Court : Kolkata
Decided on : Jun-27-1983
Reported in : 146ITR617(Cal)
..... determined at a loss figure of rs. 1,32,080 the assessee was not entitled to deduction under section 80m of the i.t. act, 1961, in respect of the dividend income received by it. it appears that the ito arrived at the loss of rs. 1,32,090 after taking into consideration the depreciation of ..... the order made by the ito under section 154 of the act.6. the question in the instant case is whether the relief under section 80m should be given before or after the deduction of the depreciation of the past ..... be decided without long drawn process of reasonings and arguments as it was a debatable point, the ito was not justified in initiating proceedings under section 154 of the act. relying on the decision of the supreme court in the case of t.s. balaram, ito v. volkart brothers : 82itr50(sc) , the tribunal cancelled ..... assessee that since there was no mistake apparent on the face of the records, the ito was not justified in passing an order under section 154 of the act. the aac, however, upheld the action of the ito.5. assessee preferred a second appeal to the tribunal against the order of the aac. in ..... cannot be said that there is a mistake apparent on the face of the record which can be rectified under section 154 of the act. in the case of national engineering industries ltd. v. cit : 113itr252(cal) , cited at the bar, it appears that the question of carrying over of losses and/or depreciation and .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-09-1983
Reported in : (1984)38CTR(Cal)174,146ITR331(Cal)
..... defaulter in filing the returns. against this order the petitioner preferred another application under section 264 of the act before the commissioner of the same circle. sri g.a. james, the commissioner of income-tax, by an order dated march 11, 1982, held the petitioner's revisional application under section 264 of ..... the act to be not maintainable as, according to him, the petitioner should have sought his relief under section 278a of the act. these two orders, copies whereof are ..... of the years 1977, 1978 and 1979. the revenue, accordingly, charged interest for the said years under the provisions of section 139(8) of the act. the petitioner filed an application for waiver of the interest and sri s. s. singh, the aac, range iii, calcutta, by an order dated ..... are quashed and shall not be given effect to. the commissioner will hear the applications of the petitioner under section 264 of the act in accordance with law after giving the petitioner or his representative an opportunity of being heard. till such applications are heard and disposed of by ..... peston padamji ginwalla, is a practising advocate of this court. having professional income the petitioner has to file his return by the 31st july of every year under the provisions of the i.t. act, 1961 (hereinafter referred to as the 'act'). for the assessment years 1976-77, 1977-78 and 1978-79, .....Tag this Judgment!
Court : Kolkata
Decided on : May-30-1983
Reported in : 145ITR115(Cal)
..... (j) instead of clause (c) in holding that a recovery proceeding already started under the old act must continue thereunder. clause (j) reads as follows :' (j) any sum payable by way of income-tax, super-tax, interest penalty or otherwise under the repealed act may be recovered under this act, but without prejudice to any action already taken for the recovery of such sum under the ..... repealed act.'6. but, in our view, the fundamental mistake of the commissioner lies in the fact that ..... fact that clause (c) speaks of a proceeding by way of appeal, reference or revision pending before any income-tax authority, the appellate tribunal or any court which does not include any recovery proceeding under the old act read with the public demands recovery act. in our view, it would have been more appropriate for the commissioner to rely upon the concluding part of ..... relied on by the commissioner is as follows :' (c) any proceeding pending on the commencement of this act before any income-tax authority, the appellate tribunal or any court, by way of appeal, reference or revision, shall be continued and disposed of as if this act had not been passed.'5. in our view, mr. pal is right in pointing out that the commissioner .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-10-1983
Reported in : 1983(2)CHN192,(1983)1CompLJ163(Cal),143ITR264(Cal)
..... inheritance from benoy, the plaintiff pleaded that benoy in his lifetime in order to defraud the creditors and the income-tax department caused a falseand collusive proceedings to be started under the arbitration act, in collusion with defendant no. 1. in that proceeding, the defendant no. 1 raised a sham dispute ..... . this position is rendered clear when we refer to the statutory form of notice under clause (c) which is set out here-under:tothe income-tax officer, sir,i/we, .....................hereby bring to your notice that the property, particulars of which are given below, is held by .................. as my ..... (c) notice in the prescribed form and containing the prescribed particulars in respect of the property has been given by the claimant to the income-tax officer.' 7. analysing this provision on its terms, ..... such property unless,-- (a) the income, if any, from such property has been disclosed in any return of income furnished by the claimant under this act; or(b) such property has been disclosed in any return of net wealth furnished by the claimant under the wealth-tax act, 1957 (27 of 1957); or ..... revisional application, has contended that the learned subordinate judge wholly misread the scope and effect of the material provisions of the i.t. act and the arbitration act, in holding that the plaintiff's suit stands barred in part and as a result thereof the plaintiff stands non-suited to that .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-19-1983
Reported in : 149ITR730(Cal)
