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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 2000 Page 2 of about 119 results (0.107 seconds)

Mar 06 2000 (HC)

Commissioner of Income-tax Vs. Smt. Bharati C. Kothari

Court : Kolkata

Decided on : Mar-06-2000

Reported in : [2000]244ITR352(Cal)

..... -198310,0005-7-198310,00027-7-198310,00014-11-198350,00021-1-198420,0003-3-198410,0003. the assessee claimed the benefit of exemption under section 54(1) of the income-tax act, 1961. according to the assessing officer, the assessee is entitled to only the benefit to the extent of rs. 30,000 which she has invested during two years from the ..... y.r. meena, j.1. on an application under section 256(1) of the income-tax act, 1961, the following question set out at page 2 of the application, has been referred by the tribunal for our opinion :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in holding that the assessee is entitled to exemption under ..... which a transfer took place purchased, or has within a period of three years after that date constructed a residential house, then, instead of capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the provisions in the section.9. the admitted facts are that the ..... date of sale.4. in appeal before the deputy commissioner of income-tax (appeals), the deputy commissioner of income-tax (appeals) dismissed the appeal of the assessee.5. in appeal before the tribunal, the tribunal has considered the decision of the andhra pradesh high court in the .....

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Mar 14 2000 (HC)

Commissioner of Income-tax Vs. Carbo Industrial Holdings Ltd.

Court : Kolkata

Decided on : Mar-14-2000

Reported in : (2000)161CTR(Cal)282,[2000]244ITR422(Cal)

..... m. choudhury. the assessee was directed to produce the brokers. he could not produce the brokers and requested for issue of summons under section 131 of the income-tax act. dhelia and santhalia--they did not comply with the summons. prahlad r. rameshwarlal appeared with books. after examination of the broker, rameshwarlal, and in the absence ..... y.r. meena, j.1. on an application under section 256(1) of the income-tax act, 1961, the tribunal has referred the following question set out at page 2 of the statement of case for our opinion :'whether, ..... the transaction in shares is not genuine. therefore, he disallowed the aforesaid loss.3. in appeal before the commissioner of income-tax (appeals), the commissioner of income-tax (appeals) also has upheld the order of the income-tax officer on this account that the share loss is not genuine.4. in appeal before the tribunal, the tribunal has ..... us to consider the case on the merits, whether the conclusion of the tribunal regarding the genuineness of loss is based on the material on record. the income-tax officer has annexed the details of transactions of shares which read as under :contract datebill dateno. of sharesamount (rs.)name of brokersj. k. synthetics ltd. ..... 7 of its order and allowed the appeal of the assessee.5. mr. shah, learned counsel appearing for the revenue, submits that on scrutiny, the income-tax officer found that some shares are purchased and sold on the same date even some sales have been shown to a third party, though he did .....

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Mar 31 2000 (HC)

Commissioner of Income-tax Vs. Jayantilal Meghani

Court : Kolkata

Decided on : Mar-31-2000

Reported in : [2000]244ITR468(Cal)

..... specifically to quantify the amount of penalty in the order cannot invalidate the same.'5. the facts are not in dispute that in the penalty order, the income-tax officer has imposed the penalty in the following terms referred to at page 14 of the statement of case which reads as under :'i, therefore, impose 100 ..... confirmed by the appellate assistant commissioner in the quantum appeal. on the basis of concealed income, the proceeding under section 271(1)(c) of the act has been initiated and the income-tax officer levied the penalty on hundred per cent of the tax evaded. but there was no quantification of penalty in the penalty order. in the appeal ..... 1. on an application under section 256(1) of the income-tax act, 1961, the tribunal has referred the following question set out at page 3 of the application for our opinion :'whether, on the facts and ..... ratna kanti bhuyan , and discussed the issue as under :'the next question relates to quantification of the amount of penalty. it is contended by the assessee that the income-tax officer did not mention the amount of penalty in the penalty order and, as such, the order is defective and inoperative. we are, however, of the opinion ..... act which provides that 'in cases referred to in clause (c), in addition to any tax payable by him, a sum which shall not be less than, but which shall not exceed three times the amount of tax sought to be evaded by reason of the concealment of particulars of his income.' when in the penalty order, the income-tax .....

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Mar 02 2000 (HC)

Sundarmal Patesaria and Sons (Huf) and ors. Vs. Director of Income-tax ...

