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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1983 Page 3 of about 69 results (0.034 seconds)

Nov 11 1983 (TRI)

income-tax Officer Vs. Warren Tea Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Nov-11-1983

Reported in : (1984)7ITD697(Kol.)

..... 1.the revenue is in appeal before us. the assessment year involved is 1979-80.2. the assessee is a limited company. it filed an estimate of advance tax in form no. 29 under section 209a of the income-tax act, 1961 ('the act') on 15-3-1979, though the estimate and the covering letter were dated 14-3-1979. according to the estimate of advance ..... tax filed by the assessee, advance tax payable by it amounted to rs. 48,51,000. this amount was paid as advance tax on 15-3-1979. on the same day ..... term 'advance tax' as given under section 207, tax payable in advance in accordance with the provisions of sections 208 to 219 is to be regarded ..... provisions of sections 208 to 219 of the act in the case of income other than (a) income chargeable under the head 'capital gains' ; and (b) income referred to in sub-clause (ix) of clause (24) of section 2 of the act.such income is referred to in chapter xvii as 'income subject to advance tax' and such tax as 'advance tax'. so, in view of the definition of the .....

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Jun 30 1983 (HC)

Commissioner of Income-tax Vs. Sijua (Jharriah) Electric Supply Co. Lt ...

Court : Kolkata

Decided on : Jun-30-1983

Reported in : (1983)37CTR(Cal)319,[1984]145ITR740(Cal)

..... business principles. they are business profits and not statutory profits. they are real profits and not notional profits. 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 ..... fund, and the surplus carried to the following year's accounts, were 'profits' within the meaning of the income-tax acts. the house of lords held that the surplus was profit assessable to income-tax. the supreme court observed (p. 530) :'in this case the surplus income formed the sinking fund and was utilised to pay off the debts of the harbour board ; therefore, the court ..... or returnable by the licensee to his consumers is deductible for ascertaining his taxable income from his business under section 10(1) or section 10(2)(xv) of the income-tax act.'25. the supreme court held at pages 525-526 of the report :'under section 10(1) of the income-tax act, tax shall be payable by an assessee under the head' profits and gains of business ..... suhas chandra sen, j.1. the following question of law has been referred at the instance of the commissioner of income-tax under section 256(1) of the i.t. act, 1961:'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the sum of rs. 66,964 appropriated towards 'reserve for contingencies' .....

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Mar 14 1983 (TRI)

Purnasree Cinema Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Mar-14-1983

Reported in : (1983)5ITD592(Kol.)

..... ito granted registration. during the year under consideration the assessee applied for continuation of registration by filing a declaration under section 184(7) of the income-tax act, 1961 ('the act') in form no. 12 but the said form no. 12 was not signed by smt. sarala bala barick. the ito rejected the assessee' ..... the ground that form no. 12 was not signed by the executrix, smt. sarala bala barick. it is true that under rule 24 of the income-tax rules the declaration under section 184(7) in form no. 12 shall be signed by all the partners but a perusal of the partnership deed ..... barick, madhusudan barick and jadunath barick absolutely in equal shares and forever. the above-mentioned bequest of my 10/16th part or share of the income of the said cinema business known as 'purnasree cinema' however shall be subject to the payments to be made thereout to the following persons so ..... for continuation of registration cannot be rejected. under the act, joint executors may be assessed in the status of an aop which itself is an assessable unit under the act so also under the wealth-tax act, joint trustees can be assessed to wealth-tax under that act in the status of an individual. see the decision ..... of the supreme court in the case of trustees of gordhandas govindram family charity trust v. cit [1973] 88 itr 47.therefore, .....

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May 17 1983 (HC)

Straw Products Ltd. Vs. Income-tax Officer.

Court : Kolkata

Decided on : May-17-1983

Reported in : [1983]6ITD35(Cal)

..... interest payable on the said bonds and debendutres is an expenditure on capital nature and, therefore, is not admissible deduction even under section 37(1) of the income-tax act. the claim is, therefore, disallowed.'it follows, therefore, that the ito did not examine the details of the legal expenses submitted by the assessee properly, ..... either by way of interest or otherwise being in the nature of capital expenditure is not allowable deduction in computing the income of the assessee under any of the provisions of the income-tax act. it is true that interest on bonds and debentures raised for the purpose of the business is an allowable deduction ..... shri b. c. mitra, accountant member - the assessees appeal is directed against the order of the commissioner under section 263 of the income-tax act, 1961 directing the ito to disallow in the assessment for the assessment year 1977-78, a sum of rs. 81,571, being ..... to the tune of rs. 81,571 was in the nature of capital expenditure and, as such, was not entitled for deduction in computing the income of the assessee. that would have been in consonance with his own findings made in paragraph 7 of his orders while discussing the admissibility of ..... transferor company was to account for and pay to the transferee company a net amount of not less than rs. 362.50 lakhs together with all income and profits thereon which accrued between the operative date and the effective date. in consideration of the transfer, every member of the transferor company, in .....

