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Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat kolkata Page 2 of about 22 results (0.172 seconds)

Feb 28 2002 (TRI)

Birla Jute and Industries Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD400Cal

..... non-recurring transactions or transactions of exceptional nature.we are, therefore, of the considered view that, according to the scheme of the schedule vi to the companies act, profit on revaluation of assets is first required to be taken to the profit and loss account and, only thereafter, the question of transfer to reserve ..... account. however, if it is a bona fide revaluation, it does result in capital profits and, according to the scheme of schedule vi of the companies act, capital profits are also required to be reflected in the profit and loss account. part ii of schedule vi, dealing with requirements as to the profit ..... section, repair its profit and loss account for the relevant previous year in accordance with the provisions of parts ii and iii of schedule vi to the companies act, 1956 (1 of 1956) explanation : for the purposes of this section, "book profit" means the net profit as shown in the profit and loss ..... deduction of rs. 15,60,714 on account of premium of rs. 1,09,25,000 payable on redemption of 15 per cent non-convertible debentures issued by the company during the assessment year 1985-86. in ground no. 5, assessee is aggrieved that cit(a) was not justified in not allowing the ..... deduction of rs. 4,64,286 on account of premium of rs. 32,50,000 payable on redemption of 15 per cent non-convertible debentures issued by the company during the assessment year 1984-85.22. having heard the rival contentions and having perused the orders of the authorities below, as indeed the .....

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Mar 01 1983 (TRI)

Indian Aluminium Company Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1983)5ITD338(Kol.)

..... expanded production facilities in factories at belur, hirakud, muri and alupuram were set up. it was submitted that capital cost of this project was met out of debenture loan, aluminium ltd. loan, bank loan and the shortfall from retained profit. the aac after considering the submissions made before him held that the bank loans satisfied ..... 8-1981 by which he rectified the order passed by the aac.2. the sto while making the assessment under section 6(2) of the companies (profits) surtax act, 1964 ('the act'), rejected the assessee's claim for inclusion of bank loans amounting to rs. 72,57,782, while determining the capital base under the ..... aac regarding inclusion of bank loan while computing the capital base was not legally correct. the commissioner (appeals) passed an order under section 13 of the act on 10-8-1981 by observing as under : in my opinion the order of the aac dated 12-8-1977 while disposing of the main appeal contained ..... the conditions prescribed under rule 1(v) of the second schedule of the act. therefore, this loan will have to be taken in to the capital base under the second schedule. he, therefore, directed the sto to recompute the capital ..... act.3. when the matter went up to the aac, it was contended on behalf of the assessee that the loan in question was .....

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Aug 22 2005 (TRI)

Abn Amro Bank Nv Vs. Assistant Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)280ITR117(Kol.)

..... would be liable to tax in india and would be governed by the provisions of section 115a of the act. if the dtaa with the country where the parent company is assessed to tax provides for a lower rate of taxation, the same would be applicable". to this ..... was dealing with the assets distributed whether to constitute income and held that where the assessee had transferred his share in certain controlled companies and the companies went into voluntary liquidation and distributed their assets, the assets so distributed, which were deemed to be dividends within the meaning of ..... to participate in the debtor's profits, and in particular, income from government securities and income from bonds or debentures, including premiums and prizes attaching to such securities, bonds or debentures. 6. the provisions of paras 1, 2 and 3 shall not apply if the beneficial owner of the ..... participate in the debtor's profits, and in particular, income from the government securities and income from bonds or debentures, including premiums and prizes attaching to such securities, bonds or debentures. this provision does not apply if the beneficial owner of the interest, carries on business in the other ..... participate in the debtor's profits and in particular, income from the government securities and income from bonds or debentures, including premiums and prizes attaching to such securities, bonds or debentures. penalty charges for late payment shall not be regarded as interest for the purpose of this article. 7. .....

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Apr 29 2003 (TRI)

Joint Commissioner of Income Tax Vs. the Gramophone Co. of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)87ITD88(Kol.)

