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1234 judgments · newest first · showing 1201–1234
The appellant, a Hindu undivided family (HUF) consisting of Apoorva Shantilal Shah, his wife and two minor sons, sought recognition of two partial partitions of shares in Gujarat Steel Tubes Ltd. under Section 171 of the Income‑Tax Act, 1961. The Income‑Tax Officer refused, and the matter progressed …
Delhi Safe Deposit Co. Ltd., a partner in a managing‑agency firm, paid Rs. 9,500 towards a loss incurred by the firm when a loan advanced by the managed company defaulted. The company claimed a deduction under section 37 of the Income‑Tax Act, but the Assessing Officer disallowed it, holding the …
The Hindu Undivided Family (HUF) Kalloomal Tapeshwari Prasad derived income from various sources and claimed that a partial oral partition in 1963 had divided eighteen immovable properties among ten coparceners, who then maintained separate accounts. The Income‑Tax Officer rejected the claim, …
The Supreme Court examined the constitutionality of the Special Bearer Bonds (Immunities and Exemptions) Ordinance, 1981 and the subsequent Act, which granted anonymity and tax exemptions to holders of special bearer bonds intended to canalise black money. The petitioners argued that the President …
The Supreme Court examined whether sums appropriated by companies for taxation, retirement gratuity, and proposed dividends could be treated as "other reserves" for capital computation under the Super Profits Tax Act, 1963 and the Companies (Profits) Sur‑tax Act, 1964. It held that amounts set aside …
The appellant, K.P. Varghese, sold a house to his daughter‑in‑law and five children for the same price he had paid for it (Rs 16,500) and reported no capital gain for the 1966‑67 assessment year. The Income‑Tax Officer later issued a notice under section 148 and reassessed the assessee, fixing the …
Shiela Kaushish, a taxpayer, constructed a warehouse in Delhi and let it out to the American Embassy under several leases, eventually receiving a total rent of Rs.34,797 per month from April 1968. For the assessment years 1969-70 and 1970-71, the Income‑Tax Officer treated the actual rent received …
The petitioners, a partnership firm, had a running account with B.R. Sons Ltd. The Income‑Tax Officer issued a notice under s.226(3)(i) of the Income‑Tax Act requiring the petitioners to pay any amount due from them to B.R. Sons Ltd., but the notice did not specify the exact sum. The petitioners …
The assessee, a partnership firm, was found to have cash credits of Rs.46,250 in its books in the names of five minor sons of the managing partner. The Income Tax Officer treated these as unexplained cash credits and added them to the firm's income under section 68 of the Income Tax Act, 1961. The …
The assessee, Ganga Saran and Sons Pvt. Ltd., incorporated in 1947, paid salary, commission and bonus to its managing director Deo Datt Sharma, who was also its brother‑in‑law and managed the Delhi branch. The Income Tax Officer, after several assessments where the remuneration was allowed as a …
The Bar Council of Maharashtra, a body corporate under the Advocates Act, 1961, derived income from interest on securities and enrolment fees for the assessment years 1962-63 to 1964-65. The Revenue assessed this income, but the Council claimed exemption under section 10(23A) for enrolment fees and …
The Federation of Indian Chambers of Commerce & Industry, a company registered under the Companies Act, claimed that its entire income for the year ended 31‑December‑1961 was exempt under section 11(1)(a) read with section 2(15) of the Income‑Tax Act, arguing that its activities – holding a trade …
The appellants, partners of an Indian law firm, were engaged by a German corporation and, through London solicitors, allowed a UK barrister, Mr. Blanco White, to appear in three Calcutta High Court suits. Although the firm did not brief or pay the barrister, the Income Tax Officer treated them as …
The assessee, Ahmed Ibrahim Sahigra Dhoraji, possessed concealed income of Rs 7 lakhs earned between 1957‑58 and 1964‑65. He made a voluntary disclosure under Section 68 of the Finance Act 1965 and paid tax at the prescribed rate. He claimed that the tax paid could be deducted as a "debt owed" under …
The assessee, a partnership firm engaged in manufacturing agarbattis, was dissolved in 1965 and its goodwill was valued at Rs.1,50,000. The goodwill was transferred to a newly formed partnership of the same name. The Income‑Tax Officer did not tax any gain on this transfer, but the Commissioner …
Bhagwan Dass Jain, an assessee under the Income‑Tax Act, 1961, challenged the inclusion of a notional amount under section 23(2) for his self‑occupied house, arguing that no real income was derived and that the levy was in substance a tax on the building falling under Entry 49 of List II, which …
