Profitable - Year 1965 - Judgments

Jun 25 1965 (HC)

Late A.Y. Arulanandaswami Nadar Vs. Commissioner of Income-tax, Excess ...

Court: Chennai

Decided on: Jun-25-1965

Reported in: AIR1967Mad94

..... by 1944 the income tax officer pointed out that even the profit and loss statement was not prepared till 1946 and that further ..... a huge loss in the renigunata works and to reduce the profits in the other business at tiruchirapalli tiruvarambur etc he also relied ..... how this can have any relevance to the determination of the profits from the renigunta contract we are really unable to see these .....

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Mar 03 1965 (HC)

Commissioner of Income-tax/Excess Profits Tax, A. P. Vs. Kotrika Ramas ...

Court: Andhra Pradesh

Decided on: Mar-03-1965

Reported in: [1967]64ITR388(AP)

..... and of rs 20 000 under section 16 of the excess profits tax act the appeals preferred by the assessee were dismissed by ..... assessment proceedings under the relevant income tax act and the excess profits tax act is conclusive in the matter of levy of penalty ..... relating to different years the position is similar under the excess profits tax act an appellate tribunal would be justified in coming to .....

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May 13 1965 (HC)

Commr. of Income-tax, Excess Profit Tax Vs. Indian Mica Supply Co. Ltd ...

Court: Kolkata

Decided on: May-13-1965

Reported in: AIR1967Cal619

..... to tax treating the same as capital expenditure consequently there was an assessment as excess profit tax 4 by a petition of appeal the assessed appealed to the assistant commissioner of .....

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Sep 21 1965 (HC)

Commissioner of Income-tax, U. P. Vs. Neekelal Jainarain.

Court: Allahabad

Decided on: Sep-21-1965

Reported in: [1966]61ITR704(All)

..... return in respect of a chargeable accounting period ending before the disruption and no excess profits tax could be assessed satyanarayana rao and viswanatha sastri jj relied upon the above quoted ..... observations of viscount finaly and pointed out that the excess profits tax act contained no provision for assessing members of an erstwhile hindu undivided family that .....

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Nov 18 1965 (HC)

Commissioner of Income-tax, Madras Vs. M. V. Murugappan and Others. Co ...

Court: Chennai

Decided on: Nov-18-1965

Reported in: [1966]62ITR382(Mad)

..... partnership according to lord atkin was different for there the profits were the profits of the partners joint in the first instance and ..... allen the vice chancellor drew a distinction between current profits and other profits that is to say he drew a distinction between ..... c did not specifically say whether it would include current profits of the company in liquidation the 1956 amendment solved this .....

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Feb 22 1965 (HC)

Kanhaiya Lal Bhargava and anr. Vs. Official Liquidator

Court: Allahabad

Decided on: Feb-22-1965

Reported in: [1965]56ITR393(All)

..... purposes of sub clauses a b d and e accumulated profits includes profits up to the date of distribution or payment but not ..... extent to which the distribution is attributable to the accumulated profits of the company immediately before its liquidation 13 the significance ..... c did not specifically say whether it would include current profits of the company in liquidation the 1956 amendment solved this .....

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Aug 02 1965 (HC)

S. S. Sivan Pillai and Others Vs. Commissioner of Income-tax, Madras.

Court: Chennai

Decided on: Aug-02-1965

Reported in: [1966]61ITR179(Mad)

..... losses or even unabsorbed depreciation under section 10 2 via entering into the computation of profits or gains of the industrial undertaking there in that case the assessee held certain ordinary ..... this section in section 15c 4 can refer only to assessed profits the assessed profits attributable to the industrial undertaking whose profits are exempt from tax under section 15c 1 these observations if .....

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Oct 21 1965 (HC)

Commissioner of Income-tax, Madras Vs. Kasturi Estates (P.) Ltd.

Court: Chennai

Decided on: Oct-21-1965

Reported in: [1966]62ITR578(Mad)

..... conducted clearly indicates a business i would therefore include this profit as a venture in the nature of trade the appellate ..... were part of the assessees business of banking and the profits arising therefrom were assessable to income tax the board observed ..... of realization of investments consisting of purchase and resale though profitable are clearly outside the domain of adventures in the nature .....

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Aug 17 1965 (HC)

Indian Commerce and Industries Co. Ltd. Vs. Commissioner of Income-tax ...

Court: Chennai

Decided on: Aug-17-1965

Reported in: [1966]60ITR229(Mad)

..... as income tax deduction is concerned it is tax not on the gross commercial profits but assessed profits that is deductible learned counsel for the assessee further adds that the deduction claimed ..... the case may be should be taken into account and not taxes on commercial profits the commercial profits are no doubt ascertained on the basis of balance sheet but the balance sheet .....

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Dec 06 1965 (HC)

Commissioner of Income-tax, Madras Vs. City Motor Service Ltd.

Court: Chennai

Decided on: Dec-06-1965

Reported in: [1966]61ITR418(Mad)

..... capital character cannot come in for deduction in the computation of profits under section 10 logically it follows from the context that ..... been given out by a financier by itself cannot swell the profits nevertheless according to his argument the entire debt should be ..... the debt if realised would have gone to swell the business profits of the assessee was not specifically mooted before the tribunal .....

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