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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1985 Page 3 of about 140 results (0.034 seconds)

Aug 12 1985 (HC)

Commissioner of Income-tax Vs. Karam Chand Thapar and Bros. (Coal Sale ...

Court : Kolkata

Decided on : Aug-12-1985

Reported in : (1986)53CTR(Cal)38,[1987]163ITR40(Cal)

..... -68 to 1968-69 and 1971-72. in the assessment year 1973-74, an application of the revenue under section 256(2) of the income-tax act, 1961, seeking to raise the same question was rejected by this court.13. it was contended that the matter was concluded so far as ..... of the assessee.8. on an application by the revenue under section 256(1) of the income-tax act, 1961 ('the act'), the tribunal has referred the following question as a question of law arising out of ..... undercharges account' were transferred to the profit and loss account of the assessee.6. the income-tax officer treated the said amounts as trading receipts of the assessee and brought them to tax. the order of the income-tax officer was upheld by the appellate assistant commissioner on appeal.7. on a further appeal by ..... transferred to the profit and loss account of the relevant previous years, did not constitute trading receipts and could not be assessed as the income of the assessee in the assessments for the assessment years 1969-70 and 1970-71, respectively?'at the hearing, the learned advocate for the ..... the assessee, the tribunal, following its earlier decision in the assessment years 1953-54, 1956-57 to 1962-63, 1964-65 to 1966-67 in the case of the same assessee, deleted the additions of the said amount from the taxable income .....

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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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Aug 13 1985 (HC)

Commissioner of Income-tax Vs. United India Fire and General Insurance ...

Court : Kolkata

Decided on : Aug-13-1985

Reported in : [1986]161ITR295(Cal)

..... only to the profits and gains as determined under section 10 of the indian income-tax act and did not refer to profits and gains arrived at or determined in a manner other than that provided by the said section. it was also ..... particular manner. the question arose whether the cess had been levied on the assessee on profits within the meaning of section 10(4) of the indian income-tax act, 1922.17. it was held by the supreme court that in the context, the words 'profits and gains of any business' could have reference ..... the assessee had failed to recover from the non-resident could not be regarded as a bad debt under section 10(2) of the indian income-tax act, 1922, inasmuch as the assessee was bound to deduct the said amount from the amount payable. it was further held that the payment was ..... [1985]155itr120(sc) . we direct the tribunal to consider the decision of the supreme court, if any, while disposing of the case under section 260 of the income-tax act, 1961.4. the facts on record relevant to question no. 1 as found or admitted are, inter alia, that the united india fire & general insurance co. ..... : [1958]33itr245(sc) , for the proposition laid down by the supreme court that persons bound under the indian income-tax act, 1922, to make deduction of income-tax at the time of making payment of any income, profits or gains, are not concerned with the ultimate result of the assessment of the person to whom the payment .....

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Sep 04 1985 (HC)

Commissioner of Income-tax Vs. Davidson of India (P.) Ltd.

Court : Kolkata

Decided on : Sep-04-1985

Reported in : (1986)55CTR(Cal)238,[1986]161ITR407(Cal)

..... mad) . in this case, the assessee was engaged in a priority industry, being manufacturing of forgings and stampings for automobile parts and claimed relief under section 80e of the income-tax act, 1961, on profit arising on sale of import entitlements obtained on export of its manufacture. it was held by a division bench of the madras high court following the ..... hearing, learned advocate for the revenue contended that import entitlement was itself a benefit conferred by another statute. the assessee should not be allowed a further benefit under the income-tax act in respect of profits arising from sale of such entitlement. he contended further that import entitlement could arise from export of different types and had no particular relation to export ..... at the material time, the assessee carried on the business, inter alia, of manufacture of tea garden machinery, a priority industry within the meaning of section 80e of the income-tax act, 1961. on export of machinery manufactured by it, the assessee became entitled to and obtained import entitlements which were sold during the relevant assessment year. the assessee contended that the ..... ]122itr660(cal) . in this case, the assessee was carrying on business as a manufacturer ofaluminium which was a priority industry within the meaning of section 80-i of the income-tax act, 1961. in the said business, the assessee procured funds, a part of which became a surplus. the said surplus was invested for a short period and earned interest. .....

