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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1990 Page 1 of about 179 results (0.035 seconds)

Feb 22 1990 (HC)

Commissioner of Income-tax Vs. Shree Export House Ltd.

Court : Kolkata

Decided on : Feb-22-1990

Reported in : [1992]194ITR695(Cal)

..... 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 justified in holding that interest on the loan advanced to newspaper ltd., was not part of the real income of the assessee and was, therefore, not ..... newspaper ltd. as on march 31, 1980, shows that the accumulated loss was more than the share capital of the company. the commissioner of income-tax (appeals) noted that the request of the newspaper company was to convert the loan into a non-interest bearing advance due to its difficult financial ..... the share capital of the company. according to the appellant, the interest was forgone on account of commercial expediency and the case cited by the income-tax officer is not applicable to the facts of the present case. reliance in this connection is placed on the decision of the tribunal, calcutta bench, ..... the interest was forgone for the purpose of the assessee's business on the ground of commercial expediency. it was, however, noted by the income-tax officer that it was stated in the letter of newspaper ltd. that it had initiated certain measures to improve the working condition of the organisation ..... limited. in the said letter, newspaper ltd., made a request in this regard on the ground of the difficult financial position of the concern. the income-tax officer, however, held that the resolution was passed on march 21, 1980, when the accounting year of the assessee had almost ended and since the .....

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Jul 24 1990 (HC)

Commissioner of Income-tax Vs. Grindlays Bank Ltd.

Court : Kolkata

Decided on : Jul-24-1990

Reported in : [1994]208ITR700(Cal)

..... of one month and 18 days in presenting the appeal had to be explained by the commissioner upon whom the appellate order was served.5. the relevant provisions of the income-tax act are as under :'section- 253. (2) the commissioner may, if he objects to any order passed by an appellate assistant commissioner under section 154 or section 250, direct the ..... suhas chandra sen, j. 1. the following question of law has been referred by the tribunal to this court under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, the tribunal is justified in holding that the departmental appeal is time-barred in spite of the fact ..... made for condonation of the delay the only ground made out was that the commissioner of income-tax had wrongly forwarded the order passed by the commissioner of income-tax (appeals) to the income-tax officer, 'h' ward, comp district iv, calcutta, on february 9, 1982, instead of to the income-tax officer, 'a' ward.7. it has not been explained by the commissioner why this mistake was ..... income-tax officer to appeal to the appellate tribunal against the order. (3) every appeal under sub-section (1) or sub-section (2) shall be filed within sixty days of the date .....

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Nov 06 1990 (HC)

Camellia Tea Group Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Nov-06-1990

Reported in : [1993]203ITR80(Cal)

..... view of the matter we are of the opinion that the sum received from the insurance company represented nothing but agricultural income and as such exempt under section 4(3)(viii) of the indian income-tax act, 1922.'7. in our opinion, the principles laid down in the aforesaid decision will apply to the facts of this ..... ajit k. sengupta, j.1. in this reference under section 256(1) of the income-tax act, 1961, for the assessment year 1081-82, the following question of law has been referred to this court :'whether, on the facts ..... in the aforesaid case was distinguishable on facts. the learned authorised representative for the assessee-company, on the other hand, fully supported the order of the commissioner of income-tax (appeals). reliance was placed on the decision of the calcutta high court in the case of b. gupta (tea) pvt. ltd. : [1969]74itr337(cal) ..... on a perusal of the three damage reports that the valuers in all cases evaluated the hail damage finally in terms of 'made-tea'. the income-tax officer was of the view that the claims admitted by the insurance company also covered a portion of an overall loss in each of the three ..... case. the entire receipt under the insurance policy for damage caused by the hailstorm to the growing tea leaves will be assessable as agricultural income and no part of the said income can be apportioned under rule 8 of the income-tax .....

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Oct 25 1990 (HC)

Commissioner of Income-tax Vs. Vidyut Metallics Ltd.

