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Showing 81 to 90 of 90 Records
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1971 (1) TMI 10 - SUPREME COURT
Reopening of assessment - assessee had disclosed the material facts to the department, it was under no obligation to inform the department about the possible inferences because it was for the department to raise such an inference - revenue's appeal dismissed
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1971 (1) TMI 9 - SUPREME COURT
Income From Undisclosed Sources - income tax officer only had a vague feeling that there might be bogus transactions - notice issued under s. 148 is invalid
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1971 (1) TMI 8 - SUPREME COURT
Dissolution of a firm - assets were revalued and one of the two partners received from the other, value of his share in the asset - whether it amounts to sale or transfer of capital assets - arrangement between the partners amounted to distribution of assets on the dissolution of the firm, there was no sale or exchange of the assessee's share in the capital assets
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1971 (1) TMI 7 - SUPREME COURT
Sale transaction as well as the business of manufacturing sugar constituted the same business within the meaning of s. 24(2) of Indian Income-tax Act, 1922. Therefore, the assessee can set off the unabsorbed loss in the sale of shares against its other business income - Assessee's appeal allowed
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1971 (1) TMI 6 - SUPREME COURT
It is not for the assessee to satisfy the Income-tax Officer that there was no concealment, it was for the department to establish that the assessee had failed to disclose truly and fully material facts when the assessee had intimated about the receipt - department cannot commence proceedings for reassessment under s. 34(1)(a) - Revenue's appeal dismissed
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1971 (1) TMI 5 - SUPREME COURT
Registration of a firm under the Partnership Act takes place only when the necessary entry was made in the register of firm under s. 59 of Partnership Act - If the firm was registered under the Partnership Act after the application under the Income-tax Act was made, the application for registration under s. 26A of Income-tax Act will be treated filed out of time - Revenue's appeal allowed
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1971 (1) TMI 4 - SUPREME COURT
Possession of licence in FormFL II does not preclude the holder from entering into a partnership, it is only provided that the licence should not be sub-let or transferred. Since, there was no prohibition in the licence against the holder entering into a partnership, the partnership was legal
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1971 (1) TMI 3 - SUPREME COURT
Payments made by the assessee as taxes under s. 18(3B) of Indian Income-tax Act, 1922 and which it could not recover from the non-resident cannot be treated as a bad debt under s. 10(2)(xi) of Indian Income-tax Act, 1922. The payment made under a statutory obligation because the assessee was in default does not amount to an expenditure laid out for the purposes of assessee's business - assessee's appeal dismissed
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1971 (1) TMI 2 - SUPREME COURT
Assessment orders produced in a Court by the assessee will be admissible evidence - S. 54(1) does not bar the production of assessment orders by the assessee - Assessee's appeal dismissed
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1971 (1) TMI 1 - SUPREME COURT
In an application under s. 66(2), the High Court cannot be asked to call for a statement of case on a question on which the Tribunal was not asked to submit a statement of case - Revenue's appeal dismissed
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