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Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat west bengal Page 1 of about 5 results (0.041 seconds)

Mar 10 2000 (TRI)

iol Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2003)81TTJCal525

..... providing for depreciation, renewals or diminution in the value of assets or retained by way of providing for any known liability. he further submitted that debenture redemption reserve is not a 'reserve' for the purpose of companies act.in this regard, sri mitra dealt with at length the decision of the apex court in the case of national rayon corpn. ltd. (supra) and ..... ' as provided under the companies act as the said term is not defined under the surtax act and, therefore, held that debenture redemption reserve is not a reserve for the purposes of companies act and accordingly the surtax act. the supreme court has held in the said case that any amount set apart in the ..... court in the case of rayon corpn. ltd. (supra) has considered as to whether the debenture redemption reserve is a reserve within the meaning of the companies act. the issue involved in the said case was one with respect to an assessment under the provisions of companies (profits) surtax act, 1964. in our view, the supreme court has considered the definition of the term 'reserve ..... accounts of the company to redeem the debentures must be treated as monies set apart to meet a known .....

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Nov 22 2000 (TRI)

Eveready Industries India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... ), section 32ab(3) only gives the method of computation of 'eligible business' and, therefore, there is no question of going through the sixth schedule of the companies act, as the income from interest and dividend cannot be said to be income from an 'eligible business'.146. aggrieved by the action of the tax authorities, assessee ..... arc to form part of the profits of eligible business as per the accounts in accordance with part ii and part iii of the schedule vi of the companies act, 1956." 149. no contrary decision was placed before us by the departmental counsel. we, therefore, respectfully follow the decision of the tribunal (supra) to hold ..... submitted that the surplus on redemption of debentures should not be taxed under the head 'capital gains' as there was no transfer involved. cit(a) accepted the claim of the assessee. however, he was ..... the cit(a) erred in treating rs. 48,479 as 'income from other sources' being the amount realised on redemption of 6.25% debenture of rs. 5,000 each issued by i.c.i.c.i. the debentures were redeemed at full value i.e., rs. 4,30,000 whereas, the cost of acquisition of these ..... debentures was rs. 3,81,521. the resultant difference was brought to lax by the assessing officer.192. before the cit(a) it was .....

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Dec 10 1998 (TRI)

Hooghly Mills Co. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... assessee was rs. 116,72,69,408. the same, however, comprised of the turnover in jute goods to the extent of rs. 112,82,22,902 and in shares and debentures to the extent of rs. 390,46,506. in the computation of deduction claimed by the assessee under section 80hhc, as certified by its auditors, the export turnover (independently in ..... (b) of sub-section (3) of the said section, it was held that while computing the deduction under section 80hhc, octroi, sales-tax and excise duty paid by the assessee-company should be excluded from the total turnover since they were excludible from export turnover.9. so far as the merits of the case alone are concerned, it will be required ..... by us, first of all, to discuss the facts in certain details and thereafter we may attack the issue.10. the assessee company's main business is manufacture and sale of jute goods. part of the sales in jute goods is domestic whereas part is of the nature of export sales. besides the ..... filed by the assessee against the order passed by the commissioner of income-tax under section 263 of the income-tax act, 1961 on 31-3-1994. in the said order the cit states that deduction under section 80hhc of the act, as allowed by the assessing officer in the assessment order, was excessive inasmuch as in adopting the proportion of the .....

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Jan 16 2003 (TRI)

Veena Kanoria Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2003)79TTJCal746

..... you will help us by advising and rendering services as follows : (i) raising of funds by way of loans, deposits, intercorporate deposits, placement of shares, debentures, etc. by private placement basis or by public issues, etc. as may be found conducive. for this purpose you will arrange meetings, negotiations, finalisation of ..... for short to medium-term perspective and also to purchases shares in big lots with a view of long-term perspective to participate in management of companies and/or to earn profits by way of trading on 'shares in lot'. (iii) to advise and help us in off loading 'shares in ..... , then point of difference of opinion was referred to hon'ble vice president (kolkata zone) as third member under section 255(4) of the it act.2. in accordance with the majority view after fully taking into account the opinion expressed by the learned third member, we held that the payment ..... & co. v. cwt (1996) 217 itr 310 (sc) wherein the hon'ble supreme court has held that an erroneous citation of provision of the act in the assessment order will not invalidate itself. according to the learned departmental representative, since the demand notice is an accompanying statement of the assessment order, ..... of rs, 55,044." (v) "for that learned cit(a) was wrong in confirming levy of interest under ss. 234a, 234b and 234c of the it act." (vi) "for that learned cit(a) was wrong in not admitting additional grounds and confirming the assessment order and demand notice which were not in accordance .....

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Aug 24 2001 (TRI)

Kangra Valley Investment and

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2001)80ITD25Cal

..... case of the assessee as the assessee was required to follow the mercantile system of accounting under which the assessee had to provide interest on the debentures and loans by crediting the accounts of the payees on 31-3-1997. the due date for making the payment of tax deducted was 31 ..... itr 116 (gauhati) wherein, at page 118, it was held as under : "the above excuse is thoroughly unconvincing and unacceptable. section 200 of the income tax act, 1961, casts responsibility on any person deducting tax at source to pay within the prescribed time, the sum so deducted to the credit of the central government. ..... consideration the fact of payment of interest under section 201(1a) while deleting the penalty imposed by the assessing officer under section 221 of the act.the next argument of learned counsel for the assessee that the assessee had paid the entire amount of tds without any notice or reminder from ..... respect of the amount deducted at source under sections 193 and 194a and had, therefore, made itself liable to penalty under section 221 of the act unless good and sufficient reasons for delay in depositing the tax deducted by it was shown by the assessee.as regards the existence of good ..... way of interest on securities and interest other than interest on securities as required under the provisions of sections 193 and 194a of the income tax act, 1961 respectively. it is also apparent that the assessee was required to pay the aforesaid deducted amount to the credit of the central government .....

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