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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1977 Page 1 of about 77 results (0.056 seconds)

Jul 15 1977 (HC)

Kali Charan Ram Chander Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jul-15-1977

Reported in : [1978]112ITR405(Cal)

..... deb, j.1. we are concerned in this reference under section 256(2) of the income-tax act, 1961, with the following questions of law :'1. whether, on the facts and in the circumstances of the case, the tribunal ..... tribunal should not have given any opportunity to the parties to adduce further evidence on remand. alternatively, he submits that the tribunal should have directed the income-tax officer to make investigation on those two facts on which he did not make any enquiry as directed by the appellate assistant commissioner and, thereafter, it ..... investigations were necessary in order to determine whether there was any inter-lacing or inter-locking of these two firms. it further observed that the income-tax officer should have obeyed the direction given by the appellate assistant commissioner regarding the investigation of those two facts.9. the tribunal found that the ..... the assessee-firm.5. the same income-tax officer sustained the additions in the de novo assessment proceedings after making findings on six out of those eight facts and opined that his earlier order ..... reference with a finding that it was a branch of the assessee-firm.4. the appellate assistant commissioner set aside the addition and directed the income-tax officer to ascertain eight facts specified in his appellate order and to decide afresh the question as to whether bindawalla trading company was a branch of .....

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Nov 29 1977 (HC)

Katihar Jute Mills (P.) Ltd. Vs. Commissioner of Income-tax (Central A ...

Court : Kolkata

Decided on : Nov-29-1977

Reported in : [1979]120ITR861(Cal)

..... assessee and determine the tax payable thereon......but whether the receipt can be considered as taxable ..... income is quite another matter, and consideration of that question leads into the realm of law. if the income-tax officer assesses an assessee ..... shown the income in his return is erroneous. the commissioner was bound to apply his mind to the question whether the petitioner was taxable on that income......anassessee is liable to tax, only, upon such receipt as can be included in his total income and is assessable under the income-tax act. the law empowers the income-tax officer to assess the income of an ..... (1) treatment of the loss in speculative transactions, and (2) certain disallowances out of expenses. the aac disposed of the appeal in the following terms :' before the income-tax officer the contract papers were not produced. these are now produced. i have examined the account books also. i find that these are genuine business transactions and losses. however, .....

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Oct 03 1977 (HC)

Commissioner of Income-tax Vs. Shantilal C. Mehta (Administrator of th ...

Court : Kolkata

Decided on : Oct-03-1977

Reported in : [1978]113ITR79(Cal)

..... order of the tribunal : ' whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the proceedings under section 34 of the indian income-tax act, 1922, had not been initiated by valid notice and in cancelling, the assessments on that ground ' 6. the assessee did not appear at the hearing. mr. suhas sen, learned counsel ..... for the revenue, has contended that the question stands determined by section 24b of the indian income-tax act, 1922, which reads, inter alia, as follows ; ' 24b. tax of deceased person payable by representative.--(1) where a person dies, his executor, administrator or other legal representative shall be liable to pay out of the ..... june, 1953. letters of administration were issued by this court on the 6th january, 1954, in favour of the assessee. 3. the income-tax officer, ' a ' ward, district 1(1), calcutta, started proceedings under section 34 of the indian income-tax act, 1922, with notices under the said section issued on the 18th march, 1961, in respect of both the assessment years as follows :'to ..... appeals to the tribunal in which the order of the appellate assistant commissioner was sustained. the tribunal held that as the liability to pay tax arose by virtue of the charging sections 3 and 4 of the indian income-tax act, 1922, ex hypothesi such liability accrued to the rana and was his personal liability. furthermore, the rana was the person in actual receipt .....

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Nov 29 1977 (HC)

Commissioner of Income-tax Vs. National Properties Ltd.

