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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1978 Page 1 of about 240 results (0.133 seconds)

Jul 18 1978 (HC)

Agarwal Hardware Works (P.) Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jul-18-1978

Reported in : (1979)1CompLJ51(Cal),[1980]121ITR510(Cal)

..... arguments of mr. ajit sengupta, learned counsel for the revenue.10. the case of paterson engineering ltd. v. duff [1943] 25 tc 43 deals with the express prohibitions under the income-tax act, 1918, of england and the case of british borneo petroleum syndicate ltd. v. cropper [1968] 45 tc 201 ; [1969] 73 itr 125 deals with a royalty agreement which was ..... technical knowledge forever and has, therefore, acquired an asset or enduring benefit for its business and that the remuneration paid by the assessee was a capital expenditure.46. now, in cit v. indian oxygen ltd. : [1978]112itr1025(cal) , the collaboration agreement did not provide for the return of any information, processes, etc., after the termination of the agreement. by citing ..... find it necessary to take it into consideration for deciding the same question. therefore, a new product of an allied nature cannot be regarded as a decisive factor.35. in cit v. associated electrical industries (india) p. ltd. : [1975]101itr844(cal) , the assessee was a manufacturer of electrical motors. it entered into a collaboration agreement. no new machinery was ..... , if an enduring advantage is obtained, the expenditure for securing it must be treated as capital expenditure.'15. a division bench of this court has followed the above extract in cit v. hindusthan general electrical corporation ltd. : [1971]81itr243(cal) . in this case, the assessee was a manufacturer of electrical motors. it entered into a collaboration agreement for the purpose .....

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Apr 24 1978 (HC)

Commissioner of Income-tax (Central) Vs. Kumardhubi Engineering Works ...

Court : Kolkata

Decided on : Apr-24-1978

Reported in : [1978]115ITR58(Cal)

..... dipak kumar sen, j.1. this reference under section 256(1) of the income-tax act, 1961, is at the instance of the commissioner of income-tax (central), calcutta. the tribunal has drawn up a statement of case and referred the following question as a question of law ..... in determining accrual of legal liability. it is also clearly established by the decision of the supreme court in the case of kedarnath jute . v. commissioner of income-tax : [1971]82itr363(sc) . if that is the position, in order to determine thatliability where the assessee had not paid the amount, it must be, ..... the income-tax officer found that the assessee maintained a separate sales tax account to which receipts were credited and payments debited. the income-tax officer held that the sales tax receipts formed part of the sale price and the payments (except to the extent ..... -63?'2. the facts found and/or admitted in these proceedings may shortly be stated as follows :3. at the income-tax assessment of kumardhubi engineering works ltd., calcutta, in the assessment year 1962-63 (the corresponding previous year having ended on the 30th november, 1961), ..... according to the scheme of the sales tax act, an estimate of, the assessee. in a particular case, however, whore there are materials to show that the estimate is either frivolous or false or .....

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Apr 24 1978 (HC)

Commissioner of Income-tax Vs. Karam Chand Thapar and Sons Ltd.

Court : Kolkata

Decided on : Apr-24-1978

Reported in : [1978]115ITR250(Cal)

..... its investment does not necessarily mean that the profits resulting from such variation is taxable under the income-tax act. variation of its investments must amount to dealing in investments before such profits can be taxed as income under the income-tax act. in bengal and assam investors ltd. v. commissioner of income-tax : [1966]59itr547(sc) , this court held that the mere fact that a company is ..... in the nature of variation of investments. the tribunal accordingly rejected the appeal preferred by the revenue.5. on the application of the commissioner of income-tax, west bengal i, under section 66(1) of the indian income-tax act, 1922, the tribunal has referred the following question as a question of law arising from its order:'whether, on the facts and in the ..... incorporated to carry on investment does not show that it is carrying on business.' (b) ashoka viniyoga ltd. v. commissioner of income-tax : [1968]70itr381(cal) . the ..... circumstances of the case, the sum of rs. 2,50,375 realised by the assessee on the sale of the shares was assessable as business income of the assessee or as .....

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Jan 13 1978 (HC)

Commissioner of Income-tax Vs. Rajasthan Investment Co. (P.) Ltd.

