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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1989 Page 1 of about 216 results (0.036 seconds)

Mar 14 1989 (HC)

British Paints (India) Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Mar-14-1989

Reported in : [1991]190ITR196(Cal)

..... the interest purported to be referable to the company's overdrafts from the chartered bank to the extent of the payment of its aforesaid income-tax liability did not qualify for allowance under section 36(1)(iii) of the income-tax act, 1961 ?' 2. the assessment year is 1973-74 for which the accounting year was the year ending december 31, 1972. a sum of ..... rs. 14,917 paid by way of interest to a bank was disallowed by the income-tax officer on the ground that this interest was really for the ..... of law to this court :'1. whether, on the facts and in the circumstances of the case, the tribunal was right in presuming that payments of the assessee-company's income-tax liability were made during the previous year out of its overdraft from the chartered bank when all the company's sale proceeds and receipts during the year covering its profits ..... purpose of money borrowed for payment of income-tax.3. in the appeal before the appellate assistant commissioner, it was pointed by the assessee that as against payments of rs .....

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Jun 05 1989 (HC)

Sri Kewal Chand Bagri Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jun-05-1989

Reported in : [1990]183ITR207(Cal)

..... the income. if income does not result at all, there cannot be a tax, even though in book-keeping, an entry ..... to the judgment of the supreme court in the case of cit v. shoorji vallabhdas and co. : [1962]46itr144(sc) , where the supreme court held (headnote) :'income-tax is a levy on income. though the income-tax act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or its receipt, yet the substance of the matter is ..... is made about a 'hypothetical income', which does not ..... materialise. where income has, .....

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Mar 01 1989 (HC)

Commissioner of Income-tax Vs. Shyam Sunder and Co.

Court : Kolkata

Decided on : Mar-01-1989

Reported in : [1990]181ITR187(Cal)

..... the following questions of law under section 256(2) of the income-tax act, 1961 ('the act').'1. whether, on the facts and in the circumstances of the case, the tribunal relied on irrelevant materials and ignored relevant evidence in holding that the sum of rs. 1,68,885 is not the income of the assessee from undisclosed sources for the assessment year 1968 ..... further investigation: but in the other cases, the tribunal has taken notice of the fact that confirmatory letters were submitted on behalf of the creditors. the income-tax file numbers were given and the income-tax officer did not summon any of the money-lenders for examination. the tribunal having considered all aspects of the matter, came to the conclusion that some ..... co. and smt. kushumlata khemka. these cheque transactions were not successfully impugned....''the cash transactions in the case of the other parties could have again been verified by the income-tax officer by. looking into the assessment records of these creditors and also finding out whether they were credit-worthy. this was not done. therefore, we uphold the appellate assistant ..... the interest of justice, the issue relating to these four parties involving loans aggregating to rs. 27,789 should be redecided by the appellate assistant commissioner after hearing the income-tax officer as well as the assessee. if the appellate assistant commissioner feels satisfied that the creditors had acknowledged the loans and the creditors were credit-worthy, he should treat .....

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Nov 15 1989 (HC)

Attareekhat Tea Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Nov-15-1989

Reported in : [1993]201ITR752(Cal)

..... 1c. sen, j.1. the tribunal has referred to this court, the following question of law under section 256(1) of the income-tax act, 1961 ('the act') :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was correct in holding that the loss in exchange on remittance of profits amounting to rs. 3,27,978 in the case of ..... or the destination of that income or calculation of that income in england in pound sterling cannot possibly have ..... in india. therefore, it is the indian part of the income which will be included in the total income. the assessees may have income from various other sources which will be taken into account when the assessees are to be taxed in england. section 5(2) of the act does not take into account all such income. it is the indian part of the total world ..... income that is taxed in india. what happens to the income after it is earned .....

