Court : Kolkata
Reported in : 113ITR476(Cal)
..... is at the instance of the assessee, m/s. dulichand omprakash, under section 256(2) of the income-tax act, 1961. the question called for from the tribunal is :'whether the conclusion arrived at by the tribunal that the sum of rs. 87,000 was the income of the assessee from undisclosed sources was perverse in the sense that no reasonable man would come ..... aggrieved, the assessee went up in appeal before the appellate assistant commissioner against the assessments in both the said assessment years. the appellate assistant commissioner upheld the decision of the income-tax officer in adding back the amount credited in the name of tarachand surana. he also noted that the cash position of the assessee did not justify the alleged loans from ..... tarachand surana. there was a further appeal to the income-tax appellate tribunal for both the assessment years by the assessee. in the meantime, penalty proceedings had been initiated and tarachand surana had been examined by the inspecting assistant commissioner and ..... not been retracted by his subsequent evidence. the tribunal concluded that the genuineness of the loans from tarachand surana to the assessee was not established. the addition made by the income-tax officer was accordingly upheld by the tribunal.5. mr. r.n. bajoria, learned counsel for the assessee, has contended before us that on the evidence adduced by tarachand surana, .....Tag this Judgment!
Court : Kolkata
Reported in : 203ITR511(Cal)
..... respect of the said litigation was a capital expenditure and not revenue expenditure.6. the assessee thereafter made an application under section 256(1) of the income-tax act, 1961, whereupon the aforesaid questions were referred to this court.7. it has been submitted on behalf of the assessee that the amount of rs ..... shyamal kumar sen, j.1. in this application under section 256(1) of the income-tax act, 1961, the following questions have been referred to this court for determination :'(1) whether, on the facts and in the circumstances ..... for the said tea estate had not been executed in favour of the assessee and disputes between the parties were pending adjudication in court. the income-tax officer held that the legal expenses incurred in connection with the acquisition of any investment were capital expenditure. he also held that an amount of ..... that it was not paid for any legitimate business needs of the assessee-company. on appeal, the appellate assistant commissioner affirmed the order of the income-tax officer. on further appeal, the tribunal held that the assessee was and continued to be the tenant of the premises and the tenancy rights which ..... expenditure incurred wholly and exclusively for the purpose of his business and, therefore, allowable as a deduction for the purpose of computing the profits for income-tax purposes. there is a distinction between expenditure incurred for the acquisition of a capital asset as well as expenditure incurred for the substantial expansion or .....Tag this Judgment!
Court : Kolkata
Reported in : AIR1967Cal475,64ITR301(Cal)
..... ofthe dividend receivable by forrest as under section 5 (1) and section 5 (3) (c) of the income-tax act 1918 it was required to be included in the computation of his income forthe purpose of super-tax for the year 1921-22. the lord justice clerk (alness) remarked'to say that the respondent purchased the dividend ..... under section 10 from an adventure in the nature of trade or it was dividend within the meaning of section 12 of the income-tax act?'2. in his application to the appellate tribunal for reference to this court the assessee posed no less than four questions the last ..... arrear dividends pertained to the years 1936 to 1945 when it was not the owner of the shares the same could not be considered as its income. the income tax officer turned down the contention holding that as the assessee was a dealer in shares and as the shares were part of his stock-in-trade ..... excessbeing expressed in the contract to be paid 'tocover the portion of the dividend accrued todate.' some months thereafter a dividend of10 per cent free of income tax was declaredand paid by the company for the year endingthe 28th february, 1920, the contract havingbeen entered into on november 25, 1919. forrest contended that of ..... sum of money in his books of account but the real nature of the receipt which has got to be considered for computation of income, profits and gains for income-tax purpose. i do not think necessary to refer to these cases.10. counsel for the revenue contended that whenever shares are sold with .....Tag this Judgment!