Court : Kolkata

Decided on : Jan-13-1978

Reported in : [1978]113ITR294(Cal)

..... . mr. bagchi faintly sought to argue that in the instant case the interest receivable should have been taxed under section 5 of the income-tax act, 1961. in support of his contentions mr. bagchi cited a decision of the supreme court in the case of commissioner of income-tax v. a. krishnaswami mudaliar : [1964]53itr122(sc) , where the supreme court laid down that whatever be the ..... in its account with interest and claiming deductions therefor and concluded that the change of the method of accounting of the assessee was intended only to avoid taxes. accordingly, the income-tax officer added to the income of the assessee all interest receivable by it in all the said years.7. being aggrieved, the assessee appealed to the appellate assistant commissioner, who concurred ..... with the decision of the income-tax officer in the appeals relating to the first three assessment years and confirmed the addition; but in the appeal relating to the assessment year 1971-72 the appellate assistant commissioner ..... even where a cash system of account is followed, section 5 of the act could be applied and any item brought to tax on accrual basis. in any event this new case was never agitated at any earlier stage and on the authority of the supreme court in commissioner of income-tax v. kirkend coal co. : [1969]74itr67(sc) , we do not feel inclined .....

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Mar 17 1978 (HC)

Baijnath Saboo and Ors. Vs. Income-tax Officer, 'J' Ward and Ors.

Court : Kolkata

Decided on : Mar-17-1978

Reported in : [1978]113ITR303(Cal)

..... the trust of which the petitioners are the trustees entitling the revenue authorities to reopen, the said assessment. section 147 of the income-tax act entitles the income-tax officer to reopen the assessment if he has reason to believe that income chargeable to tax has either, (i) escaped assessment for the relevant year ; or (ii) has been under-assessed ; or (iii) has been assessed ..... sauyasachi mukharji, j. 1. in this application under article 226 of the constitution the subject-matter of challenge is a notice issued under section 148 of the income-tax act, 1961, dated the 29th march, 1973, for the assessment year 1968-69. the petitioners are the trustees of a trust known as birla janakalyan trust. the assessment for the ..... year ending 31st march, 1968, corresponding to the assessment year 1968-69. the income-tax deducted at source on the said dividend income amounted to rs. 74,645. in the course of the assessment proceedings of the petitioners the petitioners claimed exemption from income-tax under section 11 of the income-tax act, 1961. the petitioners' claim for exemption under section 11 was allowed in the ..... course of the assessment proceedings and the petitioners were given a refund of rs. 77,121 (tax deducted at source on dividend rs. 74,645 and on interest on .....

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Mar 20 1978 (HC)

Hirji and Co. Private Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Mar-20-1978

Reported in : [1978]113ITR694(Cal)

..... it was held by the supreme court that the interest paid by the assessee-company was a permissible deduction under section 10(2)(xv) of the indian income-tax act, 1922. since the transaction of acquisition of assets was closely related to the commencement and carrying on of the business of the assessee-company, the ..... the transaction which resulted in the loss of rs. 42,327 was a revenue or a capital loss within the meaning of the income-tax act, 1961 ' 7. the principle as to how the matter is to be approached was laid down by the supreme court in commissioner of ..... under section 256(2) of the income-tax act, 1961, the short point posed before us is ' whether the loss of rs. 42,327 incurred by the assessee-company in the sale of shares of m/s. lajpat potteries pvt. ltd. is capital in nature as held by the income-tax authorities or whether it is a trading ..... by the assessee-company to the private company were not incidental to the trading activities of the assessee. 20. mr. sengupta also cites the case of commissioner of income-tax v. national insurance co. ltd. : [1978]113itr37(cal) . after making a review of a catena of cases, both english and indian, this court held ..... that the assessee was the distributor of various concerns and one of them was that company. mr. banerjee then cites the case of badridas daga v. commissioner of income-tax : [1958]34itr10(sc) , but it deals with the misappropriationof certain amounts by an agent and, therefore, reliance on it was misplaced by him. 10. .....

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Jan 20 1978 (HC)

Bengal Decorators Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jan-20-1978

Reported in : [1978]113ITR805(Cal)

..... . liberty to mention for the hearing of the rest of the application for grant. '6. registration of a firm is guided by section 184 of the income-tax act, 1961. registration once granted would continue provided certain conditions are fulfilled. those conditions are mentioned in sub-section (7) of section 184.7. sub-section ..... sabyasachi mukharji, j.1. in this reference under section 256(1) of the income-tax act, 1961, the following question has been referred to this court :' whether, on the facts and in the circumstances of the case, ..... law. reliance in this connection may be placed on the observations of. the supreme court in the case of sri ramamohan motor service v. commissioner of income-tax : [1973]89itr274(sc) . for the reasons aforesaid, in either view of the matter, the tribunal was right in holding that the assessee was not ..... partners being changed. counsel for the asses-see contended that incapacity of a partner, which was mentioned in the decision of the case, sandersons & morgans v. income-tax officer : [1973]87itr270(cal) , perhaps requires re-examination in the light of sub-section (2) of section 187, it was further urged that the explanation ..... for the assessment years 1968-69 and 1969-70.3. there was an appeal before the appellate assistant commissioner from the said decision of the income-tax officer. the appellate assistant commissioner by a consolidated order granted registration for the assessment year 1967-68 and continuation of registration for the assessment years .....

