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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1976 Page 1 of about 98 results (0.031 seconds)

Dec 03 1976 (HC)

Commissioner of Income-tax Vs. Guest Keen and Nettlefold Ltd.

Court : Kolkata

Decided on : Dec-03-1976

Reported in : [1978]115ITR205(Cal)

..... sankar prasad mitra, c.j. 1. this is a reference under section 256(1) of the income-tax act, 1961. the assessee is a sterling company. it has been assessed to income-tax as a non-resident. the assessment relates to the assessment years 1961-62 and 1962-63.2. the assessee had a controlling interest in m/s. guest keen williams ltd. ..... required for this purpose and pointed out that the assessee had discharged the entire overdraft by the sale of the rights shares which it had taken. from these facts, the income-tax officer concluded that the assessee had not only the intention of making a business profit, but actually took steps in that direction by disposal of l/4th of its rights ..... the accounting year 1960 came to rs. 69,518. the surplus in 1961 came to rs. 32,12,684.12. the income-tax officer brought these two amounts to tax on the basis that the assessee was a dealer in shares. the income-tax officer's view was that the assessee did not have any intention of investing rupees four crores in the rights issue ..... . our attention has been drawn to the supreme court decisions in g. venkataswami naidu & co. v. commissioner of income-tax 0065/1958 : [1959]35itr594(sc) , commissioner of income-tax v. sutlej cotton mills supply agency ltd. : [1975]100itr706(sc) and dalmia cement ltd. v. commissioner of income-tax : [1976]105itr633(sc) . we have also been taken through the judgment of the court of appeal in eames .....

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Aug 02 1976 (HC)

Dulichand Omprakash Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Aug-02-1976

Reported in : [1978]113ITR476(Cal)

..... is at the instance of the assessee, m/s. dulichand omprakash, under section 256(2) of the income-tax act, 1961. the question called for from the tribunal is :'whether the conclusion arrived at by the tribunal that the sum of rs. 87,000 was the income of the assessee from undisclosed sources was perverse in the sense that no reasonable man would come ..... aggrieved, the assessee went up in appeal before the appellate assistant commissioner against the assessments in both the said assessment years. the appellate assistant commissioner upheld the decision of the income-tax officer in adding back the amount credited in the name of tarachand surana. he also noted that the cash position of the assessee did not justify the alleged loans from ..... tarachand surana. there was a further appeal to the income-tax appellate tribunal for both the assessment years by the assessee. in the meantime, penalty proceedings had been initiated and tarachand surana had been examined by the inspecting assistant commissioner and ..... not been retracted by his subsequent evidence. the tribunal concluded that the genuineness of the loans from tarachand surana to the assessee was not established. the addition made by the income-tax officer was accordingly upheld by the tribunal.5. mr. r.n. bajoria, learned counsel for the assessee, has contended before us that on the evidence adduced by tarachand surana, .....

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May 06 1976 (HC)

Commissioner of Income-tax Vs. Roberts Mclean and Co. Ltd.

Court : Kolkata

Decided on : May-06-1976

Reported in : [1978]111ITR489(Cal)

..... deb, j.1. in this reference under section 66(1) of the indian income-tax act, 1922, the assessment year involved is 1961-62. the previous year ended on july 31, 1960. the assessee is a company. the facts stated ..... years and as it was finally determined by the award in the accounting year, it was an allowable deduction under the act. this ease was followed by mr. justice a.n. sen in the case of commissioner of income-tax v. hindus-than housing & land development trust ltd. : [1977]108itr380(cal) . in that case an additional ..... and if a legal liability has been definitely incurred in the accounting year; it must be allowed in that year. (vide calcutta co. ltd. v. commissioner of income-tax : [1959]37itr1(sc) of the report). but if the liability is contingent and does not raise any definite obligationin the accounting year, it cannot be the ..... 4. mr. sengupta has cited those cases which were discussed by mr. justice a.n. sen in his judgment dated january 9, 1973, in income-tax reference no. 5 of 1967, intituted commissioner of income-tax v. hindusthan housing and land development, trust ltd. : [1977]108itr380(cal) . apart from those cases, mr. sengupta has also cited the ..... ending on july 31, 1960.2. rs. 1,08,370 claimed by the company as an allowable deduction in the accounting year was rejected by the income-tax officer for the reasons recorded in the assessment order. the appeal filed by the company was allowed by the appellate assistant commissioner. the tribunal has dismissed the .....

