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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Page 5 of about 17,162 results (0.073 seconds)

Jul 06 2009 (HC)

Vishwanath Agarwala Vs. Tax Recovery Officer-i

Court : Kolkata

Reported in : (2009)225CTR(Cal)358,[2010]320ITR636(Cal),[2009]182TAXMAN327(Cal)

..... of dwarka prasad agarwala and proceeded to reject the claim of the writ petitioner, vishwanath agarwala, by passing the order under rule 11(6) of the second schedule to the income-tax act, 1961. the judgment of the supreme court rendered in gangadhar vishwanath ranade's case (supra), therefore, has no manner of application at all in the facts and circumstances of the ..... vishwanath ranade's case (supra) was rendered in a completely different fact situation. in that case, the tro had levied attachment under rule 11 of the second schedule to the income-tax act, 1961, on an immovable property originally belonging to the deceased assessee which was claimed by his wife and daughter as of their ownership and in their possession in the objections ..... vishwanath agarwala, son of panna devi agarwala, observing that the same was not tenable in law and passed his order under rule 11(6) of the second schedule to the income-tax act, 1961, rejecting his plea while concluding that the property could be auctioned for recovery of the outstanding demand of dwarka prasad agarwala. the confirmation of sale to the highest bidder ..... conclusion that the property could be auctioned for the recovery of the outstanding demand of dwarka prasad agarwala as per provision of rule 11 of the second schedule to the income-tax act, 1961 and had therefore rightly rejected the claim of the writ petitioner-vishwanath agarwala.32. the learned advocate appearing on behalf of the private respondent no. 4, kanhaiya lai bhagat .....

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Oct 08 2002 (HC)

Mahesh Kumar Agarwal Vs. Deputy Director of Income-tax and ors.

Court : Kolkata

Reported in : (2003)180CTR(Cal)517,[2003]260ITR67(Cal)

..... and 265 whereunder the division bench of the allahabad high court (lucknow bench) held that section 132 of the income-tax act empowers the chief commissioner of income-tax or the commissioner of income-tax to pass an order for search and issue a warrant authorising a particular officer when he has reason to believe ..... to be found at his residence. therefore, both the place of business and residence are covered for action under section 132(1) of the income-tax act, 1961. the petitioner transferred his place of busi-ness. he is running a proprietorship concern by the name of 'pratik food products'. there is ..... that any of the three conditions mentioned in clauses (a), (b) and (c) of sub-section (1) of section 132 of the income-tax act exists. if either of these conditions is not satisfied or has not been adhered to, then the authority is precluded from invoking the powers under ..... around 8.30 a.m., a similar set of officers took out search and seizure proceeding under section 132 of the income-tax act at the residence of the petitioner and after making an inventory of the articles, namely, credit card, jewellery, books of account, documents, cash ..... loose sheets, computer (c.p.u.) print outs and some documents relevant for preparing final books of account. the panchanama under section 132 of the income-tax act, 1961, and list of inventories were served only on september 25, 2001. simultaneously, with the aforesaid search and seizure on september 24, 2001, at .....

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Oct 01 2004 (HC)

Commissioner of Income-tax Vs. Mukundray Kumar Shah

Court : Kolkata

Reported in : (2005)199CTR(Cal)633,[2005]278ITR425(Cal)

..... . poddar submitted that the said provision contemplates recovery in respect of the seized assets in relation to any existing liability either under the income-tax act, the wealth-tax act, the expenditure-tax act, the gift-tax act and/or the interest-tax act and the amount of liability determined on completion of the assessment under section 153a or the amount of liability determined on completion of the assessment ..... were liable to be retained in the case of future liability of the assessee.24. it was then urged by mr. poddar that there was no provision under the income-tax act or the various rules framed thereunder and in connection therewith which permitted the revenue authorities to retain the seized bonds, which were disclosed assets for realisation of future dues, ..... disposal of an appeal. mr. poddar submitted that it was in such background that the hon'ble supreme court observed that the statutory power under section 254 of the income-tax act, which conferred on the appellate tribunal powers of the widest amplitude in dealing with appeals before it, carried with it the duty in proper cases to make such orders ..... to release the entire seized assets and money of the petitioner and to refund the various amounts. in the said case proceedings were taken under section 132(5) of the income-tax act. however, the regular assessment of the petitioner for the assessment year 1989-90 was completed and an assessment order was passed. against the said order the petitioner appealed before .....

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Jun 16 2011 (HC)

National Insurance Co. Ltd. Vs. Commissioner of Income-tax, Kol-ii and ...