Court : Kolkata

Decided on : Nov-29-1977

Reported in : [1978]113ITR793(Cal)

..... sen, j.1. the facts found and/or admitted in this reference under section 66(1) of the indian. income-tax act, 1922, at the instance of the commissioner of income-tax, west bengal i, calcutta, are as follows :messrs. national properties ltd., calcutta, the assessee, is a limited company incorporated ..... two lots at a consideration which was higher than the price of original purchase. the question arose whether the surplus was assessable to income-tax as income arising from the business. the tribunal came to the conclusion that the amount was not a capital accretion but a gain made in ..... future date. the tribunal considered several decisions including a decision of the supreme court in the case of janki ram bahadur ram v. commissioner of income-tax : [1965]57itr21(sc) . the tribunal gathered the total impression from the facts to be that the property was held by the assessee ..... affecting the said property on the 8th december, 1938. thereafter, survey was undertaken and a report submitted on the 25th may, 1946. the income-tax officer came to the conclusion that when the property was purchased on the 14th august, 1946, the assessee was aware of the alignment and the ..... income-tax, 1922.6. being aggrieved by this decision the assessee preferred an appeal before the appellate assistant commissioner, who followed a decision of the tribunal on a similar question in respect of the earlier assessment year 1958-59, and held that the said surplus could not be assessed under section 10 of the act .....

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Jul 01 1977 (HC)

Becker Gray and Co. (1930) Ltd. Vs. Income-tax Officer and ors.

Court : Kolkata

Decided on : Jul-01-1977

Reported in : [1978]112ITR503(Cal)

..... constitution.2. the appellant-company carries on the business of purchase and sale of jute fabrics and is an assessee under the income-tax act, 1961. on february 25, 1969, the income-tax officer issued a notice uader section 271/274 of the income-tax act, 1961, alleging that in course of the proceedings for the assessment year 1964-65, it appeared to him that the appellant had ..... . at the foot of the said order it was stated that the penalty notice under section 274 had been issued for default under section 271(1)(c) of the income-tax act, 1961. thereafter, on february 6, 1971, the inspecting assistant commissioner issued a notice to the appellant calling upon it to show cause why an order imposing a penalty should not ..... on april 18, 1969, and to show cause why an order imposing penalty should not be made under section 271 of the income-tax act, 1961. on the same day, the income-tax officer issued another notice to the appellant under section 271/274, inter alia, stating therein that the case for levy of penalty under section 271(1)(c) was being referred ..... unless he is satisfied that the minimum penalty imposable exceeds the sum of rs. 1,000. it is contended that in making a reference under section 274(2), the income-tax officer acts judicially or quasi-judicially which implies a determination by him of the amount of penalty that may be imposed. such determination can be made only after the completion of the .....

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Mar 18 1977 (HC)

Indian City Properties Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Mar-18-1977

Reported in : [1978]111ITR19(Cal)

..... is to be computed under section 22 or 28 or 56 of the income-tax act, 1961., i.e., whether it should be taxed as income from house property or income from business or income from other sources. the income-tax officer has taxed the income as income from house property under section 22.4. in the income-tax officer's assessment order we find three items, viz., (1) gross rental ..... separately assessed under section 56 of the income-tax act, 1961 ?' 8. section 56 (that is, income from other sources) of the income-tax act, 1961, relevant for our purposes, is as follows :'56. (1) income of every kind which is not to be excluded from the total income under this act shall be chargeable to income-tax under the head 'income from other sources', if it is not ..... of air-conditioner and lift should be assessed under section 56. the appellate assistant commissioner held that the income-tax officer was justified in treating the entire income arising from ownership of the property as income assessable under section 22 of the income-tax act, 1961.6. the tribunal was of the opinion that the assessee's claim that the letting out of ..... from letting out of the building is to beassessed under section 22 of the income-tax act, 1961. we are, however,of opinion that the lift charges and the air-conditioning charges which havebeen shown separately in the income-tax officer's assessment order shouldbe taxed under section 56 of the income-tax act, 1961, that is, as incomefrom other sources.17. we, therefore, answer .....

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May 25 1977 (HC)

income-tax Officer, i Ward and ors. Vs. Mahadeo Lal Tulsyan

Court : Kolkata

Decided on : May-25-1977

Reported in : [1978]111ITR25(Cal)

..... a notice under section 148. this contention of the respondent cannot be accepted.21. lastly, it was argued on behalf of the respondent that under section 151(2) of the income-tax act, 1961, it was the commissioner whocould grant permission for the issue of a notice under section 148, but inthe instant case, the permission was granted by the additional commissioner of ..... a partner of the firm, m/s. calcutta hardware stores, and carries on business as a dealer in black-sheet, sheet-cutting and plates and is an assessee under the income-tax act, 1961. the said firm filed its return for the assessment year in question together with copies of the profit and loss account and balance-sheet. in the course of hearing ..... . the rule out of which this appeal arises was made absolute by the learned judge on the same ground.6. section 147 of the income-tax act, 1961, inter alia, provides as follows :' 147. if- (a) the income-tax officer has reason to believe that, by reason of the omission or failure on the part of an assessee to make a return under section 139 ..... allowing deduction of a sum of rs. 10,491 towards the interest to certain creditors. thereafter, bya notice under section 148 of the income-tax act, 1961, dated march 8, 1967, and served on the respondent on march 14, 1967, the income-tax officer sought to reopen the assessment. in his report made in february, 1967, to the commissioner for reopening the assessment for the .....

