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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1985 Page 11 of about 140 results (0.029 seconds)

May 15 1985 (HC)

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

Court : Kolkata

Decided on : May-15-1985

Reported in : (1986)54CTR(Cal)114,[1986]158ITR332(Cal)

..... ajit k. sengupta, j.1. in this reference under section 256(1) of the income-tax act, 1961, read with section 18 of the companies (profits) surtax act, 1964, the following question of law has been referred to this court for the assessment year 1972-73 :' whether, on the facts and in the circumstances of the case, the ..... should be taken into account as reserve for the purpose of computation of the capital under the second schedule to the companies (profits) surtax act, 1964. no facts could be ascertained from the order of the income-tax officer or the appellate assistant commissioner. it was submitted by the assessee before the tribunal that the assessee company had issued 1,500 debentures of ..... the other hand, it was contended by the revenue that this reserve wasmade for certain specific expenditure as provided in rule v of the sixth schedule to the electricity (supply) act, 1948. the tribunal, however, reversed the view taken by the income-tax officer. the tribunal held that the assessee had to create certain reserves according to sixth schedule of the electricity (supply ..... excluded the reserve for contingencies in the computation of capital under the second schedule to companies (profits) sur-tax act, 1964. the appellate assistant commissioner supported the view taken by the income-tax officer without reasons.2. before the tribunal, it was contended by the assessee that the company had to statutorily create the reserve for contingencies according to the provisions of the .....

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Feb 19 1985 (HC)

Indian Explosives Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Feb-19-1985

Reported in : (1985)49CTR(Cal)19,[1985]153ITR340(Cal)

..... been referred to this court by the tribunal for the assessment year 1967-68 under section 18 of the companies (profits) surtax act, 1964, read with section 256(1) of the income-tax act, 1961 :'1. whether, on the facts and in the circumstances of the case, the tribunal was right in holding that ..... original assessment for the assessment year 1967-68 was a mistake apparent from the record and that the income-tax officer had jurisdiction to rectify that mistake under section 13 of the companies (profits) surtax act, 1964, so as to exclude that sum from the capital base?' 2. the facts leading to ..... provision for proposed dividends by the company, were not includible in the computation of the capital base for the purposes of the companies (profits) surtax act, 1964: sundram clayton ltd. v. cit : s.l.p. (civil) nos. 12561-62 of 1982.' we are, however, not impressed by the contention of dr. pal. ..... corporation of india ltd. came up for consideration before this court. the decision of this court is in alkali and chemical corporation of india ltd. v. cit : [1980]122itr490(cal) . in that case, in the original surtax assessment of the assessee-company for the assessment year 1967-68, the ito had ..... was argued that the ito had no jurisdiction to rectify the debatable issue especially when there was a decision of the himachal pradesh high court in cit v. mohan meakin breweries ltd. supporting the assessee's case. the tribunal decided the appeal against the assessee following the order of the tribunal .....

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Jan 28 1985 (TRI)

Surendra Nath Malhotra (Huf) Vs. Gift-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Jan-28-1985

Reported in : (1985)13ITD499(Kol.)

..... the partial partition effected on 9-9-1971 and in respect whereof an order had also been passed by the ito under section 171 of the income-tax act, 1961 ('the 1961 act'), the property worth lakhs of rupees was left with the bigger-huf of shri h.l. malhotra.4. on 11-10-1974, the karta of ..... three daughters.2. the assessee is a huf. for the assessment year 1975-76, the gto issued a notice under section 16(1) of the gift-tax act, 1958 ('the act'). in response to that notice the assessee filed a return of gifts disclosing the value of gifts at rs. 3 lakhs. the assessee, however, claimed that ..... that without prejudice to the above, the learned commissioner (appeals) erred in not adjudicating on ground no. 3 relating to misapplication of section 6a of the gift-tax act, 1958, on the facts and in the circumstances of this case.the above ground does not arise out of the order of the commissioner (appeals). the assessee ..... 53,225 or any part thereof, have been rightly included in the 'net wealth' of the applicant under section 4(1)(a)(iii) of the wealth-tax act 38. it was held by their lordships that there was nothing which the minor daughters had done in return for the creation of the said trust by the ..... contended that it would be a case of deemed gift either under clause (a) or clause (b) of section 4(1) of the wealth-tax act, 1957 ('the 1957 act'), as the expenses required to be incurred on the education of the three daughters would be much less than the amount of money transferred to them.17 .....

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Feb 05 1985 (TRI)

income-tax Officer Vs. Gopalpur Tea Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-05-1985

Reported in : (1985)12ITD259(Kol.)