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Oct 21 1983 (HC)

Indian Jute Mills Association Vs. Wealth-tax Officer.

Court : Kolkata

Decided on : Oct-21-1983

Reported in : [1984]8ITD757(Cal)

..... exemption under section 5(1) (i) it is not necessary for the wto to be satisfied whether the requirement of section 11 of the income-tax act, 1961 (the 1961 act) have been fulfilled by the assessee or not. in fact, accordingly to the learned counsel, the assessees claim for exemption in terms of ..... v. ito : [1963]47itr101(ap) and held that the said road transport corporation constituted under the road transport corporation act is an individual within the meaning of section 3 of the indian income-tax act, 1922, and as such is taxable. the said decision of the andhra pradesh high court has been affirmed by the ..... membership of the association according to the rules framed by the assessee. it has been argued that under the act, the assessable entities are individual, huf and company while under the income-tax act, every person is an assessable entity including an aop or a boi whether incorporated or not, it has been ..... members of the association. the said association has been registered under the indian trade unions act - xvi, 1926.2. the wto initiated wealth-tax proceedings by the issue of notices under section 17 of the wealth-tax act, 1957 (the act) for the assessment year 1968-69, 1970-71 and 1971-72 and in response ..... under section 5(1) (i) is now linked up with what happens to the assessees claim for exemption of trust income in terms of section 11 to 13 of the 1961 act. in our opinion, the first objection of the revenue, namely, that the assessee is engaged in a business actively for .....

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May 18 1983 (TRI)

West Bengal State Electricity Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : May-18-1983

Reported in : (1983)5ITD636(Kol.)

..... the above subject. 2. i am directed to say that the board has re-examined the contents of its circular referred to above. according to section 2(38) of the income-tax act, 1961, the term 'recognised provident fund' means a provident fund which has been and continues to be recognised.by the commissioner in accordance with the rules contained in part a ..... not established under the employees' provident funds scheme, 1952. it has, therefore, to be recognised by the commissioner under the relevant provisions of the income-tax act, before it can enjoy benefits of a 'recognised provident fund' under the act. in view thereof, boards circular no. 44/14/1964-itj dated 22nd march, 1965, is withdrawn with immediate effect." [1975] 98 itr (st.) 37 ..... , dated 30-11-1974, reads as follows : subject : provident funds recognition under section 3(1) of part a of the fourth schedule to income-tax act, 1961-provident fund exempt under section 17(1) of the employees' provident funds act/para 79 of epf scheme, 1952, or para 27a of employees' provident funds scheme, 1952. reference is invited to board's circular f. no ..... schedule and includes a provident fund established under a scheme framed under the employees' provident funds act, 1952. it would thus appear that in order to avail of the benefits of the income-tax act, a provident fund has either to be recognised in accordance with the provisions of the income-tax act or it must be established under a scheme framed under the employees' provident funds .....

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Sep 08 1983 (HC)

Wealth-tax Officer Vs. Champalal Saraogi.

Court : Kolkata

Decided on : Sep-08-1983

Reported in : [1984]7ITD18(Cal)

..... it as to partition in definite portions will not be attracted. in this respect, it is in pari material with section 25a of the india income-tax act, 1922 (the 1922 act) which also did not apply to the case of partition as held by their lordships of the privy council in the case of sir sundar ..... or partial -under the hindu law would normally hold the field for the purpose of the income-tax act, 1961 (the 1961 act) and wealth-tax act, 1957 (the act) unless it has been specifically modified by either of the said acts. section 171 of the 1961 act brings about modification in the above concept of partial partition for the purpose of this ..... a mere severance of status shall not be deemed to be a partition'. in view of the above position, the finding of our learned brothers in the income-tax appeal of the assessee that there had been no partial partition of the property in question for the purposes of section 171, if we may say so ..... the huf.5. the above contention of the assessee was not accepted by the wto who pointed out that the assessees claim for partial partition in the income-tax proceedings with regard to the said property had been rejected by the tribunal vide its order in it appeal nos. 1979, 1980 and 2569 (cal.) of ..... debts which are secured on or which had been incurred in relation to, any property in respect of which wealth-tax is not chargeable under the act is not to be deducted from the aggregate value of the assets. the debt which the assessee has contracted in the present case .....

