Court : Kolkata
Decided on : Apr-17-1969
Reported in : 84ITR307(Cal)
..... tribunal. this finding of the tribunal is based on the evidence on record and cannot, in our opinion, be interfered with by this court under section 66 of the indian income-tax act, 1922.16. there was another addition of a sum of rs. 20,000 and in respect of which the assessee's explanation was that he had received two high denomination ..... law to this high court. the tribunal refused to do so. on an application being made to this court the tribunal was directed under section 66(2) of the indian income-tax act, 1922, to refer to this court the following question :' whether the finding of the tribunal that rupees thirty six thousand realised by the assessee by encashment of high denomination notes ..... of the assessee to give his explanation. the appellate assistant commissioner also asked for a report from the income-tax officer for examining the record of the bharati central bank ltd. (in liquidation). the income-tax officer served a notice under section 37 of the indian income-tax act on the official liquidator, bharati central bank ltd. the official liquidator wrote on the 20th of september, 1961 ..... in the status of an individual for the aforesaid year under section 23(3)/34 of the indian income-tax act, 1922. in response to a notice under section 34 of the said act, the assessee had filed a return showing total income of rs. 6,460. the income-tax officer further found that during the accounting year the assessee had encashed 21 high denomination notes of .....Tag this Judgment!
Court : Kolkata
Decided on : Sep-11-1969
Reported in : AIR1971Cal70,76ITR566(Cal)
..... the entire amount of this sum of rs. 1,20,000/- allocated towards the goodwill of the firm as the firms' capital gain under section 12-b of the income-tax act, 1922. the income-tax officer rejected the assessee's contention that the goodwill being an intangible asset did not come within the definition of a capital asset in section 2(4a) of the ..... section apart from section 2(4a) of the act.10. income-tax is said to be a misnomer, because under the income-tax act it is not necessarily or only dealing with tax on incomes. it taxes many other things which can hardly be called income as understood in the popular or usual sense. income in section 2 (6c) (vi) of the income-tax act is said to include inter alia expressly--'any capital ..... forced and artificial construction. there is neither any express provision nor any necessary implication which brings goodwill within the meaning of 'taxable capital gains' under section 12-b of the income-tax act. on the second test about profit or gains arising in connection with a sale or exchange or relinquishment or transfer many questions arise. in the first place, there may be ..... partnerships or companies. it is an inherent indication that goodwill as such was not intended to be a taxable capital gain within the meaning of section 12-b of the income-tax act. otherwise the incongruous and illogical distinction would arise that goodwill transferred in the case of partnership or company will be taxable capital gain but not goodwill transferred in the case .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-10-1969
Reported in : AIR1971Cal258,79ITR147(Cal)
..... from the case before us but the supreme court's view on the location of 'manufacturing profits' seems to be based not on interpretation of any particular section of the income-tax act but on general principles of law. mr. justice bhagwati who delivered the supreme court's judgment has stated at p. 43 (of itr) : (at p. 201 of air):--'the question ..... case, the tribunal was right in holding that assessee was not entitled to any relief under section 49-d of the indian income-tax act, 1922, for the assessment year 1949-50? 8. learned counsel for both the parties have approached the points that arise for our consideration in this reference from varied points of ..... , the tribunal was right in holding that for the purpose of applying the provisions of section 49-d of the indian income-tax act, 1922, the amount of the foreign income as computed in the indian income-tax act only has to be considered and not the income of the assessee as assessed in that foreign country? (2) whether, on the facts and in the circumstances of the ..... to double taxation relief under section 49-d. the tribunal held that for the purpose of determining the amount of doubly taxed income under section 49-d it was the amount of the foreign income as computed for the purposes of the indian income-tax act that had to be considered. the tribunal said that for the assessment year 1949-50 the indian authorities had computed .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-25-1969
Reported in : AIR1970Cal349,41CompCas477(Cal),80ITR108(Cal)
