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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1978 Page 4 of about 240 results (0.104 seconds)

Feb 15 1978 (HC)

Rameshwarlal Lohariwalla Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Feb-15-1978

Reported in : [1980]126ITR209(Cal)

..... particular income came within the strict ambit of the section, the assessee could be made liable to pay ..... and in the circumstances of this case, thetribunal was correct in law in holding that the share income accruing tothe minor, sri kanhaialal, in the firm of m/s. ganpatrai sagarmal wasrightly included in the total income of the assessee under section 64(ii)of the income-tax act, 1961 ?' 2. by an indenture dated the 10th january, 1946, a partnership firm was created in ..... observations of the bombay high court in the case of bhogilal laherchand v. cit : [1954]25itr523(bom) , where the bombay high court dealing with the provision similar to section 6, 4(ii) of the 1961 act in connection with the indian income-tax act, 1922, namely, section 16(3) of the said act, observed that the said provision must be strictly construed and if only a ..... tax on that income. similar view was reiterated by the supreme court in the case of philip john plasket thomas .....

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Feb 16 1978 (HC)

Mahamaya Dassi Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Feb-16-1978

Reported in : [1980]126ITR748(Cal)

..... ) were not definite and ascertainable and as such the assessments should be made as 'association of persons' under sections 164 and 26 of the income-tax act, 1961?'8. in order to determine whether section 164 of the i.t. act, 1961, would be applicable in the instant case, it is, in our opinion, necessary first to decide whether section 168 had any application ..... . smt. kasturbai walchand trust : [1967]63itr656(sc) . there, the court observed that under section 41 of the indian i.t. act, 1922, the liability of the income of a trust to tax was independent of the amount actually received by the beneficiary. the said observations were made in the context of the facts which were entirely different from the facts of the ..... course would result in a benefit to the revenue.' 12. section 168 of the i.t. act, 1961, deals with the executors and is to the following effect :'(1) subject as hereinafter provided, the income of the estate of a deceased person shall be chargeable to tax in the hands of the executor,-- (a) if there is only one executor, then, as if ..... of a representative assessee, he shall not, in respect of that income, be assessed under any other provision of this act.' 11. section 164 of the i.t. act, 1961, deals with the charge of tax where the share of beneficiaries is indeterminate or unknown and is to the following effect:'where any income in respect of which the persons mentioned in clauses (iii) and .....

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Apr 20 1978 (HC)

Commissioner of Income-tax Vs. J.K. Industries (P.) Ltd.

Court : Kolkata

Decided on : Apr-20-1978

Reported in : [1980]125ITR218(Cal)

..... has also been referred as a question of law :' whether, on the facts and circumstances of the case, the assessee is entitled to claim rebate of super-tax under section 99(1)(iv) of the income-tax act, 1961, on the entire amount of dividends received by it, viz., rs. 1,49,110 or only on the above amount less the deductions allowable thereagainst ..... interest on capital borrowed for the purposes of the assessee's business under section 10(2)(iii)/section 36(1)(iii) of the income-tax act, 1922/1961 ? (2) whether, on the facts and circumstances of the case, the municipal taxes paid by the assessee (as set out in para. 3 above) can be deducted as legitimate business expenses in respect of each of ..... under section 56(2) '10. the above question appears to us to be covered by a decision of this court in cit v. darbhanga marketing co. ltd. : [1971]80itr72 ..... ,583, by adding the interest and the dividend received by the assessee and deducting the entire interest paid. while charging super-tax on the total income of the assessee the ito allowed rebale under section 99(1) of the i.t. act, 1961, in respect of only the sum of rs. 90,583, and not on the gross dividend received as claimed by .....

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Mar 08 1978 (HC)

Commissioner of Income-tax Vs. Lalit Trading Corporation

Court : Kolkata

Decided on : Mar-08-1978

Reported in : [1980]125ITR586(Cal)

..... court : ' whether there was evidence before the tribunal to hold that the assessee-firm ;is a genuine one and satisfied the condition of registration under section 26a of the indian income-tax act, 1922 ' 8. counsel for the assessee contended before us that in the background of the facts and circumstances of this case, the ito and the aac were not justified in ..... 23 of the i.t. act provides for the assessment and sub-section (5) thereof provides for allocation of tax in different contingencies. it provides by clause (a) in the case of a ..... the firm it is true that there would be certain inconsistency if a firm is assessed to income-tax and in a registration proceeding it is found that the firm does not exist. section ..... in the year in question there was any income assessed to tax, we were not told. assuming certain income of the firm has been found to be assessable in the assessment proceeding, the question is : in respect of the proceedings for registration under section 26a of the indian i.t. act, 1922, whether the ito was free to determine the question of genuineness of .....

