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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1992 Page 9 of about 169 results (0.032 seconds)

Jul 09 1992 (HC)

Commissioner of Income-tax Vs. Bharat Fire Bricks and Pottery Works (P ...

Court : Kolkata

Decided on : Jul-09-1992

Reported in : [1993]202ITR821(Cal)

..... ajit k. sengupta, j. 1. in this reference under section 256(1) of the income-tax act, 1961, at the instance of the revenue, the following question has been referred by the tribunal to this court for its opinion for the ..... assessee-company claimed this amount of rs. 3,16,061 as a deduction in working out the business income describing it as penalty for non-fulfilment of the contract. this was, however, not allowed by the income-tax officer.3. the assessee-company filed an appeal to the appellate assistant commissioner against the said disallowance made ..... by the income-tax officer who held that the assessee's liability in regard to the sum of rs. 3,16 ..... director-general of supplies and disposals for failure of the assessee to carry out the terms of, the contract for supply of refractories in working out the business income should be allowed ?'2. the facts leading to the reference are as under :the assessee, a limited company, was awarded a contract by the director- ..... as not flimsy and frivolous, the tribunal only refers to a chance of the claim turning out as a liability in the final outcome of the arbitration.7. in cit v. roberts mclean and co. ltd. : [1978]111itr489(cal) , this court held that the expression 'profits and gains' must be understood in its commercial .....

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Jul 23 1992 (HC)

Commissioner of Income-tax Vs. Hindusthan Motors Ltd.

Court : Kolkata

Decided on : Jul-23-1992

Reported in : [1993]202ITR839(Cal)

..... nature of expenditure incurred for the purpose of business on consideration of commercial expediency and was, therefore, allowable under section 37(1) of the income-tax act, 1961. it was mentioned that the subsidiary company was exclusively in charge of sales of the motor trucks manufactured by the assessee-company, that ..... . in this reference at the instance of the revenue, the following questions have been referred by the tribunal under section 256(2) of the income-tax act, 1961 :'1. whether, on the facts and in the circumstances of the case and in view of the fact that the resolution to forgo ..... 89itr266(sc) , after elaborately dealing with the relevant aspects, it upheld the action of the appellate assistant commissioner in deleting the addition made by the income-tax officer on account of interest on the loan given to the subsidiary company.5. in the course of hearing before us, counsel appearing for the assessee ..... the subsidiary to tide over the financial crisis. the income-tax officer held that interest accrued day to day whereas the decision not to charge interest was taken by the assessee-company after the end of ..... ,24,124 due to it by its 100 per cent. subsidiary, namely, the hindus-than motor corporation ltd. it was explained to the income-tax officer that, owing to the difficult financial position of the subsidiary company, the board of directors decided not to charge interest in order to enable .....

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Feb 26 1992 (TRI)

Assistant Commissioner of Vs. Sri Radheshyam Poddar

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-26-1992

Reported in : (1992)41ITD449(Kol.)

..... if applied in this manner and surely this is not the purpose or intention of the legislature in enacting section 132(4a) in income-tax act. like any other provision of a statute the provisions of section 132(4a) also have to be applied and interpreted in very reasonable manner and in consonance with justice.we ..... the revenue that though the mou is unsigned the same should form the basis for making additions as per the presumptive provision contained in section 132(4a)(ii) of the income-tax act, 1961 then there will be harsh, high-pitched and unreasonable assessments leading to absurd results and miserable consequences on the taxpayers. the provisions of section 132(4a) will become oppressive ..... has filed a second appeal before us.3. the learned revenue's representative, sri s.c. sen, submits that as per the provisions of section 132(4a)(ii) of the income-tax act it may be presumed that the contents of the mou are true. the assessee has not led any conclusive proof or evidence that the contents of mou are not true ..... on the basis of unsigned mou then there is neither accrual nor receipt of income.under the provisions of the income-tax act it is the real income which has to be taxed and not hypothetical income. in this connection we draw support from the decision of the hon'ble supreme court in cit v.shoorji vallabhdas & co. [1962] 46 itr 144. the supreme court has also laid .....

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Mar 27 1992 (TRI)

K.K. Khemka Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Mar-27-1992

Reported in : (1993)44ITD278(Kol.)

