Court : Kolkata
Decided on : May-13-1953
Reported in : AIR1954Cal600,25ITR276(Cal)
..... i have said, we shall deal with it on the merits. 11. on the question of construction, i am entirely unable to hold that section 10(2)(xi) of the income-tax act imperatively requires that in order that any amount may be allowed as irrecoverable in any particular year, such amount or a larger amount must be 'actually written off as irrecoverable ..... behalf of the assessee stated that there was no dispute as to the facts and the only question was whether section 10(2)(xi) of the income-tax act had been correctly applied to the facts by the income-tax officer. that section to quote only she relevant part reads as follows: '10(2): such profits or gains (that is, profits or gains of any ..... chakravartti, c.j. 1. this is a reference under section 21, excess profits tax act, read with section 66(1), income-tax act, of a short question of law under section 10(2)(xi) of the latter act. the reference has been made by the calcutta bench of the income-tax appellate tribunal. in order to appreciate the true import of the question referred, it is necessary to state ..... a relevant consideration, because if the assessee, in the course of carrying on the ordinary commercial operation of his business, treats a particular debt as doubtful or irrecoverable, the income-tax officer does not act unreasonably, nor relies upon irrelevant evidence, if he treats the assessee's conduct as material evidence of the time when the debt became irrecoverable. after all, it is .....Tag this Judgment!
Court : Kolkata
Decided on : May-18-1953
Reported in : AIR1954Cal35,23CompCas414(Cal),57CWN726,24ITR425(Cal)
..... in the following terms : 'whether in the circumstances of this case, the assessee was entitled under the first proviso to section 8 of the income-tax act to deduct any interest on money borrowed and utilised for investment in tax-free securities.'7. mr. chaudhuri, who, appeared on behalf of the assessee, did not advance any argument before us on the second and the ..... he was taking; but for the decision of this court in --'general family pension fund v. commissioner of income-tax, bengal' air 1946 cal 539 (h). there, a mutual insurance company was first assessed under rule 25 of the rules framed under section 59, income-tax act, which were then in force, i.e., on the average annual net profits disclosed by the last preceding ..... different head in the view that, regarded in a larger sense, it is to the latter head that the income properly belongs.13. in my view, the heads of income set out in section 6 of the indian income-tax act are mutually exclusive and the mandate of the act that the incomes, falling respectively under them, should be separately computed is clear. if an amount of ..... my mind, the assessee's contention is not tenable. section 6 of the income-tax act sets out six heads under which income should be assessed and provides that those 'heads of income, profits and gains, shall be chargeable to income-tax in the planner hereinafter appearing.' interest on securities is a distinct category of income, forming the second head in the classification. profits and gains of business .....Tag this Judgment!
Court : Kolkata
Decided on : May-29-1953
Reported in : AIR1954Cal221,23CompCas302(Cal),24ITR108(Cal)
..... commissioner of income tax, west bengal. appearing for him, mr. meyer made it clear at the very outset that he was not concerned at all with the ..... act makes no provision, cannot possibly be claimed. the interest in this particular case being interest assessable under the head ..... on the ground that some expenditure was necessary in order to keep the company alive against the interest income chargeable under section 12.it is elementary that allowances admissible under one or other of the heads under the income-tax act are not claimable against the income under another head, and secondly, allowances which are entirely foreign to a particular head and for which the ..... is a reference under section 66(1) of the indian income-tax act by the calcutta bench of the appellate tribunal of the following question of law :'whether on the facts and in the circumstances of the case, the deduction of rs. 6,000/- was permissible under section 12 of the indian income-tax act.'2. the reference has been made at the instance of the .....Tag this Judgment!
Court : Kolkata
Decided on : May-27-1953
Reported in : AIR1954Cal225,24ITR70(Cal)
..... words 'new matter or evidence', read with the other words occurring in order 47, rule 1, can be of any assistance in construing the words 'definite information' in section 34, income-tax act. the reasoning on which the decision of the privy council in -- 'chajju ram v. neki air 1922 pc 112, is based is wholly inapplicable to the case of section 34 ..... was not whether a provincial legislature had been given the power to tax forest income, but whether the central legislature had, in imposing a tax on income by the indian income-tax act, exempted it from taxation. it is true that the central act exempts only agricultural income, but the argument that 'agricultural income' does not include forest income cannot be established by pointing to the three separate items 'agriculture', 'forests ..... separate items in the constitution act indicates that forest income is not agricultural income is, in my view, to oversimplify the problem and also to forget that the constitution. act took over the definition of agricultural income from the income-tax act itself.primarily, we are not concerned with the intention of the constitution act but with that of the income-tax act, but the definition in the income-tax act might have had to .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-29-1953
Reported in : AIR1955Cal304,25ITR558(Cal)
..... the case.6. mr. mitra's contention was that the written down value had a well understood meaning in commerce and so far as the income-tax act was concerned, both the method of determining it and the quantum at which it was to be determined were regulated by the rules framed. he ..... books, might be what he considered to be proper in view of the principles of commercial accounting and the exigencies of the case, the income-tax act laid down a fixed percentage which had to be applied. all that had to be done in the first year was to fix the original ..... assets acquired before the previous year the actual cost to the assessee, less all depreciation actually allowed to him under this act, or any act repealed thereby, or under executive orders issued - when the indian income-tax act, 1886 (2 of 1886) was in force.'mr. meyer contended that clause (b), although it was a definition ..... section, clearly indicated what the task of the income-tax officer was when he had to determine the depreciation allowance for any year other than ..... the value written further down in the manner stated above.as this was the process contemplated and directed by the act, mr. mitra contended that when in a particular year the income-tax officer had to decide what depreciation allowance he would grant the assessee, he had merely to see what the written .....Tag this Judgment!