Court : Kolkata
Reported in : 199ITR694(Cal)
..... ajit k. sengupta, j. 1. in this reference under section 256(2) of the income-tax act, 1961, at the instance of the assessee, the following questions of law relevant for the assessment year 1968-69 have been referred to ..... when the board of directors of the company passed a resolution converting certain shares from investment portfolio into stock-in-trade, the assessee had informed the income-tax officer about such conversion. the appellate assistant commissioner further found that no definite material had been brought on record to show that the assessee converted investment ..... in dealing in shares which started on november 12, 1966, and ended on november 1, 1967. in these circumstances, according to our view, the income-tax officer was justified in holding that the business of dealing in shares also commenced on november 12, 1966, and in recasting the trading account in share dealing ..... that the rates at which the appellant made the transfers were cum-dividend quotations. besides, it is not mentioned in the assessment order that the income-tax officer's finding is that the rates were cum dividend rates on the basis of quotation in the stock exchange. in the circumstances, it cannot ..... from june 10, 1967, as was claimed before him but with effect from the beginning of the account year, i.e., november 12, 1966. the income-tax officer, therefore, recast the share trading account, made a deduction for under valuation of opening stock of shares in binani metal works ltd. and metal distributors .....Tag this Judgment!
Court : Kolkata
Reported in : 190ITR196(Cal)
..... the interest purported to be referable to the company's overdrafts from the chartered bank to the extent of the payment of its aforesaid income-tax liability did not qualify for allowance under section 36(1)(iii) of the income-tax act, 1961 ?' 2. the assessment year is 1973-74 for which the accounting year was the year ending december 31, 1972. a sum of ..... rs. 14,917 paid by way of interest to a bank was disallowed by the income-tax officer on the ground that this interest was really for the ..... of law to this court :'1. whether, on the facts and in the circumstances of the case, the tribunal was right in presuming that payments of the assessee-company's income-tax liability were made during the previous year out of its overdraft from the chartered bank when all the company's sale proceeds and receipts during the year covering its profits ..... purpose of money borrowed for payment of income-tax.3. in the appeal before the appellate assistant commissioner, it was pointed by the assessee that as against payments of rs .....Tag this Judgment!
Court : Kolkata
Reported in : 177ITR135(Cal)
..... bengal-iii, the following two questions of law have been referred to this court under section 256(2) of the income-tax act, 1961, for the assessment year 1969-70 :'(1) whether, on the facts and in the circumstances of the case, the ..... that it was not laid out or expended wholly and exclusively for the purpose of the business.9. we have considered the rival contentions. the income-tax officer mentioned the years in which the expenses were incurred. it is no doubt true that before any expenditure is allowed, the assessee must satisfy ..... the company, however, debited the entire expenditure.' in such circumstances, the tribunal restored the matter to the file of the income-tax officer in this regard and directed that the income-tax officer should work out the maximum amount reimbursable according to the ceiling laid down by the coal board in the assessment years ..... the appellate assistant commissioner held that the expenditure was revenue expenditure and hence allowable. he also held that the entire expenditure could be allowed, because the income-tax officer never disputed the actual expenditure.6. the revenue felt aggrieved and came up in appeal before the tribunal. according to the revenue, the first ..... ,9461965-6634,18110,37030-4-196623,8021966-6726,4976,93116-5-196619,566 1,02,07933,765 68,3143. it was submitted before the income-tax officer that the expenses incurred and the amount received against them as reimbursement from coal board were shown in the following manner and the balance .....Tag this Judgment!
Court : Kolkata
Reported in : 192ITR126(Cal)
..... following question of law under section 256(1) of the income-tax act, 1961, to this court:'whether, on the facts and in the circumstances of the case, the tribunal was justified in deleting the addition of rs. 11,49,000 made by the income-tax officer on account of undervaluation of closing stock of tea ..... rs. 11,49,000 on account of undervaluation of closing stock of tea.'4. there is no merit in this reference. according to the income-tax officer, the change in the method of accounting effected during the calendar year 1977 was not bona fide and was done arbitrarily only with a view ..... adopted the proper method of valuation of closing stock. the income-tax officer has not brought any relevant material to prove that the change in the method of accounting was not bona fide'.the tribunal found that the ..... effected during the calendar year 1977 was not bona fide as the same was done arbitrarily only with a view to suppress profits.the commissioner of income-tax (appeals) deleted the addition by observing, inter alia, that 'by changing over to this method of valuation, the assessee-company appears to have ..... company and the assessment year involved is 1978-79 for which the relevant previous year is the calendar year 1977. the dispute centred round the income-tax officer's addition of rs. 11,49,000 being the undervaluation of closing stock of tea consequent to the change effected in the method of .....Tag this Judgment!
