Cit - Law Dictionary Search Results
Home Dictionary Name: citIn the opinion of Income Tax Officer
In the opinion of Income Tax Officer, The expression 'in the opinion of the Income-tax Officer' in the proviso to s. 13 of the Indian Income-tax Act, 1922, does not confer a mere discretionary power, in the context it imposes a statutory duty on the Income-tax Officer to examine in every case the method of accounting employed by the assessee and to see whether or not it has been regularly employed and to determine whether the income, profits and gains of the assessee could properly be deduced therefrom, CIT v. A. Krishnaswamy Mudaliar, AIR 1964 SC 1843: (1964) 7 SCR 776. (Income-tax Act, 1922, s. 13...
Income
Income, s. 4 of the Income-tax Act, defines the 'total income' to include all income, profits and gains from whatever source deprived. The definition of 'income' in Shaw Wallace & Co. case, 1932 (59) IA 206, as a periodical monetary return coming in with some sort of regularity, or expected regularity, from definite sources must be read with reference to the peculiar facts of that case. Money received 'under consequential loss policies, were income within the meaning of s. 2(6c) of the Income Tax Act, Raghuvanshi Mills Ltd. v. Commissioner of Income Tax, AIR 1953 SC 4: (1953) SCR 177.Income connotes a periodical monetary return 'coming in' with some sort of regularity, or expected regularity from definite sources, E.D. Sassoon and Co. Ltd. v. Commissioner of Income Tax, AIR 1954 SC 470: (1955) 1 SCR 313.The expression 'income' in entry 54 of List I of the Seventh Schedule to the Government of India Act, 1935, and the corresponding entry 82 of List 1 of the Seventh Schedule to the Const...
Gross total income
Gross total income, in view of s. 47(viii), the com-pensation which become payable to the appellant as a result of the acquisition of its agricultural land in 1962, was totally exempt from s. 45. Con-sequently, it did not amount to 'income' within the scope of section 2(24)(vi) as there was no capital gain within the meaning of s. 45. It was also not to be included while computing the total income of the appellant as defined in s. 2(45) of the Act. Thus, the amount of compensation received by the appellant could not have formed part of the 'gross total income' within the meaning of section 109(iv) of the Act, Income Tax Act, 1961 ss. 2(24)(vi), 2(45), 45, 47(viii) and ss. 109(iv) & (i); Delhi Farming & Construction (P) Ltd. v. Commissioner of Income Tax Delhi, (2003) 5 SCC 36; Also Caradamom Marketing Co. (Trav.) Ltd. v. CIT, (1986) 158 ITR 621 (Ker)....
Income Tax Authority
Income Tax Authority, includes income tax officer, assistant appellate commissioner etc and not ITAT. I.T. Commissioner v. B.N. Bhattacharjee, AIR 1979 SC 1725 (1730). [Income-tax Act, 1961, s. 245A(i), 245C(i)]...
Income-tax
Income-tax, a tax of so much in the pound of income, under five classifications, according as derived from (A) ownership of land or houses, etc., (B) occupation of land or houses, etc., (C) dividends from stocks or shares, (D) professional or trade earnings or profits, and any profit not included in the four previous classifications, and (E) official and other salaries. The Acts on this subject, dating from the Income-tax Act, 1842 (5 & 6 Vict. c. 35), which, to a great extent, repeats the phraseology of Addington's Act of 1806, are very numerous. Voluntary Easter gifts to an incumbent are assessable to income-tax, Cooper v. Blakinston, 1909 AC 104. See Chitty's Statutes, tit. 'Property Tax.'The tax in 1842, and for many years afterwards, was 7d. in the pound; in 1855,, the year of the Crime an War, it rose to 1s. 4d., and in 1918 to 6s. The Finance Act, 1907 (7 Edw. 7, c. 13), for the first time differentiated (ss. 19 et seq.) between 'earned income' and income from other sources, and...
Such doubly taxed income
Such doubly taxed income, the word 'such doubly taxed income' has reference to the foreign income which is again being subjected to tax by its inclusion in the computation of the income under the Act and not the same income under an identical head of income under the Act, K.V.A.L.M. Ramanathan Chettiar v. CIT, AIR 1973 SC 2172 (2181): (1973) 3 SCC 351: (1973) 2SCR 650....
Or any tax of a similar character chargeable under any law
Or any tax of a similar character chargeable under any law, the explanation to the new sub-clause (iia) inserted in s. 40 of the Income-Tax Act, 1961, which s. 4 of the Amendment Act adopts for the purposes of that s., defines 'wealth-tax' to include, inter alia, besides wealth-tax chargeable under the Wealth-Tax Act, 1957, 'any tax of a similar character chargeable under any law in force in any country outside India', Mitsui Steamship Co. Ltd. v. CIT, AIR 1975 SC 657: (1975) 1 SCC 394: (1975) 3 SCR 467....
Income as returned
Income as returned, the words 'income as returned' means income as disclosed or shown in the return filed under s. 22, Mansukhlal v. CIT, AIR 1966 SC 835 (839). [Income-tax Act, 1922, s. 28(1) (c)]...
Income and deemed income
Income and deemed income, the expression 'income' as used in s. 69A of the Act, has wide meaning which meant anything which came in or resulted in gain, Chuharmal Takarmal Mohnani v. CIT, AIR 1988 SC 1384: (1988) 3 SCC 588: (1988) 3 SCR 788....
It shall be lawful
It shall be lawful, according to s. 105(1) of the Companies Act, 1913 'It shall be lawful for a company to pay a commission to any person in consideration of his subscribing' for shares in it. The words 'it shall be lawful' are enabling words. They are used in a statute when it is intended to permit something to be done which previously could not legally be done, Madanlal Fakirchand Dudhediya v. Shree Changdeo, AIR 1962 SC 1543 (1557): 1962 Supp (3) SCR 973. [Companies Act, 1913, s. 105(1)]...
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