Skip to content


Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1967 Page 1 of about 82 results (0.116 seconds)

Jul 03 1967 (HC)

Commissioner of Income-tax Vs. Dalhousie Properties Ltd.

Court : Kolkata

Decided on : Jul-03-1967

Reported in : [1968]38CompCas797(Cal),[1968]70ITR283(Cal)

..... k.l. roy, j. 1. in this reference under section 66(1) of the indian income-tax act, 1922 (hereinafter referred to as ' the act '), the following question of law has been referred to this court by the income-tax appellate tribunal:' whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that no order under section 23a ..... appeal by the assessee to the tribunal against the order of the appellate assistant commissioner, the tribunal purported to find certain further facts which were not given either by the income-tax officer or the appellate assistant commissioner. one mr. galstone was a director of another company owning substantial properties in the town of calcutta. that company got into some financial ..... i.t.r. 290 (p.c.), and made the following observations :' the judicial committee in commissioner of income-tax v. williamson diamonds ltd. had to consider the scope of section 21(1) of the tanganyika income-tax (consolidation) ordinance, which was pari materia with section 23a of the act. adverting to the argument based upon the words ' having regard to ' their lordships observed : ' the ..... under section 9 of the act. the assessee did not declare any dividends in respect of any of the aforesaid 3 assessment years. the total incomes assessed for the aforesaid 3 years were rs. 3,88,861, rs. 3,90,896 and rs. 4,52,387 and, after deduction of the income-tax and super-tax payable thereon, the income-tax officer determined the distributable surplus .....

Tag this Judgment!

Jul 03 1967 (HC)

Indian Steel and Wire Products Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jul-03-1967

Reported in : [1968]38CompCas660(Cal),[1968]69ITR379(Cal)

..... was within the powers of the company, we have to see whether the expenditure passed through the rigours of section 10(2)(xv)of the indian income-tax act and became a deductible expenditure.47. in the view that we take, we answer question no. 3 in the affirmative. we also answer question no ..... was either imaginary or too remote and in either event the expenditure would not fall within the meaning of section 10(2)(xv) of the income-tax act. we have already observed that the connection between the contribution and the expected business facility could not be established. assuming that there was some such ..... allowed as an expenditure wholly and exclusively laid out for the business of the assessee within the meaning of section 10(2)(xv) of the indian income-tax act. we need at first deal with the cases relied upon by him. the first decision, to which he invited our attention, was a calcutta ..... deduction under the provisions of section 10(1), section 10(2)(ix) read with section 10{4) or section 10{2)(xv) of the indian income-tax act, 1922 ?(3) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the subscription of rs. ..... 4. the appellate assistant commissioner overruled the objections as to jurisdiction, because he found nothing in the language of section 31(3) of the indian income-tax act to uphold the objections.5. on the merits of the allowability of the contribution to the indian national congress as a business expenditure, the assessee .....

Tag this Judgment!

Nov 07 1967 (HC)

Commissioner of Income-tax Vs. Sardar Bahadur Sardar Indra Singh Trust

Court : Kolkata

Decided on : Nov-07-1967

Reported in : [1971]82ITR567(Cal)

..... the income-tax officer were two-fold, namely :(a) that the deed under which the assessee trust was formed did not contain any ..... assessee trust. the same trustees, as trustees of the trust created byajaib singh, may claim exemption from taxation under section 4(3)(i) of theindian income-tax act. he, however, strongly disputed their right to claimexemption of an income from the trust created by sardar ajaib singh, astrustees of the assessee trust.10. mr. mukherji limited his argument within this short compass and did ..... authorisation, augment the original trust and then claim the benefit of section 4(3)(i) of the indian the income-tax act.14. mr. banerjee invited our attention to an unreported judgment this court in wealth-tax reference no. 444 of 1963 (commissioner of wealth-tax v. sardar ajaib singh) in which the question arose whether even after the gift of the 640 shares by ..... to rs. 1,28,000 accrued on which the tax was deducted at the source. there is no dispute that the income of the assessee trust is exempt from taxation under the provisions of section 4(3j(i) of the indian income-tax act. the assessee claimed a refund of the tax deducted at source which the income-tax officer refused to allow, the grounds which weighed with .....

Tag this Judgment!

Nov 15 1967 (HC)

Commissioner of Income-tax Vs. Hind Construction Ltd.

