1. By this petition filed under Article 226 of the Constitution of India, the petitioners are challenging the legality of the order dated June 1, 1985 passed by respondent No. 1. The petitioner No. 1 is a company carrying on business of manufacturing polyester filament yarn of the type known as Partially Oriented Yarn (“POY”)
Hon’ble Kerala High Court in the case of CIT v. M. George & Bros. [1986] 160 ITR 511 held that where the assessee for one reason or the other agrees or surrenders certain amounts for assessment, the imposition of penalty solely on the basis of the surrender will not be well-founded.
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.
CIT v. Mother India Refrigeration (P) Ltd. (Supreme Court) Unabsorbed carried forward losses and current depreciation -Deduction of – Unabsorbed carried forward losses cannot be given preference over current depreciation While computing the total income of an assessee in an assessment year.
The High Court held that there was nothing illegal in the issuance of the search warrant, the consequent search, the seizure during the search and taking over of the documents by the Income Tax Department under Section 132-A and dismissed the petition.
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
Sabyasachi Mukharji, J.—These appeals by certificate granted by the High Court of Allahabad under section 66A(2) of the Indian I.T. Act, 1922, arise out of the judgment delivered and order passed on 3rd January, 1973, by the High Court of Allahabad in Income-tax Reference No. 450 of 1965. The following question of law had been referred to the High Court
Super Profits Tax Act, 1963 and Company’s (Profits) Sur-tax Act, 1964-Rule I of Second Schedule-Scope of- ‘Provision” and “Reserve’-Distinction- A sum of money transferred from current profits to general reserves- Dividend paid from that fund-General reserve how calculated.
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 ?
Rule 24 of the Income Tax Rules, 1922 states that income derived from the sale of tea grown and manufactured by the seller shall be computed as if it were income derived from business and 40 per cent of such income shall be deemed to be income, profits and gains liable to tax.
