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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1978 Page 7 of about 240 results (0.033 seconds)

Mar 01 1978 (HC)

Siddheswari Cotton Mills P. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Mar-01-1978

Reported in : [1979]117ITR953(Cal)

..... order of the aac.12. the bombay high court observed as follows (p. 282):'we are also unable to accept the contention that the- principles of section 13 of the income-tax act are not attracted in this case. the assessee has followed a regular method of keeping account of the cotton consumed in the whole of ihe spinning process. it is not ..... percentage was attributable to any suppression of weight or any suppression of production, then we fail to see how the right under the proviso could be availed of by the income-tax officer in making an estimate. the very condition for making use of the right under the proviso arises after the finding is recorded as to the non-acceptability of the ..... production register have been found to be duly kept and maintained. the ito found them to be correct. therefore, the observation of the tribunal that 'it is open to the income-tax officer to subject such records to scrutiny and if he found that the quantity alleged to be consumed cannot be explained satisfactorily, there was no reason why he could not ..... the accounts maintained by the assessee are incapable of reflecting his true income, profits or gains from the match manufacture business. there is no scope for invoking the proviso to section 13 of the act'. the last case cited by dr. pal was r. m. p. perianna pillai & co. v. cit : [1961]42itr370(mad) . here, the madras high court held that a system .....

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Jun 06 1978 (HC)

Commissioner of Income-tax Vs. Swadeshi Mining and Manufacturing Co. L ...

Court : Kolkata

Decided on : Jun-06-1978

Reported in : [1979]118ITR975(Cal)

..... ,986 to sri s.s. singhania was an allowable deduction under section 10(2)(xv) of the indian income-tax act, 1922?' 2. it appears to us that question no. 1 is covered by a decision of this court in cit v. swadeshi mining and . : [1978]112itr276(cal) . following the said decision, we answer the ..... fulfilment of all contracts by the assessee including all loss and damages arising from the breach of such contracts. in the relevant assessment year, the income-tax authorities had disallowed the claim for deduction of the commission paid to the agent on the sole ground that in that year all sales had been ..... the aac, however, did not accept the contentions of the assessee and confirmed the order of the ito. 10. a further appeal was preferred to the income-tax appellate tribunal by the assessee. the tribunal took note of the following facts. the agreements in question had been entered into by and between the parties ..... sen, j. 1. in this reference, on an application of the commissioner of income-tax, west bengal-iii, calcutta, under section 256(2) of the i.t. act, 1961, this court directed the tribunal to draw up a statement of case and refer the following questions for the opinion ..... : [1969]71itr371(cal) . the tribunal distinguished the said decision on facts and following the decision of the allahabad high court in jaswant sugar mills ltd. v. cit : [1970]78itr154(all) upheld the contentions of the assessee and allowed the appeal. 12. at the hearing, the sole contention of mr. b.l. pal, .....

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Aug 25 1978 (HC)

Commissioner of Income-tax (Central) Vs. New Central Jute Mills Co. Lt ...

Court : Kolkata

Decided on : Aug-25-1978

Reported in : [1979]118ITR1005(Cal)

..... in the circumstances of the case, the sum of rs. 1,46,875 spent on the purchase of loom hours was an allowable revenue expenditure under the indian income-tax act, 1922 ? 2. whether, on the facts and in the circumstances of the case, the sum of rs. 7,79,117 (sic) paid to the ..... , the relevant previous year being the one ended on the 31st march, 1958. on an application of the commissioner of income-tax (central), calcutta,under section 66(1) of the indian i.t. act, 1922, the tribunal has referred for the opinion of this court the following questions as questions of law arising out of ..... the payment-was in the nature of capital expenditure and had been rightly disallowed by the ito.6. the assessee preferred a further appeal to the income-tax appellate tribunal. it was contended that though the money had been utilised for capital expenditure the same being for the purpose of business, the interest paid ..... the expenditure is not for the purpose of earning or is unrelated to or unconnected with the activity of earning, such income will not be allowed as deduction. (c) cit v. h.h. maharani shri vijaykuverba saheb of morvi : [1975]100itr67(bom) . the facts in this case were that a settlor ..... decisions:(a) cit v. bihar spinning and weaving mills ltd. : [1953]24itr108(cal) . the assessee in this case was in the process of setting up its spinning and weaving mills and had not commenced business though it had some income by way of interest. being assessed under section 12 of the act of 1922, the .....

