Court : Mumbai
Reported in : AIR1952Bom261; (1952)54BOMLR184; ILR1953Bom446; [1952]21ITR458(Bom)
..... the constitution which did not permit a taxation bill to deal with more than one topic of taxation, and the question was whether the income-tax assessment act, 1922-1930, and the income-tax acts, 1930, infringed section 55 of the constitution by reason of their bringing into charge profits of a capital nature as well as profits of ..... contention was overruled by the tribunal, and the assessees have now come before us on a reference made to us under section 66 (1), income-tax act.[4] certain important amendments were effected in the income tax act by act xxii [22] of 1947. a new definition of 'capital asset' was inserted as section 2(4a), and ''capital asset' was defined ..... obtains a greater price for it than he originally acquired it at the enhanced price is not profit in the sense of sch. d, income-tax act of 1842 assessable to income tax. but it is equally well established that enhanced values obtained from realisation or conversion of securities may be so assessable, where what is done is .....
Tag this Judgment!Court : Mumbai
Reported in : [1961]41ITR763(Bom)
..... 1959, the said application was rejected by the commissioner, holding that the action of the third respondent was perfectly justified under the provisions of section 49e of the income-tax act. thereafter, on november 25, 1959, the petitioner has filed the present application under article 226 of the constitution, and has prayed for a writ, direction or order ..... against the company had been made by the high court in april, 1942, a notice of demand was served on the official liquidator by the income-tax department under section 29 of the indian income-tax act, 1922, and therefore, without following the procedure of lodging the claim in the winding up, and having the claim provided, and arrear demand ..... to the case of a recovery, the ratio of this case is equally applicable to the case of a set-off under section 49e of the indian income-tax act. the provisions of section 49e which empower the department to set off is a provision enabling them to have their dues satisfied, and would thus have the .....
Tag this Judgment!Court : Mumbai
Reported in : (1990)92BOMLR31; [1990]185ITR6(Bom)
..... of section 256(1) of the income-tax act, 1961. it raises, in regard to the assessment year 1967-68, the following question :'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the average rate of income-tax should be worked out with reference to the total income of the company as reduced by the ..... they were not in accord with the literal interpretation of section 52 and departed or deviated therefrom. that circulars of central board of direct taxes issued under section 119 and analogous provisions of the earlier income-tax acts were binding upon the officials of the revenue had been decided by the supreme court's judgments in navnit lal c. javeri v. k ..... meaning other than that set out in sections 2(10) and 2(24), respectively. whether the rate is set out in the finance acts or in the income-tax acts itself does not appear to us at all relevant in the context of the computation of the deduction under section 85a.9. mr. dalvi submitted that, so .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1951Bom428; (1951)53BOMLR610; ILR1952Bom373
..... money-lending secondly, of running a ginning factory &, lastly, a share business. it is also found as a fact that only the money lending business had paid tax under the income tax act of 1918. on these facts the asses-see claims the concessions laid down in section 25 (4) on the ground that his business had been succeeded to by ..... advance before us a very interesting & ingenious argument based on the construction of section 25(4), income-tax act. the facts are that the assesses before us who is an undivided hindu family of one himatlal was assessed for the first time to tax for the assessment year 1921-22. this joint family was disrupted on 26-10-1943. it has ..... be in respect of that business only. that sub-section does not contemplate any relief in respect of any other sources of income of the assesses who was carrying on the business which was assessed to tax under the act of 1918 & in respect of which there was a succession. the ingenious argument advanced by sir jamshedji is that when .....
Tag this Judgment!Court : Mumbai
Reported in : [1985]156ITR422(Bom)
..... two following questions :'1. whether the assessee is entitled to exemption from tax under section 81(i)(d), income-tax act, 1961, in respect of its profits from fertiliser business ? 2. whether the assessee is entitled to exemption from tax under section 81(i)(d), income-tax act, 1961, in respect of its profits from the sale of insecticides to non-members ..... government of maharashtra on sale of fertilisers and the assessee claimed exemption also had sold certain articles to non-members and had derived substantial income therefrom.4. the income-tax officer took the view that the assessee was dealing on a very large scale in various articles, like sugar and grain, which did ..... as 'obtained by care or effort, acquire'. purchase is thus a word of restricted meaning than the word 'procure'. while dealing with a taxing statute which deals with income from business, the word 'purchase' will, therefore, have to be construed in the commercial sense. in the commercial sense, a transaction of purchase .....
