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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1993 Page 1 of about 140 results (0.085 seconds)

Dec 21 1993 (HC)

Commissioner of Income-tax Vs. Eastern Commercial Enterprises

Court : Kolkata

Decided on : Dec-21-1993

Reported in : [1994]210ITR103(Cal)

..... ajit k. sengupta, j.1. in this reference under section 256(2) of the income-tax act, 1961, the following questions of law have been referred by the appellate tribunal for our opinion :'1. whether the reduction of the ..... that deposition he confirmed that he was a dealer in lubricating oil since 1977. in reply to question no. 3, he confirmed having been assessed to income-tax. again, in reply to question no. 4, he explained that he used to purchase lubricating oil from different garages as well as through various brokers. ..... the book results. the seized documents clearly showed that the assessee firm did purchase from various parties, including imperial oil co. he also mentioned that the income-tax authorities, in fact, failed to discover any incriminating documents falsifying the assessee's accounts and that is the reason why the assessee's suppliers were called ..... per cent. would be reasonable. therefore, the proper course in this case was to set aside the assessment for further fact-finding when the commissioner of income-tax (appeals) found that the estimate had no basis. thus, the tribunal also erred in reducing the estimate further to 7 per cent. it has been further ..... oils to the assessee were correct and genuine and payments for such sales were received by account payee cheques. the tribunal took the view that the income-tax officer erred in preferring oral evidence to documentary evidence to rely upon for the purpose of making the addition. the tribunal further held that by reason .....

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Mar 05 1993 (HC)

Commissioner of Income-tax Vs. L.N. Dalmia

Court : Kolkata

Decided on : Mar-05-1993

Reported in : [1994]207ITR89(Cal)

..... ajit k. sengupta, j.1. in this reference under section 256(2) of the income-tax act, 1961, for the assessment year 1970-71, the following questions of law have been referred to this court :'(1) whether, on the facts and in ..... ii) involving question no. 2 is answered in the affirmative and in favour of the revenue.15. regarding question no. 3, we have already indicated that the income-tax officer ascertained the break-up value and rightly so the shares being unquoted. therefore, it is not correct to say that he had brought no materials to hold that ..... a pointer to the fact that the transaction was not real.5. on appeal, the appellate assistant commissioner allowed the loss claimed by the assessee. before the income-tax officer, the assessee had claimed that the loss suffered on the sale of the said shares was a business loss and further claimed deduction of the interest paid ..... unreal and sham. he also found that the further sale of 12,000 shares to laxminiwas and co. (export) pvt. ltd. was equally a sham transaction. the income-tax officer moreover found that the sale of 39,000 shares to kashi cold p. ltd. was also a sham transaction as the company consisted of two shareholders-cum-directors ..... the said 39,162 shares to the laxminiwas and co. (export) pvt. ltd.4. the loss claimed on the sale of the said shares was disallowed by the income-tax officer, who held that laxminiwas and co. (export) pvt. ltd. was a dummy of the assessee and the transactions of the sale initially of 27,162 shares .....

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Apr 05 1993 (HC)

Commissioner of Income-tax Vs. Modest Enterprises Ltd.

Court : Kolkata

Decided on : Apr-05-1993

Reported in : [1994]207ITR618(Cal)

..... but inferring such a conduct cannot overrule the legal position. therefore, we are unable to agree with the view taken by the commissioner of income-tax (appeals).'6. we have heard learned counsel appearing for the parties. there is no dispute in this case that the assessee-company had been ..... the submissions of the parties and the farts of the case. it failed to agree with the view taken by the commissioner of income-tax (appeals) and allowed the assessee's appeal with the following observations :'9. we have perused the facts and considered the arguments. we have also ..... assessee. following the decision of the supreme court in the case of mcdowell and co. v. cto : [1985]154itr148(sc) , the commissioner of income-tax (appeals) confirmed the action of the assessing officer.5. being aggrieved, the assessee brought the matter in appeal before the appellate tribunal. the tribunal considered ..... per cent. on the outstanding loan, i.e., rs. 3,56,025, was included, in the assessment.4. in appeal, the commissioner of income-tax (appeals) observed that a deliberate arrangement had been made to give on loan almost the entire paid up capital to the directors and relatives without charging any ..... of the income-tax act, 1961, for the assessment year 1984-85, 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 justified in law in deleting the addition of rs. 3,56,025 assessed as income as and .....

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May 03 1993 (HC)

Commissioner of Income-tax Vs. Apsara Co-operative Housing Society Ltd ...