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Sep 20 1989 (HC)

Asiatic Oxygen Limited Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Sep-20-1989

Reported in : [1991]189ITR483(Cal)

..... . in these circumstances, the receipt of such interest cannot, in our view, be said to be casual and/or non-recurring within the meaning of section 10(3) of the income-tax act, 1961. in the shorter oxford english dictionary, the word 'casual' is defined as meaning '(1) subject to or produced by chance ; accidental ; fortuitous (2) coming at uncertain times ; not to ..... . sengupta, j.1. in this reference at the instance of the asses-see, the following question of law has been referred to this court under section 256(1) of the income-tax act, 1961, for the assessment years 1968-69 and 1969-70 :'whether the tribunal was right in holding that interest received by the assessee on unpaid calls from the shareholders was ..... not casual income and, therefore, not exempt from income-tax in terms of section 10(3) of the income-tax act, 1961 ?'2. the facts leading to this reference are that the assessee carries on the business of manufacture of industrial gases. during the ..... any event, the amount in question was not taxable in view of the section 10(3) of the income-tax act, 1961, which provides, that receipts of a casual and non-recurring nature are not taxable as income. it was also submitted that the interest income in this case was fortuitous in the sense that if the shareholders had paid the call money in time .....

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Jun 06 1989 (HC)

Hanuman Estates Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jun-06-1989

Reported in : [1991]188ITR678(Cal)

..... business (on sale of shares) claimed by the assessee should come under the head 'short-term capital loss' and, accordingly, the provisions of section 144b(1) of the income-tax act were attracted. the income-tax officer, therefore, submitted a draft assessment order 6n the assessee on march 18, 1978. in the normal course, the assessment would have been barred by limitation by march 31 ..... , 1978. the assessee, on april 5, 1978, stated that they were refraining from making any objection under section 144b(2) of the act. accordingly, the income-tax officer completed the assessment under section 144b(3), the assessment being completed on the basis of the draft order. the contention of the assessee is that section 144b(1 ..... under section 256(1) of the income-tax act, 1961, for the assessment year 1975-76, the question which has been referred to this court is 'whether the order of assessment is time-barred ?'2. the facts are that the assessee submitted a return showing an income of rs. 47,848. the said, income was arrived at as follows :rs.income from house property... (4)2 ..... raised before the tribunal have been reiterated. section 144b(1) reads as follows :'notwithstanding anything contained in this act, where, in an assessment to be made under sub-section (3) of section 143, the income-tax officer proposes to make any variation in the income or loss returned which is prejudicial to the assessee and the amount of such variation exceeds the amount fixed .....

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May 10 1989 (HC)

Commissioner of Income-tax Vs. United Commercial and Industrial Co. (P ...

Court : Kolkata

Decided on : May-10-1989

Reported in : [1991]187ITR596(Cal)

..... ajit k. sengupta, j.1. in this reference under section 256(2) of the income-tax act, 1961, for the assessment years 1965-66 and 1966-67, the following question of law has been referred to this court ..... and repayments of the loans in question were made by cheques. the cheque numbers and the names of the banks were examined by the income-tax officer, if the income-tax officer had doubted the numbers of the cheques, he could have asked the assessee to furnish the details in that respect, but that was ..... to show that the receipts and repayments were made by cheques. the income-tax officer, however, called upon the assessee to produce the parties, but the assessee did not do that. he (income-tax officer, accordingly issued notices under section 131 of the act to the hundi creditors but the same were received back unserved. even ..... those on whom notices could be served did not appear in response to the said notices. the income-tax officer, accordingly, held that no reliance could ..... the tribunal have acted without any legal evidence and/or by rejecting improperly admissible evidence and whether such conclusion and/or findings are otherwise unreasonable and/or perverse ?'2. the facts shortly stated are that, in the course of the assessment proceedings for the years under consideration, the income-tax officer noticed hundi .....

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Dec 15 1989 (HC)

Puranmal Rajkumar Vs. Tax Recovery Officer and ors.

