Judgment Search Results Home > Cases Phrase: principal interest taxes and insurance piti Sorted by: old Page 5 of about 20,890 results (0.303 seconds)

United Bank of India Ltd. (for Comilla Banking Corporation Ltd.) Vs. C ...

Court : Kolkata

Reported in : [1963]50ITR258(Cal)

..... has been a realisation, for as soon as the new securities were taken in place of the investments in the original war bonds, a new venture was begun in relation to the new holdings and the fact that this transformation took place by a process of exchange, did not avoid the conclusion that there had been a realisation of the securities. ..... some dicta which appear to support the view that it is necessary to prove that the taxpayer has carried on a separate or severable business of buying and selling investments with a view to profit in order to establish that profits made on the sale of investments are taxable, for example, the dicta in the case of ..... order to get a proper picture of the transactions, i set out below a table, being annexure 'a' to the statement of the case.statement of holding and sale of securities :yearholdingsale rs.rs.19332,62,37584,66819343,85,01272,05219356,45,95195,21319369,56,935.193716,20,718.193825,21,278.193931,91,375.194034,53,785.194169,75,176.19421,05,56,82523,484-06-019432,01,75,1302,46, ..... contention was rejected by the income-tax authorities, which held this was assessable as profits and gains of the companys business in ..... relevant to cite a decision of the kings bench division, royal insurance company ltd. v. ..... and secured from the government a fresh set of promissory notes of the same face value, bearing interest ..... loans of a large part of these deposited funds at somewhat higher rates of interest. ..... with the bank often receiving a small rate of interest on it. .....

Royal Western India Turf Club Ltd. Vs. the Municipal Commissioner

Court : Mumbai

Reported in : (1963)65BOMLR742

..... account of tenant's rates and taxes and the annual average cost of the repairs and renewal and insurance of the buildings of the stations and of plant, as necessary to maintain them in a state to ensure the above receipts-this would in our view have no reference to such repair charges and other charges which are to be borne by the landlord under the statute here as well as in england-then a sum on account of the renewal of the whole of the mains, and the balance which remained ..... is the rent at which the hereditament may reasonably be expected to be let from year to year, free of all usual tenants rates and taxes and deducting therefrom the probable average annual costs of the repairs, insurance and other expenses, necessary to maintain them in a state to command such rent. ..... ; from the residue a tenant's share is subtracted, a hypothetical sum which represents what the tenant might reasonably be satisfied with for his 'profits', which will include interest on capital remuneration for his industry and compensation for risk; and the residue will be the landlord's share of rent.he made it clear that he was not proposing to restate the judicial definitions of the profits basis but was merely ..... was deducted the tenant's profits and interest on capital which the court ..... the gross receipts is ascertained, and from such amount are deducted the expense of earning such receipts, the deductions provided for by statute, interest on tenants capital and the estimated amount of tenant's profit .....

Acharya D.V. Pande Vs. Commissioner of Income-tax

Court : Gujarat

Reported in : AIR1965Guj262; [1965]56ITR152(Guj)

..... vacate the house in which he was residing at the time owing to the high cost of upkeep but the company in its own interest desired that he should continue in the same house and it was, therefore, agreed that he should continue to reside in the same house and the company should pay all outgoing in respect of the house including rates, taxes and insurance, and cost of gas, electric light and telephone and maintain the house and gardens in proper condition ..... on which we find this case explained in elements of income tax and profits tax law, fifth edition, page 110, and british tax encyclopaedia, volume 1; paragraph 1.134 ..... . the speech of the lord clyffe does no more than point out that the only question in (1892) 5 tax cas 158 was whether anything in respect of the annual value of the portion occupied by the agent could be treated as income under schedule e and the learned law lord emphasized that the case had nothing to do with schedule a which was the schedule with which the house of lords was concerned ..... now namvero, as the very name suggests, is a salutation tax and salutation is made to the acharya not because of any considerations personal to the indiviual who happens to be the acharya but because he is ..... in the assessment of the assessee for the assessment years 1958-59,1959-60 and 1960-61 the corresponding previous years being samvat years 2013,2014 and 2015, the income -tax officer added the sum of rs.2000/- per month as also the amounts representing the aforesaid expenses .....