..... interest on borrowed monies utilised for purchase of shares can be claimed as a deduction under section 57(iii) of the income-tax act while computing dividend income under the head 'income from sources'.2. the brief facts are that the assessee earned dividend income of rs. 16,030 from few companies. the assessee also purchased 40,000 shares in m/s universal paper mills ltd ..... m/s universal paper mills ltd. the view which we have taken is not only justified by the language employed in section 57(iii) of the income-tax act, 1961 but also is in conformity with the decision of the supreme court and that of the calcutta high court which have been cited and relied upon by the assessee' ..... appeal before us. the counsel for the assessee, sri pranab pal, contends that the assessee had rightly claimed deduction of interest from the dividend income and the same had the sanction of section 57(iii) of the income-tax act. the assessing officer was wholly unjustified, says assessee's counsel, in disallowing the claim on the ground of motive of the assessee namely; acquiring ..... controlling interest of the company. according to the counsel for the assessee whether or not there is income from dividend which is to be assessed under the head .....

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Jul 23 1992 (HC)

Commissioner of Income-tax Vs. Shree Krishna Properties Ltd.

Court : Kolkata

Decided on : Jul-23-1992

Reported in : [1994]205ITR308(Cal)

..... ajjt k. sengupta, j.1. in this reference under section 256(2) of the income-tax act, 1961, made at the instance of the revenue, the following questions have been referred by the tribunal for the opinion of this ..... ltd. were assessed under the head 'profits and gains of business or profession' were wholly irrelevant since the principles of res judicata are not applicable to income-tax proceedings.8. we do not find any substance in the submissions made on behalf of the revenue. both the appellate assistant commissioner as well as the ..... had really been acquired with the intention of sri balmukund bajoria acquiring a controlling interest in messrs. o. v. e. ltd., as opined by the income-tax officer, they would not have been relinquished within such a short time after sri bajoria became a managing director. he further observed that the acquisition of shares ..... a family member of sri balmukund bajoria.'4. against the said assessment, the assessee preferred appeals to the appellate assistant commissioner. the reasonings of the income-tax officer discussed in the foregoing paragraph did not find favour with him. the appellate assistant commissioner held that the assessee was a dealer in shares and ..... , therefore, not admissible as a business loss. as regards the loss claimed for the assessment year 1965-66, the additional reason given by the income-tax officer for disallowing the claim was that the loss in respect of which the deduction was claimed was fictitious inasmuch as the shares 90,000 in .....

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Mar 23 1992 (HC)

Commissioner of Income-tax Vs. Shree Krishna Properties Ltd.

Court : Kolkata

Decided on : Mar-23-1992

Reported in : [1993]205ITR308(Cal)

..... ajit k. sengupta j. - in this reference under section 256(2) of the income-tax act, 1961, made at the instance of the revenue, the following questions have been referred by the tribunal for the opinion of this ..... were assessed under the head 'profits and gains of business or profession' were wholly irrelevant since the principles of res judicata are not applicable to income-tax proceedings.we do not find any substance in the submissions made on behalf of the revenue. both the appellate assistant commissioner as well as the tribunal ..... had really been acquired with the intention of sri balmukund bajoria acquiring a controlling interest in messrs. o. v. e. ltd. as opined by the income-tax officer, they would not have been relinquished within such a short time after sri bajoria became a managing director. he further observed that the acquisition of ..... jaipuria, a family member of sri balmukund bajoria.'against the said assessment, the assessee preferred appeals to the appellate assistant commissioner. the reasonings of the income-tax officer discussed in the foregoing paragraph did not find favour with him. the appellate assistant commissioner held that the assessee was a dealer in shares and ..... , therefore, not admissible as a business loss. as regards the loss claimed for the assessment year 1965-66, the additional reason given by the income-tax officer for disallowing the claim was that the loss in respect to which the deduction was claimed was fictitious inasmuch as the shares, 90,000 in .....

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Feb 04 1992 (TRI)

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-04-1992

Reported in : (1992)41ITD342(Kol.)

