Court : Kolkata
Decided on : Jun-02-1987
Reported in : 173ITR579(Cal)
..... of the indian company or the foreign company for the purpose of assessment of his salary paid by the indian company in india and will be taxed under the income-tax act, 1961 ? (ii) whether a foreign technician who declares before the government of india that he was an employee of an indian company, that ..... the exemption during his last visit to india, can still claim that he was not an employee of the indian company for the purpose of the income-tax act, 1961 ?' 2. the question which was before this court in the said reference was as follows :' whether, on the facts and in the ..... another foreign technician on the same day as the judgment involved herein. it was recorded in the said judgment in income-tax reference no. 329 of 1977 that the question referred did not involve either the taxability of the amount earned by the foreign technician while working ..... board during the previous year relevant to the assessment year 1973-74 '3. the reference was disposed of by following a judgment delivered in income-tax reference no. 329 of 1977 (cit v. west bengal state electricity board : 166itr507(cal) ), in the case of the same assessee for and on behalf of ..... his service would be performed in india and that he had necessary qualifications to get the exemption as a technician under the act and that he enjoyed .....Tag this Judgment!
Court : Kolkata
Decided on : Dec-22-1987
Reported in : 172ITR541(Cal)
..... income-tax officer was upheld by the appellate assistant commissioner. on further appeal, the tribunal reduced the rate of gross profit from ..... , the learned advocate for the assessee relied on and cited the following decisions:(a) dhakeswari cotton mills ltd. v. cit  26 itr 775: in this case, an assessment was made under section 23(3) of the indian income-tax act, 1922, by the income-tax officer. the income-tax officer estimated the gross profit on sales of the assessee at 40%. on appeal, the order of the ..... of n. v. philips' gloeilempenfabrieken for the assessment years 1973-74 and 1974-75 ?'11. on an application of the assessee under section 256(2) of the income-tax act, 1961, the tribunal was directed also to refer the following questions as questions of law arising out of the order of the tribunal for the opinion of this court:'(a) ..... as fees for technical services. on the facts, the tribunal declined to interfere with the estimate made by the commissioner of income-tax (appeals) in respect of the quantum.10. on an application of the assessee under section 256(1) of the income-tax act, 1961, the tribunal referred the following question as a question of law arising out of its order for the opinion .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-04-1987
Reported in : 169ITR422(Cal)
..... whether payment of a dividend or a larger dividend than that declared by a company would be unreasonable within the meaning of section 23a of the indian income-tax act, 1922, is a matter to be decided from the point of view of the company and its directors. the reasonableness or unreasonableness of the amount ..... of the assessee was an investment in the ordinary or popular sense of the term and came within the mischief of section 23a of the indian income-tax act, 1922. apart from the said two activities, the assessee had no other business and it was held to be a company whose business consisted ..... that the assessee was 'a company whose business consisted wholly or mainly in the holding of investments' within the meaning of section 23a of the indian income-tax act, 1922. the supreme court further observed that in the context of section 23a, the term 'investment' was not a term of art and should be ..... business consists wholly or mainly in the dealing in or holding of investments within the meaning of explanation 2(i) to section 23a of the indian income-tax act, 1922 2. whether, on the facts and in the circumstances of the case, the tribunal is right in holding that it would not be reasonable ..... than what was declared. the appeal of the revenue was dismissed. 11. on an application of the revenue under section 66(2) of the indian income-tax act, 1922, the following questions have been directed to be referred by the tribunal as questions of law arising out of its order for the opinion of this .....Tag this Judgment!
