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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1992 Page 1 of about 169 results (0.031 seconds)

Feb 18 1992 (HC)

Commissioner of Income-tax Vs. Cominco Binani Zinc Ltd.

Court : Kolkata

Decided on : Feb-18-1992

Reported in : [1993]204ITR56(Cal)

..... shyamal kumar sen, j.1. in this reference under section 256(1) of the income-tax act, 1961, the following question has been referred to this court for determination :'whether, on the facts and in the circumstances of the case ..... to enable the assessee-company to carry on its business and, therefore, it was a revenue expenditure which has been rightly allowed by the commissioner of income-tax (appeals). in this connection, it was also submitted that the expenditure incurred by the assessee did not result in any benefit of enduring nature. it ..... of rs. 4,77,080 incurred by the assessee on the pipeline brought into existence a capital asset and that the expenditure was rightly disallowed by the income-tax officer being capital in nature. in this connection, it was also stated that the expenditure resulted in a benefit of enduring nature and, hence, it was ..... purpose of getting saline-free water for the factory resulted in a benefit of an enduring nature. the tribunal accepted the finding recorded by the commissioner of income-tax (appeals) that the expenditure incurred on re-routing of the pipeline is a revenue expenditure.7. it was submitted on behalf of the revenue that the ..... expenditure on such re-routing that a temporary bund is put up every year with the help of other business concerns similarly placed.4. the commissioner of income-tax (appeals), on a consideration of the facts and submissions made, held that the expenditure incurred for the water pipeline is not an expenditure of a .....

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Jan 30 1992 (HC)

Commissioner of Income-tax Vs. Oberoi Building and Investment Pvt. Ltd ...

Court : Kolkata

Decided on : Jan-30-1992

Reported in : [1993]203ITR403(Cal)

..... shyamal kumar sen, j.1. pursuant to the direction of this court under section 256(2) of the income-tax act, 1961, the tribunal has referred the following question :'whether, on the facts and in the circumstances of the case, the tribunal was justified in computing ..... computation of the cost of acquisition of right shares as made by the tribunal at rs. 6.25 per share as against rs. 1.79 taken by the income-tax officer, since it has been submitted on behalf of the assessee that the assessee is prepared to accept it.23. accordingly, the question is answered in the ..... cost of acquisition of right shares would be taken at rs. 6.25 per share and the short-term capital gain or loss should be computed accordingly. the income-tax appeal of oberoi properties (p.) limited which had decided the said question did not come up by way of reference.7. mr. bagchi, learned advocate, for the ..... 2.50 per share taken by the assessee. accordingly, he computed the capital gain at rs. 49,590.5. the assessee preferred an appeal before the commissioner of income-tax (appeals) who held that there could be no profit or loss on the sale of the shares under consideration.6. thereafter, both the revenue and the assessee preferred ..... the value amounted to rs. 12.50 per share. the assessee claimed that it suffered a short-term capital loss of rs. 9 per share.4. the income-tax officer, however, did not agree with the said view of the assessee. he spread the cost of original shares held by the assessee over a large number of .....

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Apr 07 1992 (HC)

Arrah Sasaram Light Railway Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Apr-07-1992

Reported in : [1995]215ITR870(Cal)

..... assessment year 1981-82 was filed on july 30, 1983. as there was a variation between the income shown in the return and the income proposed, the income-tax officer drew up a draft under section 144b(1) of the income-tax act, 1961, on september 6, 1983. the assessee submitted its objection by a letter dated september 12 ..... , 1983. the inspecting assistant commissioner communicated his directions on september 24, 1984, which were received by the income-tax officer on ..... ajit k. sengupta, j.1. in this reference under section 256(1) of the income-tax act, 1961, the tribunal has referred two questions, one relating to the assessment year 1981-82 and the other relating to ..... it is clear that the provisions thereof extend the limitation by the time which the inspecting assistant commissioner may take in giving directions to the income-tax officer but such extension shall not exceed 180 days. explanation 1 provides that in computing the period of limitation for the purpose of section 153, ..... it was urged that the finding given by the commissioner is incorrect.5. the tribunal, following its earlier order, maintained the order of the commissioner of income-tax (appeals) on this point.6. the assessee's contention is that the extension of limitation by 180 days in terms of clause (iv) of explanation .....

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Sep 14 1992 (HC)

Commissioner of Income-tax Vs. East India Hotels Ltd.

