Court : Kolkata
Decided on : May-24-1982
Reported in : (1983)32CTR(Cal)35,144ITR699(Cal)
..... assessment years 1959-60, 1961-62 and 1962-63 were bad and as such were liable to be annulled under section 147(a) of the income-tax act, 1961 ?'3. the assessments for the assessment years 1959-60, 1960-61, 1961-62 and 1962-63 were reopened by the ito under ..... of a loan and that the appellate assistant commissioner was not further justified in admitting the additional evidence of bank certificates without giving the income-tax officer an opportunity to meet the assessee's case. for the assessment year 1962-63, the assessee had again borrowed loans on hundis ..... so far as the assessment for the year 1961-62 is concerned, the tribunal observed as follows:'for the assessment year 1961-62, the income-tax officer reopened the assessment proceedings under section 147(a) in the circumstances similar to those described for the assessment year 1959-60. during ..... then the calcutta high court held that the proceedings were bad as the important safeguards provided in sections 147 and 151 were lightly treated by the income-tax officer. respectfully following the decisions of the calcutta high court relied upon by the departmental representative and the two supreme court decisions reported in : ..... the supreme court decision reported in : 79itr603(sc) in the case of chhugamal rajpal. as for merits, he stated that the income-tax officer was wrong in making the additions without making further enquiries. the departmental representative stated before the tribunal that the assessee had failed to make .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-06-1982
Reported in : 165ITR566(Cal)
..... this court:' whether, on the facts and circumstances of the case and on a proper interpretation of section 40(c)(iii)/40(a)(v) of the income-tax act, 1961, the tribunal was right in holding that the cash payments made by the assessee to its employees to reimburse them for the expenses incurred by way ..... may refer to the decision in the special leave application from the order of the bombay high court being special leave petition no. 2970 of 1976 in income-tax appeal no. 113 of 1976 of the bombay high court, which was dismissed by the supreme court by an order dated april 4, 1975. (sic)3. ..... of the facts found by the tribunal and in view of the principles laid down by the division bench of this court in the case of cit v. kanan devan hills produce company ltd. : 119itr431(cal) , principles of which decision have been followed by the karnataka high court in the decision ..... p. ltd. : 132itr125(bom) , though a contrary decision has been taken by the full bench of the kerala high court in the case of cit v. commonwealth trust ltd. : 135itr19(ker) , we must answer the question in the affirmative and in favour of the assessee.2. incidentally, we ..... reported in cit v. mysore commercial union ltd. : 126itr340(kar) and the madras high court in the case reported in cit v. manju-shree plantations ltd.  125 itr 150 and the bombay high court in the case of .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-30-1982
Reported in : (1982)30CTR(Cal)85,143ITR848(Cal)
..... the amount of guarantee commission paid to the bank represented a part of the capital expenditure and, therefore, was not allowable undersection 37(1) of the income-tax act, 1961, for the assessment year 1969-70? 3. whether, on the facts and in the circumstances of the case, the tribunal was right in ..... laid out by the assessee for the purpose of its business and as such was an allowable revenue expenditure under section 37(1) of the income-tax act, 1961, for the assessment years 1968-69 and 1969-70, respectively 2. whether, on the facts and in the circumstances of the case, ..... holding that the expression 'such profits and gains' appearing in section 80-i of the income-tax act, 1961, referred only to profits and gains attributable to priority industry as included in the gross total income and such profits and gains signified profits and gains of the priority industry determined and finally ..... and 31st december, 1966, respectively. therefore, we have no hesitation to accept the veracity of the statement of the assessee and to direct the income-tax officer to allow losses of rs. 8,35,359 and rs. 3,30,965 in the respective assessments for the assessment years1968-69 and 1969-70 ..... dated 31st december, 1975, relating to the assessment year 1967-68, which was passed after the orders of the appellate assistant commissioner and the income-tax officer relating to the assessment years now under appeal before us, the assessee was perfectly justified in raising the issues in the grounds of .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-23-1982
Reported in : 163ITR496(Cal)