Court : Kolkata
Decided on : Feb-25-1987
Reported in : (1987)64CTR(Cal)167,166ITR636(Cal)
..... in section 199 of the income-tax act, 1961, in smt. batool begum : 104itr642(ap) , which has been relied on by the revenue.19. on the facts as found, it appears to us that the assessee ..... banking company, including a co-operative bank or a land mortgage bank. ' 17. learned advocate for the assessee submitted that section 199 of the income-tax act, 1961, had been amended with retrospective effect by the finance act, 1968.18. learned advocate for the assessee submitted further that the andhra pradesh high court did not consider the effect of the retrospective amendment introduced ..... of rule 30a of the rules.15. learned advocate for the assessee contended to the contrary and drew our attention to the relevant provisions of the income-tax act, 1961, which are noted hereinafter.section 199: 'credit for tax deducted.--any deduction made in accordance with the provisions of sections 192 to 194, section 194a, section 194b, section 194c, section 194d and section ..... the tribunal that the beneficial holders of shares had been allowed the benefit of tax deducted at source from the dividends under the amended section 199 of the income-tax act, 1961, in the circumstances as prescribed in rule 30a of the income-tax rules. the beneficial owner was entitled to tax credit if such shares had been pledged with the banks by way of security .....Tag this Judgment!
Court : Kolkata
Decided on : May-08-1987
Reported in : 186ITR329(Cal)
..... it appears from annexure 'o' at page 36 of the affidavit-in-reply that all residents of sikkim including government servants pay income-tax under the sikkim income-tax manual and not under the income-tax act, 1961. the letter of the accountant-general of sikkim dated april 8, 1985, (annexure 'f', at page 63 of the ..... the grounds for disallowing the exemption claimed is that the petitioner was a resident during the relevant period within the meaning of section 6 of the income-tax act, 1961. the finding is not based on any fact but is based on some 'reasons'.25. according to respondent no. 1, in this ..... . in paragraph 11 of the said affidavit, she has stated 'i state further that a resident of sikkim is automatically a 'nonresident' under the income-tax act, 1961'. this statement is apparently based on the abovementioned letters/circulars of the finance ministry.22. in the circumstances, i hold that a resident of ..... , 1978, by the ministry of finance (annexure 'f' at page 61 of the petition). paragraph 3 of the circular clearly states that as the income-tax act, 1961, has not been extended to sikkim by any notification under article 371f(n), sikkim will have to be treated as outside india. the petitioner ..... fit to the state of sikkim any enactment which is in force in a state in india at the date of the notification.' 20. the income-tax act, 1961, has not been extended to sikkim by any presidential notification under article 371f(n).21. the petitioner has annexed to his petition a circular .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-21-1987
Reported in : 173ITR577(Cal)
..... of the income-tax act, 1961, was invoked. there is a difference in the language of sections 36 and 57.5. section 36 provided for deduction of interest paid in respect of the capital borrowed ..... in the instant case.4. we note that in this case the deduction has been claimed not only under section 57 but also under section 36(1)(iii) of the income-tax act. in smt. padmavati jaikrishna's case : 166itr176(sc) , the supreme court did not consider the question of admissibility of the deduction of interest paid on loans where section 36 ..... court in : 101itr153(guj) has held that interest paid on loans was not an admissible deduction under section 57 of the income-tax act, 1961, where amounts were borrowed to pay taxes and annuity deposit and where the assessee derived income from other sources in the shape of interest and dividends. it was submitted that as the supreme court has since laid down the ..... his disposal and borrows money for the purpose of payment of income-tax instead of liquidating his income-yielding assets, the interest paid on such borrowal utilised for the payment of income-tax can be allowed as a permissible deduction in computing the income of the assessee under section 57 and/or section 37 of the income-tax act ? (b) whether, under the circumstances aforesaid, interest paid on money .....Tag this Judgment!
Court : Kolkata
Decided on : May-06-1987
Reported in : (1987)65CTR(Cal)103,172ITR521(Cal)
..... assessee as the same were technical assistance fees. the commissioner subsequently set aside the said assessment under section 263 of the income-tax act, 1961 ('the act'), as he was of the opinion that the payments received by the assessee from the indian company were more in the ..... in the order passed under section 263 in respect of the assessment year 1973-74.7. in the subsequent assessment made on remand, the income-tax officer, following the assessment of the assessee for the earlier assessment year 1973-74, held that the payment received by the assessee from the ..... know-how and information and even if certain services have been rendered in connection therewith, the entire receipt would be taxed as royalty. the income-tax officer noted that in the tax deduction certificates issued by the indian company to the assessee, the said payments had been described as royalty. it was ..... technical assistance and information supplied 5% of the net selling price of vitamin d manufactured and sold by the indian company subject to indian income-tax.(g) the agreement would take effect from the start of the manufacture of vitamin d by the indian company and would remain in force ..... nature of royalty than technical assistance fees. the assessee preferred an appeal before the tribunal against the order of the commissioner under section 263. the appeal was unsuccessful.3. the income-tax .....Tag this Judgment!
