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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1985 Page 2 of about 140 results (0.100 seconds)

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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Mar 29 1985 (HC)

Commissioner of Income-tax Vs. Karam Chand Thapar and Brothers (P.) Lt ...

Court : Kolkata

Decided on : Mar-29-1985

Reported in : [1986]157ITR212(Cal)

..... the high court for its opinion :'whether, on the facts and in the circumstances of the case and on a proper construction of section 10(4a) of the indian income-tax act, 1922, the payment of rs. 1,00,777 to shri m. m. thapar by way of salary and profit commission was excessive or unreasonable so as to justify ..... to the high court for its opinion :'whether, on the facts and in the circumstances of the case and on a proper construction of section 40(c) of the income-tax act, 1961, the payment of rs. 73,308 to sri m.m. thapar by way of salary and profit commission was excessive or unreasonable so as to justify the ..... given therein. what is money wholly and exclusively laid out for the purposes of trade as required by section 37 of the income-tax act, 1961, is a question which must be determined upon the principles of ordinary commercial trading. see cit v. chandulal keshavlal : [1960]38itr601(sc) . one must look to the direct concern and direct purpose for which ..... assessee-company. he, therefore, allowed the remuneration of rs. 36,000 and disallowed the balance of rs. 64,777 under section 10(4a) of the indian income-tax act, 1922. the disallowance was also confirmed by the appellate assistant commissioner in the appeal preferred by the assessee against the order of the ..... r.n. pyne, j. 1. this reference under section 256(1) of the income-tax act, 1961, relates to the assessment year 1962-63, for which the relevantprevious year ended on march 31, 1962. the relevant facts of this case as will .....

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Feb 22 1985 (HC)

K.C. Bose and Co. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Feb-22-1985

Reported in : (1986)52CTR(Cal)88,[1985]156ITR701(Cal)

..... liability of the assessee, payable put of the estate in his hands and was a charge thereon. the assessee's income which included the income from the estate was assessed to income-tax under the indian income-tax act, 1922. the assessee claimed that in computing his income, the monthly amounts paid to his step-mother during the relevant period should be excluded. the question was finally ..... paid under an overriding title in favour of the widow. the appeals of the revenue were accordingly allowed.9. on applications by the assessee under section 256(1) of the income-tax 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 opinion:' whether, on ..... overriding title and obligation created by the charge.12. it was also submitted that the deductions allowable under section 24 of the income-tax act, 1961, were not relevant. the question arose over the concept of real income under section 28 of the act.13. learned advocate for the revenue contended, on the other hand, that the payments in controversy have been found to ..... decided in favour of the assessee in the privy council in an appeal by the assessee. the judicial committee observed as follows (p. 138) : ' when the act by .....

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Mar 27 1985 (HC)

Commissioner of Income-tax Vs. Ghosh and Sons

Court : Kolkata

Decided on : Mar-27-1985

Reported in : (1985)47CTR(Cal)368,[1986]159ITR459(Cal)

..... but for the defect in the application formsthe assessee was entitled to the continuation of registration. the tribunal held that under section 185(3) of the act, the income-tax officer should have pointed out the defect in the application and allowed an opportunity to the assessee to rectify the mistake. accordingly, the tribunal set aside ..... following question of law has been referred to this court under section 256(1) of the income-tax act, 1961, for the assessment years 1968-69 and 1969-70 :'whether, on the facts and circumstances of the case and in view ..... the order of the income-tax officer and directed the income-tax officer to allow an opportunity to the assessee to rectify the defect in the application forms and to allow continuation of registration for both ..... 10. having regard to the facts and circumstances of the case and the relevant provisions of the act and the rules referred to above, we are of the view that the tribunal was right in directing the income-tax officer to allow an opportunity to the assessee to rectify the defect in the declaration made under ..... section 184(7) of the act.11. in the premises, we answer the question in the affirmative and in favour of .....

