Court : Kolkata
Decided on : Jul-25-1991
Reported in : 210ITR981(Cal)
..... the shares were purchased in the managed company for the purposes of carrying on its managing agency business should be allowed under section 10(2)(iii) of the indian income-tax act, 1922 (corresponding to section 36(1)(iii) of the income-tax act, 1961), and no portion of the said interest can be deducted in the computation of dividend income.12. the said judgment ..... business and that the interest paid was in respect of such borrowal.16. the tribunal also relied, in coming to its conclusion, on the comparative statement of dividends and also commission received for several years. the said chart is as follows :'assessment yearyear ending on 31st marchdividendscommission rs.rs.1960-61196012,30,03547,64,7871961-62196113,80,77143,90,3321962-63196216,29 ..... shares was principally and primarily with a view to obtain the managing agency commission rather than the dividend income. the said fact is evident from the comparatively small amount of dividend which the assessee received compared to the large amount of managing agency commission which the assessee received during the various previous years. the bulk of the shares was held by the ..... ,09252,59,4511967-68196721,35,65650,88,3811968-69196820,02,12653,28,8131969-70196912,02,45957,10,2751970-71197012,79,03359,18,1161971-72197212,23,64864,06,982.'17. this chart is indicative of the fact that the investment in shares was principally and primarily with a view to obtain the managing agency commission rather than the dividend income. the dividend .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Dec-09-1991
Reported in : (1992)40ITD614(Kol.)
..... on the first day of may, 1982 and ending on 30lh sepl., 1982 in excess of the average production of the corresponding period of the preceding three years. paragraph 4 of the aforesaid notification no. 132/82 central excise was subsequently substituted by ..... scheme, in short, provided that the rebate shall be allowed in respect of excess production during a particular sugar year as compared to the production of sugar during the lean period in the preceding three sugar years. the preceding three sugar years were called ..... 819 from the assessment; (2) deletion of the disallowance of the expenses on running and maintenance of jeeps and cars under section 37(3a).2. the assessee is a public limited company. during the previous year relevant to the assessment year 1985-86, ..... 1978-79 73,4151980 1979-80 nil1981 1980-81 nil1982 1981-82 1,16,5311983 1982-83 1,77,146 the above chart shows the sugar year and the production for that year in the assessee's factory. the three years' period commencing from ..... of insurance, excise and other claims receivable and interests receivable on deposits under company deposits (s.c. & i.t.) scheme, 1983, have been maintained partly on cash basis.the assessing officer further found that note 8 of the same schedule mentioned that- the ..... that the assessee had not received the income during the year of account. he also contended that under the income-tax act, income was taxable on accrual basis or on receipt basis and even if the rebate of excise duty cannot be said .....Tag this Judgment!