Court : Kolkata
Reported in : 180ITR175(Cal)
..... sales were correctly recorded by the assessee in its books of account. invoking the explanation under section 271(1)(c) of the income-tax act, 1961, the inspecting assistant commissioner held that the assessee-company failed to discharge the burden of proving that the difference between the returned ..... bengal-ii, the following question of law has been referred to this court under section 256(2) of the income-tax act, 1961, for the assessment year 1964-65 :'whether, on the facts and in the circumstances of the case, the tribunal was justified ..... of the penalty in this case. if, in the fresh assessment to be made in terms of the directions of the commissioner of income-tax (appeals), the income-tax officer detects any concealment of income or particulars thereof, he will be at liberty to proceed in accordance with law.7. for the reasons aforesaid, we decline to ..... ,000 in the trading account towards possible suppression of sales. it was only on estimate that the income-tax officer made the addition towards possible suppression of sales and disallowance towards possible inflation of purchases. we do not think that any inference of fraud or ..... of the penalty order, it is abundantly clear that the inspecting assistant commissioner levied the penalty merely on the basis of the reasons given by the income-tax officer in the assessment order for disallowing rs. 1,50,000 from the purchase account towards possible inflation of purchases and for adding rs. 1,00 .....Tag this Judgment!
Court : Kolkata
Reported in : 207ITR707(Cal)
..... not.10. it appears that the legal expenses were incurred by the assessee in challenging the additional levy imposed by the excise act by the writ petition. according to the income-tax officer, the said legal expenses were not incidental to the assessee's business. it has not been disputed that such amount has ..... ajit k. sengupta, j.1. in this reference under section 256(2) of the income-tax act, 1961, for the assessment year 1983-84, the following question of law has been referred to this court :'whether, on the ..... . the tribunal affirmed the order of the commissioner of income-tax (appeals) by holding that it was only in the interest of the business that the assessee has incurred the expenditure ..... . 34,044 on the item.4. against the aforesaid disallowance of rs. 34,044, the assessee filed an appeal before the commissioner of income-tax (appeals). the commissioner of income-tax (appeals) observed that the assessing officer was correct in disallowing the sum of rs. 34,044 and thus upheld the order of the assessing ..... income-tax (appeals) reversed the above order of the income-tax officer observing that whatever might be the nature of earning, it was clear that the writ petition was filed in the interest of the business in getting a better sale price for the sugar and as such the expenditure was allowable as a proper business expenditure under section 37 of the act .....Tag this Judgment!
Court : Kolkata
Reported in : 180ITR221(Cal)
..... . sengupta, j. 1. at the instance of the commissioner, west bengal-iv, the following question of law has been referred to this court under section 256(2) of the income-tax act, 1961 ('the act'), for the assessment year 1967-68 :'whether, on the facts and in the circumstances of the case, thetribunal was justified in law in holding that the assessee is entitled ..... in the books of ashutosh cold storage and the assessee was found to have claimed it in part ii of the said return to have been credited out of past taxed income. the income-tax officer rejected this contention on the ground that there was no evidence and that the assessee ever maintained any personal books of account. but as the latter himself had ..... intangible addition of rs. 50,000 in the assessment of the said firm. this was not acceptable to the income-tax officer inasmuch as the said credit was not given by the firm in the assessee's capital account nor did he maintain any books for such account. consequently, the sum ..... partner of five firms, namely, biswanath dutta, biswanath dutta and co., biswanath cold storage, kashinath cold storage and ashutosh cold storage.4. in the course of the assessment proceedings, the income-tax officer noticed in the assessee's personal account with biswanath cold storage a credit of rs. 11,713. this sum was claimed to represent the assessee's share in the .....Tag this Judgment!