..... filed before us, and deliberated upon the applicable legal position as also the factual matrix of this case.10. we find that the company had the discretion to repurchase the debentures before the date of redemption at the market price, and, as such, it could not be said that the assessee had any obligation ..... the market value of the copyrights was more than the value at which the same was transferred to the subsidiary company may not be of any consequence for the purpose of taxation under the it act, 1961. it is well-settled principle of law that income-tax is not chargeable on the income which has ..... opinion between the learned members constituting this division bench, the following question was referred to a third member for his opinion under section 255(4) of the it act, 1961 : "whether, on the facts and in the circumstances of the case, the addition of rs. 4 crores pertaining to the sale consideration of the ..... 52 for assessment of capital gains in respect of transfer made for a consideration less than the fair market value. the said section was deleted by the finance act, 1987, w.e.f. 1st april, 1988. their lordships of supreme court in the case of k.p. varghese v.ito (1981) ito 131 itr ..... there is a difference of opinion between the members, we refer the following question to the hon'ble president, tribunal, under section 255(4) of the it act, 1961: "whether, on the facts and in the circumstances of the case, the addition of rs. 4 crores pertaining to the sale consideration of the .....

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Feb 28 2002 (TRI)

Shree Education Society Vs. Assistant Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD288(Kol.)

..... rs. 65,00,087 an amount of rs. 47,25,080 is investment, which includes preference shares, equity shares and debentures of limited companies. other investments are fixed deposit with government companies of rs. 6,00,000 and cash and bank balance of rs. 7,71,813, the ao further observed that ..... no clarity as to the status of the companies in whose shares or debentures, the funds of the assessee-society have been invested. whether they are closely or widely-held companies or whether these companies are controlled by the trustees or the ..... learned departmental representative argued that only a small fund was used for education and huge fund amounting to 92 per cent was invested in shares and debentures, therefore, the assessee-society is not entitled to exemption under section 10(22) and pleaded for confirming the action of lower authorities.12. we ..... 10(22) of the it act.43. from the record we found that the ao has pointed out that out of total assets of rs. 65 lakhs, an amount of rs. 47.25 lakhs has been invested which includes investment in preference shares, equity shares and debentures of limited companies. but there is ..... the educational activities of the society form a small part of the total activities. main activities of the trust are investments in shares and debentures to earn .....

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Dec 01 1986 (TRI)

Rajiv Investment (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1987)20ITD431(Kol.)

..... shall be regularly followed subsequently year after year. thereafter, the following resolution was moved and passed : resolved that the method of valuation of the closing stock of shares and debentures followed by the company so far be and is hereby changed from 'at cost' to 'at cost or market rate whichever is lower' and the closing stock of said asset as on ..... a loss to the extent of rs. 4,64,547 on the basis of the iac's order under section 144b of the income-tax act, 1961 ('the act'), the relevant portion of which reads as follows : the company has all along been valuing the closing stock of shares at cost. as assessee can change its method of valuation of closing stock provided ..... lower. the changed method of valuation is also one of the recognised methods of valuation of unsold stock [see british paints india ltd.'s case (supra)]. section 145 of the act, lays down that if an assessee regularly employs a method of accounting his income should be computed in accordance therewith. a recognised method of accounting followed regularly would necessarily result ..... court in the case of cit v. sri visweswardas gokuldas [1946] 14 itr 110 wherein it has been held that the proviso to section 13 of the indian income-tax act, 1922 gives the ito full liberty of action if he is satisfied that the method adopted by the assessee does not allow of a correct assessment of the profits.in .....

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May 02 1986 (TRI)

Karam Chand Thapar and Bros. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1986)18ITD236(Kol.)

..... expenditure other than collection charges, were deductible to the dividend income, particularly when the shareholding of the assessee was substantial in a number of companies. according to him, it cannot be argued that the assessee could manage the shareholding without incurring any expenditure and, as such, some portion ..... the assessee.3. apart from the above issue, the commissioner also noted that the largest part of the company's income was from dividend and deduction under section 80m of the act would be allowable. he pointed out that after the introduction of section 80aa deduction would be considered from the ..... assessee objected and filed written statement. the commissioner also heard the assessee's authorised representative. the commissioner pointed out that the assessee is a company and it carries on several businesses which included standing guarantee for loans, providing specialised services in diverse areas of business activities in addition to ..... 1979 dated 28-5-1980 it was contended on behalf of the revenue that the assessee had sold the debenture and preference shares which had been held as investment as apparent from the balance sheet while the assessee contended that the shares and ..... debentures were shown as investment in the balance sheet as per direction of the auditors whereas the true nature of these debentures and preference shares were that of a trading asset. it was pointed out that .....