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Dec 16 1985 (HC)

Commissioner of Income-tax Vs. Punyarpan Charitable Trust

Court : Kolkata

Decided on : Dec-16-1985

Reported in : (1986)56CTR(Cal)125,[1987]166ITR214(Cal)

..... and in the circumstances of the case and on a proper interpretation of section 12(2) of the income-tax act, 1961, the tribunal was correct in holding that the sum of rs. 45,000 representing the value of 450 cumulative preference shares of rs. 100 each of m/s kamala ..... to delete the said amount of rs. 45,000 in computing the taxable accumulation.5. on an application of the revenue under section 256(1) of the income-tax act, 1961, the following question has been referred as a question of law arising out of the order of the tribunal for the opinion of this court:' whether, on the facts ..... was received from another charitable trust by way of shares in commercial companies and partly in cash donations. the income-tax officer took the view that the donations in the form of shares constituted income within the meaning of section 12(2) of the income-tax act, 1961, as it stood at the relevant time and included the amount of the market value of the shares ..... the hands of the recipient charitable society, the assessee, and fell outside the provision of section 12(1) of the income-tax act, 1961, as it stood prior to its amendment. (d) sukhdeo charity estate, ladnu v. cit . in this case, the decisions of the allahabad, kerala and delhi high courts were approved by the rajasthan high court in a case the facts whereof .....

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Sep 25 1985 (HC)

Oriental Rubber Works Vs. Income-tax Officer and ors.

Court : Kolkata

Decided on : Sep-25-1985

Reported in : [1987]166ITR387(Cal)

..... certain books and documents under the provisions of the income-tax act.2. by an order dated march 25, 1966, the income-tax officer, 'f' ward, district iv(3), calcutta, assessed the income of the assessee for the said assessment year under section 43 of the income-tax act, 1961, computing the total taxable income at rs. 10,86,483.3. the income-tax officer also found that the assessee had concealed ..... xvii, calcutta, thereafter, issued a notice under section 274 read with section 271 of the income-tax act, 1961, dated february 28/29, 1968, to the assessee as follows:'whereas the income-tax officer, spl. circle-vii, calcutta, has, under sub-section (2) of section 274 of the income-tax act, 1961, referred your case to me in connection with the penalty proceedings under clause (c) of ..... any such order is made under section 271(1)(c).' 6. on march 27, 1968, the inspecting assistant commissioner of income-tax, range xvii, calcutta, passed an order under section 274(2) read with section 271(1)(c)(iii) of the income-tax act, 1961, imposing on the assessee a penalty of rs. 7,97,654. it was recorded in the said order that ..... its income and issued a notice under section 274 read with section 271 of theincome-tax act, 1961, as follows:dated: march 24, 1966.'m/s. oriental rubber works,171a, .....

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Dec 05 1985 (HC)

Burmah Oil Co. Ltd. Vs. Income-tax Officer and ors.

Court : Kolkata

Decided on : Dec-05-1985

Reported in : [1987]165ITR264(Cal)

..... at nil.2. the indian company, i.e., m/s. burmah-shell refineries ltd., was assessed under section 143(3) of the income-tax act, 1961, for the assessment year 1964-65 on march 26, 1969. in the said assessment, the said burmah-shell refineries limited was treated ..... of dividends from an indian company which is not such a company as is referred to in section 108 of the income-tax act and which is wholly or mainly engaged in the business of generation or distribution of electricity or of manufacture or production ..... resident company. it was assessed by the income-tax officer, central circle xxxi, on november 28, 1964, under section 143(1) of the income-tax act, 1961, for the assessment year 1964-65 (the accounting year ending march 31, 1964). from the assessment order, it appears that the income of the petitioner for the said assessment year ..... as a company in which public were not substantially interested within the meaning of section 2(18) of the said act. the income-tax officer who assessed the said burmah-shell refineries limited also held that the said company was not engaged in the business of manufacture or production ..... it is on record that the petitioner-company has made an application under section 154 of the said act for rectification of the assessment to enable the income-tax officer to grant the necessary refund. the income-tax officer concerned is directed to rectify the assessment and issue consequential refund to the petitioner-company in the .....

