Skip to content


Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat kolkata Year: 2002 Page 1 of about 2 results (0.084 seconds)

Feb 28 2002 (TRI)

Shree Education Society Vs. Assistant Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-28-2002

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 .....

Tag this Judgment!

Feb 28 2002 (TRI)

Birla Jute and Industries Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-28-2002

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 .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //