Court : Kolkata
Decided on : Mar-12-1988
Reported in : (1988)72CTR(Cal)185,174ITR521(Cal),41TAXMAN117(Cal)
..... the circumstances of the case, the tribunal was right in holding that the mistake sought to be rectified by the income-tax officer was not a mistake apparent from record within the meaning of section 154 of the income-tax act, 1961 ?'the facts are that the assessee - company which is engaged in the manufacture of steel rolling mills ..... the computation of capital would depend on the interpretation of section 84 (1) of the income-tax act and rule 19 (1) of the income-tax rules, 1962. if the determination of the mistake depends on the interpretation of the provisions of the act, it cannot be a mistake apparent from the record. before the tribunal, the assessee and ..... that year. there were, however, profits in the assessment years under reference. the assessee, in the circumstances, made a claim under section 84 of the act. the income-tax officer computed the amount of profits in the respective years on which, according to him, the relief was allowable, at rs. 3,10,331 for the ..... tribunal was right in holding that there was no mistake apparent from the record to be rectified under section 154 of the act. it is now well-settled that the jurisdiction of the income-tax officer to make an order of rectification depends upon the existence of a mistake apparent on the face of the record. ..... ajit k. sengupta j. - in this reference under section 256(2) of the income-tax act, 1961, for the assessment years 1963-64, 1964-65 and 1965-66, the following question of law has been referred to this court :' .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-19-1988
Reported in : (1988)25ITD287(Kol.)
..... case it was held by the calcutta high court that the requirements of rules 36 and 37 of the income-tax rules framed under the indian income-tax act, 1922 were mandatory as they were to be read as part of the act. this authority does not, however, lay down a rule of universal application that every rule framed under ..... equity share of any company, other than an investment company or a managing agency company, shall be determined as follows : 16. the scheme of the act is to tax the net wealth of the assessee and for the purpose of achieving this object the market value of the assets held by the assessee has to be ..... rules made in this behalf" were substituted for the words "the value" by the wealth-tax (amendment) act, 1964 with effect from 1-4-1965. the board in exercise of the powers conferred on it under section 46(2)(a) framed rules for determining the ..... in section 2(m). shri bajoria then referred to the provision contained in section 7(1) and submitted that the scheme of the act clearly showed that for the purpose of charging tax on the net wealth of an assessee, the market value of the assets owned by him has to be determined in accordance with ..... to any rules made in this behalf, the value of any asset, other than cash, for the purposes of this act shall be estimated to be the price which in the opinion of the wealth-tax officer it would fetch if sold in the open market on the valuation date.13. the words "subject to any .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-12-1988
Reported in : AIR1989Cal40
..... given by the legatees are annexed and also included in annexure 'd' hereof. 8. the funeral expenses of the said deceased were duly paid and so were his tax liabilities under income-tax act and wealth-tax act. his funeral expenses were duly paid to lawrence and company as will appear from the said affidavit of assets in annexure 'a' thereto as also his other debts ..... connection he has drawn our attention to behary lall sandyal v. juggo mohan gossain, (1879) ilr 4 cal 1. he has also drawn our attention to various provisions of wealth tax act and income-tax act as to the meaning of the expression 'holding' or 'owner'. he has next submitted that the trustee is not a full owner of the estate; only a restricted power ..... is given to him. in this connection he has drawn our attention to ss. 36,47 and 48, trusts act. on the question of 'legal ownership' and 'beneficial ownership', he has drawn ..... as the administration was ended the petitioners have been holding the properties as trustees. the position in law has been elucidated in v. m. raghavalu naidu & sons v. commr. of income-tax, madras, : 18itr787(mad) . it has been pointed out there that in the case of a specific bequest, executors do not become trustees for the beneficiaries until assents. in the .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-13-1988
Reported in : 175ITR153(Cal)
ajit kumar sengupta, j.1. identical questions came up for consideration before this court under section 256(2) of the income-tax act, 1961. it is stated by learned advocate for the petitioner that the said application was rejected. learned advocate however wanted to distinguish this case relying on a decision of the bombay high court in the case of richardson and cruddas ltd. v. cit : 162itr753(bom) , where the bombay high court held that the excess in the profit and loss account was not includible in the capital base under the super profits tax act, 1963. in this case, the surtax officer proceeded to include the surplus profit under section 13 of the companies (profits) surtax act, 1964, which was affirmed by the commissioner of income-tax (appeals). the tribunal held that the question whether retained profit is includible or not is a debatable one and, therefore, it could not be a case of mistake, much less, apparent from the record. the tribunal also held, on merits, following its earlier order for theassessment year 1978-79 that the lower authorities were wrong in excluding the amount in the computation of capital base. we agree with the reasoning of the tribunal. this application is, therefore, rejected and rule discharged.2. there will be no order as to costs.k.m. yusuf, j.3. i agree.Tag this Judgment!
