Court : Madhya Pradesh
Reported in : [1971]80ITR656(MP)
..... legal position be different when a registered firm is assessed on the footing that it is an unregistered firm for imposing penalty? section 271(2) of the income-tax act, 1961, creates a statutory fiction by direction a registered firm to be treated as an unregistered firm for the computation of penalty. it has been well said that ..... a registered firm under section 271(1) read with section 271(2) of the income-tax act, 1961, the tax payable by such firm should be determined without deducting the advance tax paid by the partners under section 18a of the income-tax act, 1922, from the gross tax payable by the firm on the basis that it was an unregistered firm.11. there ..... (1) read with section 271(2) of the income-tax act, 1961, the tax payable by such firm should be determined after deducing the advance tax paid by the partners under section 18a of the indian income-tax act, 1922, in respect of their shares of profits from the firm from the gross tax payable by the firm on the basis that it .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1951SC111; [1950]191ITR182(SC); (1951)IMLJ328(SC); [1950]1SCR969
..... it on or on the 1st january, 1943, when the business was sold by them as a going concern 9. the business being admittedly one which was charged to tax under the income-tax act, 1918, if there was no succession within the meaning of section 25(4) until the sale took place, as the appellants contend, the profits and gains of the ..... on for the benefit or loss of the testator's estate is not relevant for the present discussion. the only relevant question under section 25(4) of the indian income-tax act is whether in respect of the business there is a succession to another person. this is a provision to give relief and the scope of the relief must be ..... as assessee. thus there came about a change in the assessee and therefore 'a succession in such capacity' took place within the meaning of section 25(4) of the income-tax act. it seems clear that if the testator had transferred the business to a trustee, although the trustees will not be the beneficial owners, in law there will be a succession .....
Tag this Judgment!Court : Supreme Court of India
Reported in : 1996VIIIAD(SC)238; AIR1997SC215; [1997]223ITR297(SC); JT1996(9)SC419; 1996(7)SCALE658; (1996)11SCC632; [1996]Supp7SCR523
..... kindly be set aside.9. in the prayer clause of the said application it has been stated that above application is filed under rule 60 of schedule ii of income tax act. 1961 and the sale be set aside by accepting the amount deposited by him. it is, of course, true as contended by learned senior counsel shri rao for ..... 2 in these special leave petitions had any locus standi to prefer an application under rule 60 of the second schedule to the income tax act, 1961 for setting aside the sale of immovable property of the defaulter income tax assessee from whom he is alleged to have greed to purchase the said property and which property was sold in auction by the ..... the light of the aforesaid rival contentions we now proceed to deal with the question posed for our consideration. rule 60 of the rules in the second schedule to the income tax act reads as under:60. (1) where immovable property has been sold in execution of a certificate, the defaulter, or any person whose interests are affected by the .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1969SC1241; [1969]74ITR26(SC); (1969)1SCC616; [1969]3SCR796
..... in our judgment, the high court was in error in holding that the, loss was not a permissible deduction.11. section 24 of the income-tax act, 1922, in the relevant year of assessment read as follows :(1) where any assessee sustains a loss of profits or gains in any ..... the circumstances of the case, the sum of rs. 51,550/- was a profit in the nature of revenue and therefore liable to tax under the indian income-tax act ?'assessment year 1950-51'(3) whether, on the facts and in the circumstances of the case, the sum of rs. 8,756 ..... /- was a profit in the nature of revenue and was subject to tax under the indian income-tax act ?(4) whether, on the facts and in the circumstances of the case, the loss of rs. 34,891/- was allowable as a ..... tribunal referred five questions to the high court of calcutta under section 66(1) of the indian income-tax act, 1922. three of those questions which are canvassed in these appeals need be set out:assessment year .....
Tag this Judgment!Court : Delhi
Reported in : ILR1974Delhi617
..... than is stated in the instrument of transfer would be dealt with separately, for instance, under section 52 of the income-tax act, 1961. the relevant part of the act of 1972 is inserted in the income-tax act, 1961 as chapter xxa. (3) the act came into force on 15th november 1972. the taxation laws (amendment) bill, 1971 was introduced in parliament on 12th ..... execution of the transfer deed, namely, 31st may 1972. (5) logically, the first question to be decided should be whether chapter xxa of the income-tax act, 1961 as inserted therein by the act of 1972 is a 'law giving effect to the policy of the state towards securing the principles specified in clauses (b) or clause (c) of ..... it is in the background of this authoritative interpretation of the scope of article 31c that we have to consider the validity of the act of 1972 as inserted in chapter xxa of the income-tax act. 1961. article 39(b) :- (11) the science of economics recognises land to be a scarce goods. it is a factor of production. .....