Court : Kolkata
Decided on : Dec-18-1953
Reported in : AIR1954Cal271
..... the assessee with liability to comply with the same. kania j. (as he then was) said as follows: 'this contention is founded on a misunderstanding of the income tax officer and the operation of the income-tax act. the income tax assessment proceedings commence with the issue of a notice. the issue or receipt of a notice is not, however, the foundation of the jurisdiction of the ..... or to re-open the assessment under section 34, only for a few years and not eight years, because several years will have become barred under the provisions of the income tax act. this would be clearly inequitable. if the petitioner wished to go back on his disclosure petition or upon the course which he chose to adopt in his letter dated 28 ..... years but they were willing to do so between the last 8 years. mr. meyer appearing on behalf of the respondents argues that this has no reference to section 34, income tax act. i am, however, doubtful on this point. it is obvious to me that the authorities considered that 8 years would be about the limit to which they could re-open ..... notice is published in the papers under section 22(1), or before he receives a notice under section 22(2) of the income-tax act, gets a form of return from the income-tax office and submits his return, it will be futile to contend that the income-tax officer is not authorised to assess the party or that the party is not liable to pay any .....Tag this Judgment!
Court : Kolkata
Decided on : Jan-05-1953
Reported in : AIR1954Cal555,57CWN287
..... no. 2 must therefore be that the sum of rs. 7934/- received by the assessee as selami for settlement of agricultural holdings is not agricultural income within the meaning of the assam agricultural income-tax act.17. in the above view it is not necessary to express our opinion on a point which cropped up towards the close of the argument, ..... which have been enunciated in judicial decisions.10. in the case of -- 'the commissioner of income-tax, bengal v. shaw wallace and co.' , sir george lowndes attempted a definition of the term 'income'. the relevant observations are as follows: 'income, their lordships think, in this act' (indian income-tax act) 'connotes a periodical monetary return 'coming in' with some sort of regularity or expected ..... on 13-5-1942. against this order the assessee made an application for review under section 27 of the assam agricultural income-tax act before the commissioner. the assessee also filed a reference petition before the board of agricutural income-tax, assam.the review petition was dismissed by the commissioner and on the application for reference the board made an order ..... question therefore is whether the receipt with which we are now concerned can be regarded as income.9. the indian income-tax act merely describes the various sources of income and prescribed methods of computing the same but it discreetly refrains from saying what constitutes income. the word 'income' is undoubtedly a term of elusive import and it is not capable of a precise .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-25-1953
Reported in : AIR1953Cal721,23ITR471(Cal)
..... on the merits, i would prefer to reserve that question for decision on a future occasion.33. on a consideration of section 34, income-tax act, as introduced by act 48 of 1948, i am of opinion that the view taken of it by bose j. was not right. the appeal is accordingly allowed ..... known principles are followed. the presentcase does not belong to that type, because the effect of the manner in which section 34 was incorporated in the income-tax act and of the words in which the section is expressed, is clear.24. but the case was argued at great length by mr. mitra as ..... made by section 2' applying to certain assessments. the effect of section 1(2) on section 33b is to make it a part of the income-tax act on and from 30-3-1948 and since the section is in no way limited as to the assessment years to which the order revised must ..... the second. thereafter the present appeal was preferred.5. the principal question to be decided in the appeal is thus whether the present section 34, income-tax act, is retrospective in operation, but it will be convenient to dispose of first a contention faintly urged by the respondent against the learned judge's conclusion ..... assessment years, with a view to re-assessments of the income. those notices were issued under section 34, income-tax act, as amended by the income-tax and business profits tax (amendment) act, (48 of 1948) on the ground that the income-tax officer concerned had reason to believe that the income for each of the years had been under-assessed.3. .....Tag this Judgment!
Court : Kolkata
Decided on : May-11-1953
Reported in : AIR1954Cal575,24ITR613(Cal)
..... :'whether in the facts and circumstances of the case any appeal lay to the appellate tribunal under section 33 of the indian income-tax act from an order of the appellate assistant commissioner of income-tax passed under section 30(2) of the indian income-tax act declining to admit a time-barred appeal.'2. in the statement of the case submitted the tribunal has said that at ..... that mr. meyer concedes that the point which has been referred is covered by a decision of mr. justice bachawat and myself in -- 'gour mohan mullick v. commr. of agricutural income-tax, west bengal : 22itr131(cal) . mr. meyer submits that as the point is covered by that decision, he does not wish to advance any arguments to us. i invited him ..... to any contention that the appeal was incompetent. the present reference, however, was made because this court directed the tribunal to make a reference under section 66(2) of the act and, therefore, on the principle we have always followed we are bound to answer the question, whether or not we ourselves consider it to arise out of the appellate order .....Tag this Judgment!
Court : Kolkata
Decided on : Feb-03-1953
Reported in : AIR1953Cal487,23CompCas285(Cal)
..... . this in my opinion is the real character of the payment to be made under section 18a, income tax act. this is also evident from the fact tbat if on regular assessment nothing or a lesser amount is found due and payable then the government shall have to return the ..... sum of rs. 11,017/-which was demanded by the income-tax authorities on 14-1-1948 under section 18a, income-tax act, i hold that the said authorities are not entitled to preferential payment under section 230, companies act. in my opinion the said sum which was demanded under section 18a, income tax act, was not a tax which became due and payable within the meaning of the said ..... section. it is an amount payable in advance in respect of tax before it became due. it would become due after regular assessment ..... my opinion, the same principle ought to apply in a case where an assessee wants in winding up proceeding to re-open an assessment which has been made by the income-tax authorities. it is upto him to show that there is some reason which requires the assessment to be set aside. i, therefore, negative the contention of the liquidator on this .....Tag this Judgment!