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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1951 Page 1 of about 48 results (0.065 seconds)

Jan 16 1951 (HC)

Commissioner of Income Tax Vs. Lahoty Brothers Ltd.

Court : Kolkata

Decided on : Jan-16-1951

Reported in : AIR1951Cal149,[1951]19ITR425(Cal)

..... :'(1) the tax shall be payable by an assessee under the head 'profits & gains of business, profession or vocation' in respect of the profits or gains of ..... . this is a reference under section 66(1), income-tax act & the question on which we are to express our opinion is as follows:'whether on the facts & in the circumstances of this case the tribunal was right in allowing the sum of rs. 2,100 as a deduction under section 10(2)(xv), income-tax act;'the material portion of section 10 is as follows ..... . 600/-& rs. 518. the only question is whether the sum of rs. 2100/- can be properly allowed as allowance under the section i have already set out.4. before the income tax officer it was contended that this sum came within the section, not being an expenditure in the nature of capital expenditure or personal expenses of the assessee, but laid out .....

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Jan 16 1951 (HC)

Calcutta Electric Supply Corpn. Ltd. Vs. Commr. of Income-tax

Court : Kolkata

Decided on : Jan-16-1951

Reported in : AIR1951Cal151,55CWN261,[1951]19ITR406(Cal)

..... for the opinion of the ct.7. section 10, income-tax act, provides:'the tax shall be payable by an assessee under the head 'profits & gains of business........' in respect of the profits or gains of any business.... carried on by him.'8. sub ..... the assessment year 1943-44. on the other hand, the assessees claimed that this amount could not be regarded as profits under section 10(2) (vii), income-tax act, but the taxing authorities assessed the amount to tax & that view was upheld by the appelpellate tribunal. as i have stated, the appelpellate tribunal on being requested framed the question set out earlier in this judgment ..... of rs. 3,27,840/- received by the appct. co. from the govt. of india in the circumstances of this case is taxable as profits under section 10(2) (vii), income-tax act?'2. the assessees are the well known electric supply co. which provide this city with electricity. the assessees had a standby electricity generating plant at bhatpara about sixteen miles from ..... ordinarily used & understood, in the english language.38. it must be remembered however that the word 'sale' appearing in the second proviso to section 10(2) (vii), income-tax act, is a word found in a taxing statute i.e. a statute imposing financial burdens on the subject. a burden would be imposed if the words of the statute clearly imposed such a burden .....

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Jun 07 1951 (HC)

Assam Bengal Cement Co. Ltd., Calcutta Vs. Commissioner of Income-tax, ...

Court : Kolkata

Decided on : Jun-07-1951

Reported in : AIR1953Cal368,[1952]21ITR38(Cal)

..... for the benefits there mentioned, were capital payments or payments in the nature of revenue expenditure. the question arises because under section 10 (2) of the income-tax act, the assessable profits from business are to be computed after making several allowances, one of which, mentioned in clause (xv) of the sub-section, is ..... the deed of 14-11-1938, were rightly disallowed as being expenditure of a capital nature and so not allowable under section 10 (2) (xv), income-tax act'.7. apart from the terms of the lease, there are no facts in the case, except that at the time the lease was taken, the ..... had paid to its lessor in each of those years under certain special terms of the lease. the deduction was claimed under section 10(2) (xv), income-tax act & the dispute is as to whether the payments were of the nature of a business or capital expenditure.2. the facts are as follows. on 14 ..... , in the computation of its business profits, they were liable to be deducted under the provisions of section 10(2) (xv) of the act. the income-tax officer did not accept that view of the payments and held that though annual, they were payments for the acquisition of a right or privilege rather ..... . it remains to deal with two recent decisions of this court which i have reserved for separate consideration. the first is the case of -- 'commissioner of income-tax, calcutta v. pig-got, chapman & co' : [1949]17itr317(cal) where a firm of exchange-brokers purchased the goodwill of another similar firm, together .....

