Cit V S - 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
Reason to believe
satisfaction. The belief must be held in good faith; it cannot be merely a pretence, S. Narayanappa v. CIT, Bangalore, AIR 1967 SC 523: (1967) 65 ITR 219: 1967 1 SCJ 161. Reason to believe, does not
Property
an actionable claim against the tenants is undoubtedly a species of property which is assignable, State of Bihar v. Kameshwar Singh, AIR 1952 SC 252. Comprises every form of tangible property, even intangible, including debts and chooses … make up wealth or estate or status, property, therefore, within the constitutional protection, denotes group of rights infering citizen's relation to physical thing, as right to possess, use and dispose of it in accordance with law. In
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Person
M.M. Ipoh v. Commissioner of Income Tax, AIR 1968 SC 317. Means: (i) an individual who is a citizen of India; (ii) an association of individuals or body of individuals, whether incorporated or not, whose members are … Person, a Hindu Undivided Family is a person, Kshetra Mohan-Sannyasi Charan Sadhukhan v. Commissioner of Excess Profit Tax, West Bengal, AIR 1953 SC 516. According to company law it does
Processing
not sufficient for holding that the stored articles have undergone a process, Delhi Cold Storage Pvt. Ltd. v. Commissioner of Income Tax, New Delhi, AIR 1991 SC 2125. Processing, include the preservation of such products as canning, … Processing, in common parlance 'processing' is understood as an action which brings forth some change or alteration of the goods or material which is subjected to the act of processing. 'What is
Interest
(7th Edn.) pp. 393-94 para 37]. Interest, is the accretion on capital, Amin Chand Payarelal v. Inspecting Assistant Commissioner, Income Tax, (2006) 7 SCC 483: 2006 (8) JT 373: 2006 (9) SCALE 10: (2006) 6 Supreme 752: … purposes of the regula-tion was not limited to a direct financial interest and included membership of a panel such as the panel of which the claimant's solicitors were members that, therefore, the Claimant's Solicitors had had an
Information
external source concerning facts or particulars, or as to law relating to a matter bearing on the assessment, CIT v. A. Raman, AIR 1968 SC 49 (51): (1968) 1 SCR 10. [Income-tax Act, 1961, s. 147(1) (b)] Information
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 … include a purpose which relates exclusively to religious teaching or worship. [Charitable Endow-ments Act, 1890 (6 of 1890), s. 2] Means relief of the poor, education, medical relief and the advancement of any other object of general
Business
carrying on a particular trade or avocation, it may also include an activity which may be called 'quiescent', CIT v. Calcutta National Bank Ltd., AIR 1959 SC 928 (934): 1960 SCJ 980: (1959) 37 ITR 171: (1959) Supp … is a word of wide import. It has no definite meaning. Its perceptions differ from private to public sector or from institutional financing to commercial banking, Mahesh Chandra v. Regional Manager Uttar Pradesh Financial Corpn., AIR 1993
Judgment
it and the grounds on which such decision is based, Petlad Turkey Red Dye Works Co. Ltd. v. Commissioner of Income Tax, AIR 1963 SC 1484: (1963) Supp 1 SCR 871. [Income Tax Act, 1922, s. 66(5)]
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