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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1992 Page 7 of about 169 results (0.053 seconds)

Jan 06 1992 (HC)

Commissioner of Income-tax Vs. Bhoruka Investments Pvt. Ltd.

Court : Kolkata

Decided on : Jan-06-1992

Reported in : (1992)108CTR(Cal)344,[1992]198ITR734(Cal)

..... court :'whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that the order passed by the commissioner of income-tax under section 263 of the income-tax act, 1961, is not valid and legal and as such he had no jurisdiction to revise the order of assessment ?'2. shortly stated, the facts are that the ..... to the extent of rs. 4,93,198.'4. at the hearing before us, the contention raised before the tribunal has been reiterated. the commissioner of income tax, in passing the order under section 263 of the income-tax act, 1961, observed as follows :'on a careful consideration of the point at issue, i am unable to accept the arguments put forth by the learned ..... per cent. on rs. 8,21,996. as a result of this error committed by the income-tax officer in the assessment order for the year 1982-83, excess allowance of deduction under section 80m of the income-tax act came to rs. 1,40,148. consequent undercharge of income tax and surcharge was of the order of rs. 93,373.' 5. the contention of the assessee ..... income-tax officer, in making the assessment, allowed deduction of rs. 4,93,198 to the assessee under section 80m of the income-tax act, 1961, on the intercorporate dividend of rs. 8,21,996 which was equal to the gross amount of rs. 9 .....

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Feb 05 1992 (HC)

Kishorilal Dhandhania Vs. Commissioner of Wealth-tax

Court : Kolkata

Decided on : Feb-05-1992

Reported in : [1992]197ITR595(Cal)

..... property for the purpose of levy of municipal lax which is related to annual value, yet the definition of 'annual value' in the municipal acts is the same as the annual letting value under the income-tax act. the income-tax act fundamentally defines annual value as the rent for which the property might reasonably be expected to be let from year to year. virtually the same ..... decision of the supreme court in dewan daulat rai kapoor's case : [1980]122itr700(sc) . in fact, the supreme court later acknowledged this unity of the two acts, i.e., the municipal act and the income-tax act, on the question of annual value and the supreme court applied the ratio in dewan daulat rai kapoor's case : [1980]122itr700(sc) to cases falling for ..... 's case : [1980]122itr700(sc) . but the tribunal declined to be guided by that decision on the ground that as the pronouncement of the supreme court is not under the income-tax act, it has nothing to do with the market value of the property.9. we have considered the facts as well as the various authorities relied, upon by learned counsel for ..... been accepted by the taxation authorities, the same should not be departed from by it.4. all the arguments, however, did not impress the tribunal. the assessment orders under the income-tax act in respect of the assessee for the years as produced before the tribunal led the tribunal to the inference that the assessee had substantial interest in the firm, m/s .....

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Jan 27 1992 (HC)

Commissioner of Income-tax Vs. S.P. Jaiswal Estates (P.) Ltd.

Court : Kolkata

Decided on : Jan-27-1992

Reported in : [1992]196ITR179(Cal)

..... was justified in law in holding that preparation of food in the hotel constituted manufacture or production of any article or thing within the meaning of section 32a of the income-tax act, 1961, and, in that view, the assessee was entitled to get investment allowance under that section ?'2. shortly stated, the facts are that the assessee-company runs a five star ..... decision and other decisions on this point, held that the word 'processing' used in the definition of 'industrial company' in section 2(7)(c) of the finance act, 1978, has not been defined in the income-tax act, 1961, and it must, therefore, be interpreted according to its own natural meaning. webster's dictionary gives the following meaning of the word 'process' : 'to subject ..... hotel in calcutta under the name and style of hotel hindusthan international. before the income-tax officer, the assessee-company claimed investment allowance under section 32a of the income-tax act, 1961, amounting to rs. 5,78,500 on plant and machinery installed during the accounting year.3. a reserve of rs. 3,75,000 ..... was created for this purpose. the income-tax officer was of the view that the hotel was not entitled to investment allowance and, for the reasons discussed .....

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Jan 29 1992 (HC)

Calcutta Electric Supply Corporation (India) Ltd. Vs. Inspecting Assis ...

