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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat kolkata Year: 1988 Page 1 of about 14 results (0.127 seconds)

Dec 29 1988 (TRI)

Kusum Products Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-29-1988

Reported in : (1989)29ITD293(Kol.)

..... . in the notice of demand dated 25-2-1972 for the assessment year 1967-68, the ito has granted interest of rs. 1,15,145 under section 214 of the income-tax act, 1961. the said demand notice can be seen at pages 17 and 18 of the paper book. the assessment for the assessment year 1967-68 was the subject of appeal ..... claiming as a deduction a sum of rs. 1,14,212 to arrive at the returned income and that the assessee was, therefore, liable to penalty under section 271(1)(c) of the income-tax act, 1961. considering the facts and circumstances of the case, he imposed a penalty of rs. 2,00,000 after obtaining the previous approval of the iac. aggrieved by ..... the order of the ito the assessee preferred an appeal to the cit(a).3. before the cit(a) it was contended that the assistant of ..... . 65,957. (iii) the assessee's contention that interest under section 214 is exempt from tax is not tenable. interest received under section 214 is an income chargeable to tax under the it act and there is no question of granting any deduction for the said amount while determining the total income of the assessee. (iv) the assessee's contention that rs. 1,14,212 was .....

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Jun 07 1988 (TRI)

Subarna Plantation and Trading Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Jun-07-1988

Reported in : (1989)28ITD177(Kol.)

..... question of limitation for penalty and interest arose before the hon'ble high court and the court found. that interest had been charged under the income-tax act, 1961 though there was no such provision under the indian income-tax act, 1922. the hon'ble high court concluded that proceedings for penalty and interest were not barred by limitation. however, the hon'ble high court remitted ..... and disposed of by this consolidated order for the sake of convenience.2. the appeals are directed against the charging of interest under section 201(1a) of the income-tax act, 1961. the assessee-company deducted tax amounting to rs. 1,345, rs. 12,950, rs. 4,610, rs. 9,071 and rs. 13,945 on various dates during the assessment years 1979-80 ..... bar a proceeding for imposition of penalty. therefore, the time limit laid down by section 231 of the income-tax act, 1961 would not also apply to a proceeding for imposition of penalty. there was no provision for levy of interest on outstanding tax in the indian income-tax act, 1922 and, therefore, no penalty could be levied for non-payment of such interest. however, a penalty ..... notice issued under section 221 of the income-tax act, 1961 would not be wholly bad merely because it related in part to interest in respect .....

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Apr 20 1988 (TRI)

income-tax Officer Vs. Seth Gangajal Jaluram Charity

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Apr-20-1988

Reported in : (1988)27ITD451(Kol.)

..... : 1. that, on the facts and in the circumstances of the case, the learned commissioner of income-tax (appeals) erred in directing the income-tax officer that the amount of rs. 3,10,000 should be treated as application of income for the purpose of section 11 of the income-tax act; 2. that, on the facts and in the circumstances of the case, the learned commissioner of ..... income-tax (appeals) erred in computing the total income to a minus figure from total income of rs. 1,53,515; 3. that, the order of the learned ..... commissioner of income-tax (appeals) may be reversed and that of the income-tax officer restored.2. the facts ..... ,500 which included donation of 3,100 preference shares of rs. 100 each purchased in the earlier years. however, the donation as required under section 11(1)(a) of the income-tax act, 1961 was given by the assessee at rs. 87,500. the income-tax officer accordingly took into consideration the application of rs. 87,500 for charitable purposes out of the .....

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Jun 03 1988 (TRI)

Borhat Tea Co. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Jun-03-1988

Reported in : (1989)28ITD166(Kol.)

..... finlay ltd. it was further stated1that, interest and dividends represented income from which tax was required to be deducted at source under chapter xvii of the income-tax act, 1961. it was asserted that under section 209 tax calculated on the estimated income shall be reduced by the amount of tax deductible at source. therefore, the tax deductible at source is not required to be paid as advance ..... tax, whether or not, such tax has actually been deducted by the payer. it was further ..... year 1981-82 it was found by the ito that the assessee did not file statement of advance tax nor paid advance tax during the relevant accounting year. the ito initiated penalty proceedings against the assessee under section. 273(2)(c) of the income-tax act, 1961. a notice under section. 274 read with section 273 was accordingly issued and served upon the ..... 195 is deducted from the income-tax calculated under section 209(1), the advance tax payable would be nil is not tenable. under the finance act, 1981, income-tax is payable by the assessee on interest and dividend income at 70 per cent. further surcharge at 7j per cent is also payable on income-tax. in respect of income by way of dividends tax at the rate of 25 .....

