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Showing 121 to 129 of 129 Records

• 1976 (12) TMI 9 - BOMBAY HIGH COURT
  

  Business Loss, Carrying On Business, Managing Agent, Trading Loss

  
  
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  ... ... ..... es of any different kind. Advances having been made as a part of or incidental to the carrying on of the business by the assessee-company as managing agents, that character continued to obtain notwithstanding the change in the management of Palanpur Co. If that be so, if as a result of the managed-company having gone into liquidation, the advances became irrecoverable, the loss will have to be regarded as a trading loss and the same will have to be allowed as a deduction while computing the income of the assessee-company. Having regard to the above discussion, in our view, the Tribunal was right in coming to the conclusion that the amount of Rs. 1,86,000 outstanding in the account of Palanpur Co. could be allowed in determining the assessee s business profit for the relevant assessment year. In this view of the matter, the question referred to us is answered in the affirmative and in favour of the assessee-company. Revenue will pay the costs of the reference to the assessee.

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• 1976 (12) TMI 8 - PUNJAB AND HARYANA HIGH COURT
  

  Appeal To AAC, Cash Credits, Finding Of Fact, Income Tax Act, Power To Admit Additional Evidence

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• 1976 (12) TMI 7 - MADRAS HIGH COURT
  

  Deduction, Donation To Charitable Institution

  
  
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  ... ... ..... ch constituted the Tiruppani Trust in question to the statement of the case nor has it referred to the other objects of the trust. Before us, copies of the trust deed were produced by both sides and in those copies, other objects which are not for the benefit of any particular religious community or caste, also find a place. It is not disputed before us that the question has to be decided having regard to all the terms of the trust deed including all the objects for which the trust was created in view of the provisions contained in s. 80G(5)(iii) read with Expln. 3 thereto. In view of the failure on the part of the Tribunal to consider the entire trust deed it has become impossible for us to answer the questions referred to this court one way or the other. Therefore, leaving the Tribunal to go into the entire controversy again so far as it has got a bearing on s. 80G(5)(iii), we return the reference without answering the questions referred to this court. No order as to costs.

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• 1976 (12) TMI 6 - BOMBAY HIGH COURT
  

  Minor Admitted To Benefits Of Partnership

  
  
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  ... ... ..... hree assessees concerned was without any basis whatsoever. The relevant observations of the Tribunal in this behalf are to be found extracted in para 7 of the statement of the case. It is unnecessary to set out in this judgment the provisions of section 16(3)(a), but when they are perused properly, it is perceived that none of the four clauses of section 16(3)(a) can be brought into use by the Department. As the assessees had ceased to be partners, the case clearly falls outside clauses (i) and (ii). Further, there is no warrant for applying clauses (iii) and (iv) in view of the clear finding by the Tribunal that there were no assets of the assessees transferred to the two minor sons or to the wife. In view of this clear finding, it must be held that the conclusion of the Tribunal is correct and unexceptionable. In the result, the question referred to us is answered in the negative and in favour of the assessees. There will, however, be no order as to costs of this reference.

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• 1976 (12) TMI 5 - SUPREME COURT
  

  Debt Owed - Date of Valuation - Whether the provision of Rs. 49 19,520 made by the assessee for its tax liability less the amount of the last installment of advance tax constituted a debt owed by the assessee within the meaning of clause (m) of section 2 of the Wealth-tax Act on the relevant valuation date - question is answered ion favour of assessee - assessee's appeal is allowed

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• 1976 (12) TMI 4 - SUPREME COURT
  

  Whether assessment can be made on the deity - deity was the legal owner of the entire estate. Therefore, the deity was liable to be assessed - surplus income after meeting the expenses were not held in trust for charitable purposes. Therefore, they were not exempt from tax under s. 4(3)(i) - court directed that the amounts spent for religious and charitable activities like poor feeding which were in accordance with s. 4(3)(i) should be excluded from the total income

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• 1976 (12) TMI 3 - SUPREME COURT
  

  When the assessee was prevented from appearing before the High Court on account of sufficient reasons, the High Court has inherent power to recall its earlier order and dispose off the reference on merit

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• 1976 (12) TMI 2 - SUPREME COURT
  

  When there is an automatic rise in the dearness allowance linked to a cost of levying index, the automatic payment after the appointed day should be deemed to be additional dearness allowance liable to compulsory deposit provisions of the Act - revenue's appeal is allowed

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• 1976 (12) TMI 1 - SUPREME COURT
  

  when the sanction for the additional dearness allowance either by unilateral decision or by bilateral settlement has taken place after the appointed day that the question of additional dearness allowance as provided in s. 2(b) of the act will arise

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