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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1985 Page 8 of about 140 results (0.039 seconds)

Jul 09 1985 (HC)

James Finlay and Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jul-09-1985

Reported in : [1987]163ITR495(Cal)

dipak kumar sen, j.1. in this application under section 261 of the income-tax act, 1961, the petitioner contends that substantial questions of law arise from the judgment in the above reference from which an appeal is sought to be preferred to the supreme court by the assessee.2. relying on a circular issued by the central board of revenue no. 27(44-it/52) dated 6th october, 1952, which was in force at the relevant time, the assessee credited interest receivable from his debtors in a suspense account instead of disclosing it in its return based on accounts kept on mercantile basis.3. the substantial question of general importance which arises is that if there are two views on a particular issue and if the assessee proceeds on the basis of one view, whether there is deliberate concealment so as to attract penalty under section 271(1)(c) of the act ?4. this court in ito v. burmah shell storage and distributing company of india ltd. : [1987]163itr496(cal) and in the case of jeewanlal (1929) ltd. v. ito : [1981]130itr405(cal) , took a view in favour of the assessee on the issue. in the judgment before us, a view in favour of the revenue has been taken.5. we find this is a fit case for appeal to the supreme court and a certificate under section 261 of the act is directed to be issued. there will also be an order in terms of prayer (b).6. let the order directing issue of certificate be drawn up separately.g.n. ray, j.7. i agree.

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Apr 01 1985 (HC)

In Re: Purbachal International and anr.

Court : Kolkata

Decided on : Apr-01-1985

Reported in : 1986(6)LC581(Calcutta),1985(21)ELT673(Cal)

..... affect the company's right to obtain relief under article 226 of the constitution against the notice under section 34 of the income tax act and directed the income tax officer not to take any action on the basis of the impugned notice and a further order was passed quashing the assessment ..... court, high court granted liberty to the income tax authorities to proceed with the assessment proceeding to pass final order and the supreme ..... the supreme court of india in the case of calcutta discount campany v. income tax officer reported in : [1961]41itr191(sc) . in that case the petitioner moved against the notice under section 34 of the indian income tax act, 1922 and that during the pendency of the writ petition in the high ..... but as understood in commercial parlance. reference may be made in this connection to the decisions of supreme court of india in ramavatar budhai prasad v. assistant sales tax officer, akola, : [1962]1scr279 ; motipur zamindary company v. state of bihar, : air1962sc660 and state of west bengal v. washi ahmed, : [ ..... cement and white cement as two different commercial commodities even under the law. according to mr. gupta, the collector of customs had acted arbitrarily, unjustly and whimsically in not relying upon the definition of cement in the said control order which was binding all force upon the .....

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May 08 1985 (TRI)

income-tax Officer Vs. Belliss and Morcom

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : May-08-1985

Reported in : (1985)14ITD361(Kol.)

..... challenging the order of the learned commissioner (appeals) deleting the imposition of penalty by the ito amounting to rs. 24,183 in terms of section 271(1)(c) of the income-tax act, 1961 ('the act') in respect of the assessment year 1978-79.2. the circumstances in which the aforesaid penalty came to be levied may be noted. the assessee-company derives ..... . the said explanation reads as under: where in respect of any facts material to the computation of the total income of any person under this act,- (a) such person fails to offer an explanation or offers an explanation which is found by the income-tax officer or the appellate assistant commissioner to be false, or (b) such person offers an explanation which he is ..... for expenses of rs. 41,875 on account of special commission (as alleged), the assessee is guilty of concealment of particulars of income in the matter of reducing its income by the said amount and, consequently, reducing its liability for income-tax thereon and the provisions of section 271(1)(c) read with explanation 1 are clearly attracted.4. the assessee challenged the above ..... not able to substantiate, then, the amount added or disallowed in computing the total income of such person as a result .....

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Feb 06 1985 (TRI)

Asimnath Roy Chowdhury Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-06-1985

Reported in : (1985)13ITD351(Kol.)