Tag this Judgment!Court : Delhi
Reported in : 70(1997)DLT598
..... assessed did not declare any capital gains on the ground that it was outside the ambit of capital assets as defined in the income tax act, 1961. the itr, however, observed that capital gains were taxable and brought them to tax. the aac upheld the order of assessment. the tribunal relying on bombay high court decision in manubhai a. sheth & ors. ..... -section (1-a) of section 2 of the income tax act defining the agricultural income by the finance act, 1989 giving retrospective effect from 1.4.1970. the effect of the ..... ito : [1981]128itr87(bom) held that capital gains could not be taxed on transfer of agricultural land in this case. (3) the law had changed with retrospective effect by the amendment incorporated in sub-section (14) of section 2 of the income tax act by the finance act, 1970 w.e.f. 1.4.1970 and the explanationn added to sub .....
Tag this Judgment!Court : Kerala
Reported in : [1969]72ITR664(Ker)
..... 1959. the decision in o.p. no. 750 of 1960 was confirmed in writ appeal no. 76 of 1961.8. yet another notice dated november 8,1961, was issued by the department under section 35 of the agricultural income-tax act, 1950, for assessing the petitioner to tax in the status of hindu undivided family for the assessment year 1958-59. this notice also was quashed ..... of the poomuli mana in the status of a hindu undivided family to agricultural income-tax for the assessment year 1961-62 pursuant to exhibit p-1 notice dated march 10, 1965, issued under section 35 and exhibit p-3 notice issued under section 17(4) of the agricultural income-tax act, 1950.2. the petitioner, parameswaran nambudiripad, is a member of poomuli mana consisting of .....
Tag this Judgment!Court : Kerala
Reported in : [1988]171ITR562(Ker)
..... release deed, under which such relinquishment took place, was registered on november 25, 1970, after obtaining the necessary permission of the department under section 230a of the income-tax act, 1961. on september 15, 1971, the assessee filed his returns for the year in question without disclosing the fact of relinquishment or the capital gains arising from it. ..... under section 147(b) of the income-tax act, 1961, is valid (4) whether, on the facts and in the circumstances of the case, rs. 75,417 received by the assessee, being his share of the ..... the case, it is open to the department to contend at the appellate stage that the reopening of the assessment is justified under section 147(b) of the income-tax act, 1961 ? (3) if the second question is answered in the affirmative, whether, on the facts and in the circumstances of the case, the reopening of the assessment .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]216ITR415(Guj)
..... assessment year 1988-89 to march 31, 1988, by providing that such requests for change of accounting year be liberally allowed under section 3, sub-section (4), of the income-tax act, 1961. of course, granting of such requests would be subject to the condition that adoption of such longer previous year does not result in any loss of revenue. 4. on the ..... to 31st march, 1988. such requests for the change of accounting year may be liberally allowed by the assessing authorities under the provisions of section 3(4) of the income-tax act, 1961, subject to the condition that the adoption of such a longer previous year does not result in any loss of revenue.' 3. it is also averred that the aforesaid ..... 1, 1986, to march 31, 1988, on august 12, 1988. the said return was accompanied by an application dated august 9, 1988, under section 3(4) of the income-tax act, 1961, for permitting the petitioner to change the period of assessment on the basis of the circular issued by the central board of direct .....
Tag this Judgment!Court : Gujarat
Reported in : [1993]203ITR84(Guj)
..... (exhibit j) dated january 5, 1983, passed under section 220(2) of the income-tax act, 1961 (hereinafter referred to as 'the income-tax act'), passed by the income-tax officer, companies circle vii, ahmedabad. the said order reads as under : 'order under section 220(2) of the income-tax act : the assessment for the year 1974-75 was finalised on september 20, 1977, determining ..... 277. 7. in the result this special civil application is allowed. the order (exhibit j) dated january 6, 1983, under section 220(2) of the income-tax act passed by the income-tax officer, companies circle vii, ahmedabad, demanding interest of rs. 5,10,378 from the petitioner is quashed and set aside. rule is made absolute with no ..... the revised assessment order, the petitioner was required to pay rs. 8,05,048 and interest of rs. 2,07,680 under section 244(1a) of the income-tax act. that means the petitioner was required to pay rs. 10,72,648. for the aforesaid amount, a notice of demand (exhibit h) dated october 12, 1982 .....
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