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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1978 Page 10 of about 240 results (0.167 seconds)

Apr 06 1978 (HC)

Vishnu Sugar Mills Ltd. Vs. Commissioner of Income-tax (Central)

Court : Kolkata

Decided on : Apr-06-1978

Reported in : [1978]113ITR583(Cal)

..... deposit the cess in time, the amount could not be treated as a legitimate business expense either under section 10(1) or under section 10(2)(xv) of the indian income-tax act, 1922. it was further held that the interest paid by the assessee could not be deducted under section 10(2)(iii) as no capital was borrowed by the assessee and ..... was set aside and the addition of that amount was restored.8. on the above facts, the following question was referred to this court under section 256(1) of the income-tax act, 1961, for opinion :'whether, on the facts and in the circumstances of the case, the interest paid for the delayed payment of cess is allowable as business expenditure '9. it ..... deduction. according to the department, the interest paid could not be allowed either under section 36(1)(iii) or under section 28(1) or under section 37(1) of the income-tax act, 1961.6. the tribunal held that the penal interest paid for the delayed payment of cess could not be said to be incidental to the carrying on of the business ..... the business of the assessee in the assessment year 1971-72, that is, before introduction of section 80v in the income-tax act, 1961.12. the supreme court in haji aziz and abdul shakoor bros. v. commissioner of income-tax : 1983ecr1942d(sc) has laid down the law on the point. an expenditure cannot be allowed for deduction unless it is a commercial loss in trade .....

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Mar 10 1978 (HC)

Commissioner of Income-tax Vs. Indian Iron and Steel Co. Ltd.

Court : Kolkata

Decided on : Mar-10-1978

Reported in : [1978]113ITR810(Cal)

..... spent for prohibited purpose.12. for the purpose of resolving the controversy in this reference we have to keep the relevant statutory provisions in view. the relevant provisions of the income-tax act, 1961, are as follows : '33. development rebate.--(1) (a) in respect of a new ship or new machinery or plant (other than office appliances or road transport vehicles) which, is ..... reserve account of the assessee for the purpose of repayment of loans obtained from the government of india and the world bank were not prohibited by section 155 of the income-tax act, 1961, and on that ground development rebate granted could not be withdrawn. in those years it had been alleged by the revenue that the amounts withdrawn from the development reserve ..... to show cause why the alleged mistakes should not be rectified. it was alleged that the statutory reserve which the assessee had to maintain under section 34(3) of the income-tax act, 1961, was not maintained and further that amounts out of the said statutory reserve had been utilised for prohibited purposes, being, inter alia, declaration of dividend. 3. the assessee contended ..... is as follows : ' whether, on the facts and in the circumstances of the case, the tribunal was right in holding that neither section 154 nor section 155(5) of the income-tax act, 1961, was applicable ' 2. the facts found and/or admitted in these proceedings are that in the original assessments of indian iron & steel co. ltd., calcutta, the assessee, development rebates .....

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Jan 16 1978 (HC)

Union of India (Uoi) Vs. Sikri and Sons

Court : Kolkata

Decided on : Jan-16-1978

Reported in : 82CWN519,[1978]112ITR529(Cal)

..... against the order of the presidency divisional commissioner.2. on march 26, 1969, the income-tax officer, companies district iv, calcutta, ' m ' ward, forwarded a certificate for the recovery of advance tax from the opposite party under section 222(1) of the income-tax act, 1961, hereinafter referred to as the act, for the sum of rs. 6,926 in respect of the financial year corresponding ..... to the assessment year 1967-68. the certificate was issued by the income-tax officer as the opposite party defaulted to pay the ..... said sum of money on account of advance tax. the opposite party opposed ..... the certificate proceeding by a petition of objection. it was, inter alia, contended by him that the income-tax officer had no jurisdiction to issue the certificate or to realise advance tax under the provisions of the act. by his order dated april 8, 1969, the income-tax officer overruled the said contention and rejected the petition of objection. the commissioner, presidency division, on .....