..... well as share of profit. the firm was a registered firm. the assessee claimed standard deduction under section 16(i) of the income-tax act, 1961 ('the act') against the salary income. the ito has not discussed on this issue.2. the assessee came in appeal before the aac and contended that he was entitled ..... supra). the hon'ble supreme court has observed as follows: a firm is not a legal person even though it has some attributes of personality. in income-tax law a firm is a unit of assessment, by special provisions, but is not a full person. since a contract of employment requires two distinct persons ..... were getting the fixed salary or they indicated that the salary received by them shall be debited to establishment will not change the character of the income which the partner was receiving. the partner was only entitled to profit of the firm. he may get in the shape of interest, commission, ..... the clauses of the partnership deed and referring to sections 40(b) and 67(a) and (b) of the act, he urged that the salary earned by the assessee may be the income of the firm, but it is always in the nature of salary to the partner, and, therefore, the assessee ..... was eligible for standard deduction. he, for this purpose, relied on the decision of the bombay bench of the tribunal in mohamad ibrahim shahdad's case (supra) and the decision of the jaipur bench in chhitermal goyal v. ito [1984] tax .....

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Sep 19 1985 (TRI)

Off-shore India Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Sep-19-1985

Reported in : (1986)15ITD549(Kol.)

..... before us that the short issue that is raised in this appeal is whether the case of the assessee is hit by the explanation to section 73 of the income-tax act, 1961 ('the act') or the case of the assessee is saved by one or the other of the two exceptions staled in the said explanation. he took us through the said explanation ..... before us was ground no. 3 which reads as below : without prejudice to the above, the commissioner (appeals) erred in upholding the application of explanation to section 73 of the income-tax act, 1961, to the appellant's case and in treating the loss as 'speculation loss' on the facts and in the circumstances of the case.3. dr. d. pal, the learned ..... the help of the setting off provision. if one looks at the income from money-lending business alone on the ground that the said amount is chargeable to tax because the loss from the share dealing business was not chargeable to tax nor could be set off then, the gross total income of the assessee chargeable under the head 'profits and gains of business ..... or profession' becomes much more than that chargeable under the head 'income from other sources'. consequently, the case of the assessee goes out of section 109(ii). in this .....

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Dec 06 1985 (TRI)

Sudha Devi Rampuria Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-06-1985

Reported in : (1986)15ITD744(Kol.)

..... 1. the assessee is in appeal against the order of the commissioner (appeals) under section 263 of the income-tax act, 1961 ('the act').the fact is that shri pradip kr. rampuria was doing business. he was a member of his huf. shri rampuria took a loan of rs. 6 lakhs and odd from ..... 80c 1,810.00 4,222.34 the return was filed on 30-3-1981 and the assessment was completed by the ito under section 143(1) of the act on the total income of rs. 4,220 on 2-9-1981.4. the commissioner took action on perusal of the record under section 263 on the ground that the assessee should ..... rampuria.3. smt. sudha devi rampuria filed her return for the assessment year 1978-79 showing the following income:biplabi rash behari basu rd., cal.1,47,394.51less: corporation tax 33,296.00multistoreyed property tax 1,752.00service charges 504.00surcharge on corporation tax 16,648.00 55,955.57bav 91,438.97less: one-sixth for repair 19,016.006 per cent collection ..... charges 6,845.00 25,861.00 65,577.97of firm's assessment) 10,745.26interest income from the above 11,474.5322,219 .....

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Jan 21 1985 (TRI)

Shankar Ghosh Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Jan-21-1985

Reported in : (1985)13ITD440(Kol.)

..... that the assessment order for the year 1973-74 was originally made under section 143(3) of the income-tax act, 1961 ('the act'), but the same was set aside by the commissioner under section 264 of the act on 20-3-1980. the commissioner set aside the original assessment which held that the assessee was owning benami ..... the fact that the assessee advanced a loan and did not make an outright contribution has been accepted both in the income-tax and wealth-tax files of smt. uttara devi as well as the wealth-tax file of the assessee.10. we have considered the contentions of both the parties as well as the facts on ..... the one-third owner of the entire property and the commissioner (appeals) erred in reducing the interest of the assessee to one-third portion of the income attributable to the land alone. in this connection, he took us through the common grounds of appeal taken in the six departmental appeals. all these grounds ..... assessee became one-third owner of the entire property because of sections 61 and 63(b) of the act. he urged that the arrangement made by the assessee amounted to a transfer and so the income diverted by that transfer is assessable in the hands of the assessee by virtue of section 64 of ..... the act. in this connection, he relied on the decision in the case of s.p. jaiswal v.cit [1981] 130 itr 643 (punj. & har.). in .....