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Nov 28 1951 (HC)

Calcutta Insurance Ltd. Vs. Commr. of Income-tax

Court : Kolkata

Decided on : Nov-28-1951

Reported in : AIR1953Cal59,[1952]21ITR404(Cal)

..... in other words, capital gain or capital loss. the company would not be entitled to a deduction of such loss under the ordinary provisions of the income-tax act, nor would the gains be liable to be added to its taxable profits. but as the financial position of a life insurance company vis a vis ..... rule 2 (b) covers depreciation as well, which the tribunal also appears to have held. both in actual commercial operations and in the view of the income-tax act, indeed in the view of section 10 itself, depreciation of assets is something entirely different and distinct from expenditure and if the legislature, while framing rule 2 ..... they cover a part of rule 2 (b), rule 4 and all but one of the several clauses and provisos of rule 3, schedule to the income-tax act. no useful purpose will be served by setting out all the questions at one place. they can more conveniently be taken up one by one and ..... that may be stated here is that the assessee is an insurance company and its profits were computed under rule 2(b) of the schedule to the income-tax act, i. e. on the basis of the surplus disclosed by the last actuarial valuation. that valuation was for the quinquennium ended on 31-12-1937 ..... both at the instance of the assessee, the calcutta insurance ltd. reference no. 2 of 1946 was made by the tribunal under section 66 (l), income-tax act, and comprises two questions of law. the application on which the reference was made formulated nine questions, but with regard to seven of them, the tribunal .....

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Jan 15 1951 (HC)

Commissioner of Income-tax Vs. Steel Brothers and Co. Ltd.

Court : Kolkata

Decided on : Jan-15-1951

Reported in : AIR1951Cal162,56CWN241,[1951]19ITR435(Cal)

..... the burma oil company & the commission which was paid to the assessee was for supervision, control & general advice from london.10. according to the appellate assistant commissioner section 4 (1), income-tax act, had no application. he held that as there was business connection between the assessee & the oil company the pro-per section to be applied was section 42 (3), indian ..... income-tax act. from the order of the appellate assistant commissioner there was appeal to the tribunal. the tribunal, agreed with the view expressed by the appellate assistant commissioner & held that in this ..... holding that the commission payable to the assessee under the agreement with attock oil co., was governed by section 42 (3), indian income tax act, for the purpose of computing the total income of the assessee?'2. section 42 (3) of the act is as follows:'in the case of a business of which all the operations are not carried out in the taxable territories ..... under section 4(1). we think his contention is right & in this reference we hold that the assessee's income did not accrue or arise in india. if the assessee is liable to be taxed, the proper section applicable is section 42, indian income-tax act.16. we, therefore, answer the question asked in the affirmative. the assessee is entitled to the costs of this .....

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Nov 28 1951 (HC)

Commissioner of Income-tax, West Bengal Vs. General Family Pension Fun ...

Court : Kolkata

Decided on : Nov-28-1951

Reported in : AIR1953Cal299,[1952]21ITR497(Cal)

..... insurance business under the definition of that term. it is nothing else and cannot be anything else at the same time, at least for the purposes of the insurance and income-tax acts. if, therefore, any intelligible meaning is to be given to the question, as framed, it can only mean whether the company's business consisted wholly in life insurance business in ..... following question of law:'whether on the facts of the case and on a proper construction of the provisions of the schedule to the income-tax act, the tribunal was right in holding that the method followed by the income-tax officer in determining the profits of the assessee under rule 2(a) of the said schedule was an incorrect method?'the tribunal, however, had ..... , when the only business done by an insurance company is to issue annuity policies dependent on human life, the income-tax officer, in computing the profits of the business under rule 2 (a) of the schedule to the income-tax act, has to take for 'gross external incomings' only the 'profits on the sale or granting of annuities' out of the items included in the definition ..... annuity business or whether it contained some elements of ordinary life insurance business as distinct from annuity business? 2. whether the income-tax officer was justified in making an estimate under rule 2(a) of the schedule attached to section 10(7), income-tax act? 17. it is not easy to understand why the first question was referred at all or what the point of .....

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May 15 1951 (HC)

Maharajadhiraja Bahadur of Darbhanga Vs. Commissioner of Agricultural ...

Court : Kolkata

Decided on : May-15-1951

Reported in : AIR1953Cal344,[1952]21ITR258(Cal)

..... a true construction of the ekrarnamas (agreements), the money received by the assessee on account of sale of jungle woods in his zemindary can be treated as agricultural income, assessable under the bengal agricultural income-tax act, 1944?' 4. in spite of the wide terms in which the question has been framed, i think we are not required, in the circumstances of the case ..... that the question was not open to the assessee in the appeal. the question was raised and decided under the indian income-tax act in. the cases of -- 'commissioner of income-tax, madras v. manavadan tirumalpad', 54 mad 21 , -- 'maharaja of kapurthala v. commissioner of income-tax', c. p. & u. p. (1945) 13 itr 74 . in the matter of ram prasad 52 all 419 and --'kamakshya narain ..... 1948, d/. 16-5-1948, in which the question was whether selamis or premia received for the settlement of waste lands or abandoned holdings, were agricultural income within the meaning of the assam agricultural income-tax act and their lordships remanded the case for further findings as to certain matters. i do not think that the receipts with which we are concerned in the ..... singh v. commissioner of income-tax', b. & o. : [1946]14itr673(patna) pat, and under the assam agricultural income-tax act in the case of -- 'jyotirindra narayan v. state of assam . in each case the answer was that the receipts were not capital. it may be mentioned .....

