Court : Delhi
Reported in : [1968]69ITR65(Delhi)
..... ;are nto sums received for carrying on business, but are as some sort of solarium for the compulsory winding up of an agency, and, thereforee, are nto assessable as income, profits and gains within the meaning of income tax act.&quto; this decision, again, is of no assistance to the assessed. in that decision, their lordships, observed :&quto;the object of the indian ..... holding a receipt to be profits or gains of business within section 10 of the income-tax act was to see if there was a business at all of which it could be said to be income. the primary condition of the application of section 10 was that tax was payable by an assessed under the held profits and gains of a business in ..... in this reference under section 66(1) of the income-tax act, 1922 (to be hereinafter reference to as &quto;the act&quto;), the income-tax appellate tribunal, (delhi bench) &quto;c&quto;, has submitted to this court, for its opinion, the following question of law :&quto;whether, on the facts and in the .....
Tag this Judgment!Court : Delhi
Reported in : [1968]67ITR175(Delhi)
order(1) these are references under section 66(1) of the indian income-tax act, 1922 (to be hereinafter referred to as 'the act'). a common question of law is referred to this court in these cases by the income-tax appellate tribunal (delhi bench) and that question is:'whether on the facts and in the circumstances of case, action under ..... week of january, 1960. the question for consideration is whether ntoices issued against assesseds under section 34(1) (b) of the act are valid ntoices.(3) section 23a(1) provides:'where the income-tax officer is satisfied that in respect of any previous year, the profits and gains distributed as dividends by any company up to ..... the effect of an order under section 23a(1) of the act, this is what chagla, c. j. observed in navinchandra mafatlal v. commissioner of income-tax, bombay : [1955]27itr245(bom) :'this income came into existence for the first time by an order made by the income-tax officer under section 23a on 20th february, 1947, and having come .....
Tag this Judgment!Court : Delhi
Reported in : AIR1968Delhi233
..... seller in such a case is nto entitled to resell the goods under the terms of section 54(2) of the act. in the judgment in this case, reference has been made to a supreme court decision in commissioner of income-tax, madras v. mysore chromite ltd., : [1955]27itr128(sc) . our attention has also been drawn to a recent bench ..... such default, the original contract is thereby rescinded, but this does nto prejudice any claim for damages which the seller may have under the law. section 60 of the act, dealing with repudiation of contract before due date provides that when either party to a contract of sale repudiates the same before the date of delivery, the toher party ..... for purchasing or selling any of the aforesaid goods'.this ntoe apparently refers to the various articles mentioned on the margin for which gobind ram singhania seems to be acting as selling agent. exhibit p-9 is a telegram of the same date dispatched at 9-40 a. m., conveying the following message:-'reference phonic offer sold one .....
Tag this Judgment!Court : Delhi
Reported in : AIR1968Delhi18
..... to have been made under section 35 of the indian income-tax act, 1922, whereby it was contended that the tribunal ought to have decided that when allocating the income of the firm in the hands of the partners it should be treated as business income. the tribunal, however, found against the assessed.in the income-tax act, 1961, section 67(2) has been introduced, for the first time ..... . this sub-section provides that the share of a partner in the income or loss of a firm should in making the assessment on the partner be apportioned .....
Tag this Judgment!Court : Delhi
Reported in : AIR1968Delhi16
..... nto like to express my views on the validity of the earlier reference as the matter is pending in this court. under section 9(1)(1v) of the indian income-tax act, 1922, 'interest payable' on capital borrowed for acquisition of property is allowable as a deduction. neither before the tribunal nor before us has it been disputed by the ..... the revenue confined its contention only to the question whether or nto the assessed was owner of the property in question within the meaning of section 9 of the indian income-tax act, 1922. in the order dated august 8, 1963, the tribunal had held that the effect of the evacuee legislation in pakistan was nto to deprive the assessed ..... -53, 1955-56 and 1956-57 respectively. except for the difference in the amounts of interest allowed as a deduction to the assessed under section 9 of the indian income-tax act, 1922 and which deduction is sought to be challenged by the revenue there is no difference in the facts of these cases. it is sufficient, thereforee, if i .....
