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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1985 Page 5 of about 140 results (0.045 seconds)

Aug 16 1985 (HC)

Macneill and Barry Limited (Now Known as Macneill and Magor Ltd.) Vs. ...

Court : Kolkata

Decided on : Aug-16-1985

Reported in : (1986)51CTR(Cal)293,[1986]158ITR374(Cal)

..... was extinguished by the allotment of the shares, the debt could not be treated as a bad debt and allowed as such under section 36 of the income-tax act, 1961.20. learned advocate for the revenue also submitted that to ascertain the amount of debt discharged, the rate of exchange as prevailing on may 3 ..... a bad debt or business loss.12. at the instance of the assessee, the tribunal has referred the following questions in income-tax reference no. 88 of 1978 under section 256(1) of the income-tax act, 1961, as questions of law arising from its order for the opinion of this court i '1. whether, on ..... no. 98 of 1981, the tribunal has referred the following questions pursuant to the directions of this court under section 256(2) of the income-tax act, 1961 :'1. whether the tribunal's finding that the shares of 'rivers' allotted to the assessee on december 23, 1967, could not ..... year, the assessee wrote off in its books the amounts advanced to the managed company and claimed deduction of the same from its taxable income unsuccessfully before the income-tax officer, the appellate assistant commissioner and the tribunal. on a reference, the bombay high court held that though the loans could be held to ..... the facts and in the circumstances of the case, the bad debt of rs. 28,52,010 is allowable as a deduction either as a bad debt or as business loss in computing the assessee's total income .....

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Jun 25 1985 (HC)

Commissioner of Income-tax Vs. Dhaniram Gupta and Co.

Court : Kolkata

Decided on : Jun-25-1985

Reported in : [1986]158ITR531(Cal)

..... . the registration of the assessee for the said assessment years was cancelled by three separate orders passed under section 186(1) of the income-tax act, 1961.5. the assessee preferred an appeal against the said orders to the appellate assistant commissioner, who found that the brother and the father of dhaniram gupta had been given ..... partnership by an indenture dated november 20, 1956. the assessee was granted registration under the income-tax act, 1961, for the assessment years 1961-62, 1962-63 and 1963-64. on january 12, 1970, the income-tax officer issued three notices to the assessee under section 186(1) of the act stating that, he was of the opinion that during the said three assessment years, no ..... one of the partners was a ' benamidar ' of another. the supreme court observed as follows (p. 659) : ' when a firm makes an application under section 26a of the act for registration, the income-tax officer can reject the same if he comes to the conclusion that the partnership is not genuine or the instrument of partnership does not specify correctly the individual shares ..... preferred a further appeal before the income-tax appellate tribunal against the order of the appellate assistant commissioner. on behalf of the revenue, it was reiterated before the tribunal that the authority for operating the bank account of the assessee granted to the relations of one of the partners indicated that the partnership deed was not acted upon. it was urged that k .....

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Jun 05 1985 (HC)

Bally Jute Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jun-05-1985

Reported in : [1986]158ITR736(Cal)

..... years 1961-62 to 1968-69. 2. in the course of the assessment proceeding for the assessment year 1967-68, which was completed under section 143(3) of the income-tax act, 1961, the income-tax officer noticed payment of salary of rs. 12,972 to smt. kamala devi saboo, wife of sri t. c. saboo, who was found to be in the top employment ..... wholly and exclusively for the purpose of the assessee's business was perverse and in excess of and beyond the scope of enquiry under sections 28 and 37 of the income-tax act, 1961?' 9. for the assessment year 1962-63, the following two questions have been referred to this court; ' 1. whether, on the facts and in the circumstances of the case ..... of rs. 12,972 in the assessment for the assessment year 1967-68. 3. assessment for the assessment year 1968-69 was similarly completed under section 143(3) of the income-tax act, 1961, and salary paid to smt. kamala devi saboo at rs. 6,480 was disallowed in the said assessment. 4. in respect of the assessment years 1961-62 to 1966 ..... :' 1. whether, on the facts and in the circumstances of the case, the tribunal having remanded the appeal to the appellate assistant commissioner of income-tax to decide the validity of the proceeding under section 147 of the income-tax act, 1961, was competent to decide the question of allowability of the salary paid to srat. kamala devi saboo 2. whether, on the facts and .....

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Apr 04 1985 (HC)

West Bengal State Warehousing Corporation Vs. Commissioner of Income-t ...