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Jun 08 1976 (HC)

Anand Rice and Oil Mills Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jun-08-1976

Reported in : [1977]108ITR372(Cal)

..... dipak kumar sen, j.1. in this reference under section 256(2) of the income-tax act, 1961, at the instance of m/s. anand rice & oil mills, calcutta, the assessee, the tribunal has been directed to refer to this court the following ..... the prices claimed by the assessee in respect of purchase of paddy in these three months aggregating 4,477 maunds only. on the rate as estimated by the income-tax officer the addition on this account could not exceed rs. 6,600. the tribunal has not given any basis of its own estimate. it is also not ..... of the revenue was that the appellate assistant commissioner not having accepted the explanation of the assesee he was not justified in reducing the addition made by the income-tax officer. it was also pointed out to the tribunal that where the purchases were made direct from the cultivators the intermediary profits available to the authorised dealers ..... appears that the income-tax officer accepted the quantity of paddy purchased by the assessee, viz., 53,043 maunds, during the said assessment year. but he did not accept the purchase price ..... andother expenses came to rs. 22.17 per maund but the same rice was sold at a lower rate, viz., rs. 21.84 per maund.3. the income-tax officer accepted the sale figures of the assessee inasmuch as the same were vouched and were found to have been made at the prevailing market rate. it also .....

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Mar 23 1976 (HC)

Y.L. Agarwalla and ors. Vs. Commissioner of Income-tax, Central

Court : Kolkata

Decided on : Mar-23-1976

Reported in : [1977]106ITR957(Cal)

..... from the decision of the tribunal the following questions have been referred to us at the instance of the assessee under section 256(1) of the income-tax act, 1961 :'1. whether, on the facts and in the circumstances of the case, and having regard to the legal position, the tribunal was justified ..... as it was before the death of yudhisthir lal, this position is supported by the decision of the mysore high court in the case of commissioner of income-tax, v. smt. nagarathnamma : [1970]76itr352(kar) , which was cited by mr. bhattacharjee for the assessee. the direct nexus which was there during ..... of mr. bhattacharjee we are unable to accept the same. in the very decision cited by mr. bhattacharjee, rajkumar singh hukam chandji v. commissioner of income-tax : [1970]78itr33(sc) , tests have been clearly laid down by the supreme court as follows (pages 43 and 44 of the report):'in order ..... or salary or commission for services rendered.15. mr. bhattacharjee also relied on a decision of the supreme court in the case of commissioner of income-tax v. rajasthan mines ltd. : [1970]78itr45(sc) for the proposition that even accepting the primary facts found by the tribunal the court could ..... interest in the partnership and that her three minor sons had been individually admitted to the benefits thereof. this contention was not accepted by the income-tax officer who included the share of profits accruing to the three minor sons of yudhisthir lal for the period 19th december, 1967, to the 31st .....

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Feb 24 1976 (HC)

Rajinder Mohan Bhandari Vs. Income-tax Officer and ors.

Court : Kolkata

Decided on : Feb-24-1976

Reported in : [1978]111ITR407(Cal)

..... , j. 1. the subject-matter of challenge in this application under article 226 of the constitution is the notices issued on the 29th march, 1975, under section 148 of the income-tax act, 1961, for the assessment years 1966-67 and 1970-71 to 1973-74. the said notices have been issued on the petitioner, rajinder mohan bhandari, the heir and legal representative ..... the assessment year 1967-68, in respect of m/s. p. g. bhandari & sons made under section 143(3)/146 of the income-tax act, 1961, made by the income-tax officer, survey ward, district-vii, calcutta, forwarded to me by the income-tax officer, 'c' ward, district v(2), it is found that the said assessment was completed as a protective measure in the status of ..... being sought to be assessed in the hands of the individual. therefore, it was argued that it could not be urged that income had escapedassessment in terms of clause (a) of section 147 of the income-tax act. it was secondly urged that escapement, if there has been any, that was by reason of not the omission or failure on the part of the ..... , that does not prevent from properly assessing in the hands of a unit to which it belonged by process of reopening under section 148 of the income-tax act, 1961. reliance may be placed on the observations of the supreme court in the case of income-tax officer v. bachu lal kapoor : [1966]60itr74(sc) and in the case of manji dana v. commissioner of .....

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Apr 27 1976 (HC)

Commissioner of Income-tax Vs. S.C. Ghosal

Court : Kolkata

Decided on : Apr-27-1976

Reported in : [1977]106ITR980(Cal)

..... but his address he supplied.5. the confirmation letters also furnished assessment file numbers of the creditors showing that they were income-tax assessees.6. the income-tax officer was not satisfied with this evidence and issued notices under section 131 of the income-tax act, 1961, calling upon the creditors to produce their books of account and confirm that the said loans were genuine.7. ..... loans had been verified from his documents. the proprietor of naraindas hotchand informed the income-tax officer that at the time of the service of the summons under section 131 of the income-tax act, 1961, he had left calcutta but asked for another date for personal appearance.8. the income-tax officer did not fix any date for further appearance of naraindas hotchand but completed ..... in this reference under section 256(2) of the income-tax act, 1961, at the instance of the assessee, s. c. ghosal, the following questions have been directed to be referred :'1. whether, on the facts and in the circumstances of the case, the tribunal was right in jaw in holding that the income-tax officer was not justified in treating the hundi loans ..... or about 1958, discovered from a large number of cases that fictitious hundi loans were being relied upon by various assessees to bring into their books of account concealed income, the income-tax officer concluded that the creditors in the instant case were not in a position to make the alleged advances to the assessee and, therefore, the accommodation which had been .....

