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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1983 Page 2 of about 69 results (0.034 seconds)

May 31 1983 (TRI)

Titaghur Paper Mills Co. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : May-31-1983

Reported in : (1983)5ITD285(Kol.)

..... enduring advantage and, therefore, the expenditure would be a capital expenditure not deductible under section 37 of the income-tax act, 1961, in view of the decision of the calcutta high court in the case of cit v. india tobacco co. ltd. [1978] 114 itr 182 and of the allahabad high court in the ..... the assessee for the construction of the stadium was for the purpose of commercial expediency and, therefore, this was an admissible deduction in computing the income of the assessee.however, for deduction to be allowed under section 37 it is necessary, that such expenditure should not be capital in character. ..... will not be correct to say that by avoiding certain business expenditure, the company can be said to have acquired enduring benefits or acquired any income yielding asset. (p. 554) in short, the learned counsel for the assessee contended that if the advantage consists merely of facilitating the assessee's ..... contributed a sum of rs. 5 lakhs for the construction of the stadium. the assessee claimed this amount as an admissible deduction in computing its income for the year under consideration. the ito disallowed this claim of the assessee as he was of the opinion that the expenditure was not directly ..... everything that serves to promote commerce and includes every means suitable to that end. as has been held by the supreme court in the case of cit v. delhi safe deposit co. ltd. [1982] 133 itr 756. an expenditure laid out wholly and exclusively for the purpose of trade or business .....

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Nov 25 1983 (TRI)

income-tax Officer Vs. Kusum Products Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Nov-25-1983

Reported in : (1984)7ITD557(Kol.)

..... the assessee for machinery and equipment, exported to the new company in indonesia, amounted to rs. 50,34,645. the ito invoked section 92 of the income-tax act, 1961 and found that the profit earned on this transaction was not normal. he found that there was a recovery of rs. 7,39,429. when the ..... in respect of addition towards export of machinery to p.t. kusum products, indonesia and failed to appreciate the legal issue involved in section 92 of the income-tax act, 1961 and as such the addition of rs. 7,39,528 should be restored.3. the assessee entered into an agreement on 13-3-1975 with peter ..... for considering the matter in issue : section 92. where a business is carried on between a resident and a non-resident and it appears to the income-tax officer that, owing to the close connection between them, the course of business is so arranged that the business transacted between them produces to the resident either ..... no profits or less than the ordinary profits which might be expected to arise in that business, the income-tax officer shall determine the amount of profits which may reasonably be deemed to have been derived therefrom and include such amount in the total ..... 92. the commissioner (appeals) was not justified in deleting the addition after considering the export incentives. shri r.n. bajoria relied in mazagaon dock ltd. v. cit/ept [1958] 34 itr 368 (sc).6. shri r.r. bajoria, the counsel of the assessee, on the other hand, referred to section 92 and urged .....

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Jan 07 1983 (TRI)

Sandwell and Co. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Jan-07-1983

Reported in : (1983)6ITD183(Kol.)

..... were the employees of the hindusthan paper corporation ltd., for whom approval under section 10(6)(vii)(a) of the income-tax act, 1961 ('the act') was obtained by the indian company. the finding of the ito that dollars 41,271 were chargeable to tax was, thus, not correct. on behalf of the revenue, the orders of the authorities below were strongly relied upon.5 ..... expenditure to the extent of 3,040 dollars and allowed 6,000 dollars only by way of expenditure, inasmuch as the indian company was to pay tax on behalf of the assessee-company, the net income of rs. 2,64,532 was grossed up to rs. 6,01,900.3. the assessee-company appealed against the aforesaid order to the learned commissioner ..... assessment was, in the circumstances, entirely justified.6. the assessee-company also objected to the grossing up of the income for the purposes of determining the tax liability. according to them relevant tax had been paid by the indian company after the relevant previous year and, therefore, the tax so paid should not have been considered for the purpose of grossing up of the ..... the nature of a benefit or perquisite contemplated by clause (iv) of section 28 of the act introduced by section 7 of the finance act, 1964 and that, for the period prior to the amendment, the benefit or perquisite was not liable to be charged to tax under the head 'profits and gains of business or profession'.clause (iv) of section 28 was .....

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Jan 29 1983 (TRI)

Agents (India) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Jan-29-1983

Reported in : (1983)4ITD391(Kol.)

