Judgment Search Results Home > Cases Phrase: finance act 2007 section 12 amendment of section 35 Sorted by: recent Court: privy council Page 7 of about 1,485 results (0.063 seconds)

Seth Kaluram Kankaria, in Re.

Court : Allahabad

Reported in : [1947]15ITR209(All)

..... the mortgages were not foreign to the money-lending business of the assessee. in any case, the expenditure incurred, to be an admissible deduction under section 10 (2) (xii) of the act, must be an expenditure wholly and exclusively for the purpose of such business. it could not be said that the sum of rs. 9,070 ..... shareholders of the agra united mills limited for damages on the false allegation that the money lent to the company was in part performance of a larger contract to finance the company, that the maharajas father was guilty of the breach of contract and there were additional allegations of fraud, collusion and conspiracy. the suit failed but ..... incurred by the assessee, is an expenditure laid out or expended wholly and exclusively for the purposes of his business within the meaning of section 10 (2) (xii) of the indian income-tax act ?'learned counsel for the assessee had drawn our attention to a decision of their lordships of the judicial committee in commissioner of income-tax .....

Kaluram Kankaria Vs. Commissioner of Income-tax

Court : Allahabad

Reported in : AIR1948All28

..... was adjudged an insolvent on 28-3-1932. the receiver appointed by-the court to take charge of the property of the insolvent filed a suit under sections 53 and 54, provincial insolvency act, for annulment of the four mortgages on various grounds. on 12-9-1942, the court ultimately held that the four mortgages were void. the court came ..... -holders of the agra united mills limited for damages on the false allegation that the money lent to the company was in part performance of a larger contract to finance the company, that the maharaja's father was guilty of the breach of contract and there were additional allegations of fraud, collusion and conspiracy. the suit failed but ..... that the mortgages were not foreign to the money-lending business of the assessee. in any case, the expenditure incurred to be an admissible deduction under section 10(2)(xii) of the act must be an expenditure wholly and exclusively for the purpose of such business. it could not be said that the sum of rs. 9070 was spent .....

Baldevdas C. Parikh Vs. Khimji Poonja and Co.

Court : Mumbai

Reported in : (1947)49BOMLR649

..... amendments and additions which are omitted from the relevant contract notes altogether. the whole position is governed by the bombay cotton contracts act, 1932, and section 8 of that act provides:save as hereinafter provided in this act, any contract (whether either party thereto is a member of a recognised cotton association or not) which is entered into ..... bye-laws. for this purpose one may first refer to the fact that the word 'contract' within the meaning of this act is defined under section 3(e) of the bombay cotton contracts act, 1932. thereafter section 6(2)(g) says that the terms, conditions and incidents of contract and the forms of such contracts as are in writing ..... appears to have been added some time later. that is very material because on september 19, 1944, the government of bombay, by an emergency notification of the finance department, amended the official forms of clients contract notes contained in the bye-laws of the association to which i will refer in a moment, and it .....

The Corporation of Madras Vs. S.A. Khan and ors.

Court : Chennai

Reported in : AIR1947Mad447; (1947)2MLJ120

..... during its currency.4. in september, 1944, the corporation served upon each of the plaintiffs nos. 1 to 9 a notice stating that under section 301(2) pf the madras city municipal act, the standing committee (taxation and finance) at its meeting held on the 30th august, 1944, determined that a specified fee per mensem should be levied for the stall in his ..... be made to the relevant provisions of the madras city municipal act.section 4. the municipal authorities charged with carrying out the provisions of the act are:(a) a council,(b) standing committees of the council, (c) a commissioner.section 6. there shall be six standing committees of which the fourth is taxation and finance.section 80. every contract shall be made on behalf of the .....

Commissioner of Income-tax Vs. A.H. Wadia

Court : Mumbai

Reported in : (1947)49BOMLR633

..... any money lent on interest is brought into british india and any income arising from such money is deemed to be income for the purposes of section 42 of the income-tax act. therefore, section 42 considers the accrual of income in cases of moneys lent and brought into british india as having accrued in british india. the only two questions ..... and concern, except for question no. 6, the gwalior darbar's moneylending transactions in british india, and arise by virtue of the government trading taxation act iii of 1926. section 2 of that act provides:-2 (1) where a trade or business of any kind is carried on by or on behalf of the government of any part of his ..... 3 represents the income from these properties.12. the facts with regard to question no. 4 are:in the course of the durbar's moneylending business it undertook to finance the operations of the sir shapurji broacha mills ltd. and was providing funds required from time to time for the business of the mills. between the years 1925 and .....

