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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1988 Page 4 of about 125 results (0.092 seconds)

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 09 1988 (HC)

Commissioner of Income-tax Vs. Sreelekha Banerjee

Court : Kolkata

Decided on : Dec-09-1988

Reported in : [1989]179ITR46(Cal)

..... determine the annual value of the property under section 23 of the income-tax act, 1961 ?'2. the facts shortly stated are that the assessee claimed deduction of rs. 3,000 as her share of the expenditure towards ..... . at the instance of the assessee, 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 1971-72 :'whether the salary paid to the caretaker is an admissible deduction from the annual rent to ..... the department that the appellate assistant commissioner was inerror in allowing the claim inasmuch as section 24 of the income-tax act,1961, specified different items to be allowed as deduction in computing therental income of the assessee. on behalf of the assessee, the order of theappellate assistant commissioner was supported. the ..... may occupy for the purposes of any business or profession carried on by him the profits of which are chargeable to income-tax, shall be chargeable to income-tax under the head 'income from house property'.7. section 23(1)(a) provides that, for the purposes of section 22, the annual value ..... was necessary for the purpose of earning rent from the property and that the claim of the assessee was reasonable. he, therefore, directed the income-tax officer to allow the deduction claimed by the assessee.4. against the said order of the appellate assistant commissioner, therevenue preferred an appeal before .....

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Dec 13 1988 (HC)

Commissioner of Income-tax Vs. Hemraj Mahabir Prosad (P.) Ltd.

Court : Kolkata

Decided on : Dec-13-1988

Reported in : [1989]179ITR73(Cal)

..... instance of the revenue is as follows :'whether, on the facts and in the circumstances of the case and on a correct interpretation of section 2(22)(e) of the income-tax act, 1961, the tribunal is right in holding that the addition of rs. 5,75,154 made in the assessment for the assessment year 1971-72 as deemed dividend is unsustainable ..... and in that view deleting the same from the income of the assessee for that assessment year ?'2. the second question is referred at the instance of the assessee and is as follows :'whether, on the facts and in the .....

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Dec 14 1988 (HC)

Commissioner of Income-tax Vs. National Insurance Co. Ltd.

Court : Kolkata

Decided on : Dec-14-1988

Reported in : [1989]179ITR101(Cal)

..... letter, it has been, inter alia, stated by the assessee as follows :'by an order dated may 15, 1968, under section 210 of income-tax act, 1961, our liability for advance tax in respect of the assessment year 1969-70 was determined at rs. 2,55,920. the notice of demand under section 156 issued on the ..... to this reference are that the income-tax officer issued notice under section 210 of the 1961 act calling upon the assessee to pay advance tax of rs. 2,55,920. the assessee, however, filed its own estimate ..... bengal-ix, the following questions of law have been referred to this court under section 256(1) 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 tribunal had ..... believe that the estimate of the advance tax furnished by it was untrue ? (2) whether, on the facts and in the circumstances of the case, the tribunal misdirected itself in law in holding that no penalty could be imposed on the assessee under section 273(a) of the income-tax act, 1961 ?' 2. the facts relating ..... be cancelled. the appellate assistant commissioner accepted the submissions made on behalf of the assessee and cancelled the penalty imposed by the income-tax officer under section 273(a) of the 1961 act by his order dated march 11,1974.5. being aggrieved by the said order, the revenue filed an appeal before the tribunal. .....

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Mar 09 1988 (HC)

Hindustan Aluminium Corporation Ltd. Vs. Commissioner of Income-tax (C ...

Court : Kolkata

Decided on : Mar-09-1988

Reported in : (1989)79CTR(Cal)31,[1989]178ITR74(Cal)

..... explanation is sought to be substituted with effect from june 1, 1988. the explanation is as follows (see : [1988]170itr55(kar) ) :'in section 263 of the income-tax act, in sub-section (1), for the explanation, the following explanation shall be substituted with effect from the 1st day of june, 1988, namely : -- 'explanation. ..... .51. in view of the aforesaid principles of law laid down by the supreme court and also having regard to the scheme of the income-tax act, i am unable to uphold the first contention advanced on behalf of the assessee in this case.52. it was next argued that there ..... the matters which were not covered by the appellate order and were left untouched. the revisional jurisdiction of the commissioner under section 263 of the income-tax act, 1961, could be exercised on those aspects of the assessment matters which were left untouched by the appellate assistant commissioner.46. the full bench ..... case under section 147 after the assessment order has been affirmed or modified by the appellate authority. in fact, under the scheme of the income-tax act, a lower authority cannot possibly reopen an order of a higher authority. if the assessment order is treated as having lost its identity in ..... unaffected by the appellate order. it was concluded that the doctrine of merger was not wholly applicable in the case of such orders made under the income-tax act.22. similar view was taken by the gujarat high court in the case of karsandas bhagwandas patel v. g.v. shah, ito : [1975] .....

