Court : Karnataka
Reported in : [1969]39CompCas896(Kar); [1968]68ITR295(KAR); [1968]68ITR295(Karn); (1970)2MysLJ512
..... , is an officer of the company called the principal officer. the definition of the principal officer both in clause (12) of section 2 of the income-tax act, 1922, and in clause (35) of section 2 of the income-tax act, 1961, is to the same effect so far as our present enquiry is concerned. according to the relevant portion of the definition, the principal officer means ..... decide only the first question. 9. upon certain points there could be no doubt whatever. according to section 4 of the income-tax act, 1961, the charge for income-tax rests upon every person who receives income attracting liability. clause (31) of section 2 of the act defines a person as including a company. it is also undoubted that an order to wind up a company compulsorily does .....
Tag this Judgment!Court : Karnataka
Reported in : (1991)95CTR(Kar)36; [1991]190ITR275(KAR); [1991]190ITR275(Karn)
..... to follow the answer rendered by this court to the identical question raised for an earlier assessment year but for the fact that section 28 of the income-tax act, 1961, has been amended by the finance act of 1990 with effect from april 1, 1962, by the insertion of clause (iiia) and clause (iiib) with effect from april 1, 1967, and they read as ..... , the tribunal was justified in law in holding that the receipt from the sale of import entitlements could not be included in the income of the assessee for the purpose of computing the relief under section 80hh of the income-tax act, 1961 ?'2. in the assessment year 1979-80, messrs. sterling foods, mangalore, received a sum of rs. 3,09,800 by way of .....
Tag this Judgment!Court : Karnataka
Reported in : (1985)49CTR(Kar)157; ILR1985KAR650; [1986]159ITR477(KAR); [1986]159ITR477(Karn)
..... levied penalties of rs. 44,670, rs. 17,200, rs. 14,002 and rs. 38,598, respectively, under section 271(1)(c) of the income-tax act, 1961, being 200% of what the income-tax officer considered to be the concealed income. the petitioner preferred appeals against the penalty orders before the appellate assistant commissioner, who found that in respect of two of the four years, the ..... 1922, under section 28,no minimum penalty was laid down but the maximum penalty that could be imposed w as 150 per cent. of the tax evaded by the assessee. with effect from april 1, 1962, the income-tax act, 1961, came into force and for the first time a minimum penalty was prescribed in section 271. with effect from april 1, 1962, the minimum .....
Tag this Judgment!Court : Karnataka
Reported in : (1986)56CTR(Kar)289; [1987]165ITR792(KAR); [1987]165ITR792(Karn)
..... principal amount and interest on annuity deposit are taxable under the provisions of the income-tax act, 1961? (3) if the answer to the above second question is in the affirmative, whether, on the facts and in the circumstances of the case, the tribunal ..... '(1) whether, on the facts and in the circumstances of the case, the tribunal is justified in upholding the assessment made by the income-tax officer on the assessees under section 168 of the income-tax act, 1961 ? (2) whether, on the facts and in the circumstances of the case, the tribunal is justified in holding that both the instalment of ..... amendment which is in force at the beginning of the relevant assessment year must govern the case though the amendment is made after the income under assessment is earned. in other words, the income-tax act as it stands amended on the 1st april of a financial year must apply to the assessment for that year.'. 6. that is .....
Tag this Judgment!Court : Karnataka
Reported in : (2000)159CTR(Kar)316; [2000]243ITR519(KAR); [2000]243ITR519(Karn)
..... depreciation. then alone the formula prescribed in this clause would make sense and it would be consistent with the object sought to be achieved by enacting section 115j of the income-tax act, 1961. if 'loss' were to be taken as pre-depreciation loss then the resultant computation will not be in conformity with the tenor of the provisions of section 205. the ..... the amount arrived at after taking into account the amount of depreciation and it has to be so read and understood in the context of section 115j of the income-tax act, 1961. ' 4. in view of the judgment of the apex court we are of the view that, for the purpose of section 115j of the ..... the assessment year 1989-90, under section 256(1) of the income-tax act, 1961 :'(1) whether, on the facts and in the circumstances of the case for the purpose of section 115j of the act read with section 205(1)(b) of the companies act, 1956, the expression 'loss' under the companies act is to be reckoned after allowance of depreciation or before it (2 .....
