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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1985 Page 2 of about 140 results (0.034 seconds)

Dec 09 1985 (HC)

Commissioner of Income-tax Vs. Russel Properties (P.) Ltd.

Court : Kolkata

Decided on : Dec-09-1985

Reported in : [1987]163ITR538(Cal)

..... in holding that there was no mistake apparent from the record within the meaning of section 154 of the income-tax act in the original assessment order passed by the income-tax officer and in that view in cancelling the order under section 154 of the income-tax act passed by the income-tax officer rectifying such mistake ?' 8. it appears that following the decision of the supreme court in ..... what he thought to be a mistake under section 154 of the income-tax act, 1961. deducting the original cost of land and building including the depreciable assets from the sale consideration received, he computed that there was a profit of rs. 29,359. he ..... . mafatlal, : [1962]45itr271(sc) . 12. for the reasons as aforesaid, we agree with the order of the tribunal rejecting the application of the revenue under section 256(1) of the income-tax act, 1961. 13. the rule nisi is discharged and the application is dismissed. 14. there will be no order as to costs. mukul gopal mukherji, j. 15. i agree. ..... gains relating to land and building was computed at rs. 71,919 and business profits under section 41(2) of the income-tax act, 1961, relating to depreciable assets were calculated at rs. 4,930. 5. after the original assessment was completed, the income-tax officer later took a view that the allocation of the total gain had not been made correctly. he, therefore, rectified .....

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May 16 1985 (HC)

Sunrolling Mills P. Ltd. Vs. Income-tax Officer

Court : Kolkata

Decided on : May-16-1985

Reported in : [1986]160ITR412(Cal)

..... assessee moved an application under article 226 of the constitution. the learned judge dismissed the writ application on the ground that the writ petitioner has adequate alternative remedy under the income-tax act, 1961, and as such the petitioner should not be allowed to invoke the writ jurisdiction.2. at the hearing before us, it has been contended by mr. anil ..... dated april 2, 1985, passed by padma khastgir j. in an application made under article 226 of the constitution by the appellant challenging the notices under section 148 of the income-tax act, 1961, for the assessment years 1978-79 to 1981-82. the impugned notices under section 148 were issued on october 13, 1982. the assessment proceedings pursuant to the ..... 1985. he had submitted that the appellant should prefer appeals against the assessments, if it is aggrieved and the appellate authority under the income-tax act is competent to go into the question relating to the jurisdiction of the income-tax officer to initiate the proceedings.4. the learned advocates appearing for the parties have suggested that this matter can be disposed of finally ..... reassessment for the assessment year 1978-79. there, the tribunal upheld the order of the commissioner of income-tax (appeals). the commissioner of income-tax (appeals) rejected the trading account of the assessee for that year by invoking the provisions of section 145 of the income-tax act, 1961. it does not, however, appear from the order of the tribunal that any specific finding .....

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Jun 24 1985 (HC)

Commissioner of Income-tax Vs. Mrs. A. Ghosh

Court : Kolkata

Decided on : Jun-24-1985

Reported in : (1986)52CTR(Cal)418,[1986]159ITR124(Cal)

..... the assessment for the said three assessment years.3. the assessee preferred appeals before the appellate assistant commissioner who took a different view. it was held that section 168(4), income-tax act, 1961, would not be attracted until the administration of the estate was completed. the appellate assistant commissioner held that in the present case, the administration of the estate was not ..... 449. it has been held in the said decision that prior to the ascertainment of the residue of the testator's estate, no income within the meaning of the income-tax act arose to the holder of life interest in the share of a residuary legatee. mr. bhattacharya has also submitted that the estate had not been fully administered when ..... is permissible to such specific legatee even before the estate is otherwise fully administered, mr. bhattacharya has drawn the attention of the court to section 142, indian succession act, 1925, and section 168(4), income-tax act, 1961, and has referred to the decision of the court of appeal of england in the case of corbett v. commissioners of inland revenue [1937] 21 tc ..... to, or applied to the benefit of, a specific legatee and it could not, therefore, be included in the personal assessments of the assessee under section 168(4), income-tax act, 1961 ? (2) whether, in the alternative, on the facts and in the circumstances of the case, the tribunal was justified in holding that the administration of the estate was not .....

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Jul 05 1985 (HC)

Commissioner of Income-tax Vs. Purtabpore Co. Ltd.

