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Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat kolkata Year: 1986 Page 1 of about 2 results (0.051 seconds)

Dec 01 1986 (TRI)

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-01-1986

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 .....

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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

Decided on : May-02-1986

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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