Court : Allahabad
Reported in : [1942]10ITR152(All)
..... nagpur high court following the decision of a bench of three judges of the madras high court in venkatachalam chettiar v. commissioner of income-tax, madras2, held that where the commissioner of income-tax, acting under section 33, refuses to review the order of an assistant commissioner, the position of th assessee not being altered as consequence, ..... petitioner.8. that your petitioner submits that in fairness this is a proper case for the exercise of your power of review under section 33 of the income-tax act, 1922, and that you have the power to revise to assessment made by the subordinate authority after consulting the central board of revenue (vide paragraph 104 ..... , p. 268 of the income-tax manual, 1937).wherefore you petitioner prays that you may be pleased in the exercise of your powers under section 33 of the income-tax act, 1922 to call for the record of the petitioners assessment by the subordinate authority and .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1966SC1026; [1966]60ITR173(SC); [1966]2SCR925
..... written-down value of the assets. alternatively, he argued that in any event only that part of the depreciation which had entered into the computation of income found liable to income-tax under the indian income-tax act, which income was calculated on proportionate basis alone, should be deducted from the original cost in determining the written-down value under s. 10(5) (a) of ..... and including 1944 in the (1) [1962] 2 s.c.r. 318: [1961] 41 i.t.r. 280. assessments made in the taxable territories would be the depreciation which was actually allowed against the taxable income ,and not the depreciation computed against the total world income. on the 4th question, it answered that the depreciation actually allowed meant the depreciation ..... civil appellate jurisdiction: civil appeals nos. 629 to 632 of 1964. appeals from the order dated september 22, 1961 of the madhya pradesh high court in misc. civil case no. 277 of 1960. a. v. viswanatha sastri, r. ganapathy iyer, b. r. g. k. achar and r. n .....
Tag this Judgment!Court : Chennai
Reported in : (1992)104CTR(Mad)143; [1992]195ITR137(Mad)
..... above, it is unequivocally crystal clear that the commissioner had exercised his discretion to prosecute the petitioner, accused no. 1, for the offences under the income-tax act, 1961, inclusive of sections 276c and 277. from the authorisation so given, it is inferable with ease and grace that the commissioner had exercised his discretion ..... accused no. 1 presenting before the sub-registrar, kodambakkam, form no. 37g (in duplicate) prescribed under rule 48 of the income-tax rules, 1962, and section 269p(1) of the income-tax act, 1961, duly verified and signed, along with the instrument of transfer mentioning in columns 8 and 9, the actual consideration for the ..... 1860, is not legally permissible, as there is no section for such prosecution under section 279(1) of the income-tax act, 1961, and if the complaint had been filed limited to offence under the income-tax act alone, there was a possibility of such offences being compounded under the benevolent provisions adumbrated in sub-section (2) .....
Tag this Judgment!Court : Mumbai
Reported in : (2001)165CTR(Bom)404; [2001]247ITR247(Bom)
..... the question reads as follows :whether on the facts and in the circumstances of the case, the assessee was entitled to weighted deduction under section 35b of the income tax act, 1961 on brokerage and commission on freight paid in foreign countries for the assessment year 1977-78?in view of the judgment of the supreme court in the case of ..... no 586 dated 28th november, 1990. vide para 2 of the said circular, the board has clarified that after the amendment made in section 6 of the income tax act , 1961 by the finance act, 1990 with effect from 1.4.1990 an indian citizen who is the member of a crew of an indian ship as defined in section 3(18) ..... floating staff for the period of employment outside india should not be considered for the purpose of disallowance under section 40a(5)(a) of the income tax act, 1961?2. for the sake of brevity the facts in income tax reference no. 444 of 1995 are taken into consideration.3. the assessee-m/s. indo oceanic shipping company ltd. is a limited company. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1950Bom61
..... be looked upon as such. now, i refuse to read clause (15) and (16) of the agreement as bringing about the same result as section 4, sub-clause (3), income-tax act. sir jamshedji has argued that the raja of phaltan was all powerful and that he combined in himself the executive, the legislature and even the judiciary, and therefore we must ..... one anna in a rupee on the net profits of the said sugar factory. in calculating the net profits the usual deductions in respect of depreciation etc., permissible under the income-tax act for the time being in force in phaltan state shall be allowed. now, as i read these two clauses, all that they mean is that although there may be ..... a liability on the company to pay tax under the income-tax act, the phaltan state agrees not to recover that tax from the assessee company for a period of ten years or, to put it in a different language, the company and the state agree that .....
