Court : Chennai
Reported in : (1948)2MLJ496
..... shares so allotted to the respondent should be treated as part of his 'total income from all sources for the previous year' within the meaning of section 66 of the finance act. their lordships held that they were not part of his income but were an addition to his capital in that year and in doing so followed bouch ..... and authoritatively discussed is another decision of the house of lords in inland revenue commissioners v. blott (1921) 2 a.c. 171. that case arose under the finance act, 191 o, and was concerned with super-tax. a resolution was passed by the company in exercise of the power conferred in that behalf by the articles declaring ..... of which the funds required would be available. the question raised was whether the assessee thereby received ' income, profits or gains ' within the meaning of section 4 of the indian income-tax act. it was held by their lordships of the judicial committee that the capitalised profits distributed by way of debentures were not ' income, profits or gains .....
Tag this Judgment!Court : Chennai
Reported in : (1937)1MLJ707
..... of which he is assessed under section 3 as an individual. in addition to these three privy council decisions, there is a decision of the patna high court which is directly in point, namely, sri sri rajah shiva prasad singh v. the crown (1924) i.l.r. 4 pat. 73. there it was held that the finance act of 1922, which for the ..... that he is bound to maintain his sons entitle him to treat the income as that of the undivided family. it is essentially his income and i so hold. the finance act contemplates the larger deduction for purposes of super-tax only in a case where the income is that of the undivided family in which they are all jointly interested and ..... member of an undivided family does not stand on the same footing as a sum received by him as a member of the family within the meaning of section 14(1) of the act. it is contended that this case assists the assessee because it shows that the income is still the joint income of the family. but the assertion of the .....
Tag this Judgment!Court : Chennai
Reported in : AIR1937Mad515
..... as a minister in respect of which he is assessed under section 3 as an individual? in addition to these three privy council decisions, there is a decision of the patna high court which is directly in point, viz., shiva prasad singh v. emperor : air1924pat679 . there it was held that the finance act of 1922, which, for the purpose of assessing super- ..... he is bound to maintain his sons entitle him to treat the income as that of the undivided family. it is essentially his income and i so hold. the finance act contemplates the larger deduction for purposes of super-tax only in a case where the income is that of the undivided family in which they are all jointly interested and ..... the junior members. the contention of the assessee that this income falls to be assessed as that of a hindu undivided family is founded upon the words of section 14, income-tax act, which reads as follows:the tax shall not be payable by an assessee in respect of any sum which he receives as a member of a hindu undivided .....
Tag this Judgment!Court : Chennai
Reported in : [1937]5ITR78(Mad)
..... in respect of which he is assessed under section 3 as an individual. in addition to these three privy council decisions, there is a decision of the patna high court which is directly in point, viz., sri sri raja shiva prasad singh v. the crown 4 pat. 73. there it was held that the finance act of 1922, which, for the purpose of ..... that he is bound to maintain his sons entitle him to treat the income as that of the undivided family. it is essentially his income and i so hold. the finance act contemplates the larger deduction for purposes of super-tax only in a case where the income is that of the undivided family in which they are all jointly interested and ..... the junior members. the contention of the assessee that this income falls to be assessed as that of a hindu undivided family is founded upon the words of section 14 of the income tax act which reads as follows :'the tax shall not be payable by an assessee in respect of any sum which he receives as a member of a hindu .....
