Ltd V Cit - Law Dictionary Search Results
Income
to enable a Legislature to provide by law for the prevention of evasion of income-tax, Punjab Distilling Industries Ltd. v. CIT, AIR 1965 SC 1862: (1965) 3 SCR 1. The expression 'income' in its normal connotation does not mean
Processing
that the commodity must, as a result of the operation, experience some change' (See Chowgule & Co. Pvt. Ltd. v. Union of India, 1981 (1) SCC 653: AIR 1981 SC 1014). In a cold storage, vegetables, fruits and … 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,
Person
construed in the case of a company, a firm of partners or an association of persons, J.K. Industries Ltd. v. Chief Inspector of Factories and Boilers, (1997) SCC (205) 1. Person, in an Act of Parliament passed after … 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
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Plant
used for mechanical operations or processes or is employed in mechanical or industrial business, Scientific Engineering House (P) Ltd. v. CIT, AIR 1986 SC 338 (344): (1986) 1 SCC 11. (Income-tax Act, 1961, s. 32) Theatre building cannot be
Salary or wages
interest in immovable property. A corresponding transfer of interest in movable property being denoted by the word 'barter', CIT, Andhra Pradesh v. Motors and General Stores Pvt. Ltd., (1967) 66 ITR 692. Sale, is a transfer of … connected with such activities and 'integrated activities' was explained in similar language, Cement Marketing Co. of India Pvt. Ltd. v. State of Mysore, AIR 1963 SC 980. Sale, with its grammatical variations and cognate expressions, means any transfer
Business
to, such trade, commerce, manufacture adventure or concern ....... [Rajasthan Sales Tax Act, 1954, s. 2(cc)], Gopal Industries Ltd. v. State of Rajasthan, AIR 1971 SC 2054 (2057): (1971) 2 SCC 532. The expression 'business', as observed by … --Business would undoubtedly be property, unless there is something to the contrary in the enactment, J.K. Trust Bombay v. CIT, (1958) SCR 65: 1957 SCJ 845: AIR 1957 SC 846. Business includes the activities carried on by any
Reserve
nature of the two reserves are different. They are intended to serve two different purposes, Indian Overseas Bank Ltd. v. Commissioner of Income Tax, AIR 1970 SC 1530: (1970) 2 SCC 4: (1971) 1 SCR 348. In its … account when computing the capital and reserves within R. 2(1) of Schedule II of the Act, First National City Bank v. Commissioner of Income Tax, AIR 1961 SC 812: (1961) 3 SCR 371. (iii) The reserve contemplated
Paid
idea of division between several persons which is the same as payment to several persons, Punjab Distilling Industries Ltd. v. C.I.T., AIR 1965 SC 1862: (1965) 3 SCR 1. The proper interpretation to be placed, on the expression … takes in every receipt by the employee from the employer whether it was due to him or not, Commissioner of Income Tax, Kerala and Coimbatore v. L.W. Russell, AIR 1965 SC 49. [Income Tax Act, 1922, s.
Rate
not directly related to taxable income, it maybe called tax computed at a certain rate, Sundaram Co. (Private) Ltd. v. Commissioner of Income-tax, AIR 1968 SC 124: (1967) 3 SCR 798. A Municipality cannot impose a tax, but … related to taxable income, it maybe called tax computed at a certain rate, Sundaram Co. (Private) Ltd. v. Commissioner of Income-tax, AIR 1968 SC 124: (1967) 3 SCR 798. A Municipality cannot impose a tax, but it
Judgment
referred to 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. … 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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