Court : Kolkata

Decided on : Nov-15-1967

Reported in : [1970]78ITR664(Cal)

..... the difference between the original cost of the building and its written down value would be deemed profits under the second proviso to section 10(2)(vii) of the indian income-tax act, 1922. the supreme court discussed a large number of cases and, in deciding the appeal in favour of the revenue, came to the following conclusion :'in the present case it ..... -trade was withdrawn from the business; there wasno sale nor any actual profit. the ratio of the decision was simply this.under the income-tax act the state has no power to tax a potential futureadvantage and all it can tax is income, profits and gains made in therelevant accounting year. in the case under our consideration the admittedposition is that there has been a sale ..... masud, j.1. the point to be decided in this reference, under section 66(2) of the indian income-tax act, 1922, is whether a sum of rs. 4,00,000 should be included in the total income of the assessee. the income-tax officer included the said sum, but the appellate assistant commissioner and the appellate tribunal excluded the said amount and decided against the revenue ..... ,848 were transferred to the company at the original cost ofrs. 4,85,354. the income-tax officer held that the amount which is thedifference between the original cost and the written down value was liableto income-tax under the second proviso to section 10(2)(vii) of the income-tax act. the bombay high court held that the transfer of the assets ofthe firm to the .....

Tag this Judgment!

Jul 11 1967 (HC)

Askaran Kissenlal Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jul-11-1967

Reported in : [1969]73ITR522(Cal)

..... this court:'whether, on the facts and in the circumrtances of the case, the refusal of registration under section 26a read with section 23(4) of the indian income-tax act to the firm for the assessment year 1955-56 was in accordance with law '9. mr. s. mitra, the learned counsel appearing on behalf of the assessee, ..... ] 28 i.t.r. 273, where subba rao c.j., as he then was, observed at page 278-79 as follows:' under section 26a of the act, if the income-tax officer is satisfied that the firm is in existence as shown in the partnership deed and the application has been properly made, he is bound to register it. he ..... k.l. roy, j.1. this reference under section 66(1) of the income-tax act, 1922 (hereinafter referred to as the act), arises out of the following facts.2. a firm in the name and style of askaran kissenlal was doing business in jute from the year ..... a manner consistent with judicial standards. this, in our opinion, is the true scope of section 23(4) of the act.'13. a decision of this court in prabhat mill stores co. ltd. v. commissioner of income-tax, [1966] 59 i.t.r. 197 was also referred to by mr, mitra and the following passage at page 205 ..... completed on the 30th august, 1967, under section 23(4). the assessee applied to the income-tax officer under section 27 of the act for setting aside the best judgment assessment under section 23(4) and for making a fresh assessment. the income-tax officer, in rejecting the application, pointed out that the notice under section 22(4) for .....

Tag this Judgment!

Sep 01 1967 (HC)

Murlidhar Jhunjhunwalla Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Sep-01-1967

Reported in : [1969]73ITR727(Cal)

..... finding that there was any settlement of the contracts of purchase and sale and, therefore, one of the vital limbs of explanation 2 to section 24(1) of the indian income-tax act is not found as a fact in order to bring the transaction within the mischief of a speculative transaction.'17. in our opinion, that decision is clearly distinguishable on the ..... the commodity as a speculative transaction, we are of the view that the transaction in question between the assessee and subhkaran jhunjhunwalla was hit by the said provision of the income-tax act, 1922, and has been rightly treated as a speculation loss. '6. at the instance of the assessee the above-mentioned question has been referred to this court by the tribunal ..... actual delivery of goods and the loss incurred in the transactions of purchase and sale was speculative loss within the meaning of explanation 2 to section 24(1) of the income-tax act, 1922 ?'2. the facts as stated in the statement of the case are as follows. the assesses, murlidhar jhunjhunwalla, is an individual who deals, inter alia, in hessian and b ..... k.l. roy, j.1. in this reference under section 66(1) of the indian income-tax act, 1922, hereinafter referred to as the act, the following question of law has been referred to this court by the income-tax appellate tribunal:'whether, on the facts and circumstances of the case, the tribunal was justified in holding that the passing of pucca delivery orders did not amount .....

Tag this Judgment!

Nov 15 1967 (HC)

Commissioner of Income-tax Vs. Central India Industries, Morar

Court : Kolkata

Decided on : Nov-15-1967

Reported in : AIR1969Cal236,[1969]74ITR687(Cal)

..... was received by the assessee was not dividend at the declared rate but something more?7. now, the material portion of section 2 (6a) of the indian income-tax act, defining dividend, reads:'dividend includes: (a) any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by ..... those shares and ultimately transferred them to a private company. the assessment of the appellants was reopened under section 34(1) (a) of the indian income-tax act, on the footing that release by the mills of shares of the bank of india amounted to a distribution of dividend and the value of the right ..... with the observation that the money's worth of the shares received by the assessee represented the assessee's income and came under the definition of dividend as in section 2 (6a) of the indian income-tax act.4. on the further appeal to the appellate tribunal, the assessee succeeded. the tribunal observed:'a dividend, in ..... its ordinary meaning, is a distribution of the share of profits or incomes of a company given to its shareholders. the definition thereto as ..... banerjee, j.1. this reference, under section 66(1) of the income-tax act, has been made in circumstances hereinafter related.2. during the accounting year ended on march 31, 1959, (the assessment year being 1959 .....