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Jul 23 1951 (HC)

Union of India (Uoi) and anr. Vs. Elbridge Watson

Court : Kolkata

Decided on : Jul-23-1951

Reported in : AIR1952Cal601,56CWN232,[1951]20ITR400(Cal)

..... benefit of the order, particularly when a very large amount was payable by the company to the petitioner which was subject to the notice under section 46 (5a) of the income-tax act. the petitioner has left this country. it is said by his counsel that he has gone to france for treatment. but there is no reliable evidence as to that before ..... the balance demand was made on him and he was asked to pay the amount by 6-11-1948. this demand was not met. thereupon the income-tax officer under section 46(2) of the income-tax act forwarded to the collector a certificate under his signature specifying the amount of arrears due from the petitioner. a sum of about rupees three lacs and odd ..... petitioner the amount specified in the certificate and certificate proceedings under the . public demands recovery act were taken. pending these proceedings on the 18th march 1949 the income-tax officer issued notice under section 46 (5a) of the income-tax act. the material portion of that section is as follows:'the income-tax officer may at any time or from time to time by notice in writing (a ..... .44. testing in the light of the principles stated above the notice under section 46 (5a) of the income-tax act was not a judicial or a quasi-judicial act. it was an administrative act. therefore, if the circumstances warranted it, the proper writ would be a writ of mandamus. the prayers in the petition are not in order. however treating this application as an .....

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Jan 03 1951 (HC)

Saila Behari Singh and ors. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jan-03-1951

Reported in : AIR1951Cal191,[1951]19ITR430(Cal)

..... the true construction to be given to the phrase 'held under trust or other legal obligation wholly for religious or charitable purposes' appearing in section 4 (3) (i), income-tax act. to this sub section there is appended an explanation which is in these terms :'in this sub-section, 'charitable purpose' includes relief of the poor, education, medical ..... the questions submitted as follows: question (1) is answered in the negative. question (2) is answered as follows: the last paragraph of section 4 (3) (xii), income-tax act governs only the word 'trust' and does not govern the words ' 'other legal obligations' which appear in section 4 (3) (i) of the ..... harries, c.j.1. this is a reference under section 66 (i), income-tax act, at the instance of the assessee in which the following questions are propounded for the opinion of the court:(1) whether the legal obligation ..... enough to cover all debutter property. this court held in the case of sree sree iswar gopal jew v. commr. of income-tax, west bengal, (1950) 18 i.t.r. 743 (cal.), that where the income arose from property dedicated to a deity as opposed to property held by trustees in trust for a deity, the provisions exempting ..... object of general public utility but nothing contained in clause (i), clause (ia) or clause (ii) shall operate to exempt from the provisions of this act that part of the income of a private religious trust which does not enure for the benefit of the public.'3. it will be seen that although under section 4 (3) .....

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Nov 20 1951 (HC)

Commissioner of Income-tax, West Bengal Vs. International Industries L ...

Court : Kolkata

Decided on : Nov-20-1951

Reported in : AIR1953Cal127,[1952]22ITR44(Cal)

..... statute. the same company may have more than one business but to be entitled to set-off under sub-section (2) of section 24 of the income tax act, the business must be the same and not merely the company.13. i concur in the conclusion that the question raised in this reference must be ..... of judicial learning on the point, i reach the same conclusion in this case on a short point of construction of section 24(2) of the income tax act. the language used in this sub-section of the statute is 'same business'. it is not the same company. business and company are words of ..... own.11. loss in one business cannot be set-off against the profit of another business under sub-section (2) of section 24 of the indian income tax act, even though it is the same company which carries ,on these different businesses and even though such different businesses are permitted by the memorandum and articles of ..... law : 'whether in the facts and circumstances of the case and upon a proper construction of sub-section (2) of section 24 of the indian income-tax act, 1922, the loss in the celluloid business in the assessment year 1945-46 can be carried forward and set off against the profits of the other businesses ..... the profits of the year. 1945-46, because the profits riad not been derived from the same business, as required by section 24(2) of the income-tax act. before the tribunal, it appears to have been contended that it was not necessary under section 24(2) that the profits, against which the loss carried .....

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