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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1988 Page 2 of about 125 results (0.047 seconds)

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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Feb 19 1988 (HC)

Dr. Murari Mohan Mukherji Vs. Income-tax Officer, B-ward and ors.

Court : Kolkata

Decided on : Feb-19-1988

Reported in : [1988]171ITR515(Cal)

..... by april 30, 1981, why an order imposing 'penalty' on him under section 271 of the income-tax act shall not be imposed on him for 'concealing particulars of income' or 'furnishing inaccurate particulars of such income ' to the income-tax authorities.2. after placing the aforesaid notice, which is annexure 'm' to the present writ petition, mr. sanjoy bhattacharya, learned ..... p.k. mukherjee, j.1. the notice dated march 19, 1981, under section 274 read with section 271 of the income-tax act, addressed to the writ petitioner has been challenged in the instant writ petition. by the said notice, the income-tax officer, district-viii, calcutta, directed dr. murari mohan mukherji of 12/1/8, manohar pukur road, calcutta-26, to show cause ..... a writ in the nature of certiorari issue quashing the impugned notice dated march 13, 1981, issued by the income-tax officer, 'b' ward, district-viii, calcutta, which is annexure 'm' to the writ petition.13. this will not prevent the respondents from acting and proceeding in accordance with law, if they are so advised and if the law so permits. ..... set out the said provision hereinbelow :'271. (1) if the income-tax officer or the appellate assistant commissioner or the commissioner (appeals) in the course of any proceedings under this act, is satisfied that any person --...... (c) has concealed the particulars of his income or furnished inaccurate particulars of such income, he may direct that such person shall pay by way of penalty .....

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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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Sep 12 1988 (HC)

Commissioner of Income-tax Vs. Soorajmull Nagarmull

Court : Kolkata

Decided on : Sep-12-1988

Reported in : [1990]185ITR421(Cal)

..... at the instance of the commissioner, west bengal ix, the following questions of law have been referred to this court under section 256(1) of the income-tax act, 1961 ('the act'), for the assessment year 1964-65 :'(1) whether, on the facts and in the circumstances of the case, the tribunal is correct in interpreting the ..... at the hearing of the appeal as meaning that the charging of interest under section 139(1) of the income-tax act, 1961, in the assessment is not valid for the reason that the income-tax act does not provide for the charging of interest under section 139(1) in a case where the assessee had ..... july 12, 1976, the assessee filed an additional ground which read as follows :'the charge of interest under section 139 has been ultra vires the income-tax act and is liable to be struck off.'4. the revenue opposed the admission of this additional ground on the ground that the tribunal was not competent ..... following finding ;'the ground is no doubt not happily worded ; but it is not as if the vires of any of the provisions of the income-tax act is challenged before us by this ground. as explained by learned counsel for the assessee, what the assessee means to say is that the charging of ..... interest under section 139(1) in the assessment order is not valid for the reason that the income-tax act provides for the charging of interest under section 139(1) thereof only in a case where the assessee applied for extension of time for the filing .....

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Dec 16 1988 (HC)

Commissioner of Income-tax Vs. NuruddIn and Brothers

Court : Kolkata

Decided on : Dec-16-1988

Reported in : (1989)80CTR(Cal)233,[1990]185ITR481(Cal)

..... the facts and in the circumstances of the case and having regard to the unequivocal admission made by the assessee in its petition under section 271(4a) of the income-tax act, 1961, to the effect that income had been concealed by it, the tribunal misdirected itself in law in holding that no penalty was exigible under section 271(1)(c) of the said ..... . the inspecting assistant commissioner, after duly considering the objections raised on behalf of the assessee, imposed a minimum penalty of rs. 54,667 under section 271(1)(c) of the income-tax act, 1961. 4. on appeal by the assessee before the tribunal, it held that the facts of the case clearly show that the assessee had disclosed the ..... , reframe the question as follows : 'whether, on the facts and in the circumstances of the case and having regard to the disclosure petition filed under section 271(4a) of the income-tax act, 1961, the tribunal misdirected itself in law in holding that no penalty was exigible under section 271(1)(c) of the said ..... act ?' 2. the facts, shortly stated, are that the income-tax officer originally completed the assessment for this year on a total income of rs. 86,814. thereafter, the assessee is stated to have made a disclosure petition under section 271(4a) of the income-tax act, 1961, before the commissioner of income-tax on february 28, 1967. in the said .....

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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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Sep 12 1988 (HC)

Commissioner of Income-tax Vs. Bansidhar Jalan and Sons.

