Court : Kolkata
Reported in : 183ITR207(Cal)
..... the income. if income does not result at all, there cannot be a tax, even though in book-keeping, an entry ..... to the judgment of the supreme court in the case of cit v. shoorji vallabhdas and co. : 46itr144(sc) , where the supreme court held (headnote) :'income-tax is a levy on income. though the income-tax act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or its receipt, yet the substance of the matter is ..... is made about a 'hypothetical income', which does not ..... materialise. where income has, .....Tag this Judgment!
Court : Kolkata
Reported in : 195ITR393(Cal)
..... k. sengupta, j. 1. this reference under section 256(2) of the income-tax act, 1961, relates to the assessment year 1977-78. the assessee derives income from manufacture and sale of tea. the assessee claimed that it distributed tea samples to its shareholders, directors and friends. the income-tax officer did not consider this expenditure for the purpose of business. he valued the ..... appeal, contended that the distribution of tea samples was done for the purpose of the business. this argument of the assessee was not accepted and, accordingly, the commissioner of income-tax (appeals) confirmed the addition.3. counsel for the assessee urged that the assessee was manufacturing tea. tea was distributed to the shareholders who were present at the annual general ..... was done for commercial expediency and, therefore, the expenditure was allowable.4. the departmental representative, on the other hand, very strongly supported the order of the commissioner of income-tax (appeals) and urged that the assessee could not prove that the distribution was made in the business interest of the company. the burden was upon the assessee. the burden ..... annual accounts of the company. the distribution was made for commercial expediency and, therefore, the addition was not called for at all. accordingly, the addition is deleted. the income-tax officer is directed to modify the assessment of the assessee and its partners.'6. on these facts, the following question of law has been referred to this court :'whether, .....Tag this Judgment!
Court : Kolkata
Reported in : 181ITR187(Cal)
..... the following questions of law under section 256(2) of the income-tax act, 1961 ('the act').'1. whether, on the facts and in the circumstances of the case, the tribunal relied on irrelevant materials and ignored relevant evidence in holding that the sum of rs. 1,68,885 is not the income of the assessee from undisclosed sources for the assessment year 1968 ..... further investigation: but in the other cases, the tribunal has taken notice of the fact that confirmatory letters were submitted on behalf of the creditors. the income-tax file numbers were given and the income-tax officer did not summon any of the money-lenders for examination. the tribunal having considered all aspects of the matter, came to the conclusion that some ..... co. and smt. kushumlata khemka. these cheque transactions were not successfully impugned....''the cash transactions in the case of the other parties could have again been verified by the income-tax officer by. looking into the assessment records of these creditors and also finding out whether they were credit-worthy. this was not done. therefore, we uphold the appellate assistant ..... the interest of justice, the issue relating to these four parties involving loans aggregating to rs. 27,789 should be redecided by the appellate assistant commissioner after hearing the income-tax officer as well as the assessee. if the appellate assistant commissioner feels satisfied that the creditors had acknowledged the loans and the creditors were credit-worthy, he should treat .....Tag this Judgment!
Court : Kolkata
Reported in : 2006(4)CHN414
..... and illegal. 45. the controversy in the case of beharilal jaiswal (supra,) arose on rejection by the income-tax authorities and application for registration of partnership firm under section 185 of the income-tax act for carrying on liquor business. it was held in this case that the constitution of the firm without ..... the issue of tenancy, but having regard to the ratio of the decision of the hon'ble supreme court in the case of commissioner of income tax v. g.s. mills (supra), i am satisfied that the partnership between samarendrajit shaw and the defendant stood dissolved on the death of the ..... the firm has vested in the defendant as proprietorship business.46. the decision of the hon'ble supreme court in the case of commissioner of income tax, patiala v. rangila ram (supra) related to the question of partnership in liquor business. it has been held in this case:the basic ..... permission from the state excise authorities was illegal. the hon'ble supreme court found such partnership agreement, in the absence of permission from excise authorities, would be illegal.46. the case of commissioner of income tax ..... v. g.s. mills (supra) also dealt with this point, and the business involved there did not relate to liquor. this is how section 42(c) of the partnership act has been construed in this authority:section 42(c) of .....Tag this Judgment!
Court : Kolkata
Reported in : (2000)161CTR(Cal)470,244ITR1(Cal)
1. on a reference application under section 256(1) of the income-tax act,1961, the tribunal has referred the following question for our opinion :'(1) whether, on the facts and in the circumstances of the case, thetribunal was justified in holding' that the ..... the assessee to various companies for display of their respective advertisements is vitiated by reason of ignoring important and relevant evidence produced at the time of the hearing before the income-tax authorities and/or on record (3) whether the finding of the tribunal based on wrong assumption that the hoardings were put up by the assessee itself is not perverse ?' 2 ..... of the assessee consists of letting out on hire of cinema hall, service charges, realised from the various house properties and share dealing. during the course of the assessment, the income-tax officer has also noticed that the assessee has realised, inter alia, a total sum of rs. 51,864 on account of display of hoardings of various concerns on top of ..... the assessee's building for advertisement purpose. the income-tax officer did not treat the realisation on account of letting out for display of hoardings of various concerns as income from house property and assessed this income as income from other sources. in appeal, the commissioner of income-tax (appeals) has allowed the claim of the assessee that the receipt of rs .....Tag this Judgment!