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Jul 15 1977 (HC)

K.D. Ghosh Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jul-15-1977

Reported in : [1978]111ITR502(Cal)

..... assessed in the status of an 'individual'. for this year he filed a return admitting an income of rs. 6,071. the income-tax officer determined the assessee's total income at rs. 28,404 under section 143(3) of the income-tax act, 1961 (hereinafter referred to as 'the act'). the income-tax officer found that the assessee had gifted a plot of land to his wife on august ..... that since the land on which the property was built was transferred by the assessee to his wife without adequate consideration the income from the property was assessable in his hands under section 64(iii) of the income-tax act, 1961. accordingly, the income-tax officer included a sum of rs. 15,904 in the hands of the assessee under the said provision. against the said ..... the following two questions:'(1) whether, on the facts and in the circumstances of the case, the yield from the house property was includible in the income of the assessee under section 64(iii) of the income-tax act, 1961 ? (2) whether, on the facts and in the circumstances of the case, the tribunal ought to have limited the applicability of section 64(iii ..... legal principles involved has correctly applied the same to the facts of the instant case and has correctly concluded that the income, derived from the building was rightly included in the income of the assessee under section 64(iii) of the income-tax act. the reasons stated, by the tribunal in its order are sound and have our approval. it has to be noted that .....

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Apr 07 1977 (HC)

Asoka Marketing and ors. Vs. Income-tax Officer and ors.

Court : Kolkata

Decided on : Apr-07-1977

Reported in : [1978]111ITR783(Cal)

..... . basu, j. 1. in this rule, the petitioner ashoka marketing ltd., challenges eight notices issued under section 148 of the income-tax act, 1961 (hereinafter referred to as 'the act'). the notices for the assessment years 1953-54, 1954-55, 1955-56 and 1956-57 are all dated the 10th may, 1966 ..... 50,000.' dr. pal relied on the well-settled proposition that before an income-tax officer can issue a notice under section 148 of the act two essential preconditions must be satisfied. first, the income-tax officer must form the belief that income has escaped assessment or has been under-assessed at too low a rate. ..... 's contention on a similar point. reliance was also placed on an unreported judgment of p. k. banerjee j. in the case of khinguriram mahabiram v. income-tax officer (matter no. 752 of 1967) in which the judgment was delivered on the 3rd october, 1972. banerjee j., on similar facts, came to an ..... eight years have been recorded by the two income-tax officers, viz., mr. d.l. brahamchari and mr. k. dasgupta, and although there are eight different reasons recorded for the respective assessment years, ..... be disposed of on one short point. in order to appreciate the point it would be necessary to set out the reasons recorded by the income-tax officers before the issue of the eight impugned notices. before i set out the recorded reasons i may mention that although the reasons for these .....

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Nov 24 1977 (HC)

Commissioner of Income-tax Vs. New India Investment Corporation Ltd.

Court : Kolkata

Decided on : Nov-24-1977

Reported in : [1978]111ITR948(Cal)

..... b.--interest on securities. c.--income from house property. d.--profits and gains ..... sections of the relevant act which, in our opinion, covers the question in its entirety.7. section 14 of the income-tax act, 1961, provides as follows :'heads of income.--save as otherwise provided by this act, all income shall, for the purposes of charge of income-tax and computation of total income, be classified under the following heads of income : a.--salaries. ..... this reference under section 256(2) of the income-tax act, 1961, at the instance of the commissioner of income-tax, west bengal-ii, calcutta, the question for determination is as follows :'whether, on the facts and in the circumstances of the case, thetribunal was right in holding that the income-tax officer was not justifiedin apportioning the total expenditure ..... without prejudice to the generality of the provisions of sub-section (1), the following income shall be chargeable to income-tax under the head 'income from other sources', namely : (i) dividends;....' section 57 of the act reads as follows: 'deductions.--the income chargeable under the head 'income from other sources' shall be computed after making the following deductions, namely :-- (i .....

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