Court : Kolkata

Decided on : Jul-05-1985

Reported in : (1986)54CTR(Cal)169,[1986]159ITR362(Cal)

..... in the circumstances of the case, the tribunal was right in holding that there was no mistake apparent from the record which could be rectified under section 154 of the income-tax act, 1961?'6. learned advocate for the revenue contended at the hearing that a mistake was committed at the time of the original assessment in allowing the assessee the extra shift ..... allowed the assessee extra shift allowance for the whole year at the rate of 50% of the normal depreciation allowed. subsequently, the income-tax officer initiated proceeding under section 154 of the income-tax act, 1961, and by his order dated the 14th march reduced the extra shift allowance from 50% of the normal depreciation allowance to 50% of 132/300 of such depreciation. the ..... the subsequent decision of this court was the law which should have been held to have been prevailing at all material times and the income-tax officer was justified in rectifying the original assessment under section 154 of the act.7. learned advocate for the assessee contended to the contrary and submitted that in the facts of the instant case, there was no ..... may 9, 1968. the same view has been taken by this court in the case of anantapur textile ltd. v. cit : [1979]116itr851(cal) .13. we have considered the rival contentions. the income-tax officer passed the order under section 154 of the act on march 14, 1969, when this court in the case of ganesh sugar mills ltd, : [1969]73itr395(cal) , held that .....

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May 15 1985 (HC)

Commissioner of Income-tax Vs. Alkali and Chemical Corpn. of India Ltd ...

Court : Kolkata

Decided on : May-15-1985

Reported in : [1986]158ITR58(Cal)

..... said employees within the meaning of section 40(c)(iii) of the income-tax act, 1961?'2. this question came up for consideration before this court in cit v. kanan devan hills produce company ltd. : [1979]119itr431(cal) , indian leaf tobacco development co. ltd. v. cit : [1982]137itr827(cal) , cit v. national and grindlays bank limited : [1984]145itr457(cal) . ..... in section 40(c)(iii) or section 40(a)(v) of the income-tax act, 1961.3. we may also note that the andhra pradesh high court in the case of cit v. warner hindustan ltd. : [1984]145itr24(ap) , the madras high court in the case of cit v. manjushree plantations ltd. [1980] 125 itr 150 and the karnataka ..... ajit kumar sengupta, j.1. in this reference under section 256(1) of the income-tax act, 1961, for the assessment year 1965-66, the following question of law has been referred to this court :'whether, on the facts and in ..... 431.4. mr. mihir lal bhattacharjee, learned advocate for the revenue, has however, drawn our attention to the full bench decision of the keralahigh court in the case of cit v. commonwealth trust ltd. : [1982]135itr19(ker) , which has dissented from the view taken by this court in kanan devan hills produce company ltd. : [1979]119itr431 ..... . mysore commercial union ltd. : [1980]126itr340(kar) and the delhi high court in the case of instalment supply p. ltd. v. cit : [1984]149itr457(delhi) , have taken similar views. it may be mentioned that the andhra pradesh, madras and delhi high courts have followed the .....

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May 06 1985 (HC)

Commissioner of Income-tax Vs. M. Nath

Court : Kolkata

Decided on : May-06-1985

Reported in : [1986]158ITR78(Cal)

..... this court:'whether, on the facts and in the circumstances of the case, the tribunal is justified in holding that section 52(2) of the income-tax act, 1961, was not applicable ?'6. section 52(1) provides us follows :'where the person who acquires a capital asset from an assessee is ..... is a reference under section 256(2) of the income-tax act, 1961. this reference relates to the assessment year 1964-65.2. on appeal, before the appellate assistant commissioner, it was urged that no intention to avoid or reduce the appellant's tax liability was made out in this case. the transfer was ..... are firstly, that there should be a direct or indirect connection between the person who acquires the capital asset and the assessee. secondly, the income-tax officer should have reason to believe that the transfer was effected with the object of avoidance or reduction of the liability of the assessee to ..... was made with the object of avoidance of liability under section 45. the appellate assistant commissioner agreed with this argument and observed that the income-tax officer had brought on record no material to substantiate that the transaction was effected with the object of avoidance or reduction of liability under section ..... 45. he, therefore, cancelled the income-tax officer's order in respect of capital gains.3. before the tribunal, no serious argument was made in regard to the applicability of section 52(1) of the act. the tribunal held that in the absence of any evidence .....

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May 06 1985 (HC)

Commissioner of Income-tax Vs. E.W. Stevens Co. Ltd.