..... did not accept the claim as in his view the carried forward business loss could be set off only against any other business income and that as per explanation 2 to suction 28 of the income-tax act, 1961 ('the act'), the income from speculation transaction shall be deemed to be distinct and separate from any other business. against the action of the ito, the ..... 1922 act classified the taxable income under different heads for the purpose of computation of the net income of the assessee. it was also observed that though, for the purpose of computation of the ..... brought forward being set off against income from speculation business earned by the assessee during the year under appeal.8. in this connection, it would be useful to refer the decision of the hon'ble supreme court mentioned above, in which it was held, inter alia, that the scheme of income-tax act is that income-tax is one tax and that section 6 of the ..... assessee preferred appeal before the commissioner (appeals) contending that the speculation business was a distinct business, yet the assessee rightly claimed for setting off of income from speculation business against .....

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May 09 1983 (TRI)

Highway Construction Co. (P.) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : May-09-1983

Reported in : (1983)4ITD545(Kol.)

..... masonry and general construction works. the assessment for the assessment year 1975-76 was completed by the assessing officer under section 143(3) of the income-tax act, 1961 ('the act'), on 30-3-1978. the assessee was served with the assessment order and a demand notice duly signed by the ito of the same date ..... to be exercised in manner similar to the exercise of power of an appellate court acting under the code of civil procedure. authority to 'pass such orders thereon as it thinks fit' in section 33(4) of the income-tax act, 1922, is not arbitrary: the expression is intended to define the jurisdiction of the ..... a decision of a high court if no contrary decision is available. the hon'ble high court has observed-- . . . an authority like an income-tax appellate tribunal, acting anywhere in the country, has to respect the law laid down by the high court, though of a different state, so long as there is no ..... would, however, fulfill the requirement of section 143(3)(a) as no form of assessment order is prescribed. in the instant case, the income tax officer determined the tax on a plain paper and on form itns 150-a within period of limitation and thus complied with the provisions of section 143(3)(a). ..... . but the assessee did not get any paper indicating the determination of tax payable by the assessee on its total income under section 143(3). the .....

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Jan 14 1983 (TRI)

Shree Govind Property and Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Jan-14-1983

Reported in : (1983)5ITD390(Kol.)

..... p.) ltd. [1981] 128 itr 276 it was held by the hon'ble calcutta high court that : before the penal provision under section 273(a) of the income-tax act, 1961, can be attracted there must be evidence to show that the estimate filed by assessee was false to the knowledge of the assessee or he had reason to ..... and are, therefore, disposed of by this single order.2. both these matters related to penalties levied by the ito under section 273(a) of the income-tax act, 1961 ('the act'). for the first year, i.e., 1974-75 the ito issued a notice presumably on the ground that the assessee had not paid any advance ..... referring to a number of authorities mentioned in foot note 21 at page 5, it has been opined by kanga and palkhivala in their law and practice of income-tax, 1976, 7th edition that marginal notes to the section cannot control the construction of the statute. since the wording of section 273 appears to be fairly clear ..... for us to go that far.there are clear cut provisions for such case. under section 218 of the act, if the assessee has sent any statement or an estimate or revised estimate of advance tax payable by him but does not pay any instalment in accordance therewith he shall be deemed to be an assessee ..... 2,87,090. it filed an estimate in form no. 29 showing the estimate of tax liability at rs. 65,000, but paid only rs. 22,000 on 3-12-1974. the return was filed on 12-11-1975 showing an income of rs. 4,92,550. consequently, the ito initiated penalty proceedings under section 273 in .....

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Feb 21 1983 (TRI)

Paper House Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-21-1983

Reported in : (1983)5ITD301(Kol.)

..... referred to by the assessee's learned counsel. section 282 speaks of service of notice generally. it is provided that a notice or requisition under the income-tax act may be served on the person either by post or as if it were summons issued by a court under the code of civil procedure, 1908. ..... . the first ground by the assessee in the present appeal is that the assessment order passed under section 143(3)/144b of the income-tax act, 1961 ('the act'), is time-barred and void ab initio and without jurisdiction.2. from the order of the ito dated 26-9-1980, it ..... 3. after hearing the assessee, the commissioner (appeals) scrutinised the records from which he noted that the draft assessment order was served by the inspector of income-tax on 26-3-1980, which was countersigned by the ito. according to the commissioner (appeals), the draft assessment order was duly served on the assessee before ..... of the proposed assessment orders. according to the ito, the draft assessment order was served on the assessee on 26-3-1980 through inspector of income-tax by affixation. it was claimed by the assessee that two drafts were received by the assessee-one draft containing pages 1 to 8 was received on ..... -3-1980 which in fact has not been controverted by the assessee. once the ito proposes to make the variation as indicated above in the assessed income, the machinery provision of section 144b comes into play, which by itself is procedural in operation, inasmuch as the whole assessment proceeding goes on till .....