Court : Kolkata

Decided on : May-03-1993

Reported in : [1993]204ITR662(Cal)

..... ajit k. sengupta, j.1. in this reference under section 256(2) of the income-tax act, 1961, for the assessment year 1984-85, the following question of law has been referred to this court :'whether, on the facts and in the circumstances of the case, the ..... the assessee was estimated at rs. 5,000. the assessing officer, therefore, included a sum of rs. 40,870 as the assessee's income under the head 'other sources'.3. the assessee went in appeal. the commissioner of income-tax, following the earlier findings in the assessee's case, held that the persons became members first before they are entitled to get the ..... the guest-houses received from the members of the club for their use and the use of their guests is entitled to exemption from income-tax.11. we are of the view that the aforesaid principles applicable to the members' club will equally apply to the facts of a co-operative society, particularly of a housing ..... an element of mutuality in respect of transfer fees and, therefore, this receipt is not to be subjected to tax. accordingly, the sum of rs. 40,870 was deleted from the total income.4. being aggrieved by the order of the commissioner of income-tax (appeals), the department filed an appeal before the appellate tribunal. the tribunal followed its earlier decision and upheld the .....

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Nov 26 1993 (HC)

Commissioner of Income-tax Vs. Champa Properties Pvt. Ltd.

Court : Kolkata

Decided on : Nov-26-1993

Reported in : [1995]212ITR303(Cal)

..... respect of the entire property income in accordance with the agreement entered into by the assessee with the government of india, department of rehabilitation, as per the agreement ..... ajit k. sengupta, j.1. in this reference under section 256(1) of the income-tax act, 1961, the tribunal has referred the following question for our opinion :'whether, on the facts and in the circumstances of the case, ..... -company were benefited in earning substantial income for leasing out the entire property to an outside tenant which happened to be a government department. it is pointed out that the assessee was the owner of the property and, therefore, in terms of section 23(1) of the income-tax act, 1961, it was assessable in ..... deleted the addition of rs. 72,000 made in each of the two assessment years under consideration.6. aggrieved by the order of the commissioner of income-tax (appeals), the department came up in appeal before the tribunal. on a consideration of the submission of the rival parties and the evidence brought on record ..... minus the lease-rent fixed in the original lease agreements dated may 6, 1966, as modified on september 16, 1966. in the assessment year 1983-84, the income-tax officer observed thus -'in the details filed, the assessee has show rs. 44,330.40 only as rent from 25a, shakespeare sarani, calcutta. the assessee-company .....

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Jun 14 1993 (HC)

Commissioner of Income-tax Vs. Precision Finance Pvt. Ltd.

Court : Kolkata

Decided on : Jun-14-1993

Reported in : (1994)121CTR(Cal)20,[1994]208ITR465(Cal)

..... there were two assessments under section 144 due to non-compliance by the assessee but both the ex parte assessments were reopened under section 146 of the income-tax act, 1961. the present assessment was a third assessment made under section 143(3)/146 on march 11, 1986. in the course of assessment proceedings for ..... ajit k. sengupta, j.1. in this reference under section 256(2) of the income-tax act, 1961, for the assessment years 1978-79 and 1979-80, the following question has been referred to this court :'whether, on ..... regarded as genuine and is added back1,00,000 11-054-fq-0953cal/c/vi(c)it appears from the order of the commissioner of income-tax (appeals) that the income-tax officer allowed opportunity to the assessee for about 7 1/2 years starting from september 16, and ending on february 24, 1986, to ..... 37,512 for the assessment year 1979-80.2. aggrieved by the orders of the assessing officer, the assessee filed appeals before the commissioner of income-tax (appeals). the commissioner of income-tax (appeals), considering the facts and circumstances of the case, confirmed the additions.3. being aggrieved, the assessee came up in appeal before the ..... . the assessee-company has proved the identity of the creditors and their creditworthinessand the genuineness of the transactions should have been found out by the income-tax officer by making investigation from their bank accounts because of the account payee cheques being issued and other related evidence. the additions on account of .....