Tag this Judgment!Court : Mumbai
Reported in : 1996CriLJ449; [1998]229ITR628(Bom)
..... 29, 1988 (annexure 'b'), the income-tax officer, circle iii(1), nagpur, passed an order under section 271(1)(c) of the income-tax act, and imposed minimum penalty of 100 ..... assessment year 1984-85 it was found that the assessee has concealed income to the extent of rs. 21,091. consequently, the assessing authority initiated proceedings under section 271(1)(c) of the income-tax act, 1961 (for short 'the i.t. act'), and for the concealment of income in the assessment year 1983-84, by the other dated march ..... by prosecution.' 15. the aforesaid observations are well founded, but the question is when the penalty orders have been quashed by the final authority under the income-tax act whether, on the self same facts contained in the complaint, the assessee could be prosecuted. the delhi high court itself has considered this question in sequoia .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1956Bom756; (1956)58BOMLR936; ILR1957Bom43
..... the tribunal is unable to understand as to what are those principles. now, wehave had occasion to point out in several decisions that what the income-tax act purports to tax is business profits and business profits are the true profits of a business as ascertained according to commercial principles. there may be an expenditure or there ..... if we consider these two amounts separately, then the assessee company has to satisfy us that the sum of rs. 4,554/- was & permissible deduction under the income-tax act. mr. palkhivala realised the difficulty of putting forward his client's case from this aspect & therefore the first argument advanced by him was that we must look ..... enacting that section has made a very vital departure from the scheme of the income-tax act. as is well known, under the income-tax act an assessee pays tax on the income of his previous year. what section 18a does is to provide for payment of tax in respect of the current year, and therefore the legislature looked upon this .....
Tag this Judgment!Court : Mumbai
Reported in : [1989]177ITR163(Bom)
..... of transfers of immovable property. the legislature, in its wisdom, thought it necessary to introduce section 281 in the income-tax act. the question, however, is whether by introducing section 281 in the income-tax act, 1961, the legislature wanted to confer a power and jurisdiction which was exclusive upon the income-tax authorities or otherwise. in other words, the question is whether section 281 as found in the ..... income-tax act which is pari material with section 53(1) of the transfer of property act only declares what the law is or whether section .....
Tag this Judgment!Court : Mumbai
Reported in : (2009)224CTR(Bom)481; [2009]179TAXMAN30(Bom)
..... receipt of the amount in issue by him is not an income subject to payment of income-tax within the definition of section 2(24) of the income-tax act (hereinafter referred to as 'the act', for the sake of brevity) and secondly (rather alternatively) that the same is 'income from long-term capital gain' and not 'income from other sources' as held by all the lower authorities.2 ..... other sources'. the relevant portion of section 56 reads thus:56. income from other sources.-(1) income of every kind which is not to be excluded from the total income under this act shall be chargeable to income-tax under the head 'income from other sources', if it is not chargeable to income-tax under any of the heads specified in section 14, items a to e.(2) in .....
Tag this Judgment!Court : Mumbai
Reported in : [1990]184ITR252(Bom)
..... 230(1) of the income-tax act, 1961. section 230(1) requires certain persons leaving india for abroad to obtain a clearance certificate before their departure. that tax clearance certificate has to be a tax clearance certificate from his or her assessing income-tax officer to the effect that that person has no liabilities under the income-tax act, excess profits tax act, business profits tax act, wealth-tax act, expenditure tax act and gift-tax act. in case. for some ..... petition under article 226 of the constitution of india, the petitioner has challenged the demand made against her by the tax recovery officer by his noticed dated august 24, 1983, under a guarantee given by her section 230(1) of the income-tax act 1961, on april 26, 1966. it is pertinent to mention that one lisbet holmes, a canadian citizen, was having some business .....
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