Court : Kolkata

Decided on : Apr-04-1985

Reported in : [1986]157ITR149(Cal)

..... out such other functions as may be prescribed.' it appears from the records that the assessee made an application on may 23, 1973, under section 264 of the income-tax act before the commissioner of income-tax, west bengal, contending, inter alia, that, the assessee-corporation was formed by the government of west bengal for warehousing facilities, i.e. for storing and marketing ..... said corporation arises from the warehousing charges received from the government and other authorities and that due to their ignorance, the claim under section 83 of the income-tax act, 1961, was not made before the income-tax officer in the course of the proceedings. the said application was, however, rejected and thereafter an application was made by the assessee under section 154. ..... other receipts which cannot be said to be obviously from the letting of godowns, etc., in respect of which exemption would automatically be available under section 83 of the income-tax act, 1961, without the possibility of any dispute or difference of opinion on this point. the tribunal also held that nothing turns on what happened in the subsequent assessment ..... in the circumstances of the case, the appellate tribunal was justified in holding that the claim of exemption under section 83 of the income-tax act, 1961, as it then stood, which was not made before the income-tax officer or before the appellate assistant commissioner in the course of appeal against the assessment order, could not be entertained under section 154 .....

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Apr 04 1985 (HC)

Commissioner of Income-tax Vs. Bharat General and Textile Industries L ...

Court : Kolkata

Decided on : Apr-04-1985

Reported in : (1986)56CTR(Cal)237,[1986]157ITR158(Cal)

..... sought to explain the purpose of such insertion, which reads as follows [1967] 64 itr 109: 'clause 17 seeks to insert a new section 43a in the income-tax act. the proposed section 43a, in substance, secures that where an assessee had acquired any capital asset from a country outside india for the purposes of his business ..... for the fluctuation in the exchange rates being taken into account in arriving at the cost of assets by inserting section 43a in the income-tax act, 1961, by section 17 of the finance (no. 2) act, 1967, with effect from april 1, 1967, would not in any way affect the point in issue which, has to be considered ..... of his workers going on leave the next year cannot be regarded as a permissible expenditure under section 10(2)(xv) of the indian income-tax act, 1922. as a matter of fact, the madhya pradesh high court followed the decision of this court in the case of bengal enamel works ltd. v ..... ajit k. sengupta, j. 1. in this reference under section 256(1) of the income-tax act, 1961, at the instance of the commissioner of income-tax, the following two questions have been referred to this court for the assessment year 1973-74 :'1. whether, on the facts and in the ..... to day fluctuations in the exchange rate. the claim of the assessee for the deduction of the said amount under section 43a of the act has been negatived by the income-tax officer on the ground that the said loss was capital and not revenue in nature because the loss arose in making instalment payments of the .....

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Apr 15 1985 (HC)

Commissioner of Income-tax Vs. Ganga Jamuna

Court : Kolkata

Decided on : Apr-15-1985

Reported in : [1986]157ITR225(Cal)

..... can agitate the ground regarding the registration or continuance of the registration of the firm. the answer to this question depends on the interpretation of the relevant provisions of the income-tax act, 1961. section 246 deals with appeals before the appellate assistant commissioner. it, inter alia, provides as follows :'246. appealable orders.--any assessee, aggrieved by any of the ..... firm registered under the provisions of section 185(1)(a) or under :that provision read with section 184(7).7. the income-tax officer in making an assessment has to determine the status of an assessee. a firm under the income-tax act may be an unregistered firm or a registered firm. therefore, mere determination of the status as 'firm' will not satisfy ..... the requirements of the act. ' where an application for registration has been made or where continuation of registration is sought for, the income-tax officer is duty bound to determine further whether such ..... 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 justified in confirming the order of the appellate assistant commissioner directing the income-tax officer to grant registration to the firm in an appeal, against .....

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Jun 12 1985 (HC)

Commissioner of Income-tax Vs. Bilaspur Spinning Mills Industries Ltd.

