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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1984 Page 1 of about 142 results (0.031 seconds)

Nov 21 1984 (HC)

Commissioner of Income-tax Vs. Calcutta Credit Corporation Ltd.

Court : Kolkata

Decided on : Nov-21-1984

Reported in : [1986]158ITR536(Cal)

..... reference under section 256(1) of the income-tax act, 1961, the tribunal has referred the following question of law for the opinion of this court :' whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the interest income of rs. 21,912 in respect of money ..... hereinafter as follows :3. the assessee is a limited company. for the assessment year 1971-72, the assessee claimed before the income-tax officer that accrued interest of rs. 21,912 on the amount lying with the receiver and invested by him was not liable to assessment. the ..... income-tax officer following his earlier orders did not accept the claim of the assessee and included the accrued interest of rs. 21,912 in the total income of the assessee company. the assessee preferred an appeal before the appellate assistant ..... any right to receive any part of the interest income earned by the joint receivers by their unauthorised act of investments. the interest income was earned by the joint receivers on the investments made by them and they were liable to tax on such income subject to the determination which might have been made ..... accrued merely on the ground that the assessee had been following the mercantile system of accounting. hypothetical income cannot be taxed. only when income has materialised, it will be liable to tax. a judgment or decree of a court does not normally create a right in an assessee and only a pre- .....

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Nov 12 1984 (HC)

Commissioner of Income-tax Vs. Straw Products Ltd.

Court : Kolkata

Decided on : Nov-12-1984

Reported in : [1987]165ITR225(Cal)

..... holding that theinterest paid on the moneys borrowed for the purchase of the said securities was allowable under section 19(ii) of the income-tax act, 1961 'the relevant assessment year is the assessment year 1962-63 for which the accounting period ended on december 31, 1961. in the course ..... securities could not be allowed as deduction under section 19(ii) of the income-tax act, 1961, inasmuch as the assessee did not have any income chargeable under the head ' interest on securities'. there was no question of computation of any income under the head 'intereston securities' and, therefore, the question of claim for ..... a judgment of this court in the case of phillips carbon block ltd. v. cit : [1982]136itr205(cal) , where the court went into the meaning of the word ' investment ' in a case under section 84 of the income-tax act, 1961.5. this question whether the assessee bought the securities by way of ..... of assessment, the income-tax officer disallowed a claim for deduction of interest on account of loans taken for purchasing certain securities floated by the government of orissa. ..... assessee.'here is a close similarity in the wording of section 19 and that of section 57 which deals with deductions from ' income from other sources'. in the case of cit v. rajendra prasad moody : [1978]115itr519(sc) , the supreme court dealt with a question very similar to the question raised .....

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Nov 28 1984 (HC)

Commissioner of Income-tax Vs. Tarachand Ghanashyamdas

Court : Kolkata

Decided on : Nov-28-1984

Reported in : [1987]165ITR655(Cal)

..... 1)(c) of the indian income-tax act, 1922 'the assessee, a partnership firm, carried on business as selling agents of burmah-shell products, it has numerous branches in india with its head office at calcutta. in both ..... ajit kumar sengupta, j.1. for the assessment years 1952-53 and 1953-54, the tribunal referred the following question of law under section 66(1) of the indian income-tax act, 1922, for the opinion of this court :'whether, on the facts and in the circumstances of the case, the tribunal was justified in cancelling the penalty imposed under section 28( ..... and rs. 40,539 were for charity realised by the assessee and he treated the same as the income of the assessee from undisclosed sources for the respective assessment years. the income-tax officer initiated penalty proceedings under section 28(1)(c) of the indian income-tax act, 1922, for both the years and by issue of notices called upon the assessee to show cause why ..... penalty be not imposed for these years. these notices were served on the assessee on november 24, 1962. the income-tax officer for the reasons given by him in the assessment orders treated .....

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Sep 11 1984 (HC)

Balish Singh and Co. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Sep-11-1984

Reported in : [1987]165ITR575(Cal)

..... sen, j. 1. the tribunal has referred the following question of law under section 256(1) of the income-tax act, 1961 ('the act') :'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the assessments made by the income-tax officer on february 26, 1970, and february 15, 1974, respectively, for the two years under reference were ..... do so. in this case, the assessee thought that the first set of returns were not complete. he filed the second set of returns and invited the income-tax officer to act upon it. the income-tax officer passed the order of assessment on the second set of returns. the assessee cannot be heard to say that the second iset of returns was non est ..... argued that even if a return is not accompanied by the profit and loss account and the balance-sheet, the return could not be regarded as invalid. the income-tax officer was competent to act upon the first return. there was no scope for filing a revised return under section 139(4) and, therefore, the second return was void.9. the period of ..... required to file a return within the time specified in section 139(1). section 139(2) empowers the income-tax officer to issue a notice to any person who, in the opinion of the income-tax officer, is assessable under the act and require him to furnish a return within 30 days from the date of service of the notice. the notice under section 139 .....