Court : Kolkata

Decided on : Jan-29-1992

Reported in : [1992]196ITR610(Cal)

..... upheld by this court, two show-cause notices had been issued.4. the amount of the interest on capital borrowed is clearly allowable under section 36(1)(iii) of the income-tax act, 1961. the question is whether the new project was part of the business of the assessee or a separate business altogether. that is a mixed question of fact and law ..... suhas chandra sen, j.1. in this writ petition, the petitioner has challenged the two notices under section 154 of the income-tax act, 1961, both dated september 9, 1986, issued by the inspecting assistant commissioner of income-tax, assessment range-xi, calcutta, for the assessment years 1980-81 and 1981-82.2. the allegation in the notice is that :' interest claimed for loans taken to ..... set up new projects had been allowed by the income-tax officer when the new project was not commissioned during the previous year. thus, interest had been allowed as a deduction at pre-commencement stage of the business/production of the .....

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Jan 16 1992 (HC)

Commissioner of Income-tax Vs. India Steamship Co. Ltd.

Court : Kolkata

Decided on : Jan-16-1992

Reported in : [1992]196ITR917(Cal)

..... . thiscapitalisation implies inclusion of interest in the actual cost of the asset for the purposes of claiming depreciation, investment allowance, etc., under the income-tax act. it is an accepted accounting principle that where an asset is acquired out of borrowed funds, the interest paid or payable on such funds ..... the definition of 'actual cost' for the purposes of depreciation, investment allowance, etc.--18.1. under the existing provisions of section 43(1) of the income-tax act, 'actual cost' means the actual cost of the assets to the assessee reduced by that portion of the cost thereof, if any, as has been ..... as follows (see [1986] 158 itr 88) :clause 9 seeks to insert a new explanation 8 to clause (1) of section 43 of the income-tax act relating to the definition of actual cost.33. under the existing provisions of clause (1) of that section, ' actual cost ' means the actual ..... deferred payment basis did not form a part of the actual cost of the assets to the assessee within the meaning of section 43 of the income-tax act, 1961, and that the same was allowable as revenue expenditure.20. after considering the judgment of the gujarat high court in tensile steel ltd. ..... held that interest payable on unpaid purchase price of the asset is revenue expenditure and is allowable as deduction while computing business income of the relevant year under the income-tax act.26. on september 16, 1979, the research committee of the institute of chartered accountants of india issued a statement on ' .....

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Jul 06 1992 (HC)

Commissioner of Income-tax Vs. K.L. Thirani and Co. Ltd.

Court : Kolkata

Decided on : Jul-06-1992

Reported in : [1996]218ITR149(Cal)

..... proviso to section 43b of the income-tax act, 1961, introduced by the finance act, 1987, with effect from 1st april, 1988, would be applicable to the assessment year 1984-85 ? 2. whether ..... . sengupta, j.1. in this reference under section 256(1) of the income-tax act, 1961 ('the act'), the following questions of law have been referred to this court :'1. whether, on the facts and in the circumstances of the case and on a correct interpretation of section 43b of the income-tax act, 1961, the learned tribunal was justified in law in holding that the first ..... , on the facts and in the circumstances of the case, the learned tribunal was justified in law in setting aside the order of the learned commissioner of income-tax (appeals) confirming the additions of ..... . 32,118 and rs. 4,514 for losses of sales tax) under section 43b of the act and remitting the matter back to the assessing officer for re-examination in the light of the decision in ito v. k.s. lokhandwala of the ahmedabad bench of the income-tax appellate tribunal ?' as it appears from the statement of case, the assessee is a limited .....

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May 11 1992 (HC)

Commissioner of Income-tax Vs. Tribeni Tissues Ltd.

Court : Kolkata

Decided on : May-11-1992

Reported in : [1996]217ITR846(Cal)

..... company and the assessment year involved is 1981-82. the assesseeclaimed deduction under section 35b of the income-tax act, 1961 (for brevity 'the act'), on account of travelling expenses and commission paid to foreign agents for securing information about the market conditions prevailing abroad. the reason for rejecting ..... the circumstances of the case, the tribunal was right in holding that the assessee was entitled to weighted deduction under section 35b(1)(b)(iv) of the income-tax act, 1961, in allowing relief of rs. 58,281 to the assessee ?'the facts leading to this reference briefly stated are that the assessee is a ..... of commission to foreign agents falls under sub-clause (iv) of clause (b) of sub-section (1) of section 35b of the act. the order of the learned commissioner of income-tax (appeals) was accordingly reversed.4. at the hearing before us, dr. pal has submitted that this question is now concluded by the decision ..... ajit k. sengupta, j.1. in this reference under section 256(1) of the income-tax act, 1961, for the assessment year 1981-82, the following question of law has been referred to this court :'whether, on the facts and ..... was that item (ii) of clause (b) of sub-section (1) of section 35b of the act has been withdrawn with effect from april 1, 1981.2. the assessee carried the matter before the commissioner of income-tax (appeals) and argued that the claim was on account of agency commission paid to selling agents in the .....

