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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1973 Page 1 of about 60 results (0.028 seconds)

May 24 1973 (HC)

Gold Co. Ltd. Vs. Commissioner of Income-tax (Central)

Court : Kolkata

Decided on : May-24-1973

Reported in : [1973]92ITR121(Cal)

..... sabyasachi mukharji, j.1. in this case under section 66(1) of the indian income-tax act, 1922, a familiar question has been referred to this court:' whether, on the facts and in the circumstances of the case, ..... transaction should be examined to determine whether it is a revenue loss or capital loss. in the case of ramnarain sons (p,) ltd. v. commissioner of income-tax, : [1961]41itr534(sc) the supreme court observed that in considering whether a transaction was or was not an adventure in the nature of trade, the ..... the shares were preference shares and it had been held for a long period. for these factors the tribunal was of the opinion that the income-tax officer was justified in treating these as investment shares. the tribunal further observed that even a share dealer could have investments and on the facts found ..... assistant commissioner further observed that it was the assessee's contention that these shares were purchased in the course of their share dealing business and the income-tax officer had not been able, according to the appellate assistant commissioner, to prove that these shares were acquired for investment purposes. so far as the ..... that these shares were ultimately acquired by messrs. indian textile agency ltd. numbering 300 shares and by the calcutta properties ltd. numbering 700 shares. the income-tax officer observed that these two companies were controlled by the members of the bangur family and disallowed the loss on the ground that the transaction in question .....

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Jan 18 1973 (HC)

Everest Hotels Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jan-18-1973

Reported in : [1978]114ITR779(Cal)

..... expiry of the period of the lease, the appellant resumed its business on the 1st april, 1958.3. now, under section 9 of the indian income-tax act, 1922, tax is payable by an assessee under the head 'income from property' in respect of the bona fide annual value of property consisting of any buildings or lands appurtenant thereto of which he is the owner ..... judgment and order of b.n. banerjee j., dated the 19th june, 1963, we have to decide 'whether the assessee's rental income out of a lease should be taxed under section 10 or section 12(4) of the indian income-tax act, 1922 ?'2. the appellant, since 1927, has been carrying on the business of a hotel under the name and style of 'hotel ..... the appellate assistant commissioner and the commissioner of income-tax referred to above are set aside and the income-tax officer concerned is directed to make the assessments in accordance ..... the hotel business as before. and the resumptionof possession took place before the income-tax officer could make hisorders. 18. taking all these facts into consideration, we are of the opinion that in the present case, the rental income derived from the lease should be taxed under section 10 of the indian income-tax act, 1922. 19. in the result, this appeal is allowed. the orders of .....

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Feb 28 1973 (HC)

Hongkong and Shanghai Banking Corporation Vs. Income-tax Officer, c Wa ...

Court : Kolkata

Decided on : Feb-28-1973

Reported in : [1975]100ITR531(Cal)

..... nature of mandamus directing the respondents to forthwith recall and cancel the notices dated the 4th may, 1965, and the. 1st july, 1965, respectively, issued under section 148 of the income-tax. act, 1961, for the assessment years 1950-51 to 1960-61, and to forbear from; giving effect thereto in any manner whatsoever.34. there will be no order as to costs ..... affidavit which was filed in answer to the rule by ranabir prasad dobe affirmed on the 29th november, 1965, which contains only the recital of the respective sections of the income-tax act, hardly any material was disclosed apart from the statement of paragraph 11 to the following effect:'11. with regard to paragraph 26 of the petition i state that the petitioner ..... , j.1. in this application the petitioner, the hong-kong and shanghai banking corporation, challenges several notices issued under section 148 read with section 147 of the income-tax act, 1961 (hereinafter referred to as 'the act'), covering assessment years 1950-51 to 1960-61. the notices are impugned on the usual ground that there was no omission or failure on the part of ..... . thereafter, on the 23rd april, 1951, i.e., four days after the date of the letter written by the petitioner, the income-tax officer passed an order of assessment for the year 1950-51 under section 23(3) of the indian income-tax act, 1922 (now repealed). the opening paragraph of the short assessment order is significant in the context of the present contention advanced .....