United States Vs. Equitable Life Assur. Soc'y

Court : US Supreme Court

..... we intimate no view as to the disposition the state court may wish to make of the fund set aside for the principal, interest, and costs, exclusive of attorney's fee. ..... almost a year later, the mortgagors defaulted, and respondent brought this foreclosure action for the principal and interest under the mortgage and an attorney's fee under a new jersey court rule allowing for attorneys' fees in foreclosure proceedings determined as a percentage of the amount adjudged to be paid the mortgagee and taxed as costs in the action. ..... it argues that, since the united states concedes the priority of the mortgages here, the attorney's fee is likewise superior, for it must stand on no less equal footing as principal and interest under a mortgage -- neither of which is ascertainable until foreclosure. ..... " "if any person liable to pay any tax neglects or refuses to pay the same after demand, the amount (including any interest, additional amount, addition to tax, or assessable penalty, together with any costs that may accrue in addition thereto) shall be a lien in favor of the united states upon all property and rights to property, whether real or personal, belonging to such person." "26 u.s.c. ..... equitable claimed the principal and interest due under the mortgage, as well as an attorney's fee as authorized by new jersey statute. ..... pioneer american insurance co. ..... pioneer american insurance co. ..... pioneer american insurance co. ..... pioneer american insurance co. .....

Vikram Cotton Mills Ltd. Vs. Industrial Finance Corporation of India a ...

Court : Allahabad

Reported in : [1968]38CompCas458(All)

..... the corporation to pay any such rents, rates, taxes and assessments and to insure and keep insured the mortgaged premises.....and the lessee shall on demand pay to the corporation all rents, rates, taxes and assessments and insurance premia with interest thereon at the rate of six per cent, per annum from the date of payment by the corporation to the date ..... liability of the fibres could not have been ascertained at any point of time since the corporation might have had to realise sums from the company in the shape of rents, rates, taxes, assessments and insurance premia with interest thereon at the rate of six per cent, per annum, apart from the interest at the aforesaid rate on the unpaid half-yearly instalments of lease rent. ..... until all dues of the coporation now existing or accruing due hereinafter including the future interest on the balance of principal sum due from time to time are paid in full provided however that in the event of it taking more than ten years to liquidate the amount due to the corporation, the terms of ..... the principal duty of the receiver, according to the order under appeal is to,'permit the fibres, their duly authorised agents and workers to enter upon the mill premises and to dismantle and remove the machineries and spare parts to which they are entitled under their lease deed and the agreement with the company, and he shall likewise permit the company, its duly authorised agents and workers to remove the machineries and spare parts which ..... principal and .....

Joint Industry Board Vs. United States

Court : US Supreme Court

..... within three months before the date of the commencement of the proceeding, due to workmen, servants, clerks, or traveling or city salesmen on salary or commission basis, whole or part time, whether or not selling exclusively for the bankrupt, and for the purposes of this clause, the term 'traveling or city salesman' shall include all such salesmen, whether or not they are independent contractors selling the products or services of the bankrupt on a commission basis, with ..... there, the claim was for unpaid employer contributions to a welfare fund, the contributions being $8 per month for each full-time employee; the fund provided life insurance, weekly sick benefits, hospital and surgical payments, and other advantages for covered employees. ..... moreover, taxes and social security contributions which are withheld from wages are entitled to a fourth priority as taxes, rather than a second priority as wages. mr ..... the referee and the courts agreed with the united states, holding that payments due to the joint board were not wages due to workmen, relying for this conclusion principally upon united states v ..... death benefits are paid only out of income, if available, and other benefits, though they may be payable in installments, will at a minimum return to the employee the total of the contributions credited to his name, without interest. ..... [ footnote 3 ] the plan also provides that no person claiming by or through any participant shall have any right, title, or interest in or to the annuity fund. .....