..... a sum of rs. 1,589.10 was made by way of interest on january 15, 1957, by a letter on account of arrears of income-tax which had been fully realised, this interest being payable from the date of signing of the certificate up to the date of realisation, an objection ..... by a letter dated january 15, 1957, to pay a sum of about rs. 1,500 by way of interest on the arrears of income-tax which was assessed against him. the appellant put in his objection which was disallowed and a distress warrant was issued against him for recovery of ..... nag, j.1. the facts relating to this second appeal are as follows :a certificate proceeding under the public demands recovery act was started for recovery of arrears of income-tax due, against the father of the plaintiff and another by the certificate officer of 24-parganas, who signed the certificate initiating the ..... . putting it in another way, amicable payment of principal sum alone cannot avoid the liability of payment of interest, costs and charges payable under the act. the law is that all certificate amounts will carry interest, costs and charges, but they would be recoverable when execution proceedings are initiated. therefore, amicable ..... basis of the order of the certificate officer and same not being a public demand, was not recoverable under section 16 of the public demands recovery act and, therefore, the proceeding initiated against the plaintiff's father and others was illegal and ultra vires. the plaintiff accordingly, brought the present suit .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-23-1983
Reported in : (1983)35CTR(Cal)225,87CWN756,144ITR94(Cal)
..... to the petitioner. the petitioner also prayed for an injunction to restrain respondent no. 8 from taking any action or making assessment or enforcing any claim for payment of income-tax for the assessment year 1978-79 on the basis of the petitioner's return for the said year until disposal of the said writ application.4. section 72a of ..... making recommendations the specified authority discharges statutory functions. mr. bajoria, learned advocate for the petitioner, correctly submitted that the specified authority's recommendation under section 72a(1) ofthe said act has civil consequences because the same affects the right of a company to carry forward and set off accumulated loss, etc., of the amalgamating company. therefore, this writ petition ..... govt. before i discuss the said contention, i may first dispose of another contention raised on behalf of the petitioner. mr. bajoria submitted that the specified authority had acted illegally by considering whether the goods manufactured by the amalgamating company were low priority items or whether cigarettes are goods of mass consumption. mr. bajoria in this connection has ..... raised the question of managerial resources for rehabilitation or revival of the business of the sick undertaking. the petitioner-company was presumably registered under the m.r.t.p. act. therefore, the specified authority was also entitled to consider the question of fulfilment of other conditions mentioned in para. 6 of the guidelines. the matters considered by the .....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!
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 : (1984)39CTR(Cal)240
..... . 1963-64 in respect of which the assessee filed a return on 29-6-1965, this is to say, after the explanation added to s. 27(1)(c) of the it act, 1961 which came into force on 1-4-1964. the tribunal cancelled the levy of penalty primarily on the ground that the authorities below had erred in applying the aforesaid ..... to the asst. yr. 1963-64.3. the question as to the applicability of the explanation to s. 271(1)(c) of the act has been the subject matter of several decisions. this court in the case of cit, west bengal-iii, calcutta v. champlal jain : 112itr809(cal) agreed with the view taken by the allahabad high court in the cases ..... of cit v. data ram satpal : 99itr507(all) , cit v. s. devendra singh (1877) 108 itr 314 and addl. cit v. jiwan lal shah : 109itr474(all) . it was held that the relevant and actual date is the date when the ..... rs. 68,550. on 10-6-1968 the assessee filed a revised return indicating a total income of rs. 1,34,354. the assessment made on 30-12-1968 was on a total income of rs. 1,68,944. penal proceedings were drawn up. the assessee contested and submitted that it had filed the original return on an estimated basis because the .....Tag this Judgment!
Court : Kolkata
Decided on : May-12-1983
Reported in : 148ITR651(Cal)
..... of a letter from the directorate of inspection (investigation), special cell, addressed to the commissioner. this letter was endorsed by the iac to all income-tax and wealth-tax officers for information. it was held by the full bench that the reopening of the assessment was valid. sabyasachi mukharji j., as his lordship then ..... that ground the impugned proceedings were quashed. (c) purushottam das bangur v. ito reported in . in this case, the assessee who was assessed to income-tax in the assessment year 1969-70 claimed that he had suffered long-term capital loss on sale of bonus shares of maharaja shree umaid mills ltd. ..... and the disallowance of exemption under section 5(1)(viii) of the w.t. act in respect of jewellery was allowed by an order, dated august 17, 1973, from which a further appeal has been preferred by the wto before the income-tax. appellate tribunal.6. the wto, 'p' ward, district i(i), calcutta, ..... , the ito sought to reopen the assessment under section 147(b) of the i.t. act, 1961, on the ground that the income of the assessee chargeable to tax in the said assessment year had escaped assessment. the ito acted on the basis of a letter, dated march 21, 1974, of the deputy director of ..... to whom the case and the file of the petitioner was transferred in october, 1973, thereafter, issued a notice, dated march, 25, 1975, under section 17 of the w.t. act as follows :'i have .....Tag this Judgment!