Court : Kolkata
Decided on : Aug-08-1988
Reported in : 184ITR95(Cal)
..... )(a) of the 1961 act holding that the assessee had not been prevented by any reasonable cause from not filing the return within time and imposed a ..... 1961-62, the assessees returns of income had to be filed by september 28. 1961, but neither was the return filed by that date nor was any extension asked for, the return was filed after a delay of seven months on may 3, 1962, i.e., after the income-tax act, 1961, had come into force. the income-tax officer initiated proceedings under section 271(1 ..... for the assessment years 1964-65 to 1968-69 :'whether, on the facts and in the circumstance of the case, the provision of section 18(1)(a) of the wealth-tax act. 1957, as they stood prior to the amendment with effect from april 1, 1969, will apply in the matter of the quantum of penalty livable against the assessee for each ..... penalty was livable under section 271(1)(a) of the 1961 act. the amount of penalty had to be quantified according to section .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-04-1988
Reported in : (1990)ILLJ148Cal
..... was held by the supreme court that the high court exercising jurisdiction under article 226 of the constitution had power to set aside a notice under section 147 of the income-tax act, 1961, if the condition precedent to the exercise of the jurisdiction did not exist.(c) kandaswami weaving factory & co. v. employees' state insurance corporation, (1969-i-llj-572). a ..... complicated questions of feet were raised for determination, the same should have been heard and disposed of on merits and not dismissed in limine.(e) raza textile mills ltd. v. income-tax officer, : 87itr539(sc) . in this case it was held by the supreme court that no authority, much less a quasi-judcial authority, could confer jurisdiction on itself by ..... (g) royal talkies v. employees' state insurance corporation, (1978-ii-llj-390). in this case the supreme court considered and construed section 2(9)(ii) of the employees' state insurance act, 1948, and observed as follows at p.395: 'here again, the language used is extensive and diffusive imaginatively embracing all possible alternatives of employment by or through an independent employer ..... , in effect, respondent no. 4 retained the ultimate power of supervision which respondent no. 4 in fact did exercise.18. the learned judge held further that as the said act of 1948 was a beneficial legislation promulgated for protection and benefit of the workers, the same should be interpreted liberally. therefore, the question whether the employees of the appellants worked .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-22-1988
Reported in : (1988)2CALLT424(HC),69CompCas757(Cal)
..... this order as a decree of court. the company will be entitled to deduct income-tax at source from the bills of the petitioning-creditor and will give a certificate to the petitioning-creditor under section 194a of the income-tax act. if no instalment is paid at all in terms of this order, the ..... petitioning-creditor will be entitled to mention the matter for further direction for admission of the petition.29. all parties concerned to act on a signed copy of the operative ..... contention as to the sufficiency and legality of the notice failed, this petition could as well be sustainable under section 434(1)(e) of the act.28. while disposing of this application, i must record my disapproval of the way learned advocate for the company conducted the proceedings. at first, ..... said notice. therefore, mr. sarkar contended that whatever period might be mentioned in the impugned notice was of no consequence. the requirement under the act is that the time for the company to pay off the dues is postponed till three weeks after the service of the notice on the company ..... spite of this assurance made, the company did not make payment and thereafter the petitioning creditor issued the statutory notice under section 434 of the companies act, 1956, on october 17, 1987. not having received any reply to the statutory notice, the petitioning creditor waited till december 18, 1987, when .....Tag this Judgment!
