Search Results for "Income Tax Act 1922"

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Supreme Court Allows Firm's Registration Under Section 26A of Income-tax Act, 1922 as Partnership Deed Read Reasonably Specified Equal Shares. Specifying Equal Division Among Partners Sufficiently Indicated One-Third Share Each, Satisfying Statutory Requirement for Registration.

Three brothers entered into a partnership in 1949 for doing business. The partnership deed, in clause 3, allotted equal capital to each partner, and c...

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High Court of Karnataka Decides Revenue's Wealth Tax Appeals Involving Definition of 'Assets'. The Appeals Challenge ITAT Orders Regarding Assessment Years 1999-2000 to 2004-05 under Section 2(ea) of Wealth Tax Act, 1957.

The High Court of Karnataka heard a batch of Wealth Tax Appeals filed by the Revenue under Section 27-A of the Wealth Tax Act, 1957, against the order...

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Supreme Court Upholds Revenue Authorities' Search and Seizure Under Section 132 of Income-tax Act, 1961. Bona Fide Exercise of Power Not Vitiated by Mere Irregularities or Error in Seizing Some Irrelevant Documents.

The case arose from search and seizure operations conducted under Section 132 of the Income-tax Act, 1961 at the premises of M/s. Seth Brothers, who c...

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Bombay High Court Allows Loss Deduction for Confiscated Foreign Currency in Income Tax Reference. Foreign currency confiscated by customs authorities under FERA held allowable as business loss under Income Tax Act, 1961, even though treated as undisclosed income.

The case involves an income tax reference by the Revenue against the order of the Income Tax Appellate Tribunal (ITAT) for the assessment year 1982-83...

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Supreme Court Dismisses Assessee's Appeal: Profit from Share Sales Held as Trading Income, Not Capital Gain. Purchase and Quick Resale of Shares with Borrowed Funds and Debiting Interest as Revenue Expenditure Indicated a Well-Planned Scheme to Earn Profits under the Income Tax Act, 1922.

The assessee firm, Juggilal Kamlapat, Kanpur, was engaged in promoting companies and financing sister concerns of the J.K. Group. During the assessmen...

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Supreme Court Upholds Banking Company's Claim for Rebate on Gross Interest from Tax-Free Securities. Notification under Section 60-A, Income-tax Act, 1922 Interpreted Independently to Allow Rebate on Entire Interest Received Without Deducting Expenses.

The case arose out of an assessment dispute for the assessment year 1956-57 involving a banking company, South Indian Bank Ltd., which had received in...

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Supreme Court Upholds Revenue's Assessment Under Section 44D of Income-tax Act Despite Income Not Being Taxable at Time of Asset Transfer. Partners of Firm That Transferred Assets to Non-Resident Corporation Assessable on Corporation's Income as They Acquired Right to Enjoy Income by Means of Transfer.

The case arose from a dispute under the Indian Income-tax Act, 1922 concerning the assessment of partners of a firm that had transferred assets to a n...

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Supreme Court Clarifies Deduction of Broken Period Interest for Banks Treating Securities as Stock-in-TradeDeduction Allowed as Revenue Expenditure for Banks Holding Securities as Stock-in-Trade

The Supreme Court addressed the treatment of broken period interest for tax purposes. The issue centered on whether broken period interest could be de...