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Apr 26 1978 (HC)

Betts Hartley Huett and Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Apr-26-1978

Reported in : [1979]116ITR425(Cal)

..... it accrues or arises to him. effectiveness of the device depends not upon considerations of morality, but on the operation of the income-tax act. legislative injunction in taxing statutes may not, except on peril of penalty, be violated, but it may lawfully be circumvented.' 7. in this judgment, the supreme court made the following further observations :'it is ..... . mr. b.l. pal, learned counsel for the revenue, drew our attention to section 9 of the i.t. act, 1961, as it stood at the relevant time :'the following incomes shall be deemed to accrue or arise in india--(i) all income accruing or arising, whether directly or indirectly, through or from any business connection in india, or through or from any ..... to him. by adopting a device, if it is made to appear that income which belonged to the assessee had been earned by some other person, that income may be brought to tax in the hands of the assessee, and if the income has escaped tax in a previous assessment, a case for commencing a proceeding for reassessment under section 147(b) may be made ..... in india and there was no scope for application of section 9 which provided that certain income though not accruing or arising in india would be deemed to so accrue or arise.6. in support of his contentions dr. pal cited the following decisions :(a) cit v. calcutta discount co. ltd. [1973] 91 itr 3. the facts in this case were that .....

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Mar 08 1978 (HC)

Commissioner of Income-tax (Central) Vs. B.P. (India) Ltd.

Court : Kolkata

Decided on : Mar-08-1978

Reported in : [1979]116ITR440(Cal)

..... claimed by the assessee under section 25(3) of the indian income-tax act, 1922, was legally justified ?'6. in order to appreciate the contentions urged in this case it would be necessary to refer to the provisions of section 25(3), (4) and ..... contentions as they think necessary to substantiate the case on facts that the relief claimed under section 25(3) is legally justified.' 5. thereupon, under section 256(1) of the income-tax act, the tribunal has referred the following question to this court:'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the relief ..... instant case, complete or not. as such, we accept the assessee's contention that he was entitled to relief claimed by him under section 25(3) of the indian income-tax act, 1922, and would set aside the order of the appellate assistant commissioner and restore the case to his file and direct him to find out the facts in the light ..... aspect of the matter and have not given any findings on fact, such as, whether the assessee was assessed to income-tax in the earlier year on the basis of the income-tax act, 1918, or on the basis of the previous year under the indian income-tax act, 1922, and also whether all other requisite conditions enabling the assessee to get the requisite relief were, in the .....

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May 11 1978 (HC)

Commissioner of Income-tax Vs. N. GuIn and Co. (P.) Ltd.

Court : Kolkata

Decided on : May-11-1978

Reported in : [1979]116ITR475(Cal)

..... gains did not form part of the profits and/or gains of business'. now, section 23a was part of the income-tax act for a continuous period of long time before the 6th head of capital gains was added in section 6 by act xxii of 1947.....there was no taxation on capital gains for considerable number of years when section 23a was part ..... of capital return have been treated in the income-tax act altogether on a different footing from the profits and gains of business under the 4th head mentioned in section 6. in arriving at the above findings, one may emphasise that ..... tax levied under the other five heads mentioned in section 6. super-tax is not payable in respect of capital gains. the gains made by way ..... of the income-tax act.....it further requires to be recorded that admittedly the rate of tax on capital gains was and is altogether different from the rate of .....

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Aug 29 1978 (HC)

P.C. Sharma and Sons Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Aug-29-1978

Reported in : [1979]116ITR758(Cal)

..... dipak kumar sen, j.1. this reference under the income-tax act, 1961, arises from the income-tax assessment of m/s. p. c. sharma & sons, the assessee, in the assessment year 1964-65, the previous accounting year having ended on the ..... that the finding was vitiated for any reason. the same view has been expressed by this court in a later case in commissioner of income-tax v. sri meenakshi mills ltd. : [1967]63itr609(sc) .' (f) cit v. kotrika venkataswamy and sons : [1971]79itr499(sc) . this decision was cited for the following observations of the, supreme court (p ..... in the hearing of a reference under section 66 of the act it is not open to the assessee to challenge such a finding of fact unless he has applied for a reference of the specific question under section 66(1). in india cements ltd. v. commissioner of income-tax : [1966]60itr52(sc) , it was pointed out ..... hearing of a reference under section 66(1) of the act it is not open to the assessee to challenge such a finding of fact unless he has applied for the reference of the specific question under section 66(1). in india cements ltd. v. commissioner of income-tax : [1966]60itr52(sc) , it was held by ..... of the said act to the bombay high court, which was dismissed. thereafter, the assessee obtained a special leave to appeal to the supreme court. the supreme court allowed the appeal and formulated the following two questions : '(1) whether there are any materials on the record to support the finding of the income-tax officer that the .....