Court : Kolkata
Reported in : 205ITR487(Cal)
..... after defraying expenses were not held in trust for charitable purposes and were not exempt from taxation under section 4(3)(i) of the indian income-tax act, 1922 ; and (d) the amounts spent for performing sraddha and other ceremonies for the spiritual benefit of the testator, etc., were not ..... kumar sen, j.1. pursuant to the direction of this court made in an application under section 256(2) of the income-tax act, 1961, the tribunal has referred the following questions :'(1) whether, on the facts and in the circumstances of the case ..... and religious purposes. on a consideration of the materials on record and facts and circumstances of the case, the tribunal maintained the order of the income-tax officer partly allowing the expenses incurred on motor car upkeep expenses and partly allowing the expenses incurred on trustees' remuneration.10. in our view, ..... family deity and, thereafter, spend amounts on charitable and public purposes and, lastly, to pay the remuneration, allowances and private donations. the income-tax officer determined the income of the trust estate at rs. 2,91,625 and deducted therefrom the amounts spent on charitable objects such as feeding of the poor ..... pay remuneration and meet expenses of shebaits and allowances to members of the family, upkeepof horses, carriages, repairs, etc., out of the income. the commissioner of income-tax (appeals) held that the testator gave away the estate to the deity and created an absolute debutter thereby. the assessee was not satisfied .....Tag this Judgment!
Court : Kolkata
Reported in : 207ITR813(Cal)
..... , the appellatetribunal, held that the expenditure was only of a revenue nature and that the assessee was entitled to deduction under section 37 of the income-tax act, 1961.18. there, it was held that the agreement between the assessee and the agent-company fixed a period of ten years during which the ..... sengupta, j.1. in this reference, the following question has been referred to us by the tribunal under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessee is entitled ..... of rs. 4,408 was debited in the previous year relevant to the assessment year 1962-63, the assessee claimed deduction of this amount. the income-tax officer held that since the information and knowledge received by the assessee were of an enduring nature, the expenses were capital expenditure and he, accordingly, ..... to others any information derived from technical or other data to be received from the collaborator under the said agreement. the argument of the income-tax department that the expenditure could be on capital account where the indian company continues to get the benefit of technical know-how in the sense ..... said agreement but also after the expiry or termination of the agreement. the disallowance made by the assessing officer was upheld by the commissioner of income-tax (appeals). on the assessee's appeal, the tribunal held that the payment under the agreement with the said foreign company of the amount of .....Tag this Judgment!
Court : Kolkata
Reported in : 200ITR596(Cal)
..... ajit k. sengupta, j.1. in this reference at the instance of the commissioner of income-tax under section 256(2) of the income-tax act, 1961, the following question of law has been referred to this court for the assessment year 1977-78 :'whether, on the facts ..... held the same to be excessive. accordingly, he treated the above sum as a revenue receipt.3. the assessee took up the matter before the commissioner of income-tax (appeals) contending that, on termination of the managing agency agreement, the right of occupation by the tenant ceased to exist and, therefore, the leave and ..... for giving the third floorof premises no. 7, red cross place, on leave and licence basis to ramnagar cane and sugar company ltd. according to the income-tax officer, it was not a lease on long-term basis nor was the agreement registered, it was merely an agreement of leave and licence which was for ..... 55,200 as advance payment of rent. it was observed by the supreme court that prima facie, premium or salami was not income and it would be for the income-tax authorities to show that facts existed whichwould make it a revenue receipt. the sub-lease did not contain any condition or stipulation from ..... and in the circumstances of the case, the tribunal was justified in holding that the sum of rs. 2 (two) lakhs received by the assessee was a capital receipt and not chargeable to tax .....Tag this Judgment!
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 : 206ITR306(Cal)
..... ajit k. sengupta, j. 1. in this reference under section 256(2) of the income-tax act, 1961, for the assessment year 1982-83, the following question of law has been referred to this court :'whether, on the facts and ..... tribunal disposed of the appeal oblivious of this particular aspect. the tribunal was quite conscious of this particular position, yet found that the estimate that the income-tax officer has made cannot be said to have been guided by such a comparable case. the assessing officer mentioned this particular case merely in passing but, ..... fact of the material used in the assessment, for the ends of justice, needs introspection. the action of the income-tax officer is violative of the legal requirement as contained in section 142(3) of the act if indeed the comparable instance guided the estimate of profit. the said sub-section reads as follows :' (3) ..... in appeal before the tribunal against the said decision of the deputy commissioner (appeals). the tribunal has laid stress on the comparable case cited by the income-tax officer in his order showing a higher rate of gross profit. it was argued before the tribunal that the comparable case cited was not shown or ..... the deputy commissioner (appeals) who deleted the addition by observing as follows :'i have considered the contention of the appellant and the reasons recorded by the income-tax officer. on the facts and circumstances of the case, it will be fair and reasonable to delete the addition of rs. 31,056.'4. the department .....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!