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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1988 Page 1 of about 125 results (0.032 seconds)

Jun 21 1988 (HC)

Commissioner of Income-tax Vs. Hazaribagh Coal Syndicate Private Ltd.

Court : Kolkata

Decided on : Jun-21-1988

Reported in : [1989]177ITR135(Cal)

..... bengal-iii, the following two questions of law have been referred to this court under section 256(2) of the income-tax act, 1961, for the assessment year 1969-70 :'(1) whether, on the facts and in the circumstances of the case, the ..... that it was not laid out or expended wholly and exclusively for the purpose of the business.9. we have considered the rival contentions. the income-tax officer mentioned the years in which the expenses were incurred. it is no doubt true that before any expenditure is allowed, the assessee must satisfy ..... the company, however, debited the entire expenditure.' in such circumstances, the tribunal restored the matter to the file of the income-tax officer in this regard and directed that the income-tax officer should work out the maximum amount reimbursable according to the ceiling laid down by the coal board in the assessment years ..... the appellate assistant commissioner held that the expenditure was revenue expenditure and hence allowable. he also held that the entire expenditure could be allowed, because the income-tax officer never disputed the actual expenditure.6. the revenue felt aggrieved and came up in appeal before the tribunal. according to the revenue, the first ..... ,9461965-6634,18110,37030-4-196623,8021966-6726,4976,93116-5-196619,566 1,02,07933,765 68,3143. it was submitted before the income-tax officer that the expenses incurred and the amount received against them as reimbursement from coal board were shown in the following manner and the balance .....

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Dec 16 1988 (HC)

Commissioner of Income-tax Vs. Jaswantiraj and Bros.

Court : Kolkata

Decided on : Dec-16-1988

Reported in : [1990]182ITR151(Cal)

..... inspecting assistant commissioner, in his order, has recorded as follows :'in response to a notice under section 274(2) read with section 271 of the income-tax act issued by me, shri r.n. lakhotia, advocate, appeared on january 30, 1968, and submitted a written explanation dated january 27, 1968. he ..... to make the order of penalty under section 271(1)(c) of the income-tax act, 1961, in this case ? 2. whether, on the facts and in the circumstances ..... case, the tribunal was correct in law in holding that the inspecting assistant commissioner of income-tax, range-v, calcutta, had no jurisdiction ..... ajit k. sengupta, j.1. at the instance of the commissioner ofincome-tax, the following two questions of law have been referred to thiscourt under section 256(2) of the income-tax act, 1961, for the assessment year 1961-62 :'1. whether, on the facts and in the circumstances of the ..... commissioner is already in seisin of a reference under section 274(2) pending adjudication before him, the transfer of case from one income-tax officer to another income-tax officer under section 127(1) by itself cannot take away or affect the jurisdiction of such inspecting assistant commissioner excepting by a subsequent .....

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Dec 22 1988 (HC)

Commissioner of Income-tax Vs. G. Basu and Co.

Court : Kolkata

Decided on : Dec-22-1988

Reported in : [1990]182ITR472(Cal)

..... of the applicants (appellants) before the tribunal was that the partnership continued with regard to 336 bales and, therefore, section 26(1) of the income-tax act was applicable. in other words, it submitted that though the partners had retired in 1942, it must be taken that with regard to this forward contract ..... these facts, the following question of law has been referred to this court at the instance of the commissioner under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the amount of rs. 1 ..... 1938, of 2,389 representing, after deduction of income-tax, 1/14th of the net profits of the business for the year to 31st december 1937.25. the respondent claimed his share of the gross sum ..... equal to one-fourteenth part of the net profits of the business for the three years ending 31st december, 1937, 1938 and 1939, under deduction of income-tax.24. the retiring partner died on 12th february, 1937. certain payments were made to his representatives under the agreement, including an item, paid in may, ..... being given.'13. it may be mentioned that the amount payable to the retiring partners as computed in the said agreement was considered by the income-tax officer. apart from the aforesaid amount, other payments in terms of the deed payable to the retiring partners were also allowed. it may be .....

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Sep 12 1988 (HC)

Commissioner of Income-tax Vs. Basumati (P.) Ltd.

