Judgment Search Results Home > Cases Phrase: finance act 2007 section 132 amendment of section 37 Court: privy council Page 14 of about 191 results (0.022 seconds)

Commissioner of Income-tax, United Provinces of Agra and Oudh Vs. Tehr ...

Court : Privy Council

..... of its trading profits for the previous year, i.e., the year ending 31st march 1926 and super-tax would follow under s. 55, at the rates imposed by the finance act for the year. the state was accordingly in the year 1926 called upon to pay by way of income-tax and super-tax sums totaling rs. 43,294-14 0 ..... to his majesty in council, asking for its reversal. the principal contention on his behalf is that the learned judges have misconstrued s. 3 of the act of 1922, that the intention of the section is not to treat the income of the previous year merely as a measure of the unascertained income of the year of assessment, but to tax the ..... of 1922. we have already read it once before. now, substituting the years with which we have to deal, the section would read as follows: where any act of the indian legislature enacts that income-tax shall be charged for the year 1926-27 ... tax ... shall be charged for the year 1926-27 ... in respect of all the .....

Trustees of the Sir Currimbhoy Ebrahim Baronetcy Trust Vs. Commissione ...

Court : Privy Council

..... tax for the same year." for the year to which this case relates income-tax and super-tax, both at graduated rates, were leviable by virtue of the current finance act. as appears from the provisions above referred to, the scheme of the income-tax is that there is to be a statement of the total income of the assessee ..... the government of india or of a local government, or on debentures, etc. section 9. the tax shall be payable by an assessee under the head 'property' in respect of the bona fide annual value of property consisting of any building or lands appurtenant ..... "salaries." ss. 8 and 9 deal with "interest on securities" and "property," "which are the heads with which this case is concerned. these two sections, so far as material, are as follows: "section 8. the tax shall be payable by an assessee under, the head 'interest on securities' in respect of the interest receivable by him on any security of .....

Superintendent of Stamps Vs. Breul and Co.

Court : Mumbai

Reported in : AIR1944Bom325; (1944)46BOMLR686

..... beneficially for the subject.18. this is concisely put in the phrase ' the benefit of the doubt is the right of the subject.' see the irish case : in re finance act, 1894, and studdert [1900] 2 i.r. 40019. the contract relates to the sale of 50 bales of cotton, and nothing more, and, in my opinion, there ..... & co., through their attorneys, for warded to the collector of bombay in january, 1943, an unstamped documentbear in date january 7, 1943, and applied under section 31 of the indian stamp act for theopinion of the collector as to the duty, if any, which was chargeable thereon.3. as will hereafter appear, the document submitted follows the form of ..... accused persons charged withhaving failed to stamp similar contracts. the judgment of the chief presidency magistrate is annexed to the reference ; and as required by section 57 of the indian stamp act the superintendent of stamps has expressed his own opinion which is as follows :in my opinion the document is a memorandum sent by the broker to .....

Trustees of the Sir Currimbhoy Ebrahim Baronetcy Trust Vs. the Commiss ...

Court : Mumbai

Reported in : (1934)36BOMLR557

..... to which this case relates, income-tax and super-tax, both at graduated rates, were leviable by virtue of the current finance act.12. as appears from the provisions above referred to the scheme of the income-tax act is that there is to be a statement of the total income of the assessee from which is to be deducted for the ..... would seem in such circumstances that the assessment must be put upon the trustee.14. an argument was also founded by counsel for the appellants upon section 38(2) of the indian income-tax act (which requires trustees, guardians and agents to furnish the revenue officials upon request with a return of the names and addresses of their beneficiaries or ..... fund and the repair fund, and to carry annually thereto respectively, out of the income of the properties, certain sums calculated on percentages of capital sums there specified. by section 8 the residue of the income was to be paid to the baronet for the time being; if of full age, for his own absolute use and benefit .....

Shapurji Pallonji Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : AIR1945Bom238; (1945)47BOMLR174

..... a sort of estoppel in favour of the individual partners . while both firm and individuals are liable to the tax by the plain wording of the finance act, the clause [clause (b) of section 14(2)] exempts the individual from payment in respect of certain profits as soon as those profits are in the hands of the firm assessed, but ..... merely a name-lender and that that four annas share belonged to the applicant'6. on march 20, 1940, the income-tax officer issued a notice under section 34 of the act, which section provides:if for any reason income, profits or gains chargeable to income-tax has escaped assessment in any year, or has been assessed at too low a ..... investigation by the income-tax officer with the object of seeing whether any income of the taxpayer has escaped assessment; nor has our attention been drawn to any other section of the act which expressly so says.8. we have been referred to two cases, to which some reference must be made. the first case comes from sind : kirpaldas motandas .....

In Re: the Patiala State Bank

Court : Mumbai

Reported in : AIR1941Bom93; (1941)43BOMLR84

..... the assessee is that this act is ultra vires the indian legislature, since it does not fall within the legislative powers conferred by ..... which accrue or arise or are received in british india. the act was, i understand, passed in pursuance of reciprocal arrangements with great britain and dominion governments, and it is to be noticed that it is in very similar terms to section 25 of the finance act of 1925, which applies to great britain.7. the contention of ..... section 65 of the government of india act, 1919. that section, so far as material, provides: 'the indian legislature has power to .....

The Commissioner of Income Tax Vs. Tehri-garhwal State

Court : Mumbai

Reported in : (1934)36BOMLR257

..... 1922 in respect of its trading profits for the previous year, i.e., the year ending march 31, 1926, and super-tax would follow under section 55, at the rates imposed by the finance act for the year.3. the state was accordingly in the year 1926 called upon to pay by way of income-tax and super-tax sums totalling rs ..... procedure by which it could be corrected.15. on the assumption, which their lordships are satisfied must be made for the purposes of the present appeal, that section 3 of the act was to be construed in the way the learned judges construed it, they think that the consequences would follow which have been ascribed to this construction in the ..... has contested its liability to taxation. it appealed from the original assessing authority to the commissioner, and from the commissioner, upon a reference made by him under section 66(2) of the act, to the high court.4. this reference was heard by mukerji and niamat-ullah jj. on november 21, 1929. four questions of law had been formulated .....

Shapurji Pallonji Vs. Commissioner of Income-tax, Bombay.

Court : Mumbai

Reported in : [1945]13ITR113(Bom)

..... as a sort of estoppel in favour of the individual partners.... while both firm and individuals are liable to the tax by the plain wording of the finance act, the clause [clause (b) of section 14 (2)] exempts the individual from payment in respect of certain profits as soon as those profits are in the hands of the firm assessed, ..... was merely a name-lender and that that four annas share belonged to the applicant.on march 20, 1940, the income-tax officer issued a notice under section 34 of the act, which section provides :-'if for any reason income, profits or gains chargeable to income-tax has escaped assessment in any year or has been assessed at too low ..... by the income-tax officer with the object of seeing whether any income of the taxpayer has escaped assessment; nor has out attention been drawn to any other section of the act which expressly so says.we have been referred to two cases, to which some reference must be made. the first case comes from sind : kirpaldas motandas v .....

The Patiala State Bank, in Re.

Court : Mumbai

Reported in : [1941]9ITR95(Bom)

..... the assessee is that this act is ultra vires the indian legislature, since it does not fall within the legislative powers conferred by ..... which accure or arise or are received in british india. the act was, i understand, passed in the pursuance of reciprocal arrangements with great britain and dominion governments, and it is to be noticed that it is in very similar terms to section 25 of the finance act of 1925, which applies to great britain.the contention of ..... section 65 of the government of india act, 1919. that section, so far as material, provides : 'the indian legislature has power to make .....

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 .....