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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1976 Page 6 of about 98 results (0.033 seconds)

Jan 27 1976 (HC)

Shyam Sundar Jalan and anr. and Asiatic Oxygen and Acetylene Co. Ltd. ...

Court : Kolkata

Decided on : Jan-27-1976

Reported in : [1977]47CompCas61(Cal),[1977]106ITR275(Cal)

..... company can have only one principal officer. according to him, more than one principal officer is not contemplated under the existing laws. directors are not principal officers but under the income-tax act any director may be designated as a principal officer. in these cases the sanctioning authority accorded sanction against mr. k.c. gangwal as principal officer and against others as directors ..... of applications made under sections 397, 401 and 482 of the code of criminal procedure, 1973, for quashing complaints under sections 276(b), 276b, 276(d) and 276d of the income-tax act, 1961, and some orders passed by the learned chief presidency magistrate, calcutta.2. it appears that complaints were filed against the directors of the asiatic oxygen and acetylene company limited ..... .c. gangwal, designated as the principal officer of the said companies, for failure to deduct income-tax from the salary of the employees, for failure to submit returns in time, for failure to deduct income-tax and super-tax on dividends for certain period under various sections of the income-tax act. to be precise, the revision case no. 271 of 1975 relates to a complaint for delay ..... in submitting returns under section 276(b) of the income-tax act. the returns were due on april 30, 1971, but the same were filed on december 12, 1972, and the complaint was filed on the 19th of september, 1973. the complaints .....

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May 03 1976 (HC)

Tinsukia Development Corporation Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : May-03-1976

Reported in : [1979]120ITR476(Cal)

..... of the indian income-tax act, 1922, or section 22 of the new act ' 2. the relevant facts which have been found or admitted as will appear from the statement of ..... the circumstances of the case, and on an interpretation of the various leases and sub-leases and indentures, the entire income from pucca building should have been assessed under section 9 of the indian income-tax act, 1922, or section 22 of the new act (3) whether, on the facts and in the circumstances of the case, the temporary structures are buildings within the ..... meaning ,of section 9 of the indian income-tax act, 1922, and the income therefrom is liable to beassessed as owners of property under section 9 ..... instance of the assessee. 7. to appreciate the contentions of the assessee, section 9 of the indian i.t. act, 1922, may be noted. this section reads, as follows : ' 9. property.--(1) the tax shall be 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 .....

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Dec 03 1976 (HC)

In Re: Janak Ltd. (In Liquidation)

Court : Kolkata

Decided on : Dec-03-1976

Reported in : [1978]112ITR320(Cal)

..... question has been specifically laid down after considering the common law in england giving priority of crown debts, the indian income-tax act of 1922, section 46, and also the relevant tax recovery act and various decisions of the indian high courts. the supreme court after considering the question has laid down the law ..... the relevant provisions of the recovery act, the doctrine of priority of crown debts in respect of tax has become the subject-matter of the legislative provision and, therefore, the said doctrine cannot ..... common law priority of tax dues of crown is to continue as a law in force under article 372(1) of the constitution of india. further, the contention of the counsel before the supreme court was that by reason of the provision of section 46 of the indian income-tax act, 1922, and of ..... india in respect of the liabilities of the company should get priority or not.2. the learned advocate-general, appearing with mr. ajit sengupta for the income-tax authority submitted, relying on the supreme court decision in builders supply corporation v. union of india : [1965]56itr91(sc) , that an identical question came ..... official liquidator.7. the matter is to be treated as on the day's list.8. the official liquidator, the income-tax authority and all parties to act on a signed copy of the minutes on the liquidator's solicitor's undertakings to complete and file this order. .....

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Mar 19 1976 (HC)

Commissioner of Income-tax Vs. Calcutta Tramways Co. Ltd.