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Aug 09 1978 (HC)

Pioneer Shipping Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Aug-09-1978

Reported in : [1980]125ITR765(Cal)

..... for opinion :' whether, on the facts and in the circumstances of the case and on a proper construction of the provisions of section 104 of the income-tax act, 1961, the tribunal was right in upholding the order passed under the said section for the assessment year 1966-67 '8. there is no dispute ..... the closing of the accounting year.20. relying on the aforesaid facts and the circumstances, the assessee argued before the tribunal that additional tax under section 104 of the act could not be levied, but the tribunal rejected it on the ground that the indo-pakistan war broke out on september 5, 1965, ..... the authorities below held that there was no justification for the assessee-company for not distributing any dividend and that liability to pay additional tax under section 104 of the act was attracted. the tribunal rejected the contention of the assessee based on the aforesaid report of the board of directors for not declaring ..... the provisions of section 104 of the i.t. act, 1961, are applicable. the assessee was assessed to tax on a total income of rs. 4,31,200 on which a tax of rs. 2,14,661 was levied. after deduction of tax, the balance of assessed income came to rs. 2/16,539. the assessee had ..... its own costs.deb, j. 16. at the very outset, it may be noted here that the authorities below have levied additional tax under section 104 of the i.t. act, 1961, on the assessee without ascertaining the amount of commercial profits made by the assessee for the relevant accounting year.17. the .....

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Feb 23 1978 (HC)

Commissioner of Income-tax (Central) Vs. Assam Co. Ltd.

Court : Kolkata

Decided on : Feb-23-1978

Reported in : [1980]124ITR711(Cal)

..... , obseived as follows :' we find ourselves in agreement with the reasoning given by the appellate assistant commissioner. the indian income-tax act, 1922, has been repealed by the income-tax act, 1961, and, unless there was a specific saving clause in the act of 1961, the provisions of the indian income-tax act, 1922, cannot apply ; the said post-war e.p.t. refund was made taxable under the finance ..... assessee and received by the assessee in the united kingdom. in those circumstances, the question is whether such amount is assessable in view of the provisions of the finance act, 1946, or the income-tax act, 1961.8. counsel for the assessee contended that in the relevant year, in order to be a resident company under sub-section (3) of section 6 of the ..... the u.k. even taking that the reference in section 11 of the indian finance act, 1946, to the indian income-tax act, 1922, has, by virtue of section 8 of the general clauses act, to be taken as reference to the income-tax act, 1961, still the refund can be taxed under the 1961 act only if it is taxable thereunder. the proviso to section 11 which specifically refer ..... post-war e.p.t. refund received by the assessee in the united kingdom was not liable to be included in the assessable income of the assessee by reference to section 11 of the finance act, 1946, or the income-tax act, 1961, for the assessment year 1963-64 ?'7. it is apparent that the aac had considered the question of assess-ability of the .....

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Nov 07 1978 (HC)

Calcutta Landing and Shipping Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Nov-07-1978

Reported in : [1980]123ITR172(Cal)

..... in the circumstances of the case, the tribunal's finding that the assessee's case did not fall within the purview of section 105(1)(iii) of the income-tax act, 1961, was correct ?' 11. at the hearing, dr. debi pal, learned counsel for the assessee, did not press for an answer to question no ..... company within the twelve months immediately following the expiry of that previous year are less than the statutory percentage of the distributable income of the company of that previous year, the income-tax officer shall make an order in writing that the company shall, apart from the sum determined as payable by it on ..... our attention to section 104 of the act as it stood at the relevant time. it will be convenient to refer to the section at this stage.' 104. subject to the provisions of this section and of sections 105, 106, 107 and 107a, where the income-tax officer is satisfied that in respect of ..... of the assessee and, therefore, it fell within the four corners of section 104(1)(ii)(d) and the distributable income had to be reduced by this amount before levy of super-tax. alternatively, he submitted that the said expenditure had to be taken into account in deciding the reasonableness of the amount ..... not be said to be an expenditure incurred in the relevant accounting period and, therefore, the distributable income of the assessee should not be reduced by this amount for the purpose of imposition of super-tax. he submitted that to obtain the benefit of section 104(b)(ii)(d), the assessee had to .....

