Search Results for "Income Tax Act, 1922"

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Search Results for "Income Tax Act, 1922"

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Supreme Court

Supreme Court Allows Assessee's Appeal in Income Tax Provisional Assessment Case — Income-tax Officer Cannot Adjudicate Disputed Loss Claims Under Section 141 of Income-tax Act, 1961. Provisional Assessment Must Be Based on Return and Documents Without Enquiry into Disputed Questions of Law and Fact, and Section 80 Bar on Carry-Forward of Loss Applies Only to Regular Assessment.

24 Sep 1968

The appellant, a cement company, filed income tax returns from 1954-55 to 1964-65. Assessments for 1954-55 to 1959-60 were made but were under appeal....

Supreme Court

Supreme Court Dismisses Revenue's Appeal in Income Tax Penalty Case Due to Failure to Argue Correct Legal Provision Before Tribunal. Penalty Under Section 28(1)(c) on Reconstituted Firm Held Invalid as Revenue Relied Solely on Section 44 Which Applies Only to Discontinuance of Business, and the Question of Applicability of Section 26 Was Not Raised Before the Tribunal.

12 Mar 1969

The appeal before the Supreme Court arose from a reference under section 66 of the Indian Income-tax Act, 1922. The respondent firm, M/s. Kirkend Coal...

Supreme Court

Supreme Court Upholds Assessee in Income Tax Case Allowing Deduction of Expenses Incurred by Partner from Share of Firm's Profits. Partner's Expenditure to Earn Income from Registered Firms is Deductible Under Section 10(2) of Income-tax Act, 1922 Despite Prior Computation of Firm's Profits.

7 Mar 1969

The dispute arose from income tax assessments for the years 1955-56 and 1956-57 concerning Ramniklal Kothari, a partner in four registered firms who d...

Supreme Court

Supreme Court Allows Revenue's Appeal Against Income-tax Appellate Tribunal Order Amalgamating Income of Two Assessment Years. Tribunal's Direction to Reassess for 1952-53 and Allowance for Intangible Additions Held Without Jurisdiction Under Section 33(4) of Income-tax Act, 1922.

14 Feb 1969

The appeal arose from income-tax assessments for the years 1952-53 and 1953-54 of the respondent-firm. For 1952-53, the Income-tax Officer (ITO) asses...

Supreme Court

Supreme Court Allows Revenue's Appeal in Income Tax Deduction Dispute — High Court Exceeded Jurisdiction by Reappraising Factual Findings. Compensation Paid Through Assessee to Former Agents Not Deductible Under Section 10(2)(xv) of Income-tax Act, 1922, as No Overriding Title Established.

20 Feb 1969

The respondent, a subsidiary of Imperial Chemical Industries (London), acted as sole selling agent in India for I.C.I. (Export) Ltd., another subsidia...

Supreme Court

Supreme Court Upholds Assessment of Profit from Land Transaction as Adventure in Nature of Trade. Single Transaction of Purchase and Subdivision of Estate into Plots with Resale Held to Constitute Business Profit Under Section 34(1)(a) of Income-tax Act, 1922.

12 Feb 1969

The assessee, P. M. Mohammad Meerakhan, entered into an agreement on 15th August 1955 to purchase 477.71 acres of land called Kuttikal Estate for Rs. ...

Supreme Court

Supreme Court Upholds Assessment under Section 12 of Income-tax Act, 1922 for Lease Royalty Income, Disallowing Additional Depreciation and Development Rebate. The Court held that where a company leases its factory with minimum royalty and no direct interest in production, the income is from other sources not business, and the specific deductions under section 10(2)(vi-a) and (vi-b) are not available under section 12.

19 Feb 1969

The assessee, New Savan Sugar & Gur Refining Co. Ltd., carried on the business of crushing sugar cane and gur refining. Due to apprehensions of loss f...

Supreme Court

Supreme Court Allows Union of India’s Application to Record Satisfaction of Decree Under Order 21 Rule 2 CPC in Customs Duty Refund Case — Payment Under Section 46(5A) Income Tax Act Treated as Garnishee Payment and Not Defeated by Technical Objections. Collector of Customs’ Payment on Behalf of Union of India Held to Constitute Payment by Judgment Debtor, and Super-tax is a Species of Income Tax for Notice Purposes.

28 Mar 1969

The dispute arose after the respondent firm, Soorajmull Nagarmull, obtained decrees against the Union of India for refund of excess customs duty levie...

Supreme Court

Supreme Court Dismisses Appeal Against Sale of Sugar Company's Immovable Property for Recovery of Dues as Arrears of Land Revenue under U.P. Zamindari Abolition & Land Reforms Act. The Court held that restrictions under s.279 do not apply when recovering dues under other statutes as arrears of land revenue; the Collector need not exhaust processes against movables before selling immovable property.

31 Jan 1969

This civil appeal arose from the dismissal of a writ petition challenging the sale of immovable property of a sugar company to recover statutory dues....

Supreme Court

Supreme Court Dismisses Revenue's Appeal on Carry Forward of Losses Under Income-tax Act, 1922. Loss Sustained by Partner in Dissolved Firm Can Be Set Off Against Profit from Another Firm if Same Business Continued by Assessee.

19 Feb 1969

This appeal by the Commissioner of Income-tax arose from a dispute over the carry forward and set-off of business losses under the Income-tax Act, 192...

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