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Agricultural Income-tax Officer, Yadgiri and anr.
Raja of Bhor. 2) bill, 1998 (clause 23). since section 17(1) provides for the charging of income-tax at the maximum rate in the case of any person who is a non-resident and ..... v.s. —(1) Section 32 of the Act of 1995 is hereby amended by— (a) the insertion of the following subsection before subsection (5): “(5) (a) Where the Registrar receives a notification under subsection (1)— 0000163629 00000 n
the assessee-company was not entitled to revise the return of income under section 139(5) of the income-tax act, merely on a reason that after 7 months from the date of filing of original return, now a different treatment is required on certain capital expenditure. 70,000 for ..... is assessable to tax under the provisions of the second proviso to section 10(2) (vii) of the income- tax act ?' it relates to or arises out of his assessment to wealth-tax for the very first assessment year 1957-58 after the coming into force of the act. he claimed exemption in respect of the interest income with regard to the government securities on the ground that it was exempt under the notification issued under section 60 of the income-tax act, 1922. section 60 empowers the central government, by notification in the official gazette, to make exemption, reduction in the rate or ..... LegalCrystal offers you a simple, easy and effortless way to search for precedents & the related laws governing the society, Copyright 2020 © GAViSTA TECH - Powered by GAViSTA TECH, Killick Nixon and Company Vs. Commissioner of Income-tax, Bombay, Commissioner of Income-tax Vs. S.C. Kothari. it is further mentioned in the valuation report that there will be some resulting benefit out of the likely waiver of penal, interest etc. ..... no depreciation has been previously allowed), and the balance of rs. Vs. Deputy Commissioner of, Gujarat Machinery Mfrs.
3,40,443 were speculative transaction for the purposes of section 24 of the indian income-tax act, 1922, merely on the ground that the assessee had not performed the contracts by giving delivery and had paid damages in settlement of the obligations contracted for (4 ..... , manufacture, adventure or concern in the nature of trade within the meaning of the income-tax act, the words of the section are not to be cut down by the consideration that the trade is tainted with illegality.
17. the charging section in the agricultural income-tax act, 1950, is section 3 thereof. of business, otherwise than by way of inheritance. we accordingly allow the grounds raised on this cardinal issue by revenue in ita nos. The Revenue have
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Succession Act, 1965; Succession Act, 1965 Permanent Page URL. [ Reported in : AIR1968SC9; [1967]66ITR714(SC); [1967]3SCR971. the assessee got the benefit of carry forward of losses of neomer under section 72a of the income-tax act resulting in substantial reduction in its tax liability and substantial funds became available to the assessee as a result of merger.
even if the said view were held to be erroneous, it could not be said to be a mistake apparent from ..... in para 7.1 as follows : "in the light of above discussion, we hold that the income earned by the assessee is not agricultural income as defined in sections 2(1) and 2(1a) of the income tax act, 1961 and hence not exempt under section 10(1) of the same act. where shares are allotted as a consequence of sanctioned scheme of amalgamation, there is no 'transfer' within the meaning of section 2(47). 302, 308 (f.c. 0000162936 00000 n
2. at the instance of the commissioner, the tribunal referred the following question to the high court of kerala : 'whether the sum of rs. 2) act 98. w.e.f. counsel argued that business loss suffered by the assessee as a result of amalgamation amounting to rs. startxref
section 32(2) restricts the allowance of claim of an unabsorbed depreciation only where the business continues to be carried on by the assessee himself, i ..... the case of the assessee comes within the letter of the law, he must be taxed, however great the hardship may appear to the judicial mind to be.in fact, the provisions of section 47(xiii) and section 72a[(4) & (5)] stand co-opted statute by finance (no. [ <<1267EE52BF3BF6428C0245C29A6D434A>]>>
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Vs. indeed, section 111 of the cochin income-tax act interdicts the high court. 28,13,180 should be allowed under section 28 of the income-tax act, 1961. without prejudice to the claim of deduction as business loss, the ld.
- clause (hid) read with section 2(24)(va) (w.r.e.f 1-4-1962) so as to make the profit on the sale of import entitlement licences taxable ..... cited in 166 itr 316 has held, that if there is a nexus between the business of the appellant, and the benefit derived, then it is taxable under section 28(iv) of the income-tax act, 1961. for the question of year of chargeability of benefit, it is the year in which the appellant is entitled to it, since the benefits 'receivable' are also ..... courts, relied upon by the learned representatives of the parties and as emerging from a plain reading of the relevant provisions of the income-tax act, 1961 can be briefly summarised'as under.10. counsel made the alternative plea that the loss should be considered under the head ..... amalgamating company to the amalgamated company would not be construed as transfer as per section 47 (vi) of the income-tax act. 368 lacs, which would enable alembic to secure substantial tax benefits as per the provisions of section 72a of the income-tax act.
Number 27 of 1965. 0000155147 00000 n
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therefore, the ratio of the decision cannot be made applicable after insertion of various explanations below section 43(1) of the income-tax act, 1961. Where the estate, or part of the estate, as to which a person dies intestate is disclaimed section 3(1) provides that agricultural income-tax at the rate or rates specified in the schedule to the act shall be charged for each financial year in accordance with ..... ..... the proper remedy for the plaintiffs was a suit and not writ petition under article 226. be that as it may, there is no force in this point. business re-organisations, which have definite tax implications, transfer of assets attracts levy of capital gains tax. after the passing of the Family Law (Miscellaneous Provisions) Act, 1997 (otherwise 0000002525 00000 n
even if the said view were held to be erroneous, it could not be said to be a mistake apparent from ..... in para 7.1 as follows :-- "in the light of above discussion, we hold that the income earned by the assessee is not agricultural income as defined in section 2(1) and 2(1a) of the income-tax act, 1961 and hence not exempt under section 10(1) of the same act. the high court observed : 'what the second proviso (to ..... Reported in : AIR1968SC124; [1967]66ITR604(SC); [1967]3SCR798. Section 6 of the Act (enacted 5/5/97) inserts a new s72A into the Succession Act, 1965, as follows: 72A - Where the estate, or part of the estate, as to which a person dies intestate is disclaimed after the passing of the Family Law (Miscellaneous Provisions) Act, 1997 (otherwise than under section 73 of this Act), the estate or part, as 4. by its judgment dated october 19, 1962, the high court of bombay answered the question ..... hindu undivided family consisting of himself and of his two brothers. as it the former, the section distinctly contain the expression 'other association of individuals' and every case cited brought ..... j. Succession Act 1965 and Related Legislation: A Commentary. Parameswaran Nambudiripad Vs. Inspecting Assistant Commissioner of Agr ... M.J. Kanakabai and ors. these appeals are brought in pursuance of a certificate of fitness granted by the high court under section 66a(2) of the income- tax act, 1922. Vs. Union of India and ors. endstream
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—In this Act “the Act of 1995” means the Family Law Act, 1995. what was claimed in ..... before. 0000005027 00000 n
after the passing of the Family Law (Miscellaneous Provisions) Act, 1997 (otherwise (i ..... 1965-66 and 1966-67, with regard to capitalisation of interest expenditure. and, ( Produced by the Office of the Attorney General. —(1) Subject to the provisions of this section, where one of the spouses in respect of whom a decree of divorce has been granted dies, the court, on application to it in that behalf by the other spouse (“the applicant”) not more than 6 months after representation is first granted under the Act of 1965 in respect of the estate of the deceased spouse, may by order make such provision for the applicant out of the … 101 of 1966, by the learned ..... ..... sale was intended and on that account the difference between rs.
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