CIT Vs. M.K. Brothers (163 ITR 249) sales-tax authorities had carried on certain investigations which revealed that a racket of issuing bogus vouchers by the said parties was prevailing in the market. The Income-tax Officer also learnt from local inquiries that the parties were not available at the addresses given.
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 gift
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 assessee-company either in cash or in kind
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 period the petitioner had incurred certain expenditure