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Dec 10 1984 (HC)

Commissioner of Income-tax, Central-ii Vs. Model Manufacturing Co. Pvt ...

Court : Kolkata

Decided on : Dec-10-1984

Reported in : (1985)49CTR(Cal)38,[1986]159ITR270(Cal)

..... charges for electric fittings and other services rendered. hence, the claim with regard to the depreciation on fans should be allowed to the extent allowable under section 57 of the income-tax act, 1961.5. on the aforesaid facts, the following questions of law have been referred to this court :'1. whether, on the facts and in the circumstances of the case, ..... property.2. the assessee also claimed depreciation on the fans installed in the property situated at 40, strand road. since the income from the said property was assessable under section 22 of the income-tax act, 1961, the income-tax officer disallowed the claim of the assessee as regards depreciation on fans.3. the assessee preferred appeal against the said assessment orders before the appellate ..... that depreciation on fans fitted to portions of the building let out was an allowable expenditure under section 57 of the income-tax act, 1961 ?'6. the question is whether the service charges should be assessed as income from other sources or income from property. the tribunal did not accept the claim of the assessee that the service charges would fall under the head ..... the case, the tribunal was justified in holding that the service charges realised were not part and parcel of the income derived from house property assessable under section 22 of the income-tax act, 1961, and that they were assessable under the head of 'income from other sources' ?3. whether, on the facts and in the circumstances of the case, the tribunal was right .....

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Dec 11 1984 (HC)

Commissioner of Income-tax, Central-i Vs. Jayashree Charity Trust

Court : Kolkata

Decided on : Dec-11-1984

Reported in : (1985)47CTR(Cal)27,[1986]159ITR280(Cal)

..... of the case, the tribunal was right in holding the entire gross dividend income under section 80k, income-tax act, 1961, and the pro rata basis applied by the income-tax officer for giving relief under section 80k, income-tax act, 1961, was not correct ?' 2. the assessee, jayashree charity trust, is a charitable trust. the relevant assessment year for the ..... at source on the ground that the amount has not been spent or accumulated for the purpose of charity.14. the second question relates to the scope of section 80k, income-tax act, 1961. there is no dispute that the assessee is entitled to deduction in respect of dividends attributable to profits and gains from industrial undertakings. there is no dispute that the ..... properties held under trust.20. in view of the aforesaid, the contention of the department that a portion of the gross dividend income of rs, 57,834 must be taken to have enjoyed relief under section 11, income-tax act, on pro rata basis cannot be sustained in the facts of this case.21. in that view of the matter, both the questions are ..... the circumstances of the case, the tribunal was right in holding that the tax deducted at source on dividend could not be treated as income for the purposes of section 11, income-tax act, 1961, and in that view in directing the income-tax officer to exclude the amount of tax deducted at source from the income of the assessee ? 2. whether, on the facts and in the circumstances .....

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Dec 14 1984 (HC)

Vijoy Laxmi Stores Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Dec-14-1984

Reported in : [1986]159ITR333(Cal)

..... of his contention, he has relied on a decision in the case of shop siddegowda and family v. cit : [1964]53itr57(kar) . in that case, one income-tax officer issued a notice under section 28(3) of the indian income-tax act, 1922, to the assessee calling upon him to appear and show cause why penalty should not be levied and ..... proved and, therefore, the penalty provisions under section 271(1)(c) of the income-tax act, 1961, are attracted ? 2. whether, on the facts and circumstances of the case, the income-tax authorities were justified in imposing penalty on the assessee under section 271(1)(c) of the income tax act, 1961 ' 3. mr. sanjoy bhattacharjee, the learned advocate appearing for the applicant ..... it had concealed. in the opinion of the tribunal, both the ingredients of the offence, viz., concealment and existence of income, have been proved and, therefore, the penalty provisions under section 271(1)(c) of the income-tax act 1961, are attracted. the tribunal, therefore, confirmed the penalty imposed by the inspecting assistant commissioner and dismissed the appeal preferred ..... disallowed the claim of interest thereon as a deduction in computing business income. penalty proceeding under section 271(1)(c) of the income-tax act, 1961, was initiated and the matter was referred to the inspecting assistant commissioner of income-tax who held that the assessee has concealed the particulars of income and furnished inaccurate particulars thereof. he, therefore, imposed penalty amounting .....