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May 06 1985 (HC)

Commissioner of Income-tax Vs. Birla Bros. P. Ltd.

Court : Kolkata

Decided on : May-06-1985

Reported in : [1987]165ITR586(Cal)

..... the circumstances of the case, the tribunal was correct in holding that the assessee was entitled to the relief under section 80-o of the income-tax act, 1961, although the approval of the central government for the agreement between the assessee-company and the foreign company was not accorded before the 1st ..... tribunal has referred the following two questions :'1. whether on a correct interpretation of the provisions of section 80-o of the income-tax act, 1961, and on the facts and in the circumstances of the case, the tribunal was correct in holding that the provisions of section 80-o ..... of the income-tax act, 1961, requiring that the approval of the central government for the agreement with the foreign company shall be obtained before the 1st october ..... section 256(1) of the income-tax act, 1961, for the assessment years 1963-64 and 1964-65, 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 the income-tax officer was not justified in including ..... sutlej cotton mills ltd., pakistan, in the assessment of the assessee ?'2. this question was concluded by the judgment dated december 17, 1974, income-tax reference no. 369 of 1970 (cit v. stria bros. private ltd. : [1987]165itr588(cal) ). following the said decision, we answer this question in the affirmative and in .....

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Dec 09 1985 (HC)

Basanta Ram Kedarnath Vs. Income-tax Officer

Court : Kolkata

Decided on : Dec-09-1985

Reported in : (1986)56CTR(Cal)344,[1987]165ITR777(Cal)

..... was alleged, after taking into consideration the aforesaid, completed the said assessment under section 143(3) of the income-tax act, 1961.9. it was alleged that in the facts and circumstances, the income-tax officer acted illegally and wrongly assumed jurisdiction under section 147 of the income-tax act, 1961, although the condition precedent for the assumption of such jurisdiction had not been satisfied.10. it ..... assessment year 1962-63, the accounting year ending on december 31, 1961, the appellant was assessed to income-tax under section 143(3) of the income-tax act, 1961. the order of assessment was made on march 18, 1967, when the income-tax officer computed the total income of the appellant at rs. 30,580 which was allocated to the partners of the appellant according to ..... on the part of the assessee to disclose fully and truly all materical facts necessary for his assessment, the total income was underassessed.'5. on january 2, 1971, the appellant received a notice under section 148 of the income-tax act issued by the said income-tax officer, 'g' ward, hundi circle, calcutta. it was stated in the said notice which was dated december ..... respect of the said loan and purported to assume jurisdiction under sections 147 and 148 of the income-tax act, 1961, on a mere change of opinion.19. it was alleged that the income-tax officer had issued similar notices under section 148 of the act in respect of earlier assessment years 1957-58 to 1960-61 which have been challenged and quashed .....

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Mar 13 1985 (HC)

Mrs. Leela Nath Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Mar-13-1985

Reported in : [1987]164ITR216(Cal)

..... case of k.p. varghese v. ito : [1981]131itr597(sc) , where the supreme court has held that sub-section (2) of section 52 of the income-tax act, 1961, can be invoked only where the consideration for the transfer of a capital asset has been understated by the assessee, or, in other words, the full ..... court at the instance of the assessee :'whether, in the facts and circumstances of the case, reopening of the assessment under section 147(a) of the income-tax act is justified ?'7. dr. pal, learned counsel appearing for the assessee, has contended that in this case even assuming that there was any omission to ..... it is in the return for the subsequent assessment year 1960-61 under the wealth-tax act that the disclosure was made regarding the reduction in the holding ..... therefor. the contention raised before the income-tax authorities that the disclosure was made in the wealth-tax return is also without any substance. an assessee cannot be absolved from his obligation of disclosing the relevant fact under the income-tax act even if such disclosure was made under the wealth-tax act. the fact, however, remains that ..... ajit k. sengupta, j.1. this is a reference under section 256(1) of the income-tax act, 1961, at the instance of the assessee, for the assessment year 1959-60.2. during the accounting year relevant to the .....

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