Salami/Agricultural income, 'salami' is a compulsory payment by the tenant to the landlord at the inception of the tenancy. It is really a payment by the tenant to the landlord for being allowed to tale possession of the land for cultivation under the lease. Salami is not rent and it could not be called revenue within the meaning of the word used in the definition of agricultural income under s. 2(1)(a) of the Assam Agricultural Income Tax Act, 1939 because it was a payment to the landlord by the tenant as a consideration for the transfer of a right in zamindari lands owned by the landlord. It has all the characteristics of a capital payment and is not revenue, Member for the Board of Agricultural Income Tax v. Sindhurani Chaudhurani, AIR 1957 SC 729 (733): (1957) SCR 1019. [Assam Agricultural Income-tax, 1939, s. 2(a)(i)...
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)]...
Cables, the reference in item 7 to cables must mean cables identifiable as a complete self-contained unit in themselves and as a distinct unit of equipment when employed in the generation and transmission of electricity, Hindustan Wire Products Ltd. v. C.I.T., (1986) 3 SCR 478: AIR 1987 SC 566: (1986) 3 SCC 689). (Income-tax Act, 1961)...
Capital employed, the expression 'capital employed' is not a term of art nor is it an expression having a fixed connotation or meaning but it is susceptible of varied meanings, including or excluding short-term borrowings or long-term borrowings, whether of all categories or of any particular category or categories depending on its environmental context, Lohia Machines Ltd. v. Union of India, (1985) 2 SCC 197: (1985) 2 SCR 686: AIR 1985 SC 421 (432). [Income-tax Act, 1961, s. 80(j)]...
Finding and direction, The expression 'finding' and 'direction' are limited in meaning A finding given in an appeal, revision or reference arising out of an assessment must be a finding necessary for the disposal of the particular case, that it to say, in respect of the particular assessee and in relation to the particular assessment year. To be a necessary finding, it must be directly involved in the disposal of the case, Rajinder Nath v. C.I.T., AIR 1979 SC 1933 (1934): (1979) 4 SCC 282: (1980) 1 SCR 272. [Income Tax Act, 1961, s. 153(3)(ii)]...
His return of income, the expression 'his return of income' occurring in Rule 5 of the U.P. Agricultural Income Tax Rules, 1949 would apply to any of the returns contemplated under s. 15 of the U.P. Agricultural Income Tax Act, 1948, namely, (1) a return filed in pursuance of the general notice issued and published by the Collector under s. 15(1), (2) a return filed by the Principal Officer of a Company under s. 15(2) read with Rule 21, (3) a return filed in pursuance of individual notice served upon an assesses by the Assessing Authority under s. 15(3), and (4) a return or a revised return filed by an assesses under s. 15(4), provided that in the first three cases the return is filed within the time specified in the notice or the rule or within the extended time granted by the Assessing Authority and in the last case the revised return is filed on account of discovery of a wrong statement in the previous return and is filed before the assessment is complete, Delhi Cloth & General Mill...
New machinery, the word 'new' when used with a reference to machine means 'new made or brought into existence for the first time', Cochin Company v. C.I.T., (1968) 67 ITR 199 (202) (SC). [Income Tax Act, 1961, s. 33]...
Personal effects, generally include such tangible property as is worn or carried about the person, or to designate articles associated with the person. Personal effects are used to designate articles associated with person, as property having more or less intimate relation to person of possessor, or such tangible property as attends the person, Words and Phrases, Permanent Edn., Vol. 31, p. 277.In the unabridged edition of the Random House Dictionary of the English Language, at page 1075, the expression is given the following meaning: Personal effects, privately owned articles consisting chiefly of clothing, toilet items, etc., for intimate use by an individual. In Black's Law Dictionary, Fourth Edition, at page 1301, the expression is assigned the following meaning: Personal effects, articles associated with person, as property having more or less intimate relation to person of possessor. In Cyclopedic Law Dictionary, Third Edition, at page 832, the expression 'personal effects' witho...
Premises and building, means, use for the purpose of business or profession and the expression resi-dential accommodation including any accommoda-tion in the nature of Guest house, Britina Industries Ltd. v. C.I.T., (2006) 1 SCC 646. [Income Tax Act, 1961, s. 37(3)(4)(5)]...
Corporation Tax Acts, means the enactments relating to the taxation of the income and chargeable gains of companies and of company distribution, including provisions relating to income tax, (English) Interpretation 1978, s. 5, Sch. 1 Halsbury's Laws of England, Vol. 3(1), para 122, p. 105....