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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1976 Page 5 of about 98 results (0.032 seconds)

Mar 19 1976 (HC)

Commissioner of Income-tax Vs. Income-tax Appellate Tribunal, d Bench ...

Court : Kolkata

Decided on : Mar-19-1976

Reported in : [1977]109ITR267(Cal)

..... to rs. 9,000. hence the total disallowance under this head will come to rs. 56,887.'2. under section 10(2)(xv) of the indian income-tax act, 1922, expenditure incurred wholly and exclusively for the purpose of carrying on the business is allowable as deduction. therefore, in order to be entitled to deduction ..... for which that party was not responsible. in those circumstances it was held that though section 35 of the indian income-tax act, 1922, had not been made applicable to the proceedings under the excess profits tax act, 1940, and would not apply to applications for review, the tribunal had inherent power to review its orders in ..... appellate assistant commissioner also did not refer to either the provisions of section 10(2)(xv) or section 10(4a) of the indian income-tax act, 1922. the cases referred to in the said portion of the order, however, were cases dealing with question under section 10(2)(xv) of the ..... there was an error apparent on the face of the record. in the impugned order the income-tax appellate tribunal has observed that there was discussion about the applicability of the provisions of section 10(4a) of the indian income-tax act, 1922, to the facts of the case to the exclusion of section 10(2)(xv). ..... of express power, however, eliminates the scope of exercise of implied power. in the instant case sec-tion 35 of the indian income-tax act, 1922, would be applicable. section 35 authorises rectification of a mistake in case the mistake is apparent from the record by the .....

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Jan 28 1976 (HC)

Commissioner of Income-tax Vs. National Cement Mines and Industries Lt ...

Court : Kolkata

Decided on : Jan-28-1976

Reported in : [1977]109ITR739(Cal)

..... a subsidiary company are two separate taxable entities and the profits and gains of their several businesses are separate profits and gains for the purpose of the income-tax acts. we also agree with the above decision of the house of lords and return our answer to both the questions in the negative and in favour ..... over the written down value of plant, machinery and building transferred by the assessee to karkata collieries ltd. was not assessable under section 10(2)(vii) of the indian income-tax act, 1922 ?' 6. the contentions of mr. b. l. pal, the learned counsel for the revenue, on question no. 1 are as follows : (i) the ..... the facts and in the circumstances of the case, the tribunal was right in holding that no taxable profit arose to the assessee under section 10 of the indian income-tax act, 1922, from the transfer or sub-lease of leasehold mineral rights to karkata collieries ltd., a 100% subsidiary of the assessee-company ? 2. whether, on ..... rights under a sub-lease to a 100% subsidiary company, karkata collieries ltd. the income-tax officer has brought the surplus to tax by rejecting the contentions of the assessee that the assessment should be made under section 12b of the indian income-tax act, 1922, and that the said surplus should be exempted under the fourth proviso to that ..... deb, j.1. this is a reference under section 66(1) of the indian income-tax act, 1922. the assessee is a company. the assessment year is 1948-49. the previous year ended on may 31, 1947.2. in the .....

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Jan 06 1976 (HC)

Commissioner of Income-tax Vs. Calcutta Motor Dealers Association

Court : Kolkata

Decided on : Jan-06-1976

Reported in : [1977]108ITR744(Cal)

..... -62 and the corresponding section 11 of the income-tax act, ] 961, for the assessment years 1962-63 to 1964-65' after the words 'indian income-tax act, 1922.' 4. the income-tax officer has rejected the assessee's contention and has brought to tax several items of income specified in the statements of the case on the grounds stated in the assessment orders ..... for and exempted from using the word 'limited' in its name. the assessee claimed exemption under section 4(3)(i) of the indian income-tax act, 1922, for the assessment year 1961-62 and under the corresponding section 11 of the income-tax act, 1961, for the remaining three assessment years. 3. we reframe question no. 1 by adding the words 'for the assessment year 1961 ..... in the affirmative, whether the work in connection with the business was mainly carried on by beneficiaries of the assessee and accordingly the income derived from such activities was exempt from tax under section 4(3)(i) of the income-tax act, 1961?' 2. the statement of the case relates to the assessment years 1961-62 to 1964-65. the assessee is a company and ..... the negative and in favour of the revenue by saying that the assessee is not entitled to exemption from tax in respect of any of its activities under section 4(3)(i) of the indian income-tax act, 1922, and the corresponding section 11 of the income-tax act, 1961, as claimed in the assessment years concerned. 7. accordingly, the remaining questions do not call for any .....