..... 4,07,776 paid by the assessee was not deductible in terms of section 34 of the payment of bonus (amendment) act, 1977, and section 36(1)(ii) of the income-tax act, 1961 ('the act'). he, therefore, disallowed this claim.2. on appeal before the commissioner (appeals), the assessee relied upon the decision of the ..... referred to section 31a and stated that the additional payment was made under section 31a of the payment of bonus act, 1965 and, therefore, it was allowable under section 36(1)(ii) of the income-tax act.8. the controversy about the allowability of the additional bonus of rs. 4,07,776 paid at the ..... as under: (1) the deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28-- (ii) any sum paid to an employee as bonus or commission for services rendered, where such sum would not have ..... the employees. the extra amount paid, therefore, was in the business interest of the assessee and was rightly held as allowable in computing the business income of the assessee on grounds of commercial expediency in terms of section 37(1). section 36(1)(ii) did not come into play as the ..... all workmen. the ito disallowed the incentive bonus as, according to him, the amount paid was in excess of the admissible amount under the payment of bonus act. he, accordingly, disallowed the excess which came to rs. 36,826. the commissioner (appeals) held that the excess amount paid was in fact 'incentive .....

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Apr 18 1985 (TRI)

Arrah-sasaram Light Railway Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Apr-18-1985

Reported in : (1985)14ITD399(Kol.)

..... resolved for members' voluntary winding up and two liquidators were appointed accordingly. it is stated that a notice under section 178 of the income-tax act, 1961 ('the act') was given to the ito who, however, did not respond. in the course of beneficial winding up of the affairs of the company ..... following grounds : (1) no valid assessment can be made in view of change of law to section 140(c). (2) the income-tax officer has not intimated anticipated tax liability under section 178(2). (3) the assessee contended, under the laws of the country, a company in liquidation has no affairs ..... in his directions under section 144a. the ito followed those directions as best as he could. following those directions the ito arrived at an income with a variation of more than rs. 1 lakh. in such circumstances, he clearly came within the purview of section 144b which directs him ..... introduced anew concept of issue of a draft order by the ito to the assessee setting forth additions proposed to be made to the returned income followed by consideration of assessee's objection and issue of directions by the iac. on the aforesaid examination of the provisions of the two sections ..... both the provisions cannot be independently applied in a given case, particularly when the latter section starts with the expression 'notwithstanding anything contained in this act'. the variation, in the instant case, having exceeded the limit of rs. 1 lakh, had the interpretation of the authorised representative been accepted .....

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Sep 06 1985 (TRI)

Brooke Bond India Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Sep-06-1985

Reported in : (1986)15ITD508(Kol.)

..... appeal has been filed by the assessee against the order dated 11-11-1983 of the commissioner passed under section 263 of the income-tax act, 1961 ('the act') for the assessment year 1978-79.2. by this order, the commissioner has set aside the entire assessment and directed the assessing ..... commissioner in his order dated 11-11-1983. the commissioner has stated that section 125a(4) of the act stipulates that where ah iac exercises the functions of an ito, any reference, in the act or the income-tax rules, 1962 ('the rules') to the ito shall be construed as reference to the iac. further, ..... order dated 19-11-1981 is bad and without jurisdiction since the said assessment order was passed by the inspecting assistant commissioner of income-tax and not by an income-tax officer.shri p.t. sanyal urged before us that the commissioner did not have any jurisdiction to revise under section 263 an order ..... (3) of the act on 19-11-1981.3. shri p.t. sanyal, the learned representative for the assessee, took us through the first of the 10 grounds taken in this appeal which reads as below ; that the order under section 263 passed by the learned commissioner of income-tax, in respect of ..... which the amendment would come into force. alternatively, the legislature sometimes expressly states that the clarification shall be deemed to be existing always in the act right from the beginning. in the absence of any such express legislation, he urged that the amendment will take effect only from the date from .....

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Aug 09 1985 (TRI)

income-tax Officer Vs. Ganges Printing Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Aug-09-1985

Reported in : (1986)15ITD212(Kol.)

..... 1. investment allowance under section 32a of the income-tax act, 1961 ('the act'), on phototypesetter and air-conditioner installed by the assessee-company in the year under assessment (1980-81) was disallowed by the ito on the ground that the same were installed ..... on this point.5. while disposing of the second point it appears that the learned commissioner (appeals) overlooked the provisions of sections 80a(2) and 80b(5) of the act. admittedly, the total income of the assessee was nil. the assessee was, therefore, not entitled to deduction of rs. 3,501 under section 80vv. order of the commissioner (appeals) is, therefore, reversed ..... use of a particular premises. any premises or part thereof initially used for office, residence, guest house or industry may be converted from one use to the other and the act places no restriction for such conversion.a portion in the premises of industry or factory may be used for the office purposes and even for residential purposes. thus, the meaning ..... the industrial undertaking for the purpose of business of production. secondly, the ito negatived the claim of deduction of the assessee for rs. 3,501 under section 80vv of the act. the commissioner (appeals) allowed the claim on the ground that it was below rs. 5,000. the department is, therefore, in appeal on both the points which we proceed to .....

