high court judgments - Page 338

Year of Cost Inflation Index in case of Assets Received Under Gift

B.N. Vyas Vs Commissioner Of Income-Tax (Gujarat High Court)

ASSETS RECEIVED UNDER GIFT - Where A acquired agricultural lands in 1961, and after converting them into non-agricultural use in 1962 gifted the lands to B in 1966, and later B sold them, the cost of acquisition under section 49(1)(ii) would be the amount originally paid by A, and not the value on the date of conversion or on the date of ...

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Allowability of depreciation when particulars were not furnished with return of income

Dasaprakash Bottling Co. vs Commissioner Of Income-Tax (Madras High Court)

Whether ITAT was justified in allowing depreciation even though the particulars were not furnished in the appropriate part of the return of income but they were furnished in the course of the assessment proceedings before the Income-tax Officer at the latter's requisition ?...

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Once the books of account of an assessee are rejected then profit has to be estimated

Dabros Industrial Co. (P.) Ltd. Vs Commissioner Of Income-Tax (Calcutta High Court)

We have to ascertain whether there was any evidence or material before the Tribunal to estimate the profits. It is not disputed that the books of account of the assessee were not accepted. That being so, profit had to be estimated. Such estimate was made by the authorities on the basis of the performance of the predecessor-in-interest of ...

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Unpaid price cannot be said to be a loan advanced

Commissioner Of Income-Tax Vs Saurashtra Cement & Chemical (Gujarat High Court)

Amount of the unpaid price cannot be said to be a loan advanced by the non-resident company to the assessee-company nor can be the non-resident company be said to be a lender to the assesse-company so far as that amount was concerned. Since the non-resident company cannot be said to have lent the amount of the unpaid purchase price to the...

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SC judgment with retrospective effect can be a valid ground for condonation of delay in appeal filing

Karamchand Premchand Pvt. Ltd. Vs Commissioner of Income-Tax (Gujarat High Court)

In this case the challenge before the Court was to an order dated 29.1.1970 passed by the Commissioner of Income Tax who had dismissed the petitioner's Revision Application filed under Section 33A and Section 264(1) of the Act on the ground of limitation. The issue pertaied to the Assessment Year 1961-62, 1962-63, 1963-64, for which perio...

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Additional Income-Tax Officer vs Ponkunnam Traders (Kerala High Court)

Additional Income-Tax Officer vs Ponkunnam Traders (Kerala High Court)

The appellants are the Additional Income-tax Officer and the Commissioner of Income-tax (the revenue); and the respondent, Ponkunnam Traders, a firm, is the assessee. The judgment under appeal is reported as Ponkunnam Traders v. Addl. Income-tax Officer, Kottayam, [1972] 83 ITR 508 (Ker). Since the question involved is fairly simple, ...

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ITO must estimate Income on fair basis and not arbitrarily if Assessee not maintained sufficient books of account

Badrinath Agarwal. Vs Commissioner Of Income-Tax, U. P. (Allahabad High Court)

Badrinath Agarwal v. CIT (Allahabad High Court) 65 ITR 242 (All. ) In estimating the income the conditions of trade obtaining and the average margin of profit in the particular line of business are to be borne in mind. It is clear that these factors in the present case have been kept in view and, therefore, it is not possible to say that ...

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CIT vs Parbutty Churn Law (Calcutta High Court)

Commissioner Of Income-Tax vs Parbutty Churn Law (Calcutta High Court)

Under Income-tax Act the annual value of the property is to be taken as a sum which the property might reasonably be expected to fetch. The annual value is no doubt a hypothetical sum. But what is to be taken into consideration is the whole of the consideration which the landlord receives from the tenant for his right to use and occupy t...

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Gemini Pictures Circuit Ltd. V. CIT (Madras High Court) 33 ITR 547 ( Mad.)

Gemini Pictures Circuit Ltd. vs Commissioner Of Income-Tax (Madras High Court)

The question arising for consideration both in the reference under section 66(2) of the Indian Income-tax Act as well as in W.P. No. 925 of 1955 are identical and relate to the proper rule to be applied for determining the amortisation of films for computing the income, profits and gains of the assessee which is carrying on business as a ...

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Income estimate by applying a flat rate can be fair if AO exercises his judgment reasonably and not arbitrarily

Commissioner Of Income-Tax Vs S. Sen And Others. (Orissa High Court,)

CIT v. S Sen & Others (Orissa High Court) 17 ITR 355 (Orissa) The proceeding arises out of two application consolidated because of the facts being identical, by the Commissioner of Income-tax/Excess profits Tax, Bihar and Orissa, under Section 66(1) of the Income-tax Act read with Section 21 of the Excess profits tax Act for the stating ...

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