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Dec 08 1983 (HC)

Commissioner of Income Tax Vs. Parvati Devi Kalvani.

Court : Kolkata

Decided on : Dec-08-1983

Reported in : (1984)39CTR(Cal)241

: satish chandra, c.j. - the tribunal has referred for the opinion of this court the following questions :'whether, on the facts and in the circumstances of the case and on a proper interpretation of the partition deed, the appellate tribunal was justified in holding that a partial partition within the meaning of clause (b) of the explanation to section 171 of the income tax act, 1961 had taken place amongst the members of the assessee hindu undivided family on 30-61964 ?'the tribunal had answered this question in favour of the assessee principally on the basis of its decision in the case of hoshiari lal kalvani & ors., jalpaiguri came up for hearing before this court and the view of the tribunal was upheld on 15-1-1981 in itr no. 249 of 1974, cit v. hoshiari lal kalvani & ors., jalpaiguri . there precisely the same question was decided. it was held that partial partition within the meaning of cl. (b) of the explanation to s. 171 of the it act, 1961 had taken place amongst the members of the family.2. learned counsel for both sides had agreed that the decision in hoshiari lal kalvanis case fully covers the present case. accordingly, we answer the question referred to this court in the affirmative and in favour of the assessee and against the department.there will be no order as to costs.suhas chandra sen, j. - i agree.

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Dec 30 1983 (TRI)

Molins of India Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-30-1983

Reported in : (1984)8ITD30(Kol.)

..... be paid as bonus within the meaning of section 10(1) of the payment of bonus act, as referred to in the first proviso to section 36(1)(ii) of the income-tax act, 1961 ('the act'), is fully and totally restricted within the allocable surplus available in the hands of the appellant- ..... of the dividends payable out of its profits in accordance with the provisions of section 194 of that act, sixty-seven per cent of the available surplus in an accounting year; the ..... amount of bonus payable under the said act.sub-section (4) of section 2 of the aforesaid act defines 'allocable surplus' in the following terms: (a) in relation to an employer, being a company which has not made the arrangements prescribed under the income-tax act for the declaration and payment within india ..... of section 10 and sub-sections (1) and (2) of section 15, extracted above, referred to third schedule of the payment of bonus act, it would be appropriate to extract the said schedule as follows to understand the scheme: the illustration in this schedule has been worked out with reference ..... of the learned commissioner (appeals) was entirely in order and that interpretation of sub-section (1) of section 10 of the payment of bonus act, as placed by the assessee, was not correct and was far fetched. with regard to the alternative contention of the assessee, the learned departmental .....

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Aug 10 1983 (HC)

inspector General of Police, Cabinet (Vigilance) Dept. Govt. of Bihar ...

Court : Kolkata

Decided on : Aug-10-1983

Reported in : 1984CriLJ1703

..... referred to sections 468 read with 470(2) of the cri.p.c. section 11 central excises and salt act sections 153, 231, 263, 276 and 132 income-tax act and sections 17a and 25 wealth-tax act and others. but in my view, such a provision prescribing an exception was not necessary in the present case ..... restrained from taking any action on the result of that investigation except on further leave from the court.3. on a communication received from the income-tax authorities the appellant came to know that the money received by the respondent 2 by way of compensation was lying in different fixed deposits in ..... conferred by a statute that power may be exercised from time to time when occasion arises unless a contrary intention appears section 14 of the general clauses act relied on by mr. prasad merely grants statutory recognition to the above rule. same principle was reaffirmed by the supreme court in the case of ..... justify. that is not only inherent in every authority exercising powers invested in it but that is also the provision of section 14 of the general clauses act mr. prasad has relied on a decision of the supreme court in the case of vasanlal maganbhai v. state of bombay : 1978crilj1281 . according to ..... levy of the attachment and in terms of the ad interim order passed by the learned district judge though it must be said that the appellant acting on the representation of the respondent 2 made on jan. 22, 1982, failed and neglected to take out the writ of attachment between the period .....

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