Court : Kolkata

Decided on : Sep-14-1992

Reported in : (1993)2CALLT348(HC),[1994]207ITR881(Cal)

..... at the instance of the revenue, the following questions have been referred by the tribunal for the opinion of this court under section 256 of the income-tax act, 1961: '1. whether, on the facts and in the circumstances of the case, the tribunal was correct in law in holding that the royalty ..... terms of the said agreement executed on may 18, 1972. this provision was made for the period april 1, 1970, to march 31, 1972. the income-tax officer allowed deduction in the sum of rs. 3,45,600 for the period april 1, 1971, to march 31, 1972, corresponding to the assessment ..... in the assessment year 1972-73 2. whether, on the facts and in the circumstances of the case while restoring the issue to the income-tax officer relating to the determination of the chargeable head of the interest accrued on fixed deposits, the tribunal was justified in law in observing that ..... to say, previous year relevant to the assessment year 1971-72. the disallowance made by the income-tax officer was later confirmed on appeal by the commissioner of income-tax (appeals). the assessee filed second appeal to the income-tax appellate tribunal. it was submitted before the tribunal on behalf of the assessee that it was ..... the tribunal was correct in law to hold that the interest accrued on fixed deposits should be assessed under the head 'business income' ?' 2. this reference relates to the income-tax assessment of the assessee-company for the financial year ending on march 31, 1972, being the previous year relevant to the .....

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Apr 10 1992 (HC)

Lakshmi Narayan Board Mills Private Limited Vs. Commissioner of Income ...

Court : Kolkata

Decided on : Apr-10-1992

Reported in : [1994]205ITR88(Cal)

..... shyamal kumar sen, j.1. on an application of the assessee under section 256(1) of the income-tax act, 1961, the tribunal has referred to this court the following question :' 1. whether, on the facts and in the circumstances of the case, ..... account, the tribunal held that the expenditure incurred by the assessee referable to the assessee's holding on to those assets was allowable and directed the income-tax officer to consider on the merits and disallow only such part of the expenditure which was not referable to the holding of the assets. with regard to ..... of account relevant to the assessment year on account of unfavourable trade conditions and claimed a net loss of rs. 14,059 in the assessment. the income-tax officer allowed a loss of rs. 13,559 on this account. the appellate assistant commissioner and the tribunal held that the arecanut business was not carried ..... , it cannot be said that the assessee was in a position to carry on the business.on the said facts, the finding given by the commissioner of income-tax (appeals) is correct.'6. it has been submitted by mr. dutt, learned advocate for the assessee, that the business of the assessee remained under suspension ..... inter alia, the following order :'6. the claim of the assessee on the facts and circumstances of the case has rightly been disallowed by the commissioner of income-tax (appeals). the assessee was carrying on board mill business directly up to the assessment year 1971-72 and thereafter the mill was given on lease for nine .....

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Sep 25 1992 (HC)

Commissioner of Income-tax Vs. H.P. Lohia

Court : Kolkata

Decided on : Sep-25-1992

Reported in : [1993]203ITR928(Cal)

ajit k. sengupta, j.1. in this reference under section 256(2) of the income-tax act, 1961, the tribunal has prepared the statement of case with the following questions of law relating to the assessment years 1981 ..... under order dated january 18, 1979, of this court. this act of writing off of the loans was upheld by the commissioner of income-tax (appeals) in the quantum appeals.4. the income-tax officer was of the opinion that the interest income under other sources was shown by the assessee in the assessment year ..... 618) in the assessment year 1982-83 were only allowed by the income-tax officer. the assessee, being aggrieved by the order of the income-tax officer, agitated the action of the income-tax officer before the commissioner of income-tax (appeals).5. the commissioner of income-tax (appeals) held that the activity of the assessee of advancing loans to ..... borrowed also could not be allowed.7. the tribunal was of the opinion that the matter was not rightly appreciated by the income-tax officer as well as the commissioner of income-tax (appeals) in its proper perspective. however, after considering the submissions of the authorised representatives for the parties and on examination ..... of the materials on record and the facts and circumstances of the case, the tribunal upheld the order of the commissioner of income-tax (appeals) deleting the disallowance.8. we have considered the submissions of the parties. it is on record that the assessee borrowed money from his .....

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Feb 06 1992 (HC)

Commissioner of Income-tax Vs. Universal Plast Ltd.

Court : Kolkata

Decided on : Feb-06-1992

Reported in : (1992)105CTR(Cal)236,[1992]197ITR1(Cal)

..... this reference under section 256(2) of the income-tax act, 1961, the following question of law has been referred to this court :' whether, on the facts and in the circumstances of the case, the tribunal was correct in law in holding that the income received by the assessee by leasing out the factory was business income?'2. shortly stated, the facts are that the ..... the purpose of calculating the net profit, as mentioned hereinabove, the issues, if any, from april 1, 1977, will be set off against the profits of the subsequent years on income-tax principles and the losses, if any, up to march 31, 1977, shall be ignored. the net profits of the upl factory to be calculated as aforesaid, as certified by the ..... not under the head 'profits and gains of business'. the tribunal, however, affirmed the order of the commissioner of income-tax (appeals). the tribunal found that the assessee, after having set up the factory situated in ghaziabad, commenced manufacturing business. the business ran for two years resulting in losses. the assessee ..... and licence fee received by the assessee was its income from 'business and the income-tax officer was wrong in classifying the income under the head 'other sources'. against the said finding of the commissioner of income-tax (appeals), the department came in appeal before the tribunal and canvassed that the income-tax officer was correct in treating the income as income assess able under the head 'other sources' and .....

