Array ( [0] => ..... 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 it ..... opinion, had escaped assessment. it was contended on behalf of the assessee that this was not permissible, because until the firm was reassessed, the income-tax officer had no right to include a larger figure in the individual partner's assessment. this was also a case of a registered firm. this contention was negatived by the court. rankin ..... cancels the registration, it must be considered that the shares of the partners as mentioned in the instrument of partnership have been accepted by him, and he has no right to proceed on the footing that the income of the individual partners in the firm is different from what could be ascertained on the footing of the shares ..... [1] => ..... 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 it does ..... fully argued case as the report is of the refusal of a rule. but at p. 207 mr. justice weston says this :'we have been shown no section in the income-tax act which lays down that the registration of a firm operates to estop the income-tax authorities from taxing assessees who actually receive the profits of that firm, ..... provisions, cancels the registration, it must be considered that the shares of the partners as mentioned in the instrument of partnership have been accepted by him, and he has no right to proceed on the footing that the income of the individual partners in the firm is different from what could be ascertained on the footing of the shares so ..... [2] => ..... pay any tax, it deducted out of the dividend which it paid to the preference shareholders an amount calculated at the maximum rate of tax permitted under the finance acts of the relevant years. certain shareholders having found that the company had not paid the tax filed a representative suit and claimed that, while the company had not ..... tax on income which has accrued and not only on income which has actually been received by him.13. sub-section 4(1) provides:save as hereinafter provided, this act shall apply to all income, profits or gains, as described or comprised in section 6, from whatever source derived, accruing, or arising, or received in british india, ..... the circumstances were not entitled to gross up this income at all, because under section 16(2) of the act before its amendment in 1939 no income-tax was payable by the company in respect of the dividend received by the shareholders. it makes no difference how the gross figure was arrived at or whether it was arrived at by adding ..... [3] => ..... of war contracts, and had advertised goods which he could not presently sell, the expenses of such advertising would have been deductible under treasury rulings. [ footnote 2/2 ] page 323 u. s. 71 so long as campaign expenses spent by candidates are legitimate, ordinary, and necessary, i am unwilling to assume that congress intended ..... and not compensated for by insurance or otherwise . . . if incurred in any transaction entered into for profit, though not connected with the trade or business." [ footnote 2 ] " non-trade or nonbusiness expenses. -- in the case of an individual, all the ordinary and necessary expenses paid or incurred during the taxable year for the production ..... functions of a public office." this amendment, added by the revenue act of 1934, 48, 48 stat. 680, 696, was merely "declaratory of existing law." s.rep. no. 558, 73d cong., 2d sess., p. 29. it had "nothing to do" with campaign expenses, 1 hearings before committee on finance on h.r. 8735, 73d cong., 2d sess. (march ..... [4] => ..... 901, is cited in support of this argument. [ footnote 3 ] see paton, accountants' handbook 229-30 (2d ed., 1934); olson and hallman, credit management 36 (1925); jamison, finance 56 ff (1927); kramer v. gardner, 104 minn. 370, 373, 116 n.w. 925, 926. [ footnote 4 ] in bank v. supervisors, 7 wall. 26, this court ..... certificates payable on demand and circulating as currency to be taxed by the states. [ footnote 7 ] (1) act of feb. 25, 1862, 12 stat. 345, 346, exempting "all stocks, bonds, and other securities of the united states;" (2) act of march 3, 1863, 12 stat. 709, 710, exempting "all the bonds and treasury notes or united ..... 