Judgment Search Results Home > Cases Phrase: companies profits surtax act 1964 Sorted by: old Court: karnataka Page 4 of about 2,319 results (0.050 seconds)

Commissioner of Income Tax Vs. Motor Industries Co. Ltd.

Court : Karnataka

Reported in : ILR1998KAR182; [1998]229ITR137(KAR); [1998]229ITR137(Karn)

..... 144itr936(kar) , has held that surtax payable under the companies (profits) surtax act, 1964 on the chargeable profit is nothing but an additional tax on the profits and gains of an assessee's business and therefore, surtax cannot be deducted for computing total ..... case of southern railway of peru (supra), the point in dispute related to the principle on which the profits should be computed with reference to certain payments which the appellant-company made, under the laws of the republic of peru, to its employees on their retirement from their service ..... is made and a part of the profits is set apart by the employer to meet the salaries and wages payable for unutilised leave, there is a very real possibility of the amount not being used at all and remaining in the coffers of the assessee-company. 30. ..... whether provision of accrued leave salary is an admissible deduction to arrive at the assessable profits of a company. ..... for such liability could be deducted in the computation of profits and gains of previous year, under the it act was not considered in metal box (supra), as it was rendered while considering the question whether such a liability could be deducted for the purpose of bonus under payment of bonus act. ..... 32(1)(vi) of the it act (11) the tribunal was right in law in holding that the surtax payable is not a proper deduction in computing the total deduction (sic-income) for income-tax purposes (12) the tribunal was justified in holding that the assessee was not entitled .....

Karnataka State Financial Corporation Vs. Commissioner of Income-tax

Court : Karnataka

Reported in : (2000)160CTR(Kar)35; [2000]242ITR623(KAR); [2000]242ITR623(Karn)

..... specified in clause (i) to clause (iii) of sub-section (3b) shall be the aggregate amount of expenditure incurred by the assessee as reduced by so much of such expenditure as is not allowed under any other provision of this act ; (b) expenditure on advertisement, publicity and sales promotion shall not include remuneration paid to employees of the assessee engaged in one or more of the said activities ; (c) expenditure on running and maintenance of aircraft and motor cars shall ..... the income chargeable under the head 'profits and gains of business or profession'.'5. ..... wheelers, the assessing officer had included the same within the calculation for disallowance under section 37(3a) of the income-tax act on the ground that it is a type of running and maintenance expenses of motor cars, etc. ..... (c) and as such we are of view that the tribunal was right in holding that conveyance allowance paid to the employees would be hit by the provisions of section 37(3a) of the act and accordingly was liable to be computed for computation of disallowance. 6. ..... that conveyance allowance paid to the employees would be hit by the provisions of section 37(3a) of the act and accordingly was liable to be computed for computation of disallowance ?' 2. ..... section 37(3b) as inserted by the finance act, 1983, with effect from april 1, 1984, stood as under :'(3b) the expenditure referred to in sub-section (3a) is that incurred on- (i) advertisement, publicity and sales promotion ; or (ii) running and maintenance of .....

H.V. Thimmegowda and Others Vs. State of Karnataka

Court : Karnataka

Reported in : 2001CriLJ3156; [2002(94)FLR928]; ILR2001KAR3683; 2001(4)KarLJ548

..... companies (profits) surtax act, 1964 (7 of 1964 ..... a contribution payable in respect of a member under a scheme or the contribution payable in respect of an employee to whom the insurance scheme applies, (d) 'controlled industry' means any industry the control of which by the union has been declared by a central act to be expedient in the public interest, (e) 'employer' means- (i) in relation to an establishment, which is a factory, the owner or occupier of the factory including the agent of such owner or occupier, the legal representative of a deceased owner or ..... directly or indirectly from the employer and includes any person- (i) employed by or through a contractor in or in connection with the work of the establishment, (ii) engaged as an apprentice, not being an apprentice engaged under the apprentices act, 1961 or under the standing orders of the establishment, (ff) 'exempted employee' means an employee to whom a scheme or the insurance scheme as the case may be would, but for the exemption granted under section 17, have ..... the affairs of the factory, and where the said affairs are entrusted to a managing agent, such agent shall be deemed to be the occupier of the factory, (k-a) 'prescribed' means prescribed by rules made under this act, (k-b) 'recovery officer' means any officer of the central government, state government or the board of trustees constituted under section 5-a, who may be authorized by the central government by notification in the official gazette to exercise the .....