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Mar 11 1976 (HC)

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

Court : Kolkata

Decided on : Mar-11-1976

Reported in : [1977]108ITR802(Cal)

..... assessee. the indian steel & wire products ltd., calcutta, who manufactures and processes wire rods will be entitled to rebate allowed under the 1965 finance act and deduction allowed in the 1966 finance act incorporating section 80e in the income-tax act, 1961, by reason of its products, namely, wire rods, coming within the definition of the item or an article or thing in item ..... included steel sheets.42. mr. banerjee contended that in the absence of any definition of the words 'iron', 'steel' or 'metal' in the finance act, 1965, part iii, and in the fifth schedule of the income-tax act, the expression 'iron and steel (metal)' in the items in question was ambiguous. whether the chemical or the metallurgical or the popular meaning was ascribed ..... firstly, he submitted that for the interpretation of the items in the relevant schedules, viz., the schedule contained in part iii of the finance act, 1965, and the fifth schedule of the income-tax act, 1961, referred to in the finance act, 1966, judicial interpretation of identical expressions in earlier statutes would be of relevance and should be taken into account.22. secondly, he contended ..... . the tribunal rejected the plea of the assessee that its product came within item 1 of part iii of the first schedule of the finance act, 1965, or item 1 of the fifth schedule of the income-tax act, 1961.12. from the definition of the words 'metal', 'element', 'iron' and 'steel' as appearing in the readers' digest great encyclopaedic dictionary, the .....

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Mar 29 1976 (HC)

Calcutta State Transport Corporation Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Mar-29-1976

Reported in : [1977]108ITR922(Cal)

..... has to come within the definition of a 'local authority' in section 2(3l)(vi) read with section 10(20) of the income-tax act, 1961. it is to be noted that the income-tax act, 1961, does not define a local authority, and, therefore, in interpreting the expression recourse has to be taken to the definition ..... the assessee that it was a local authority within the meaning of section 2(31)(vi) of the income-tax act, 1961, and as such its income was exempt from income-tax under section 10(20) of the act.5. the tribunal found that the assessee was an authority and legally entitled to the control or management of ..... basis of such concession (at page 109 of the report), read as follows :'in our view, the provisions of section 4(3)(iii) of the income-tax act itself by the use of the words 'within its own jurisdictional area' excludes a corporation such as this which has operational jurisdiction in the whole of the ..... the case, the tribunal was right in holding that the assessee is not a ' local authority' as contemplated by section 2(31)(vi) of the income-tax act, 1961 ?(2) whether, on the facts and in the circumstances of the case, the tribunal is right in holding that the assessee is not entitled ..... a local authority ; but he was not prepared to give up his contention that there is repugnancy between the charging section of the income-tax act and sections 29 and 30 of the act.'25. the next decision was in the case of valjibhai muljibhai soneji v. state of bombay reported in : [1964]3scr686 . in .....

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Mar 02 1976 (HC)

Jiyajeerao Cotton Mills Ltd. Vs. Income-tax Officer, C-ward and ors.

Court : Kolkata

Decided on : Mar-02-1976

Reported in : [1977]107ITR253(Cal)

..... with and such an exemption should not be granted or availed of on an a priori consideration. the intendrnent of the statutory concession contained in section 15c of the indian income-tax act, 1922, was because the legislature had intended to provide an incentive for expansion of trade and setting up of new industries, apparently to vitalise the industrial progress. its scope was ..... and the aggregate of development rebate and depreciation as aforesaid. (b) for the said assessment year 1962-63, the assessee did not claim any relief under section 84 of the income-tax act, 1961, in view of the fact that the said unit, saurashtra chemicals, yielded no profit but the working resulted in a trading loss of rs. 35,36,014 after setting ..... .3. the main contention urged in support of this application was that the mistake proposed was not a mistake which could come within the purview of section 154 of the income-tax act, 1961. section 154 permits rectification only if there is a mistake apparent from the record. the scope and occasions for such rectification have been examined by the supreme court and ..... . the said notice indicated the nature of themistake which was proposed to be rectified as follows :'nature of mistake proposed to be rectified.--the relief under section 84 of the income-tax act, 1961, was allowed without taking into account the past losses, unabsorbed depreciation, etc., incurred by the new industrial undertaking. this mistake is apparent from the records and rectification in the .....

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May 11 1976 (HC)

Commissioner of Income-tax Vs. Ramjeewan Sarawgee and Sons.

Court : Kolkata

Decided on : May-11-1976

Reported in : [1977]107ITR845(Cal)

..... indian income-tax act, 1922, has been considered. it is laid down that under explanation 2 a transaction which is not otherwise speculative may still be speculative within the meaning of that explanation if ..... goods only delivery orders changed hands without actual delivery of the said goods, whether such transactions amounted to speculative transactions within the meaning of section 24(1) of the indian income-tax act, 1922. the supreme court has categorically laid down that actual delivery meant real as opposed to notional delivery. in the jugment of gupta j., explanation to section 24 of the ..... in davenport's case : [1975]100itr715(sc) and it was held by the supreme court that the words 'actual delivery' in explanation 2 to section 24(1) of the indian income-tax act, 1922, meant a real as opposed to a notional delivery of the goods or the scrips. the said explanation does not invalidate the speculative transactions which are otherwise legal but ..... the revenue, has contended before us that the loss claimed by the assessee was a speculative loss within the meaning of that expression used in section 43(5) of the income-tax act, 1961, and, therefore, it should not have been allowed by the tribunal. it is also the submission of mr. pal that if the goods are not actually delivered even after .....