Commissioner of Income-tax, Bombay City Vs. A. H. Wadia, as Agent to t ...

Court : Mumbai

Reported in : [1947]15ITR367(Bom)

..... any money lent on interest is brought into british india and any income arising from such money is deemed to be income for the purposes of section 42 of the income-tax act. therefore section 42 considers the accrual of income in cases of moneys lent and brought into british india as having accrued in british india. the only two ..... touch and concern, except for question no. (6), the gwalior durbars money-lending transactions in british india, and arise by virtue of the government trading taxation act iii of 1926. section 2 of that act provides :'2. (1) where a trade or business of any kind is carried on by or on behalf of the government of any part of his ..... (3) represents the income from these properties.the facts with regard to question no. (4) are :-'in the course of the durbars money-lending business it undertook to finance the operations of the sir shapurji broacha mills ltd., and was providing funds required from time to time for the business of the mills. between the years 1925 and 1930 .....

Commissioner of Income-tax, Gujarat I Vs. Rajkot Seeds, Oil and Bullio ...

Court : Gujarat

Reported in : [1975]101ITR748(Guj)

..... stock could not be regarded as representing 'borrowed money' under rule (2) of part iii of schedule iv of the finance act 2 of 1915. it was necessary for the calculation of tax under the said act to consider what was the capital utilised by the port authority for its business operations and any borrowed money was to be ..... court held that the interest claimed by the assessee-company as interest on borrowed capital for construction the house property in question was not allowable under section 9(1)(iv) of the act of 1922.at the stage when the matter was argued before the income-tax appellate tribunal for assessment years 1960-61 to 1963-64, which ..... for the purposes of any business, profession or vocation carried on by him the profits of which are assessable to tax, subject to the various allowances mentioned in the section, and the relevant portion of clause (vi) was'(iv) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of .....

Howard De Walden (Lord) Vs. Inland Revenue Commissioners.

Court : Kolkata

Reported in : [1942]10ITR90(Cal)

..... for the appellant which we only mention in order to say that we disagree with it entirely. by the finance act, 1938, section 28, certain amendments were made in section 18 of the act of 1936. in particular, the provision was made by a new section to meet devices by which a transferor took care to give himself no power to enjoy any income of a ..... nov 25 26; dec 16 1946this is another appeal by a taxpayer against assessments made under the finance act, 1936, section 11. the facts are extremely complicated, but fortunately it is only necessary to refer to them in the most summary manner in order that the short point which arises may ..... of the companies which is deemed to be his. this, it was urged, involves double taxation, since no relief is afforded by paragraph 3 of the second schedule to the finance act 1936. there is a short answer to this argument. there is no doubt taxation since the subject-matter of tax is different, the income of the son being one thing .....

B. Subramania Iyer Vs. the Podanur Bank, Limited (In Liquidation), by ...

Court : Chennai

Reported in : (1947)1MLJ54

..... court without further research to satisfy itself that the learned district judge did give due consideration to the materials available. there is, however, no provision in section 237 of the companies act requiring the court to set forth its reasons when directing the liquidator to launch prosecutions ; and although it is obviously desirable whenever a court passes an ..... not to direct the prosecution of a delinquent director of a company as part of the proceedings in liquidation have been laid down by buckley, j., in london and globe finance corporation, ltd. (1903) 1 ch. d. 728. the learned judge says:what are the considerations which ought to govern it? the principle lies, i think, in ..... assets and the distribution of a further dividend out of the balance in the hands of the liquidators and also asking that the prosecution already ordered should not be financed out of the funds of the company. at the same time there was a further petition, i.a. no. 97 of 1946, in which the same petitioners .....

Attorney-general of Canada and Another Vs. Attorney-general of the Pro ...

Court : Privy Council

..... in favour of the appellants had he not felt himself constrained by the reasoning of the supreme court of canada in [provincial treasurer of manitoba v. minister of finance for canada] (1943) 1943 scr 370 to hold otherwise. that case decided that certain trust money in the hands of a trustee which had not been and ..... one field. if however the matter dealt with comes within any of the classes of subjects enumerated in s. 91 it is under the terms of that section not to be deemed to come within the classes of subjects assigned exclusively to the legislatures of the provinces even though the classes of subjects looked at singly ..... [8] if the true subject-matter of the quebec statute is "banking" it is ultra vires of the provincial legislature: if its provisions conflict with the federal act, the federal act must prevail. an answer therefore to either question in favour of the dominion is sufficient to invalidate its provisions. [9] their lordships propose accordingly to consider the earlier .....