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Showing 81 to 94 of 94 Records
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1967 (3) TMI 14 - SUPREME COURT
Assessee contended before the Tribunal that the ITO, District I(2), was the proper officer to file the appeal not the ITO, District VI, because he had made the assessment - held that appeal before the Tribunal was filed by a proper person - question is answered in favour of the department
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1967 (3) TMI 13 - SUPREME COURT
Assessee-company carries on general insurance business - amount paid to policyholders - claim for deductions for the purpose of computation of its taxable income - This expenditure cannot be said to be contingent, and the assessee is entitled to deduction - Appeal of assessee is allowed
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1967 (3) TMI 12 - SUPREME COURT
Share income - there was no contribution of any sum in Firms by the minor son out of the gift money from the father - no evidence on record to justify a finding that the minor had been admitted as a partner in the firm - share income from those Firms was not liable to included in the assessment under s. 16(3)(iv) - Revenue's appeal dismissed
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1967 (3) TMI 11 - SUPREME COURT
Section 16(3)(a)(iv) - Trust - transfer of assets - Whether the creation of a trust by K in favour of his minor grand-children concurrently with the creation of a trust by J in favour of K's daughters constitute indirect transfers of assets by K and J to their respective children - Appeal of revenue is allowed by way of remand
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1967 (3) TMI 10 - SUPREME COURT
Business income - appellants were lessees of a cinema theatre - business of exhibiting cinematograph films- it is difficult to hold that the appellants have made out their case that the venture of Prakash Talkies was a part of a general business of exhibiting films in cinema theatres carried on by the appellants - deduction not allowed - appeal of assessee fails and is dismissed
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1967 (3) TMI 9 - SUPREME COURT
Interest on securities assessable u/s. 8 of the IT Act are exempt from tax in the assessee's hands in view of the Notification No. 878F dated March 21, 1922 - department appeal dismissed
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1967 (3) TMI 8 - SUPREME COURT
Assets destroyed by fire in the year 1948, - assessee received surplus of the compensation money over the written down value of the assets in 1950 - not taxable under the 4th proviso to s. 10(2)(vii) as the income of the assessee for the year 1950.
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1967 (3) TMI 7 - SUPREME COURT
Claim for deduction u/s 10(2)(xi) - debt in question was incurred in the course of the business - hence claim for loss is justified
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1967 (3) TMI 6 - SUPREME COURT
Whether the cost of land is entitled to depreciation under the Schedule to the IT Act along with the cost of the building standing thereon - judgment of the High Court set aside and the question referred is answered in the negative and against the assessee
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1967 (3) TMI 5 - SUPREME COURT
Whether the notice u/s. 34 of the IT Act was properly served on the assessee within the prescribed period - The notice was properly served under Or. V, r. 20(1), of the CPC and as the ITO was not a Court, it was not incumbent on him to affix a copy of the notice on the notice board of the income-tax office - appeal of department is allowed
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1967 (3) TMI 4 - SUPREME COURT
Allowance under section 10(2)(xi) - conditions for the grant of the allowance are satisfied-debt had become irrecoverable in the relevant accounting year and the amount had been actually written off as irrecoverable in the books of the appellant - hence loss is deductible - assessee appeal allowed
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1967 (3) TMI 3 - SUPREME COURT
Whether entire sums spent in carrying out the obligations subject to which lands were sold by the assessee were allowable in computing the assessee's profits from the land business - Whether the assessee was liable to be taxed only on the actual realisation of sales in cash subject to the allowances admissible under the IT Act - both the questions referred to the High Court have been rightly answered by it in favour of the assessee - revenue's appeal dismissed
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1967 (3) TMI 2 - SUPREME COURT
Claim for allowance u/s. 10(2)(xv) - order of the Tribunal disallowing the claim for allowance of the whole of the additional remuneration was not supported by any evidence - tri8bunal was not justified in disallowing the claim - revenue's appeal dismissed
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1967 (3) TMI 1 - SUPREME COURT
Reassessment - service of notice - reassessment for 1945-46 made on March 9, 1955, was valid - appeal of department is allowed
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