Court : Kolkata

Decided on : Dec-15-1989

Reported in : [1991]187ITR706(Cal)

..... for the assessment year 1966-67, the petitioner firm had been assessed by the income-tax officer and the total income was computed at rs. 79,346 and there was imposition of penalty under section 271(1)(a) of the income-tax act for late filing of the return and the penalty imposed amounted to rs. 3, ..... the tax dues, and as to the jurisdiction of the tax recovery officer. in support of his contention, he has referred to the cases in kapurchand shrimal ..... 800. for the assessment year 1967-68, the petitioner firm was assessed by the appropriate income-tax officer and the income assessed amounted to rs. 1,12,502, the ..... has argued at length contending that the steps taken by the income-tax authorities to recover the dues are unwarranted and uncalled for. he has drawn the attention of the court to sections 220, 222, 223 and 224(2) of the income-tax act and referred to this court as to this scope of recovery of ..... in particular to the pleadings made by the parties, it appears that both the appeals are still now pending before the appellate assistant commissioner of income-tax, jalpaiguri. the assessments made for the subsequent years have been completed and the result is in favour of the department. the only point raised .....

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Mar 02 1989 (HC)

Commissioner of Income-tax Vs. Bengal Jute Mills Co. Ltd.

Court : Kolkata

Decided on : Mar-02-1989

Reported in : [1989]179ITR198(Cal)

..... chandra sen, j.1. following three questions of law have been referred by the tribunal under section 256(2) of the income-tax act, 1961, to this court:'(i) whether, on the facts and in the circumstances of the case, the tribunal erred in ..... to the assessee, the tribunal should not take notice of them in deciding the appeal and the learned departmental representative supported the action of the income-tax authorities.8. it appears that the tribunal has examined the evidence afresh or new evidence which was not there before the appellate assistant commissioner. ..... but the appellate assistant commissioner rejected the prayer of the assessee and passed the order on the same day, confirming the action taken by the income-tax officer. it was also submitted that, under those circumstances, the relevant books of account as well as the voucher and the memo could not ..... been fully discussed by various authorities. it was submitted that rs. 4 lakhs sent to shri shaligram chowdhury was assessed in his hands by the income-tax officer having jurisdiction over him, but in the appeal preferred by shri chowdhury, the appellate assistant commissioner deleted the same after accepting the submissions made ..... and ignored relevant material and/or acted partly on irrelevant material in coming to the finding that there was, in fact, only one transaction of rupees four lakhs on october 30, 1950, and in deleting the sum of rupees four lakhs treated by the income-tax officer and the appellate assistant commissioner .....

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May 09 1989 (HC)

Commissioner of Income-tax Vs. Jai Mica Supply Co. Pvt. Ltd.

Court : Kolkata

Decided on : May-09-1989

Reported in : [1994]205ITR387(Cal)

..... circumstances of the case, the tribunal was justified in holding that the reassessment proceeding under section 147(a) of the income-tax act, 1961, was illegal and ab initio void and in that view annulling the assessment 2. if the answer to question no. 1 is in the affirmative, then whether ..... 'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the reassessment proceeding under section 147(a) of the income-tax act, 1961, was illegal and ab initio void and in that view annulling the assessment ?' assessment year 1964-65 ; ' 1. whether, on the facts and in the ..... ajit k. sengupta, j. 1. in this reference under section 256(2) of the income-tax act, 1961 ('the act'), for the assessment years 1962-63 and 1964-65, the following questions of law have been referred to this court:assessment year 1962-63 : ..... been incorporated in the report in some measure so as to form the factual foundation which could hold the income-tax officer's belief that it was a fit case for issuing notice under section 148 of the act. in other words, there is no material to show that the assessee failed to disclose fully and ..... . the addresses of the creditors were also duly supplied to him. the assessment was made on the business income of rs. 3,603. later on, the income-tax officer served a notice under section 147 of the act on the assessee in 1970 as he suspected the genuineness of the loans appearing in the account of suwalal .....

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