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Feb 01 1978 (HC)

Commissioner of Income-tax Vs. Champlal Jain

Court : Kolkata

Decided on : Feb-01-1978

Reported in : [1978]112ITR809(Cal)

..... view of the matter, we would answer the question by saying that the penalty proceedings would be governed by the explanation to section 271(1) of the income-tax act, 1961, and the tribunal was not justified in holding that the explanation would not govern the proceedings. 7. there will, however, be no order as ..... have no application to the case for imposing any penalty under section 271(1) of the income-tax act, 1961 ?'4. so, the question with which we are concerned in this reference is whether in respect of the imposition of penalty for the assessment ..... the penalty. upon that the following question has been referred to this court, as directed under section 256(2) of the income-tax act, 1961. 'whether, on the facts, that the return of income for 1963-64 having been filed only on 15th september, 1964, the penalty proceedings would be governed by the explanation to ..... section 271(1) of the income-tax act, 1961, which was introduced with effect from 1st april, 1964, the tribunal was justified in law to hold that the said explanation will ..... against the order of the inspecting assistant commissioner levying a penalty of rs. 10,000 under section 271(1)(c) of the income-tax act, 1961, the assessee preferred an appeal before the tribunal, before the tribunal it was contended on behalf of the revenue that since the return of .....

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Jan 27 1978 (HC)

Commissioner of Income-tax Vs. Simplex Concrete Piles (India) Pvt. Ltd ...

Court : Kolkata

Decided on : Jan-27-1978

Reported in : [1978]112ITR812(Cal)

..... the record in not allowing the relief which the assessee was entitled to and that the said mistake should be rectified by an order under section 154 of the income-tax act, 1961.3. the income-tax officer rejected the assessee's claim for rectification. being aggrieved the assessee preferred an appeal to the appellate assistant commissioner who held that the assessee was itself a ..... processing.15. on these grounds, it appears to us that the mistake, if any, in the record is not apparent so as to be rectified under section 154 of the income-tax act, 1961.16. for the reasons aforesaid, we answer the question referred to us in the negative and in favour of the revenue. there will be no order as to costs ..... entitled to look into the whole evidence for the purpose of exercising his jurisdiction under section 35 of the indian income-tax act, 1922 (corresponding to section 154 of the income-tax act, 1961), and the law applicable to ascertain whether there was an error. (c) income-tax officer v. raleigh investment co. ltd. : [1976]102itr616(cal) , where this court observed as follows (page 619) : ' section 154 of ..... . a decision on a debatable point of law is not a mistake apparent from the record--see sidhramappa andannappa manvi v. commissioner of income-tax : [1952]21itr333(bom) . the power of the officers mentioned in section 154 of the income-tax act, 1961, to correct ' any mistake apparent from the record ' is undoubtedly not more than that of the high court to entertain a writ .....

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Apr 25 1978 (HC)

Commissioner of Income-tax Vs. Budge Budge Amalgamated Mills Ltd.

Court : Kolkata

Decided on : Apr-25-1978

Reported in : [1980]50CompCas508(Cal),[1980]122ITR561(Cal)

..... was right in holding that the capital assets became the property of the assessee by succession within the meaning of section 12b(3) of the indian income-tax act, 1922, and that accordingly the assessee was entitled to substitute the fair market value as on the first january, one thousand nine hundred and fifty ..... the 1st day of january, 1954, he may, on proof of the fair market value thereof on the said date to the satisfaction of the income-tax officer, substitute for the actual cost such fair market value which shall be deemed to be the actual cost to him of the asset, and which ..... that a person succeeded another in his. business within the meaning of section 25(4) of the act is a finding of fact. the expression ' succession ' as stated by simon in his book on income-tax, has acquired a somewhat artificial meaning. the cases we have considered supra and similar others have laid down ..... same. subsequently, the subsidiary companies were wound up and the parent company acquired their undertakings and assets. the parent company was thereafter assessed to income-tax on the footing that it had succeeded to the trade carried on by each of the subsidiary companies. the contention of the assessee was that ..... value of the assets as on the 1st january, 1954, and there was no material loss. 4. the assessee preferred a further appeal to the income-tax appellate tribunal. it was contended in the appeal on behalf of the assessee that there had been a succession to the business of orient jute mills .....

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Jan 18 1978 (HC)

Commissioner of Income-tax Vs. Eastern Bengal Jute Trading Co. Ltd.

Court : Kolkata

Decided on : Jan-18-1978

Reported in : [1978]48CompCas262(Cal),[1978]112ITR575(Cal)

..... sabyasachi mukharj, j. 1. in this reference under section 256(2) of the income-tax act, 1961, the tribunal has referred the following question as directed by this court i ' whether, on the facts and in the circumstances of the case, ..... facts and circumstances of the case, the tribunal held that the assessee could elect to be assessed on the basis of cash system of accounting and directed the income-tax officer to make the assessment on that basis. there was evidence upon which the3. tribunal could come to this conclusion. the findings of the tribunal have ..... was right in holding that the assessee could elect to be assessed on the basis of the cash system of accounting aud in directing the income-tax officer to make assessment on the basis.' 2. we are concerned in this reference with the assessment year 1966-67. the assessee is a company. its ..... this reference is whether the assessee was entitled to change the method and insist oa being assessed on the cash basis. under section 291 of the companies act, the directors have power to change the method of accounting by themselves. the tribunal has discussed the evidence and found that there was no mala fide motive ..... income was mainly derived from interest. it had some dividend income also. the accounting year under consideration ended on the 30th june, 1965. the directors passed a resolution on the 28th march, 1965, .....