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Mar 02 1976 (HC)

Suganchand Chandanmal Vs. Income-tax Officer and ors.

Court : Kolkata

Decided on : Mar-02-1976

Reported in : [1976]105ITR743(Cal)

..... patwari, chandanmull agarwalla, hulasi debi and rukmini debi. on october 16, 1965, all the partners of the petitioner-firm filed disclosure petitions under section 271(4a) of the income-tax act before the commissioner of income-tax, west bengal iii. in the said disclosure petitions it was admitted that the personal funds belonging to the aforesaid four partners were invested in the books of account ..... petitions it would appear that fictitious and false entries were made in the books of the assessee-firm. the reasons as recorded under clause (a) of section 147 of the income-tax act, 1961, for obtaining sanction were produced before me and the said reasons were to the following effect:'the books of accounts of the assessee for the relevant previous year contained ..... sabyasachi mukharji, j.1. in this application the notice under section 148 of the income-tax act, 1961, dated the march 30, 1970, in respect of the assessment year 1961-62 is the subject-matter of challenge. the assessee is a registered partnership firm. it was contended ..... the assessee. in this connection, reliance may be placed on the observations of the division bench of the bombay high court in the case of narayandas kedarnath v. commissioner of income-tax : [1952]22itr18(bom) it further appears that in obtaining sanction from the commissioner it was represented that the assessee had made a confession. that is incorrect. the assessee had not .....

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Nov 17 1976 (HC)

Commissioner of Income-tax Vs. Wilh. Wilhelmsen

Court : Kolkata

Decided on : Nov-17-1976

Reported in : [1978]115ITR10(Cal)

..... world fleet and many of the ships might not have been used at all in the indian waters but there is no prohibition under the indian income-tax act against allowing depreciation on such ships simply on the ground that the ship had formed a part of the company's fleet for more than 20 ..... the ship was evidently not used for purpose, of the round voyage via india and as such no depreciation had been allowed under the indian income-tax act except for the first year.....in the case of a foreign shipping company like that of the appellant-company there may be ships which are ..... purpose of assessment under the indian income-tax act. this, to our mind, seems to be the most patent and obvious interpretation of section 10(2)(vi). in the case of the present assessee ..... has also to take into account only such depreciation as has been actually allowed under the indian income-tax act. as such we are not concerned with any notional depreciation or depreciation which might have been provided, in the accounts other than those relevant for the ..... under rule 8, the rates have been prescribed for the different kinds of ocean-going steamers and vessels. when the depreciation is allowed under the indian income-tax act it follows that in the matter of calculating the overall or total depreciation for the purpose of proviso (e) to section 10(2)(vi) one .....

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Dec 22 1976 (HC)

British Electrical and Pumps P. Ltd. Vs. Income-tax Officer, 'B' Ward ...

Court : Kolkata

Decided on : Dec-22-1976

Reported in : 81CWN404,[1978]113ITR143(Cal)

..... ]82itr147(sc) , where the supreme court laid down that the words ' reason to believe ' in section 34(1a) of the indian income-tax act, 1922 (similar to section 147, clause (b), of the income-tax act, 1961), must be the belief of an honest and reasonable person based upon reasonable grounds but not on mere suspicion, gossip or rumour. the anonymous letter, it was contended ..... ]102itr287(sc) laid down the tests and principles which would apply to determine the applicability of section 34(1)(b) of the 1922 act (in material portions similar to section 147, clause (b), of the income-tax act, 1961) to the following category of cases : '(1) where the information is as to the true and correct state of the law derived from ..... disclose the materials on which he is said to have formed his reason to believe that income chargeable to tax had escaped assessment and without such disclosure the income-tax officer cannot assume jurisdiction to initiate any proceeding under section 147 read with section 148 of the income-tax act. the conditions precedent to assumption of jurisdiction not having been satisfied the burden lay upon the ..... refund voucher. some time thereafter, a notice purported to be under section 148 of the income-tax act, 1961, was served upon the appellant-company in regard to the assessment year 1969-70 alleging that the income-tax officer had reason to believe that the income chargeable to tax for the said assessment year had escaped assessment within the meaning of section 147 of the .....

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