Commissioner of Income-tax Vs. ProducIn P. Ltd.

Court : Karnataka

Reported in : (2007)211CTR(Kar)393; [2007]290ITR598(KAR); [2007]290ITR598(Karn)

..... llearned counsel for the department, on the first issue would contend that under section 80hhc of the act, an indian company or a non-corporate resident is granted deduction of profits derived from export out of india, if any goods or merchandise, other than those goods mentioned in the section itself, subject to fulfilment of prescribed conditions and since the interest income earned from short-term deposits ..... that was a case where the supreme court, apart from others, was considering the claim of the assessee with regard to deductibility or otherwise of surtax levied on the profits of a company is deductible under section 40(a)(ii) of the act. ..... cit : [2000]245itr116(sc) , the supreme court has concluded that the expenditure incurred by a pharmaceutical company on giving free samples to physicians by pharmaceutical company is held to be an expenditure in the nature of publicity and sales promotion and therefore, falls within the restrictive provisions of section 37(3a) of the act.42. ..... : [1994]207itr881(cal) , the calcutta high court has observed that the deposits accepted by the company from the public and in turn depositing portion of the money in the bank under rule 3a of the companies (acceptance of deposits) rules, 1975, the interest earned is assessable as business income under the provisions of the income-tax act.26. .....

Mcdowell and Co. Ltd. Vs. Commissioner of Income Tax

Court : Karnataka

Reported in : [2006]285ITR196(KAR); [2006]285ITR196(Karn)

..... (ii) whether, on the facts the interest under section 7c of the companies (profits) surtax act, 1964, was leviable for the relevant assessment year in the case of the applicant?2. ..... while completing the assessment, the ao charged interest under section 7c of the companies (profits) surtax act, 1964 (hereinafter referred to as 'the act') among other things in all a sum of rs. ..... under these circumstances, as noticed by us earlier, on the application filed by the assessee, the tribunal has under section 256(1) of the it act, 1961 referred the questions set out hereinbelow for our opinion:(i) whether, on the facts and in the circumstances of the case, the tribunal was justified in upholding the levy of interest under section 7c of the companies (profits) surtax act, 1964? ..... own estimate (including revised estimate), and the advance surtax so paid is less than eighty-three and one-third per cent of the assessed surtax, simple interest at the rate of fifteen per cent per annum from the first day of april next following the said financial year up to the date of the regular assessment shall be payable by the company upon the amount by which the advance surtax so paid falls short of the assessed tax.4. .....

Commissioner of Income-tax Vs. Eskayef Ltd.

Court : Karnataka

Reported in : (2007)211CTR(Kar)31; [2008]296ITR110(KAR); [2008]296ITR110(Karn)

..... the case, particularly in view of the provisions of sub-rule (iii) of rule 1 of the second schedule to the companies (profits) sur-tax act, 1964, the tribunal was correct in law in holding that the capital expenditure on scientific research as appearing in the united kingdom accounts of the company cannot be considered to have been allowed as deduction in computing the income of the company for income-tax purposes and consequently in allowing the claim of the asses see that such amount ..... our consideration.whether, on the facts and in the circumstances of the case, particularly in view of the explanation below rule 1 of second schedule to the companies (profits) sur-tax act, 1964 alongwith the provisions of rule 1a of the said schedule, the tribunal was correct in law in holding that 'unappropriated profits' shown in the p&l; accounts of the head-office of the assesses company at united kingdom cannot be excluded from the 'capital' to be computed for the purpose of sur-tax assessment? ..... assessment under section 16(2) of the companies (profits) sur-tax act, 1954 was made on the basis of return of chargeable profits furnished by the assessee based on the ..... the companies (profit) sur-tax act under section 2a defines the statutory deduction meaning an amount equal to 15% of the capital of the company as computed in accordance with the provisions of the second schedule, or an amount of two hundred thousand rupees, ..... for computing the capital of a company for the purposes of surtax. .....

B.P.L. Ltd., Bpl Works Rep. by Its Chairman and Managing Director Mr. ...