Tag this Judgment!Court : Karnataka
Reported in : (2000)163CTR(Kar)410
..... law in holding that the kist amount payable to the government by the assessee could not be brought within the purview of the provisions of section 43b of income tax act, 1961. it is a different matter that the licensees are not paying the rental in time for which it is only the legislature which could intervene and not the ..... in law in coming to the conclusion that kist amount payable by an excise contractor cannot be treated as 'duty' for the purpose of provisions of section 43b of the income tax act, 1961 ?'in itrc no. 342/98, the following question of law has been referred :'whether, on the facts and in the circumstances, the tribunal was right in holding ..... right in law in holding that 'kist' amount payable to the government by the assessee could not be brought within the purview of provisions of section 43b of the income tax act, 1961 ?'in itrc no. 5/96, the following question of law has been referred:'whether on the facts and in the circumstances of the case, particularly having regard .....
Tag this Judgment!Court : Karnataka
Reported in : (1985)45CTR(Kar)68; [1985]155ITR681(KAR); [1985]155ITR681(Karn)
..... 3, questions nos.4 and 5gains on transfer of goodwill in case the do not call for answers.assessee did not opt under section 55(2) of the income-tax act, 1961, for themarket value of the undertaking as on1-1-1954 to be substituted for the costof acquisition of the undertaking ?5. whether, on the facts and in ..... 1-1-1954, reasonable method fordeterminingfor the cost of acquisition under the the market value of theassets ofprovisions of section 55(2) of the income the undertaking as on1-1-1954,tax act, 1961 without reference to theobservationor findings recorded bythe tribunal7. whether the manner laid down by the as to the method ofvaluation.'tribunal for the apportionment of ..... of sections 45 and 48 of the i.t. act, 1961. '45. capital gains. - (1) any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in section 53, 54 , 54b , 54d and 54e, be chargeable to income-tax under the head 'capital gains', and shall be deemed .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1994KAR11; [1994]210ITR511(KAR); [1994]210ITR511(Karn)
..... view of the relevant statutory provisions governing the field. 5. section 4 of the income-tax act, 1961, deals with charge of income-tax and provides that where any central act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with ..... 1983, for the petitioner-assesses who is an individual, the income-tax officer being the deputy commissioner of income-tax, resorted to rule 9a of the income-tax rules, 1962, framed by the central board of director taxes, in exercise of powers conferred on it under section 295 of the income-tax act, 1961. so far as the petitioner-firm is concerned, for the ..... made the assessments for both these petitioners accordingly and gave limited relief to the petitioners under section 37(1) of the income-tax act, 1961, in view of the limits laid down by the aforesaid rules. these assessment orders are challenged by the concerned petitioners by filing the .....
Tag this Judgment!Court : Karnataka
Reported in : (2000)161CTR(Kar)180; ILR1999KAR4241; [2000]242ITR39(KAR); [2000]242ITR39(Karn)
..... validity of the provision of sections 276c(1) and 276cc of the income-tax act, 1961, has been challenged in these writ petitions as violative of articles 14 and 21 of the constitution of india. the order dated march 22, 1996, passed under section 279(1) of the act for the assessment years 1988-89 to 1991-92 has been challenged as ..... in the objections and the arguments, the following two points are to be decided : (i) whether the provisions of sections 276c(1) and 276cc of the income-tax act are violative of articles 14 and 21 of the constitution of india on the ground that the respondents are compensated with regard to delay in payment of ..... should not be launched against the petitioners for not filing the returns in time. the commissioner of income-tax not satisfied with the reply, authorised the assistant commissioner of income-tax to file a complaint under sections 276c(1) and 276cc of the act. interest under sections 234a, 234b and 234c has been levied by the assessing authority. it is .....
Tag this Judgment!Court : Karnataka
Reported in : [2006]285ITR310(KAR); [2006]285ITR310(Karn)
..... the principle as such has not been doubted.9. from the foregoing what emerges is that income-tax is a levy on income. the it act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or its receipt. it is the income which has really accrued or arisen to the assessee that is taxable. whether the ..... ]46itr144(sc) ] has held as under:income-tax is a levy on income. no doubt, the it act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or its receipt; but the substance of the matter is the income. if income does not result at all, there cannot be a tax, even though in book-keeping, an entry .....
Tag this Judgment!