Court : Supreme Court of India
Reported in : AIR1965SC568; [1965]55ITR17(SC); [1964]8SCR332
..... section 2(4) of the indian income-tax act, 1922 defines'business' as including any trade, commerce, or manufacture or anyadventure or concern in the nature of trade, ..... the indian income-tax act, 1922,claimed exemption from payment of tax on income earned in the relevant previousyear, on the plea that the firm was carrying on business before the indianincome-tax act, 1922, was enacted, and on that business, tax had been chargedunder the provisions of the indian income-tax act 7 of 1918 in respect of thebusiness done immediately before that act was repealed ..... the profits and gains ofbusiness and capital gains are two distinct concepts in the income-tax act :the former arises from the activity which is called business and the latteraccrues because capital assets are disposed of at a value higher than what theycost ..... [1958]1scr79 that business income is broken up under different heads only for thepurpose of computation of the total income : by that break-up the income doesnot cease to be the income of the business, the different heads of income beingonly the classification prescribed by the indian income-tax act for computationof income. ..... 25(3) may be claimed by an assessee if the business is one inrespect of which tax was charged at any time under the indian income-tax act,1918 and the business is discontinued - there being no succession by virtue ofwhich the provisions of sub-s. ..... section 5 of that act classified the incomechargeable to income tax, and 'interest on securities' .....
Tag this Judgment!Court : Kerala
Reported in : (1988)68CTR(Ker)165; [1988]172ITR597(Ker)
..... where rule 1d is applicable must be made with reference to the full value of the assets shown in the balance-sheet of the relevant company, as reduced by the rate of depreciation applicable to such assets under the income-tax act, 1961, and the rules made thereunder. ..... it is no longer disputed by the assessees that wherever rule 1d is applicable, the correct rate recognised by the income-tax act and the rules must be applied for the purpose of deducting depreciation from the value of the assets shown in the ..... counsel says, the depreciation allowable under the income-tax act and the rules in respect of the ships in question was, for the relevant year, ..... shares in the relevant company during the relevantperiod must be computed with reference to the full value of the assets shown in the balance-sheet, as reduced by depreciation at the rates, allowable in terms of the income-tax act and the rules made thereunder ?' 8. ..... revenue, on the other hand, submits that the orders of the wealth-tax officer as well as the orders of the tribunal show that what was deducted from the full value of the assets shown in the balance-sheet was the depreciation which is deductible under the income-tax act and the rules. ..... from the value of the assets has to be computed strictly in accordance with the rates applicable under the income-tax act and the rules. ..... assessees submits that the rate of depreciation shown in the balance-sheet is lower than the relevant rate recognised under the income-tax act and the rules. .....
Tag this Judgment!Court : Mumbai
Reported in : 2001(3)BomCR673; 2002(1)MhLj301
..... -- (1) notwithstanding anything contained in the [wealth tax act, 1957 (27 of 1957)], the income-tax act, 1961 (43 of 1961), the super profit-tax act, 1963 (14 of 1963), [the companies (profit) surtax act, 1964 (7 of 1964) or in any other enactment for the time being in force relating to income-tax, super-tax [super profits-tax, surtax] or any other tax on income, profits or gains --'section 32 gives exemption to uti from payment of tax, inter alia, under the income tax act on its income, profits or gains. ..... section 3(1c) further shows also that, the legislature, while enacting the interest tax act, 1974 was aware of the meaning of the word 'income' under the income tax act, 1961 which is the earlier legislation and it has understood the word 'income' under the income tax act to mean income under the head 'profits and gains' or from other source. ..... on the other hand, the department contended that the notices have been given for omitting to file returns under section 7 of the interest tax act which has resulted in escapement. ..... he accordingly contended that in the present case uti omitted to file its returns under section 7 of the interest tax act based on the opinion and based on the interpretation given by cbdt which interpretation is subsequently admitted to be erroneous and, therefore, section 10(a) of the interest tax act is applicable. .....
