Court : Kerala
Reported in : (1988)68CTR(Ker)165; [1988]172ITR597(Ker)
..... the full value of the assets shown in the balance-sheet of the relevant company, as reduced by the rate of depreciation applicable to such assets under the income-tax act, 1961, and the rules made thereunder. according to the assessees, what the officer did was to take the full value, as shown in the balance-sheet, and ..... is a matter of arithmetic. 5. the depreciation deductible from the value of the assets has to be computed strictly in accordance with the rates applicable under the income-tax act and the rules. this is necessarily so, even when the assessee has, for whatever reason, shown in the balance-sheet depreciation which is not correctly computed in ..... be computed with reference to the full value of the assets shown in the balance-sheet, as reduced by depreciation at the rates, allowable in terms of the income-tax act and the rules made thereunder ?' 8. having thus reframed the question, we answer it in principle in the affirmative. but the actual net wealth determinable under rule .....
Tag this Judgment!Court : Mumbai
Reported in : (2001)168CTR(Bom)99; [2001]249ITR612(Bom)
..... the extent required.'32. income-tax and other taxes.--(1) notwithstanding anything contained in the wealth-tax act, 1957 (27 of 1957), the income-tax act, 1961 (43 of 1961), the super profits-tax act, 1963 (14 of 1963), the companies (profit) surtax act, 1964 (7 of 1964) or in any other enactment for the time being in force relating to income-tax, super-tax, super profits-tax, surtax or any other tax on income, profits or gains.'15 ..... . section 32 gives exemption to the uti from payment of tax, inter alia, under the income-tax act on its income, profits .....
Tag this Judgment!Court : Mumbai
Reported in : 2001(3)BomCR673; 2002(1)MhLj301
..... the purposes of this judgment, we hereby quote section 32(1) to the extent required. '32, income-tax and other taxes. -- (1) notwithstanding anything contained in the [wealth tax act, 1957 (27 of 1957)], the income-tax act, 1961 (43 of 1961), the super profit-tax act, 1963 (14 of 1963), [the companies (profit) surtax act, 1964 (7 of 1964) or in any other enactment for the time being in force relating to ..... income-tax, super-tax [super profits-tax, surtax] or any other tax on income, profits or gains --'section 32 gives exemption to uti from payment of tax, inter alia, under the income tax act on its income, profits or .....
Tag this Judgment!Court : Karnataka
Reported in : [1992]193ITR41(KAR); [1992]193ITR41(Karn)
..... the charge is related to the net wealth of the person concerned. 10. under the income-tax act also, the hindu undivided family is a person assessable to tax. there were almost similar situations which arose under the provisions of the indian income-tax act, 1922, as well as under the present income-tax act, 1961, in connection with the assessment of the hindu undivided family. one such situation resulted in ..... the enactment of section 25a in the earlier income-tax act, 1922. the said provision was enacted to get over the difficulty caused when a hindu undivided family had .....
Tag this Judgment!Court : Kerala
Reported in : [2001]247ITR395(Ker)
..... certificates were issued only after the death of thangal kunju musaliar, mentioning him as the assessee and, therefore, they were invalid under section 66(3) of the travancore income-tax act and section 221 of the income-tax act, 1961. (3) by the gift deeds executed by thangal kunju musaliar in favour of his wives and children, the title to the properties comprised in them passed to ..... considered these questions and gave the following findings. the additional personal assistant to the collector, being a tax recovery officer within the meaning of section 2(44) of the income-tax act, 1961, is an authority constituted under section 221 of the income-tax act, 1961, to recover arrears of income-tax due under that act and, therefore, he is the corresponding authority referred to in the proviso to section 13(1 .....
