Court : Mumbai
Reported in : (1960)62BOMLR11
..... visvanatha sastri : [1954]26itr713(sc) their lordships of the supreme court held that section 34 of the income-tax act, as amended by the income-tax (amendment) act 33 of 1954, operated on the same field as section 5(1) of the taxation on income (investigation commission) act, 30 of 1947, and, therefore, section 5(1) of the latter act had become void and unenforceable being discriminatory in character. ..... their lordships of the supreme court held that 'section 34 of the indian income-tax act, 1922, as amended by act 48 of 1948, and subsection (4) of section 5 of the taxation on income all persons who had similar characteristics and similar properties, the common characteristics being that they were persons who had not truly disclosed their income and had evaded payment of taxation on income';that the procedure prescribed by the taxation on income (investigation commission) act, 1947, was substantially more prejudicial and more drastic to ..... under section 34 of the income-tax act, before it was amended by act 48 of 1948, the income-tax officer was competent to serve on the person liable to pay tax a notice requiring him to furnish a proper return and to proceed to assessor re-assess the income, profits or gains, if in consequence of definite information which had come into his possession the income-tax officer discovered that income, profits or gains chargeable to income-tax had escaped assessment in any year or had been under-assessed or had been assessed at too law a rate, or had .....
Tag this Judgment!Court : Mumbai
Reported in : (1988)70CTR(Bom)53; [1988]173ITR164(Bom)
..... since each of the employees had rendered services of a technical nature for a period of less than 90 days, the petitioner reasonably believed that their salaries were exempt from income-tax under section 10(6)(vi) and section 10(6)(viii) of the income-tax act, 1961, for the assessment year 1979-80. ..... 4), under section 221(1) read with section 201(1) of the income-tax act, 1961, calling upon the petitioner to show cause why a penalty should not be levied under section 221(1). ..... the notices, therefore, are contrary to the provisions of section 226(3) of the income-tax act, 1961. ..... thereupon, a notice of demand was issued on december 11, 1963, under section 156 of the new income-tax act, 1961. ..... september 11, 1985 and september 13, 1985, under section 226(3) of the income-tax act, 1961. ..... even under section 201 of the income-tax act, on which reliance has been placed by the respondents, an order is necessary. ..... even under section 201 of the income-tax act, an order must be passed against the assessee. ..... under section 226(3) of the income-tax act, along with his letter of the same date. .....
Tag this Judgment!Court : Mumbai
Reported in : [1993]201ITR293(Bom)
..... property at ahmedabad and stated that the amount was not taxable because the land was agricultural land and therefore any gains made on the sale of the land were not taxable to capital gains tax in view of the definition of 'capital asset' as given in section 2, sub-section (14), of the income-tax act, 1961. ..... capital gains earned on the sale of it were liable to tax under section 45 of the income-tax act, 1961.16. ..... capital gains arising from the sale of such land will, therefore, not be excluded under section 2(14) of the income-tax act, 1961.19. ..... the court was required to consider whether capital gains arising from the sale of land in question would be exempt from capital assets under section 2(14) of the income-tax act, 1961. ..... this is a reference under section 256(1) of the income-tax act, 1961. ..... are these facts sufficient to establish that the land is agricultural land under section 2, sub-section (14), of the income-tax act, as in force at the relevant time, capital asset does not include agricultural land in india. ..... the question of capital gains arising from the sale of land under the income-tax act was directly before the high court in this case. ..... raja benoy kumar sahas roy : [1957]32itr466(sc) , the supreme court considered at length the meaning of the term 'agriculture' in connection with the definition of 'agricultural income' under the indian income-tax act, 1922. ..... the term 'agricultural land' is not defined under the income-tax act. .....