Court : Kolkata

Decided on : May-06-1985

Reported in : (1986)55CTR(Cal)28,[1986]158ITR235(Cal)

ajit k. sengupta, j. 1. in this reference under section 256(1) of the income-tax act, 1961, the following question of law has been referred to this court :' whether, on the facts and in the circumstances of the case, the tribunal was right in holding that ..... agreement dated december 19, 1961.3. the dispute before the tribunal was in regard to an additional liability arising from the devaluation of indian currency on june 6, 1966. the income-tax officer disallowed the said additional liability due to devaluation of indian currency on june 6, 1966, amounting to rs. 57,103 because, in his opinion, the said sum represented a ..... was actually made by the assessee in respect of the said liability during the year under consideration and as the assessee had only made a provision in its accounts, the income-tax officer was correct in not allowing the deduction claimed by the assessee.5. the tribunal considered the contentions of the assessee as well as the department at length. the tribunal ..... fact found by the tribunal, the question in this reference has to be answered in the light of the principles laid down by this court in bestobell (india) ltd. v. cit : [1979]117itr789(cal) . there this court held thus (at p. 802):'we are unable to accept the contention of the revenue that notionally the expenditure, if any, incurred by or .....

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Aug 19 1985 (HC)

Commissioner of Income-tax Vs. Macneill and Berry Ltd.

Court : Kolkata

Decided on : Aug-19-1985

Reported in : [1986]158ITR385(Cal)

..... rs. 47,367 was incurred wholly and exclusively for the purpose of the assessee's business and was an allowable one under section 37 of the income-tax act, 1961 ?'9. at the hearing, learned advocate for the revenue submitted that the entire transaction between the assessee, its principal, the company and ..... deduction of legal charges of rs. 49,367 and allowed the appeal.8. on an application of the revenue under section 256(1) of the income-tax act, 1961, the tribunal has referred the following question as a question of law arising out of its order for the opinion of this court:'whether ..... section, expenditure, even though not directly related to the earning of income, may be admissible for deduction. in particular, expenditure on civil litigation commenced ..... in court did not make any difference. (b) sree meenakshi mills ltd. v. cit : [1967]63itr207(sc) . this decision was cited for the observations made by the supreme court in construing section 10(2)(xv) of the indian income-tax act, 1922, as amended in 1939. the supreme court held that under the said ..... on the basis of the above findings.4. from the order of the appellate assistant commissioner, the assessee preferred a further appeal to the income-tax appellate tribunal.5. the tribunal found that rs. 33,49,366 was due to the assessee from the company which had suffered heavy loss .....

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Jul 05 1985 (HC)

Grindlays Bank Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jul-05-1985

Reported in : [1986]158ITR799(Cal)

..... facts and in the circumstances of the case, the method of valuation adopted by the tribunal in valuing the shares in question under section 55(2) of the income-tax act, 1961, is sustainable in law if not, what would be the correct basis ?'2. section 55(2) relates to capital gains. it provides for determining ..... day of january, 1954,as their cost of acquisition. there is hence no dispute between the parties so far as section 55(2) of the income-tax act, 1961, is concerned.4. the dispute was as to the method of computation of the fair market value of the shares as on 1st day of ..... 237.7. the department took the matter in appeal to the tribunal. the tribunal reversed the order of the appellate assistant commissioner and restored that of the income-tax officer. accordingly, the value of the shares was directed to be computed at rs. 202 per share. the tribunal, however, adopted a different line of ..... by the assessee. in the circumstances, we agree with this view.12. learned counsel for the assessee was at pains to repeatedly emphasise that the income-tax officer applied double standards. while computing the fair market value of the shares on the date of sale during 1972-73, he adopted the break-up ..... rule, the fair market value is the break-up valueless 15%. we are constrained to observe that this submission need not have been made. the income-tax officer's adoption of the fair market value at rs. 202 per share was set aside by the appellate assistant commissioner. the figure of rs. 245 .....

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Feb 05 1985 (HC)

Commissioner of Income-tax Vs. P.N. Mukherjee

Court : Kolkata

Decided on : Feb-05-1985

Reported in : [1986]157ITR82(Cal)

..... the government for construction of a polytechnic institute at maldha. as no books of account were maintained by the assessee, the income-tax officer proceeded with the computation invoking section 145 of the income-tax act, 1961. after including a sum of rs. 13,027 to the total receipts, he applied a rate of 13.7 ..... the case, the tribunal was right in holding that in computing the assessee's business income on estimate, a flat rate of profit should be applied not on the ..... had been correctly excluded from the gross receipts as calculated by the income-tax officer.' 4. on the aforesaid facts, at the instance of the revenue, the following question of law has been referred to this court under section 256(1) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of ..... per cent. on the total receipts of rs. 4,06,572 subject to a deduction of depreciation on trucks. gross income prior to the adjustment of ..... the government was to give credit therefor at fixed rates at which they were supplied by the government. after rejecting the book results, the income-tax officer sought to estimate the profits of the assessee at a percentage of the net cash payments received by the assessee against the contracts as well .....

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