Court : Kerala
Reported in : (1992)104CTR(Ker)392; [1993]200ITR238(Ker)
..... dated december 31, 1960, gave effect to the agreement and held that the assessment should be made under section 3(5) of the agricultural income-tax act for theaccounting year commencing from july 1, 1960, and the tax payable by all the ten ants-in-common will be demanded in the hands of the common manager. the commissioner of agricultural ..... -61, their assessments were completed in the status of 'hindu undivided family'. during the course of assessment for the year 1961-62, the assessee claimed the status of 'tenants-in-common' by virtue of an agreement dated june 30, 1959, registered on june 25, 1960. they pleaded that there ..... holding that the principles of [1980] klt 276 are not applicable in the instant case?'2. the respondent is the revenue. we are concerned with the assessment year 1961-62 for which the accounting period was july 1, 1959, to june 30, 1960. the assessee is m/s. kallakutta farms, muttathodi p.o., kasargode. till 1960 .....
Tag this Judgment!Court : Kerala
Reported in : [1999]237ITR706(Ker)
..... not be liable to any income-tax, super-tax, super profits tax, surtax or ..... 21.' 63. section 52 of the said act reads as follows ;'32. income-tax and other taxes.--(1) notwithstanding' anything contained in the wealth-tax act, 1957, the income-tax act, 1961, the super profits tax act, 1963, the companies (profits) surtax act, 1964, or in any other enactment for the time being in force relating to income-tax, super tax or super profits-tax, surtax or any other tax on income, profits or gains- (a) the trust shall .....
Tag this Judgment!Court : Gujarat
Reported in : [1979]118ITR544(Guj)
..... the set of provisions in the i.t. act, 1961, which provide for what is known as 'tax holiday'. with a view to encourage establishment of new undertakings right from the time of the indian income-tax act, 1922 (hereinafter referred to as the '1922 act'), provisions have been enacted in income-tax legislation regarding encouragement to be given to the establishment ..... the purpose of deduction under s. 80j of the i.t. act, 1961, the profits and gains of a new industrial undertaking must be computed in accordance with the provisions of the act in the same manner as they would be in determining the total income chargeable to tax and it must follow a fortiori that if the losses, depreciation ..... judgment, the scheme of s. 15c of the 1922 act and s. 84 of the 1961 act was the same. bhagwati j., speaking for the bench of three judges of the supreme court in rajapalayam mills' case : [1978]115itr777(sc) of the report : 'the law of income-tax in a modern society is intended to achieve various social .....
Tag this Judgment!Court : Gujarat
Reported in : (1986)53CTR(Guj)365; [1986]162ITR612(Guj)
..... of rs. 76,972 by way of deduction as an amount applied for charitable purposes under section 11(1)(a) of the income-tax act, 1961 (hereinafter called 'thejact'). in that year, the assessee was following the mercantile system of accounting. the income-tax officer refused the deduction whereupon the assessee carried the matter in appeal before the appellate assistant commissioner. the appellate assistant commissioner confirmed ..... as under : '(1) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in law in holding that income-tax liability for an amount of rs. 76,972 should be allowed as deduction under section 11(1)(a) of the income-tax act, 1961 and (2) whether the finding of the tribunal that in order to give meaning to the .....
Tag this Judgment!Court : Gujarat
Reported in : [1981]129ITR133(Guj)
majmudar, j. 1. the income-tax appellate tribunal, ahmedabad bench 'b', has referred, at the instance of the revenue, the following two questions of law for our opinion under s. 256(1) of the i. t. act, 1961 : '1. whether the capital loss brought forward has to be set off against the capital gains if related to capital assets other than short-term capital assets ..... whatever source derived...' chapter iv of the act deals with the computation of total income and lays down various heads of income. it provides : 'save as otherwise provided by this act, all income shall, for the purposes of charge of income-tax and computation of total income, be classified under the following heads of income : a-salaries. b-interest on securities. c-income from house property. d-profits and gains .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)24CTR(Guj)228; [1982]133ITR800(Guj)
..... are disclosed in the balance-sheet, shall not be taken into account for the purposes of r. 2a : '(a) any amount paid as advance tax under 18a of the indian income-tax act, 1922 or under section 21 of the income-tax act, 1961....' 14. it is true that directly these rules would not apply to the situation which had arisen for our considerations so far as the ..... case, the tribunal was right is law in holding that for the purpose of computation of the market value of the shares of bipin silk mills (p.) ltd., the advance tax paid under section 210 of the income-tax act, 1961, and shown on the assets side of the balance-sheet of the said company cannot be deducted from the .....