Court : Kolkata

Decided on : Sep-12-1988

Reported in : [1990]184ITR264(Cal)

..... , j. 1. at the instance of the commissioner, west bengal-ix, calcutta, 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 1972-73 : 'whether, on the facts and in the circumstances of the case, the tribunal had relied on irrelevant or partly irrelevant materials in holding ..... 50,00031-7-1971 515 1,25,515 although the assessee was to make the payment by crossed cheque, in accordance with the provisions of section 40a(3) of the income-tax act, 1961, and rule 6dd of the 1962 rules, the assessee had preferred to make the payment by cash in spite of the fact that it had sufficient credit in the ..... produce mr. dhyawala on march 10, 1975, before him but the assessee could not produce the said dhyawala before the income-tax officer either on march 10, 1975 or even later. finally, the income-tax officer issued a summons under section 131 of the act on march 1, 1975, to the said dhyawala directing him to appear on march 10, 1975. thissummons was not returned ..... unserved. the presumption was that it was served on the said dhyawala. but he did not care to appear before the income-tax officer on march 10, 1975 .....

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Jul 18 1988 (HC)

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

Court : Kolkata

Decided on : Jul-18-1988

Reported in : [1990]183ITR645(Cal)

..... the tribunal was justified in law in holding that the proceedings under section 147(b) of the income-tax act, 1961, were not according to law ?'2. the facts are that the assessee, james finlay and co. ltd., is a company incorporated in ..... ajit k. sengupta, j.1. at the instance of the commissioner of income-tax, the following 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 1969-70 :'whether, on the facts and in the circumstances of the case, ..... tribunal on the facts of this case. the reopening of the assessment has not been made on a mere change of opinion. the income-tax officer obtained the necessary information about the portion of the interest in the proceeding for the assessment year 1970-71. it is only in ..... , on december 31, 1971, the entries in the suspense account relating to interest were reversed. in the proceedings for reassessment to tax for the assessment year 1969-70, the income-tax officer included rs. 57,234 stating as follows :'interest credited in the interest suspense account charged on the loan advanced to speciality ..... income-tax officer did not consciously apply his mind while putting his mark in the account.'6. according to the tribunal, if such a view is held, it would follow as a consequence that the proceedings under section 147(b) are not according to law. hence, the tribunal cancelled the impugned order under section 147(b) of the act .....

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Dec 14 1988 (HC)

Commissioner of Income-tax Vs. Rangalal Bagaria

Court : Kolkata

Decided on : Dec-14-1988

Reported in : [1990]181ITR200(Cal)

..... in holding that the assessee was entitled to the deduction under section 80t(b)(i) of the income-tax act, 1961, on the gross capital gains arising on the sale of house property ? (2) whether, on the facts and in the circumstances of the case, the ..... tribunal was justified in ignoring the provisions of sections 70(2)(ii) and 80b(5) of the income-tax act, 1961, and thereby ignoring the long-term capital loss on the sale of shares in computing the deduction under section 80t(b)(i) of the ..... income-tax act, 1961 ?' 2. the facts are that the assessee made long-term capital gains on the sale of his share in property at 9, circus avenue, calcutta, ..... the assessee has to be computed for the given assessment year according to the provisions of the income-tax act. if thecontention of the assessee that, after the computation of the assessable capital gains accruing to the assessee for the year, deduction under section 80t has ..... ajit k. sengupta, j.1. at the instance of the commissioner of income-tax, west bengal-iii, the following questions have been referred to this court under section 256(1) of the income-tax act, 1961, for the assessment year 1974-75 :'(1) whether, on the facts and in the circumstances of the case, the tribunal was correct in law .....

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Dec 22 1988 (HC)

Commissioner of Income-tax Vs. Soorajmal Nagarmull

Court : Kolkata

Decided on : Dec-22-1988

Reported in : [1990]181ITR340(Cal)

..... expenditure incurred in purchase of loom-hours is revenue expenditure allowable as deduction and whether such expenditure can be disallowed in the assessment reopened under section 147(a) of the income-tax act, 1961 ?' 3. the facts relating to the first question are that the original assessment for the assessment year 1957-58 was completed on june 22, 1962. premises nos. 61, 57 ..... the circumstances of the case, and having regard to the fact that the appellate assistant commissioner had upheld the validity of the proceedings initiated under section 147(a) of the income-tax act, 1961, and the assessee did not challenge before the tribunal such finding of the appellate assistant commissioner, the tribunal misdirected itself in law in holding that the expenditure incurred in ..... ajit kumar sengupta, j.1. at the instance of the commissioner, the following two questions have been referred to this court under section 256(2) of the income-tax act, 1961 ('the act'), for the assessment year 1957-58 :'(1) whether, on the facts and in the circumstances of the case, the tribunal ignored relevant evidence and relied on irrelevant materials in holding ..... ). during the search of the premises, no. 61, m. g. road, a large quantity of jewellery was found therein. the assessment was reopened under section 147(a) of the act on the ground that income had escaped assessment.4. the income-tax officer wrote a letter to the assessee to show cause why the value of the jewellery should not be treated as the .....

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