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Dec 22 1988 (HC)

Commissioner of Income-tax Vs. D.S. Blackwood

Court : Kolkata

Decided on : Dec-22-1988

Reported in : [1989]178ITR470(Cal)

..... , 1961, provides that in computing the total income of a person, any special allowance or benefit, not being in the nature of entertainment allowance ..... that the assessee was on tour to india and the benefit of rent-free accommodation was exempt under section 10(14) of the income-tax act, 1961. the revenue preferred an appeal before the tribunal and there was a difference of opinion and ultimately by a majority decision the ..... tribunal upheld the view taken by the commissioner of income-tax (appeals). on those facts, the tribunal has referred the following question under section 256(1) of the income-tax act, 1961, for the assessment year 1979-80 :'whether, on the facts and in the ..... circumstances of the case, the tribunal was justified in law in holding that the rent-free accommodation provided to the assessee by his employer was exempt under section 10(14) of the income-tax act '2. section 10(14) of the income-tax act ..... india, from time to time, to superwise the erection work. while staying in india the assessee was provided with rent-free accommodation. the income-tax officer was of the opinion that the rent-free accommodation provided by the foreign company was in the nature of a perquisite. he, therefore, .....

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Jun 13 1988 (HC)

Commissioner of Income-tax Vs. Shriram Bearing Ltd.

Court : Kolkata

Decided on : Jun-13-1988

Reported in : [1989]178ITR684(Cal)

..... development rebate of the earlier years from the current year's business income, under section 32 or section 33 and section 34 of the income-tax act, 1961, was part of the computation of the total income and, therefore, the unabsorbed depreciation of rs. 13,11,059 was deductible from the profits of the current year in ..... the assessee, the following questions of law have been referred to this court under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case and on a correct interpretation of the relevant provisions of the income-tax act, 1961, the tribunal was correct in law in holding that setting off of the brought forward losses of ..... losses of the earlier years were set off against the positive profit of the current year under section 72 of the act ?'2. another question has been referred at the instance of the assessee under section 256(1) of the income-tax act, 1961, which is as follows :'whether, on the facts and in the circumstances of the case and on a correct interpretation ..... of the relevant provisions of the income-tax act, 1961, the tribunal was correct in holding that the deduction of the un-absorbed depreciation or .....

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Mar 02 1988 (HC)

income-tax Officer Vs. Savitri Devi Seva Trust

Court : Kolkata

Decided on : Mar-02-1988

Reported in : [1989]176ITR138(Cal)

..... (profits) surtax act, 1964 ;or(b) the registration of the document will not prejudicially affect the recovery of ..... registering officer appointed under that act shall register any such document, unless the income-tax officer certifies that-- (a) such person has either paid or made satisfactory provision for payment of all existing liabilities under this act, the excess profits tax act, 1940, the business profits tax act, 1947, the indian income-tax act, 1922, the wealth-tax act, 1957, the expenditure-tax act, 1957, the gift-tax act, 1958, the super profits tax act, 1963, and the companies ..... . 1, signed the said agreement on behalf of respondent no. 1.10. on or about september 28, 1987, respondent no. 1 made an application under section 230a(1) of the income-tax act, 1961, before the income-tax officer, 'a' ward, trust circle, calcutta, appellant no. 1, in the prescribed form for issue of a certificate under the said section 230a(1) of the said .....

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Jun 13 1988 (HC)

Commissioner of Income-tax Vs. North Brook Jute Co. Ltd.

Court : Kolkata

Decided on : Jun-13-1988

Reported in : [1989]176ITR152(Cal)

ajit kumar sengupta, j.1. at the instance of the commissioner of income-tax, west bengal, the following questions of law have been referred to this court under section 256(1) of the income-tax act, 1961 :'(1) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the reassessment made by the income-tax officer was invalid and illegal ? (2) whether, on the facts arid in the circumstances of the case, reopening of the assessment was valid and legal under section 147(b) of the income-tax act, 1961, if not under section 147(a) of the said act ? (3) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that a sum of rs. 1,10,100 paid by the asses-see for the purchase of loom hours was a revenue expenditure deductible in the computation of its business income ?' 2. having regard to the principles laid down by the supreme court, the assessee is entitled to succeed on merits. in that view of the matter, it is not necessary for us to answer the question referred to this court regarding the validity of the reassessment proceedings. in view of the judgment of the supreme court in the case of empire jute co. ltd. v. cit : [1980]124itr1(sc) , the third question is answered in the affirmative, in favour of the assessee and against the revenue.3. in that view of the matter, we decline to answer questions nos. 1 and 2.4. there will be no order as to costs.k.m. yusuf, j.i agree.

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Dec 07 1988 (HC)

Commissioner of Income-tax Vs. Madanlal Sohanlal

Court : Kolkata

Decided on : Dec-07-1988

Reported in : [1989]176ITR189(Cal)

..... was, therefore, cancelled and the appeal was allowed.4. we are of the view that inasmuch as the additions which were made in the assessment under section 147 of the income-tax act, 1961, had been deleted by the tribunal, the basis for imposition of penalty ceased to exist. the penalty cannot stand on its own independently of the assessment. in that view ..... assessment year 1965-66 :'whether, on the facts and in the circumstances of the case, the tribunal was justified in cancelling the penalty under section 271(1)(c) of the income-tax act, 1961 ?'2. the facts leading to this reference are that the assessee is a registered firm and the reference relates to the assessment year 1955-56. the assessment in this ..... ) was also initiated and the inspecting assistant commissioner of income-tax imposed a penalty of rs. 2,56,000 under section 271(1)(c).3. the assessee, being ..... case was originally made in march, 1960, bringing to tax rs. 12,26,206 on account of deemed dividend under the provisions of section 12(1b) read with section 2(6a)(e) of the indian income-tax act, 1922. in the course of the reopened assessment proceedings, action for penalty under section 271(1)(c .....

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