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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1985 Page 5 of about 140 results (0.042 seconds)

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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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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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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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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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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Jan 31 1985 (HC)

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

Court : Kolkata

Decided on : Jan-31-1985

Reported in : [1985]155ITR448(Cal)

..... was right in cancelling the orders of penalty for the assessment years 1966-67 and 1968-69 passed by the income-tax officer under section 273 of the income-tax act, 1961 ?' 11. in this case, penalty was imposed under section 273(a) of the act. the learned counsel appearing for the revenue has submitted that the facts and circumstances of this case fully justified the ..... partner after the approval of the company law board received after the expiry of the relevant accounting year. accordingly, the share income of the firm could not be included in her estimate of advance tax under section 212(3) of the act. the tribunal rejected the said plea and held that the assessee might have had some doubt on her mind but that ..... ) was lawful. 14. the next decision cited is in the case of united asian traders ltd. v. cit : [1970]77itr711(cal) . there, the assessee filed estimates of advance tax under section 18a(2) of the indian i.t. act, 1922, showing nil income and also showing the advance tax payable as nil for the accounting years 1958-59 and 1959-60. for one year, the ..... of sugar. its previous year for the assessment year 1971-72 ended onaugust 31, 1970. it paid advance tax as demanded by the ito under section 210 of the i.t. 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 account of the assessee .....

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Jan 14 1985 (HC)

Commissioner of Income-tax Vs. Jiyajeerao Cotton Mills Ltd.

Court : Kolkata

Decided on : Jan-14-1985

Reported in : [1985]154ITR323(Cal)

..... and gains and other sums ' shall be excluded from such total income'. now, only that item of income, profits and gains can beexcluded from such total income (taken to be the base by the income-tax officer) which was included in it what was included in the total income computed by the income-tax officer as per the income-tax act was rs. 7,59,686 and rs. 13,17,360 ..... any amount in excess of what was included in it. in this view of the matter, the income-tax officer's computation of chargeable profits for both the years seems correct. if the total income computed under the income-tax act is taken to be the total of incomes referred to in section 5 (i.e., without the consideration of deductions in chapter via), then the gross ..... , provides as follows : 'in computing the chargeable profits of a previous year, the total income computed for that year under the income-tax act shall be adjusted as follows:-- 1. income, profits and gains and other sums falling within the following clauses shall be excluded from such total income, namely ;...... (viii) income by way of dividends from an indian company or a company which has made the ..... of the gross dividend amount received, unaffected by the provisions of sections 57, 80k, 80l and 80m of the income-tax act, 1961?'2. the assessee is a public limited company. for the assessment years 1971-72 and 1972-73, the total gross dividend income of the assessee came to rs. 27,01,558 and rs. 32,93,399, respectively. in respect of the .....

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Jan 28 1985 (HC)

Gora Chand Sen Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jan-28-1985

Reported in : [1985]154ITR435(Cal)

..... the circumstances of the case, the tri-was right in holding that section 26 of the income-tax act, 1961, did apply to the facts of the case of the assessee and that the income-tax officer was justified in law to have taken half share of the property income in the hands of the assessee ?'2. the question relates to the assessment years 1970-71 ..... , in favour of the department and against the assessee. there will, however, be no order as to costs.7. to avoid double taxation of the same income, we direct that the commissioner of income-tax shall forthwith cancel the assessments made in respect of the income now in dispute in the status of an association of persons and make adjustment or refund of the ..... shares, i. e., 50% each. the shares are thus definite and ascertainable under section 26 of the i.t. act. the ito, however, assessed the income from this property in the status of an association of persons. in normal course they paid the taxes for the years as and when the demands were raised. subsequently while dealing with the individual assessment of the ..... . atchaiah v.. ito : [1979]116itr675(ap) . these cases are distinguishable. none of them considered the effect of section 26 of the i.t. act. they proceeded on the basis that the ito has option to assess the income either in the hands of an individual or in the hands of a firm or a huf or association of persons. in that event .....

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Jul 24 1985 (HC)

Commissioner of Income-tax Vs. Babcock and Willcox of India Ltd.

Court : Kolkata

Decided on : Jul-24-1985

Reported in : [1987]165ITR105(Cal)

..... the case which needs to be considered by this court. we agree with the order of the tribunal rejecting the application of the revenue under section 256(1) of the income-tax act, 1961.4. the application, therefore, fails and we discharge the rule without any order as to costs.d.k. sen, j.5. i agree. ..... ray, j.1. this rule issued on an application of the revenue under section 256(2) of the income-tax act, 1961, calls upon m/s. babcock & willcox of india ltd., the assessee, to show cause why this court should not direct the tribunal to refer the following question, stated to ..... tribunal, for the opinion of this court :' whether, on the facts and in the circumstances of the case, the tribunal was justified in upholding the finding of the commissioner of income-tax (appeals) that the sum of rs. 1,99,781 paid by the assessee-company to its employees as customary bonus was an allowable deduction 'the revenue contends that in view .....

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