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Feb 23 1985 (TRI)

inspecting Assistant Vs. Goodricke Group Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-23-1985

Reported in : (1985)12ITD1(Kol.)

..... power to review its order. however, according to him, the tribunal has not reviewed its order. it has exercised its power of rectification under section 254(2) of the income-tax act, 1961 ('the act'), judicially. it is pointed out that it is shri bagchi, who is asking the special bench to review the rectifying order dated 29-3-1982 of the bench and ..... finding that provisions of section 44c were not applicable in the instant case and in that view in directing the assessing officer to recompute the total income by excluding disallowance made under section 44c of the income-tax act, 1961.6. the assessee is a non-resident (sterling) company. its registered office is in london (uk). its activities are cultivation and manufacture of tea ..... similar situation had come up for consideration before the supreme court in the case of anglo-french textile co. ltd. v. cit [1953] 23 itr 82. the subject-matter of consideration was section 24(2) of the indian income-tax act, 1922 ('the 1922 act'). the expression, inter alia, used in that sub-section was "and the loss cannot be wholly set off under sub ..... . the provisions of section 44c being applicable from 1-6-1976 whereas the assessee's previous year is calendar year 1976, and being a tea company its income is liable to be taxed under the act to the extent of 40 per cent only, the assessee claimed that for the purpose of computing disallowance, assuming section 44c is applicable, the expenditure requiring consideration .....

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Jun 03 1985 (TRI)

income-tax Officer Vs. Harbanslal Malhotra and Sons Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Jun-03-1985

Reported in : (1985)14ITD328(Kol.)

..... 30-6-1978 for the assessment years 1978-79 and 1979-80, respectively'.he advised it to make payment under section 210 of the income-tax act, 1961 ('the act') in accordance with the estimate filed on 14-12-1977.he, however, stated that the change in the accounting year was allowed subject ..... the case of sri hari prosad lohia (svprd), the hon'ble calcutta high court laid down that' detailed provision has been made in the income-tax act for rectification or revision of an order passed by an ito. but, in the instant case, the ito had not invoked section 154 and there ..... we have already reproduced above. it is not disputed that the conditions which the income-tax officer can impose must be valid and legal besides being reasonable. he cannot impose conditions which are contrary to the provisions of the income-tax act.(p. 875) so, in order to be binding the condition regarding the proportionate ..... depreciation, has to be valid according to the provisions of the act or (the rules made thereunder). the departmental representative was unable to point ..... 25 per cent, it was estopped from challenging the condition. he also drew our attention to the proviso to rule 5(1) of the income-tax rules, 1962 ('the rules') and contended that as a corollary to the proviso of this section, depreciation proportionate to the period during which the .....

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Aug 06 1985 (TRI)

Todi Properties Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Aug-06-1985

Reported in : (1985)14ITD119(Kol.)

..... commissioner had no jurisdiction to revise the present order inasmuch as the assessment had been made in pursuance of the direction of the i ac under section 144b of the income-tax act.12. it has been indicated that unless there is some material to this effect, this could not be considered as a mistake apparent from the record, while a specific finding ..... the assessee stating that in the assessee's appeal nos. 657 and 658 (cal.) of 1983, which was directed against the order of the commissioner under section 263 of the income-tax act, 1961 ('the act'), the assessee raised the point that the assessments having been made in pursuance of the direction of the iac under section 144b of the ..... the first miscellaneous application of the assessee, the tribunal has dealt with the points raised by the assessee and there is no mistake in rejecting the said miscellaneous application. taxing of notional income can only be made as provided under section 23 onwards as discussed in the preceding paragraph. 10 the circumstances of the case as discussed, we find that there is ..... on the dictionary meaning. the ito did not accept the argument of the assessee that the rental income should be determined under the delhi rent control regulation act, 1958, for which the assessee relied before him in mrs. sheila kaushish v. cit [1981] 131 itr 435 (sc) and amolak ram khosla v. cit [1981] 131 itr 582 (sc). the ito, however, allowed the municipal .....

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