Tag this Judgment!Court : Rajasthan
Reported in : (1986)52CTR(Raj)286; [1986]160ITR908(Raj); 1985(2)WLN789
..... udaipur to the tribunal. the same was dismissed. the tribunal considered the question of exemption under sections 10(19) and 10(2) of the income-tax act, 1961 (xliii of 1961) (for short 'the act'), and recorded the following findings:(1) that the deceased-assessee has all along in the past been receiving the said allowance by way of ..... of the ruler as privy purse or as a result of any financial agreement with the government and, therefore, exemption under section 10(19) of the income-tax act, 1961, is not available in the hands of the assessee. the covenant is between the ruler and the government whereas hath kharch allowance is between the ruler and ..... of privy purse were not entitled to exemption under section 10(19) of the income-tax act, 1961, in spite of clauses (2) and (4) of the covenant, but constituted income of by virtue of the definition of ' income' contained in section 2(24) of the income-tax act, 1961 ' 6. the tribunal, has however, thought it fit to refer the following .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1998]229ITR477(P& H)
..... law has been referred at the instance of the commissioner of income-tax by the income-tax appellate tribunal (for short 'the tribunal'), under section 256(1) of the income-tax act, 1961, (for short 'the act') : ' whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal erred in law in holding that the assessment order passed ..... by the income-tax officer for the assessment year 1975-76 on september 16, 1978, ..... so, then the proposed variation would be below rs. 1,00,000 and, consequently, section 144b of the act would not be attracted in the case of the assessee. 6. the commissioner of income-tax also did not accept the assessee's second plea that the assessing officer, by resorting to section 144b, .....
Tag this Judgment!Court : Chennai
Reported in : [2001]251ITR479(Mad)
..... the existing liability of the assessee.11. it will be, therefore, our endeavour to consider the real import of section 158bc as also section 132b of the income-tax act. in our opinion, the interpretation given by the learned single judge is absolutely correct and we agree with the same.12. there can be no dispute that ..... chitra venkataraman. learned counsel contended that the interpretation by the learned judge of section 158bc of the income-tax act was not correct. according to learned standing counsel, there were ample powers in that section if read with section 132b of the income-tax act to adjust the amounts in the way the authorities had done in this case. learned counsel ..... where there is a search under section 132 of the income-tax act, the assessment would be under chapter xiv-b of the act, which was a specially introduced chapter by the finance act, 1995. a glance at the whole scheme of this chapter suggests that under section 158ba, there is .....
Tag this Judgment!Court : Rajasthan
Reported in : [1991(62)FLR252]; (1992)ILLJ903Raj; 1990(1)WLN361
..... its employees is 7. this firm is also separately registered with the industries department and has got its separate central sales tax and rajasthan sales tax numbers and is separately assessed under the income tax act. this firm also purchases limestones from khoja lime udyog and operates its kilns. it is also stated in this petition that ..... the three firms are separately owned by three individuals, they kept their accounts separate and are separately assessed under the central sales tax and rajasthan sales tax act and the income tax act. not only this, there is absolutely nothing on record to suggest that there is a functional integrality or integrity of finance and ..... 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'. the same term has been defined under the employees state insurance act, 1948:2.(9) 'employee' means any person employed for wages in or in connection with the .....
Tag this Judgment!Court : Mumbai
Reported in : (2001)165CTR(Bom)67; [2000]245ITR823(Bom)
..... receipt in the hands of the foreign company and, therefore, the same was liable to tax under section 9(1)(vii) read with section 115a and section 44d of the income-tax act, 1961. accordingly, the assessing officer directed the assessee to deduct tax at source on all payments irrespective of the fact whether they are remitted to the foreign ..... could be treated as payment in lieu of fees. being aggrieved by the decision of the tribunal, the department has come in appeal under section 260a of the income-tax act.2. the short point which arises for determination in this appeal is, whether a substantial question of law arises in this case ?3. mr. desai, learned ..... that the scheme of section 195 clearly indicates that the expression 'any other sum chargeable under the provisions of the income-tax act' would mean a sum on which income-tax is leviable. in other words, according to learned counsel, tax was required to be deducted on the gross sum. in this connection, he relied upon the judgment of the .....
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