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)]...
Ordinarius Income-tax Act dicitu quia habet ordinariam jurisdictionem, in jure proprio, et non propter deputationem. Co. Litt. 96, (The ordinary is so called because he has an ordinary jurisdiction in his own right, and not a deputed one.)...
Verba Income-tax Act sunt intelligenda ut res magis valeat quam pereat. Bacon.-(Words are to be so understood as that the subject-matter may be rather preserved than destroyed.)...
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, 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)....
His income, The words 'his income' in s. 139, sub-s. (1) of the Income Tax Act, 1961 must include every item of income which goes to make up his total income assessable under the Act. The amounts representing the shares of the spouse and minor child in the profits of the partnership firm would be part of 'his income' for the purpose of assessment to tax and would have to be shown in the return of income filed by him, Commissioner of Income Tax v. P.K. Kochammu Amma Peroke, AIR 1980 SC 2114: (1981) 1 SCC 241: (1981) 1 SCR 781. [Income-tax Act, 1961, s. 139(1)]...
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....
Total income, the expression 'total income' is defined in s. 2(45) of the Income Tax Act, 1961 as meaning the total amount of income referred to in s. 5 computed in the manner laid down in this Act, Cambay Electric Supply Industrial Co. Ltd. v. Commissioner of Income Tax, AIR 1978 SC 1099: (1978) 2 SCC 644: (1978) 3 SCR 660....
Any other sum chargeable under the provisions of this Act, would not include cases where any sum payable to the non-resident is a trading receipt which may or may not include 'pure income', Transmission Corporation of Andhra Pradesh Ltd. v. Commissioner of Income Tax of Andhra Pradesh, (1999) 7 SCC 266. [Income Tax Act, 1961, s. 195]...
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...