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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1986 Page 1 of about 195 results (0.030 seconds)

Jul 04 1986 (HC)

Shreepati Distributors Ltd. and anr. Vs. Income-tax Officer and ors.

Court : Kolkata

Decided on : Jul-04-1986

Reported in : [1987]168ITR530(Cal)

..... why it wants to change its accounting year with such frequency.9. the power to allow the prayer of the assessee is a discretionary power vested in the income-tax officer. nothing has been shown to suggest that the power was exercised in this case arbitrarily or on irrelevant considerations.10. the writ petition, therefore, fails and ..... change its previous year recently. the second reason that has been given was that if the change is allowed, there will be loss of revenue.7. the income-tax officer has stated in his affidavit that if the request for the change of accounting year was allowed in this case, there would have been no assessment for ..... stretch to a period beyond 12 calendar months when the accounting period of an assessee was being changed.5. in that case, the supreme court recognised that the income-tax officer had power to accord sanction to the change in 'previous year' on the condition that the 'previous year' would consist of the entire period of 21 ..... exercised his option of choosing his 'previous year', he shall not be entitled to vary his accounting year except with the consent of the income-tax officer and upon such conditions as the income-tax officer may think fit to impose.2. in the instant case, the assessee is a company which used to follow the year ending on ..... suhas chandra sen, j.1. section 3(4) of the income-tax act, 1961, defines 'previous year '. generally, it means an accounting year of 12 months. it may be the financial year or at the option of the assessee .....

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Aug 29 1986 (HC)

Hasimara Industries Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Aug-29-1986

Reported in : [1990]184ITR174(Cal)

..... 1. the following question of law has been referred by the tribunal under section 256(2) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in disallowing the loss of irrecoverable advance of rupees twenty lakhs in computing the assessee' ..... deduction on the ground that it had become irrecoverable on account of the incapacity of saksaria cotton mills limited to repay the loan. 8. the income-tax officer disallowed the claim on the ground that the amount of rs. 20,00,000 represented money advanced to saksaria cotton mills limited for modernisation ..... 2. the facts of the case are set out in detail in the judgment that has been delivered in the assessee's own case being income-tax reference no. 100 of 1977 ; cit v. hashimara industries ltd, : [1989]175itr477(cal) . 3. in this reference, the dispute is about the allowability of a sum of ..... its factory. the said amount was not taken into consideration in computing the income of the assessee in any assessment year. it also did not represent the money lent in the ordinary course of business. the income-tax officer observed that even otherwise the sum was not allowable because it had not ..... only creditor as interest was to be received on the advance and that the advance was made in the normal course of business to get better income from the business. according to him, the advance was only incidental to the assessee's business and the loss was a business loss. 12. .....

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Nov 05 1986 (HC)

Turner Morrison and Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Nov-05-1986

Reported in : [1987]167ITR844(Cal)

..... member and the matter was ultimately decided in favour of the revenue.15. on an application of the assessee under section 256(1) of the income-tax act, 1961, the following questions have been referred as questions of law arising out of its order for the opinion of this court;'1. whether, ..... to its london agent on account of remuneration. he held that the assessee had discharged its initial onus under section 37(1) of the income-tax act, 1961, and it was for the revenue to adduce evidence to show that in the instant assessment year there were facts which should justify ..... hold that the disallowance should be made in the subsequent year also. he held that the principles of res judicata were not applicable to income-tax proceedings. he distinguished the facts in the earlier assessment year from the facts in the assessment year in question and held that in the earlier ..... partly allowed.9. from the order of the appellate assistant commissioner appeals were* ' filed both by the revenue as also the assessee to the income-tax appellate tribunal. it was contended before the tribunal on behalf of the revenue that from the facts found in the assessment of the assessee in the ..... claimed.8. the appellate assistant commissioner, however, held following a decision of this court that the expenditure incurred by the assessee to contest the income-tax proceedings of hungerford investment trust ltd. was not wholly or exclusively for the purpose of the business of the assessee and, therefore, the amount .....