Tag this Judgment!Court : Chennai
Reported in : (1990)89CTR(Mad)224; [1992]193ITR361(Mad)
..... reference under section 256(2) of the income-tax act, 1961 (hereinafter referred to as 'the act'), at the instance of the revenue, the following questions of law have been referred to this court for its opinion in relation to the assessment years 1962-63 to ..... the finalisation of the assessments in the manner aforesaid, proceedings under section 271(1)(c) of the act were also initiated and the cases for levy of penalty were referred to the inspecting assistant commissioner of income-tax madras, under section 274(2) of the act. after the issue of a show cause notice and considering the stand taken by the assessees in ..... (mad) , the assessee, after filing a return of income, filed a petition before the commissioner under section 271(4a) of the act, admitting that the entries in the books of account were not real, but reiterating that the income relevant for the assessment year was the same as that returned earlier. the income-tax officer found that the assessee had trafficked in the licences .....
Tag this Judgment!Court : Chennai
Reported in : [2000]245ITR400(Mad)
..... other cases raise identical disputes.2. the assessee is a public charitable trust eligible for exemption from income-tax in accordance with the provisions of section 11 of the income-tax act, 1961 (hereinafter to be referred to as 'the act'). the assessee, in the instant case, for the assessment years commencing from 1962-63 and ending ..... on 1971-72, had been accumulating the income of the trust as declared in the notice in form no. 10. the income so accumulated should ..... 3)(c) should be interpreted to mean 'application', as under section 11(3a) of the act, it is permissible for the income-tax officer to change the purpose of application of income, if the trustees state before the income-tax officer that the income accumulated cannot be applied for the purposes due to the reasons mentioned therein. though the word .....
Tag this Judgment!Court : Mumbai
Reported in : [1976]105ITR843(Bom)
..... to substitute the fair market value of the goodwill on january 1, 1954, under the third proviso to section 12b(2) of the indian income-tax act, 1922 ?' 2. the question relates to the assessments of the assessee, shri daulatran nayar (huf), and his seven other partners for the assessment year 1960-61, for which the ..... tulzapurkar, j.1. this is a reference under section 66(1) of the indian income-tax act, 1922, in which at the instance of the commissioner of income-tax, bombay city ii, bombay, the following question has been referred to us for our opinion : 'whether, on the facts and in the circumstances of the case, the assessee was entitled ..... to be paid by the assessee and his seven partners on the sale of the goodwill to which each one of them was entitled. the income-tax officer held that the entire amount of rs. 62,500 without any deduction under section 12b(2) of the act was a capital gain made by each of the partners and the same was liable to .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 1998(3)ALD133
..... of certioriari calling for the records relating to the order no.aa/hyd/6 (08) 9/96-97 dated 3 m2-1906 under section 269ud(1) of the income tax act, 1961 passed by the appropriate authority (income-tax department, bangalore) and to quash the same.2. the facts in brief are that the first petitioner is smt. k. durga rani and another and the second ..... their explanations. on consideration of the explanations and after giving an opportunity of personal hearing the impugned order stating that:'under the provisions of section 269-ue(1) of the income tax act, 1961, and as per the decision of the hon'ble supreme court in c/j. gautam's case, the property situated at no.8-2-293/82/a.1143, plot ..... of plot no.1250-a and plot no.1363 in road no.45 is a comparable sale or not it is necessary to refer to section 269ud(1) of the income tax act.'269-ud(1) subject to the provisions of sub-section (1a) and (1b), the appropriate authority after the receipt of the statement under sub-section (3) of section 269uc .....
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