Court : Kolkata

Decided on : Mar-19-1976

Reported in : 80CWN117,[1978]112ITR643(Cal)

..... expressly indicates that a ' reserve account ' as provided in section 34(3)(a) is created under the ' shareholders' account '. the words ' reserve account ' have not been defined in the income-tax act. william pickles in his book of ' accountancy ', at page 184 (3rd ed.), has defined 'reserves' as ' amounts' set aside out of profits and other surplus which are not designed ..... ' shareholders' account ' and as such the reserve created is not in compliance with section 34(3)(a). as discussed above, there is no statutory obligation under the indian income-tax act for setting apart the amount equal to seventy-five per cent. of the development rebate to be actually allowed in a separate fund to be maintained for a specific purpose ..... contemplate two independent separate accounts, viz., 'shareholders' account ' and ' a special reserve account '* and need not necessarily include development rebate reserve, which is provided under section 33 of the income-tax act entirely on different considerations. the 'special reserve account' has to be maintained under the said agreement after setting apart a sum of 87,457 in the shareholders account in priority ..... as on 31st december, 1961, regarding the sum of 9,473 constituted a 'reserve' as contemplated by section 34(3) of the income-tax act, 1961, so as to justify allowance of development rebate under section 33 of that act ?'2. before the relevant portions of the balance-sheet are set out, it is necessary to discuss the material provisions of section .....

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Mar 19 1976 (HC)

Calcutta Tramways Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Mar-19-1976

Reported in : [1978]112ITR1041(Cal)

..... ,876 was to be deposited, the amount actually deposited was rupees six lakhs which sum is sufficient to meet the requirements of the banking companies act and also the income-tax act. but section 17 has used the words ' not less than twenty per cent.' which means that the excess sum amounts to ' reserve ..... under the 'renewals and replacement account' in the balance-sheet is not sufficient compliance with the conditions mentioned in section 34(3)(a) of the income-tax act. there is no doubt that the facts in the said decision are distinguishable from the facts of the present case. in that case, the ..... development rebate. we have already held in our earlier judgment in the other reference that the 'reserve account' under section 34(3)(a) of the income-tax act does contemplate a ' reserve fund ' which has to be set apart under a separate head and which could only be used for the purpose of ..... account '. thus, although only a sum of 9,473 is to be set apart as development rebate reserve under section 34(3)(a) of the income-tax act, an excess amount of 20,000 is lying credited in the 'renewals and replacement account'. he has further added that, admittedly, for the purpose of ..... of india ltd v. their workmen : (1969)illj785sc , relied on by counsel for the revenue, relates to development rebate under the income-tax act in the context of the payment of bonus act, 1965. there, the industrial tribunal made a distinction between 'reserve' and 'provision' and allowed rs. 7,00,000 instead of rs .....

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Apr 09 1976 (HC)

Commissioner of Income-tax (Central) Vs. Ram Kumar Agarwalla and Broth ...

Court : Kolkata

Decided on : Apr-09-1976

Reported in : [1977]109ITR564(Cal)

..... application for renewal of registration dated the 29th june, 1960, was a valid application either under section 26a of the indian income-tax act, 1922, or under section 184(7) of the income-tax act, 1961, and that accordingly the appeal of the assessee was competent ? 2. whether, on the facts and in the ..... as such the assessee's application for renewal of registration could not be treated as a valid declaration under section 184(7) of the subsequent act, i.e., income-tax act, 1961, and, therefore, was not maintainable. as there was no application under section 184(1) for registration of the new partnership the ..... assessed as an unregistered firm.3. being aggrieved by this decision the assessee went up in appeal therefrom. the appellate assistant commissioner held that the income-tax act, 1961, had not come into force by the 29th june, 1960, and that the original partnership had continued up to that date. the ..... i960, by the firm for renewal of registration under section 26a of the indian income-tax act, 1922. this application was duly signed by the said six partners.4. on the 29th august, 1960, a new partnership deed was executed which, ..... equal shares in the partnership and were governed by the partnership deed dated the 5th march, 1956.2. the firm had been registered under the income-tax act up to and including the assessment year 1959-60.3. for the assessment year 1960-61, an application was made on the 28th june, .....

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Feb 04 1976 (HC)

Commissioner of Income-tax Vs. Provincial Farmers (Pvt.) Ltd.