Court : Kolkata
Decided on : Aug-20-1987
Reported in : 171ITR169(Cal)
..... delivery of goods, the transactions conformed to the definition of a speculative transaction under explanation 2 to section 24(1) of the indian income-tax act, 1922 ('the 1922 act'), and clause (5) of section 43 of the income-tax act, 1961 ('the act'). he held further that the transactions were not hedging transactions within the meaning of the said section as they were not entered into to ..... of the supreme court was also cited for the following observations (p. 367) : 'it is now well-settled that the appellate tribunal is the final fact-finding authority under the income-tax act and that the court has no jurisdiction to go behind the statements of fact made by the tribunal in its appellate order. the court may do so only if there ..... of the case, the tribunal was justified in holding (with reference to the provisions of explanation 2 to section 24(1) of the indian income-tax act, 1922, for the assessment year 1961-62 or section 43(5) of the income-tax act, 1961 for the assessment years 1965-66 and 1966-67), that the losses in question were losses from speculative transactions ?'13. at the ..... hearing, learned advocate for the assessee submitted that it has been found by both the income-tax officer and the appellate assistant commissioner that the assessee carried on .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-22-1987
Reported in : (1987)63CTR(Cal)125,171ITR181(Cal)
..... and disallowed an amount of rs. 34,100 out of the said rs. 46,798 under section 37(2) of the income-tax act, 1961 ('the act'), which was included in the total income of the assessee.2. in the said assessment year, the assessee at its mill premises provided boarding and lodging facilities to its ..... ground that they related to earlier accounting years. the tribunal affirmed the decision of the income-tax authorities. on a reference, a division bench of the delhi high court held that the liability of the assessee to pay gratuity under the scheme ..... and in the assessment year 1971-72 claimed deduction of the provision made for payment of such gratuity on the basis of actuarial valuation. the income-tax authorities allowed part of the said amount on the ground that the same related to the year in question but the balance was disallowed on the ..... maintained and that no expenditure incurred on a guest house would be admissible for deduction.5. the appellate assistant commissioner also upheld the decision of the income-tax officer in disallowing the balance of rs. 1,03,82,408 of the provision made on account of gratuity, inter alia, on the ground that ..... in a sum of rs. 1,31,162. the difference of rs. 28,245 was claimed by the assessee as a deductible expenditure. the income-tax officer disallowed the claim on the groundthat the assessee maintained a guest house and was not entitled to claimdeduction in respect of expenditure incurred for the .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-08-1987
Reported in : (1987)65CTR(Cal)155,170ITR110(Cal)
..... and in the circumstances of the case, the assessee's failure to submit a revised return (estimate) under section 212(2) of the income-tax act, 1961, attracts interest under section 216 of the income-tax act, 1961 ?' 12. at the hearing of this reference, learned advocate for the assessee submitted that the assessee was entitled under section 212 to submit an estimate ..... to charge interest under section 216. the appeal of the assessee was dismissed. 11. on an application of the assessee under section 256(1) of the income-tax act, 1961, the following question has been referred by the tribunal as a question of law arising out of its order for the opinion of this court : 'whether, on the facts ..... . : 122itr251(ap) . in this case, the question referred to the andhra pradesh high court was whether interest under section 216 of the income-tax act, 1961, could be levied on an assessee when the advance tax payable was not underestimated but the income being underestimated, the advance tax payable in instalments was less. it was held by the high court that section 212 of the ..... , 1976. it was held that the assessee had omitted to do so and postponed the payment of the correct instalment of advance tax and as such the assessee came within the mischief of the provisions of section 216 of the income-tax act, 1961. the assessee postponed payment of the correct amount of the second instalment with full knowledge and without justification and the .....Tag this Judgment!