Tag this Judgment!Court : Kerala
Reported in : [2001]247ITR395(Ker)
..... the additional personal assistant to the collector, being a tax recovery officer within the meaning of section 2(44) of the income-tax act, 1961, is an authority constituted under section 221 of the income-tax act, 1961, to recover arrears of income-tax due under that act and, therefore, he is the corresponding authority referred to in the proviso to section 13(1) of the indian finance act, 1950, and is competent to take proceedings to recover the arrears of tax due under the travancore income-tax act. ..... (2) out of the 22 certificates, 11 certificates were issued only after the death of thangal kunju musaliar, mentioning him as the assessee and, therefore, they were invalid under section 66(3) of the travancore income-tax act and section 221 of the income-tax act, 1961. ..... according to learned counsel, immediately after the judgment of this court, those 11 certificates were corrected by using the power under section 224(2) of the income-tax act, 1961. ..... some of the certificates were issued under section 221(1) of the income-tax act, 1961. ..... the contention taken in the writ petitions is as follows : (1) since the arrears included arrears due under the travancore income-tax act, they could be recovered only under the provisions of that act and, therefore, the proceedings for attachment under the income-tax act, 1961, for the recovery of the arrears due under the travancore income-tax act are bad. .....
Tag this Judgment!Court : Mumbai
Reported in : (2001)168CTR(Bom)99; [2001]249ITR612(Bom)
..... section 3(1c) further shows also that, the legislature, while enacting the interest-tax act, 1974, was aware of the meaning of the word 'income' under the income-tax act, 1961, which is the earlier legislation and it has understood the word 'income' under the income-tax act to mean income under the head 'profits and gains' or from other sources. ..... suffice it to state that under section 4 of the income-tax act, 1961, the income-tax is chargeable on the total income of every person and the words 'total income' are defined under section 2(45) to mean total amount of income referred to in section 5, computed in the manner laid down in the act. ..... he contended that if the income-tax act, 1961, charges tax on the net income and if the word 'income' in section 32(1) of the uti act is also read as net income then there would be a case of double taxation and, therefore, such an interpretation should be avoided. ..... on the other hand, the department contended that the notices have been given for omitting to file returns under section 7 of the interest-tax act which has resulted in escapement. ..... he accordingly contended that in the present case the uti omitted to file its returns under section 7 of the interest-tax act based on the opinion and based on the interpretation given by the cbdt which interpretation is subsequently admitted to be erroneous and, therefore, section 10(a) of the interest-tax act is applicable. .....
Tag this Judgment!Court : Karnataka
Reported in : [1992]193ITR41(KAR); [1992]193ITR41(Karn)
..... there were almost similar situations which arose under the provisions of the indian income-tax act, 1922, as well as under the present income-tax act, 1961, in connection with the assessment of the hindu undivided family. ..... the question was whether section 171(1) of the income-tax act could be applied to make as order of assessment assessing the erstwhile hindu undivided family. ..... after this decision, section 24b was introduced in the earlier income-tax act, 1922 (similar to the present section 159). ..... cit : [1959]35itr416(sc) , the supreme court pointed out that, but for section 25a of the indian income-tax act, 1922, a hindu undivided family which ceased to exist could not have been taxed at all. ..... one such situation resulted in the enactment of section 25a in the earlier income-tax act, 1922. ..... section 171 of the income-tax act did not made any provision to meet such a contingency. ..... thus, this language is substantially similar in its structure to section 4 of this income-tax act whereunder income-tax shall be charged in respect of the total income of the previous year of every person. ..... the position which obtained before this section was introduced in the old act was that though a hindu undivided family was a unit of assessment, there was no machinery provided in the act for levying tax and enforcing liability to tax in cases where a hindu undivided family had received income in the year of account but was no longer in existence as such at the time of assessment. .....