Court : Kolkata

..... or arising to the credit institution in that previous year: provided that any interest in relation to categories of bad or doubtful debts referred to in section 43d of the income-tax act shall be deemed to accrue or arise to the credit institution in the previous year in which it is credited by the credit institution to its profit and loss account ..... the facts and in the circumstances of the case and on a correct interpretation of section 2(7) read with section 2(5) and section 5 of the interest tax act, 1974, the income tax appellate tribunal, b bench, kolkata misdirected itself in law and it adopted a wholly erroneous approach in confirming that the sum of rs.16,97,65,816 representing interest ..... 1. this appeal under section 260a of the income-tax act, 1961 read with section 21 of the interest tax act, 1974 is at the instance of an assessee and is directed against order dated 19th december, 2003 passed by the income-tax appellate tribunal, b bench, kolkata, in interest tax appeal no.11(cal) of 1997 relating to the assessment year 1992-93 dismissing the appeal field by ..... loans and advances and accordingly held such interest to be part of chargeable interest. d) being dissatisfied, the appellant preferred an appeal under section 15(1) of the act before the commissioner of income-tax (appeals) and the said authority by order dated 20th january, 1997 dismissed the same thereby holding that call money and bills rediscounting scheme with banks could not be .....

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Jul 13 2011 (HC)

Gkw Limited Vs. Commissioner of Income Tax,

Court : Kolkata

..... to suggest that the profit on sale of fixed assets amounting to rs.6,02,91,024/- did not form part of the book profit under section 115ja of the income tax act, 1961. we, therefore, find that the tribunal below rightly decided the aforesaid point in favour of the revenue and we find no reason to interfere with the said finding. 24 ..... determination in this appeal: i) whether the tribunal was justified in law in holding that rent and repairs and maintenance referable to guest house allowable under section 30 of the income tax act, 1961 were to be disallowed under section 37(4)?(sic). ii) whether the tribunal mis-directed (sic) itself in law in holding that the notional figure of rs.228.34 ..... of fixed assets amounting to rs.6,02,91,024/- formed part of the book profit under section 115ja of the income tax act, 1961? (sic). iv) whether the provisions relating to payment of advance tax are applicable in a case where the total income is deemed to be 30% of the book profit under section 115ja and the tribunal was justified in upholding the ..... 1. this appeal under section 260a of the income-tax (act), 1961 is at the instance of an assessee and is directed against order dated august 28, 2003 passed by the income-tax appellate tribunal, c bench, kolkata in income-tax (appeal) being ita no.1153 (cal) of 2001 for the assessment year 1997-98 dismissing the appeal filed by the assessee. 2. being dissatisfied, the assessee has .....

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Jan 03 2007 (HC)

Cesc Ltd. and anr. Vs. Income-tax Officer (Tds) and ors.

Court : Kolkata

Reported in : (2007)211CTR(Cal)343

..... appellant is an assessee under the income-tax act, 1961. the appellant employs several persons in employment. under section 206 of the said act of 1961 the appellant is bound to deduct tax at source from the respective employees on the basis of their estimated salary income. it is the case of the appellant that they duly deducted at source the tax from the respective employees out ..... general : [2001]248itr113(all) the allahabad high court, however, considered an issue prior to issuance of the circular of 1999. the allahabad high court held that since the commissioner of income-tax had designated the assessing officer, kanpur, as tds official, he had requisite jurisdiction under section 131 to make queries with regard to form no. 24. the allahabad high court judgment ..... recovery. mr. shome has contended that once the employer was duty bound to deduct at source the tax from the salary income under section 206 of the said act of 1961 the official had the power to make queries so as to satisfy himself that the tax was duly deducted under section 206 and deposited with the revenue. mr. shome has also contended that ..... of their salary income on tentative basis and deposited the same with the .....

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Mar 05 1993 (HC)

Commissioner of Income-tax Vs. L.N. Dalmia

Court : Kolkata

Reported in : [1994]207ITR89(Cal)

..... ajit k. sengupta, j.1. in this reference under section 256(2) of the income-tax act, 1961, for the assessment year 1970-71, the following questions of law have been referred to this court :'(1) whether, on the facts and in ..... ii) involving question no. 2 is answered in the affirmative and in favour of the revenue.15. regarding question no. 3, we have already indicated that the income-tax officer ascertained the break-up value and rightly so the shares being unquoted. therefore, it is not correct to say that he had brought no materials to hold that ..... a pointer to the fact that the transaction was not real.5. on appeal, the appellate assistant commissioner allowed the loss claimed by the assessee. before the income-tax officer, the assessee had claimed that the loss suffered on the sale of the said shares was a business loss and further claimed deduction of the interest paid ..... unreal and sham. he also found that the further sale of 12,000 shares to laxminiwas and co. (export) pvt. ltd. was equally a sham transaction. the income-tax officer moreover found that the sale of 39,000 shares to kashi cold p. ltd. was also a sham transaction as the company consisted of two shareholders-cum-directors ..... the said 39,162 shares to the laxminiwas and co. (export) pvt. ltd.4. the loss claimed on the sale of the said shares was disallowed by the income-tax officer, who held that laxminiwas and co. (export) pvt. ltd. was a dummy of the assessee and the transactions of the sale initially of 27,162 shares .....