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Dec 26 1988 (TRI)

Smt. Chanda Devi Saraf Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-26-1988

Reported in : (1990)32ITD518(Kol.)

..... those decisions, we hold that there is no valid sanction of the c.b.d.t. as laid down in section 151(1) of the income-tax act, 1961, and so the consequent initiation of the proceedings by the ito are without jurisdiction. ..... held that there was no valid sanction as laid down in section 151(2) and that the consequent initiation of proceedings by the income-tax officer would be without jurisdiction. while coming to that conclusion, the hon'ble orissa high court had referred to and followed a decision of the hon'ble ..... space provided in the rubber stamp. in the case of govinda choudhury & sons v. ito [1977] 109 itr 370 (ori.) wherein the proposals sent by the income-tax officer for initiating reassessment proceedings the commissioner did not write in his own hand writing 'yes', but the word was affixed by means of a rubber stamp, it was ..... mechanically. in the circumstances, the reassessment made on 7-3-83 should be cancelled.5. the departmental representative filed photostat copies of the order sheet of the income-tax assessment file of the assessee and photostat copy of the telegram from the c.b.d.t. received on 24-3-79 and photostat copy of affidavit of ..... bringing of jewellery from pakistan was mentioned in the declarations of trust and that the fact of gifts was known to the ito when he made the original income-tax assessment for the assessment year 1963-64. from this, it is clear that there was no new information to the ito for reopening of the assessment. further .....

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Mar 10 1988 (TRI)

Toolsidass Jewraj Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Mar-10-1988

Reported in : (1988)27ITD331(Kol.)

..... kumar gopaldass are the sons of shri gopaldass toolsidass. the said firm had been granted registration under section 185(1) of the income-tax act, 1961 (in short, 'the act'). in the assessment year 1982-83 for which the previous year ended on 31-3-1982, the said firm submitted an application for ..... year 1982-83 on 30-7-1982. the income-tax officer allowed continuation of registration to the firm in terms of section 184(7) of the act vide his order under section 143(3) dated 7-5-1983.subsequently, the commissioner of income-tax in exercise of his powers under section 263 issued ..... a show-cause notice to the assessee under the said section on the ground (i) that the income-tax officer wrongly allowed continuation ..... arising between him and the other partners which were now pending before the hon'ble calcutta high court. the commissioner of income-tax after hearing the assessee was satisfied that the income-tax officer's order allowing continuation of registration to the firm under section 184(7) was erroneous and prejudicial to the interests ..... affecting the day-to-day business activity of the assessee-firm which rendered the partnership firm ingenuine in the eye of law. the commissioner of income-tax (appeals) upheld the ito's order by observing, inter alia, that "even if the ito had given an opportunity to obtain the signature .....

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May 06 1988 (TRI)

income-tax Officer Vs. Mrs. Sunita Kumar

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : May-06-1988

Reported in : (1988)27ITD497(Kol.)

..... relevant to the assessment year 1980-81. this disallowance is in conformity with the provisions of section 73a(3) read with section 71(2) of the income-tax act, 1961.2. the assessee is an individual deriving income from salary, dividend, interest on debenture, bank interest, insurance commission and horse races. during the year, under consideration, the assessee earned a profit of rs. 99 ..... to the assessment year 1980-81, in contravention of the provisions of section 74a(3) of the income-tax act, 1961. 2. that, on the facts and in the circumstances of the case, the learned commissioner of income-tax (appeals) ought to have confirmed the decision of the income-tax officer in not allowing the setting off of the carried forward loss in 'horse racing' under the ..... ) relating to the assessment year 1980-81 on the following grounds: 1. that, on the facts and in the circumstances of the case, the learned commissioner of income-tax (appeals) erred in directing the income-tax officer to allow the carried forward losses in 'horse racing' under the head 'other sources' relating to the assessment years 1976-77 to 1979-80 against short-term ..... in race horses. he directed the ito accordingly.4. shri n.k. saxena, the learned representative for the department, urged before us that the cit(a) erred in his decision. he relied on the commentary on income-tax law by sampath iyengar at page 2540 (7th edition). he urged that the losses of the earlier years as determined by the ito did not .....