Court : Kolkata

Decided on : Sep-12-1988

Reported in : [1989]180ITR175(Cal)

..... sales were correctly recorded by the assessee in its books of account. invoking the explanation under section 271(1)(c) of the income-tax act, 1961, the inspecting assistant commissioner held that the assessee-company failed to discharge the burden of proving that the difference between the returned ..... bengal-ii, the following question of law has been referred to this court under section 256(2) of the income-tax act, 1961, for the assessment year 1964-65 :'whether, on the facts and in the circumstances of the case, the tribunal was justified ..... of the penalty in this case. if, in the fresh assessment to be made in terms of the directions of the commissioner of income-tax (appeals), the income-tax officer detects any concealment of income or particulars thereof, he will be at liberty to proceed in accordance with law.7. for the reasons aforesaid, we decline to ..... ,000 in the trading account towards possible suppression of sales. it was only on estimate that the income-tax officer made the addition towards possible suppression of sales and disallowance towards possible inflation of purchases. we do not think that any inference of fraud or ..... of the penalty order, it is abundantly clear that the inspecting assistant commissioner levied the penalty merely on the basis of the reasons given by the income-tax officer in the assessment order for disallowing rs. 1,50,000 from the purchase account towards possible inflation of purchases and for adding rs. 1,00 .....

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Jul 12 1988 (HC)

Commissioner of Income-tax Vs. Kashinath Dutta

Court : Kolkata

Decided on : Jul-12-1988

Reported in : [1989]180ITR221(Cal)

..... . sengupta, j. 1. at the instance of the commissioner, west bengal-iv, the following question of law has been referred to this court under section 256(2) of the income-tax act, 1961 ('the act'), for the assessment year 1967-68 :'whether, on the facts and in the circumstances of the case, thetribunal was justified in law in holding that the assessee is entitled ..... in the books of ashutosh cold storage and the assessee was found to have claimed it in part ii of the said return to have been credited out of past taxed income. the income-tax officer rejected this contention on the ground that there was no evidence and that the assessee ever maintained any personal books of account. but as the latter himself had ..... intangible addition of rs. 50,000 in the assessment of the said firm. this was not acceptable to the income-tax officer inasmuch as the said credit was not given by the firm in the assessee's capital account nor did he maintain any books for such account. consequently, the sum ..... partner of five firms, namely, biswanath dutta, biswanath dutta and co., biswanath cold storage, kashinath cold storage and ashutosh cold storage.4. in the course of the assessment proceedings, the income-tax officer noticed in the assessee's personal account with biswanath cold storage a credit of rs. 11,713. this sum was claimed to represent the assessee's share in the .....

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Dec 14 1988 (HC)

Giridharilal Goenka Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Dec-14-1988

Reported in : (1989)80CTR(Cal)140,[1989]179ITR122(Cal)

..... , in the opinion of the income-tax officer, clearly not explainable. the income-tax officer, accordingly, made an addition of rs. 37,048 to the total income of the assessee under section 40a(3) of the income-tax act, 1961.4. the assessee appealed to the appellate assistant commissioner of income-tax challenging the addition of rs. 37 ..... . the facts leading to this reference are that the assessee, an individual, is a wholesale dealer in jaggery. before the income-tax officer, it was submitted on behalf of the assessee that he started a ..... under section 256(2) of the income-tax act, 1961, for the assessment year 1975-76 :'whether, on the facts and in the circumstances of the case and on a proper interpretation of rule 6dd of the income-tax rules, 1962, read with the central board of direct taxes circular no. 220 dated may 31, ..... 1977 (see [1977] 108 itr 8), the tribunal was justified in upholding the disallowance of rs. 22,098 in terms of sub-section (3) of section 40a of the income-tax act, 1961 ?'2 ..... the payee, having regard to the nature of the transaction and the necessity for expeditious settlement thereof and also furnishes evidence to the satisfaction of the income-tax officer as to the genuineness of the payment and the identity of the payee.' 10. the board, therefore, issued a circular on may 31 .....

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Jul 18 1988 (HC)

Commissioner of Income-tax Vs. Anniversary Investments Agencies Ltd.

Court : Kolkata

Decided on : Jul-18-1988

Reported in : (1989)78CTR(Cal)91,[1989]175ITR199(Cal)

..... question of law has been referred to this court under section 256(1) of the income-tax act, 1961 ('the act'), for the assessment year 1973-74 :'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the income-tax officer was not justified in apportioning the total expenditure incurred by the assessee as between the ..... several heads of income and treating the appropriate portion thereof as expenditure against the dividend income and in ..... entirely under the head 'profits and gains of business or profession'. the appellate assistant commissioner, following the order of the tribunal for the earlier years, held that the income-tax officer was not justified in allocating any expenses claimed as a deduction in working out the loss from business in purchase and sale of shares towards the earning of ..... revenue filed an appeal before the tribunal. the department raised the contention that the appellate assistant commissioner erred in rejecting the income-tax officer's stand in allocating the expenditure towards the earning of dividend income and in directing the income-tax officer to enhance the loss computed under the head 'profits and gains of business or profession' by rs. 71,113 and .....

