Court : Kolkata
Reported in : 204ITR662(Cal)
..... ajit k. sengupta, j.1. in this reference under section 256(2) 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 ..... the assessee was estimated at rs. 5,000. the assessing officer, therefore, included a sum of rs. 40,870 as the assessee's income under the head 'other sources'.3. the assessee went in appeal. the commissioner of income-tax, following the earlier findings in the assessee's case, held that the persons became members first before they are entitled to get the ..... the guest-houses received from the members of the club for their use and the use of their guests is entitled to exemption from income-tax.11. we are of the view that the aforesaid principles applicable to the members' club will equally apply to the facts of a co-operative society, particularly of a housing ..... an element of mutuality in respect of transfer fees and, therefore, this receipt is not to be subjected to tax. accordingly, the sum of rs. 40,870 was deleted from the total income.4. being aggrieved by the order of the commissioner of income-tax (appeals), the department filed an appeal before the appellate tribunal. the tribunal followed its earlier decision and upheld the .....Tag this Judgment!
Court : Kolkata
Reported in : 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 .....Tag this Judgment!
Court : Kolkata
Reported in : 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 .....Tag this Judgment!
Court : Kolkata
Reported in : 200ITR122(Cal)
..... ajit sengupta, j.1. in this reference under section 256(2) of the income-tax act, 1961, for the assessment year 1980-81, the following two questions of law have been referred to this court :'1. whether, on the facts and in the circumstances ..... the order of the commissioner of income-tax (appeals) had been assailed by the department by raising ground ..... no. 5. we have heard learned authorised representatives for the parties. the order of the commissioner of income-tax (appeals) on the point is being challenged on the ground that no such ground was raised either before the income-tax officer or the inspecting assistant commissioner. the inspecting assistant commissioner, in his direction under section 144b(4) for the ..... was not taken before the income-tax officer or the inspecting assistant commissioner.'4. the aforesaid ground was disposed of by the tribunal with the following observations :'the income-tax officer assessed the income from electricity charges under the head 'other sources'. on appeal, the commissioner of income-tax (appeals) directed the income-tax officer to treat the electricity charges received as income from business. this part of .....Tag this Judgment!
Court : Kolkata
Reported in : 196ITR231(Cal)
..... ajit k. sengupta, j. 1. in this reference under section 256(2) of the income-tax act, 1961, for the assessment year 1981-82, the following question of law has been referred to this court :'whether, on the facts and in the ..... of smt. protima roy  138 itr 536 is not applicable to the facts of this case. as a result, the tribunal restored the order of the income-tax officer.7. we have heard learned counsel appearing for the parties and we have gone through the facts and circumstances of the case.8. in our view, ..... remaining in stock has been taken at 'nil' and such zero cost was lower than the prevailing market price. he urged that the order of the commissioner of income-tax (appeals) deserved to be upheld.6. after considering the contentions of both the parties, the tribunal held that the cost of the shares has to be determined ..... shown by the assessee on the aforesaid sale of the original 19,900 shares. he made the assessment accordingly.3. being aggrieved, the assessee appealed to the commissioner of income-tax (appeals) and contended that the calculation made by it should have been accepted. reliance was placed on the decision in the case of smt. protima roy :  ..... those shares amounted only to rs. 6,97,120, the assessee claimed the difference of rs. 1,35,110 as loss from its business in share dealing. the income-tax officer did notaccept the above computation of loss made by the assessee. relying on the decisions of the supreme court in the cases of dalmia investment co. ltd. .....Tag this Judgment!
Court : Kolkata
Reported in : (2004)187CTR(Cal)455,266ITR106(Cal)
..... aloke chakrabarti, j.1. this appeal was filed under section 260a of the income-tax act, 1961, against the judgment and order of the income-tax appellate tribunal in respect of the three assessment years, namely, 1978-79, 1979-80 and 1981-82.2. the facts relevant for ..... argued by the revenue in the present appeal. with regard to such principle of res judicata, we find that the said principle does not apply in income-tax matters but for coming to separate conclusion in two different years, there must be separate facts leading to such different conclusion. on identical facts separate ..... lease deed, no different finding can be reached. it is contended that though the principle of res judicata strictly does not apply in respect of income-tax matters and each assessment year has to be treated as a separate unit once an assessment officer comes to a finding in respect of the facts ..... the assessee has been rejected and the said lease rent income has been treated by the income-tax authorities as income from other sources. similar finding was recorded for the assessment years 1979-80 and 1981-82.4. in respect of the assessment ..... of each assessment year, the lease rent received by the petitioner was shown by it under the head 'profits and gains of business'. the income-tax authorities accepted the said income under the said head from the assessment year 1969-70 till 1977-78. but for the assessment year 1978-79, the said contention 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 : (2006)3CALLT645(HC)
..... petitioner, that would not have amounted to relinquishment of tenancy, though it might have been a case of assignment. besides no provision of the income tax act, 1961 empowered the appropriate authority to go into the validity of the agreements for declaring them genuine or void. in this context the decision ..... the order dated november 6th, 2003, and that, in any case, within the period fixed by the provisions in section 269ud of the income-tax act, 1961. his contention is that the period of limitation was to be counted from the date at which the certified copy of the order dated ..... upon the petitioner and the private respondents to explain why the property should not be purchased in terms of provisions in section 269ud(1) of the income-tax act, 1961. the petitioner submitted his explanations on january 2nd, 2004. the appropriate authority fixed the hearing of the matter for february 5th, 2004. ..... petition no. 5508 of 1987; a stay order was made.3. challenging the validity of the provisions of chapter xxc, inserted in the income-tax act, 1961 by the finance act, 1986, civil writ petition no. 2821 of 1986 (c.b. gautam v. union of india and ors.) was filed before the ..... agreement submitted the requisite statement in form 37-i before the appropriate authority. by the pre-emptive purchase order under section 269ud(1) of the income-tax act, 1961 dated november 19th, 1987 the appropriate authority ordered purchase of the property by the central government for rs. 11,10,000/-. feeling aggrieved .....Tag this Judgment!
Court : Kolkata
Reported in : 239ITR838(Cal)
..... the following question under section 256(1) of the income-tax act, 1961, set out at page 7 of the statement of case for our opinion :'whether, on the facts and in the circumstances of the case, the rent received by the assessee from the house property is assessable as income from other sources or income from house property ?'2. the assessee, smt. mandira ..... of the tribunal's order where the finding has been given reads as under :'the income-tax officer assessed this income of rs. 21,600 as income from other sources whereas the commissioner of income-tax (appeals) had directed to assess the same as rental income from house property. the income-tax officer has not brought anything material on record. he has mentioned in the assessment order ..... with the order of the tribunal. the tribunal has rightly restored the viewtaken by the income-tax officer that the rental income shown by the asses-see cannot be treated as income of the assessee from the house property. if she has shown income, that can be taxed as 'income from other sources'.11. in the result, we answer the question in the affirmative that ..... her tenant. according to the departmental representative she is not the owner of the property and, hence, the rental income cannot be assessed as income from house property in her hands. the view taken by the income-tax officer to assess the same as income from other sources is correct. there is a considerable substance in the arguments of the learned departmental representative. therefore .....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!