Court : Andhra Pradesh
Reported in : AIR1963AP455; [1964]51ITR213(AP)
..... stranger is said to have removed the cash from the cash box and disappeared with it. the assessee claimed this loss under section 10(1) of the indian income-tax act as an allowable deduction as incidental to the carrying on of the business. this was disallowed by the revenue.3. the appeals carried by the assessee to the ..... business that should be claimed as allowable deductions. his lordship observed that the loss for which a deduction could be made under section 10(1) of the income-tax act must be one that springs directly from the carrying on of the business and is incidental to it and not any loss sustained by the assessee even if ..... of rs. 8,675/- which was claimed as business loss. this was disallowed by the concerned income-tax officer, which was upheld by the appellate assistant commissioner and the income-tax appellate tribunal. in a reference under section 66(1) of the indian income-tax act, the orissa high court agreed with the view of the department and of the appellate assistant .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : AIR1963AP448; [1964]51ITR304(AP)
..... tribunal, hyderabad bench has referred this case under sub-section (2) of section 66 of the indian income-tax act, 1922 (act xi of 1922) for the decision of this court on the question: 'whether in the circumstances of the case, the tribunal was justified in treating the sum of rs. 5, ..... of the net profits not only in respect of the purchase made at the court auction but also in respect of the transactions relating to the money-lending business. the income-tax officer rejected this contention and assessed him on the profits earned on all the five sales including the sale of land purchased in the court-auction. as against that decision ..... it as an adventure. it is unnecessary to refer to the many cases having regard to the authoritative pronouncement of the supreme court in saroj kumar mazumdar v. commr. of income-tax : [1959]37itr242(sc) which in turn approved the statement of law of the same court in venkata swamy naidu and co. v. commr. of .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : AIR1963AP486
..... the commutation of any portion thereof into a lump sum grant was excluded from the 'assets' for the reason that such an annuity is not a capital asset but income chargeable under the income-tax act. the distinction between an annuity properly so-called and payment by annual instalment or an annual payment has always given rise to controversies. the famous dictum of baron ..... would constitute the net wealth of the assessee. an asset has been defined in section 2(e) as including property of every description, movable or immovable, but does not include agricultural land and growing corps etc. or any building owned or occupied by a cultivator or receiver of rent or revenue out of ..... agricultural land; or animals or a right to any annuity in any case where the terms and conditions relating thereto preclude the commutation of any portion thereof into a lump sum .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1963]50ITR216(AP)
..... the commutation of any portion thereof into a lump sum grant was excluded from the 'assets' to the reason that such an annuity is not a capital asset but income chargeable under the income-tax act. the distinction between an annuity properly so called and payment by annual instalment or an annual payment has always given rise to controversies. the famous dictum of baron ..... would constitute the net wealth of the assessee. an asset has been defined in section 2(e) as including property of every description, movable or immovable, but does not include agricultural land and growing crops, etc., or any building owned or occupied by a cultivator or receiver of rent or revenue out of ..... agricultural land or animals or a right to any annuity in any case where the terms and conditions relating thereto preclude the commutation of any portion thereof into a lump sum .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : AIR1964AP107
..... duty?' the petitioners filed this book containing the partition lists before the income-tax officer, kurnool. the officer took the view that the partition lists are instruments of partition within the meaning of section 2, clause (15) of the indian stamp act, impounded them and sent them to the revenue divisional officer, kurnool ..... following manner: the family property consisted of moveable property including cash, jewels etc., and also outstandings due to the family and immovable property consisting of agricultural lands, houses sites and shops, as well as shares. certain mediators were appointed to effect the partition between the members of the family. they first ..... duly signed by the members of the family. the property consisted of moveable and immoveable properties, out-standings and shares. the immoveable property consisted of agricultural lands also, the questions that arise for decision and which are referred to the. high court are :'(i) whether the lists in question are instruments .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1964]52ITR939(AP)
..... - in this matter arising under the hyderabad agricultural income-tax act, 1950 (hereinafter referred to as 'the act'), the nizam sugar factory limited is the assessee. at its instance, this court, acting under section 26(3) of the act, by an order dated february 25, 1959, directed the commissioner of agricultural income-tax, hyderabad, to state a case. in compliance ..... , on the facts and circumstances of the case, the income-tax authority was right in holding that the expenditure towards the construction of huts and camps was not a proper revenue deduction under section 7(2)(e) of the hyderabad agricultural income-tax act?'for a proper appreciation of the issues involved in this reference ..... , it is necessary to advert to the material provisions of the act and the rules framed thereunder, and also to the relevant facts of the .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1964]52ITR742(AP)
..... by this order, the assessee requested the tribunal to make a reference to this court under section 66(1) of the indian income-tax act. as the tribunal did not comply with this request, the assessee had recourse to section 66(2) and this court called upon the tribunal ..... of profits to the amount mentioned above.on further appeal to the income-tax appellate tribunal, the assessment made by the appellate assistant commissioner was affirmed. the tribunal, in its order, observe :'nevertheless, the assessee continues to spend money on these lands, which are mostly agricultural, for the purpose of cultivation, etc. all these funds have ..... come out of the assessees money-lending circulating capital. similarly, the assessee realises some income by sale of the produce from these lands. the sale proceeds also are inextricably mixed up .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : AIR1964AP342; [1964]54ITR643(AP)
..... to the central legislature by entry 54 of list i. all that entry 54 requires is that the tax must be a tax on income other than agricultural income. the -impugned provision in section 16 (3) (a) (ii). income tax act provides only for a tax on income. it does not cease to be a tax on income either in form or in substance, though it provides for the incidence of the ..... tax not on the person whose income is assessed to tax, but on another. in this case that incidence of the tax on .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1964]54ITR409(AP)
..... of the high court under section 66(i) of the income-tax act. on a consideration of the facts and circumstances of the case, this court, by its judgment dated january 20, 1955, agreeing with the conclusions reached by the ..... purchase and ultimate realization of the decree in question and the profit arising therefrom did not fall within the exemption contemplated by section 4(3)(vii) of the income-tax act. in the result the assessees appeal was dismissed.however, on the application of the assessee, the appellate tribunal referred the question set out supra for the decision ..... consideration of rs. 52,600, thus yielding a profit of rs. 43,887. there was no evidence to show that the assessee had purchased the lands for agricultural purposes or that it had acquired them as in investment. it was found that the plots had been purchased by the assessee wholly and solely with the idea of .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1965]55ITR230(AP)
..... decision held that interest on arrears of rent payable in respect of agricultural land was not agricultural income, and, as a result of this decision, the income-tax officer initiated reassessment proceedings and brought the amount of rs. 93,604 again to tax under section 34(1) (b) of the income-tax act. on these facts, the supreme court held, firstly, that the ..... narasimham j., it was sought to be contended that the proviso to sub-clause (ii) to clause (vib) of section 10 (2) of the indian income-tax act has discriminated against the assessee who sells the plant to persons other than other government and that this discrimination is not based on an intelligible differentia, that there ..... no discrimination within the same class. it was also pointed out that the legislature was empowered to fix a minimum taxable limit of an individual assessee under the income-tax act at rs. 3,000, whereas in the case of an hindu undivided family, it is rs. 6,000. for this reason, the aforesaid provisions cannot .....
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