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Mar 09 1978 (HC)

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

Court : Kolkata

Decided on : Mar-09-1978

Reported in : [1983]142ITR460(Cal)

..... in the circumstances of the case and on a proper interpretation of section 80b(1) read with entry (2) of the sixth schedule to the income-tax act, 1961, the tribunal was justified in holding that the business of manufacture and sale of aluminium articles cannot be considered as a priority industry within the ..... ) whether on a proper interpretation of entry (2) of the sixth schedule to the income-tax act, 1961, the tribunal was right in holding that the expression 'aluminium' occurring in entry (2) of the sixth schedule to the said act denotes merely the aluminium metal and not aluminium articles ? (2) whether, on the facts ..... of the metal aluminium will be considered to be aluminium (metal) as contemplated in the sixth schedule of the i.t. act, 1961. on the other hand, it appears that in the case of iron and steel certain items which would not come within the concept of ..... the fact that other finished products of iron and steel had been specifically mentioned in the various items of the sixth schedule of the i.t. act, 1961. counsel urged that in the case of aluminium there is no separate item dealing with aluminium products and, therefore, aluminium utensils produced out ..... court in tungabhadra industries ltd. v. cto [1960] 11 stc 827. the kerala high court had an occasion to consider this question in the case of cit v. mittal steel re-rolling and allied industries (p.) ltd. : [1977]108itr207(ker) , where the division bench of the kerala high court was .....

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Mar 06 1978 (HC)

Rawatmal Harakchand Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Mar-06-1978

Reported in : [1981]129ITR346(Cal)

..... whether, on the facts and in the circumstances of the case and on a correct interpretation of section 271(1)(c) of the income-tax act, 1961, the tribunal was justified in cancelling the penalty ' 11. mr. sanjoy bhattacharyya, learned counsel for the assessee, has contended ..... to us that in the instant case there has been any waiver by the assessee. it was the assessee who preferred two appeals before the income-tax appellate tribunal, one being against the retention of the addition in reassessment by the aac. there was no question of any waiver nor any agreement ..... bengal agrl. i.t. act and a division bench of this court observed that there could be a waiver as to the machinery of taxation which inures against the subject.19. lastly, mr. bagchi cited a decision of the supreme court in the case of director of inspection of income-tax (investigation) v. pooran mall ..... . this reference relates to reassessment of rawatmal harakchand, the assessee, in respect of its income for the assessment year 1957-58.2. after issuing a notice under section 147 of the i.t. act, 1961, the ito brought to tax two sums, respectively, of rs. 51,711 and rs. 1,86,061, on ..... & sons : [1974]96itr390(sc) . in this case the supreme court quoted with approval the principle laid down in an english case, phillips v. martin (11 nswlr 153) as follows:' ' here there is abundant evidence of waiver, and it is quite clear that a man may by his conduct waive a provision of an act .....

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Apr 28 1978 (HC)

Singhal Brothers P. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Apr-28-1978

Reported in : [1980]124ITR147(Cal)

..... circumstances of the case, and on a correct interpretation of the memorandum of association of the asses-see-company and of section 10(29) of the income-tax act, 1961, the tribunal is correct in holding that the assessee-company is not an 'authority' within the meaning of the said section 10(29) and ..... years ending on the 31st march of 1970 and 1971, the assessee claimed exemption under s. 10(29) of the i.t. act, 1961, in respect of its rental income as aforesaid. the ito rejected the claim on the ground that the assessee had not been constituted under any specific enactment for marketing of ..... of an authority constituted under any law for the time being in force for the marketing of commodities, any income derived from the letting of godowns or warehouses for storage, processing or facilitating the marketing of the commodities ;' 7. he also cited u. p. state ..... counsel for the assessee, drew our attention to s. 10(29) of the i.t. act, 1961, which reads as follows : '10. incomes not included in total income.--in computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included--...... (29) in the case ..... a notice issued by the ito, lucknow, whereby it was called upon to pay a sum as advance tax for the assessment year 1974-75. the only contention of the corporation was that its income was exempt under the said s. 10(29). the high court considered the said section and laid down .....

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