The appellant, a female partner in two firms, omitted from her 1964-65 return the shares of profit attributable to her husband and minor daughter, which under s.64(1)(i) and (iii) of the Income Tax Act, 1961 must be included in her total income. The Revenue assessed the omitted amount and imposed a …
The statutory agent in Guntur exported tobacco to Japan and France and paid a 3% commission to non‑resident agents (Toshoku Ltd. and a French firm). The sale proceeds were received in India, and the agent made credit entries for the commissions in his books before remitting the amounts abroad. The …
The appellant, a liquidator of Mahamudabad Properties Ltd., owned a building at 3 Gun Foundry Road that had been released by the Government in December 1960 in a dilapidated condition. In its 1962-63 return it claimed an annual value of Rs.1,23,672, a vacancy remission, and deductions for insurance …
Grindlays Bank, a UK‑incorporated banking company operating in India, filed its income‑tax return for AY 1972‑73. The Income‑Tax Officer issued a notice under s.142(1) demanding documents, which the bank contested before the Calcutta High Court under Art.226. The High Court, after a series of stays, …
ICE & GENERAL MILLS, a potato manufacturing and cold‑storage firm, was assessed for the year 1961‑62. The Income‑Tax Officer, under section 34(1) of the Income Tax Act, 1922, initiated reassessment proceedings and in 1965 ordered tax on Rs 1,00,000 of alleged benami income, but the order was …
The Surat Art Silk Manufacturers Association, an incorporated company, was set up to promote commerce and trade in art silk yarn and cloth and to obtain import and export licences for its members. It earned income from member subscriptions, commissions on licences, and rent from a building it …
The Managing Director of R.K.V. Motors & Timber Ltd withdrew sums which the Income Tax Officer treated as dividend under section 2(6A)(e) of the Income Tax Act, 1922. The dispute centered on whether "accumulated profits" for dividend liability includes the company's current year profits and whether …
The respondent, T.N. Aravinda Reddy, sold his own house and, to avoid capital gains tax, acquired the family house jointly owned with his three brothers by executing three release deeds, each for a consideration of Rs. 30,000. The issue before the Supreme Court was whether such release deeds …
The case involved Malabar Fisheries Co., a partnership dissolved in 1963, which had claimed development rebate under section 33 of the Income‑Tax Act for machinery installed before dissolution. The Income‑Tax Officer withdrew the rebate under section 34(3)(b) and section 155(5), contending that the …
Ukhara Estate Zamindaries (Pvt.) Ltd. was incorporated to take over a zamindari estate and issue shares to the lessors. It granted long‑term sub‑leases of coal‑bearing lands to collieries, receiving salami, premium and compensation for compulsory acquisitions. The Income‑Tax Officer treated these …
Alagappa Textile (Cochin) Ltd. entered into a five‑year financing and management agreement with Kamala Mills Ltd., under which Kamala Mills received remuneration for purchases, sales and management of the mill. The assessee claimed the remuneration as a deductible business expense under section …
The assessee, a Hindu undivided family owning agricultural land in Kerala, sold about 367 spontaneously grown trees, retaining the stumps and roots, under an agreement that prohibited cutting the sprouts. The Income‑Tax Officer treated the entire consideration of Rs 1,75,000 as taxable income, while …
The Indian and Eastern Newspaper Society, a registered society that owned a building with a hall and rooms let out for rent, had its income from these facilities assessed as business income for the years 1960‑61 to 1963‑64. During a departmental audit, the Income Tax Department’s internal audit unit …
A Hindu undivided family transferred its business to a partnership firm, which debited construction costs to the accounts of the four co‑owners. The partnership firm appealed assessments that added concealed income, and the Appellate Assistant Commissioner held that the firm was not the owner of the …
Brij Mohan, a partner in two firms, filed his 1964-65 income tax return late in April 1968, disclosing income from one firm but concealing income from the other. The Income Tax Officer, upon discovery, imposed a penalty under Section 271(1)(c)(iii) as amended by the Finance Act 1968, which allowed a …
The appellants were liable to penalty under Section 18(1) of the Wealth Tax Act, 1957 for failing to file wealth‑tax returns for assessment years 1970‑71 to 1975‑76. After the amendment inserting Section 18‑B, they filed the returns and sought a full waiver of the penalty. The Commissioner, …