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Jan 05 1976 (HC)

Jeewanlal (1929) Ltd. Vs. Commissioner of Income-tax (Central) and ors ...

Court : Kolkata

Decided on : Jan-05-1976

Reported in : [1977]106ITR33(Cal)

..... sabyasachi mukharji, j.1. in this application under article 226 of the constitution the petitioner has challenged the notice dated 4th november, 1974, issued under section 263 of the income-tax act, 1961. the petitioner is a public limited company engaged in the business of manufacture and sale of aluminium utensils and articles. the petitioner has its factory at bombay, ..... was entitled to such relief and rebate the appellate assistant commissioner had not directed. while passing the order in consequence of the appellate assistant commissioner's direction, the income-tax officer if he acts erroneously or contrary to the provisions of law, in my opinion, it cannot be said that the same formed part of the order of the appellate assistant ..... admissible in law to the applicant.' 2. by virtue of the aforesaid direction of the appellate assistant commissioner on the 13th november, 1972, the income-tax officer passed an orderpurporting to be one under section 251 of the act in which he gave effectto the appellate assistant commissioner's order in the manner following :' * * * * * ** * rs. 17,43,703less : rebate on 2% ..... and gains derived from the export of any goods or merchandise outside india. obviously, it appears to me that the income-tax officer incorrectly applied the provisions of the two finance acts. it is also seen that the income-tax officer applied a lower rate of tax holding that the assessee manufactured articles specified in part iii of the first schedule to the finance .....

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Feb 24 1976 (HC)

Chloride India Ltd. Vs. Commissioner of Income-tax and ors.

Court : Kolkata

Decided on : Feb-24-1976

Reported in : [1977]106ITR38(Cal)

..... that where pursuant to the direction of the appellate tribunal in an order under section 33(4) of the indian income-tax act, 1922, to revise or amend the assessment made by the income-tax officer, the income-tax officer revised the assessment, the order passed by the income-tax officer took the character of a fresh assessment order and was only referable to section 23 of the indian ..... order. the order of the commissioner dated the 7th november, '1972, in so far as it held that the petitioner was not entitled to interest under section 214 of the income-tax act, 1961, is set aside and quashed and the commissioner is directed to reconsider the matter in accordance with law and in accordance with the observations made herein. the rule is ..... shadilal sugar & general mills ltd. v. union of india : [1972]85itr363(all) . there also the question was dependent upon the construction of the provisions of section 18a(5) of the income-tax act, which, as mentioned hereinbefore, provided as follows: 'the central government shall pay simple interest- (i) at 2 per cent, per annum on any amount payable in accordance with the provisions ..... : [1972]85itr363(all) . in this case the court explained the meaning of the words'regular assessment' appearing in section 18a(5) of the indian income-tax act, 1922. the words' regular assessment' also appear in section 214 of the income-tax act, 1961, and they mean the first or the original assessment order made by the i.t.o. for that year. as no amount was .....

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Apr 30 1976 (HC)

income-tax Officer, Central and anr. Vs. Ghanshyamdas Jatia and ors.

Court : Kolkata

Decided on : Apr-30-1976

Reported in : [1976]105ITR693(Cal)

..... required to pay the amount within fifteen days from service of this notice, in default whereof steps for recovery would be taken in accordance with the second schedule to the income-tax act, 1961. the respondents were also informed that they would be liable for interest according to section 220(2) and costs.14. sub-section (1) of section 220 provides that ..... v. seghu buchiah setty : [1964]52itr538(sc) the supreme court had occasion to consider the scope of sections 29 and 45 of the indian income-tax act, 1922, and it has been held in that case that when a demand levied by the income-tax officer as a result of an assessment is varied by an appellate or revising authority, the original order of the ..... hold good with respect to the corresponding provisions of the income-tax act, 1961, and in other acts relating to the imposition of direct taxes. 2. the above decision of the supreme court will create difficulties in the collection of income-tax and other direct taxes. the number of assessments involved in the arrear demands of direct taxes is nearly 6 lakhs and recovery certificates have been issued ..... bringing on record the legal heirs of the deceased assessee.3. the income-tax officer thereafter issued notice on july 28, 1962, under section 22(4) of the indian income-tax act, 1922 (hereinafter referred to as the 1922 act), on the respondents as legal heirs of kanailal jatia. on non-compliance thereof the income-tax officer, central circle xviii, calcutta, the appellant no. 1 before us, .....

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