Tag this Judgment!

Sep 01 1967 (HC)

Murlidhar Jhunjhunwalla Vs. Commissioner of Income-tax, West Bengal Ii

Court : Kolkata

Decided on : Sep-01-1967

Reported in : AIR1968Cal253

..... finding that there was any settlement of the contracts of purchase and sale and, therefore, one of the vital limbs of explanation 2 to section 24(1) of the indian income-tax act is not found as a fact in order to bring the transaction within the mischief of a speculative transaction.'14. in our opinion that decision is clearly distinguishable on the ..... the commodity as a speculative transaction, we are of the view that the transaction in question between the assessee and subhkaran jhunjhunwalla was hit by the said provision of the income tax act 1922, and has been rightly treated as a speculation loss.'6. at the instance of the assessee the abovementioned question has been referred to this court by the tribunal7. mr ..... actual delivery of goods and the loss incurred in the transactions of purchase and sale was speculative loss within the meaning of explanation 2 to section 24 (1) of the income-tax act 1922?2. the facts as stated in the statement of the case are as follows. the assessee, murlidhar jhunjhunwalla, is an individual who deals, inter alia, in hessian and b ..... k.l. roy, j.1. in this reference under section 66 (1) of the indian income-tax act, 1922, hereinafter referred to as the act, the following question of law has been referred to this court by the income-tax appellate tribunal:whether, in the facts and circumstances of the case, the tribunal was justified in holding that the passing of pucca delivery orders did not amount .....

Tag this Judgment!

Dec 05 1967 (HC)

income Tax Officer, 'A' Ward, Companies District I, Calcutta and Anr. ...

Court : Kolkata

Decided on : Dec-05-1967

Reported in : AIR1968Cal503,72CWN218,[1968]69ITR833(Cal)

..... under the powers granted by section 49aa of the income-tax act 1922, (hereinafter referred to as the 'said act') section 11a of the excess profits tax act, 1947 and section 18a of the business profits tax act 1947, as adopted by the india (adaptation of income-tax, profits tax and rent recovery acts) order 1947 section 49aa of the said act runs as follows:'the central government may enter into ..... pakistan into two separate sovereign states. in order to guard against the possibility of excessive or double taxation. section 49aa was introduced in the said act.3. section 49aa was amended by the income-tax and business profit tax (amendment) act 1948 and the words 'or the united kingdom' were inserted after the word 'pakistan' wherever appearing in the section. thereafter, there was an ..... foreign countries, the question arose as to the abatement that it was entitled to, as a result of section 49aa of the said act read with the said agreement. the abatement that has been allowed by the income-tax officer, who is the appellant in this case, is set out at pages 8 and 9 of the paper book. according to the ..... an agreement with pakistan for the avoidance of double taxation of income, profits and gains under this act and under the .....

Tag this Judgment!

Jan 25 1967 (HC)

Taraprasanna Choudhry Vs. Agricultural Income-tax Officer

Court : Kolkata

Decided on : Jan-25-1967

Reported in : AIR1967Cal532

..... (mad) . in the first mentioned nagpur case, it was also pointed out that the existence of the words 'definite information' which were absent from section 125(1) of the english income-tax act, 1918, rendered the contrary decision of the court of appeal in williams v. grundy (1934) 2 itr 236 inapplicable in india after the 1939 amendment.14. the 'definite information' upon ..... jurisdiction of the officer in various ways, and it has been held by the supreme court in lakshman shenoy v. income-tax officer : [1958]34itr275(sc) under the provisions of cochin and travancore income-tax acts which reproduced the text of section 34 of the indian income-tax act, 1922, that the conditions introduced by the amendment of 1939 were conditions precedent and that where they were found ..... case-law rather elaborately in order to demonstrate the restrictive nature of the provision in section 34 of the income tax act as it existed in 1944. when section 38(1) of the bengal agricultural income-tax act was enacted. if, therefore, the provision in the bengal act be not only pari materia but substantially similar in language, the jurisdiction of the officer in the case before ..... what he could not do under the language of section 38(1) which was similar to the language of section 34(1) of the income-tax act as it obtained after the amendment of 1939, viz., that-(i) he acted upon information as to area which was already on the record: and his own knowledge as to rates of yield and prices. which could .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //