Profitable - Year 1957 - Judgments

Apr 24 1957 (SC)

The Commissioner of Excess Profits Tax, West Bengal Vs. the Ruby Gener ...

Court: Supreme Court of India

Decided on: Apr-24-1957

Reported in: AIR1957SC669; [1957]32ITR82(SC); [1957]1SCR1002

..... marine and general insurance business and the present dispute relates to the assessment of excess profits tax on its income from business other than life insurance for the chargeable accounting ..... taken as liability as reserve for unexpired risk tax authorities contended that for calculating net profit reserve must be deducted from capital tribunal decided reserve as deductible from capital on appeal .....

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Mar 22 1957 (HC)

The British India Corporation Ltd. Vs. the Commissioner of Excess Prof ...

Court: Allahabad

Decided on: Mar-22-1957

Reported in: AIR1957All826; [1958]33ITR826(All)

..... the depreciation had been allowed for but prior to any allocation or appropriation of such profits including provision for taxation this resolution was further clarified by a subsequent resolution on ..... the depreciation had been allowed for but prior to any allocation or appropriation of such profits including provision for taxation this resolution was further clarified by a subsequent resolution on .....

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Mar 20 1957 (HC)

The Commissioner of Income-tax and Business Profits Tax Vs. the Vasant ...

Court: Chennai

Decided on: Mar-20-1957

Reported in: AIR1958Mad326; (1957)2MLJ485

..... resolved that the directors report audited balance sheet and the profit and loss account for the year ending 31st december 1945 ..... that whatever be the dates on which the directors allocated the profits in the manner referred to above these allocations became effective ..... the balance of rs 5 08 637 which represented unappropriated profits which were however not expended constituted a reserve 34 in .....

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Mar 20 1957 (HC)

Commissioner of Income-tax and Business Profits Tax, Madras Vs. Vasant ...

Court: Chennai

Decided on: Mar-20-1957

Reported in: [1957]32ITR237(Mad)

..... that year for the payment of income tax business profits tax and excess profits tax the assessees claims were disallowed by the ..... resolved that the directors report audited balance sheet and the profit and loss account for the year ending 31st december 1945 ..... the balance of rs 5 08 637 which represented unappropriated profits which were however not expended constituted a reserve in commissioner .....

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Sep 19 1957 (HC)

Mahindra Kumar Mohanlal and Mohanand Kumar Mohanlal Vs. Commissioner o ...

Court: Mumbai

Decided on: Sep-19-1957

Reported in: [1958]33ITR360(Bom)

..... appeal a disrupted hindu undivided family cannot appeal against an excess profits tax assessment made on it the coparceners of the erstwhile ..... family have no locus standi they cannot appeal against an excess profits tax assessment made on the hindu undivided family if on ..... appeal on the ground that the assessment under the excess profits tax act was incompetent because the family was disrupted in .....

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May 22 1957 (SC)

J.K. Trust, Bombay Vs. the Commissioner of Income-tax/Excess Profits T ...

Court: Supreme Court of India

Decided on: May-22-1957

Reported in: AIR1957SC846; [1958]1SCR65

..... sc where the question arose with reference to assessment of excess profits tax on the remuneration received by managing agents tax being ..... of office of managing agency which is clearly one of profit and even alienable under certain circumstances the office requires no ..... on by beneficiaries of the institution under this provision the profits of business would be exempt only if the conditions laid .....

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Feb 05 1957 (HC)

industrial Development and Investments Co. Ltd. Vs. Commissioner of Ex ...

Court: Mumbai

Decided on: Feb-05-1957

Reported in: [1957]31ITR688(Bom)

..... consideration the price paid by it for the purpose of determining depreciation under the excess profits tax act this contention was negatived by the department the department taking the view that ..... one of partner whether purchase price paid can be included for determining depreciation under excess profits tax act 1940 tribunal declined to affirm view of assessee prayer for reference against order .....

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Feb 12 1957 (HC)

New India Life Assurance Co. Ltd. Vs. Commissioner of Income-tax, Exce ...

Court: Mumbai

Decided on: Feb-12-1957

Reported in: [1957]31ITR844(Bom)

..... india and hence the immunity from tax in respect of these profits claimed or sought by the company could not be granted the ..... be apportioned 20 with regard to question 1 under the excess profits tax reference that question must also stand over for the same ..... question 2 under the income tax reference question 2 under the excess profits tax reference must be answered in the affirmative and question 3 .....

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Mar 13 1957 (HC)

M.S. Kandappa Mudaliar Vs. the Commissioner of Income-tax, Excess Prof ...

Court: Chennai

Decided on: Mar-13-1957

Reported in: AIR1957Mad751; [1957]32ITR313(Mad)

..... the agreement was apparently computed on the basis of those profits that the profits furnished the basis for the arithmetical computation of what ..... 45 1946 47 respectively can be deducted from die taxable profits of the assessee under the provisions of the act the ..... payments made to retired partner can be deducted from taxable profits of assessee firm under provisions of act income tax officer .....

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Sep 10 1957 (HC)

J.K. Trust Vs. Commissioner of Income-tax/Excess Profits-tax, Bombay C ...

Court: Mumbai

Decided on: Sep-10-1957

Reported in: [1958]33ITR32(Bom)

..... was applied solely to the purposes of the institution if such a business made a profit and only part was spent for religious or charitable institution and the other part was ..... carrying on the activity as a part of the trust itself and which activity made profits which the trustees may keep in reserve in order to strengthen the financial position of .....

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