Court : Kolkata
Reported in : 230ITR918(Cal)
..... 1. this application under section 256(2) of the income-tax act, 1961, has been taken out on the ground whether the amount of rs. 2,48,348 is a capital receipt or a revenue receipt.2. in the decision, based on the appreciation of the evidence and whether it should be taxed or not, the tribunal has followed the decision of the apex court ..... by any tax authorities to show that the assessee is a dealer in shares. even the assessing officer himself has accepted ..... rs. 2,48,348 received by the assessee, therefore, this amount cannot be subjected to capital gain tax.8. learned counsel for the revenue has not brought to our notice any material except the order of the commissioner of income-tax (appeals) where the commissioner of income-tax (appeals) has treated this receipt as a revenue receipt. he also failed to point out any finding ..... entire amount of rs. 2,48,348 as capital gain.7. in appeal before the commissioner of income-tax (appeals), the commissioner of income-tax (appeals) has treated the same as a revenue receipt and taxed as such. in appeal before the tribunal, the tribunal has treated this receipt against the capital assets and following the decision of the supreme court in miss dhun dadabhoy .....Tag this Judgment!
Court : Kolkata
Reported in : (2004)191CTR(Cal)121,267ITR754(Cal)
..... the addition made by the assessing officer.5. being aggrieved, the assessee filed the present appeal under section 260a of the income-tax act, 1961, which was admitted on january 22, 2001, on the following question :'whether the expenses incurred by a company for ..... , the said expenditure has to be treated as capital expenditure holding the assessee entitled to deletion of the said amount as decided by the commissioner of income-tax (appeals).10 mr. mallick, learned counsel for the revenue, contended that the expenditure for public issue of shares to increase capital, is capital expenditure ..... expenditure was directed to be deleted and the appeal was thus allowed.4. the revenue preferred an appeal against the said order before the income-tax appellate tribunal which by its order dated june 1, 2000, held that the said expenditure was capital in nature and, therefore, allowed the ..... july 30, 1992, again held that the expenses were capital in nature.3. further appeal was preferred by the assessee before the commissioner of income-tax (appeals) and therein it was held that the expenses so incurred were revenue expenditure and, therefore, addition made by the assessing officer to the ..... dated june 29, 1990, disallowed the said expenditure holding the same to be capital expenditure. the assessee preferred an appeal before the commissioner of income-tax (appeals), who by order dated december 30, 1991, remanded the matter with a direction to examine the order of the controller of capital issues .....Tag this Judgment!
Court : Kolkata
Reported in : 310ITR295(Cal),176TAXMAN443(Cal)
..... order1. we have heard the learned counsel for the parties.2. in this reference under section 256(2) of the income-tax act, 1961 for the assessment year 1989-90, the following questions have been referred for the opinion of this court:(i) whether on the ..... appellate authority held that the assessee should have shown the estimated commission in his return.6. being aggrieved from the order so passed by the commissioner of income-tax (appeals), the assessee filed an appeal before the learned tribunal. it appears from the facts placed before the learned tribunal that the commission amount was ascertained ..... after the determination of the net profits of the said company and was liable for tax in the assessment year 1990-91. the commissioner of income-tax (appeals) held that the profit was earned by the company on day-to-day basis and not at the end of ..... assessment year (1989-90).5. the assessee being aggrieved from the order so passed by the assessing officer filed an appeal before the commissioner of income-tax (appeals) on the ground that the commission for the period 1-7-1988 to 31-3-1989 accrued to the assessee only in september 1989 ..... in the case of south madras industrial development co. (p.) ltd. (supra). he further contended that in cit v. r. lakshmi narayanan the hon'ble madras high court upheld the view taken by the commissioner of income-tax (appeals) and the learned tribunal and held that the commission was taxable in the year in which the .....Tag this Judgment!
Court : Kolkata
Reported in : 2007(3)CHN625
..... co. ltd. (supra), a learned single judge of this court was considering a writ application preferred against an order passed by the tribunal in appeal under the provisions of the income-tax act, 1961. according to the learned single judge, the tribunal could not recall the entire order and, therefore, such order was passed without jurisdiction and in such a situation, alternative remedy ..... her order. in that context, the division bench held that a reference lay from an order under section 254(1) or final orders made under section 254(2) of the income-tax act, 1961. in the latter case, according to the division bench, the order which might be the subject-matter of a reference under section 256(1) will only be an order ..... under section 33(4) of the act and that was the final order; all other orders previously passed by it will be the interlocutory orders and could ..... be of any assistance in interpreting the scope of the new section 130 of the act.17. in the case of munna lal and sons (supra), the division bench of the allahabad high court was considering the scope of reference under section 66 (1) of the indian income-tax act, 1922. in that context, it was held that there could be only one order .....Tag this Judgment!
Court : Kolkata
Reported in : AIR1958Cal51,34ITR729(Cal)
..... chakravartti, c.j. 1. this is a reference under section 66 (1) of the indian income-tax act, by which the income-tax appellate tribunal has referred to this court a short question of a familiar shape. the question asks whether certain payments received by a director of a company of chief agents ..... reference and has not been represented before us at the hearing. probably, the reason is to be found in clause 3 (b) of the agreement which states that if any income-tax is levied on any of the payments provided for in the agreement, the same will be borne by the assurance company. 11. in the letter of the 26th of june ..... approach is not by any means to solve the difficulty. broadly stated, a principle which i think may safely be acted on is the principle which i ventured to state in the case of national cement mines industries ltd. v. commissioner of income-tax, west bengal, : 29itr629(cal) . you have to consider the look of the thing and having taken notice of ..... in the hands of the director or were capital receipts. the tribunal have held that the sums were capital receipts. the commissioner of income-tax, being dissatisfied, has brought up the question before us for an expression of the court's opinion. 2. the reference relates to two assessment years, namely, 1950-51 and 1951- .....Tag this Judgment!