Tag this Judgment!Court : Mumbai
Reported in : (1986)50CTR(Bom)129; [1986]161ITR535(Bom); [1986]24TAXMAN251(Bom)
..... observed that the words which required interpretation, having regard to the argument before it (which is the argument before us) in sub-section (2) of section 23 of the income-tax act, 1961, were : 'the annual value shall first be determined as in sub-section (1) 'and' and further be reduced by one-half of the amount'. what the main part ..... same conclusion as the gujarat high court but did not rest itself solely upon the words 'and further be reduced' in sub-section (2) of section 23 of the income-tax act, 1961. the madras high court found, first, that the expression 'the annual value shall first be determined as in sub-section (1)' occurring in sub-section (2) of ..... of house property occupied by the landlord himself.12. in our view, the words 'and further be reduced' in sub-section (2) of section 23 of the income-tax act, 1961, do not lead to the conclusion that there has already been a reduction in the annual letting value by the application of the provisions contained in sub-section (1). .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1968SC9; [1967]66ITR714(SC); [1967]3SCR971
..... after observing that the value of the assets could not exceed the amount at which it was estimated by the appellate assistant commissioner. 15. under the scheme of the income-tax act, the tribunal is the final authority on questions of fact. the tribunal in deciding an appeal is bound to consider all the evidence, and the arguments raised before ..... 1-1939 and 1-2-1948.' 9. the high court in dealing with the questions referred observed that under the third proviso to s. 12b(2), of the income-tax act, 1922 the assessee was entitled to substitute the fair market value of the assets as on january 1, 1939 if the capital assets had been held by the ..... , j.1. these are cross appeals from the order passed by the high court of bombay recording answers to questions submitted in a reference under s. 66 of the indian income-tax act, 1922. 2. messrs killick nixon & co. - hereinafter called 'the assessee' - was a firm which carried on diverse trading activities in bombay. the assessee agreed to sell on .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1975SC657; [1975]99ITR7(SC); (1975)1SCC394; [1975]3SCR467; 1975(7)LC212(SC)
..... case (supra). the explanation to the new sub-clause (iia) inserted in section 40 of the income-tax act, 1961 which section 4 of the amendment act adopts for the purposes of that section, defines 'wealth-tax' to include, inter alia, besides wealth-tax chargeable under the wealth-tax act, 1957, 'any tax of a similar character chargeable under any law in, force in any country outside india'. the only ..... business assets was not deductible as a business expense in computing the assessee's income from business. section 2 of the amendment act inserted with retrospective effect a new sub-clause (iia) in clause (a) of section 40 of the income-tax act, 1961 which specifies the amounts not deductible in) computing the income chargeable under the head 'profits and gains of business or profession'. sub-clause .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1999SC3041; 1999(3)CTC697; JT1999(6)SC26; (2000)1MLJ71(SC); 1999(5)SCALE12; (1999)7SCC382; [1999]Supp1SCR467
..... court in v.n.vasudeva v. kiroi mal luhariwala : [1964]6scr181 , while considering effect of notice under section 46(5a) of the income-tax act, 1922 which is a precursor of section 226(3) of the income-tax act, 1961 held that it was in the nature of garnishee order and the tenant (the person on whom the notice was served) could not, so ..... of rs. 3,91,067 is due from sri. s.a. shahul hameed of 87, 7th street, eravadi on account of income-tax/ super-tax/ penalty/ interest/ fine. you are hereby required under section 226(3) of the income- tax act, 1961, to pay to me forthwith any amount due from you to, or, held by you, for or on account of the said ..... arrears due from him in respect of certificate no. 47-026-py.7428 dated 26.3.1978 forwarded by the income-tax officer, special at madurai amounting to rs. 81,877 and the interest payable under section 220(2) of the income-tax act, 1961 for the period commencing immediately after the said date:*** *** ***it is ordered that t.m.germans fernandes, .....
Tag this Judgment!Court : Gujarat
Reported in : [1968]69ITR1(Guj)
..... of taxation. even if a trade is illegal, it is still a trade within the meaning of the income-tax act, and its income profits and gains are chargeable with income-tax. see wheatcrofi's law of income tax, paragraph 1-411, page 1196, simon's income-tax, second edition, volume 2, paragraph 480. 18. the principle was laid down by rowlatt j. in ..... business only. once it is found that the transaction in question is trade, manufacture, adventure or concern in the nature of trade within the meaning of the income-tax act, the words of the section are not to be cut down by the consideration that the trade is tainted with illegality. the taint of illegality or wrong- ..... the circumstances of the case, the transactions resulting in a loss of rs. 3,40,443 were speculative transaction for the purposes of section 24 of the indian income-tax act, 1922, merely on the ground that the assessee had not performed the contracts by giving delivery and had paid damages in settlement of the obligations contracted for .....
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