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Jan 14 1992 (HC)

Cultural Enterprises Corporation Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jan-14-1992

Reported in : [1992]196ITR488(Cal)

..... ajit k. sengupta, j.1. in this reference under section 256(1) of the income-tax act, 1961, for the assessment year 1977-78, the following question of law has been referred to this court :'whether on ..... and replacement could not be said to be revenue expenditure.8. the tribunal, therefore, set aside the order of the commissioner of income-tax (appeals) and restored that of the income-tax officer.9. the assessee filed a miscellaneous application which was partly allowed.10. however, the said miscellaneous petition does not bear on ..... amount was spent by the assessee for renovation of the buildings referred to above.3. the assessee appealed to the commissioner of income-tax (appeals).4. the commissioner of income-tax (appeals) after going through the details of the expenses found that in fact a sum of rs. 35,000 only was ..... the amount was spent was dilapidated. therefore, a dilapidated house would necessarily require extensive repairs. this dilapidated condition is also emphasised by the commissioner of income-tax (appeals). the tribunal, however, came to the conclusion that the amount was spent for renovation or extensive repairs of a house. a renovation merely ..... section 37 of the act. such view has been taken in a number of cases : regal theatre v. cit , girdhari dass and sons v. cit : [1976]105itr339(all) and liberty cinema v. cit : [1964]52itr153(cal) . the tribunal has overlooked the fact recorded by the income-tax officer in the assessment order. the income-tax officer observed 'the .....

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Dec 23 1992 (HC)

Smt. Uma Devi Jhawar Vs. Income-tax Officer

Court : Kolkata

Decided on : Dec-23-1992

Reported in : [1996]218ITR573(Cal)

..... smt. uma devi jhawar, the appellant/writ petitioner challenged the validity of a notice dated march 31, 1976, issued by the income-tax officer, 'k' ward, companies district-i, calcutta, under section 148 of the income-tax act, 1961 ('the act'), for the assessment year 1967-68. by the aforesaid judgment and order dated may 17, 1989, the said writ petition was ..... started in 1966. hence, the valuer's report does not reflect the correct valuation. since the assessee maintained books of account with full details supported by voucher the income-tax officer cannot reject the same without pointing out any defects. in the circumstances, the appellate assistant commissioner was perfectly justified in accepting the valuation shown by the assessee. ..... question. there, the department preferred an appeal before the tribunal against the order of the appellate assistant commissioner deleting the addition of rs. 48,162 made by the income-tax officer as unexplained investment in the construction of house property. it appears from the order of the tribunal that the assessee started construction of the two-storeyed building, ..... under section 147(a) are satisfied. for invocation of jurisdiction under section 147(a), two conditions are to be satisfied; firstly, the income-tax officer has reason to believe that income, profits or gains chargeable to income-tax have escaped assessment, and secondly, he must have also reason to believe that such escapement has occurred by reason of either (i) omission .....

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Jun 15 1992 (HC)

Commissioner of Income-tax Vs. Woodcraft Products Ltd.

Court : Kolkata

Decided on : Jun-15-1992

Reported in : (1993)111CTR(Cal)149,[1996]217ITR862(Cal)

..... reimbursed should not be treated as perquisite for the purpose of disallowance under section 40(c) of the income-tax act, 1961 ? 2. whether, on the facts and in the circumstances of the case, the tribunal was justified in law in deleting the disallowance of rs. 1,32,484 being the ..... . sengupta, j.1. in this reference at the instance of the revenue, the following questions have been referred by the tribunal to this court under section 256(1) of the income-tax act, 1961, for the assessment year 1976-77 :'1. whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that medical expenses ..... held to be a revenue expenditure incurred in connection with the existing business. this case is clearly distinguishable in view of the findings of fact recorded by the commissioner of income-tax (appeals) as well as by the tribunal in the case of the assessee-company. the assessee, in this case, is already engaged in the business of manufacturing and selling plywood ..... employees. travelling expenses were incurred in connection with the proposed expansion of the existing business of the assessee-company. both the commissioner of income-tax (appeals) as well as the tribunal, following the decision of the gujarat high court in cit v. alembic glass industries ltd. : [1976]103itr715(guj) upheld the claim of the assessee-company. the findings of fact as recorded by .....

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