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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1985 Page 3 of about 140 results (0.032 seconds)

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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Mar 27 1985 (HC)

Commissioner of Income-tax Vs. B.K. Birla

Court : Kolkata

Decided on : Mar-27-1985

Reported in : [1986]157ITR348(Cal)

..... ajit k. sengupta, j. 1. this is a reference under section 256(1) of the income-tax act, 1961. the assessment for the assessment year 1966-67 was reopened under section 147 of the income-tax act, 1961, on the ground that income had escaped assessment as the speculation income earned in the name of kumari manjusri birla, the daughter of the assessee, really belonged to the assessee. kumari ..... . that question was also refused by the tribunal. the revenue thereafter did not move this court under section 256(2) of the income-tax act, 1961. thus, the question has to be answered on the facts found by the tribunal.7. in the case of cit v. k. k. birla : [1982]137itr126(cal) relied on by mr. bajoria, learned advocate for the assessee, the ..... of kumari manjusri birla which showed that the minor had her own capital. the business was done by the assessee as guardian of his minor daughter. it observed that the income-tax officer made enquiry from the brokers who supported the assessee's contention on this point. according to the tribunal, the guardian of the minor had the authority to do the ..... her name. the assessee as guardian of his minor daughter transacted speculation business in shares through the brokers, m/s. kothari trading co. ltd. and m/s. jhawar & co. the income-tax officer examined the two brokers to enquire at whose instructions those transactions were entered into. they replied that the contracts were made on the instructions of the assessee. the assessee .....

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Jan 01 1985 (HC)

Commissioner of Income-tax Vs. Birla Cotton Spinning and Weaving Mills ...

Court : Kolkata

Decided on : Jan-01-1985

Reported in : (1986)54CTR(Cal)257,[1986]157ITR516(Cal)

..... knew or had reason to believe it to be untrue.10. on the aforesaid facts, the revenue filed an application under section 256(1) of the income-tax act, 1961, suggesting four questions. however, the tribunal referred the following common question for the aforesaid two assessment years :' whether, on the facts and in ..... 67 and 1968-69 for which the previous years ended on march 31, 1966, and march 31, 1968, respectively.2. the income-tax officer served demand notice under section 210 of the income-tax act, 1961, calling upon the assessee to pay rs. 24,92,216 for the first year under reference and the assessee paid, ..... for the assessment year 1971-72 ended on august 31, 1970. it paid advance tax as demanded by the income-tax officer under section 210 of the income-tax act, 1961, on an income of rs. 5.44 lakhs. the last instalment of advance tax was paid on january 15, 1971. on may 7, 1971, the books of ..... as per its estimate, rs. 2,50,897. for the second year under reference, the income-tax officer demanded rs. 5,34,332 under section 210 of the income-tax act, 1961, and the assessee paid, as per its estimate, rs. 3,35,000. the facts revealed for the first ..... assistant commissioner was rejected. before the tribunal, it was contended that the assessee was entitled to file its estimates of income at any time under section 18a(2) of the indian income-tax act, 1922, and there was no obligation on the assessee to wait till the end of the account year before filing .....

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Jul 02 1985 (HC)

Commissioner of Income-tax Vs. Koomsong Tea Co. Ltd.

Court : Kolkata

Decided on : Jul-02-1985

Reported in : (1986)54CTR(Cal)127,[1985]156ITR384(Cal)

..... the tribunal, for the opinion of this court;'whether, on the facts and in the circumstances of the case, and on a correct interpretation of section 139(8) of the income-tax act, 1961; the tribunal was correct in law in holding that in computing the interest payable under the above section, the sum of rs. 3 lakhs paid by the assessee voluntarily ..... amount paid in advance.5. being aggrieved by the order of the aac, the revenue went up onappeal before the income-tax appellate tribunal. it was found by thetribunal that the assessee had been given credit for the amount paid inadvance as tax and held that the assessee was entitled to the deduction ofthe said amount for the purpose of computation of interest ..... should be deducted from the amount of tax payable on the total income of the assessee as determined on regular assessment ?'7. sections 207, 208, 209 and 211 impose liability on an assessee to pay income-tax in advance where his income exceeds the minimum prescribed under section 208. in the case before us, the assessee, in ..... its return on february27, 1975.2. on march 14, 1974, the assessee had filed an estimate of its income and made a voluntary payment of rs. 3 lakhs on account of advance tax, though there was no demand under section 210 of the i.t. act, 1961, from the ito for such payment.3. in the assessment, however, the ito did not treat .....

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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 04 1985 (HC)

Universal Cargo Carriers Inc. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Dec-04-1985

Reported in : (1986)52CTR(Cal)145,[1987]165ITR209(Cal)

..... particular year is determined and after which it can be carried forward.17. so far as depreciation is concerned, the income-tax act, 1961, provides for compensation of the same by an allowance. such allowance by itself is not a loss but if it cannot be absorbed in ..... of various expenses.'16. on a consideration of the relevant statutory provisions, it appears to us that business loss as contemplated in section 72 of the income-tax act, 1961, is the net result of a particular computation under the head 'profits and gains of business'. on such computation, business loss in a ..... in the circumstances of the case and on a correct interpretation of sections 72(1), 72(2), 72(3), 32(2) and 44b of the income-tax act, 1961, business loss attributable to unabsorbed depreciation as at the end of the accounting period relevant to the assessment year 1975-76 in the case of ..... the appeal of the revenue and rejected the appeals of the assessees.12. on an application of the assessees 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 ..... that the unabsorbed depreciation of the earlier years could be carried forward and set off only in the manner laid down by section 32(2) of the income-tax act, while section 72 dealt with other losses. the tribunal held that to give a harmonious construction to the provisions of the two sections, viz., 72 .....

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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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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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