Court : Kolkata
Decided on : Dec-01-1988
Reported in : AIR1989Cal176,93CWN725
..... from being condemned, enjoyed unjustified patronage from our courts of law till the legislature could intervene by inserting in 1972 section 281a in the income-tax act, 1961. but it is heartening to note that under the benami transactions (prohibition) act, 1988 which has replaced the benami transactions (prohibition of the right to recover property) ordinance, promulgated in may, 1988 our legislature has decided ..... (supra) which has gone to that length. this, as a proposition of law, is erroneous, particularly in the context of the rent control laws like the west bengal premises tenancy act, which has unmistakably demonstrated its abhorrence against subletting without the prior consent of the landlord, not only by making it a ground of ejectment under section 13(1)(a), but ..... off their; veils of corporate personality at their pleasure to suit their purpose, and surely not to evade, the operation of social welfare legislations like the west bengal premises tenancy act, 1956, which condemns and penalises unauthorised subletting in mandatory terms.5. by and large, the question as to whether there has been subletting may be a questionof fact and, as ..... the firm and the company and the supreme court accordingly ruled that there was no subletting to attract the mischief of section 14(1)(b) of the delhi rent control act. the single-judge decision of the delhi high court in viswa nath v. chaman lal, 0043/1975 : air1975delhi117 (supra), relied on by the first appellate court, appears to have .....Tag this Judgment!
Court : Kolkata
Decided on : Oct-12-1988
Reported in : AIR1989Cal283,93CWN306,184ITR604(Cal)
..... find valid. it is only as late as in 1972 that our parliament could show its awarness to this menace by inserting section 281a in 1972 in the income-tax act of 1961, though that measure could not yield the desired result. the law commission in its 57th report in 1973 on benami transactions drew our serious attention to ..... have come into force on 19th may, 1988, i.e., the date of the commencement of the ordinance. we have also noted that the long title of the act also declares its object to 'to prohibit..... the right to recover property held benami' as did the long title of the ordinance. we have hereinbefore referred to section ..... , as early as in 1883 in charles bradlaugh v. henry clarks (1883) 8 ac 354 at pp 358-361, is 'ageneric term'. in section 31 of the english limitation act of 1939, the term 'action' was clearly defined to include 'any proceeding in a court of law' [see lougher v. donovan, (1948) 2 all er 11; w.t ..... of section 2 of the benami transactions (prohibition of the right to recover property) ordinance, 1988, now replaced by section 4 of the benami transactions (prohibition) act, 1988. no costs.13. records, if any, along with copy of this order to go down at once.ajit kumar nayak, j.14. i agree. ..... 2 of the ordinance as the same was in operation when the impugned order was passed; but now in view of this benami transactions (prohibitions) act, 1988, all our observations made hereinabove on and about section 2 of the ordinance must be taken to relate to section 4 of the .....Tag this Judgment!
Court : Kolkata
Decided on : Dec-06-1988
Reported in : 181ITR277(Cal)
..... the fact that there was a government order restricting the rate of profit was also not argued before the appellate assistant commissioner or before the income-tax officer. we cannot allow this point to be taken before us for the first time as it is clearly an afterthought. the case of ..... , oil and oil-cake accounts and thereby worked out an addition of rs. 67,653. the appellate assistant commissioner supported the order of the income-tax officer. with regard to the wage register, he found that for various labourers on certain dates only one person had put his thumb impression against ..... commissioner allowed the entire refraction. he, however, maintained the addition of rs. 7,500 for low rate of gad shown by the assessee. the income-tax officer also found that the expenses on purchases of old tins, labour charges and electricity charges were not properly verified. he found that the wage register ..... 000 only.6. in the assessment year 1970-71, besides the oil mill at raniganj, the assessee also started another oil mill at calcutta. the income-tax officer found that the assessee had maintained stock books for mustard seeds, oil, oil-cake, as also a production register for oil. still, however, ..... and the fact that there was a government order restricting the rate of profit was also not submitted before the appellate assistant commissioner or before the income-tax officer. the tribunal, in the circumstances, did not allow this point to be taken before it for the first time as, according to it .....Tag this Judgment!