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Sep 22 1978 (HC)

Commissioner of Income-tax Vs. Jagadish Prasad Agarwalla

Court : Kolkata

Decided on : Sep-22-1978

Reported in : [1980]126ITR726(Cal)

..... arising from the order of the tribunal :' whether, on the facts and in the circumstance of the case and in view of the explanation to section 271(1) of the income-tax act, 1961, the tribunal was right in cancelling the order imposing penalty '10. to appreciate the controversy in the instant case it is necessary to refer to the explanation to section ..... )(c) of the i.t. act, 1961, and as it appeared to him that the minimum penalty imposable ..... cash credit had not been proved and, accordingly, he treated the same as the assessee's income from undisclosed source and included the same in the assessment of the assessee's income. the said addition of rs. 15,000 was confirmed by the aac and the income-tax appellate tribunal.3. the ito also initiated proceedings for imposition of penalty under section 271(1 ..... at rs. 20,000 and not rs. 15,000. he referred the matter back to the ito who reopened the assessment under section 147 of the act, and added the enhanced amount as the assessee's income from undisclosed sources.4. in the subsequent proceedings before the iac, it was contended on behalf of the assessee, inter alia, that the creditor had .....

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Apr 24 1978 (HC)

Disergarh Coal Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Apr-24-1978

Reported in : [1980]122ITR902(Cal)

..... holding that the sums of rs. 90,000 and rs. 33,987 were capital expenditure for the assessment years 1962-63 and 1963-64, respectively, under the income-tax act, 1961 ?'8. the point in dispute hinges on the interpretation of clause 16 of the agreement between new beerbhum coal co. ltd. and disergarh coal co. ..... to the jagirdar and the government each year were revenue expenditure allowable under the section 12(2)(xv) of the hyderabad income-tax act, corresponning to section 10(2)(xv) of the indian i.t. act, 1922. it was held by the supreme court that the assessee had acquired an asset of an enduring character and of ..... sudhindra mohan guha, j.1. this reference under section 256(1) of the income-tax act, 1961, by the income-tax tribunal at the instance of the assessee relates to the assessment years 1962-63 and 1963-64, for which the relevant previous years ended ..... premium for the acquisition of a new source of income as found by the tribunal. this expenditure has also brought into existence a benefit of an enduring nature and accordingly it must be held that the aforesaid ..... and rs. 33,987 were paid in the relevant accounting years and by incurring the aforesaid expenditure the assessee had brought into existence a new source of income and a benefit of an enduring nature.21. the contract, read as a whole, conclusively shows that the aforesaid amounts were paid by the assessee as .....

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Dec 18 1978 (HC)

Sutlej Cotton Mills Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Dec-18-1978

Reported in : [1979]119ITR666(Cal)

..... whether, on the facts and in the circumstances of the case and on a proper interpretation of the provisions of sections 48 and 55(2) of the income-tax act, 1961, the tribunal was justified in holding that the 'cost of acquisition' of 20,000 (twenty thousand) shares (original shares) in gwalior rayon & silk ..... the original assessment order was made the fair market value of the shares in question had been duly determined and accepted as correct by the income-tax officer. under no principle or authority can anything more be read into the provisions of section 55(2)(i) in the manner suggested ..... ' , and shall be deemed to be the income of the previous year in which the transfer took place.'9. section 48 of the act is as follows :' 48. mode of computation and deductions.--the income chargeable under the head ' capital gains' ..... was directed to be carried forward. a notice was subsequently issued under section 147 of the i.t. act, 1961, stating that the ito had reasons to believe that the income chargeable to tax for the said assessment year had escaped assessment and, therefore, it was proposed to reopen the said assessment. ..... 45 of the i.t. act, 1961, provides as follows :'45. capital gains.--(1) any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 53, 54, 54b, 54c and 54d be chargeable to income-tax under the head ' capital gains .....

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