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Apr 25 1985 (HC)

Controller of Estate Duty Vs. J.N. Elias and ors.

Court : Kolkata

Decided on : Apr-25-1985

Reported in : (1986)53CTR(Cal)28,[1986]157ITR352(Cal)

..... this case, the tribunal was right in holding that the profits or gains arising from the sale of the goodwill would not be charged to tax under the head 'capital gains' under section 45 of the income-tax act, 1961 ?'8. strangely enough, neither the revenue nor the accountable person pointed out before the tribunal that that was not the question on which rule ..... arriving at the net income from the property. as regards capitalisation, the tribunal followed the multiplying factor of 12'5 which was adopted in the case of sri elias. the ..... .5 adopted by the tribunal for wealth-tax purposes. thus, he determined the value of the property at rs. 5,15,000.3. on second appeal, the tribunal accepted the estimation of ground floor rent of rs. 950 per month as reasonable. it also held that collection charges and repairs as laid down in the income-tax act must be taken into account for ..... controller. on the other hand, he held taking due note of the order of the tribunal in the wealth-tax assessment fixing the rental of the ground floor at rs. 950 per month as reasonable. he has computed the net annual rental income from the property at rs. 36,800 after allowing 1/3rd of gross rent for outgoing and applying the .....

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Oct 04 1985 (HC)

Assistant Controller of Estate Duty and ors. Vs. Mukundadas Nundy and ...

Court : Kolkata

Decided on : Oct-04-1985

Reported in : [1987]168ITR12(Cal)

..... show cause in writing why an order imposing penalty should not be made under section 73(5) of the estate duty act read with section 46(1) of the indian income-tax act, 1922. if you fail to avail yourself of this opportunity of being heard on the aforesaid date, i may be ..... probate of the will of the deceased. the proceedings were contested.6. on or about september 10, 1959, the assistant controller, estate duty-cum-income-tax circle, calcutta, issued a letter to the accountable persons. it was recorded in the said letter that interest on the outstanding estate duty would be ..... testament dated february 26, 1958, the accountable persons under the estate duty act, 1953, and the respondents herein, filed an account of the estate of the deceased before the assistant controller of estate duty, 'a' ward, estate duty-cum-income-tax circle, calcutta.2. by an order dated february 27, 1959, duty ..... 1972, the assistant controller rejected the contentions of the respondents and reiterated the demand. proceedings were thereafter initiated against the respondents under the public demands recovery act, being certificate case no. 98 ed/1972-73, were a notice dated june 13, 1973, was issued by the certificate officer, 24-parganas, ..... on the said estate was assessed at rs. 76,341.20 and it was further recorded as follows :'the court fees that will be paid for taking out the probate will be allowed under section 62 of the act after .....

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Apr 15 1985 (HC)

Commissioner of Income-tax Vs. MartIn and Harris P. Ltd.

Court : Kolkata

Decided on : Apr-15-1985

Reported in : (1985)49CTR(Cal)34,[1985]154ITR460(Cal)

..... being aggrieved, the assessee preferred an appeal before the aac who sustained the addition.4. there was a further appeal by the assessee to the income-tax appellate tribunal. it was contended on behalf of the assessee before the tribunal, inter alia, that :(a) any profit accruing or any loss ..... on march 31, 1954, the profits of the assessee arising in pakistan converted in rupees at the prevailing exchange rates were included in the assessee's total income in india. on august 8, 1955, pakistan devalued its currency. thereafter, during the accounting periods relevant to the assessment years 1957-58 and 1959-60, ..... relevant year ion account of devaluation. the tribunal deleted the addition.8. on an application of the revenue under section 256(1) of the i.t. act, 1961, the following question stated to be a question of law arising out of its order has been referred by the tribunal to this court for ..... of 1his country vis-a-vis the currency of a foreign country cannot be treated as taxable trading profit or deductible trading loss, as devaluation is an act of state executed under its sovereign power de hors the trade or business. (b) a profit arising from devaluation can only be regarded as capital profit ..... in our view, the question is of substance and concerns international finance and commerce. let a certificate be issued under section 261 of the i.t. act, 1961. let the order for issuance of such certificate be drawn up separately.21. there will be no order as to costs.ajit k. sengupta, .....

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