Court : Kolkata
Reported in : (2000)1CALLT82(HC),241ITR517(Cal)
..... of additional fuel surcharge to power consumption in the assessment year 1981-82. but he claimed before the inspecting assistant commissioner in a proceeding under section 144-b of the income-tax act, 1961. the iac has noticed that the assessee has made an ad-hoc provision of rs. 3,71,980/-that was disallowed by the ito in the draft assessment on ..... . in view of this fact, this court held that the liability should be allowed when it is determined by the court finally.17. in standard tea exporters v. commissioner of income tax 198 itr 573, the decision relied upon by the learned counsel for the revenue mr. r.c. prasad that when the liability is contingent it should not be allowed in ..... contingent in the accounting year. therefore, the liability should be allowed in the assessment year 1961-62.15. in the case of madras industrial investment corporation limited v. commissioner of income-tax reported in : 225itr802(sc) , their lordships held that the appellant-company had, in its turn, correctly claimed a deduction only in respect of the proportionate part of the discount ..... 1973-74,the andhra pradesh high court has taken the view that mere postponement of the quantification did not postpone accrual of liability. 13. in the case of commissioner of income-tax v. swadeshi mining & . reported in : 112itr276(cal) . the company was a sugar mill producing sugar and selling and exporting sugar. the assessee was under an obligation to pay additional .....Tag this Judgment!
Court : Kolkata
Reported in : AIR1958Cal166,33ITR616(Cal)
..... sum of rs. 62.818/-, spent by it on the school, should be allowed as a deduction under section 10(2) (xv) of the income-tax act. in other words. it claimed that the amount was expenditure, not in the nature of capital expenditure and that it had been laid out or expended ..... and exclusively laid out for the purposes of the company's trade and, therefore, an admissible deduction in the computation of its profits for income-tax purpose. in the present case too the club incurred expenses in founding and keeping a school as a measure of protection against an apprehended decline ..... the authorities, the club asked for a reference of the question to this court and by a single reference in respect of both the income-tax and the business profits tax assessments, the following question was referred: --'whether in the facts and circumstances of this case, the appellate tribunal was right in holding ..... not, therefore, be the proper objective of any proper business expenditure. a third ground for rejecting the club's claim was also given. the income-tax officer held that even assuming that the indirect benefit which the club might derive from the keeping of its school could be a proper objective of ..... which the expenditure had been made was totally outside the proper purposes of the club's business, no other question could obviously arise but the income-tax officer also held that even assuming that the club might derive a benefit from the keeping of the school, because trained riders, passing out of .....Tag this Judgment!
Court : Kolkata
Reported in : 2007(3)CHN18
..... .i) thereafter, the plaintiff called upon the defendants to execute and register the necessary deed after obtaining clearance under the provision of the income-tax act. ultimately, the predecessor-in-inter est of the first defendant and the second defendant duly executed a deed of conveyance more or less ..... the vendor had no objection in the said arrangement.ii) the vendor should take necessary permission and clearance under section 230(1) of the income-tax act, 1961 or any other clearance, which would be required for the said purpose.iii) the vendor should also take necessary permission from the competent ..... of having proportionate right of the roof and such agreement was in conflict with and repugnant to the provisions of the transfer of property act as, well as the calcutta municipal corporation building rules. the defendants by taking advantage of the said clause are restraining the plaintiff from ..... in the ground floor.h) the plaintiff at all material times since the date of obtaining possession had been paying the proportionate rates and taxes payable to the calcutta municipal corporation by handing over the same to the second defendant. therefore, in part performance of the said agreement, ..... authority under the urban land (ceiling and regulation) act, 1976, if necessary.iv) the vendor should execute the deed of conveyance directed in favour of the purchaser or his nominee.v) the .....Tag this Judgment!
Court : Kolkata
Reported in : 210ITR103(Cal)
..... ajit k. sengupta, j.1. in this reference under section 256(2) of the income-tax act, 1961, the following questions of law have been referred by the appellate tribunal for our opinion :'1. whether the reduction of the ..... that deposition he confirmed that he was a dealer in lubricating oil since 1977. in reply to question no. 3, he confirmed having been assessed to income-tax. again, in reply to question no. 4, he explained that he used to purchase lubricating oil from different garages as well as through various brokers. ..... the book results. the seized documents clearly showed that the assessee firm did purchase from various parties, including imperial oil co. he also mentioned that the income-tax authorities, in fact, failed to discover any incriminating documents falsifying the assessee's accounts and that is the reason why the assessee's suppliers were called ..... per cent. would be reasonable. therefore, the proper course in this case was to set aside the assessment for further fact-finding when the commissioner of income-tax (appeals) found that the estimate had no basis. thus, the tribunal also erred in reducing the estimate further to 7 per cent. it has been further ..... oils to the assessee were correct and genuine and payments for such sales were received by account payee cheques. the tribunal took the view that the income-tax officer erred in preferring oral evidence to documentary evidence to rely upon for the purpose of making the addition. the tribunal further held that by reason .....Tag this Judgment!
Court : Kolkata
Reported in : 227ITR860(Cal)
..... visheshwar nath khare, c.j.1. this reference under section 256(1) of the income-tax act is at the instance of the revenue. the tribunal has referred the following questions of law for the opinion of this court : ' 1. whether, on ..... decided by this court on august 3, 1993. in this case, this court has followed the earlier decisions of this court in the case of income-tax reference no. 19 of 1991, and income-tax reference no. 126 of 1991 decided by this court on february 19, 1992. we have perused the judgment and we are in respectful agreement with ..... the matter we do not find any merit in the argument of learned counsel for the revenue in view of the categorical finding of fact recorded by the income-tax officer that the raw materials purchased by the assessee against the declaration form were used for non-manufacturing purposes. if the raw material which was purchased against ..... 2 are overlapping, we take up and answer these two questions together. on a perusal of the order of the tribunal as well as the commissioner of income-tax it shows that the claim of the assessee for deduction was upheld on the ground that this matter is covered by a decision of the supreme court in ..... the view taken by the assessing officer was set aside and the claim of deduction by the assessee was upheld. the revenue took the matter to the income-tax tribunal in appeal but the tribunal rejected the appeal. the revenue thereafter got the matter referred to this court for opinion and that is how the matter has .....Tag this Judgment!