Tag this Judgment!Court : Rajasthan
Reported in : (1986)52CTR(Raj)286; [1986]160ITR908(Raj); 1985(2)WLN789
..... in holding that such payments made out of privy purse were not entitled to exemption under section 10(19) of the income-tax act, 1961, in spite of clauses (2) and (4) of the covenant, but constituted income of by virtue of the definition of ' income' contained in section 2(24) of the income-tax act, 1961 ' 6. ..... , in the respective financial years relevant to the assessment years 1970-71 and 1971-72 from maharana bhagwat singh of mewar was exempt from income-tax under the provisions of section 10(19) and/or section 10(2) of the income-tax act, 1961, or otherwise '7. ..... by the deceased in the financial years relevant to the assessment years 1970-71 and 1971-72, respectively, from maharana bhagwat singh of mewar out of the privy purse received by him was not exempt from income-tax under the provisions of section 10(19) and/or section 10(2) of the income-tax act, 1961, or otherwise ? 2. ..... question of exemption under sections 10(19) and 10(2) of the income-tax act, 1961 (xliii of 1961) (for short 'the act'), and recorded the following findings:(1) that the deceased-assessee has all along in the past been receiving the said allowance by way of periodical receipts accruing to her and that there can be no manner of doubt that the said allowance is income. ..... not received by or on behalf of the ruler as privy purse or as a result of any financial agreement with the government and, therefore, exemption under section 10(19) of the income-tax act, 1961, is not available in the hands of the assessee. .....
Tag this Judgment!Court : Chennai
Reported in : [2001]251ITR479(Mad)
..... according to learned standing counsel, there were ample powers in that section if read with section 132b of the income-tax act to adjust the amounts in the way the authorities had done in this case. ..... the petitioner also had pointed out in that application that he had already requested that the cash seized and the amount appropriated during the search under section 132 of the income-tax act might be appropriated towards the ad hoc payment of tax liability, which would arise out of the proceedings under section 132 of the income-tax act. ..... on november 19, 1997, the petitioner was directed to file his returns for the block assessment period under section 158bc of the income-tax act in respect of the search that had taken place in the petitioner's premises. ..... 60,00,000 lying in his bank account may be appropriated towards the tax liability that may arise out of the action under section 132 of the income-tax act both at chennai and ernakulam. ..... there can be no dispute that where there is a search under section 132 of the income-tax act, the assessment would be under chapter xiv-b of the act, which was a specially introduced chapter by the finance act, 1995. ..... learned counsel contended that the interpretation by the learned judge of section 158bc of the income-tax act was not correct. ..... it will be, therefore, our endeavour to consider the real import of section 158bc as also section 132b of the income-tax act. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1998]233ITR508(P& H); (1997)117PLR700
..... [1988]171itr241(all) , wherein the high court held that on the dissolution of a partnership firm, though the partners are jointly and severally liable for the tax dues of the firm in view of the provisions of section 189(3) of the income-tax act, 1961, the tax liability of the firm should be realised by proceeding against the properties of the firm. ..... the company filed their reply before the income-tax authorities, wherein they contested the liability to pay the arrears of income-tax on the ground that the company was already under liquidation and at that time the income-tax act, 1961, had not come into force and, as such, they were not liable jointly and severally for the amount of arrears of income-tax under section 179 of the act. ..... , the date of commencement of the income-tax act, 1961, but the liquidation proceedings were still pending on the said date, the income-tax officer had the jurisdiction to invoke section 179 of the act to take action against the directors of the company for realisation of the arrears of income-tax due from the company and the appeal preferred by the directors against the order of this ..... winding up of the company, proceedings under section 179 of the income-tax act, 1961, (hereinafter to be referred as 'the act'), were commenced against the aforesaid directors by issuing notice thereunder by the concerned income-tax officer, holding them liable to discharge the liability of the company for payment of the due arrears of income-tax, mentioned above. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1998]229ITR477(P& H)
..... the following question of law has been referred at the instance of the commissioner of income-tax by the income-tax appellate tribunal (for short 'the tribunal'), under section 256(1) of the income-tax act, 1961, (for short 'the act') : ' whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal erred in law in holding that the assessment order passed by the income-tax officer for the assessment year 1975-76 on september 16, 1978, was barred by time and as such liable to be annulled ?' 2. ..... it was omitted by the direct tax laws (amendment) act, 1987, with effect from april 1, 1989. ..... (iv) the period (not exceeding one hundred and eighty days) commencing from the date on which the income-tax officer forwards the draft order under sub-section (1) of section 144b to the assessee and ending with the date on which the income-tax officer receives the directions from the inspecting assistant commissioner under sub-section (4) of that section, or, in a case where no objections to the draft order are received from the assessee, a period of thirty days, or ... .....
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