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Showing 81 to 100 of 112 Records

• 1970 (4) TMI 32 - MADRAS HIGH COURT
  

  Estate Duty Act, 1953 - debt owing from deceased - debt is not deductible from market value of estate for calculation of court fee for grant of probate

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• 1970 (4) TMI 31 - KERALA HIGH COURT
  

  Application of section 52 in computing capital gains arising from the transfer of a capital asset for a consideration lesser than its fair market value - writ petition has been filed to quash exhibit P-5 in which Income-tax Officer overruled all the objections raised by the petitioner, and reassessed him - order of assessment was liable to be quashed

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• 1970 (4) TMI 30 - SUPREME COURT
  

  Partners in a trading venture - On April 29, 1948, one partner commenced an action for dissolution and for accounts of the partnership - trial court decreed the suit. In appeal to the District Court, the decree was reversed - On appeal HC restored the decree of the trial court and declared that the partnership stood dissolved on April 29, 1948 - held that High Court exercising advisory jurisdiction was incompetent to amend the order of the Appellate Assistant Commissioner

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• 1970 (4) TMI 29 - SUPREME COURT
  

  Assessee was a company which had to be deemed as one in which public were substantially interested as per the Explanation to s. 23A(1) - Since the shares were fully dealt on stock exchange, it was not necessary to consider whether the shares were in fact freely transferable by holders - appeal of assessee s allowed

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• 1970 (4) TMI 28 - SC ORDER
  

  Sale proceeds of bonus shares received in respect of the ordinary shares held by the assessee as stock-in-trade of his business was revenue receipt - Revenue's appeal allowed

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• 1970 (4) TMI 27 - SUPREME COURT
  

  AOP - dissolution of firm - erstwhile partners carried on the business through their representatives and the profits were earned from a business carried on by an association of person - profits realised by the receivers on behalf of the erstwhile partners are profits of an association of persons - Assessee's appeal dismissed

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• 1970 (4) TMI 26 - SUPREME COURT
  

  Claim made by the assessee for allowance of the amounts alleged to have been paid to the D.C.P.M. and BUA Ltd. as compensation for breach of the agreements of the selling agency and the managing agency - No question of law arises - assessee's appeal is dismissed

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• 1970 (4) TMI 25 - SUPREME COURT
  

  Appointment of companies controlled by person controlling assessee as selling agent and managing agent - Tribunal was right in disallowing the compensation amount paid by the applicant company to its selling agents on the breach of the selling agency agreement - assessee's appeal is dismissed

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• 1970 (4) TMI 24 - SUPREME COURT
  

  Income from dividends declared during the relevant previous years cannot be included in the total income of the company - no evidence to show that the dividends warrants were handed over to the assessee within the years of account - assessee was not liable to pay tax on dividends

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• 1970 (4) TMI 23 - SUPREME COURT
  

  Firm resident in taxable territory - non-resident partner not entitled to exclude from his share income accruing outside the taxable territories

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• 1970 (4) TMI 22 - SUPREME COURT
  

  Transfer of accumulated balance to employee`s provident fund - Portion of amount transferred representing employees contribution could not be deemed to be capital expenditure under s. 58K

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• 1970 (4) TMI 21 - SUPREME COURT
  

  Question whether the distribution was dividend had to be determined in the light of the IT Act - amount distributed as dividend out of the current profits could not, in the state of the law in force in the year of asst. 1955-56, be deemed dividend in the hands of the shareholders - Tribunal was right in holding that the sums of Rs. 81,611 and Rs. 1,49,444 were not the part of the accumulated profits of the company as contemplated under s. 2(6A) - Revenue's appeal dismissed

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• 1970 (4) TMI 20 - SUPREME COURT
  

  Guaranteeing of the loan advanced to the selling agent indirectly facilitated the carrying on of the assessee`s business. It was not in the larger interest of the assessee`s business that the guarantee was given - allowance which was claimed did not fall within section 10(2)(xi) . No attempt was made nor indeed could it be usefully made to claim any allowance under s. 10(2)(xv) - Revenue's appeal allowed

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• 1970 (4) TMI 19 - SUPREME COURT
  

  Amount of compensation awarded for the period from the date Govt. has taken possession of the land compulsorily acquired is interest paid for the delayed payment of the compensation and is, therefore, a revenue receipt liable to tax under the IT Act - Assessee's appeal dismissed

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• 1970 (4) TMI 18 - SUPREME COURT
  

  Carry Forward & Set Off - business activities of the company, to wit, dealings in shares and its dealings in other commodities and selling agency on commission basis, constituted the same business within the meaning of s. 24(2) - Assessee's appeal is allowed

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• 1970 (4) TMI 17 - SUPREME COURT
  

  Bonus shares - distribution of the bonus shares became effective as from Dec. 30, 1954 - shares so allotted became the property of the shareholders as from that date subject to the qualification that they are entitled to get dividends on those shares only as from Jan. 1, 1955 - Under cls. (b) and (c) of the resolution, certain directions were given to the directors in the matter of implementation - Hence, there was no justification in reducing the rebate - Assessee's appeal allowed

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• 1970 (4) TMI 16 - SUPREME COURT
  

  Best Judgment Assessment - If an assessee makes a default under s. 22(2) by not filing a return pursuant to a notice received under that section and he also does not comply with the notice under s. 22(4), he must show sufficient cause for non-compliance with both the provisions and he cannot get the assessment cancelled merely by showing good cause for one of the two defaults - Revenue's appeal allowed

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• 1970 (4) TMI 15 - SUPREME COURT
  

  Shares and securities held by the company were its stock-in-trade, and the loss resulting from transactions relating thereto was revenue loss - company was a dealer in shares and securities and the loss resulting in the year of account of 1952-53 from sale of securities was liable to be treated in the A.Y. 1953-54 as revenue loss - assessee's appeal allowed

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• 1970 (4) TMI 14 - SUPREME COURT
  

  Return Disclosing Loss - voluntarily return - return was strictly governed by the terms of sub-s. (2A) of s. 22 and upon such a return the company could not claim that loss of income be determined and carried forward - Revenue's appeal dismissed

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• 1970 (4) TMI 13 - SUPREME COURT
  

  Business Profits - while computing the income, profits and gains of the year of assessment under s. 10(1), the assessee is not entitled to set-off speculative losses against profits from other business activities of the same year - order of the ITO directing that the income of the partners and the shares allocated to the minors admitted to the benefit of the partnership shall be assessed in the hands of the respective HUF was plainly without jurisdiction - Revenue's appeal allowed partly

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