Court : Karnataka

..... 141 raises a legal fiction, by reason of the said provision, a person although is not personally liable for commission of such an offence would be vicariously liable therefor such vicarious liability can be inferred so far as a company registered or incorporated under the companies act, 1956 is concerned only if the requisite statements, which are required to be averred in the complaint petition, are made so as to make the accused therein vicariously liable for the offence committed by the ..... intended to ensure that a person who is sought to he made incuriously liable for an offence of which the principal accused is the company, had a role to play in relation to the incriminating act and further that such a person should know what is attributed to him to make him liable. ..... (2) notwithstanding anything contained in sub-section (1), where any offence under this act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of or is attributable to, any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly. ..... gujarat) reported in 1989 65 comp cas 163 to buttress his submission that the word 'proceedings' used in section 391 of the companies act is a term of wide import and includes within its sweep criminal proceedings also.11. .....

K. Baliah and anr. Vs. Commissioner of Income-tax, Mysore

Court : Karnataka

Reported in : [1964]54ITR221(KAR); [1964]54ITR221(Karn); (1964)2MysLJ325

..... it is somewhat surprising that the tribunal took from the representative of the department a statement of gross profit rates of other cotton mills without showing that statement to the assessee and without giving him an opportunity to show that that statement had no relevancy whatsoever to the case of the mill in question. ..... next, it did not give any opportunity to the company to rebut the material furnished to it by him, and, lastly, it declined to take all the material that the assessee wanted to produce in support of its case. ..... this is a reference made under section 66(2) of the indian income-tax act, 1922, by the income-tax appellate tribunal, madras bench, in pursuance of the orders of this court. ..... the estimate of the gross rate of profit on sales, both by the income-tax officer and the tribunal, seems to be based on surmises, suspicions and conjectures. ..... commissioner of income-tax, that when a court of facts acts on material, partly relevant and partly irrelevant, it is impossible to say to what extent the mind of the court was affected by the irrelevant material used by it in arriving at its finding; such a finding is vitiated because of the use of inadmissible .....

Ramacharya Narayana Charya Burli and anr. Vs. State of Mysore and ors.

Court : Karnataka

Reported in : AIR1965Kant1; AIR1965Mys1; ILR1964KAR643; (1964)1MLJ261

..... in the judgment relating particularly to the course of previous litigation between the parties, it appears that the permanent lease in question had been created before the coming into force of the bombay hereditary offices act of 1874 and that what the watandar was at the relevant time receiving as rent had been fixed by the government of bombay purporting to vary or modify the order passed by the collector in proceedings ..... the said case having refused to make any such declaration, their lordships held that the order of the government in question in the case could only be regarded as one made under section 5 of the act according sanction to the alienation beyond the life-time of the alienating watandar.in cases where the collector actually declares an alienation by way of lease to be void but directs the alienee only to make periodical ..... only at the option of the lessee and that the value of the lessors' chance of receiving back the land was nothing at all since it was quite plain that the effect of the act was to put the college on a permanent basis.it was argued before the privy council that the original lessee and his successors had the right to remain in possession only so long as the ..... severance of the land acquired from other lands, injurious affection of other property, the need if any of a person interested having to change his place of residence or business and bona fide diminution of profits between the declaration under section 6 and the actual taking of possession. .....

Mysore Silk Waste Merchants and Reelers Association Vs. Official Liqui ...

Court : Karnataka

Reported in : [1965]35CompCas107(Kar); (1965)1MysLJ710

..... . but section 530 is not an exhaustive provision on the subject of preferential payment since section 529 expressly provides that in respect of the debts provable under the companies act, the rules under the law of insolvency are applicable and, as provided by section 529, any provision in the law of insolvency as to preferential payment must be considered ..... what the sub-section means is that the only amount in respect of which a creditor could claim a preferential payment is that the amount which has been applied by the company towards payment of wages or salary or holiday remuneration and in respect of which if it had not been paid, the employee or his legal representative would have been entitled ..... affairs of the company and that there was gross mismanagement and reckless borrowing on the part of he directors and that, in consequence, the only person who made any gain at all was the respondent firm, between whom and the management there was some sort of secret understanding by which the firm was enable to make unjust gains and secret profits, was also the ..... the report submitted by the official liquidator on january 12, 1960, to the company judge, that the company was incorporated in the year 1936, with a view to find a profitable and steady outlet to the silk waste which was a by-product of silk ..... was that quite enormous profits have been made by the respondent firm in pursuance of a clandestine agreement entered into between the management and the firm while the outstanding due to .....