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Mar 10 1988 (TRI)

income-tax Officer Vs. Sunil Krishna Ganguly

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Mar-10-1988

Reported in : (1988)27ITD137(Kol.)

..... the case of chandulal harjiwandas v. c1t [1967] 63 itr 627 which held that the object of section 15(1) of the indian income-tax act, 1922 was the encouragement of thrift and that the section should be interpreted in such a manner as not to nullify that object. further reliance was also placed on the ..... the amounts were invested within the previous year. he also submitted that making investment out of the income chargeable to tax within the previous year itself was not important and that if the purchase of nscs was out of the income within the purview of the income-tax act, then that itself was sufficient. he relied upon the decision of the hon'ble supreme court in ..... that investment was out of income not chargeable to tax during the year.3. the learned departmental representative submitted that during the year the assessee purchased national ..... , 1986. the relevant assessment year is 1985-86.2. the only ground raised is that the aac of income-tax erred in law as well as on facts in directing the ito to allow the assessee's claim of deduction under section 80c of the income-tax act, 1961 in respect of purchase of national savings certificates worth rs. 12,000, although the source of .....

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Apr 28 1988 (TRI)

Hindusthan Welfare Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Apr-28-1988

Reported in : (1988)26ITD1a(Kol.)

..... been utilised for "acquiring another capital asset" or not. reference was made to the definition of "capital asset" in section 2(14) of the income-tax act, 1961 as meaning property of any kind held by an assessee, whether or not connected with his business or profession save certain exceptions. he submitted ..... a bank should be regarded as utilisation of the net consideration for acquiring another capital asset within the meaning of section 11(1a) of the income-tax act, 1961. the fact that in the present case fixed deposit was made only for two months while the circular of the board referred to ..... or above would be regarded as utilisation of the net consideration for acquiring another capital asset within the meaning of section 11(1a) of the income-tax act, 1961.he stated that the board itself should be considered as having accepted the legal position that investments of net consideration on the transfer ..... 099.3. the assessee submitted certain objections to the ito dated march 2, 1984. the assessee stated that section 13(1)(d) of the income-tax act, as it stood at the relevant time, prohibited investment of trust funds in equity or preference shares and accordingly the trust sold the equity and ..... purposes since the assessee had acquired "another capital asset" within the meaning of the said term as occurring in section 11(1a) of the income-tax act, 1961.2. the assessee had given particulars of the utilisation of the net consideration of rs. 63.52 lakhs which have been reproduced in .....

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May 05 1988 (TRI)

Statesman Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : May-05-1988

Reported in : (1988)27ITD589(Kol.)

..... publication of an english daily 'the statesman' and from allied publications. the assessee is in appeal against the consolidated order passed by the commissioner of income-tax under section 263 of the income-tax act, 1961 for the assessment years 1981-82 and 1982-83. the point did not arise before the inspecting asstt. commissioner while he was completing the assessments. however, the brief facts ..... . trustees of sreeram-surajmull charity trust [1971] 79 itr 649, where the first proviso to section 16(l)(c) of the indian income-tax act, 1922 was under consideration which is similar to section 63(a)(ii) of the income-tax act, 1961. in that case their lordships at pages 666-667 observed as under: the second point which we emphasize is about the two words ..... the two trust deeds and referred to the provisions of section 63(a)(ii) of the act and clause 3(b) of the trust deeds, and urged that the cit did not assume jurisdiction under section 263 correctly since the settlor did not reassume power on the income or assets of the trusts. therefore, he indicated that dividends received by the trusts could ..... trusts were revocable under the provisions of section 63(a)(ii) of the act.the assessee indicated that the settlor did not make any provision for reassump-tion of power directly or indirectly over the whole or any part of income or the assets of the trusts. the cit did not agree and consequently he came to the conclusion that the orders passed .....

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