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Jul 18 1988 (HC)

Commissioner of Income-tax Vs. Sriram Industries Distributors

Court : Kolkata

Decided on : Jul-18-1988

Reported in : [1989]175ITR341(Cal)

..... the instance of the commissioner, west bengal-iii, the following question of law has been referred to this court under section 256(1) of the income-tax act, 1961, for the assessment year 1969-70.'whether, on the facts and in the circumstances of the case and on a proper construction of the deed ..... not contribute capital in pursuance of the clause, the clause cannot be enforced against the minor. the material clause in this case on which the income-tax officer relied stipulates that the capital has to be contributed by the minor also and failure to do would make him liable to pay interest. ..... assessment year 1969-70.3. the assessee preferred an appeal before the appellate assistant commissioner. the appellate assistant commissioner allowed the appeals and directed the income-tax officer to grant registration for the assessment year 1968-69 and renewal of registration for the assessment year 1969-70.4. against the order of ..... the partnership consisted of 13 partners and one minor was admitted to the benefits of the partnership. on a perusal of the partnership deed, the income-tax officer found that clause 8 of the deed provided that the capital was to be contributed by all the partners including the minor and on failure ..... full partner and the fund as the plaintiff cannot be held to be involved on that ground (sic).7. the supreme court in the case of cit v. shah mohandas sadhuram : [1965]57itr415(sc) , held that where the guardian agrees to contribute capital on behalf of a minor but the .....

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Sep 12 1988 (HC)

Commissioner of Income-tax Vs. Karam Chand Thapar and Sons Ltd.

Court : Kolkata

Decided on : Sep-12-1988

Reported in : [1990]186ITR368(Cal)

..... in holding that the commissioner had no jurisdiction to pass the order under s. 263 because the commissioner had initiated an application under s. 256(1) taking a contrary stand. income tax act 1961 s.263 ajit kumar sengupta, j.1. at the instance of the commissioner, west bengal ii, calcutta, the following question of law has been referred to this court for ..... the assessment year 1963-64 under section 256(2) of the income-tax act, 1961 ('the act') :'whether, on the facts and in the circumstances of the case and on a correct interpretation of section 263 and section 256(1) of the ..... capital loss. regarding the carry-forward and set-off of losses of earlier years in view of the income-tax appellate tribunal's orders for 1957-58 to 1961-62, the same may be allowed by the income-tax officer in accordance with the provisions of the act. that the assessee is entitled to carry forward earlier years' losses, if any, is not a valid ..... assesses was an investor in shares and that the shares were its capital assets had not been accepted or acted upon by the commissioner. the tribunal, therefore, felt that the commissioner could not be justified in considering that the order passed by the income-tax officer holding the assessee to be a dealer in shares was erroneous and prejudicial to the interests of .....

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Dec 23 1988 (HC)

Commissioner of Income-tax Vs. Benarashilal Kataruka

Court : Kolkata

Decided on : Dec-23-1988

Reported in : [1990]185ITR493(Cal)

..... to render them 'personal effects' within the meaning of that expression used in clause (ii) of the exceptions in section 2(4a) of the indian income-tax act, 1922. the legislature intended only those articles to be included within the expression 'personal effects' which were intimately and commonly used by the assessee.'a similar ..... assessee belongs and as such, according to the appellate assistant commissioner, those are not capital assets within the meaning of section 2(14)(ii) of the income-tax act, 1961.6. being aggrieved, the revenue filed an appeal before the tribunal against the said order of the appellate assistant commissioner. the tribunal held that ..... 1977-78.'1. whether, on the facts and in the circumstances of the case and on a correct interpretation of section 2(14)(ii) of the income-tax act, 1961, silver utensils are personal effects of the assessee ? 2. whether, on the facts and in the circumstances of the case, the surplus on the ..... were for personal use and that they were not capital assets within the meaning of section 2(14)(ii) of the income-tax act, 1961. so he claimed that the profit of rs. 52,879 on the sale of the silver utensils was not liable to be ..... such affluence as to use silver utensils weighing more than 200 kgs. as common utensils of the kitchen or dining table. the income-tax officer observed that the income-tax and wealth-tax records of the assessee clearly indicated that these utensils were owned by him as items of decoration to give pride of possession. .....

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