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May 08 1978 (HC)

Commissioner of Income-tax Vs. B.R. Vasa

Court : Kolkata

Decided on : May-08-1978

Reported in : [1979]116ITR940(Cal)

..... the tribunal's order:'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessment made under section 147 of the income-tax act, 1961, was invalid in view of the supreme court decision in the case of j. p. jani, ito v. induprasad devshankar bhatt?'5. at the hearing, no one appeared on ..... on the 31st day of march, 1940...... (ii) any income chargeable to tax had escaped assessment within the meaning of that expression in section 147 and no proceedings under section ..... force before its amendment by clause (a) of section 18 of the finance act, 1956 (18 of 1956), had expired.'15. section 292(2)(d)(ii) of the act of 1961 reads, inter alia, as follows :'(2) notwithstanding the repeal of the indian income-tax act, 1922 (hereinafter referred to as the repealed act),--...... (d) where in respect of any assessment year after the year ending ..... curiae', has drawn our attention to several amendments introduced in section 34 of the indian i.t. act, 1922, from time to time.11. prior to the finance act, 1956, the said section read, inter alia, as follows :'34. income escaping assessment.--(1) if- (a) the income-tax officer has reason to believe that by reason of the omission or failure on the part of .....

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Apr 28 1978 (HC)

Sm. Anima Basu and ors. (Sole Executrix to the Will of S.M. Basu) Vs. ...

Court : Kolkata

Decided on : Apr-28-1978

Reported in : [1978]115ITR272(Cal)

..... the appellate tribunal, the revenue contended that the practice which the assessee carried on in 1941, was not a practice which had been charged to income-tax under the indian income-tax act of 1918, as the earlier practice had been discontinued in 1932, and relief had been given in respect of such discontinuance. the tribunal, ..... the tribunal was correct in holding that the assessee was not entitled to the relief under section 25(3) and/or section 25{4) of the indian income-tax act, 1922, for the assessment year 1958-59 ?'2. the facts found and/or admitted are shortly as follows :c. c. basu, a well-known ..... it is convenient to set out here the provisions of section 25(3) of the indian income-tax act, 1922:'where any business, profession or vocation on which tax was at any time charged under the provisions of the indian income-tax act, 1918 (vii of 1918), is discontinued, then, unless there has been a succession by ..... enactments of ceylon, 1938, c. 188) which is more or less similar to the provisions of section 25(3) of the indian income-tax act, 1922. their lordships of the privy council observed as follows (page 7) 3 'their lordships have had some difficulty in deciding which ..... claims relief under the section must be one and the same. in income-tax law the heirs and legal representatives of a deceased assessee are liable to pay tax on income of the deceased-assessee prior to his death under section 24b of the indian income-tax act, 1922.14. in the instant case, c. c. basu, the .....

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Feb 24 1978 (HC)

Waldies Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Feb-24-1978

Reported in : [1978]115ITR286(Cal)

..... , gives jurisdiction and authority to the ito to pass the impugned order. it is apparent that after the subsequent assessment, under the income-tax act, 1961, made by virtue of section 147 of the income-tax act, 1961, was cancelled by the aac, the income-tax liability of the assessee got reduced. the ito has, therefore, given effect to that order. accordingly, the 'chargeable profits' under the ..... april, 1971, modifying or amending the order under section 13 passed in september, 1968, and giving effect to the aac's order passed in november, 1970, under the income-tax act.2. an appeal was preferred by the assessee to the aac. it was contended that the order under section 13 was bad in law because there was no mistake apparent ..... , and the ito in march, 1971, gave effect to the order of the aac in cancelling the subsequent assessment and thereby restoring the original assessment under the income-tax act, 1961. thereafter, on the 21st of april, 1971, the impugned order was passed under section 13 modifying the order dated 16th of september, 1968.12. the present order had ..... the aforesaid year was modified in september, 1968, by virtue of reopening under section 147 of the income-tax act, 1961. there was consequently charge of additional levy of income-tax. it, therefore, became necessary to deduct this additional income-tax liability from the 'chargeable profits' under the companies (profits) surtax act, 1964. accordingly, on j6th of september, 1968, an order was passed under section 13 of .....

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