Court : Kolkata
Decided on : Jan-11-1983
Reported in : (1983)34CTR(Cal)224,145ITR447(Cal)
..... of the assessee. the tribunal accordingly dismissed the departmental appeals.5. at the instance of the commissioner of income-tax, the following questions of law have been referred under section 256(1) of the i.t. act, 1961: '1. whether, on a proper reading of the letters referred to in its order, ..... year. it has been argued that subsequent conduct or transaction of the parties after the end of the accounting year will not prevent any accrual of income. the imperial chemical industries (india) pvt. ltd. may have good reasons for giving up the interest after the end of the accounting year. the ..... it submitted the revised returns excluding the above interest amounts on the ground that these interest amounts did not accrue and did not constitute the income of the assessee. it was submitted that the interest was computed provisionally and according to the terms for the advance of the loan no interest ..... did not actually receive any dividend from the acci for which the interest was sought to be taxed and that the making of the entries was only about an hypothetical income. relying upon the decision in the case of cit v. shoorji vallabhdas & co. : 46itr144(sc) , the tribunal held that no ..... : 53itr114(sc) and also e.d. sassoon & company ltd. v. cit : 26itr27(sc) , in which the principles of the mercantile system of accountancy have been explained. the principles applicable to a case of accrual of income are well-settled. but, in our opinion, in this case a perfected debit for .....Tag this Judgment!
Court : Kolkata
Decided on : Nov-24-1983
Reported in : 153ITR263(Cal)
..... that the owner of the said properties and/or the representative of the owner of the said properties cannot be assessed to any income-tax under the i.t. act. mr. pal also contended that the proceeding under the i.t. act is not a legal proceeding in a court of law and under the ordinance, so long as the attachment continues, any proceeding ..... been made on the basis of an order of assessment, no order of refund can be passed contrary to the provisions of the act and unless the order of assessment is set aside by the appropriate authority, payment of income-tax cannot be held per se illegal in a different proceeding. in the circumstances, the impugned order of the learned district judge is ..... the assessee had any liability to pay income-tax out of the income received from the said properties. he contended that under the i.t. act unless an assessee was specifically exempted from the payment of income-tax from the income derived from properties, he is bound to make payment of income-tax in accordance with the provisions of the i.t. act and the rules framed thereunder. he contended ..... same cannot be refunded except in accordadce with the provisions for refund under the said act. but the learned district judge has, in fact, held that the income-tax authorities must refund all payments received by way of income-tax paid on assessment, if necessary, by passing an executable order. mr. pal,therefore, contended that the said order is absolutely illegal and should be set .....Tag this Judgment!
Court : Kolkata
Decided on : Dec-08-1983
Reported in : 153ITR673(Cal)
..... or venture as the partners may mutually agree upon from time to time.'4. the assessee had been dealing in immovable properties and the profits were being assessed to tax as business income. the tribunal took note of the balance-sheet of the assessee and found that the land in question along with another plot of land at no. 6, palm avenue ..... that was sold was held by the assessee as its stock-in-trade and so the surplus arising out of the sale of the land was the assessee's business income. in our view, the tribunal has not committed any error of law and the question that has been referred is answered in the affirmative and against the assessee.7. each ..... plot of land in two lots to a co-op. housing society and made a profit of rs. 60,582. the ito held that the amount in question was business income of the assessee. the assessee preferred an appeal to the aac and contended that the land in question was purchased for the purpose of agricultural operations, but had to be ..... has referred the following question of law under section 256(1) of the i.t. act :'whether, on the facts and in the circumstances of the case, the tribunal was correct in its decision that the profit on transfer of agricultural land was assessable as business income of the assessee on the mere fact that the land in question appeared in the .....Tag this Judgment!