Tag this Judgment!Court : Chennai
Reported in : 168Ind.Cas.168
..... minister in respect of which he is assessed under sections 3 as an individual? in addition to these three privy council decisions, there is a decision of the patna high court which is directly in point, viz., sri sri raja shiva prasad singh v. crown : air1924pat679 . there it was held that the finance act of 1922, which for the purpose of assessing super ..... he is bound to maintain his sons entitle him to treat the income as that of the undivided family. it is essentially his income and i so hold. the finance act contemplates the larger deduction for purposes of super-tax, only in a case where the income is that of the undivided family in which they are all jointly interested and ..... member or an undivided family does not stand on the same footing as a sum received by him as a member of the family within the meaning of sections 14 (1) of the act. it is contended that this case assists the assessee because it shows that the income is still the joint income of the family. but the assertion of .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1950All249; [1950]18ITR812(All)
..... of appeal in in re waring, (1942) oh. 426 : (1942-2 all e. r. 250), it was assumed that the provisions of section 25, finance act, 1941 were applicable as the will was executed before 1939 although the testator did not die until after that date and the annuities were, therefore, not payable in full. the ..... from the date of his death. the question was whether the annuities were payable in full. this depended upon the decision of the question whether for the purposes of section 25, finance act, 1941, a will should be deemed to be made not at the date of signature but at the death of the testator. following the decision of the court ..... whether payments out of the income of a lunatic of his committee's remuneration and of the lunacy percentage on his clear annual income payable to the court under section 148, lunacy act, 1890, and the lunacy rules, 1892, rule 183, cannot be deducted from a lunatic's gross income for the purpose of an assessment to super-tax, was .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1921Cal40,61Ind.Cas.107
..... contributor to the review and thus carried on the profession of a journalist, the profits of which depended mainly on his personal qualifications within the meaning of section 39(c) of the finance act, 1915. on appeal, sankey, j, set aside the order for exemption as, in his opinion, the appellant was not in the position of an ..... of the farm was the business of husbandry and that the profits of the farm should consequently be excluded for the purpose of excess profits duty under section 36 of the finance act, 1915, so that what remained as the profits of the factory could alone be assessed. this view was supported by reference to the dictum of ..... need not be considered here.4. the provisions of the indian income tax act material for the determination of the question referred are contained in section 3, sub-section (1) and section 4. section 3, sub-section (1) is in the following terms:save as hereinafter provided, this act shall apply to all income from whatever source it is derived, if it .....
Tag this Judgment!Court : Mumbai
Reported in : (1926)28BOMLR1236
..... other association of individuals, not being a registered firm, an additional duty of income-tax (in this act referred to as super-tax) at the rate or rates laid down for that year byact of the indian legislature 8. under section 7 of the finance act, 1925, the rates of super-tax for the year beginning on the first day of april 1925, shall ..... , for the purposes of section 55 of the indian income tax act, 1922, be those specified in part ii of the third schedule, and the rate ..... facts of this case the company can be assessed for super-tax on the profits of the previous year at any other rate than that which is provided by the finance act for 1925. if, as a matter of fact, the turf club, before it became a company, could have come within the definition of 'registered firm,' we think the company .....
Tag this Judgment!Court : Kolkata
Reported in : [1938]6ITR541(Cal)
..... obtaining relief by way of allowance or repayment. that that is what the legislature intended is, in my opinion, made quite clear when the finance act, 1924, is examined. under sec. 27 of that act a new right of appeal to the special commissioners was given from a decision of the commissioners of inland revenue. it is to be observed ..... point which is of significance, and which, in my opinion, confirms the view at which i have arrived on the construction of the act of 1918 and of rule 7. in the finance act of 1924, sec. 27, there is an important provision giving a right of appeal in certain cases from the decision of the commissioners of inland revenue ..... the history of this particular line of legislation too minutely, to refer to one section in the finance act of 1915, namely, section 47, which was reproduced in section 46 of the act of 1918, which i have just read, but be it noted that section 47 of the finance (no. 2) act, 1915, has not been repealed, and, therefore, must be read along with .....
Tag this Judgment!Court : Kolkata
Reported in : [1942]10ITR67(Cal)
..... relied on the omission from the paragraph of any qualifying epithet, attached to the phrase, such as ' direct or indirect ', of the finance act, 1920, which dealt with corporation profit tax. that section contains a proviso, sub-section (2) (c) as follows : ' any deduction allowed in respect of the remuneration of any director, manager or other person concerned ..... the taxpayer from a judgment of lawrence, j., with regard to the measure of its liability to national defence contribution under the finance act, 1937. the operative provisions of part iii of that act are these; section 19, ' (1) there shall be charged, on the profits arising in each chargeable accounting period falling within the five years ..... two sole-directors of that company had such an interest in it so as to bring them within paragraphs 4 and 11 of the fourth schedule to the finance act, 1937, where the phrase is used. paragraph 4, sub-paragraph (b), forbids any deduction from the profits of a business carried on by a company .....
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