Tag this Judgment!Court : Delhi
Reported in : [1968]70ITR534(Delhi)
..... , 1945, under section 35 cannto be issued.the learned counsel for the petitioner frankly admitted that in view of the provisions contained in section 48 of the income-tax act, 1922, he is nto straightaway entitled to a writ of mandamus for the refund of the amount as prayed for by the petitioner since before he can ..... case of the central indian insurance co. ltd., after the matter had been taken in appeal from the order of the income-tax officer, the appellate assistant commissioner exercised the power under section 35 of the indian income-tax act, 1922, and he restricted losses allowed to be carried forward and set off originally, to those incurred in the taxable ..... , he was actually given a refund of rs. 4,049 by the excess profits tax officer, but instead of refund of rs. 16,000 as income-tax being made, the petitioner finally received a ntoice under section 22(4) of the income-tax act from the income-tax officer in september, 1956, calling upon him to produce his account books for the .....
Tag this Judgment!Court : Delhi
Reported in : [1967]66ITR316(Delhi)
the following question of law has been referred to this court by the income-tax appellate tribunal under section 66(1) of the indian income-tax act, 1922 :&quto;was the claim of rs. 15,700 written off in the circumstances mentioned above, a permissible deduction as a bad debt ?&quto;narang industries limited (hereafter ..... referred to as the assessed-company) is a public limited company owning a distillery. the assessed-company mainly derives its income from running a distillery. ..... be paid seven annas in the rupee of net profits in lieu of the work done by you. net profits would be arrived at after deducting all expenses and income-tax, etc., after the first lto of fifty thousand bricks has been sold. accounts will be roughly made up every three months and if they disclose a profit, one .....
Tag this Judgment!Court : Delhi
Reported in : [1968]67ITR250(Delhi)
..... to this court by the income-tax appellate tribunal under section 66(1) of the indian income-tax act, 1922 : ' whether, on the facts and in the circumstances of the case, the sum of rs. 33,905 was nto taxable in the hands of the assessed-company in the assessment year 1959-60 as gross external incomings of the previous year '2 ..... business. the policyholders of the assessed-company paid certain amounts during earlier years on account of the premiums due on their policies. from the order of the income-tax officer it appears that the excess premium was entered in the books of the assessed-company in the premium deposit account. in the relevant accounting period the assessed ..... external incomings of the year under rule 2(a) of the rules for the computation of the profits and gains of insurance business. section 10(7) of the said act provides that: ' ntowithstanding anything to the contrary contained in section 8, 9, 10, 12 or 18, the profits and gains of any business of insurance and the tax .....
Tag this Judgment!Court : Delhi
Reported in : [1968]67ITR420(Delhi)
..... such buildings and machinery were acquired by the respondent company.&quto;after referring to the provisions contained in section 10 (2) (vi) of the indian income-tax act, 1922, the privy council pointed out that there cannto be any ambiguity with regard to the meaning of the provisions and the provisions talked of & ..... ;building&quto;, the word &quto;building&quto; did nto include the land on which it is constructed. consequently, the relevant provisions of the indian income-tax act, make a distinction between the land on which a building is constructed and the building itself. thereforee, any general conception or ntoion of one nto being ..... appellate assistant commissioner and the said commissioner by his order dated october 31, 1961, confirmed the disallowance of the said amount by the income-tax officer. the further appeal preferred by the company, with reference to this amount, to the income-tax appellate tribunal also failed. hence, this reference.the contention of the company before .....
Tag this Judgment!Court : Delhi
Reported in : [1967]66ITR319(Delhi)
..... following question of law to this court :&quto;whether the appeal filed by the assessed before the appellate assistant commissioner is competent under section 30 of the income-tax act ?&quto;the assessed prayed before the tribunal to refer antoher question, namely : &quto;whether his ignoring the same would nto be construed as computing the assesseds loss ..... its loss return for the assessment year 1955-56 on october 16, 1959. on that day the time prescribed by section 22 (2a) of the indian income-tax act, 1922, for filing the loss return, had expired and neither the assessed asked for an extension of time nor was the same granted by the ..... was a valid one. the appellate assistant commissioner decided that the appeal under section 30 of the act was nto competent and also expressed agreement with the income-tax officer that the return was nto valid. the assessed preferred an appeal to the income-tax appellate tribunal and contended that : (i) the return field by the assessed was a valid one .....
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