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Jan 30 2001 (TRI)

ici India Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2002)80ITD58(Kol.)

..... the asst. yr.1992-93.13. in the asst. yr. 1992-93, another ground has been taken to the effect that the debenture redemption premium paid by the assessee-company amounting to rs. 75 lakhs has wrongly been disallowed.the ao discusses in this connection that the assessee paid rs. 75 lakhs as ..... of property or any part thereof, or the transferee, being already in possession, continues in possession in part-performance of the contract and has done some act in furtherance of the contract, and the transferee has performed or is willing to perform his part of the contract, then, notwithstanding that the contract, though ..... property, would come within the ambit of "part-performance" of the original agreement as per the provisions of section 53a of the transfer of property act and hence also within the ambit of section 2(47)(v). in this connection, he relies on the judgment of the supreme court in the case ..... that extent, in accordance with the extended definition of 'transfer' in relation to a capital asset as provided in section 2(47)(v) of the it act, 1961 in its return of income for the asst. yr. 1991-92 and also wanted to be assessed to capital gains in respect of the aforesaid ..... before proceeding on with the issue any further, it would first of all be required by us to examine the relevant provisions of the two acts under consideration. so far as the it act, 1961 is concerned, the following are the relevant provisions : "section 2(47)--'transfer', in relation to a capital asset, includes- (v .....

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Feb 08 2005 (TRI)

Peerless Securities Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)94ITD89(Kol.)

..... as a pioneer institution to promote retail trade for debt securities. the nse has two segments for trading in securities: (1) capital market segment (equity, debentures and hybrids), and (2) wholesale debt market (wdm) or money market segment (t-bills, cps, cds, psu bonds etc.). the assessee in the ..... for meeting initial expenses for establishing the distributorship, had to be considered to be a revenue expenditure by observing and holding as under: "the respondent-company, which carried on, inter alia, the business of tanning hides and manufacture of leather products, entered into an agreement with cw & co. of ..... the assessee has submitted and contended as under: 1. the issue involved herein is as to whether the following payments made by the appellant-company to the different stock exchanges are allowable as revenue expenditure or will have to be treated as capital expenditure.calcutta stock exchange of association : ..... personnel of the dealer to undergo such qualification procedure, as may be prescribed. such training was necessary for the employees of the appellant-company in order to become familiar with the operation of otcei. such training also includes training on software of otcei. thus you would kindly ..... 19,50,000 was rejected by the ao in the assessment completed under section 143(3) of the act on 15th march, 1999 by stating and observing as under : "the assessee-company is engaged in the business of share and stock brokerage. in the computation of income furnished along with .....

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Mar 31 2000 (TRI)

Assistant Commissioner of Vs. A.S. Wardekar

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2001)77ITD405(Kol.)

..... financial institute i.c.c.i, unit trust of india and general insurance corpn. held substantial equity shares and debentures issued by the company, but by september, 1988 the assessee and his associates most of whom were earlier connected with the partnership firm and the ..... received rs. 175 lakhs from ubl who purchased the share. wiel was an independent entity which continues to remain in business. the assessee has acted upon the agreement to the hilt and has not undertaken any such forbidden activity directly or indirectly. thus, under the said agreement the assessee has ..... income given in the case of cit v. shaw wallace 59 ia 206 wherein the definition of income is as per following : income...in this act connotes a periodical monetary return 'coming in' with some sort of regularity, or expected regularity from definite sources. the source is not necessarily one ..... limited by the words "profits" and "gains". a receipt may be taxable as income although it may contain no element of profit and gain. the act describes sources of income and prescribes methods of computing income but what constitutes income discreetly refrains from saying, the definition of income in the interpretation clause [ ..... those could properly be characterised as income either in its general connotation or within the extended meaning given to the term by the income-tax act. according to the counsel of the assessee, the case relied on by the assessing officer was distinguishable because in that case the assessee received .....

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