Court : Kolkata

Decided on : Oct-25-1990

Reported in : [1993]203ITR779(Cal)

ajit kumar sengupta, j.1. this reference under section 256(1) of the income-tax act, 1961, relates to the assessment year 1980-81, on the interpretation of rule 6d(2)(b) of the income-tax rules, 1962.2. the income-tax officer disallowed rs. 21,693 as against rs. 15,978 offered by the assessee ..... 2)(b), incidental conveyance expenses incurred (after reaching the destination) would be taken into consideration while making this disallowance. on appeal, the commissioner of income-tax (appeals) deleted both the disallowances. on further appeal, the tribunal held the deletion of the disallowance of rs. 5,985 on account of travelling ..... question of law has been referred to this court :'whether, on a correct interpretation of rule 6d(2)(b) of the income tax rules, 1962, the tribunal was justified in restricting the disallowance under the said rule to rs. 15,979 instead of rs. 21,963 as ..... calculated by the income-tax officer ?'4. at the hearing, it has been contended by learned counsel appearing for the revenue that the income-tax officer was justified in taking into account conveyance expenses incurred while making the disallowance under ..... down the limits of expenditure beyond which deduction is impermissible. even if equitable considerations may not be relevant in interpreting the provisions of a taxing statute, on the facts of this case, it must be held that the expression 'including hotel expenses or allowances paid in connection with .....

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Nov 08 1990 (HC)

Commissioner of Income-tax Vs. Mahadoo Prosad Shyamsunder

Court : Kolkata

Decided on : Nov-08-1990

Reported in : [1993]203ITR169(Cal)

..... ajit k. sengupta, j.1. in this reference under section 256(1) of the income-tax act, 1961, the following question of law has been referred to this court for the assessment year 1978-79 :'whether, on the ..... in terms of the settlement arrived at in the partition and administration suit in june, 1977. the assessee-hindu undivided family was never assessed to income-tax prior to the assessment year 1978-79. it is only after the settlement in the partition suit that the karta of the assessee-hindu undivided ..... it was business expenditure incurred by it wholly and exclusively for the purpose of the business, i.e., in order to protect its assets. the income-tax officer, the appellate assistant commissioner and the appellate tribunal rejected the claim of the assessee on the ground that all the assets of the firm ..... entirelitigation expenses claimed by the assessee should be allowed as a deduction in the assessment year under reference.5. against the order of the commissioner of income-tax (appeals), the revenue preferred an appeal before the appellate tribunal. the tribunal held that the partition suit was finally settled during the previous year relevant to ..... group. the mining business at jabalpur and grinding business at liluah were controlled by sri s.s. swaika group. separate returns of income were filed by those two groups. the income-tax officer, while assessing the hindu undivided family, ramdas mahadeo prosad, clubbed these two returns and made one assessment. according to the terms .....

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Oct 30 1990 (HC)

Oriental Cotton Corporation and Mills Ltd. Vs. Commissioner of Income- ...

Court : Kolkata

Decided on : Oct-30-1990

Reported in : [1993]202ITR370(Cal)

..... the assessment year 1975-76. the question is whether there was any mistake apparent from the record which could be rectified under section 154 of the income-tax act.2. shortly stated the facts are that the income-tax officer framed the assessment for the assessment year 1975-76, in the case of the assessee company on january 2, 1976. the assessee had leased out ..... and machinery had been fitted under the head 'house property' was not a mistake apparent from the record and as such not capable of rectification under section 154 of the income-tax act, 1961 ?'be it recorded that at the time of hearing no one appeared in support of this reference.8. it is well-settled that section 154 has a very limited ..... application. it enables rectification of a mistake which is apparent from the record. the power under section 154 can be exercised by the income-tax officer to correct obvious errors of law and those mistakes which are apparent from the record. a decision on a debatable point of fact and the failure to apply the ..... businessman's point of view to find out whether the letting was the doing of a business or the exploitation of his property by an owner. for doing so, the income-tax officer would be required to investigate the facts and then apply the law to those facts. in our opinion, the power under section 154 cannot be exercised by the .....

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Nov 21 1990 (HC)

Bharat Petroleum Corporation Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Nov-21-1990

Reported in : [1993]201ITR87(Cal)

ajit k. sengupta, j.1. in this reference under section 256 of the income-tax act, 1961, for the assessment year 1975-76, the following questions, of law have been referred to this court :' 1. whether, on the facts and ..... claimed that the adventitious gain of rs. 24,28,172 which was to be surrendered was an ascertained liability and, therefore, allowable. the inspecting assistant commissioner of income-tax (iac of i. t. ) did not accept the argument of the assessee and he disallowed the liability of the aforesaid amount which was claimed. this was confirmed ..... by the commissioner of income-tax (appeals). the assessee filed a second appeal to the tribunal. the tribunal held that the liability was only in the nature of a contingent liability and it ..... 76, in view of the fact that the assessee offered the entire amount of rs. 68,75,654 for taxation in the assessment year 1978-79, the income-tax officer was not justified in excluding the said amount from the assessment. the assessee has given an undertaking through dr. pal, learned counsel, that they will not ..... object to the inclusion of the said amount of rs. 24,28,172 in the assessment for the assessment year 1978-79, and the income-tax officer may take appropriate steps in this regard.12. for the reasons aforesaid, we answer the question in this reference in the negative, but in view of .....

