Profitable - Year 1971 - Judgments

Mar 28 1971 (HC)

Commissioner of Excess Profits Tax, Bombay City I Vs. Ramgopal Ganpatr ...

Court: Mumbai

Decided on: Mar-28-1971

Reported in: [1972]85ITR272(Bom)

..... the object and purpose of the act being to tax excess profits which from part of the profits and the profits being the profits of a business investments could not have been used in ..... would be meaningless to exclude investments in its said second meaning because in such profits they not being profits of a business surely the legislature could not have intended by enacting rule .....

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Sep 24 1971 (SC)

Khaitan Apte and Co. and anr. Vs. D. Rama Rao, Income-tax Officer/Exce ...

Court: Supreme Court of India

Decided on: Sep-24-1971

Reported in: [1973]92ITR569(SC)

..... conclusion that the firm was not liable to pay any excess profits tax this order of the appellate authority was confirmed by the ..... the pendency of the appeal before the appellate authority the excess profits tax officer took proceedings for recovery of the tax assessed l ..... of bombay stood in the position of a garnishes the excess profits tax officer rajahmundry made over certain sums to the income tax .....

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May 11 1971 (HC)

Commissioner of Income-tax Vs. Clive Insurance Co. Ltd.

Court: Kolkata

Decided on: May-11-1971

Reported in: [1972]85ITR531(Cal)

..... tax apart from surtax in the shareholders hands there is in fact only one profit no new profit being created from the fact that the shareholder gets his share the tax is ..... company purchased the entire share capital of three companies each of which had substantial undistributed profits on the 28th of march 1955 all the three companies declared large dividends the value .....

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Jan 13 1971 (HC)

Commissioner of Income-tax Vs. Tea Estates India Private Ltd.

Court: Kolkata

Decided on: Jan-13-1971

Reported in: [1972]86ITR705(Cal)

..... gains arising within the excepted periods vide explanation to section 2 6a accumulated profits are therefore profits which are so regarded in commercial practice and capital gains as defined in ..... mr ray argued that in accordance with the aforesaid decision only those profits which were commercial profits and those profits which were assessable as capital gains under section 12b could be included .....

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May 21 1971 (HC)

Niranjan and Co. (P.) Ltd. Vs. Commissioner of Income-tax and ors.

Court: Kolkata

Decided on: May-21-1971

Reported in: 75CWN741,[1972]84ITR427(Cal)

..... 27 1963 and it appears from the assessment order that the profit from the construction work was taken into account in making ..... the income tax officer accounts for the entirety of the higher profits disclosed in the revised return can be ascertained only by ..... additional materials with regard to the same assessment year disclosing higher profits it is not open to it to turn round and challenge .....

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Jul 23 1971 (HC)

All India Voltas and Volkart Employees' Federation Vs. Voltas Ltd. and ...

Court: Mumbai

Decided on: Jul-23-1971

Reported in: (1972)ILLJ326Bom

..... shows that the basis of computation of gross profits is the net profit as per the profit and loss account of the company them ..... therefore these expenses could not legitimately be deducted from the gross profits as revenue expenditure on behalf of the company it has ..... idea with these persons of their manufacturing new products that can profitably be manufactured by them with the help of the products .....

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Nov 12 1971 (HC)

Naubatram Nandram Vs. Commissioner of Income-tax

Court: Madhya Pradesh

Decided on: Nov-12-1971

Reported in: [1972]86ITR805(MP); 1972MPLJ324

..... over the extraction expenses debited in the accounts when a gross profit is estimated at a certain rate it is understood that ..... year were considered separately by the income tax officer and the profits with reference thereto estimated it must be that the proportionate ..... credited the sales of timber obtained from this forest consequently no profit or loss was ascertained on the basis of the account .....

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Dec 01 1971 (HC)

Murlidhar Haspuria Vs. Bansidhar Halwai

Court: Kolkata

Decided on: Dec-01-1971

Reported in: AIR1973Cal193

..... contended that the only agreement between his client and the respondent was to share the profits and from such agreement a partnership agreement should not be inferred reliance was next placed ..... was a partnership between the transferor and the transferee companies was whether the participation of profit constituted relationship of principal and agent between the parties and that there was nothing in .....

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Jun 14 1971 (HC)

Subramaniyan Vs. Lakshmi Amma

Court: Kerala

Decided on: Jun-14-1971

Reported in: AIR1972Ker194

..... alternative dates happen to be the earliest a decree for mesne profits till delivery of possession cannot be interpreted as a decree ..... for the realisation of the mesne profits till the actual delivery of possession which may never take ..... the preliminary decree about the inquiry with respect to future mesne profits when such direction is not so fully expressed as to cover .....

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Aug 09 1971 (HC)

West Laikdihi Coal Co. Ltd. Vs. Commissioner of Income-tax

Court: Kolkata

Decided on: Aug-09-1971

Reported in: [1973]87ITR501(Cal)

..... vib required the department to see whether there were sufficient net profits as per audited accounts of the years to justify the ..... the year of installation as its audited accounts showed a net profit before the unabsorbed depreciation was taken into account but mr ..... a reserve account which has to be appropriately shown in his profit and loss account for the year of installation learned counsel .....

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