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Feb 12 2004 (HC)

West Bengal State Co-operative Bank Ltd. Vs. Joint Commissioner of Inc ...

Court : Kolkata

Reported in : (2004)191CTR(Cal)117,[2004]268ITR462(Cal)

..... kalyan jyoti sengupta, j.1. the impugned notice under section 148 of the income-tax act, 1961 (hereinafter referred to as 'the said act'), dated december 18, 2002, and the other four orders dated december 19, 2002, one each relating to the assessment years 1996-97 to 2000-2001 are under challenge in this ..... form any opinion. assumption of jurisdiction by the assessing officer under section 147 of the said act is conditioned '. . . unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in ..... view of the decision of the supreme court in the case of madhya pradesh co-operative bank ltd. v. cit (addl.) : [1996]218itr438(sc) , though deduction under section 80p of the said act was granted previously by the assessing officer. therefore, the aforesaid income on account of the interest and discount from the aforesaid investments has escaped assessment. the orders containing reasons to ..... been overruled by a subsequent decision of a larger bench of the supreme court reported in cit v. karnataka state co-operative apex bank : [2001]251itr194(sc) by which it is held amongst others that the above income is deducted under section 80p of the said act. according to him if the basis is unacceptable under the law there is no material to .....

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Jan 30 1992 (HC)

Commissioner of Income-tax Vs. Oberoi Building and Investment Pvt. Ltd ...

Court : Kolkata

Reported in : [1993]203ITR403(Cal)

..... shyamal kumar sen, j.1. pursuant to the direction of this court under section 256(2) of the income-tax act, 1961, the tribunal has referred the following question :'whether, on the facts and in the circumstances of the case, the tribunal was justified in computing ..... computation of the cost of acquisition of right shares as made by the tribunal at rs. 6.25 per share as against rs. 1.79 taken by the income-tax officer, since it has been submitted on behalf of the assessee that the assessee is prepared to accept it.23. accordingly, the question is answered in the ..... cost of acquisition of right shares would be taken at rs. 6.25 per share and the short-term capital gain or loss should be computed accordingly. the income-tax appeal of oberoi properties (p.) limited which had decided the said question did not come up by way of reference.7. mr. bagchi, learned advocate, for the ..... 2.50 per share taken by the assessee. accordingly, he computed the capital gain at rs. 49,590.5. the assessee preferred an appeal before the commissioner of income-tax (appeals) who held that there could be no profit or loss on the sale of the shares under consideration.6. thereafter, both the revenue and the assessee preferred ..... the value amounted to rs. 12.50 per share. the assessee claimed that it suffered a short-term capital loss of rs. 9 per share.4. the income-tax officer, however, did not agree with the said view of the assessee. he spread the cost of original shares held by the assessee over a large number of .....

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Feb 22 1990 (HC)

Commissioner of Income-tax Vs. Shree Export House Ltd.

Court : Kolkata

Reported in : [1992]194ITR695(Cal)

..... this court under section 256(1) of the income-tax act, 1961 :'1. whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that interest on the loan advanced to newspaper ltd., was not part of the real income of the assessee and was, therefore, not ..... newspaper ltd. as on march 31, 1980, shows that the accumulated loss was more than the share capital of the company. the commissioner of income-tax (appeals) noted that the request of the newspaper company was to convert the loan into a non-interest bearing advance due to its difficult financial ..... the share capital of the company. according to the appellant, the interest was forgone on account of commercial expediency and the case cited by the income-tax officer is not applicable to the facts of the present case. reliance in this connection is placed on the decision of the tribunal, calcutta bench, ..... the interest was forgone for the purpose of the assessee's business on the ground of commercial expediency. it was, however, noted by the income-tax officer that it was stated in the letter of newspaper ltd. that it had initiated certain measures to improve the working condition of the organisation ..... limited. in the said letter, newspaper ltd., made a request in this regard on the ground of the difficult financial position of the concern. the income-tax officer, however, held that the resolution was passed on march 21, 1980, when the accounting year of the assessee had almost ended and since the .....

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