..... in : 2itr79(all) . he has also drawn my attention to the definition of a 'principal officer' as given in section 2 (12) of the income-tax act of 1922 and in section 2(35) of the income-tax act, 1961 and he contends that the official liquidator cannot be considered to be a principal officer within the meaning of the said definition. he has contended ..... appellant would have had the choice at his option of (a) proceeding by 'suit' in the ordinary courts in respect of arrears, or (b) by forwarding (under section 46 (2), income-tax act) to the collector the requisite certificate, initiating and putting into force collection of the arrears as arrears of land revenue under and in accordance with the appropriate provisions of the ..... of law or legal enactment, cannot properly be described as a 'legal proceeding'. if it be considered that the effect of the income-tax authorities putting the machinery of section 46, income-tax act, in motion for the collection of arrears of income-tax is to bring into operation all the appropriate legal enactments relating to the collection of land revenue in the province concerned, it is ..... or continue the work of assessment against a company which is in liquidation and for taking necessary steps in relation thereto on the basis of the provisions contained in the income-tax act, 1981. it is the contention of the department that any steps taken in relation to assessment of the company and all notices issued in connection therewith are not proceedings .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-10-1969
Reported in : AIR1970Cal389,75ITR233(Cal)
..... in name. it is only for that reason that no special provision has been considered necessary to meet that situation like the instant one in the income-tax act. from whatever angle of vision the problem is viewed at, we have no doubt that there has been no irregularity or illegality in demanding the money ..... old one in his assessment records. this confusion has taken place in view of the reference to the provision in section 26 of the income-tax act, 1922 in the proceedings leading up to the appeal. that section has no application to the instant case. so far as sub-section (1) of ..... raised thereto and the certificate against the appellant was cancelled (vide page 46 of the paper book). thereafter, a notice, under section 46 (5a) of the income-tax act, 1922 was issued for the said demand upon the manager of the allahabad bank limited, vide page 50 of the paper book, to the following effect:'a ..... sum of rs. 25911.81 p, is due from messrs. economic investment corporation ltd. on account of income-tax ....., iam to request you, under section 46 (5a) of the income-tax act, 1922, to pay to me forthwith any amount due from you to, or held by you for, or on account of ..... , the appellant does not deny it and cannot deny, in view of the provisions under section 11 (3) of the companies act. the grievance of the petitioner is that the income-tax officer, even though informed of the change of name, did not substitute the name of the appellant-company in place of the .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-02-1969
Reported in : 89ITR70(Cal)
..... for four days. it was held that these visits were ' occasional or casual' visits within the meaning of section 4a.(a)(iii) of the indian income-tax act, 1922. malik c.j., delivering judgment at page 843 of the report, observed as follows :' we do not think that a casual visit necessarily means ..... for which the relevant previous year is the calendar year 1947. therefore, in order to attract the provisions of section 4a(a)(iii) of the indian income-tax act, 1922, it would be necessary to establish: (j) that during 1st of january, 1943, to 31st december, 1946, the assessee was in india ..... as the order for the assessment year 1948-49 was concerned.4. thereafter, on an application being made under section 66(1) of the indian income-tax act, 1922, the following questions have been referred to this court:' (i) on the facts and in the circumstances of the case, was there any ..... subsequent years there was no evidence, according to the assessee, by which a finding in terms of section 4(1)(b)(iii) of the indian income-tax act, 1922, could be sustained. the appellate assistant commissioner rejected the said contentions.3. there was a further appeal before the tribunal. the assessee died ..... and was engaged in soap business there. therefore, according to the appellate assistant commissioner, the first part of section 4a(a)(iii) of the indian income-tax act, 1922, was fulfilled. the appellate assistant commissioner further held that so far as the second part of the said clause is concerned, the fact .....Tag this Judgment!
Court : Kolkata
Decided on : Sep-24-1969
Reported in : 87ITR340(Cal)
..... did not exist, but even assuming that upon prima facie examination we are wrong, we are completely satisfied that such an error cannot be corrected under section 154 of the income-tax act, 1961. we may also add here that it is not open to the authorities to make ' an error apparent from the record' by ignoring any relevant provision of the law ..... , and to take proceedings thereunder are challenged. the petitioner, narsingdas bangur, was a partner of magniram bangur & co., a firm which was assessed as a registered firm under the indian income-tax act, 1922, until the time hereinafter mentioned. for the assessment year 1961-62, the accounting year of the said firm was the sambat year 2016, ending on the 20th october, 1960 ..... in order to appreciate and deal with the contention raised by mr. sen. in that case the petitioner applied for a writ directing the respondent-income-tax officer to recall a notice under section 23a of the income-tax act, 1922, in may, 1964, directing the petitioner to show cause why an order under that section should not be made in respect of the petitioner ..... , 666 (bom.), where the following passage occurs :' the grounds upon which interference is permissible under the provisions of section 154 of the income-tax act, 1961, are in pari materia with the grounds under the old section 35 of the indian income-tax act, 1922, particularly the words ' with a view to rectifying any mistake apparent from the record '. the meaning of the words ' apparent from .....Tag this Judgment!
