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9 judgments · newest first · showing 1–9
The non‑resident company Banque Nationale de‑Paris challenged a Super Profits Tax assessment that included interest received on Central and State Government securities. It argued that, under Clause X of Rule 1 of the First Schedule of the Super Profits Tax Act, 1963, such interest should be excluded …
Sundaram Clayton Ltd. issued 20,40,000 worth of bonus shares by capitalising its general reserves in the assessment year 1971-72 and claimed that the bonus issue should be proportionately added to its share capital for the purpose of computing capital under Rule 3 of Schedule II of the Companies …
The assessee, Duncan Brothers & Co. Ltd., claimed that provisions it made for income‑tax liability (Rs 16,48,888 for AY 1963‑64 and Rs 17,52,920 for AY 1964‑65) could either be treated as part of its capital or be deducted from the cost of excluded investments under the Super Profits Tax Act, 1963 …
Karamchand Premchand Pvt. Ltd. set aside Rs 4,50,000 as a provision for a possible tax liability under Section 23A of the Income‑Tax Act, 1922. The company later claimed that this amount was a reserve and should be included in its capital for the purposes of Rule 1 of the Second Schedule of the …
The Supreme Court examined whether various reserves created by Saran Engineering Co. Ltd. could be treated as "standard deductions" under the Super Profits Tax Act, 1963, and thus be included in the computation of capital for the Companies (Profit) Surtax Act, 1964. The reserves in question included …
Elgin Mills Ltd., a textile manufacturer, claimed that its investment reserve, rehabilitation reserve and forfeited dividend reserve should be treated as reserves for computing capital under the Companies Profits (Surtax) Act, 1964 for the assessment year 1964-65. The Income‑Tax Officer excluded all …
Laxmi Sugar & Oil Mills Ltd. had debited Rs 8,16,000 as a provision for additional cane price payable to cane‑growers under the Sugarcane Price Control Order, 1955, and shown it under "Current liabilities and provisions". The amount was later reversed and no actual payment was made. The Income‑Tax …
Anchor Pressings Ltd. was assessed to income‑tax for AY 1963‑64 without claiming the rebate under s.84 of the Income‑Tax Act. After the assessment, the company applied under s.154 for rectification of the order to obtain the s.84 relief, but the Income‑Tax Officer and the Commissioner rejected the …
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 …
