S 23a - Law Dictionary Search Results
Home Dictionary Name: s 23aNot including a company to which the provisions.. apply
Not including a company to which the provisions.. apply, the Explanation requires that the shares held by a company should be considered as held by the public, only if s. 23A of the Income Tax Act, 1922 does not apply to it. The Concessions Order does not seek to negative this test; it only confers a benefit on a company, to which clause 14 applies. Shree Changdeo Sugar Mills Ltd. v. Commissioner of Income Tax, AIR 1961 SC 1154 (1156): (1961) 2 SCR 990. [Income-tax Act, 1922, s. 23 (1), third proviso and expl. (prior to amendment in 1955)]...
Similarly apportioned
Similarly apportioned, the words 'similarly apportioned' which occur in the explanation mean apportioned 'with reference to the amounts of profits and gains attributable to the two parts of the company's business'. Thus, the explanation first refers to an apportionment or splitting up and then provides that the dividends and taxes shall be similarly apportioned, that is to say, similarly split up. Accordingly, the words 'similarly apportioned' convey a definite meaning and are not ambiguous. 'Similarly apportioned' means simply 'similarly split up', CIT v. T.V. Sundaram Iyenger and Sons (P) Ltd., AIR 1976 SC 255 (260): (1976) 1 SCC 77: (1975) Supp SCR 93. (Income Tax Act, 1922 s. 23A, Expl. 2)...
Smallness of profit
Smallness of profit, the Legislature has deliberately used the expression 'smallness of profit' and not 'smallness of assessable income' and there is noth-ing in the context in which the expression 'small-ness of profit' occurs which justifies equation of the expression 'profit' with 'assessable income.' Smallness of the profit in s. 23A has to be adjudged in the light of commercial principles and not inthe light of total receipts, actual or fictional, Commissioner of Income Tax v. Bipinchandra Maganlal and Co., AIR 1961 SC 1040 (1043): (1961) 2 SCR 493.(ii) The words 'smallness of profit' in the s. 23 of the Income Tax Act, 1922 refer to actual accounting profits in comparison with the assessable profits of the year. In arriving at the assessable profits the Income-tax Officer may disallow many expenses actually incurred by the assessee; and in computing his income, he may include many items on notional basis. But the commercial or accounting profits are the actual profits earned by a...
Accounting profits and assessable profit
Accounting profits and assessable profit, these two concepts, 'accounting profits' and 'assessable profit', are distinct. In arriving at the assessable profits the Income-tax Officer may disallow many expenses actually incurred by the assessee; and in computing his income, he may include many items on notional basis, But the commercial or accounting profits are the actual profits earned by an assessee by as assessee calculated on commercial principles, C.I.T. v. Gangadhar Banarjee & Co. (P) Ltd., AIR 1965 SC 1977 (1981): (1965) 3 SCR 439. [Income-tax Act (11 of 1957), s. 23A]...
Company in which the public are substantially interested
Company in which the public are substantially interested, the public is beneficially interested in 25 per cent. of the voting power, Shree Changdeo Sugar Mills Ltd. v. Commissioner of Income Tax, AIR 1961 SC 1154: (1961) 2 SCR 990.A company would be deemed to be one in which the public are substantially interested, where more than half the voting power is vested in the public, Commissioner of Income Tax v. Amrutanjan Ltd., AIR 1964 SC 1804: (1964) 8 SCR 9. [Income-tax Act, 1922 s. 23A(1)]...
Course
Course, 'course' ordinarily conveys the meaning of a continuous progress from one point to the next in time or space and conveys the idea of a period of time; duration and not a fixed point of time, C.I.T v. East West Import and Export (P.) Ltd., (1989) 1 SCC 760: AIR 1989 SC 836 (838). [Income-tax Act, 1922, s. 23A]...
Holding of investments
Holding of investments, the expression 'Holding of investments' cannot be limited to companies whose principal business is the acquisition and holding of shares, debentures, stocks or other securities as contended on behalf of the appellant but covers companies whose primary or principal source of income is house property or capital gains as well, Nown Estates (P) Ltd. v. CIT West Bengal, AIR 1977 SC 153 (157). [Income-tax Act, 1922, s. 23A Expl. 2(i)]...
In the course of such previous year
In the course of such previous year, 'in the course of such previous year' would, refer to the period commencing with the beginning of the previous year and termination with the end of the previous year. 'In the course of such previous year', would necessarily mean that free transferability of the shares by the holders to other members of the public should be present throughout the previous year, CIT v. East West Import and Export (P) Ltd., AIR 1989 SC 836 (838): (1989) 1 SCC 760. (Income-tax Act, 1922, s. 23A Expln.)...
Share holder
Share holder, a Hindu undivided family can be a registered share of a company, Commissioner of Income Tax v. Shakuntala, AIR 1966 SC 719 (722). (Income Tax Act, 1922, s. 23A)...
Married women's property
Married women's property, At Common Law, a woman, by marrying, transferred the ownership of all her property, real and personal, present and future, to her husband absolutely, so that he might sell, pay his debts out of, give away, or dispose by will of it as he pleased, with these exceptions and modifications:-1) Her freehold estate became his to manage and take the profits of during the joint lives only. After his death, leaving her surviving, it passed to her absolutely; after her death, leaving him surviving, provided that it was an estate in possession and issue who could in her it had been born during the marriage, it passed to him as 'tenant by the curtesy (q.v.) of England,' during his life, and after his death to her heir-at-law.(2) Her leasehold estate, her personal estate in expectancy, and the debts owing to her and other 'choses in action,' became his absolutely if he did some act to appropriate or reduce them into possession during the marriage, or if he survived her. If ...
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