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Aug 07 1978 (HC)

Commissioner of Income-tax Vs. Ram Kumar Agarwalla and Bros. (P.) Ltd.

Court : Kolkata

Decided on : Aug-07-1978

Reported in : [1980]122ITR322(Cal)

..... ) whether, on the facts and in the circumstances of the case, the levy of interest under sub-clause (iii) to the proviso to section 139(1) of the income-tax act, 1961, by the income-tax officer was proper and valid in law ? (2) whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that interest was not ..... the matter as amicus curiae.8. to appreciate the controversy in the instant case, it is necessary to refer to the relevant sections of the statutes involved.indian income-tax act, 1922: section 22.'(1) the income-tax officer shall, on or before the 1st day of may in each year, give notice, by publication in the press and by publication in the prescribed manner ..... . the allahabad high court construed the relevant sections and held as follows (p. 746) : 'there is no dispute that no proceedings under section 34 of the act of 1922 were pending on the commencement of the income-tax act, 1961, and, therefore, it is possible to say that section 297(2)(d)(ii) would come into play. but, it must not be forgotten that ..... ) karimtharuvi tea estate ltd. v. state of kerala : [1966]60itr262(sc) . this was cited for the following observations of the supreme court (p. 264): 'it is well settled that the income-tax act, as it stands amended on the 1st day of april of any financial year, must apply to the assessments of that year. any amendments in the .....

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Mar 08 1978 (HC)

Bhagirath Kanoria Vs. Commissioner of Income-tax (Central)

Court : Kolkata

Decided on : Mar-08-1978

Reported in : [1980]122ITR728(Cal)

..... holding that the imposition of penalty for the assessment years 1955-56, 1956-57 and 1961-62 was not barred by limitation under the provisions of section 275 of the income-tax act, 1961 (2) whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the non-inclusion of the dividend payable in respect of ..... jute carriers (p.) ltd. in the returns filed for the assessment years 1955-56, 1956-57 and 1961-62 amounted to concealment of particulars of income attracting the provisions of section 271(1)(c) of the income-tax act, 1961 '3. in view of the decision of the supreme court in the case of s. c. pra-shar v. vasantsen dwarkadas : [1963]49itr1(sc ..... .1. for the three assessment years under reference, 1955-56, 1956-57 and 1961-62, the original assessments were made by the income-tax officer, under section 23(3) of the indian income-tax act, 1922. later, the ito reopened the assessments and brought to tax certain amounts on the ground that the amounts had escaped assessment under the original assessments. the amounts thus brought to ..... tax were rs. 7,700 for the assessment year 1955-56, rs. 38,500 for the assessment year 1956-57 and rs. 7,000 .....

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Jan 18 1978 (HC)

Commissioner of Income-tax (Central) Vs. Model Manufacturing Co. (P.) ...

Court : Kolkata

Decided on : Jan-18-1978

Reported in : [1980]122ITR767(Cal)

..... was cited by mr. pal for the following observation of the supreme court (p. 72): ' but in a reference under section 66 of the indian income-tax act, 1922, only the question which was either raised or argued before the tribunal may be answered, even if the language of the question framed by the ..... the case, the tribunal was right in directing the income-tax officer to allow interest of rs. 70,875 and rs, 1,48,116 against its income from 'other sources' for the assessment years 1962-63 and 1963-64, respectively, under section 57 of income-tax act, 1961 '2. the admitted facts and the facts ..... court approved ormerods (india) p. ltd. : [1959]36itr329(bom) in the following language (p. 652): ' in ormerods (india) p. ltd. v. commissioner of income-tax : [1959]36itr329(bom) , the bombay high court allowed certain sums of money paid as interest on borrowed capital for the purchase of shares and held that the word ' ..... sen, j.1. this is a consolidated reference under section 256(1) of the i.t. act, 1961, at the instance of the commissioner of income-tax (central), calcutta, and arises out of the assessment of the model ., the assessee, for the assessment years 1962-63 and ..... income. (d) cit v. jagmohandas j. kapadia : [1966]61itr663(bom) . in this case the assessee, a registered firm carrying on business as share and stock-brokers, borrowed on an overdraft account, paid interest on the said account in the assessment year in question, and claimed a deduction under section 12(2) of the indian i.t. act .....

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