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Apr 09 1992 (HC)

i.T.C. Limited Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Apr-09-1992

Reported in : [1994]205ITR126(Cal)

..... before the previous year, the actual cost to the assessee less all depreciation acutally allowed to him under this act ; or under the indian income-tax act, 1922 (11 of 1922), or any act repealed by that act, or under any executive orders issued when the indian income-tax act, 1886 (2 of 1886), was in force : provided that in determining the written down value in respect of buildings ..... section 32, 'depreciation actually allowed' shall not include depreciation allowed under sub-clauses (a), (b) and (c) of clause (vi) of sub-section (2) of section 10 of the indian income-tax act, 1922 (11 of 1922), where such depreciation was not deductible in determining the written down value for the purposes of the said clause (vi).'12. it is the contention of ..... was erroneous in accepting that the amount of rs. 58,96,594 was exempt under sub-clause (ix) of clause (b) of the explanation, to section 40a(8) of the income-tax act, 1961 ? 3. whether, on the facts and in the circumstances of the case, the tribunal is right in holding that the initial depreciation under section 32(1)(v) of the ..... income-tax act is required to be deducted in determining the written down values of the depreciable assets in the computation of capital employed for the purpose of section 80j ?' 2. the first .....

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May 12 1992 (HC)

Pieco Electronics and Electricals Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : May-12-1992

Reported in : [1994]205ITR469(Cal)

..... any event whether the order passed by the income-tax officer allowing investment allowance under section 32a of the act on the plant and machinery used for the manufacture of electric bulbs and fittings can be rectified in a proceeding under section 154 of the income-tax act, 1961.6. it has been submitted on ..... shyamal kumar sen, j.1. pursuant to the direction of this court under section 256(2) of the income-tax act, 1961, the following questions were referred by the tribunal :'1. whether, on the facts and in the circumstances of the ..... behalf of the assessee that the decision of the tribunal is not sustainable in law. the submissions of the assessee are as follows :7. section 32a of the act allows investment allowance on the plant and ..... could not have been invoked for rectifying the assessment order on the point. both the parties, feeling aggrieved by the order of the commissioner of income-tax (appeals), came up in appeal before the tribunal.4. the tribunal, after considering the facts and circumstances of the case and after hearing the parties ..... vi) luminaire factory.3. against the said order of the inspecting assistant commissioner (assessment) under section 154, the assessee preferred an appeal before the commissioner of income-tax (appeals) who was of the view that the machinery used for manufacturing bulbs and electric fittings is not entitled to investment allowance. he, however, upheld the .....

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Jun 17 1992 (HC)

Commissioner of Wealth-tax Vs. B.K. Chatterjee

Court : Kolkata

Decided on : Jun-17-1992

Reported in : [1993]202ITR785(Cal)

..... is not contested. the assessing officer, obviously, has read the provision of sub-clause (iii) of clause (m) as implyingthat any levy for tax, penalty or interest in pursuance of the wealth-tax act or the income-tax act or any other direct tax acts shall be excluded, if the liability therefor is neither contested in appeal nor paid for more than twelve months on the valuation date ..... the salaries payable to his employees and to pay to the central government the lax so deducted does not arise as a result of any order passed under the income-tax act, 1961. accordingly, section 2(m)(iii) has no application to such liabilites.8. it may be reasonably argued that the object of sub-clause (iii) of clause (m) of section ..... source from an employee under section 192 does not arise from any order passed under or in pursuance of any of the provisions of the income-tax act. the employer has an automatic statutory liability to deduct tax from the salary disbursed to an employee. it is not the case that the liability arises only upon an order being passed by any of the ..... of section 192. the tribunal held that liability to pay tax deducted at source under section 192 of the income-tax act, was not in consequence of anorder passed under or in pursuance of the income-tax act. it was a statutory provision holding the person responsible for payment of income chargeable under the head 'salaries' to deduct tax at source and make payment thereof to the central government .....

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