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Showing 61 to 80 of 102 Records

• 1971 (3) TMI 42 - PUNJAB AND HARYANA HIGH COURT
  

  Return of income for the assessment year 1961-62 was filed beyond the time limits and the assessment was completed after 1st April, 1962 - section 271 of the 1961 Act will apply to the present case because the assessment was completed after 1st of April,1962 - There is no warrant for holding that part of the penalty would be under the 1922 Act and part under the 1961 Act - provision of section 271 of the Act of 1961 will apply mutatis mutandis to proceedings relating to penalty initiated in accordance with section 297(2)(g) of that Act

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• 1971 (3) TMI 41 - PUNJAB AND HARYANA HIGH COURT
  

  Change in method of accounting - When interest was earlier assessed on the basis of accrual system of accounting, whether subsequently it can be assessed on receipt basis – Held, no

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• 1971 (3) TMI 40 - PUNJAB AND HARYANA HIGH COURT
  

  Whether interest earned by a minor on a sum deposited by him with a firm to the benefits of which he has been admitted and in which his father is a partner, is liable to be included in the income of his father by virtue of section 64(ii) of the Income-tax Act, 1961 – question is answered in the affirmative, that is, in favour of the department and against the assessee

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• 1971 (3) TMI 39 - ALLAHABAD HIGH COURT
  

  Assessee urged that there was no ground for applying the proviso to section 13 inasmuch as the records maintained by the assessee were complete and free from defect, and there was no justification for making any addition either for shortage of yarn or for shortage of cloth - hold that there was no material on the record for concluding that there was an undisclosed shortage in the production of yarn, but in regard to the production of cloth there was material on the record for not accepting the shortage disclosed by the assessee, and we further hold that in estimating the shortage in the production of cloth the Tribunal adopted a reasonable basis

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• 1971 (3) TMI 38 - ALLAHABAD HIGH COURT
  

  Whether Tribunal was bound to hold that the business at Lahore and Barabanki did constitute the same business so as to justify the allowance of Rs. 40,000 as interest - Tribunal has specifically held that the activities at Barabanki and Lahore were quite diverse and distinct and there was no interconnection, interlacing or interdependence between the two businesses - Since the businesses were held to be separate and there was no interconnection, the interest paid on liability of the other business which was transferred to the second business could not be claimed as a deduction

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• 1971 (3) TMI 37 - CALCUTTA HIGH COURT
  

  Reassessment notice - issued before the time limits, but served after the time limits – validity of notice – notice is held as valid

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• 1971 (3) TMI 36 - CALCUTTA HIGH COURT
  

  Carry Forward and Set Off of loss - period of limitation - the set-off of earlier years losses will have to be determined on the basis of the law relevant to that assessment year

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• 1971 (3) TMI 35 - ALLAHABAD HIGH COURT
  

  "Whether, on the facts and in the circumstances of the case, the Tribunal was right in cancelling the penalty of Rs. 8,732 imposed on the assessee?" - Section 271(1)(i) lays down that the penalty must be computed at a sum equal to two per cent. of the tax for every month during which the default continued, but not exceeding in the aggregate fifty per cent. of the tax. No date has been fixed from which the computation must be effected. The rate of tax has to be applied in respect of the entire period of the default, and it is immaterial that some part of that period falls before April, 1962.

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• 1971 (3) TMI 34 - ALLAHABAD HIGH COURT
  

  In the instant case we find that while dividing the properties between the various partners, the arbitrators valued them and after distributing them they made adjustments in the shares by directing the partner receiving property of a higher value to pay actual monetary compensation to the partner receiving property of lower value. In view of the principles laid down in the Supreme Court case mentioned above, it is clear that the actual cost of the oil mill to the assessee should be considered to be Rs. 9,50,000 and not what it was to the original firm, Kishan Lal Matrumal, at the time of its acquisition.