Court : Kolkata
Reported in : 202ITR736(Cal)
..... this reference under section 256(2) of the income-tax act, 1961, for the assessment years 1975-76 and 1979-80, the following common question of law has been referred to this court :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in law in holding that ..... during the years under reference.3. against the addition of rs. 2,55,959, the assessee filed an appeal before the commissioner of income-tax (appeals ). the commissioner of income-tax (appeals ), following the decision of the hon'ble high court at calcutta in the case of the assessee in karamchand thapar and bros ..... own decision in respect of the said assessment years1953-54 and 1954-55, upheld the assessment. there was a further appeal by the assessee before the income-tax appellate tribunal. the tribunal found that in i. t. a. no. 11669 of 1959-60, relating to the assessment year1954-55, the tribunal ..... from the collieries. the same was passed on by the assessee to the customers who made claims in this behalf from the assessee. the income-tax officer found that such undercharges were not credited to the account of the individual customers and held that the same represented the trading receipts of ..... court in cit v. karam chand thapar and bros. (coal sales) ltd. : 117itr621(cal) , on the oral application of counsel for the revenue, we certify that this is a fit case for appeal to the supreme court. let the certificate in terms of section 261 of the income-tax act, 1961, .....Tag this Judgment!
Court : Kolkata
Reported in : 192ITR416(Cal)
..... the possession of the property, has disclosed the rent in the assessment which has been duly assessed by the income-tax officer. the income-tax on the same income cannot be collected from the two persons. in other words, double taxation is not permissible under the income-tax act. even though the property has not been transferred in the name of the transferee or the donee but the ..... bhagabati prasad banerjee, j.1. the tribunal has referred the following question of law to this court under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case and in view of the 50% undivided share in the house property at no. 5/9, mullick street, ..... donee has exercised all its rights and has disclosed the rent as its income and it has already been taxed in its assessment. the assessee has filed the assessment order of the ..... regard to his half portion of the property. thus, the income-tax officer taxed twice in respect of the same income with regard to the same property in the hands of the two different persons. the income-tax officer had no jurisdiction to impose tax in respect of the same property and in respect of the same income twice.4. we are of the view that the tribunal .....Tag this Judgment!
Court : Kolkata
Reported in : 203ITR928(Cal)
ajit k. sengupta, j.1. in this reference under section 256(2) of the income-tax act, 1961, the tribunal has prepared the statement of case with the following questions of law relating to the assessment years 1981 ..... under order dated january 18, 1979, of this court. this act of writing off of the loans was upheld by the commissioner of income-tax (appeals) in the quantum appeals.4. the income-tax officer was of the opinion that the interest income under other sources was shown by the assessee in the assessment year ..... 618) in the assessment year 1982-83 were only allowed by the income-tax officer. the assessee, being aggrieved by the order of the income-tax officer, agitated the action of the income-tax officer before the commissioner of income-tax (appeals).5. the commissioner of income-tax (appeals) held that the activity of the assessee of advancing loans to ..... borrowed also could not be allowed.7. the tribunal was of the opinion that the matter was not rightly appreciated by the income-tax officer as well as the commissioner of income-tax (appeals) in its proper perspective. however, after considering the submissions of the authorised representatives for the parties and on examination ..... of the materials on record and the facts and circumstances of the case, the tribunal upheld the order of the commissioner of income-tax (appeals) deleting the disallowance.8. we have considered the submissions of the parties. it is on record that the assessee borrowed money from his .....Tag this Judgment!