Court : Kolkata
Reported in : 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 .....Tag this Judgment!
Court : Kolkata
Reported in : 207ITR618(Cal)
..... but inferring such a conduct cannot overrule the legal position. therefore, we are unable to agree with the view taken by the commissioner of income-tax (appeals).'6. we have heard learned counsel appearing for the parties. there is no dispute in this case that the assessee-company had been ..... the submissions of the parties and the farts of the case. it failed to agree with the view taken by the commissioner of income-tax (appeals) and allowed the assessee's appeal with the following observations :'9. we have perused the facts and considered the arguments. we have also ..... assessee. following the decision of the supreme court in the case of mcdowell and co. v. cto : 154itr148(sc) , the commissioner of income-tax (appeals) confirmed the action of the assessing officer.5. being aggrieved, the assessee brought the matter in appeal before the appellate tribunal. the tribunal considered ..... per cent. on the outstanding loan, i.e., rs. 3,56,025, was included, in the assessment.4. in appeal, the commissioner of income-tax (appeals) observed that a deliberate arrangement had been made to give on loan almost the entire paid up capital to the directors and relatives without charging any ..... of the income-tax act, 1961, for the assessment year 1984-85, the following question of law has been referred to this court :'whether, on the facts and in the circumstances of the case, the tribunal was justified in law in deleting the addition of rs. 3,56,025 assessed as income as and .....Tag this Judgment!
Court : Kolkata
Reported in : 204ITR804(Cal)
..... ajit k. sengupta, j. 1. in this reference under section 256(1) of the income-tax act, 1961, for the assessment year 1980-81, the following question has been referred to this court :'whether, on the facts and in the ..... the name of the company struck off from the register, the company has to maintain a skeleton staff for performing its statutory duties and obligations. the income-tax officer has, therefore, allowed only a part of the salary and wages and the rent of the premises where the office of the company in liquidation is ..... aforesaid have to be allowed in full in the circumstances of the case, and for the reasons detailed in its order and directed the commissioner of income-tax (appeals) to compute the deduction of these items of expenses referred to above.5. before us, the contentions raised before the tribunal have been reiterated. ..... it appears that the income-tax officer allowed part of the expenses on account of salary and wages and rent. in our view, even if the company had gone into liquidation, ..... march 31, 1980. the assessee-company was under voluntary liquidation since the government took over the business of the assessee. the assessee had income only from interest during the year in question. the income-tax officer, while assessing the company, disallowed a portion of the assessee's expenditure out of salary and wages (rs. 50,785) .....Tag this Judgment!
Court : Kolkata
Reported in : 204ITR56(Cal)
..... shyamal kumar sen, j.1. in this reference under section 256(1) of the income-tax act, 1961, the following question has been referred to this court for determination :'whether, on the facts and in the circumstances of the case ..... to enable the assessee-company to carry on its business and, therefore, it was a revenue expenditure which has been rightly allowed by the commissioner of income-tax (appeals). in this connection, it was also submitted that the expenditure incurred by the assessee did not result in any benefit of enduring nature. it ..... of rs. 4,77,080 incurred by the assessee on the pipeline brought into existence a capital asset and that the expenditure was rightly disallowed by the income-tax officer being capital in nature. in this connection, it was also stated that the expenditure resulted in a benefit of enduring nature and, hence, it was ..... purpose of getting saline-free water for the factory resulted in a benefit of an enduring nature. the tribunal accepted the finding recorded by the commissioner of income-tax (appeals) that the expenditure incurred on re-routing of the pipeline is a revenue expenditure.7. it was submitted on behalf of the revenue that the ..... expenditure on such re-routing that a temporary bund is put up every year with the help of other business concerns similarly placed.4. the commissioner of income-tax (appeals), on a consideration of the facts and submissions made, held that the expenditure incurred for the water pipeline is not an expenditure of a .....Tag this Judgment!
Court : Kolkata
Reported in : 168ITR530(Cal)
..... why it wants to change its accounting year with such frequency.9. the power to allow the prayer of the assessee is a discretionary power vested in the income-tax officer. nothing has been shown to suggest that the power was exercised in this case arbitrarily or on irrelevant considerations.10. the writ petition, therefore, fails and ..... change its previous year recently. the second reason that has been given was that if the change is allowed, there will be loss of revenue.7. the income-tax officer has stated in his affidavit that if the request for the change of accounting year was allowed in this case, there would have been no assessment for ..... stretch to a period beyond 12 calendar months when the accounting period of an assessee was being changed.5. in that case, the supreme court recognised that the income-tax officer had power to accord sanction to the change in 'previous year' on the condition that the 'previous year' would consist of the entire period of 21 ..... exercised his option of choosing his 'previous year', he shall not be entitled to vary his accounting year except with the consent of the income-tax officer and upon such conditions as the income-tax officer may think fit to impose.2. in the instant case, the assessee is a company which used to follow the year ending on ..... suhas chandra sen, j.1. section 3(4) of the income-tax act, 1961, defines 'previous year '. generally, it means an accounting year of 12 months. it may be the financial year or at the option of the assessee .....Tag this Judgment!