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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 1993 Page 1 of about 140 results (0.030 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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Apr 05 1993 (HC)

Commissioner of Income-tax Vs. Seth Chemical Works Pvt. Ltd.

Court : Kolkata

Decided on : Apr-05-1993

Reported in : [1994]207ITR707(Cal)

..... not.10. it appears that the legal expenses were incurred by the assessee in challenging the additional levy imposed by the excise act by the writ petition. according to the income-tax officer, the said legal expenses were not incidental to the assessee's business. it has not been disputed that such amount has ..... ajit k. sengupta, j.1. in this reference under section 256(2) of the income-tax act, 1961, for the assessment year 1983-84, the following question of law has been referred to this court :'whether, on the ..... . the tribunal affirmed the order of the commissioner of income-tax (appeals) by holding that it was only in the interest of the business that the assessee has incurred the expenditure ..... . 34,044 on the item.4. against the aforesaid disallowance of rs. 34,044, the assessee filed an appeal before the commissioner of income-tax (appeals). the commissioner of income-tax (appeals) observed that the assessing officer was correct in disallowing the sum of rs. 34,044 and thus upheld the order of the assessing ..... income-tax (appeals) reversed the above order of the income-tax officer observing that whatever might be the nature of earning, it was clear that the writ petition was filed in the interest of the business in getting a better sale price for the sugar and as such the expenditure was allowable as a proper business expenditure under section 37 of the act .....

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Apr 08 1993 (HC)

Commissioner of Income-tax Vs. Avery India Ltd.

Court : Kolkata

Decided on : Apr-08-1993

Reported in : [1994]207ITR813(Cal)

..... , the appellatetribunal, held that the expenditure was only of a revenue nature and that the assessee was entitled to deduction under section 37 of the income-tax act, 1961.18. there, it was held that the agreement between the assessee and the agent-company fixed a period of ten years during which the ..... sengupta, j.1. in this reference, the following question has been referred to us by the tribunal under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessee is entitled ..... of rs. 4,408 was debited in the previous year relevant to the assessment year 1962-63, the assessee claimed deduction of this amount. the income-tax officer held that since the information and knowledge received by the assessee were of an enduring nature, the expenses were capital expenditure and he, accordingly, ..... to others any information derived from technical or other data to be received from the collaborator under the said agreement. the argument of the income-tax department that the expenditure could be on capital account where the indian company continues to get the benefit of technical know-how in the sense ..... said agreement but also after the expiry or termination of the agreement. the disallowance made by the assessing officer was upheld by the commissioner of income-tax (appeals). on the assessee's appeal, the tribunal held that the payment under the agreement with the said foreign company of the amount of .....

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Mar 09 1993 (HC)

Amiya Kumar Roy and Bros. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Mar-09-1993

Reported in : [1994]206ITR306(Cal)

..... ajit k. sengupta, j. 1. in this reference under section 256(2) of the income-tax act, 1961, for the assessment year 1982-83, the following question of law has been referred to this court :'whether, on the facts and ..... tribunal disposed of the appeal oblivious of this particular aspect. the tribunal was quite conscious of this particular position, yet found that the estimate that the income-tax officer has made cannot be said to have been guided by such a comparable case. the assessing officer mentioned this particular case merely in passing but, ..... fact of the material used in the assessment, for the ends of justice, needs introspection. the action of the income-tax officer is violative of the legal requirement as contained in section 142(3) of the act if indeed the comparable instance guided the estimate of profit. the said sub-section reads as follows :' (3) ..... in appeal before the tribunal against the said decision of the deputy commissioner (appeals). the tribunal has laid stress on the comparable case cited by the income-tax officer in his order showing a higher rate of gross profit. it was argued before the tribunal that the comparable case cited was not shown or ..... the deputy commissioner (appeals) who deleted the addition by observing as follows :'i have considered the contention of the appellant and the reasons recorded by the income-tax officer. on the facts and circumstances of the case, it will be fair and reasonable to delete the addition of rs. 31,056.'4. the department .....

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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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