Court : Kolkata
Decided on : Oct-10-1969
Reported in : 84ITR60(Cal)
..... laid down by the supreme court, in the earlier case of kameshwar singh v. state of bihar, : 37itr388(sc) , under the comparable provisions of the bihar agricultural income-tax act.19. on behalf of the respondent-assessee, strong reliance has been placed on the observation of the assam high court in the case of dwijendra chandra chowdhury v. commissioner of ..... ward, dist. iii(i),  69 i.t.r. 446 (cal.), by which he made the petitioner's rule absolute, quashing the notice issued by the respondent, income-tax, officer, under section 148 of the income-tax act, 1961 (hereinafter referred to as 'the act'), dated february 22, 1966, which is set out in the judgment.2. the notice is to the effect that the ..... income-tax officer has reason to believe that the income of the petitioner chargeable for the assessment year has 'escaped assessment', that the assessment was accordingly proposed to be reopened ..... plea in paragraph 6 of the petition that the petitioner explainedthe particulars of the transaction to the income-tax officer, while he wasmaking the assessment of the petitioner under the wealth-tax act is alsoof no legal importance, because the obligations of the assessee under theincome-tax act cannot be discharged by doing anything under a differentstatute, even though the same officer might be in .....Tag this Judgment!
Court : Kolkata
Decided on : Sep-19-1969
Reported in : 84ITR78(Cal)
..... undivided family. in spite of the objections of the petitioner assessments were completed for 1961-62 and 1962-63 while the reassessment for 1960-61 under section 147 of the income-tax act, 1961, was still pending. in respect of the assessment year 1963-64 the petitioner by his letter dated the 14th march, 1966, required of the respondent not to proceed on ..... following observation was made :' it is, however, necessary once more to observe, as we did in c.a. abraham's case, : 41itr425(sc) that the income-tax act provides a complete machinery for assessment of tax, and for relief in respect of improper or erroneous orders made by the revenue authorities. it is for the revenue authorities to ascertain the facts applicable to ..... any order of a court are, inter alia, representative assessees and they are deemed to be assessees for all the purposes of the income-tax act and subject to all the duties, responsibilities and liabilities as if the income was income received by or accruing to or in favour of them beneficially and they would be liable to assessment in their own name in respect ..... comes to the conclusion that there never had been a hindu undivided family, no question can arise under section 25a(1) of the indian income-tax act, whether the joint family property had been partitioned among the various members or groups of members in definite portions or not. section 25a(3) does not apply to such a .....Tag this Judgment!
Court : Kolkata
Decided on : Sep-17-1969
Reported in : 82ITR513(Cal)
..... 2(6cj says that income includes dividend. as section 3 of the income-tax act charges the income or the total income to income-tax, it necessarily follows that the income-tax attaches to dividends as part of the income or a kind of income. section 18(3d) of the income-tax act refers to the deduction of super-tax from dividends and provides for deduction of such tax at the source and which ..... leading to the situation where the company found that its capital was in excess of the requirements of the company, is dividend under the income-tax act read with or without the finance act.19. section 2(6a) of the income-tax act says :'dividend includes- (a) any distribution by a company of accumulated profits, whether capitalized or not, if such distribution entails the ..... all. as the language clearly says, it means dividend which has been declared and paid by the prescribed arrangements. the second part under section 18(3d) of the income-tax act may include consideration of deemed dividend as the section itself provides. in order to succeed, therefore, the revenue has to establish in this case that the dividend taken ..... distributed dividends. there is no discussion of difference between notional distribution and actual distribution in these words. the only requirement is distribution of dividends. dividend is defined in the income-tax act m clause (6a) of section 2. in the above paragraph, i have held that the distribution made by the assessee-company falls under the definition of 'dividend'. it .....Tag this Judgment!