, at any rate, partly within the taxable territories. In this view of the matter, the learned single judge was right in quashing the order of the Income-tax Officer. In the result, the appeal fails and is dismissed with costs.
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1973 (3) TMI 42
Capital Asset, Capital Or Revenue Expenditure, Essential Characteristics, Expenditure Incurred, Income From Business, Let Out, Trading Loss
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1973 (3) TMI 41
Assessee was a contractor for the supply of hardware and other goods to the Government departments in Ceylon. For the assessment years 1952-53 to 1958-59, he was assessed in the status of " individual " and " resident and ordinarily resident " on his income comprising of his total income accruing or arising in Ceylon -Whether relief under agreement for avoidance of double taxation between India and Ceylon extends to Indian tax on entire income arising in Ceylon - It is clear from the foregoing discussion that each country is entitled to make an assessment in the ordinary way under its own laws. The latter portion of article III of the Ceylon Agreement imposes a restriction on each country and the restriction is not on the power of assessment but on the power to retain the tax assessed. A Schedule has been inserted only for the purpose of calculating the abatement to be allowed and not to limit the power of each country to assets what income that is liable to taxation under its laws - held that it cannot be claimed that the entire income accruing in Ceylon is not liable to be taxed in India
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1973 (3) TMI 40
" (1) Whether the sum being the reserve created under the society's bye-law 37(1)(iv) was includible in the income of the society ? (2) Whether the assessee was entitled to the exemption in respect of the sum of Rs. 62,540 under section 14(3)(i)(c) of the Indian Income-tax Act, 1922? and (3) Whether, on the facts and in the circumstances of the case, the assessee was entitled to rebate under section 15B(2)(v) of the Income-tax Act in the sum of Rs. 22,013 paid to the Central Co-operative Training Institute ? "
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1973 (3) TMI 39
These two references raise a short question as to the interpretation of the Explanation to section 271(1)(c) of the Income-tax Act, 1961 - ITO makes the assessment at higher percentage than that declared by the assessee on the ground that the assessee did not maintain proper records - whether levy of penalty under section 271(1)(c) is justified
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1973 (3) TMI 38
Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that the shareholder is entitled to a deduction from the tax payable by him under section 49B of the Indian Income-tax Act, 1922, as amended by section 14 of the Finance Act, 1959, even on that portion of the dividend attributable to the profits of the companies assessed to agricultural income-tax which has not been subjected to tax under the Indian Income-tax Act in the hands of the shareholder ? - We answer the question referred to us in the affirmative, that is, in favour of the assessee and against the department
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1973 (3) TMI 37
Whether, on the facts and in the circumstances of the case, the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961, was valid in law - Whether materials gathered during assessment proceedings are sufficient for the purposes of penalty proceedings or whether fresh materials to prove concealment are necessary
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1973 (3) TMI 36
Assessee, a partner in a managing agency firm - loss to managed company in transaction on its behalf - assessee agreed to bear part of the loss. It was also found that the payment was for preserving managing agency - whether the payment should first appear in the firm's account and be processed for assessment - true effect of the payments made by the assessee-company seems to be that these payments are directly debited to the assessee's account and to no other account and, hence, they cannot but be shown in the individual assessment of the assessee-company. Once it is found, as it has been found that the amounts have been expended for business purposes and wholly and exclusively laid out for purposes of business, the payments become allowable deductions in the trading account of the assessee-company - In view of this conclusion it must be held that the payment of Rs. 9,500 by the assessee-company is an allowable deduction subject to verification regarding the correctness of the quantum of loss claimed, etc., as directed by the Tribunal.
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1973 (3) TMI 35
Hindu undivided family - HUF is partitioned according to the shares of the members - if they form a partnership, whether the partition is valid and the firm is entitled to registration
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1973 (3) TMI 34
Speculation Loss - determining speculative nature of a transaction - whether intention of parties to deliver goods would be relevant
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1973 (3) TMI 33
Seizure of jewellery – when assessee's explanation in this regard was accepted by excise authorities, whether it could be disbelieved by Income-tax authorities to levy penalty - Whether, on the facts and in the circumstances of the case, the levy of penalty of Rs. 2,500 on the assessee under section 28(1)(c) of the Income-tax Act, 1922, is justified in law
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1973 (3) TMI 32
Whether, on the facts and in the circumstances of the case, the disallowance of the claim for the set off of the loss of Rs. 6,187, against the assessee's business income on the ground that it was a speculation loss was justified in law? In this case there is no dispute about the transactions being in the nature of a business because, as pointed out by the Tribunal, the assessee had entered into a number of similar contracts some of which had resulted in profit as well. The assessee is, therefore, not entitled for the set-off of the loss of Rs, 6,187 against his income from other business. The question referred is accordingly answered in the affirmative and against the assessee
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1973 (3) TMI 31
Assessee did not give or take actual delivery of yarn but the contracts were cancelled. The assessee paid a sum in respect of all these contracts and claimed these amounts at business losses incurred by him - Whether speculative transactions during the course of assessee's business can be treated as speculation business and loss in such transactions can be allowed against other business income - we are unable to accept the contention of the learned counsel for the assessee that the losses incurred in respect of these transactions did not constitute losses in speculation business - In view of our finding that the losses were incurred in a speculation business, the prohibition contained in section 73 operates. The question whether the losses incurred in a speculative transaction which is not in the nature of a business could be set off against the income from the other business of the assessee, therefore, does not arise.
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1973 (3) TMI 30
Kerala Agricultural Income Tax Act, 1950 - whether an assessment of the income of a deceased person made without issuing notice to all his legal representatives is wholly bad under law, or whether it is good at least in respect of those legal representatives to whom all the notices have been duly issued
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1973 (3) TMI 29
Computation of capital gains - computation of capital gians and the eligibility of the assessee to exemption were to be tested with reference to each transaction separately - applicability of the exemption under section 53 is to be tested with reference to each transaction independently and with reference to the position of the holding of the assets as on the date of that transaction
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1973 (3) TMI 28
Wives of members of a family form a firm and carry on the same business as the family - Tribunal's finding is that the firm was benami for the family - " Whether, on the facts and in the circumstances of the case, the Tribunal had material before it to come to the conclusion that the firm of E.A.E.T. Sundararaj and Co. is not a genuine firm, but is only a benami firm for the Hindu undivided family? " Question answered in the affirmative
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1973 (3) TMI 27
Stocks are inflated in the statements given to bank for obtaining overdraft and loan facilities - whether rejection of accounts and estimation of income would be justified - Whether, on the facts and in the circumstances of the case, the addition of Rs. 2,30,000 to the income returned by the assessee is justified
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1973 (3) TMI 26
Whether arrears of additional ground rent and premium and interest thereon for period prior to the date of revised lease agreement are allowable - Whether the provision in lease for taking possession if amounts are not paid amounts to a capital charge
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1973 (3) TMI 25
Whether the sale proceeds of standing blue-gum trees, a sum constituted agricultural income liable to tax - Blue-gum trees are generally planted in Nilgiris not for the purpose of getting timber but to derive eucalyptus oil from their leaves. When such trees are cut and converted into money, such receipt, though income is not of revenue nature
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1973 (3) TMI 24
This is a revision application filed by the original plaintiff against an order passed by the Civil judge, in Civil Suit, rejecting his application, objecting to issuance of summons to the income-tax and estate duty authorities at the instance of the defendant - Whether civil court is empowered to order production of Income-tax and Estate duty orders - Appeal dismissed
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