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Jul 20 1983 (TRI)

State Bank of India Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Jul-20-1983

Reported in : (1983)6ITD225(Kol.)

..... cases are sizeable. however proper observations of the statutory auditors may be so far as accountancy is concerned, the determination of the total income has to be based on the provisions of the income-tax act. under the provisions of the income-tax act, the assessee can maintain his accounts either on mercantile basis or on cash basis. in either case, the guarantee commission would be taxable ..... of sub-section (5) of section 16;** ** ** (4) no amount applied for any of the purposes specified in sub-section (2) shall, for the purposes of the indian income-tax act, 1922, be treated as income, profits or gains of the state bank.the state bank, under section 16(5), was to open 400 new branches in addition to branches which it was to ..... development rebate on the addition of rs. 3,47,140 on typewriters and calculators.29. shri p.t. sanyal, the counsel of the assessee, referred to page 910 of the income-tax act by chaturvedi, new edn. and urged that cupboards, counters and storewels were plant of the assessee and, therefore, the assessee should be allowed development rebate. he referred to the decision ..... not accept the argument of the assessee. he observed as follows: the first four grounds of appeal relate to the reopening of the assessment under section 147(b) of the income-tax act, 1961. it is claimed that the reopening is not justified. the reopening has been done in consequence of information received from the revenue audit. it has been held by the .....

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Jul 23 1983 (TRI)

income-tax Officer Vs. Kanorta Chemicals and Industries

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Jul-23-1983

Reported in : (1983)6ITD456(Kol.)

..... that clarification, the relevant fixed assets would be written up by an amount of rs. 23,61,713 which should be considered for purposes of depreciation thereon as per the income-tax act and rules. (ii) development rebate should also be allowed on the aforesaid amount of rs. 23,61,713 in view of the decision of the gujarat high court in arvincl ..... under section 43a of the income-tax act.in the latter case, the appellant would like to clarify that two consequences should logically follow : (i) for the purpose of calculating depreciation, the cost of the relevant capital assets ..... of appeal, the appellant had claimed that the amount of rs. 3,70,998 should be allowed as revenue expenditure rather than as capital expenditure under section 43a of the income-tax act. in the alternative, the appellant had also claimed that depreciation should be allowed on the enhanced cost of plant and machinery in case the increase in the cost was capitalised ..... the position of an authorised representative in relation to an assessee is a person duly authorised by the assessee under section 288 of the income-tax act, 1961 ('the act'), to attend before the tribunal but in relation to an income-tax authority who is a party to any proceeding before the tribunal, the authorised representative is a person duly appointed by the central government by .....

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Sep 14 1983 (TRI)

Tolaram Jalan Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Sep-14-1983

Reported in : (1983)6ITD261(Kol.)

..... : 2. the assessee has taken, inter alia, the following effective grounds in the appeal : 1. that the learned commissioner of income-tax (appeals) erred in confirming the initiation of the reassessment proceedings in this case under section 147(a) of the income-tax act, 1961 in respect of the assessment year 1973-74, 2. that without prejudice to the above, the learned commissioner (appeals) erred ..... this appeal the assessees challenges the initiation of proceedings for reassessment under clause (a) of section 147 of the income-tax act, 1961 ('the act') in respect of the assessment year 1973-74. the addition of rs. 3,70,000 made to the assessee's total income is also assailed on merits. the facts bearing on the controversy may be first noted.2. the assessee ..... in confirming the inclusion, in the total income of the appellant, in respect of the assessment year 1973-74, a sum of rs. 3 ..... year of the assessee. in the absence of accounts it was open to the ito to bring it to tax in the hands of the assessees on the basis of the receipt of the said income in terms of subsection (2) of section 145 of the act. no quarrel can, therefore, in our opinion, be had with the action of the ito to .....

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