Tag this Judgment!Court : Mumbai
Reported in : [2001]248ITR659(Bom)
..... the short point which arises for determination in this petition is whether the tax recovery officer was right in refusing to adjudicate upon the claim of the petitioner under rule 11 of the second schedule to the income-tax act, 1961, on the ground that the assessing officer has declared the gift deed dated december 2, 1986, as void under section 281 of the act. ..... 24, mumbai, vide order dated november 17, 1989, attached the above flat under schedule ii to the income-tax act, 1961, on account of tax arrears outstanding in the case of the assessee by name vinod bhatia. ..... it was held by the supreme court on the facts that the tax recovery officer could not have examined whether the transfer was void under section 281 of the income-tax act and, therefore, his adjudication in that regard was without jurisdiction. ..... by letter dated february 15, 1995, addressed by the tax recovery officer to the petitioner, it was stated that the gift of the flat is treated void under section 281 of the income-tax act by the assessing officer and since the flat stands in the name of vinod bhatia, the petitioner was not entitled to be furnished with copies of the documents sought for by the petitioner. ..... it was held that section 281 of the income-tax act and section 53 of the transfer of property act arc pari materia. ..... sathe further contended that even under section 281 of the income-tax act, the petitioner was entitled to a show-cause notice before issuance of a declaration that the gift deed was void. .....
Tag this Judgment!Court : Mumbai
Reported in : [2004]266ITR269(Bom); 2004(1)MhLj297
..... this reference has come before the court at the instance of the assessee under section 256(1) of the income tax act, 1961. ..... commissioner of income-tax reported in : [1993]202itr375(bom) , the bombay high court took the view that the power of ito was to make assessment under section 143 or section 144 of the income tax act and that interest under section 214 was the part of assessment and the said interest was deemed to be tax for the purposes of the act including section 246(1)(c). ..... however, that judgment has no application because it was concerning assessment year 1970-71 whereas, we are, in the present appeal, concerned with assessment year 1985-86 and from 1-4-1985 there is an amendment to section 214(1a)come tax act, 1961 which was not before the division bench in the case of caltex oil refining (india) ltd. ..... 4,87,236/- which they had paid on demand on 7-3-1986 under section 244(1a) of the income tax act which was not granted by the ao while working out the order passed by the appellate authority. ..... 6,13,234/- paid by way of advance tax under section 214 of the income tax act. ..... (bom) , the assessee had filed an appeal before the appellate authority on several grounds and one of the grounds taken was that the ao ought to have paid interest to the assessee on the amount of refund under section 214 of the income tax act. ..... that, while working out the order passed by the appellate authority, the ao omitted to grant interest on the excess amount of advance tax paid and the refund. .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(111)BomLR4550
..... questions for consideration, which were:(i) is transfer of an immovable property in contravention of a prohibitory or injunction order of a court illegal or void;(ii) whether and to what extent, the procedure under rule 11 of second schedule to income tax act, 1961 is applicable in execution of a recovery certificate issued under section 19(7) of the recovery of debts due to banks and financial institutions act, 1993 (for short rdb act).the learned bench answered the 1st question in the affirmative and thereafter went on to proceed to answer the second question. ..... whether in view of the provisions of section 29 of the recovery of debts due to banks and financial institutions act, 1993 read with rules 11(1) and 11(6) of the, second schedule of the income tax act, 1961 a person against whom an order is passed is entitled to institute a suit in a civil court, or whether the said order can only be challenged by way of an appeal under section 30 of the act ?2. ..... whether the provisions of section 29 of the recovery of debts due to banks and financial institutions act, 1993 are only restricted to those cases in which the property of the judgment debtor is sought to be recovered in terms of rule (4) of the second schedule of the income tax act, 1961 ?3. .....
