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Ramdas Khimji Brothers Vs. Commissioner of Income-tax, Bombay City I

Court : Mumbai

Reported in : [1974]97ITR361(Bom)

..... has dissolved as the tribunal has held, but there was a succession to the business of the old firm within the terms of section 25 (4) of the indian income-tax act 1922. in this connection, it is important to bear in mind that the decision of the supreme court in chamber's case shows unmistakably that no formal transfer is ..... 1st january, 1948, the son transferred the business to a limited company, and for the assessment year 1948-49, he claimed relief under section 25 (4) of the indian income-tax act, 1922 and the question which arose was, whether on the facts stated above, there was a succession to the business within the terms of the said section 25 (4). it ..... 'whether, on the facts and in the circumstances of the case, the firm of m/s. ramdas khimji bros. was entitled to relief under section 25 (4) of the indian income-tax act, 1922, in respect of the profits from its business for the period from october 1, 1951, to december 28, 1951, relevant to the assessment year 1953-54?' 3. it .....

Commissioner of Income-tax, Bombay City Vs. Chugandas and Co.

Court : Mumbai

Reported in : (1959)61BOMLR847

..... whilst mr. justice tendolkar has answered the question in the negative. the decision of the court, having regard to the provisions of s. 66a of the indian income tax act, 1922 is that the question is answered in the affirnative.(22) the applicant to pay the costs. costs to include the costs of the hearing before mr. ..... a unit of assessment under the indian income tax act of 1918. what the legislature intended to convey was any business, on the income profits and gains whereof tax was at any income profits and gains whereof tax was at any time charged under the indian income tax act of 1918. section 2(4) of the indian income tax act of 1922 lays down that unless there ..... would have to be shown under the head proftis and gains of business, profession or vocation covered by section 10 even under the indian income tax act of 1918, if an assessee derived from income, profits and gains from a business carried on by him, he was under an obligation to show the interest received by him from .....

Relay Shipping Agency Ltd. and anr. Vs. Tax Recovery Officer and anr.

Court : Mumbai

Reported in : (2004)189CTR(Bom)128; [2003]260ITR631(Bom)

..... 2002, issued by respondent no. 1 to the branch manager, standard charteredbank--bankers of the petitioners. the notice has been given under section 226(3) of the income-tax act, 1961, directing the branch manager to pay to the first respondent an amount of rs. 49,38,880 allegedly due from the petitioners as assessee in default on account of ..... the petitioners from making payments to dbc sons (bombay) private limited. (d) by letter dated december 18, 2002, summons under rule 83 of the second schedule to the income-tax act was served on the principal officer of the petitioners. finally, on december 24, 2002, the impugned notice came to be issued to standard chartered bank, who are the ..... pass the following order.order (i) the assessee shall file their statement on oath under section 226(3)(vi) of the income-tax act on or before january 29, 2003. if they fail to do so, the tax recovery officer can proceed under section 226(3)(x) read with sections 222 to 225 read with the second schedule to the .....

Commissioner of Income-tax, Bombay City I Vs. Chugandas and Co. (Secur ...

Court : Mumbai

Reported in : AIR1960Bom109; [1960]38ITR241(Bom)

..... that a business, profession or vocation was charged under the provisions of the income-tax act, 1918. now, tax is charged under the income-tax law on income and not on the source of income. business, profession or vocation is the source of income and not income itself; but since it is necessary to determine for the purpose of this ..... is placed beyond any doubt, if reference is made to section 6 and the following sections of the income-tax act. that section divides the various sources of income chargeable under the income-tax act under five heads enumerated in the section. 'income from property' has been described separately and put under a different head from 'profits and gains of ..... clear that there is a great diversity between the meaning of profits of a business. profession or vocation under the income-tax act and the popular, commercial or legal meaning of profits outside the income-tax act. it mr. palkhivala's argument were to be accepted and the word 'profits' in section 25(3) were to .....

Cil Securities Ltd., Hyd. Vs. Commissioner of Income Tax, A.P. and Ano ...

Court : Andhra Pradesh

Reported in : 2000(4)ALD69; 2000(2)ALT541; (2000)161CTR(AP)44; [2000]242ITR472(AP)

..... .1,14,955/-income tax demand for the assessment year 1996-97, an amount of rs.93,032/- for the interest tax demand for the assessment year 1994-95 and an amount of rs.51 ..... intimated in the letter dated 10-2-1999,7. the deputy commissioner of income fax (assets), special range, hyderabad, while scrutinsing return of income-tax of the petitioner for the assessment year 1997-98 intimated the proceedings dated 30-3-1998 under section 143(1)(a) of the income tax act, 1961, determining the total income tax payable and the refundable amount to the petitioner. the amount of rs .....