Court : Kolkata

Decided on : Feb-04-1976

Reported in : 81CWN1,[1977]108ITR219(Cal)

..... the facts and circumstances of the case, there was any sale or transfer of capital asset by the assessee attracting the provisions of section 12b of the indian income-tax act, 1922 ? (2) if the answer to question no. (1) is in the affirmative, whether, on the facts and circumstances of the case and ..... had spent rs. 79,204 and got back only that amount and nothing more' from the company.7. the income-tax officer has brought rs. 50,795 to tax, under section 12b of the indian income-tax act, 1922, as capital gains accruing to the assessee by reason of the said sale and the appellate assistant commissioner ..... cannot be altered by a mere method of accounting as laid down by the supreme court in the case of keshav mills ltd. v. commissioner of income-tax : [1953]23itr230(sc) .16. the assessee in the instant case before us was not entitled to receive asingle paisa from the purchaser in view ..... the assessee ?' 2. the assessment year is 1963-64. the previous year ended on june 30, 1962. the assessee is a private limited company. it derives income from property and 'other sources '.3. messrs. sur estates (p.) ltd., hereinafter stated as the 'company', was the owner of the house property involved in ..... said litigation. it is beyond dispute that an appeal is the continuation of a suit for the purposes of section 52 of the transfer of property act. this section, inter alia, provides that during the pendency of any suit or proceeding in which any right to immovable property is directly and specifically .....

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Apr 29 1976 (HC)

Century Enka Ltd. Vs. Income-tax Officer, d Ward and ors.

Court : Kolkata

Decided on : Apr-29-1976

Reported in : [1977]107ITR909(Cal)

..... , for the assessment year1972-73. the petitioner is a public limited company. for the aforesaid assessment year the petitioner claimed relief under section 80j of the income-tax act, 1961, and in view of the contentions urged in this application it is necessary to refer to the relevant portion of the assessment order dealing with this question. the said ..... of the act. as was observed by the supreme court in the case of commissioner of income-tax v. taj mahal hotel : [1971]82itr44(sc) , the rules framed under an authority could only ..... insurance corporation of india established under the life insurance corporation act, 1956 (xxxi of 1956); (ii) ' tax ' means-- (a) income-tax or super-tax (including advance tax), due under any provision of the act; (b) wealth-tax due under any provision of the wealth-tax act, 1957 (27 of 1957); (c) super profits tax due under any provision of the super profits tax act, 1963 (xiv of 1963); (d) surtax due under any ..... not prevent the same being questioned in court on the ground of inconsistency with the act. see the decision in the case of minister of health v. the king [1931] ac 494 . such, however, is not the position in the instant case. under section 295 of the income-tax act, 1961, the board is only authorised to make rules to carry out the purposes .....

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Jan 19 1976 (HC)

Commissioner of Wealth-tax Vs. Executors to the Estate of Sir E.C. Ben ...

Court : Kolkata

Decided on : Jan-19-1976

Reported in : [1977]106ITR57(Cal)

..... charge under the income-tax act is on the total income of the assessee for the entire period of the accounting year and the ..... on the decision of the supreme court in the case of commissioner of income-tax v. amarchand n. shroff : [1963]48itr59(sc) . but amarchand's case : [1963]48itr59(sc) is not on the wealth-tax act but on section 24b of the indian income-tax act, 1922. the scheme of the income-tax act and the wealth-tax act and the subject-matter of their respective charges are totally different. the ..... liability to pay income-tax arises at the point of accrual of income in that year. this ..... valuation date if he is dead on that date. 14. though the language used in section 24b of the income-tax act, 1922, and section 19(2) of the wealth-tax act are similar, the subject-matter of the charge and the scheme of these two acts being totally different, these two sections cannot, in our opinion, operate on the same field. these two .....

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May 13 1976 (HC)

Kamalesh Kumar Mehta Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : May-13-1976

Reported in : [1977]106ITR855(Cal)

..... annulled ?'2. shri h. r. mehta was the assessee. the facts stated by the tribunal may briefly be stated as follows : after receiving the notices under section 148 of the income-tax act, 1961, for the assessment years 1959-60 to 1961-62, shri mehta filed returns and revised returns for these assessment years. the assessments were completed under section 144 of the ..... deb, j.1. the following question under section 256(1) uf the income-tax act, 1961, is involved in this reference :'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessment after the death of ..... to the legal representatives and the assessments should have been completed in their hands under section 159 of the act. since the income-tax officer was not informed about the death of the assessee, the appellate assistant commissioner set aside those assessments and directed the income-tax officer to reframe the assessments after getting the names of the legal representatives and after issuing notices to ..... they were reopened on june 20, 1968, under section 146 of the act and thereafter shri mehta died on 23rd july, 1968, and his death was not brought to the notice of the income-tax officer by mr. m. c. poddar, a chartered accountant, who was appearing for him before the income-tax officer. the assessments were thus completed on january 30, 1969, by the .....

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