Court : Kolkata

Decided on : Jun-12-1985

Reported in : [1986]157ITR237(Cal)

..... -72, the relevant accounting years ending on september 30 of the calendar years 1967, 1968, 1969 and 1970 respectively. in its returns, the assessee claimed under section 80j of the income-tax act, 1961, deduction of 6% of the capital employed by the assessee in its undertaking from its profits and gains in the computation of its total ..... ?' 11. the tribunal referred only the following question :'whether, on the facts and in the circumstances of the case and on a correct interpretation of rule 19a(3xb) of the income-tax rules, 1962, the tribunal was justified in holding that the unpaid purchase price of the machinery was 'moneys borrowed' within the meaning of the said rule?'12. at the hearing ..... and that the payment of the said loan was to be made over a period exceeding seven years.5. being aggrieved, the assessee went up on further appeal before the income-tax appellate tribunal. it was found by the tribunal that there was no dispute about the aggregate of the amounts representing the value of the capital assets of the assessee relevant ..... of the capital employed by the assessee in calculating the deficiency to be carried forward.4. on appeal by the assessee, the appellate assistant commissioner upheld the order of the income-tax officer on the ground that the assessee had not adduced any evidence to prove that the unpaid purchase price of the imported machinery was a loan from an approved source .....

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Apr 22 1985 (HC)

Commissioner of Income-tax Vs. Indian Iron and Steel Co. Ltd.

Court : Kolkata

Decided on : Apr-22-1985

Reported in : [1985]156ITR314(Cal)

..... decision in the case of howrah trading company limited : [1959]36itr215(sc) and held as follows (headnote) : ' tax being charged by section 3 of the indian income-tax act, 1922, upon dividend income and not being excluded under section 4(3), such income would be chargeable to income-tax under the act in the hands of the person to whom it accrues or by whom it is received. a ..... section in respect of the income received through the trust ' 2. the facts which are admitted and/or found by the tribunal are stated hereinafter. 3. in the ..... : ' 1. whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that the income received by the assessee through the trust was an income by way of dividend within the meaning of section 80m of the income-tax act, 1961 ' 2. without prejudice to question no. 1, whether, on the facts and in the circumstances of the case ..... , and on a correct interpretation of section 80m of the income-tax act, 1961, the assessee was entitled to the deduction under the said .....

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Jan 10 1985 (HC)

Clan Line Steamers Ltd. Vs. Income-tax Officer and ors.

Court : Kolkata

Decided on : Jan-10-1985

Reported in : (1986)54CTR(Cal)165,[1985]156ITR631(Cal)

..... directed against an order dated octobers, 1976, issued by the income-tax officer, 'a' ward, companies district iii, calcutta, under section 35 of the indian income-tax act, 1922. 2. the principal contention raised in this application is that the income-tax officer had no jurisdiction to invoke section 35 of the indian income-tax act, 1922, in the facts and circumstances of the matter under ..... consideration and, as such, the order of the income-tax officer is wholly without jurisdiction. 3. in ..... was paid by the petitioner under section 44b of the old. act of 1922. 7. the income-tax officer thereafter passed an order dated january 29, 1964, under section 250 of the income-tax act, 1961, revising the assessment on the basis of the order of the appellate assistant commissioner of income-tax by reason whereof the amount refundable was determined at rs. 13 ..... order dated september 15, 1973, was passed by the income-tax officer under section 244 of the act of 1961. as a matter offact the notice being annexure 'n' to the writ petition was also issued under section 154/155 of the income-tax act, 1961, read with section 35 of the indian income-tax act, 1922. this pre-eminently shows that the departmental authority, .....

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Mar 11 1985 (HC)

Commissioner of Income-tax Vs. Bengal Assam Steamship Company Ltd.

Court : Kolkata

Decided on : Mar-11-1985

Reported in : (1985)49CTR(Cal)23,[1985]155ITR26(Cal)

..... off was a negative figure ? (2) whether, on the facts and in the circumstances of the case, the tribunal was correct in annulling the orders of the income-tax officer under section 154 of the income-tax act, 1961, in the view that there was no mistake apparent from the record in the earlier orders granting relief under sections 80l and 80m of the said ..... .'(1) whether, on the facts and in the circumstances of the case, and on a correct interpretation of section 80b(5), section 80a(2) and other relevant provisions of the income-tax act, 1961, the tribunal was correct in holding that setting off of the current year's losses and carried forward losses of the earlier years against the current year's ..... on a proper interpretation of section 2(45), section 80b(5) and section 80a(2) of the income-tax act, 1961, the tribunal was correct in holding that the deduction under section 80m of the said act should be calculated with reference to the total income and gross total income as they stood before setting off the losses under section 71 or section 72 of the ..... two sources (house property and dividends) and treating the resulting balance as the gross total income and also the total income of the assessee for the purpose of application of section 80m and section 80a(2) of the act. we, therefore, direct the income-tax officer to recompute the total income of the assessee by granting in the first instance, the deduction contemplated by section 80m .....

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