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Jul 29 1993 (HC)

Commissioner of Income-tax Vs. Indian Paper Mills Association

Court : Kolkata

Decided on : Jul-29-1993

Reported in : (1994)121CTR(Cal)430,[1994]209ITR28(Cal)

..... assessee as and when and by way of subscription and admission fees is not liable to be taxed under the income-tax act, 1961 ?' 2. this reference relates to the assessment years 1975-76, 1978- ..... the meaning of section 2(15) of the income-tax act, 1961, as its object was to promote trade and commerce. this contention was rejected by the income-tax officer and for that assessment year the entire amount representing excess of income over expenditure was subjected to tax. for the assessment year 1978-79, the ..... of an association of persons. it has not been shown if the assessee-association has been registered under the societies registration act. 4. the assessee appealed to the commissioner of income-tax (appeals) for all the three years under consideration. it was contended on behalf of the assessee that it was a ..... 1) of the income-tax act, 1961, the following question of law has been referred by the tribunal : 'whether, on the facts and in the circumstances of the case, the tribunal is correct in law in holding that the assessee is a mutual concern and that consequently the income derived by the ..... mutual concern. so, the subscription received by it from its members was not liable to income-tax. it was further submitted that the assessee did not carry on any business activity and that expenditure incurred for various activities undertaken by the .....

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Sep 08 1993 (HC)

Commissioner of Income-tax Vs. Oberoi Hotels (India) Pvt. Ltd.

Court : Kolkata

Decided on : Sep-08-1993

Reported in : (1994)122CTR(Cal)347,[1994]209ITR732(Cal)

..... done or to loss of profits and it was not recompense for services, past or future. the payment, therefore, did not bear the character of income taxable under the income-tax act. the court held that to constitute income, profits or gains, there must be a source from which the particular receipt has arisen, and a connection must exist between the quality of the receipt ..... following question 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 correct in law in confirming the decision of the commissioner of income-tax (appeals) that the receipt of rs. 29,47,500 by the assessee from the receiver of the ..... ,47,500 received by the assessee from the receiver for termination of its original agreement to operate, manage or administer the singapore hotel was a revenue receipt assessable to income-tax as business income for the assessment year 1979-80. we, therefore, answer the question referred in the negative and in favour of the revenue.19. there will be no order as to ..... , and compulsorily acquired the undertaking. the government paid compensation under section 15 of the said act and the assessee received rs. 17,346 as compensation for the termination of the managing agency. the question was whether this income was assessable to tax. the supreme court held that ordinarily compensation for loss of office or agency was regarded as a capital receipt, but this .....

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Nov 26 1993 (HC)

Commissioner of Income-tax Vs. Dunlop India Ltd.

Court : Kolkata

Decided on : Nov-26-1993

Reported in : [1994]209ITR987(Cal)

..... debt. the tribunal did not allow the claim of the assessee as a trading loss, as according to the tribunal, there is no provision in the income-tax act to allow the business loss part by part in a piecemeal way. however, the tribunal allowed the claim for bad debt as a deduction as, ..... justified in law in holding that the conditions laid down under section 36 of the income-tax act, 1961, were satisfied with regard to the debt of rs. 95 lakhs and in that view of the matter directing the income-tax officer to allow deduction of rs. 95 lakhs as bad debts?'7. counsel for ..... ajit k. sengupta, j.1. this reference under section 256(2) of the income-tax act, 1961, relates to the assessment year 1980-81, the previous year ending december 31, 1979. the assessee is a limited company deriving income from business in the manufacture of tyres, tubes, etc.2. the assessee exported goods to several parties in ..... . however, coming to the alternative claim for bad debt, the commissioner of income-tax (appeals) allowed the sum of rs. 95 lakhs as bad debt which had arisen in the calendar year 1979 and had been written off from ..... 25, 1980, of the government of turkey and the negotiations which were being carried on by the indian embassy in turkey.11. the commissioner of income-tax (appeals) found that no trading loss could be claimed in the calendar year 1979 because the transactions were made in the calendar years 1976 and 1977 .....

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Jul 29 1993 (HC)

Commissioner of Income-tax Vs. Western Bengal Coal Fields Limited

Court : Kolkata

Decided on : Jul-29-1993

Reported in : [1994]208ITR981(Cal)

..... in the circumstances of the case, the tribunal was justified in holding that investment allowance under section 32a of the income-tax act, 1961, was allowable on the machinery used by the assessee for boring operation for extracting water from underground ?'2. the assessee, a limited company, had been carrying on coal mines ..... 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 by the tribunal for the assessment years 1978-79 to 1980-81 and 1982-83:'whether, on the facts and ..... a second appeal before the tribunal and the tribunal after considering the submissions of the parties upheld the decision of the commissioner of income-tax (appeals).3. before the tribunal, it was the contention of the revenue that the boring equipments are essential adjuncts of mining operations. therefore, the assessee could not be said to ..... that the machinery used for boring operations were not entitled to investment allowance and he denied investment allowance claimed by the assessee on such plant and machinery. the commissioner of income-tax (appeals), however, directed the assessing officer to allow the investment allowance under section 32a on the machinery used by the assessee-company for the boring operations. aggrieved, the department preferred .....

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