Court : Kolkata
Decided on : May-30-1983
Reported in : 1983(2)CHN53,(1983)2CompLJ345(Cal),(1984)43CTR(Cal)195,148ITR790(Cal)
..... or interest payable in consequence of any order passed under or in pursuance of the act, or any law relating to taxation of income or profits, or the e.d. act, 1953, the expenditure-tax act, 1957, or the g.t. act, 1958, (a) which is outstanding on the valuation date and is claimed by the assessee in appeal, revision or other proceeding as not being ..... debts as on the relevant valuation dates and the same was issued on the basis that the said club was liable to be assessed under the said act.12. it was pointed out on behalf of the said club that since in the income-tax assessment they have been assessed in the status of ' association of persons ', they have no liability to wealth ..... -tax in view of the fact that section 3 of the said act imposes a charge of wealth-tax, upon an individual, an huf and company, but not on an ' association of ..... association must be one the object of which is to produce income, profits or gains, it is immaterial for the purposes of the w.t. act as to whether such an association was formed with a view to earn wealth, but since the tax under the w.t. act is charged on the net wealth, an association of persons relevant for the purpose of .....Tag this Judgment!
Court : Kolkata
Decided on : Jan-10-1983
Reported in : (1984)41CTR(Cal)71,146ITR637(Cal)
..... assessee had incurred the same in the earlier year.2. the assessment year is 1966-67 and the relevant accounting period ended on december 31, 1965. the assessee-company derived income from mining operations. the ito noticed that the assessee had written off rs. 23,206 as development expenses. he found that these expenses were of capital nature. he also found ..... .5. on behalf of the revenue, our attention was drawn to several decisions including the decision of the supreme court in the case of kedarnath jute mfg. co. ltd. v. cit : 82itr363(sc) . the principles that should normally be followed are well settled, viz., in order to be entitled to deduction, the expenses must be incurred or the liability for ..... course of mining can be allowed as revenue expenditure is concluded by the decision of this court in the case of cit v. amalgamated jambad syndicate pvt. ltd. : 117itr698(cal) as well as a decision in the case of cit v. katras jharia coal co. ltd. : 118itr6(cal) . the question, however, in this case is, whether the tribunal was justified ..... mukharji, j.1. in this reference under section 256(1) of the i.t. act, 1961 ('the act'), the following question has been referred to this court:'whether, on the facts and in the circumstances of the case, the tribunal was justified in allowing the expenses of rs. .....Tag this Judgment!
Court : Kolkata
Decided on : May-19-1983
Reported in : (1983)37CTR(Cal)311,143ITR909(Cal)
..... year of a person who is a resident includes all income from whatever source derived...' ' 14. save as otherwise provided by this act, all income shall, for the purposes of charge of income-tax and computation of total income, be classified under the following heads of income :-- a. salaries. b. interest on securities. c. income from house property. d. profits and gains of business ..... any form or nature whatsoever.' ' 2. (45) ' total income ' means the total amount of income referred to in section 5, computed in the manner laid down in this act. ''4. (1) where any central act enacts that income-tax shall be charged for any assessment year at any rate, or rates, income-tax at that rate or those rates shall be charged for that year ..... forth such other particulars as may be prescribed. '' 144b. (1) notwithstanding anything contained in this act, where, in an assessment to be made under sub-section (3) of section 143, the income-tax officer proposes to make any variation in the income or loss returned which is prejudicial to the assessee and the amount of such variation exceeds the amount ..... or profession. e. capital gains. f. income from other sources.' ' 139. (1) every person, .....Tag this Judgment!
Court : Kolkata
Decided on : Dec-14-1983
Reported in : 88CWN318,154ITR419(Cal)
..... being annexure 'a'. it appears that the petitioner thereafter preferred an appeal challenging various additions and disallowances made by the ito for the said assessment year before the aac of income-tax, range 'h', calcutta, who by his order dated september 18, 1972, partly allowed the said appeal. the appellate order has also been annexed to the writ petition being marked with ..... the said assessment year. it was also stated in the said notice that the same was issued after obtaining the necessary approval of the commissioner of income-tax, central i, calcutta, the said ..... . act and as such it was proposed to reassess the income for the said assessment year. the petitioner was, therefore, required to file a return for ..... xv, calcutta, issued the impugned notice dated february 16, 1978, under section 148 of the i.t. act for the assessment year 1969-70, wherein respondent no. 2, inter alia, alleged that he had reasons to believe that the petitioner's income chargeable to tax for the said assessment year had escaped assessment within the meaning of section 147 of the i.t .....Tag this Judgment!
