Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : 195629ITR443(Hyd.)
JAGANMOHAN REDDY, J. - The Income-tax Tribunal at Bombay has referred the follwing questions of law for determination under section 66(I) of the Indian Income-tax Act : (I) Whether the loss of Rs. 4,132 suffered by the assessee in speculation business done in Bombay can be set off against the assessees income from business in Hyderabad in the previous year relevant to the assessment year 1357 F. (2) Whether the assessee was entitled law to value the stock of cotton at the end of the immediately preceding year (and thereby at the commencement of this year) at market rate, though the same was higher than cost price 2. From the statment of the case it appear that the assessee who is a Hindu undivided family submitted his returns for the Samvat year 2003-04 (October 25, 1946, to November 12, 1947). The family gets its income from house property, agriculture, Commission business in the name of Ramnarayan Shivnarayan of Partur and a yarn and cloth business in the name Shivnarayan Bros. at S...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : 195629ITR250(Nag.)
This reference under section 66(1) of the Indian Income-tax Act, 1922, arises out of the consolidated order of the Income-tax Appellate Tribunal, Bombay, in Income-tax Appeal No. 7208, 7209, and 7210 of 1950-51.2. The assessee, Baxiram Rodmal, is a Hindu undivided family with its head office in Akola and a branch office in Adilabad in the Hyderabad State. In making assessments for the assessment years 1945-46, 1948-49 and 1949-50, the Income-tax Officer included respectively Rs. 76,886, Rs. 1,77,715 and Rs. 1,83,780 as profits of Adilabad branch remitted to British India. The sum of Rs. 76,886 added to the assessees income for the assessment year 1945-46 included Rs. 9,989 which was the profit for the assessment for the assessment year 1948-49 included Rs. 76,906 which was the profit for that assessment year. The assessment year 1949-50 represented the assessees profit earned in Adilabad in that very year. The Tribunal directed the Income-tax Officer to delete the amount of Rs. 9,989 ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : 195629ITR171(Nag.)
This reference under section 66(6), India Income-tax Act, 1922 (hereinafter called the Act), arises out of the order of the Income-tax Appellate Tribunal, Bombay, in I.T.A. No. 5997 of 1951-52, on the following question of law, namely : "Whether the proportionate profits on the goods of the value of Rs. 4,10,785 were received or deemed to be received in British India, in the year of account, by or on behalf of the assessee company within the meaning of section 4(1)(a) of the India Income-tax Act, 1922 ?" 2. The assessee, Bhopal Textiles Ltd., Bhopal, was a non-resident company in the year of account ending December 31, 1945. Its total sales amounted to Rs. 71,47,260 and net profits to Rs. 26,85,000. Out of the total sales, goods of the value of Rs. 4,10,785 were supplied to the nominees of the Government of India at Agra, Allahabad and Delhi.This was done in pursuance of an agreement between the assessee company and the Government of India for the supply of goods to the Government or ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : 195629ITR238(Nag.)
This is a reference under section 66(1) of the Indian Income-tax Act, 1922, and arises out of the Tribunal order in Income-tax Appeal No. 583 of 1951-52. The following question has been referred by the Income-tax Appeal Tribunal, Bombay, for judgment : "Whether on the facts and circumstance of the case the sum of Rs. 10,000 received by the assessee is liable to be assessed as the assesses income ?" 2. The assessee is K.B.M.E.R. Malak. He was governing director of the Mechanical Transport (1942) Ltd., which were originally the managing agents of the Nagpur Omnibus Co. Ltd., and later of the Provincial Transport Co. Ltd., which in the year 1945 took over the business of the Nagpur Omnibus Co. Ltd. The original remuneration of the managing agents was fixed at a monthly rate of Rs. 2,000 plus 12 1/2 per cent.of profits. This was reduced in 1945 to Rs. 1,000 per month plus of per cent. of the profits. In consideration of this modification the Provincial Transport Co. Ltd., paid to the mana...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : 195527ITR463(Coch.)
M. S. MENON, J. - This is a reference by the Income-tax Appellate Tribunal Madras Bench A, the question referred being : "Whether the assessee is not ordinarily resident in the accounting years 1945, 1946, 1947 and 1948 (relevant assessment years being 1122, 1123, 1124 and 1125 M. E.) within the meaning of section 6 (a) of the Travancore Income-tax Act corresponding to section 4B (a) of the Indian Income-tax Act".It was agreed at the Bar that we need concern ourselves only with the first portion of section 6 (a) of the Travancore Income-tax Act, 1121 [Section 4B (a) of the Indian Act], which we have underlined in the extract given below."an individual is not ordinarily resident in Travancore in any year if he has not been resident in Travancore in nine out of ten years preceding that year or if he has not during the seven preceding that year been in Travancore for a period of or for periods amounting in all to, more than two years." 2. Under section 5 (a) of the Travancore Income-tax ...
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