..... may briefly be stated.11. on behalf of the petitioner in the court of the first instance, i.e., respondent in this appeal, after referring to section 271 of the income-tax act, 1961, it was contended that the conditions laid down in the section, the fulfilment of which only could justify an action for taking penalty proceedings by the parties, were totally ..... to please state your views as to why your case should not be considered to be covered by the provisions of the explanation to section 271(1)(c) of the income-tax act, 1961. in this respect, i would like you to refer in particular to that portion of the explanation which states ...... that the failure to return the correctincome did not arise ..... august 18, 1971, under section 274(2) read with section 272 of the income-tax act, 1961, to the principal officer of the company at bombay and the said notice reads as follows :'whereas, the income-tax officer, central circle xxiii, calcutta, has under sub-section (2) of section 274 of the income-tax act, 1961, referred your case to me in connection with the penalty proceedings under ..... year 1967-68, it appears to me that you have concealed the particulars of your income or deliberately furnished inaccurate particulars of such income and whereas penalty proceedings have to be referred to the inspecting assistant commissioner of income-tax. according to sub-section (2) of section 274 of the income-tax act, 1961, you are hereby informed that the case for levy of penalty under the .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-08-1982
Reported in : (1983)34CTR(Cal)206,146ITR95(Cal)
..... the question posed before the court was as follows :'whether, on the facts and in the circumstances of the case, the assessment made under section 34(1 )(a) of the income-tax act was justified in law ?'by its judgment dated september 12, 1963, the high court answered the question in the negative and in favour of the assessee. the supremecourt had observed ..... us :for the years 1961-62 to 1967-68 '1. whether, on the facts and in the circumstances of the case, the proceedings initiated under section 147(a) of the income-tax act, 1961, were valid and legal ? 2. whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that there was no relationship of employer ..... was no disclosure of material facts on the part of the assessee and so the instant case comes under section 147(a) but not under section 147(b) of the income-tax act, 1961. thus, the above case cited by the learned counsel is also not applicable. in our view the instant case is not a change of opinion of the successor ..... accepted the claim by the assessee and allowed the same in the original assessment. the assessment was reopened under section 34(1)(a) of the indian income-tax act, 1922, on those facts, their lordships of the supreme court held that it was a case which would appropriately fall under section 34(1)(b) but not under section 34( .....Tag this Judgment!
Court : Kolkata
Decided on : Aug-02-1982
Reported in : 146ITR347(Cal)
..... c) of the income-tax act, 1961, was justified ?' 7. the tribunal, however, reframed the question raised by the assessee and has referred the question which we have set out hereinbefore.8. it has been contended ..... under section 271(1)(c) of the income-tax act, 1961 ? 3. whether, on the facts and in the circumstances of the case, the tribunal was correct in law in holding that the imposition of penalty under section 271(1)( ..... made an application to the tribunal for referring thequestions as follows :'1. whether, on the facts and in the circumstances of the-case, the income-tax authorities were justified in imposing penalty under section 271(1)(c) of the income-tax act, 1961 ? 2. whether, on the facts and in the circumstances of the case, the tribunal was justified in affirming the imposition of penalty ..... the tribunal to this court under section 256(1) of the i.t. act, 1961:'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in holding that the impositionof penalty of rs. 25,000 under section 271(1)(c) of the income-tax act, 1961, for the assessment year 1970-71 was justified ?'2. the assessee is .....Tag this Judgment!
Court : Kolkata
Decided on : Dec-21-1982
Reported in : (1983)34CTR(Cal)174,145ITR439(Cal)
..... under section 271(1)(c) of the income-tax act, 1961?' 2. the facts of this case are as follows : the assessee had ..... the assessee filed a revised return declaring the unexplained cash credit of rs. 35,000 as his income, the tribunal misdirected itself in law in holding that the provisions of section 271(1)(c) of the income-tax act, 1961, were not attracted in this case and in that view cancelling the order of penalty made ..... filed originally a return on june 28, 1963, declaring an income of rs. 45,251. the ito noticed cash credits aggregating to rs. 35,000 ..... that he was unable to produce any evidence of the loan taken in the name of sri sudhansu mondal, and the income-tax officer pointing out that at the assessee's instance notice under section 131 were sent to different addresses furnished by him, the assessee ..... i.t. act, 1961. 3. the assessee preferred an appeal before the appellate tribunal. the tribunal observed as follows: 'we have examined the order-sheet in the assessment record and find from the noting in the order-sheet dated december 16, 1967, that the assessee's representative had appeared before the income-tax officer and stated .....Tag this Judgment!
