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1 - 10 of 14 (0.22 seconds)Section 14 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax, Gujarat vs A. Raman & Company on 18 July, 1967
In Commissioner of Income-tax v. A. Raman & Co. 67 ITR 11 relied upon by the CIT (Appeals), it has been made clear by the hon'ble Supreme Court that law does not oblige a trader to make the maximum profit that he can out of his transactions. It is the income in the hand of the trader which is taxable. Any income he could have, but not earned, is not exigible to tax as income. In Highways Construction Co. (P.)
Commissioner Of Income-Tax vs Down Town Hospital Ltd. on 9 August, 2001
Mr. Bhuyan also relied upon a decision of this Court in Commissioner of Income-tax v. Down Town Hospital Ltd. to show that remand to the Tribunal for rehearing on factual issue is not permissible under Section 260A.
Victor Aluminium Industries (P) Ltd. vs Asstt. Cit, Company Circle 3(2), New ... on 31 May, 2006
14. To counter the above submission, Dr. Saraf relied upon a judgment of this Court, in Aluminium Industries (R) Ltd. v. Commissioner of Income-tax (1995) GLR 216. From this judgment, we find that addition of any amount to the gross profit on the ground that the assessee has declared low profit as compared to the previous year cannot be justified in the absence of adequate and relevant materials. For best judgment assessment under Section 144, the ITO should make an intelligible well grounded estimate. The question formulated on this factual matrix was answered in favour of the assessee and against the Revenue.
M. Durai Raj vs Commissioner Of Income-Tax on 6 March, 1971
In M. Durai Raj v. Commissioner of Income-tax 83 ITR 484, the Kerala High Court was of the view that relevant consideration is whether the assessee's accounts are maintained according to the method regularly employed by him, whether such method is correct and complete and whether income can be properly computed from the accounts. If these criteria are satisfied, in that case question of best judgment assessment could not arise.
Kejriwal Enterprises And Anr. vs Commissioner Of Income-Tax on 8 October, 2002
In Kejriwal Enterprises v. Commissioner, of Income-tax 260 ITR 341, the Calcutta High Court was of the view that a conclusion by the authority which otherwise could not have been drawn by any reasonable person is perverse in law.
Dhakeswar1 Cotton Mills Ltd vs Commissioner Of Income Tax,West Bengal on 29 October, 1954
In Dhakeswari Cotton Mills Ltd. v. Commissioner of Income-tax 26 ITR 775, the hon'ble Supreme Court was of the view that Income-tax Officer is not fettered by technical rules of evidences and pleadings, and he is entitled to act on material which cannot be accepted as evidence in course of law. But the officer is not entitled to make a pure guess and make an assessment without reference to any evidence or any material at all. There must be some evidence than mere suspicion.
Santosh Hazari vs Purushottam Tiwari (Dead) By Lrs on 8 February, 2001
In Santosh Hazari v. Purushottam Tiwari 251 ITR 84 SC, the hon'ble Supreme Court observed that if the appraisal of evidence by the trial court suffers from material irregularities and is based on inadmissible evidence or on conjectures and surmises, the Appellate Court is entitled to interfere with the findings of fact. The Supreme Court held that the first appeal is a valuable rights of the parties and unless restricted by law, the whole case therein is open for rehearing both on question of fact and law. The judgment of the Appellate Court must, therefore, reflect its conscious application of mind and the findings supported by reasons on all the issues. It has further been observed that as a matter of law if the appraisal of the evidence by the trial court suffers from a material irregularity and is based on inadmissible evidence, or on conjectures and surmises, the Appellate Court is entitled to interfere with the findings of fact. This judgment was rendered in the context of interpretation of Section 100 of the Code of Civil Procedure.
Hanutram Ramprasad, Dibrugarh vs Commissioner Of Income-Tax, Assam, ... on 17 September, 1975
Ltd. Nalipool, Diabrugarh v. Commissioner of Income-tax, North Eastern Region, Shillong (1992) 2 GLR 385, a Division Bench of this Court found fault with levy of notional interest on a loan given by the assessee without interest. The Division Bench held that the addition of notional interest is not justified since the assessee did not bargain for interest or had not calculated interest. In such a situation, the Division Bench held that the addition of notional interest as due could not form part of the income.