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Mar 08 1973 (HC)

Katihar Match Works (1954) (P.) Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Mar-08-1973

Reported in : [1975]99ITR251(Cal)

..... finality or appealability arises.'12. in that case the bombay high court held that the right which the legislature conferred upon an assessee under section 24(2) of the indian income-tax act, 1922, to carry forward the loss of previous years for a period of six years is an absolute unqualified right and that right is not made conditional upon any computation ..... 's order dated march 30, 1963, dropping the proceedings started under section 22(2) could be the subject of an appeal under section 30 of the indian income-tax act, 1922 ?'2. the facts of the case have been fully set out in the statement of the case and the same may briefly be indicated. the reference relates to the ..... the assessee's claim to get the loss determined was barred by limitation prescribed under section 22(2a) of the indian income-tax act, 1922, and that the same could not be revived when a notice under section 22(2) was issued. the income-tax officer further held that there was no further obligation on him to complete the assessment in such an event. the ..... and if the statute has chosen to confer no right of appeal against the kind of order of the income-tax officer, no appeal will lie against such an order.9. the right of appeal is conferred under section 30 of the indian income-tax act, 1922. the material provision of the said section reads as follows :'any assessee objecting to......the amount of loss .....

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Apr 09 1973 (HC)

Calcutta Chromotype (Private) Ltd. Vs. Income-tax Officer and anr.

Court : Kolkata

Decided on : Apr-09-1973

Reported in : [1974]95ITR595(Cal)

..... :' sir, sub. : your assessment for 1961-62 assessment year. in connection with the above assessment you are hereby required under section 131 of the income-tax act, 1961, to produce your books of accounts for financial years ending on 31st march, 1949, 31st march, 1950, 31st march, 1951, and 31st march ..... evidence, etc.--(1) the income-tax officer.................. shall, for the purposes of this act, have thesame powers as are vested in a court under the code ..... to us, can rely on the provisions of section 131 because he is exercising the power for the purposes of the income-tax act. from this point of view, we do not see any conflict between section 131 and section 142, clause (b) of ..... section 131 is enclosed herewith. yours faithfully, (sd.) d. p. guha, income-tax officer, central circle xv, calcutta.' 2. before we deal with the rival contentions of the parties let us set out the relevant provisions of the income-tax act, 1961. these provisions are as follows:'131. power regarding discovery, production of ..... the production of books of account and other documents ; and.........' ' 142. enquiry before assessment.--(1) for the purpose of making an assessment under this act, the income-tax officer may serve on any person who has made a return under section 139 or upon whom a, notice has been served under sub-section (2 .....

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Nov 08 1973 (HC)

Sudhir Chatterjee and Co. (P.) Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Nov-08-1973

Reported in : [1978]111ITR911(Cal)

..... may be noticed. the assessee is a private limited company. the assessee is not exempt from the operation of the provisions of section 23a of the indian income-tax act, 1922, and it is not in dispute that in appropriate cases the provisions of section 23a may be applied to the assessee. in the year 1954-55 ..... rs. 12,000 declared by the assessee-company could have reasonably been distributed within the meaning of section 23a of the indian income-tax act, 1922, and the application of section 23a of the 1922 act was in accordance with law ?'2. the statement of the case relates to the assessment year 1954-55, the previous year ..... the case, the tribunal was justified in holding that the order passed by the income-tax officer under section 23a(1) of the indian income-tax act, 1922, as 'it stood at the material time, was vitiated by reason of the fact that the income-tax officer had not issued to the assessee a notice under the second proviso to section ..... a.n. sen, j. 1. in this reference under section 66(1) of the indian income-tax act, 1922, the following question has been referred by the tribunal to this court :'whether, on the facts and in the circumstances of the case, ..... court was reversed and the claim of the assessee was allowed by this court on the ground that section 12(2) of the act applied to the case. similarly, in a later case, commissioner of income-tax v. royal calcutta turf club : [1961]41itr414(sc) , this court reiterated the principle that though the question whether an item .....

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Jul 24 1973 (HC)

Steel Enterprises Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jul-24-1973

Reported in : [1977]110ITR288(Cal)

..... speculative nature within the meaning of explanation 2 to section 24 of the indian income-tax act, 1922 (2) if the answer to the aforesaid question is in the affirmative, whether the same is liable to tax. for that year under section 10(1) of the indian income-tax act, 1922 ?' 2. the facts of the case have been fully set out ..... a.n. sen, j. 1. in this reference under section 66(1) of the indian income-tax act, 1922, the following two questions have been referred. '(1) whether, on the facts arid in the circumstances of the case, the loss of rs. 71,460 ..... in the statement of the case. 3. as in our view the first question raised is clearly covered by the decision of this court in the case of daulatram rawatmull v. commissioner of income-tax : [1970]78itr503(cal) we do ..... not consider it necessary to set out the facts in any detail. we also note that the view expressed by this court in the case of commissioner of income-tax v. pioneer trading company private ltd. : [1968]70itr347(cal) draws clear support to the decision of, this court taken in the case of daulatram rawatmull v. ..... commissioner of income-tax [1910] 78 itr 503 4. following the decision of this court in the aforesaid two cases we answer the question no. 1 in the negative, in favour .....