3701 is necessary under these circumstances. the seven statutory exemption provisions [ footnote 7 ] from which section 3701 was derived further confirm the conclusion that congress at no time intended to exempt open account claims. in all seven instances, the exemption provisions appeared in statutes authorizing the issuance of interest-bearing page 323 u. s. ..... [5] => ..... are as follows, the italicized portion of 270 constituting the whole of the amendment made in 1940. "sec. 268. except as provided in section 270 of this act, no income or profit, taxable under any law of the united states or of any state now in force or which may hereafter be enacted, shall, in respect to ..... cong., 3d sess., 2-4; s.rep. no. 1857, 76th cong., 3d sess., 1-5; hearings before a special subcommittee on bankruptcy and reorganization of the house judiciary committee on h.r. 9864, 76th cong., 3d sess., 3, 5-11, 13-14, 16, 18-31, 54; cf. paul, debt and basis reduction under the chandler act (1940) 15 tulane ..... object, and there was no other occasion for its being, than to free chapter x reorganizations from the tax deterrents, including tax uncertainties, imposed by the existing revenue act provisions. the relieving effect of 268 was confined in three ways -- namely, (1) to transactions occurring in a chapter x reorganization; (2) to transactions involving a modification or a ..... [6] => ..... a concrete sense. in commissioner of income-tax, bombay presidency v. bombay trust corporation, it was held that a company incorporated in hong kong to carry on a finance business, which used virtually its entire capital by way of loan to a company with similar objects in bombay, had a 'business connection' in british india. in ..... different facts. the truth perhaps is that the expression 'business connection' in section 42 (1) of the indian income-tax act is one which permits of no precise definition. no definition of it is given by the act itself and the legislature has apparently deliberately chosen to use words of wide, if uncertain, meaning.in the case of commissioner ..... profit as between the period prior to the moment of export from gwalior and the moment subsequent to that export.the second question is more difficult. it is :-'(2) whether, on the facts of the case, the profits and gains derived from sales made from ujjain to customers in british india through brokers in british india ..... [7] => ..... the opinion, until otherwise advised by indiana adjudications, that the consent was limited to suits in the state courts. chapter 27 of the acts of 1941, which creates the state board of finance, apparently invests the board with control over public funds, rather than with the collection and refund of taxes. [ footnote 9 ] reference ..... by statute, not by the unauthorized consent of an official. farish v. state banking board, 235 u. s. 498 , 235 u. s. 512 . no distinction was drawn between federal and state courts. reliance was placed on contemporaneous administrative interpretation of the state statutes, absence of any legislative action repudiating the attorney general' ..... 1 ] petitioner seeks a refund of gross income taxes paid to the department and measured by sales claimed by the state to have occurred in indiana. [ footnote 2 ] jurisdiction of the united states district court is founded on allegations of the violation of article i, section 8, the commerce clause, and page 323 u. s ..... [8] => ..... on the same bases as have been adopted or found convenient in england. the imposition and assessment of the tax must necessarily vary according to the exigencies of public finance here and the methods of doing business found to prevail in this country. even as regards persons resident in this country, the indian legislature did not, till very ..... vires the indian legislature in so far as they authorised the inclusion of such income in the assessment. this is the principal question in the case and forms question no. (2) in the reference. the first question is nothing more than an application to the facts of the case of the answer to the second question; it does not ..... the main question raised by the reference related: to the validity of section 4 a(c) and 4(1)(b)(ii) of the income-tax act. no objection has been taken to the maintainability of this appeal.2. the reference arose out of the assessment of the appellant company to income-tax for the year 1939-40, the accounting year being 1938 ..... [9] => ..... another part of the city. separate sums were allotted as capital and separate sets of accounts were maintained for each of these businesses. the cloth business was also financed from time to time with the money borrowed by the banking business and interest was charged on such advances. the cloth business made losses and was finally closed down ..... rendered unnecessary as the material facts appear in the orders of the income-tax officer and the appellate assistant commissioner to which our attention has been drawn. there is no dispute in regard to these facts which are entirely in accordance with the customary features of the usual nattu-kottai chetti business of banking and money-lending. the ..... british india in 1939-40, cannot be set off against the profits of the business abroad for 1940-41 under section 24(2) of the indian income-tax act is a correct inference in law.section 24(2)(so far as it is material here) runs as follows:where any assessee sustains a loss of profits or gains in any ..... ) Finance No 2 Act 2009 Chapter Iii Direct Taxes - Sortby Old - Page 100 - Judgments | SooperKanoon Skip to content


