LexLords NRI Legal Services Chandigarh By NRI Legal Services LexLords

NRI legal services - https://lexlords.com/company-incorporation-and-llp/. In these circumstances,, the company decided to treat the agreement for sale with the addressee as cancelled and give him the option of taking back the earnest money within one month from the receipt of the letter. Banerjee, learned Advocate supported the view taken by the High Court and submitted that no evidence whatsoever was led to prove ownership of the suit house which was necessary in view of NRI legal services - my website - Section 12(1)(e) of the Act.

Relying on the decision of this Court in Anar Devi(Smt) v. The Appellate Assistant Commissioner confirmed the assessment and dismissed the appeal of the assessee. We will now proceed to examine the nature and terms of the contract before us and the circumstances under which it was entered into to determine whether or not the disturbing element,which is allowed to have happened here, has substantially prevented the performance of the contract as a whole.

The Commissioner upheld the view that the income was determined on the mercantile basis and that the income had accrued or arisen to the assessee within the meaning of section 4(1) (b)(i) of the Income-tax Act. Apart from the above aspect, further question is whether providing appeals to this Court in routine, without there being issues of general public importance, is not a serious obstruction to the effective working of this Court.

and the mere fact that the amount was put in the suspense account did not alter the fact that the income had accrued to the firm Upon the matter being carried further in appeal by the assessee, the Tribunal held that the income had not accrued to the firm and that the amount should be excluded from taxation as not having been received during the accounting year. It is undisputed that there is considerable divergence of judicial opinion on this point and in these circumstances it is necessary to examine briefly the different lines of reasoning adopted by the different High Courts in dealing NRI legal services - my website - with the subject.

The Income-tax Officer held that the firm followed the mercantile method of accounting and not the cash basis and that the income having accrued become assessable whether received or not. The docket of the court should be kept down so that its volume did not preclude wise adjudication. The actual amount payable to the firm in, accordance with the terms and conditions of the agreement for the year 1942-1943 was not disputed.

Nathu Ram[1] it was submitted by Mr. The constructs of the proposed roads and drains, therefore, could not be taken up during the continuance of the war and possibly for many years after its termination. Gupta, learned Advocate that the defendant was estopped from questioning the title of the plaintiffs and that the High Court was in error in allowing the second appeal. By the time, the matter came up for consideration of the larger Bench on 11th January, 2016, the SLP became infructuous as the suit in which the impugned interim order was passed itself had been decided.

We, therefore, are of the opinion that in relation to the transactions made prior to coming into force of the said Act, simple interest at the rate of 9% per annum, which was the bank rate at the relevant time, shall be payable both prior to date of filing of the suit and pendente lite and as future interest in terms of Section 34 of the Code of Civil Procedure. Chouthmal Golapchand (1). This Court while dismissing the SLP as infructuous observed that while Article 136 could be used with circumspection but its scope could not be limited.

Chouthmal Golapchand constituted by four partners with equal shares, and they had at the beginning of the accounting year 1935-36 an opening stock of shares valued at cost price of Rs. Subramanyam(4), which can be taken to be the leading pronouncement of the Madras High Court (1) I. Surrender by the widow and acceptance by the reversioner are not matters of contract. The two questions aforementioned were then referred, at the instance of the Commissioner by the Tribunal to the High Court.

The estate vests in the reversioner by operation of law without any act of acceptance on the part of the reversioner. I am therefore definitely of the opinion that even in the case of withdrawal as in the case of the realisation of the asset the business is entitled to credit in the goods account the market value of the asset as at the date of its withdrawal whatever be the method adopted 234 by it for valuation of its stock-in-trade on hand at the close of a year of account.

The assessees there were the firm of Messrs. There was offer made in the alternative that in case the purchaser refused to treat the contract as cancelled, he could, if he liked, complete the conveyance within one month from the receipt of the letter by paying the balance of the consideration money and take the land in the condition in which it existed at that time, the company undertaking to construct the roads and the drains, as circumstances might permit, after the termination of the war.

The matter was referred for consideration of the larger Bench for interpretation of Article 136. Kolah appearing for the appellant parti- cularly relied upon a decision of the Calcutta High Court, In the matter of Messrs.