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Dec 14 1984 (HC)

Commissioner of Income-tax Vs. Bhotica Textiles

Court : Kolkata

Decided on : Dec-14-1984

Reported in : (1985)49CTR(Cal)245,[1986]159ITR355(Cal)

..... in the circumstances of the case, the tribunal was right in cancelling the penalty levied under the explanation to section 271(1)(c) of the income-tax act, 1961, relating to the assessment year 1964-65?'6. it has been contended by mr. bagchi, learned advocate on behalf of the revenue, that since the appeal against the assessment ..... was passed could not be used to support the imposition of penalty. the penalty order was, therefore, cancelled.4. the revenue filed an application under section 256(1) of the income-tax act, 1961, requiring the tribunal to refer the following questions to this court :'1. whether, on the facts and in the circumstances of the case and in view of the fact ..... and in the circumstances of the case, the tribunal was correct in holding that the assessee had discharged its onus under the explanation to section 271(1)(c) of the income-tax act, 1961 ?' 3. whether, on the facts and in the circumstances of the case and on a correct interpretation of the explanation to section 271(1)(c) of the ..... income-tax act, 1961, the tribunal was justified in cancelling the order of penalty made under section 271(1)(c) of the income-tax act, 1961 ' 5. however, the tribunal referred only one question which is in the following terms :' whether, on the facts and .....

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Dec 18 1984 (HC)

Commissioner of Income-tax Vs. Hari Charan Shyam Sundar P. Ltd.

Court : Kolkata

Decided on : Dec-18-1984

Reported in : [1986]159ITR703(Cal)

..... share and because the assessee had sold the said shares at a rate much lower than the fair market value, the provisions of section 52(2) of the income-tax act, 1961, were applicable. the income-tax officer accordingly determined the fair market value at rs. 167 per share and thus computed the capital gains on the sale of the said 1,500 shares at ..... ajit k. sengupta, j. 1. these are two references for the assessment year 1970-71--one under section 256(1) and the other under section 256(2) of the income-tax act, 1961. both the references arise out of the same order and the questions are interlinked. for the sake of convenience, both the references are heard together and disposed of by ..... , whereas the assessee's appeal was allowed. at the instance of the commissioner, the following two questions of law were referred by the tribunal in income-tax reference no. 124 of 1977 under section 256(1) of the income-tax act, 19611 '1. whether, on the facts and in the circumstances of the case and on a proper interpretation of section 52(2) of the ..... income-tax act, 1961, the tribunal was correct in holding that the provisions of section 52(2) of the income-tax act, 1961, were not applicable to the instant case because the income-tax officer had not established that there had been an understatement in the consideration for the sale declared .....

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Dec 18 1984 (HC)

Commissioner of Income-tax Vs. Sen Mukherjee and Co.

Court : Kolkata

Decided on : Dec-18-1984

Reported in : [1986]159ITR793(Cal)

..... case of the department that the creditors were not found in the given addresses or they did not respond to the summons issued to them under section 131 of the income-tax act, 1961. the tribunal after taking into consideration the entire facts and circumstances came to the conclusion that the assessee had discharged the onus and the department had not placed any ..... facts and in the circumstances, the tribunal was right in its conclusion that the onus that lay on the assessee under the explanation to section 271(1)(c) of the income-tax act, 1961, was discharged. the said explanation presumes gross or wilful neglect on the part of the assessee in the circumstances stated therein. the presumption is a rebuttable presumption. the assessee ..... on it under the explanation to section 271(1)(c) of the income-tax act, 1961 2. whether, on the facts and in the circumstances of the case, the tribunal had any evidence to come to the finding that the assessee was not guilty of ..... ajtt k. sengupta, j. 1. for the assessment year 1963-64, the following questions of law have been referred by the tribunal under section 256(2) of the income-tax act, 1961: '1. whether, on the facts and in the circumstances of the case, the tribunal relied on irrelevant materials to hold that the assessee had discharged the onus that lay .....

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