Chennai Court March 1961 Judgments
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Collector of Tiruchirapalli Vs. Trinity Bank Ltd., Trichirapalli and a ...
Court: Chennai
Decided on: Mar-03-1961
Reported in: AIR1962Mad59; [1962]44ITR189(Mad)
(1) O. S. No. 268 of 1953 on the file of the Sub Court, Tiruchirapalli, was a suit on a mortgage dated 30-10-1946, in which a preliminary decree was passed on 9-12-1946. The decree-holder applied for the appointment of a Receiver in I. A. No. 12 of 1955 in respect of the mortgaged property to collect the rents and profits therefrom. By order of court dated 8-2-1955 a Receiver was appointed. The judgment debtor in that suit was assessed to income-tax for the year 1955-56.On 13-2-1956 the first Additional Income-tax Officer, Triuchi, issued a certificate under Sec. 46 tax due from the assessee and forwarded it to the Collector of Tiruchi. In I. A. No. 245 of 1956 the Collector applied to the Sub Court of Tiruchi for payment of the sum of Rs. 235-10-0, by the issue of a cheque in favour of the first Additional Income-tax Officer, Tiruchi, from and out of the Receiver's collections deposited to the credit of the suit.This application was opposed by the assignee decree-holder who had by th...
K. Viswanathan Vs. the State of Madras Represented by Commissioner of ...
Court: Chennai
Decided on: Mar-03-1961
Reported in: AIR1961Mad525
Ramachandra Iyer, J.1. This appeal arises from the decree of the Second Assistant City Civil Judge, Madras, in O. S. No. 1722 of 1956 dismissing the suit instituted by the appellant for recovery of a sum of Rs. 17,252-7-0, under the following circumstances.2. The appellant is the Proprietor of a picture house in Madras known as 'Chitra Talkies'. Under the provisions of the Madras Entertainments Tax Act the appellant paid certain sums by way of entertainment tax in respect of the five annas ticket sold by him between the period 15th August 1949 to 18th October 1953. The amount paid was at the rate of one anna per five annas ticket. The appellant later on discovered as a result of a communication received from the Assistant Commercial Tax Officer that the tax due on a ticket of the gross value of five annas was only nine pies, and not one anna, and alleging that he had paid a sum of Rs. 17,252-7-0 by way of excess tax under a mistake of law, filed the suit for recovery of that sum from t...
The Indo-commercial Bank, Ltd. Vs. the Commissioner of Income-tax
Court: Chennai
Decided on: Mar-02-1961
Reported in: (1962)2MLJ60
Rajagopalan, J.1. With reference to the assessment of the assessee-Bank in the assessment years 1952-53 and 1953-54 the corresponding years of account were the calendar years 1951 and 1952--the Tribunal referred two questions under Section 66(1) of the Income-tax Act for the determination of this Court. The first question ran:The assessee having followed regularly the cost basis for valuing its securities and shares till 31st December, 1950, whether the aforesaid losses of Rs. 5,91,250 and Rs. 18,471 arising out of writing them down to the market price shown as item B in paragraph 5 supra, are deductible for assessment years 1952-53 and 1953-54 respectively.The relevant facts for the determination of this question were never in dispute. The assessee which carries on a banking business held securities and shares as part of its stock-in-trade or circulating capital. These securities and shares were all along valued at cost both at the commencement and at the close of each year of account...
Papanasam Mills Co., (Private) Ltd. and Others Vs. Commissioner of Inc ...
Court: Chennai
Decided on: Mar-02-1961
Reported in: [1961]43ITR53(Mad)
RAJAGOPALAN J. - Since identical questions arose for determination in each of these applications, preferred under article 226 of the Constitution for the issue of writs of certiorari to set aside the orders of the Commissioner of Income-tax, they were heard together. We shall dispose of the petitions by a common order.These petitions arose out of proceedings assessing the petitioners to super-tax for the assessment year 1956-57 under the terms of Part II-D of the First Schedule to the Finance Act of 1956. We shall set out the relevant facts in W.P. No. 167 of 1058 as fairly typical. The amounts involved in the other cases of course varied. The petitioner company in W.P. No. 167 of 1958 had a computed total income of Rs. 91,533 in the previous year relevant to the assessment year 1956-57. On that amount it was liable to pay super-tax at Re. 0-6-9 in the rupee, the rate prescribed in Part II-D. The standard rate of rebate permissible was 4 annas in the rupee under clause (ii) of the firs...
indo-commercial Bank Ltd Vs. Commissioner of Income-tax, Madras.
Court: Chennai
Decided on: Mar-02-1961
Reported in: [1962]44ITR22(Mad)
RAJAGOPALAN J. - With reference to the assessment of the assessee bank in the assessment year 1952-53 and 1953-54 -the corresponding years of account were the calendar years 1951 and 1952 - the Tribunal referred two questions under section 66 (I) of the Income-tax Act for the determination of this court. The first question ran :'The assessee having followed regularly the cost basis for valuing its securities and shares till December 31, 1950, whether the aforesaid losses of Rs. 5,91,250 and Rs. 18,471 arising out of writing them down to the market price shown as item B in paragraph 5 supra are deductible for assessment years 1952-53 and 1953-54 respectively ?'The relevant facts for the determination of this question were never in dispute. The assessee which carries on a banking business held securities and shares as part of its stock-in-trade or circulating capital. These securities and shares were all along valued at cost both at the commencement and at the close of each year of accou...
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