Tag this Judgment!Court : Karnataka
Reported in : (2009)223CTR(Kar)186; [2009]309ITR329(KAR); [2009]309ITR329(Karn); [2009]180TAXMAN4(Kar)
..... in the provision of section 54(1) of the income-tax act, the relevant portion is extracted herein for convenient reference:subject to the provisions of sub-section (2), where, in the case of an assessee being an individual or a hindu undivided family, the capital gain arises from the transfer of a long-term capital asset, being buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable under the head 'income from house property (hereafter in this section referred to as the original asset), and ..... however, the proviso to section 54 of the income-tax act, lays down that if the assessee has already one residential building, he is not entitled to exemption of capital gains tax, when he invests the capital gain in purchase of additional residential building.7 ..... therefore, it is held that section 54(1) of the income-tax act does not permit exemption for the purchasers for more than one residential premises ..... combined reading of sections 54(1) and 54f of the income-tax act discloses that, a non residential building can be sold, the capital gain of which can be invested in a residential building to seek exemption of capital gain tax. ..... plain reading of the provision of section 54(1) of the income-tax act discloses that when an individual-assesses or hindu undivided family-assesses sells a residential building or lands appurtenant thereto, he can invest capital gains for purchase of residential building to seek exemption of the capital gains tax. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1951SC111; [1950]191ITR182(SC); (1951)IMLJ328(SC); [1950]1SCR969
..... the material part of sub-clause 4 of section 25 is in these terms :- 'whether the person who was at the commencement of the indian income-tax (amendment) act, 1939 (vii of 1939), carrying on any business, profession or vacation on which tax was at any time charged under the provisions of the indian income-tax act, 1918, is succeeded in such capacity by another person......' 4. ..... the business being admittedly one which was charged to tax under the income-tax act, 1918, if there was no succession within the meaning of section 25(4) until the sale took place, as the appellants contend, the profits and gains of the period from 1st april, 1942, to 1st january, 1943, would not be liable to tax, whereas, if the testator could be said to have been 'succeeded' by the appellants, the profits of the much shorter period between 1st april, 1942 ..... the appellants contended that within the meaning of section 25(4) of the indian income-tax act the succession to the business took place on the 1st of january, 1943, while the taxing authorities contended that the succession was on the 9th of april, 1942, when the testator died. ..... section 25 of the indian income-tax act, 1939, gives certain concessions in respect of a business where tax had been paid by the person carrying the business under the provisions of the indian income-tax act, 1918. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1969SC1241; [1969]74ITR26(SC); (1969)1SCC616; [1969]3SCR796
..... in respect of assessment years 1949-50 and 1950-51 the income-tax appellate tribunal referred five questions to the high court of calcutta under section 66(1) of the indian income-tax act, 1922. ..... section 24 of the income-tax act, 1922, in the relevant year of assessment read as follows :(1) where any assessee sustains a loss of profits or gains in any year under any of the heads mentioned in section 6, he shall be entitled to have the amount of the loss set off against his income, profits or gains under any other head in that year:provided that . . . . . ..... 756/- was a profit in the nature of revenue and was subject to tax under the indian income-tax act ? ..... 51,550/- was a profit in the nature of revenue and therefore liable to tax under the indian income-tax act ? ..... loss or profits or gains suffered under any head in any year was liable to be set off against the income, profits or gains under any other head, and by sub-section (2) where the loss suffered in any business, profession or vocation could not be wholly set off under sub-section (1) the loss not so set off had to be carried forward to the following year and set off against the profits and gains of the same ..... a person disposes of a part or the whole of his assets the general rule is that the mere change or realisation of an investment does not attract liability to income-tax but where such a realisation is an act which in itself is a trading transaction, profit earned by sale or conversion is taxable : commissioner of taxes v. .....
Tag this Judgment!Court : Delhi
Reported in : ILR1974Delhi617
..... of the consideration and under valuation of the property in the sale deed and who is also supposed to have received more consideration than is stated in the instrument of transfer would be dealt with separately, for instance, under section 52 of the income-tax act, 1961. ..... income-tax officer, : [1961]43itr393(sc) , section 16(3) (a) (i) and (ii) of the income-tax act, 1922 required that in computing the total income of an individual there shall be included so much of the income of a wife or a minor child of such individual as arises from the membership of the wife in a firm of which the husband is the partner and from the admission of the minor to the benefits of a partnership of which such an individual is a partner ..... (5) logically, the first question to be decided should be whether chapter xxa of the income-tax act, 1961 as inserted therein by the act of 1972 is a 'law giving effect to the policy of the state towards securing the principles specified in clauses (b) or clause (c) of article 39' of the ..... (1) is chapter xxa of the income tax act, 1961 as inserted therein by taxation laws (amendment) act, 1972 (hereinafter called the act of 1972) wholly or partly a law enacted 'for the purpose of imposing or levying any tax or penalty' within the meaning of article 31(5)(b)(i) and/or is it a 'law giving effect to the policy of the state towards securing the principles specified in clause (b) or clause (c) of article 39' within the meaning of the first part of article 31c of .....
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