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May 15 1973 (HC)

Clive Buildings (Calcutta) Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : May-15-1973

Reported in : [1976]102ITR650(Cal)

..... to deduction in the assessment year 1958-59 and accordingly taking this amount into consideration the assessee did not come within the mischief of section 23a(1) of the indian income-tax act, 1922. counsel for the revenue on the other hand contended that under clause (b), section 23a(l), the deductions that the assessee was entitled to were only those that were ..... that the depreciation had not been separately charged and the amounts contributed to the repairs fund were much less than the allowance for repairs under section 9 of the indian income-tax act, 1922, the appellate assistant commissioner held that the provisions of rs. 40,975 for the assessment year 1958-59 and rs. 41,802 for the assessment year 1959-60 were ..... the expression 'allowed' in clause (b) of section 23a(1) should not be construed in the sense of anything that is allowed in the computation of the total income of the assessee under the income-tax act. we are, however, in view of the use of the expression 'allowed', unable to accept this position. in support of the contention on the expression 'levied' counsel ..... that the assessee is not a company in which the public are substantially interested within the meaning of section 23 a of the indian income-tax act, 1922. the following are the figures on the basis of which the income-tax officer held that the dividends distributed by the company for the two years were less than the statutory percentage (which was 60% in this .....

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Apr 26 1973 (HC)

Ballarpur Paper and Straw Board Mills Ltd. Vs. Commissioner of Income- ...

Court : Kolkata

Decided on : Apr-26-1973

Reported in : [1975]101ITR55(Cal)

..... in the assessment which was reopened under section 34(1)(b) of the indian income-tax act, 1922, the income-tax officer disallowed this item on the ground that this expenditure was of a capital nature. the controversy in this case was whether the reopening was ..... external sources and to what extent. the principles under which ihe reopening can be done under clause (b) of section 34(1) of the indian income-tax act 1922, are well settled by the decisions of the supreme court. reference may be made to the decisions of the suprene court in the case ..... 13,157 which was shown by the assessee under the head 'rights, concession and privileges' was allowable under section 10(2)(xv) of the indian income-tax act, 1922, being an item of revenue expenditure. it has been so allowed though not specifically mentioned in the original assessment for the assessment year 1959-60. ..... 13,157 claimed by the assessee under the lead 'rights, concessions and privileges' was not allowable under section 10(2)(xv) of the indian income-tax act, 1922, the same being an item of expenditure of a capital nature ?' 2. the facts will appear from the statement of the case. the assessee ..... case, the tribunal was right in holding that the case of the asses see-company was rightly reopened under section 34(1)(b) of the indian income-tax act, 1922? (2) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the sum of rs. .....

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Dec 04 1973 (HC)

income-tax Officer, a Ward and ors. Vs. Eastern Coal Co. Ltd. (In Liqu ...

Court : Kolkata

Decided on : Dec-04-1973

Reported in : [1975]101ITR477(Cal)

..... on the assessee to disclose the correct legal inference in respect of a particular transaction. the principles upon which clause (a) of section 147 of the income-tax act, 1961, or section 34(1)(a) of the income-tax act, 1922, can be invoked are well-settled by the provisions of these sections as well as by the decisions of the courts. in view of the ..... reasons have been recorded, then in such a case, there is no impediment in treating a notice issued under clause (a) of section 147 of the income-tax act, 1961, as one under clause (b) of the income-tax act, 1961.5. the next question is whether this action can be held to be valid inview of the provisions of section 297(2)(d)(ii) of ..... different provisions for two contingencies. in the premises, this contention of the assessee cannot be accepted.7. the next question that requires consideration is whether under section 150 of the income-tax act, 1961, this notice can be treated as valid. counsel for the revenue contended that in view of sub-section (1) of section 150 the period of limitation prescribed under section ..... date when the order which was the subject-matter of appeal was passed. in that view of the matter, in our opinion, the provisions of section 150(1) of the income-tax act, 1961, would apply on the facts of this case. it was lastly contended that explanation 2 to sub-section (3) of section 153 could not be invoked in this case .....

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