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Jul 22 1985 (HC)

Commissioner of Income-tax Vs. B.N. Elias and Co. (P.) Ltd.

Court : Kolkata

Decided on : Jul-22-1985

Reported in : [1986]160ITR45(Cal)

..... they had become barred by limitation and the assessee's liabilities for the claims had ceased. he held that the said amount should be treated asbusiness income of the assesses under section 41(1) of the income-tax act, 1961, in the said assessment years. 2. on an appeal preferred by the assessee, the appellate assistant commissioner held that cessation of a liability need ..... wrongly applied in the case of the assessee. the tribunal allowed the appeal and deleted rs, 1,81,380 from the total income of the assessee. 4. on an application of the revenue under section 256(1) of the income-tax act, the tribunal has referred the following question, as a question of law arising out of its order, for the opinion of this ..... court: 'whether, on the facts and in the circumstances of the case and on a correct interpretation of section 41(1) of the income-tax act, 1961, the tribunal was correct in holding that the sum of rs. 1,81,380 could not be included in the total ..... account represented liability for expenses which had been allowed as deduction in earlier years but the debts had become barred by limitation. the income-tax officer invoked section 41(1) of the act to include this amount in the total taxable income of the assessee. it was held by a division bench of this court following bombay dyeing & . : (1958)illj778sc , j.k. chemicals ltd .....

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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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Jul 29 1985 (HC)

Commissioner of Income-tax Vs. Shib Banerji Properties and Constructio ...

Court : Kolkata

Decided on : Jul-29-1985

Reported in : [1986]160ITR567(Cal)

..... said order but on a further appeal by the assessee, the tribunal held in favour of the assessee.7. on application by 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, on the facts and in ..... the circumstances of the case, the tribunal was justified in cancelling the second order dated may 25, 1972, of the income-tax officer made under section 23a of the indian income-tax act, 1922?'8. the point raised in the question, it appears, is concluded so far as this court is concerned by its decision in ..... was preferred by the assessee to the tribunal.2. while the appeal before the tribunal was pending, the income-tax officer passed an order under section 23a of the indian income-tax act, 1922 ('the act'), on may 19, 1965, by which a further demand of additional super-tax was raised on the assessee on the ground that the assessee had failed to distribute the statutory percentage ..... not that he shall make as many orders as he likes. it is elementary that the income-tax officer is bound to drop the proceedings where no super-tax is payable by the assessee and in this case it has been done by the income-tax officer.further, the indian income-tax act, 1922, expressly provides for initiation of subsequent proceedings in certain matters, to wit section 34 .....

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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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May 02 1985 (HC)

Commissioner of Income-tax Vs. National Insurance Co. Ltd.

Court : Kolkata

Decided on : May-02-1985

Reported in : (1986)54CTR(Cal)172,[1986]159ITR314(Cal)

..... of the items to be included in the annual accounts under the insurance act. the dividend income forms part of the total income of the assessee under the insurance act read with section 44 of the income-tax act. such dividend income as computed by the income-tax officer in accordance with the provisions of the income-tax act qualifies for relief under section 80m. thus, under section 80aa, deduction ..... a mutual insurance company or by a co-operative society, shall be computed in accordance with the rules contained in the first schedule.'7. the first schedule to the income-tax act, 1961, provides the manner of computation of profits and gains from insurance business. part b is concerned with insurance business other than life insurance business. in part b, ..... the circumstances of the case, the tribunal was justified in holding that the assessee company which carried on business in general insurance and was assessable under section 44 of the income-tax act, 1961, was entitled to relief under section 80m ? 2. whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that ..... under section 80m.9. in the case of an insurance company, in view of section 44 of the income-tax act, 1961, notwithstanding anything to the contrary contained in the provisions of the income-tax act relating to the computation of income chargeable under the head ' income from other sources ', the profits and gains of any business of insurance shall be computed in accordance with .....

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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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