Cit V D K - Law Dictionary Search Results
Income
629. Prize money received by the participant in a Motor Rally is 'income' and is liable to tax, CIT v. G.R. Karthikeyan, AIR 1993 SC 1671 (1675). [Income-tax Act, 1961, s. 2(24)] The terms 'income' is elastic and … that facts exist which would make it a revenue receipt, Durga Das Khanna v. Commissioner of Income Tax, AIR 1969 SC 775: (1969) 3 SCR … 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 the opinion of Income Tax Officer
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 … 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, … 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
Earned surplus
the account 'earned surplus' cannot be regarded as mere unallocated profits at the end of the accounting year, CIT v. Standard Vacuum Oil Company, AIR 1966 SC 1393: (1966) 2 SCR 367. [Business Profits Tax Act, 1947, Sch.
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Charitable purpose
carrying on of any activity for profit' which qualify or govern the last head of charitable purpose. In CIT v. Andhra Chamber of Commerce, (1965) 55 ITR 722, a case decided by the Supreme Court under the 1922 … of the poor, education, medical relief and the advancement of any other object of general public utility, but does not include a purpose which relates exclusively to religious teaching or worship. [Charitable Endow-ments Act, 1890 (6 of
Plant
338 (344): (1986) 1 SCC 11. (Income-tax Act, 1961, s. 32) Theatre building cannot be considered a plant, CIT v. Raiban & Sons, (2002) 10 SCC 381: AIR 2002 SC 443. (Income Tax Act, 1961, s. 32) The … all goods and chattels, fixed or movable, live or dead, which he keeps for permanent employment in his business, C.I.T. v. Taj Mahal Hotel, (1971) … Plant, has been defined as the tools, machinery, fixtures, buildings, grounds, etc. of a factory or business; the apparatus or equipment for
Reserve
ordinary meaning the expression 'reserve' means something specifically kept apart for future use or for a specific occasion, CIT v. Standard Vacuum Oil Ltd., AIR 1966 SC 1393 (1401): (1966) 2 SCR 367. [Business Profits Tax Act, 1947, … Reserve, the term 'reserve' is not defined in the Act. The dictionary meaning of the word 'Reserve' is: To keep for future use or enjoyment; … in the Act. The dictionary meaning of the word 'Reserve' is: To keep for future use or enjoyment; to store up for some time or
Goodwill
it is generated as the business is carried on and may be augmented with the passage of time. CIT v. B.C. Srinivasa Setty, AIR 1981 SC 972: (1981) 3 SCC 460: (1981) 2 SCR 938. The goodwill of … THE LAW OF PROPERTY describes it as property of a highly peculiar kind. In C. I. T., West Bengal (III v. Chunilal Prabhudas & Co., … an come that would be expected from the business veined as a mere collec-tion of assets, Black's Law Dictionary, 7th Edn., p. 703. The advantage or benefit which is acquired by a business, beyond the mere value
Hindu undivided family
Chettiar (1958) 34 ITR 42: 1957 AC 540) and Gowli Buddanna v. CIT. (supra). In the case of CIT v. Rm. Are. Veerappa Chettiar, ((1970) 3 SCR 307: (1970) 76 ITR 467: (1970) 1 SCC 174) the Supreme … there are two or more members of the Hindu undivided family, C. Krishna Prasad v. CIT, AIR 1975 SC 498: (1975) 1 SCC 160: (1975) … Hindu undivided family, A Hindu undivided family is a fleeting body. Its composition changes by births, deaths, marriages and divorces. Such a partnership is likely to have a precarious existence, Messrs Agarwal and Co. v.
Association of persons
on income, the association must be on the object of which is to produce income, profits or gains, CIT v. Indira Balkrishna, AIR 1960 SC 1172 (1174): (1960) 3 SCR 513. (Income-tax Act, 1922 s. 3) 'Association of … Association of persons, word 'associate' means, according to the Oxford dictionary, 'to join in common purpose, or to joint in an action'. Therefore, an association of persons must be
Individual
statute and is confined only to human beings who in the context would be comprised within that category, CIT v. Sodra Devi, AIR 1957 SC 832 (835): 1958 SCR I. [Income-tax Act, 1922, s. 16(3)] … Individual, means 'single, particular, special; not general, having a distinct character, characteristic of a particular person, designed for use by one person, a single member of a class,
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