Court : Kolkata
Decided on : Oct-15-1982
Reported in : (1983)35CTR(Cal)254,144ITR317(Cal)
..... had to be refunded to the subscribers by way of rebate. there the supreme court observed (p. 525):'the real profit of a businessman under section 10(1) of the income-tax act cannot obviously include the amounts returned by him by way of rebate to the consumers under statutory compulsion. it is as if he received only from the consumers the original ..... a company has been specifically made deductible from the total income under section 15 of the surtax act.'15. surtax deductible in computing distributable income under income-tax act.--notwithstanding anything contained in clause (i) of section 109 of the income-tax act, in computing the distributable income of a company for the purposes of chapter xi-d of that act, the surtax payable by the company for any assessment year ..... business were to be computed 'on the principles on which the profits of a business are computed for the purpose of income-tax under section 10 of the indian income-tax act, 1922'. it was specifically provided under section 12 that the amount of excess profits tax payable in respect of a business shall be allowed to be deducted as an expense for the purpose of ..... .35. in order to appreciate this argument it is necessary to set out section 10(4) of the indian i.t. act, 1922, and section 40(a)(ii) and section 2(43) of the i.t. act, 1961 :indian income-tax act, 1922. '10. (4) nothing in clause (ix) or clause (xv) of sub-section (2) shall be deemed to authorise the allowance of any .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-07-1982
Reported in : 144ITR415(Cal)
..... ) if the answer to question no. 1 be in the negative then whether the tribunal was right in holding that the order passed under section 23a(1) of the indian income-tax act, 1922, was not justified in law?' 9. in this reference it has been contended on behalf of the revenue before us that the tribunal has erred in taking into consideration ..... as follows :'another incidental question is whether for the purpose of ascertaining the net commercial profits the tax estimated or the tax actually assessed shall be deducted. in a case where an income-tax officer takes action under section 23a of the act before the tax for the relevant period is assessed, only the estimated tax can be deducted ; but, there is no reason why, when the ..... the supreme court it must be held that the tribunal was right in taking the commercial profits and deducting therefrom the income-tax actually levied by the ito in calculating the distributable surplus of the company for the purpose of section 23a of the act. the ito passed the order under section 23a on 21st october, 1965. the aac's order reducing the ..... tax had already been assessed before he takes action under this section, the estimated tax and not the real tax shall be deducted therefrom. in this .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-06-1982
Reported in : 144ITR423(Cal)
..... tribunal was right in confirming the levy of penalty by the inspecting assistant commissioner under section 271(1)(c) read with section 274(2) of the income-tax act, 1961, relating to the assessment years 1970-71 and 1971-72?'5. it appears that in the subsequent year, that is to say, the assessment ..... since reported in) : 137itr698(cal) . in the relevant previous year, the assessee was following the mercantile system of accounting. we held in that reference, income-tax reference no. 60 of 1977 : 137itr698(cal) , that there was no claim before the tribunal that there was any change of method of accounting from ..... penalty. it appears that for the assessment year 1970-71, the quantum appeal had come up in reference before this court in income-tax reference no. 60 of 1977, (james finlay & co. v. cit) and the judgment was delivered on the 22nd and 23rd december, 1980, the said judgment is reported in  22 ..... co. of. india ltd. v. asst. commr. of st : 124itr15(sc) . there the supremecourt was dealing with the madhya pradesh general sales tax act, 1958, and observed that a return could not be said to be false unless there was an element of deliberateness in it. it was possible that even ..... on a proper construction of the definition of 'sale price' in section 2(o) of the madhya pradesh general sales tax act, 1958, and section 2(h) of the central sales tax act, 1956, the amount of freight did not fall within the definition and was not liable to be included in the taxable .....Tag this Judgment!