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Aug 09 1990 (HC)

Commissioner of Income-tax Vs. Margaret's Hope Tea Co. Ltd.

Court : Kolkata

Decided on : Aug-09-1990

Reported in : [1993]201ITR747(Cal)

..... the assessment year 1974-75, the tribunal on an identical set of facts upheld the view of the commissioner of income-tax (appeals) that, in such circumstances, the amount included as undisclosed income under section 68 of the act should be treated as business income. the principles laid down by this court in daulatram rawatmull's case : [1967]64itr593(cal) will apply to the ..... in this reference under section 256(2) of the income-tax act, 1961, for the assessment year 1974-75, the following question of law has been referred to this court :' whether, on the facts and in the circumstances of the case and having regard to the fact that the assessee-company claimed before theincome-tax officer that the unexplained deposits represented short-term loans ..... outgoing of cash from january 25, 1973, to december 31, 1973, leaving a credit balance of rs. 51,717.67 which was carried forward. the assessee, according to the income-tax officer, did not comply with his requisition for proving the nature and source of the cash credit account, though, however, it was lastly claimed to have been the amount of ..... the details and payments in that account from january 1, 1973, to december 31, 1973. the income-tax officer found discrepancies in the accounts while tallying the parties' statements with the assessee's accounts. the said party was not an income-tax assessee and, in those circumstances, the income-tax officer held that the party had no credit-worthiness and, secondly, the assessee failed to prove .....

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Nov 20 1990 (HC)

Metal Distributors Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Nov-20-1990

Reported in : [1993]199ITR694(Cal)

..... ajit k. sengupta, j. 1. in this reference under section 256(2) of the income-tax act, 1961, at the instance of the assessee, the following questions of law relevant for the assessment year 1968-69 have been referred to ..... when the board of directors of the company passed a resolution converting certain shares from investment portfolio into stock-in-trade, the assessee had informed the income-tax officer about such conversion. the appellate assistant commissioner further found that no definite material had been brought on record to show that the assessee converted investment ..... in dealing in shares which started on november 12, 1966, and ended on november 1, 1967. in these circumstances, according to our view, the income-tax officer was justified in holding that the business of dealing in shares also commenced on november 12, 1966, and in recasting the trading account in share dealing ..... that the rates at which the appellant made the transfers were cum-dividend quotations. besides, it is not mentioned in the assessment order that the income-tax officer's finding is that the rates were cum dividend rates on the basis of quotation in the stock exchange. in the circumstances, it cannot ..... from june 10, 1967, as was claimed before him but with effect from the beginning of the account year, i.e., november 12, 1966. the income-tax officer, therefore, recast the share trading account, made a deduction for under valuation of opening stock of shares in binani metal works ltd. and metal distributors .....

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Feb 21 1990 (HC)

Commissioner of Income-tax Vs. Hollungooree Tea Co.

Court : Kolkata

Decided on : Feb-21-1990

Reported in : [1991]192ITR126(Cal)

..... following question of law under section 256(1) of the income-tax act, 1961, to this court:'whether, on the facts and in the circumstances of the case, the tribunal was justified in deleting the addition of rs. 11,49,000 made by the income-tax officer on account of undervaluation of closing stock of tea ..... rs. 11,49,000 on account of undervaluation of closing stock of tea.'4. there is no merit in this reference. according to the income-tax officer, the change in the method of accounting effected during the calendar year 1977 was not bona fide and was done arbitrarily only with a view ..... adopted the proper method of valuation of closing stock. the income-tax officer has not brought any relevant material to prove that the change in the method of accounting was not bona fide'.the tribunal found that the ..... effected during the calendar year 1977 was not bona fide as the same was done arbitrarily only with a view to suppress profits.the commissioner of income-tax (appeals) deleted the addition by observing, inter alia, that 'by changing over to this method of valuation, the assessee-company appears to have ..... company and the assessment year involved is 1978-79 for which the relevant previous year is the calendar year 1977. the dispute centred round the income-tax officer's addition of rs. 11,49,000 being the undervaluation of closing stock of tea consequent to the change effected in the method of .....

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