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Feb 27 1986 (HC)

Sethi Pen Stores Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Feb-27-1986

Reported in : [1987]164ITR73(Cal)

..... . the tribunal allowed the appeal of the revenue, set aside the order of the appellate assistant commissioner and restored the order of the income-tax officer.9. on an application of the assessee under section 256(2) of the income-tax act, 1961, the tribunal was directed by this court to refer the following question as a question of law arising out of the order ..... income-tax officer not only had the jurisdiction but was enjoined to levy tax on the entire income that had escaped assessment in the relevant year.11. the learned advocate also cited juggilal ..... to appeal in respect of such apportionment at that stage.10. the learned advocate also cited v. jaganmohan rao v. cit/cept : [1970]75itr373(sc) , for the proposition laid down by the supreme court that once assessment was reopened under section 34 of the indian income-tax act, 1922, the previous assessment would stand set aside and the entire assessment proceedings started afresh. the ..... of the tribunal for the opinion of this court:'whether, on the facts and in the circumstances of the case, the tribunal was right in law in restoring the addition of rs. 55,971 under the head 'income .....

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Mar 17 1986 (HC)

Commissioner of Income-tax Vs. Calcutta Discount Co. Pvt. Ltd.

Court : Kolkata

Decided on : Mar-17-1986

Reported in : [1986]162ITR680(Cal)

..... of the transactions did not convert the transactions into trading -transactions.12. on an application by the revenue under section 256(1) of the income-tax act, 1961, the following question has been referred to this court by the tribunal as a question of law arising out of its order for the ..... purpose of liquidating the said overdraft, the assessee sold a part of the shares, which resulted in a surplus. the income-tax officer sought to tax the surplus as business income of the assessee. the appellate assistant commissioner and the tribunal held that the assessee was never a dealer in shares and ..... assessee during the years from 1946 to 1957 and sale or transfer of shares or securities during the said period. on the report of the income-tax officer, the appellate assistant commissioner, taking into consideration the facts and circumstances relating to the incorporation of clive row investment holding co. ltd., ..... nature, having arisen out of disposal of investments and was not taxable as revenue receipt. the contentions of the assessee were rejected by the income-tax officer who held, by following an earlier order of the appellate tribunal in the case of the same assessee for the assessment years 1945-46 ..... of the income-tax officer. the tribunal in further appeal held that such surplus was not liable to be assessed as business profits. the tribunal found that the assessee had initially obtained the shares in the course of investment and at no point of time the assessee had acted as a .....

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Jan 30 1986 (HC)

Commissioner of Income-tax Vs. Kanoria General Dealers (P.) Ltd.

Court : Kolkata

Decided on : Jan-30-1986

Reported in : (1986)53CTR(Cal)165,[1986]159ITR524(Cal)

..... the circumstances of the case, the tribunal was right in holding that the business was set up within the meaning of the income-tax act during the accounting year relevant to the assessment year 1966-67 and, as such, whether the assessee was entitled to depreciation and expenses claimed for the assessment year 1966-67 ..... 1966-67, the claim for depreciation in the subsequent assessment year 1969-70 should be allowed automatically.7. on the application of the revenue under section 256(1) of the income-tax act, 1961, the following question has been referred as a questionof law arising out of the order of the tribunal for the opinion of thiscourt:'whether, on the facts and in ..... the object of manufacture and sale of cement in the relevant assessment year. the assessee obtained a mining lease for quarrying limestone and started, mining operations. in its assessment to income-tax, the assessee claimed deduction of expenditure incurred for extracting limestone and also depreciation and development rebate for its machinery. it was held by a division bench of the gujarat high ..... on june 30, of the calendar years of 1965 and 1968. in the said assessment year 1966-67, the assessee claimed allowance on depreciation and deduction of business expenditure. the income-tax officer found that during the accounting period ending on june 30, 1965, the total purchase of raw materials was worth only rs. 1,220, consumption of raw materials was worth .....

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Feb 20 1986 (HC)

Commissioner of Income-tax Vs. S.B. Electric Mart (P.) Ltd.

Court : Kolkata

Decided on : Feb-20-1986

Reported in : [1988]172ITR318(Cal)

..... facts and in the circumstances of the case, the provisions of section 104 of the income-tax act, 1961, were applicable to the case of the assessee relating to the assessment year 1964-65 ?'8. on a consideration of the facts and circumstances as on record, it appears ..... . the tribunal upheld the order of the appellate assistant commissioner and rejected the appeal of the revenue.7. on an application of 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 the order of the tribunal for the opinion of this court:'whether, on the ..... assessee of rs. 76,783.3. the income-tax officer also ascertained the commercial profit of the assessee for the said assessment year as follows :taking ..... a dividend of rs. 5,625 in the said year.2. the income-tax officer computed the total assessable income of the assessee in the said assessment year to be rs. 1,93,835. he found that after deduction from the said total income the assessed tax and donation under section 88 of the income-tax act, 1961, there was a distributable surplus in the hands of the .....