J.K. Commercial Corporation Ltd. Vs. Commissioner of Income-tax

Court : Allahabad

Reported in : [1969]72ITR296(All)

..... claimed, inter alia, that in computation of their profits for assessment under schedule d the following expenses should be allowed : (i) expenses for repairs to the tied houses incurred by the assessee; (ii) fire and licence insurance premiums ; (in) rates and taxes, and (iv) legal and other costs. ..... the question before the supreme court was whether the interest on debentures paid to the principal shareholder was an allowable deduction against the assessee's income ..... , an investment company, under an agreement with its principal shareholder, reduced its share capital and issued debentures carrying interest to that shareholder. ..... , the financial adviser advised that it would be in the best interest of the assessee-company if it took such steps as to protect the interest of the company against the reported misappropriation and mismanagement made by the existing directors and managing agents of m/s. ..... 12(5) read with section 10(4a), permits disallowance of an expenditure which results, directly or indirectly, in the provision of any remuneration or benefit or amenity to a director or a person who has a substantial interest in the company if in the opinion of the income-lax officer such expenditure is excessive or unreasonable ' having regard to the legitimate business needs of the company and the benefit derived by or accruing to it therefrom '. ..... the supreme court held that the interest was allowable under section 12(2) as expenditure incurred solely for the purpose of earning the .....

Commissioner of Income-tax Vs. Merchant Navy Club

Court : Andhra Pradesh

Reported in : [1974]96ITR261(AP)

..... observed that:'if members instead of receiving back part of their surplus contributions by way of bonus, prefer to leave them with the association to attract more members to come in, or to provide additional reserves to cover additional classes of insurance, i do not see how that alters the character of the surplus, nor why the principle of mutuality is thereby affected.'25. ..... development of law in this behalf, wheat-croft in his book on the law of income tax, surtax and profits tax, in paragraph 1-417 at pages 1200 and 1201 stated thus :'in several early cases there were dicta to the effect that a man could not make a profit by trading with himself; this developed into the proposition that when persons contribute to a common ..... out of the interest realised by the assessee on the loans, which constitutes its main income, interest on the recurring deposits aforesaid are paid as also all the other outgoings and expenses of management and the balance is dividend among the members pro rata according to their shareholdings after making provision for reserves, etc. ..... the societies registration act, therefore, does not create in the members of the registered society any interest other than that of bare trustees. ..... it follows that upon its dissolution, they cannot claim any interest in the property of the dissolved society. ..... but the members of the society or the members of the governing body do not have any proprietary or beneficial interest in the property the society holds. .....

Frank Lyon Co. Vs. United States

Court : US Supreme Court

..... the commissioner of internal revenue disallowed the deductions on the ground that petitioner was not the owner of the building for tax purposes, but that the sale and lease-back arrangement was a financing transaction in which petitioner loaned the bank $500,000 and acted as a conduit for the transmission of principal and interest to petitioner's mortgagee. ..... , the arrangement was only a financing transaction under which worthen was the owner of the building, worthen's payments would be deductible only to the extent that they represented mortgage interest, and worthen would be entitled to claim depreciation; lyon would not be entitled to deductions for either mortgage interest or depreciation, and it would not have to include worthen's "rent" payments in its income, because its function with respect to those payments was that of a conduit between worthen ..... [ footnote 3 ] the building lease was a "net lease," under which worthen was responsible for all expenses usually associated with the maintenance of an office building, including repairs, taxes, utility charges, and insurance, and was to keep the premises in good condition, excluding, however, reasonable wear and tear. ..... 585 amounts, plus interest, advanced by the new york life insurance company and petitioner. ..... worthen then obtained a commitment from new york life insurance company to provide $7,140,000 in permanent mortgage financing on the building, conditioned upon its approval of the titleholder. .....

Butner Vs. United States

Court : US Supreme Court

..... an agent to collect the rents and apply them to the payment of taxes, insurance, interest, and principal payments due on the first and second mortgages. ..... the money should be applied to tax obligations, payments on the first mortgage, fire insurance premiums, and interest and principal on the second mortgage. ..... applicability of state law to determine property rights in a bankrupt's assets was applied by both the district court and the court of appeals (and those courts properly did not follow the minority federal quity rule under which a mortgagee is accorded a secured interest in rent even if state law would not recognize any such interest until after foreclosure), those courts disagreed about the requirements of north carolina law. ..... not follow, however, that "equitable administration" requires that all mortgagees be afforded an automatic security interest in rents and profits when state law would deny such an automatic benefit and require the mortgagee to take some affirmative action before his rights are recognized. ..... law, a mortgagor is deemed the owner of the land subject to the mortgage, and, during his possession, is entitled to rents and profits, even after default, the court viewed the agent's appointment during the arrangement proceedings as tantamount to the appointment of a receiver, which satisfied the state law requirement of a change of possession, giving the mortgagee an interest in the rents which no further action after the bankruptcy adjudication was required to .....