Court : Kolkata
Decided on : Dec-12-1983
Reported in : 153ITR802(Cal)
..... cal) , in which a seemingly contradictory view has been taken. in that case, the judgment of this court in the case of upper ganges sugar mills ltd. v. cit : 129itr438(cal) , was considered and distinguished on facts. mr. bajoria has contended that the distinction was without any difference.5. it does not appear from the ..... in the earlier years could not be treated as part of the capital for purposes of determining the statutory deduction under section 2(8) of the said act?'2. this very question came up for consideration before a division bench of this court in i. t. reference no. 313 of 1977 in the assessee ..... in the circumstances of the case, and on a proper interpretation of explanation 1 of rule 2 of the second schedule to the companies (profits) surtax act, 1964, the tribunal was right in holding that the said sum of rs. 3,50,000 being the adjustment made in respect of the excess depreciation ..... judgment in the case of cit v. indian leaf tobacco development co. ltd. : 132itr831(cal) that the correctness of the judgment delivered in the assessee's own case on november 7, ..... the supreme court. let a certificate of fitness for appeal to the supreme court be issued under section 261 of the i. t. act read with section 18 of the companies (profits) surtax act, 1964.7. there will be no order as to costs.satish chandra, c.j.8. i agree. .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-21-1983
Reported in : 146ITR634(Cal)
..... reference at all. the tribunal has held that sufficient facts had not been brought on record to establish a charge of concealment of income or of furnishing inaccurate particulars as envisaged in section 271(1)(c) of the 1961 act. the tribunal has pointed out that the addition that was made by the ito was by invoking the provisions of section 145 ..... of the 1961 act and that this did not prove that the assessee has concealed its income. the tribunal further found that the difference between the income returned and the income assessed was due to the honest belief of the assessee as to what should be the gross ..... as to what should be the gross income in the rice business and nothing else. this, by itself, is not sufficient ..... view of the gujarat high court decision in the case of cit v. lakhdhir lalji : 85itr77(guj) . the addition made by the ito by invoking the provisions of section 145 of the 1961 act, by itself, does not prove that the assessee had concealed income. the difference between the income returned and the income assessed is due to the honest belief of the parties .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-20-1983
Reported in : 155ITR752(Cal)
..... or interest payable in consequence of any order passed under or in pursuance of this act or any law relating to taxation of income or profits, or the estate duty act, 1953 (34 or 1953), the expenditure-tax act, 1957 (29 of 1957), or the gift-tax act, 1958 (18 of 1958),-- (a) which is outstanding on the valuation date and is claimed by the assessee in ..... as an unit of assessment. the properties held under a firm name will have to be assessed in the hands of the partners of the firm. the w.t. act imposes a tax on the net wealth of every individual and huf. 'net wealth' has been defined to mean, the aggregate value of all the assets wherever located belonging to the assessee ..... facts and in the circumstances of the case, and on a correct interpretation of section 5(1)(iv) of the w.t. act, 1957, the tribunal was correct in holding that the assessee was entitled to exemption from wealth-tax in respect of a part of the house property owned by the firm of m/s. poolchand bros. & co. of which he ..... enable the partners to claim the benefit of section 5(1)(iv). in order to resolve this controversy, we shall first have to examine the scheme of the w.t. act, and also the relevant provisions of the act. a charge of wealth-tax has been imposed by section 3 which at the relevant time stood as under 1'3. charge of wealth .....Tag this Judgment!