Judgment Search Results Home > Cases Phrase: finance no 2 act 2009 chapter iii direct taxes Sorted by: old Page 100 of about 75,457 results (0.368 seconds)

Sep 08 1944 (PC)

Shapurji Pallonji Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : AIR1945Bom238; (1945)47BOMLR174

..... 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 it ..... opinion, had escaped assessment. it was contended on behalf of the assessee that this was not permissible, because until the firm was reassessed, the income-tax officer had no right to include a larger figure in the individual partner's assessment. this was also a case of a registered firm. this contention was negatived by the court. rankin ..... cancels the registration, it must be considered that the shares of the partners as mentioned in the instrument of partnership have been accepted by him, and he has no right to proceed on the footing that the income of the individual partners in the firm is different from what could be ascertained on the footing of the shares .....

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Sep 08 1944 (PC)

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

Court : Mumbai

Reported in : [1945]13ITR113(Bom)

..... 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 it does ..... fully argued case as the report is of the refusal of a rule. but at p. 207 mr. justice weston says this :'we have been shown no section in the income-tax act which lays down that the registration of a firm operates to estop the income-tax authorities from taxing assessees who actually receive the profits of that firm, ..... provisions, cancels the registration, it must be considered that the shares of the partners as mentioned in the instrument of partnership have been accepted by him, and he has no right to proceed on the footing that the income of the individual partners in the firm is different from what could be ascertained on the footing of the shares so .....

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Nov 03 1944 (PC)

Commissioner of Income-tax Vs. K.M. Madan

Court : Mumbai

Reported in : AIR1945Bom431; (1945)47BOMLR281

..... pay any tax, it deducted out of the dividend which it paid to the preference shareholders an amount calculated at the maximum rate of tax permitted under the finance acts of the relevant years. certain shareholders having found that the company had not paid the tax filed a representative suit and claimed that, while the company had not ..... tax on income which has accrued and not only on income which has actually been received by him.13. sub-section 4(1) provides:save as hereinafter provided, this act shall apply to all income, profits or gains, as described or comprised in section 6, from whatever source derived, accruing, or arising, or received in british india, ..... the circumstances were not entitled to gross up this income at all, because under section 16(2) of the act before its amendment in 1939 no income-tax was payable by the company in respect of the dividend received by the shareholders. it makes no difference how the gross figure was arrived at or whether it was arrived at by adding .....

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Nov 20 1944 (FN)

Mcdonald Vs. Commissioner

Court : US Supreme Court

..... of war contracts, and had advertised goods which he could not presently sell, the expenses of such advertising would have been deductible under treasury rulings. [ footnote 2/2 ] page 323 u. s. 71 so long as campaign expenses spent by candidates are legitimate, ordinary, and necessary, i am unwilling to assume that congress intended ..... and not compensated for by insurance or otherwise . . . if incurred in any transaction entered into for profit, though not connected with the trade or business." [ footnote 2 ] " non-trade or nonbusiness expenses. -- in the case of an individual, all the ordinary and necessary expenses paid or incurred during the taxable year for the production ..... functions of a public office." this amendment, added by the revenue act of 1934, 48, 48 stat. 680, 696, was merely "declaratory of existing law." s.rep. no. 558, 73d cong., 2d sess., p. 29. it had "nothing to do" with campaign expenses, 1 hearings before committee on finance on h.r. 8735, 73d cong., 2d sess. (march .....

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Dec 04 1944 (FN)

Smith Vs. Davis

Court : US Supreme Court

..... 901, is cited in support of this argument. [ footnote 3 ] see paton, accountants' handbook 229-30 (2d ed., 1934); olson and hallman, credit management 36 (1925); jamison, finance 56 ff (1927); kramer v. gardner, 104 minn. 370, 373, 116 n.w. 925, 926. [ footnote 4 ] in bank v. supervisors, 7 wall. 26, this court ..... certificates payable on demand and circulating as currency to be taxed by the states. [ footnote 7 ] (1) act of feb. 25, 1862, 12 stat. 345, 346, exempting "all stocks, bonds, and other securities of the united states;" (2) act of march 3, 1863, 12 stat. 709, 710, exempting "all the bonds and treasury notes or united ..... 3701 is necessary under these circumstances. the seven statutory exemption provisions [ footnote 7 ] from which section 3701 was derived further confirm the conclusion that congress at no time intended to exempt open account claims. in all seven instances, the exemption provisions appeared in statutes authorizing the issuance of interest-bearing page 323 u. s. .....