..... is to say, being previously assessed by way of regular assessment under the provisions of the income-tax act. in terms of section 209a it voluntarily filed statement of advance-tax on 14-6-1978 estimating the income at rs. 2,00,000 for the year under consideration and the tax payable thereon was at rs. 1,15,500. subsequently the assessee revised the estimate and ..... sri salarpuria, the statement of advance-tax and the revised estimate of advance-tax are all invalid and no cognisance should have been taken by the assessing officer and then invoke the ..... provision of section 215 or section 273 and put the assessee in adverse consequences. the cit(a), therefore, went wrong ..... inadvertently filed a statement of advance-tax on 14-6-1978 and thereafter revised on 14-12-1978. the counsel for the assessee argues that if an assessee does any act which is not mandatory or obligatory on him under law then performing such act cannot make him liable of any adverse consequences under the provisions of the income-tax act. thus, in short, according to .....

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Mar 24 1992 (TRI)

Jafkay (India) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Mar-24-1992

Reported in : (1992)42ITD23(Kol.)

..... this petition is to review our order dated 22-1-1992 and it is unfortunate for the assessee that we do not possess such power under any provision of the income-tax act nor we can derive such power by virtue of any authoritative judgment of supreme court or any high court. the two judgments of the allahabad high court cited before us ..... could prima facie establish its case on the basis of grounds raised in the appeal.7. it is not essential nor obligatory or mandatory for any appellant/assessee under the income-tax act to appear in person or through an authorised representative but yet the petitioner-company at least should have filed written submissions with reliable, cogent and positive evidence to support its ..... because there has been non-application of mind and non-consideration of the grounds taken in the appeal and, therefore, the mistake is rectificable under section 254(2) of the income-tax act.the learned counsel to support his contentions has relied on two judgments of the allahabad high court reported in ito v. itat [1965] 58 itr 634 and laxmi electronic corpn ..... ground mentioned in the show-cause notice. thus, according to the petitioner-company the order has been passed by the cit contrary to the mandatory provisions of rules of natural justice as laid down under section 263(1) of the income-tax act. the counsel for the petitioner-company further submits that though it has no grievance for passing an ex parte order by .....

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Aug 31 1992 (TRI)

Assistant Commissioner of Vs. Nivedan Vanijya Niyojan Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Aug-31-1992

Reported in : (1993)44ITD215(Kol.)

..... averment in paragraph 3 of his affidavit. when the original appeal has not been properly authorised as required by section 253(2) of the income-tax act. it is no appeal in the eyes of law and even the order passed by the tribunal on the same in ita no. 1427 ..... that on the facts and in the circumstances of the case, the learned commissioner of income-tax (appeals) erred in deleting the addition of rs. 20,90,829 made by the assessing officer under section 41(1) of the income-tax act, 1961 accepting fresh evidences produced before him which were not produced earlier before the assessing ..... officer in violation of rule 46a(2) of the income-tax rules, 1962.2. there is a delay of 50 days in filing the appeal ..... it should be remembered that authorisation under section 253(2) of the act, the person who has the right to appeal is the commissioner of income-tax and not the income-tax officer. the income-tax officer when he filed the appeal under the direction of the cit performs only a ministerial function (please see the decision of the supreme ..... error in deleting the addition of rs. 20,90,829 made under section 41(1) of the act, nor did he commit any such violation of the provisions of rule 46a(2) or (3) of the income-tax rules as would cause prejudice to the interests of the department. we see no merit in the .....

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Nov 20 1992 (TRI)

Berger Paints India Ltd. Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Nov-20-1992

Reported in : (1993)44ITD573(Kol.)

..... the assessee claimed that it was entitled to a deduction of rs. 5,85,87,181 which in terms of provisions of section 43b of the income-tax act and in the light of the decision of the gujarat high court was mandatorily to be allowed to the assessee. i have gone through the judgment ..... us on 31-8-1984 we find that in making the computation of total income we omitted to take into account certain adjustments in terms of section 43b of the income-tax act, 1961 as a result of which a sum of rs. 98.25.833 was wrongly included in the total ..... income and the correct total income should have been shown in the return at rs. 94,96,040 instead of rs. ..... ng berger berger paints india limited 32, chowringhee road,4-11-1986 calcutta-700071 telephone 29-9724(6 lines)the inspecting asstt. 29-9755/9757commissioner of income-tax. re : income-tax assessment for the assessment year 1984-85 corresponding to our accounting year ended on 31 -12 -1983. on an examination of the return filed by ..... revised statement of income and by allowing the deduction of rs. 98,25,833 has actually granted double allowance of the claim. the assessment is, therefore, clearly erroneous and prejudicial to the interests of the revenue and the cit certainly had jurisdiction to take remedial action under section 263 of the act.12. the .....

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