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Killick Nixon and Company Vs. Commissioner of Income-tax, Bombay

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 .....

Mitsui Steamship Co. Ltd. Vs. C.i.T., West Bengal, Ii, Calcutta

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 .....

J. Jermons Vs. Aliammal and ors.

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, .....

Commissioner of Income-tax Vs. S.C. Kothari

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 .....

Lankashi Tea and Seed Estates P. Ltd. and anr. Vs. Commissioner of Tax ...

Court : Guwahati

..... or extracting coal or any part of such land, in this act referred to as 'coal mine'. income-tax act, 1961:4. the meaning of the expression 'agricultural income', being relevant in the present context, as provided under section 2(1a) of the income-tax act, 1961 (for short, 'the central act'), may be noted as under:2.(1a) 'agricultural income' means(a) any rent or revenue derived from land which is ..... in the assessment under the income-tax act, 1961:provided further that in case of agricultural income from cultivation and manufacture of tea the agricultural income for the purposes of this act shall be deemed to be that portion of the income from cultivation, manufacture and sale which is agricultural income within the meaning of the indian income-tax act and shall be ascertained by computing the income from the cultivation, manufacture and .....

Godrej and Boyce Mfg. Co. Ltd. Vs. P.K. Gupta, Commissioner of Income ...

Court : Mumbai

Reported in : 2006(1)BomCR840; (2006)202CTR(Bom)308; [2006]284ITR85(Bom); 2005(4)MhLj659

..... submissions, mr. pardiwalla, referred to and relied upon the division bench judgment of our high court, with regard to the interpretation of section 214 of the income tax act in the case of commissioner of income tax v. saswad mali sugar factory ltd. : [2001]249itr756(bom) . in that case, the assessment year was 1980-1981 and the assessment was completed ..... pardiwalla has therefore contended that both the above judgments have very clearly laid down the law as far as section 214 as well as section 244(1a) of the income tax act are concerned. he therefore submitted that based on the said provisions of law, the petitioner is entitled to interest. mr. pardiwalla produced before us two charts showing ..... /-. the inspecting assistant commissioner determined a refund of rs. 1,19,78,111/-together with the interest at rs. 31,14,306/-under section 214 of the income tax act and the amount of rs. 4,80,000/- was also charged as an interest under section 216. the total amount of refund was computed at rs. 1 .....

Seth R. Dalmia Vs. the Union of India and ors.

Court : Delhi

Reported in : ILR1970Delhi85

..... in the circum stances of these cases as required by sub-section (1) of section 151 of the income-tax act, 1961.(5) the challenge in respect of the non-compliance of the provisions of section 181 of the income-tax act, 1961 is that the board as such has not given prior sanction to the issue of notices under section 148 ..... have been filed by shri r. dalmia challenging the validity and legality of notices served on him under section 148 of the income-tax act, 1961 apart from challenging the validity, legality and constitutionality of sections 147 and 148 of the income-tax act, 1961. petitions bearing nos. 663-664 and 665 of 1965 relate to notices served by respondent no. 3, the ..... the notices served by respondent no. 3 were invalid as there was no valid sanction of the central board of direct taxes as was pre-requisite by virtue of the provisions of section 151 of income-tax act, 1961. it is not necessary to discuss all the points raised by the petitioner by way of the challenge to the .....

Commissioner of Income Tax Vs. Shabandari Family Trust

Court : Kerala

Reported in : (2000)162CTR(Ker)394

..... without deduction of tax at source as stipulated in section 194a of the income tax act, 1961. hence letters were issued to the assessee. the assessee's representative in his reply, it is stated that the assessee is a specific ..... was paid to 19 persons totalling to rs. 1,60,599 during the year relevant to the assessment year 1988-89 without deduction of tax at source as stipulated in section 194a of the income tax act, 1961. similarly, for the assessment year 1989-90 interest exceeding rs. 2,500 was paid to 21 persons aggregating to rs. 1,62,180 ..... commissioner (appeals). both the appeals were heard together. the deputy commissioner (appeals) held that the assessee is not governed by the provisions under section 194a of the income tax act and therefore, levy of interest under section 201(1a) for both years was cancelled.3. revenue filed appeals as ita nos. 666 and 667/coch/93 before the .....

S. Padmapriya Vs. Income Tax Officer and anr.

Court : Chennai

Reported in : (2001)165CTR(Mad)132

..... died. it is stated that the property of the petitioner was attached on 14-3-1989, by the tax recovery officer, chennai. it is the specific case of the petitioner that under rule 68b(3) of the second schedule to the income tax act, 1961, the sale of the property cannot be effected after a period of three years from the date of ..... attachment. it is, therefore, stated that since the property was attached prior to 1-6-1992, and the orders which gave rise to the demand of tax were made prior to 1-6-1992, ..... was not served with any prior notice after the death of her father. this contention is also not acceptable. rule 85 of the second schedule to the income tax act empowers the tax recovery officer to continue the recovery proceedings against the legal representatives of the defaulter from the stage at which it was left on the death of the defaulter .....

L.K. Joshi and Co. Vs. the Commissioner of Sales Tax

Court : Orissa

Reported in : [1971]27STC481(Orissa)

..... limit specified in the said revised notice.' 6. a bare comparison of the analogous provision would show that the scheme in both central sales tax act and the orissa sales tax act are same. there is no corresponding provision in the income tax act regarding the explanation. mr. mohapatra places reliance on a decision in dwarika prasad sharma v. state of orissa, (1965) 16 stc 144 (orissa ..... g.k. misra, c.j.1. the petitioner was assessed to sales tax on 31st of august. 1961 under rule 10 of the central sales tax (orissa) rules, 1957 (hereinafter referred to as the orissa rules) framed under the central sales tax act. the assessment for quarters ending 30th june, 1958 to 30th of june, 1959 was to the tune of rs. 1,21,500/-. appeals .....