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• 1971 (3) TMI 33 - ALLAHABAD HIGH COURT
  

  The Tribunal has found that the department has not succeeded in positively establishing that the assessee had concealed the particulars of its income or deliberately furnished inaccurate particulars thereof. It has observed that the assessments proceeded on the basis of estimates and inferences and that the existence of the income had not been established beyond reasonable doubt. Upon this ground it has found that the provisions of section 28(1)(c) are not attracted - Answered in favor of assessee.

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• 1971 (3) TMI 32 - ALLAHABAD HIGH COURT
  

  Trust- trust created by crediting to trust account and by debiting the partner's account - validity of trust – allowability of interest paid by the assessee on trust amount

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• 1971 (3) TMI 31 - ALLAHABAD HIGH COURT
  

  Firm – registration u/s 26A – legality of partnership

  
  
  ... ...
  ... ... ..... ecifically provided that all the partners were entering into the partnership agreement in their individual capacity. In the circumstances, it was not open to the Income-tax Officer to go behind the recitals made in the partnership deed and to hold that the agreement had been entered into by several of the partners in their capacity as kartas of their respective joint Hindu families. As only 18 persons had entered into an agreement of partnership in their individual capacity, the partnership agreement did not contravene the proviso to section 4 of the Indian Companies Act. The Tribunal was, therefore, right in holding that the registration could not be refused to the assessee on the ground that the partnership was illegal. In the result, we answer the question referred to us in the affirmative and in favour of the assessee. The assessee is entitled to his costs which we assess at Rs. 200. Counsel s fee is also assessed at the same figure. Question answered in the affirmative.

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• 1971 (3) TMI 30 - ALLAHABAD HIGH COURT
  

  Whether, the loss suffered by the assessee was speculation loss -whether the said loss could be set off against profits earned by the assessee in non-speculation business

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• 1971 (3) TMI 29 - ALLAHABAD HIGH COURT
  

  It was for the Income-tax Officer to show by clear evidence that the assessee could be reasonably said to have wilfully concealed material particulars of his income - Tribunal was not right in imposing penalty under section 28(1)(c) of the Income-tax Act, 1922

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• 1971 (3) TMI 28 - ALLAHABAD HIGH COURT
  

  Whether the Commissioner of Income-tax was competent to take proceedings under section 33B and to pass an order under section 33B - If, yes, whether the order passed by the Commissioner of Income-tax under section 33B was a valid and proper order - Tribunal is right in holding that the order of the Commissioner of Income-tax under section 33B was fully within his competence and was a valid and proper order

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• 1971 (3) TMI 27 - BOMBAY HIGH COURT
  

  Transfer of property to wife and after ten years to minor sons - Whether in accordance with the provisions of section 16(3)(a)(iv) the income from the property can be properly included in the computation of the assessee's total income of the previous years

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• 1971 (3) TMI 26 - PUNJAB AND HARYANA HIGH COURT
  

  Estate Duty Act, 1953 - Property Passing On Death - gifts of a part of the running business or the amounts lying to the credit of the donor in the firm - held that what was gifted was subject to the rights of the firm and the donees took such possession of the gifted property as it was capable of - merely because those properties continued to be used for the purposes of the business of the firm, did not detract from the retention of those properties by the donees to the complete exclusion of the donor

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• 1971 (3) TMI 25 - DELHI HIGH COURT
  

  Gift Tax Act, 1958 – Whether the act of throwing self-acquired property by the assessee into common hotchpotch of the Hindu undivided family with the intention of abandoning their rights in that property amounted to a gift within the meaning of the term 'gift' as defined in the Gift-tax Act, 1958 – Question is answered in the negative

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• 1971 (3) TMI 24 - DELHI HIGH COURT
  

  Royalty paid on net sales to party for obtaining recognition of Himachal Pradesh Education Department to become able to sell its text books in the territory of Himachal Pradesh - amount spent helped assessee in expansion of business so it was capital in nature and not allowable under section 10(2)(xv) of the Indian Income-tax Act, 1922

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• 1971 (3) TMI 23 - DELHI HIGH COURT
  

  Valuation of assessee's interest in a firm under Wealth-tax Act - adoption of value of assets - value as per the balance sheet or the market value - power of officer under section 7(2)(a) of Wealth-tax Act

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