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Jul 24 1986 (HC)

Commissioner of Income-tax Vs. Johnston Pumps (India) Ltd.

Court : Kolkata

Decided on : Jul-24-1986

Reported in : [1988]172ITR333(Cal)

..... the assessee did not fall within the expression ' benefit, amenity or perquisite ' within the meaning of section 40(c)(iii) of the income-tax act, 1961, and in directing accordingly the allowance of rs. 79,362 which had been disallowed by the income-tax officer ?'2. the controversy raised in the question is covered by several decisions of this court which are as follows :(a ..... dipak kumar sen, j.1. on an application of the revenue under section 256(2) of the income-tax act, 1961, the tribunal as directed 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 ..... ) cit v. kanan devan hills produce co. ltd. : [1979]119itr431(cal) , (b) citv. tecalemit (hind] ltd. : [1982]137itr285(cal) , (c) indian leaf tobacco development ..... co. ltd. v. cit : [1982]137itr827(cal) , and (d) cit v. general marketing & manufacturing co. [1982] 7 cal tax cas 348. 3. the same view has been taken by the andhra pradesh high court in cit v. warner hindustan ltd. : [1984]145itr24(ap) .4. following the said decisions, we answer the question .....

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Aug 07 1986 (HC)

Commissioner of Income-tax Vs. Ruby General Insurance Co.

Court : Kolkata

Decided on : Aug-07-1986

Reported in : [1988]172ITR337(Cal)

..... further submitted that the assessment of the insurance company had to be made in accordance with the specific procedure laid down in section 44 of the income-tax act, read with schedule i thereto. it was pointed out to the tribunal that as regards the premia received in respect of the policies, 40% ..... 1961, and of section 41(1) of the said act, the tribunal was justified in holding that the sum of rs. 46,703 was not chargeable to tax ?'6. at the hearing, contentions raised in the proceedings below were ..... was written off in the account of the assessee as there was no certainty of remittance of any surplus from rangoon to india. in the income-tax assessment, the income-tax officer held that the same could not be written off as a loss and, in any event, the loss, if any, would only ..... making efforts to obtain remittance of surplus amounts from burma. the appellate assistant commissioner confirmed the order of the income-tax officer.3. being aggrieved, the assessee filed a further appeal before the income-tax appellate tribunal. it was contended before the tribunal on behalf of the assessee that the said amount of rs ..... ), income-taxact, 1961, the tribunal has referred the following question as a questionof 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 rule 5 of the first schedule to the income-tax act, .....

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Nov 18 1986 (HC)

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

Court : Kolkata

Decided on : Nov-18-1986

Reported in : (1987)59CTR(Cal)246,[1987]168ITR190(Cal)

..... the said amount of rs. 56,989 as a revenue expenditure was affirmed.11. on an application of the revenue under section 256(2) of the income-tax act, 1961, the tribunal has, as directed by this court, referred the following question, as a question of law arising out of its order for ..... the said assessment year 1967-68, the assessee claimed and was allowed deduction of the said amount by the income-tax officer.3. subsequently, the commissioner of income-tax initiated proceedings under section 263 of the income-tax act, 1961. it was noticed by the commissioner in the assessment records that against payment of the said amount of ..... the assessee constituted ' book ' and could be deemed to be 'plant' within the meaning of section 43(3) of the income-tax act, 1961. the same, it was held, was a depreciable asset and the assessee would be entitled to claim depreciation on the same. (d ..... the commissioner held that the order of assessment was erroneous and prejudicial to the interests of the revenue, set aside the same and directed the income-tax officer to make a fresh assessment in the light of his findings in his order.7. the assessee, being aggrieved by the decision of the ..... thereby brought into existence a benefit of an enduring character. it appeared to the commissioner that the said expenditure was capital in nature and the income-tax officer had erred in allowing deduction of the same as a revenue expenditure. the commissioner came to the tentative conclusion that the said assessment was .....

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