The Indian Aluminium Co. Ltd. Vs. the C.i.T., West Bengal, Calcutta

Court : Supreme Court of India

Reported in : AIR1972SC1880; [1972]84ITR735(SC); (1972)2SCC150; [1973]1SCR15

..... practice or trading principles' which could be implied by, or, read into, the very process of computation of profits with which provisions' of section 10(1) & (2) of the income-tax act, 1922, are concerned, it must stand. i find, however, that no case, apart from the observations mentioned above, contained in the travancore titanium co's case : [1966]60itr277 ..... constituting a part or whole of the taxable 'net wealth', used exclusively for purposes of trade, from being deducted as allowable expense, under section 10(2)(xv) of the income-tax act. 1922.38. on the earlier occasion, when travancore titanium co.'s case was argued in this court (1913) 16 clr 120 (aus)(supra) was not cited. although ..... to me to come within the exact words of the first paragraph of section 9.'. (section 9 is substantially similar to section 10(2)(xv) of the indian income tax act, 1922).17. barten, j., observed:.the sole use to which the appellant puts the land is for the purposes of his business as a grazier. he needs .....

Commissioner of Income-tax Vs. Shabandari Family Trust

Court : Kerala

Reported in : [2000]246ITR57(Ker)

..... be treated as an association of persons ? (ii) the beneficiaries are to be treated as individuals ? (iii) they are not liable to deduct tax at source as per section 194a of the income-tax act, 1961 2. whether, on the facts and in the circumstances of the case (the trust being neither an 'individual' nor a 'hindu undivided family', which ..... 180 without deduction of tax at source as stipulated in section 194a of the income-tax act, 1961. hence, letters were issued to the assessee. the assessee's representative in his reply, stated that the assessee is a specific trust having ..... was paid to 19 persons totalling to rs. 1,60,599 during the year relevant to the assessment year 1988-89 without deduction of tax at source as stipulated in section 194a of the income-tax act, 1961, similarly, for the assessment year 1989-90, interest exceeding rs. 2,500 was paid to 21 persons aggregating to rs. 1,62, .....

Dr. K. Jagadeesan Vs. Central Board of Direct Taxes and ors.

Court : Delhi

Reported in : [1998]231ITR755(Delhi)

..... due to be filed on july 31, 1985. the same was filed on march 29, 1988. a complaint under section 276cc of the income-tax act, 1961, was filed before the acmm, eo(i), madras. vide judgment dated april 19, 1996, the petitioner was held guilty of the offence charged and ..... petitioner moved a petition dated july 2, 1996 (annexure p-l), before the central board of direct taxes, new delhi, making a prayer 'that the chairman may be pleased to compound the alleged offence under section 276cc of the income-tax act, 1961, at whatever reasonable amount the chairman deems fit.' as already stated the prayer has been rejected and ..... the rejection communicated to the petitioner by the central board of direct taxes, delhi, through the commissioner of income-tax, madras.5. the relief sought for in the petition .....

Commissioner of Income-tax Vs. Kharsawan Mineral Concern P. Ltd.

Court : Patna

..... respect of the assessment year in question on which it had become entitled to receive interest under section 214 of the income-tax act, 1961. as this interest had not been allowed to it the assessee requested that an order under section 154 may be passed and the interest under section 214 be allowed to ..... the claim for payment of interest in respect of payment made on may 1, 1972. however, the assessee pleaded that it was entitled to interest under section 214 of the income-tax act in respect of the payment made on march 20, 1972, also. the appellate tribunal held that the assessee is entitled to payment of interest in respect of the advance ..... the financial year is taken as a unit and the amount paid during the financial year would be eligible for grant of interest under section 214 of the income-tax act. though the instalment of advance tax was not paid on the due date but a little later, it does not lose its character as such because it was not paid on the due .....

Thakurlal Shivprakash Vs. Income-tax Officer

Court : Madhya Pradesh

Reported in : AIR1957MP148

..... 'residents' according to whether they are 'ordinarily residents or not'. but that distinction is not one wholly between resident and non-resident. under the income-tax act the incidence of tax depends upon and is determined by the question whether the assessee is resident in the taxable territories. it goes not depend on the assessee being 'resi ..... 1st april, 1950, a person residing in madhya bharat, a part b state comprising of certain former indian states, was not liable to pay any tax under the indian income-tax act unless he was at the same time 'a resident in the taxable territories' within the meaning of section 4-a and the definition of 'taxable territories ..... it was not brought into the taxable territories. in many indian states there was no income-tax and in some, where it existed, the rate of tax was much lower than the rate of tax under the indian income-tax act. when, therefore, the indian income-tax was extended to part b states, the legislature thought it proper to soften the .....