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Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat kolkata Year: 1992 Page 1 of about 2 results (0.103 seconds)

Aug 26 1992 (TRI)

Kesoram Industries Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Aug-26-1992

Reported in : (1993)44ITD18(Kol.)

..... any liability in respect of tax), not being,-- (a) in the case of an assessee being a company, the amount of its debentures, if any, and (b) in the case of any assessee (including a company), any moneys borrowed from an approved source for the creation of a capital asset in india, if the agreement ..... 6-8-1984 between the chairman and members of the cbdt and the bengal chamber of commerce (in the matter of computation of capital under the companies (profits) surtax act 1964). the bank's letter dated 2-3-1976 a copy of which has been furnished by the assessee does not ". . . contain anything ..... -3-1970 (which is the assessment year under appeal), the 1to made the original assessment under section 143(3) of the act on 29-5-1971, determining the loss of the assessee-company at rs. 14,40,533. in this order the ito mentioned inter alia as follows: (a) relief under section 80j at ..... 's objection in its appeal to the validity of the reopening of the assessment under section 147(a) of the act.10. the facts of the case are the following : the assessee-company set up a new cement plant at basant nagar in karim nagar district of andhra pradesh. the said cement plant ..... found out the position by further probing. that, however, does not exonerate the assessee to make full disclosure truly. explanation 2 to section 147 of the act makes the position abundantly clear. the principles have also been well-settled and reiterated in numerous decisions of this court: see kantamani venkata narayana & sons v. .....

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Apr 23 1992 (TRI)

Tor Steel Research Foundation Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Apr-23-1992

Reported in : (1992)42ITD39(Kol.)

..... outside. (b) the trustees shall have power to invest in india any moneys forming part of the trust fund in such investments including shares and debentures of bodies corporate and immovable properties as the trustees shall in their sole discretion decide with power to transpose or vary such investments from time to time ..... so with respect, can be avoided if we keep in view the position of a public charity under the income-tax act. it is no doubt true that when the foreign company was carrying on the business it was liable to tax. but it has to be remembered that the assessee was constituted ..... in addition, he submitted that the nature and character of the income, which was hitherto being assessed as business income in the hands of the luxembourg company, cannot change merely because there is a change in the character of the recipient thereof. he drew our attention to the figures of surplus, i.e ..... business was being carried on, obviously, as a commercial proposition, with profit being the predominant motive, till 31-7-1973. on 1-8-1973, however, the company executed an indenture of trust, calling itself the "settlor" and making one dr. prasanta kumar mohanty the "trustee". a sum of rs. 10,000 was the ..... ).3. a few facts have to be stated first to give a sort of a background to the case. m/s. toristeg steel corporation, a company incorporated under the laws of luxembourg, having its registered office in that country and a branch office in calcutta, was carrying on business by turning to .....

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