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Dec 04 1944 (FN)

Claridge Apartments Co. Vs. Commissioner

Court : US Supreme Court

..... are as follows, the italicized portion of 270 constituting the whole of the amendment made in 1940. "sec. 268. except as provided in section 270 of this act, no income or profit, taxable under any law of the united states or of any state now in force or which may hereafter be enacted, shall, in respect to ..... cong., 3d sess., 2-4; s.rep. no. 1857, 76th cong., 3d sess., 1-5; hearings before a special subcommittee on bankruptcy and reorganization of the house judiciary committee on h.r. 9864, 76th cong., 3d sess., 3, 5-11, 13-14, 16, 18-31, 54; cf. paul, debt and basis reduction under the chandler act (1940) 15 tulane ..... object, and there was no other occasion for its being, than to free chapter x reorganizations from the tax deterrents, including tax uncertainties, imposed by the existing revenue act provisions. the relieving effect of 268 was confined in three ways -- namely, (1) to transactions occurring in a chapter x reorganization; (2) to transactions involving a modification or a .....

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Jan 03 1945 (PC)

Hira Mills Ltd., Cawnpore Vs. Income-tax Officer Cawnpore.

Court : Allahabad

Reported in : [1946]14ITR417(All)

..... a concrete sense. in commissioner of income-tax, bombay presidency v. bombay trust corporation, it was held that a company incorporated in hong kong to carry on a finance business, which used virtually its entire capital by way of loan to a company with similar objects in bombay, had a 'business connection' in british india. in ..... different facts. the truth perhaps is that the expression 'business connection' in section 42 (1) of the indian income-tax act is one which permits of no precise definition. no definition of it is given by the act itself and the legislature has apparently deliberately chosen to use words of wide, if uncertain, meaning.in the case of commissioner ..... profit as between the period prior to the moment of export from gwalior and the moment subsequent to that export.the second question is more difficult. it is :-'(2) whether, on the facts of the case, the profits and gains derived from sales made from ujjain to customers in british india through brokers in british india .....

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Jan 08 1945 (FN)

Ford Motor Co. Vs. Department of Treasury

Court : US Supreme Court

..... the opinion, until otherwise advised by indiana adjudications, that the consent was limited to suits in the state courts. chapter 27 of the acts of 1941, which creates the state board of finance, apparently invests the board with control over public funds, rather than with the collection and refund of taxes. [ footnote 9 ] reference ..... by statute, not by the unauthorized consent of an official. farish v. state banking board, 235 u. s. 498 , 235 u. s. 512 . no distinction was drawn between federal and state courts. reliance was placed on contemporaneous administrative interpretation of the state statutes, absence of any legislative action repudiating the attorney general' ..... 1 ] petitioner seeks a refund of gross income taxes paid to the department and measured by sales claimed by the state to have occurred in indiana. [ footnote 2 ] jurisdiction of the united states district court is founded on allegations of the violation of article i, section 8, the commerce clause, and page 323 u. s .....

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Jan 15 1945 (PC)

Wallace Bros. and Co. Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : (1945)47BOMLR153

..... on the same bases as have been adopted or found convenient in england. the imposition and assessment of the tax must necessarily vary according to the exigencies of public finance here and the methods of doing business found to prevail in this country. even as regards persons resident in this country, the indian legislature did not, till very ..... vires the indian legislature in so far as they authorised the inclusion of such income in the assessment. this is the principal question in the case and forms question no. (2) in the reference. the first question is nothing more than an application to the facts of the case of the answer to the second question; it does not ..... the main question raised by the reference related: to the validity of section 4 a(c) and 4(1)(b)(ii) of the income-tax act. no objection has been taken to the maintainability of this appeal.2. the reference arose out of the assessment of the appellant company to income-tax for the year 1939-40, the accounting year being 1938 .....

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Feb 16 1945 (PC)

S.N.A.Al.Ct. Chidambaram Chettiar Vs. the Commissioner of Income-tax

Court : Chennai

Reported in : (1945)1MLJ406

..... another part of the city. separate sums were allotted as capital and separate sets of accounts were maintained for each of these businesses. the cloth business was also financed from time to time with the money borrowed by the banking business and interest was charged on such advances. the cloth business made losses and was finally closed down ..... rendered unnecessary as the material facts appear in the orders of the income-tax officer and the appellate assistant commissioner to which our attention has been drawn. there is no dispute in regard to these facts which are entirely in accordance with the customary features of the usual nattu-kottai chetti business of banking and money-lending. the ..... british india in 1939-40, cannot be set off against the profits of the business abroad for 1940-41 under section 24(2) of the indian income-tax act is a correct inference in law.section 24(2)(so far as it is material here) runs as follows:where any assessee sustains a loss of profits or gains in any .....

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