Court : Kolkata

Decided on : Mar-02-2000

Reported in : [2000]244ITR810(Cal)

..... the law is clear to the extent what are the consequences of not giving any notice or opportunity of hearing in the case of transfer under section 127 of the income-tax act, 1961, as the law as laid down by the supreme court on numerous occasions which has been considered by the single bench of this court, it cannot be construed that ..... be given to the petitioners.7. i have carefully considered the submissions made by the parties. it appears to me that the power as given under section 127 of the income-tax act, 1961, is a power of superintendence which is much more effective power than the ordinary power of the administrative officer. in a similar situation when the court on a power ..... case of special procedure for assessment of such cases. it is not a general case of transfer which ought to be decided upon giving notice under section 127 of the income-tax act, 1961. moreover, after transferring to the new incumbent a show-cause notice has been given which is available at page 129 of the writ petition so far back as on ..... concerned, it is rightly pointed out by mr. bajoria, learned senior counsel appearing on behalf of the petitioners, that under section 129 of the income-tax act, 1961, in a case of changes of incumbent of an office, the income-tax authority so succeeding may continue the proceeding from the stage at which the proceeding was left by his predecessors provided that the assessee concerned .....

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Mar 03 2000 (HC)

Universal Cables Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Mar-03-2000

Reported in : [2000]243ITR371(Cal)

y.r. meena, j.1. on an application under section 256(2) of the income-tax act, 1$61, the tribunal was directed to refer certain questions and in consequence of the direction, the tribunal has referred the following questions for our ..... was justified in holding that the assessee was entitled to deduction of entire premium of rs. 10,00,000 payable on debenture in the computation of its total income in the year when the debentures are redeemed and not in the year of issue ? 2. whether, on the facts and in the circumstances of the case ..... tribunal was justified in holding that the assessee was entitled to deduction of entire premium of rs. 10,00,000 payable on debentures in computing of its total income in the year when the debentures are redeemed and not in the year of issue ?' 2. the assessee had filed a return on march 31, 1984, ..... at the outset, learned counsel for the assessee brought to our notice the decision of the apex court in the case of madras industrial investment corporation ltd. v. cit : [1997]225itr802(sc) wherein their lordships have taken the view that the discount written off should be allowed as deduction proportionately each year over the period for ..... depreciation and investment allowance.5. mr. khaitan, learned counsel for the assessee, again submits that this issue is already concluded by the apex court in the case of cit v. p. j. chemicals ltd : [1994]210itr830(sc) wherein the view has been taken that grant of subsidy by the government as incentive for setting up .....

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Feb 02 2000 (HC)

Park Hotel (P.) Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Feb-02-2000

Reported in : [2000]243ITR514(Cal)

..... has got valid title legally conveyed to him after complying with the provisions of the transfer of property act and the registration act, but for the purpose of the income-tax act, for taxing the income, the assessment should be made with the object of the income-tax act, i.e., to tax the income'.18. their lordships also clarified that though the amendment relating to section 27(iii), (iiia) and ( ..... legally conveyed to him after complying with the requirements of jaw such as the transfer of property act, registration act, etc. but, in the context of section 22 of the income-tax act, having regard to the ground realities and further having regard to the object of the income-tax act, namely, 'to tax the income', we are of the view, 'owner' is a person who is entitled to receive ..... not arise.'16. after the assessment of this case by the apex court, their lordships had occasion to consider the issue regarding ownership for the purpose of the income-tax act in poddar cement pvt. ltd.'s case : [1997]226itr625(sc) . their lordships had considered the definition of ownership under section 27 and their lordships observed at page 633 as under ..... surendra overseas. we put a query to mr. mullick, learned counsel for the revenue, to show us any provision in the income-tax act which authorised the assessing officer that when the income is not taxed in the hands of the assessee who is liable to pay tax under the act, can that be taxed in the hands of any other person, only on the ground that the .....

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Jul 13 2000 (HC)

Waldies Ltd. Vs. Income-tax Officer and ors.

Court : Kolkata

Decided on : Jul-13-2000

Reported in : [2000]246ITR29(Cal)

..... the information given by the internal audit party could not be treated as information within the meaning of section 147(b) of the income-tax act. the audit party has merely pointed out a fact which has been overlooked by the. income-tax officer, in the assessment. this is not a case of information on a question of law. a dispute as to whether reopening ..... petition challenging' the order of reassessment under section 147 of the income-tax act, 1961, prior to the coming into force of the latest amendment of this act. the provisions of section 147 of the said act are as follows :'147. income escaping assessment--if the assessing officer, has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject ..... section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment for that assessment year.'2. under section 148(2) of the said act, the income-tax officer shall, before issuing any notice under this section, record his reasons for doing so. this part of the aforesaid section is making room for the purpose of the ..... has categorically held that the opinion of an internal audit party on a point of law could not be regarded as information enabling the income-tax officer to initiate reassessment proceedings under section 147(b) of the said act.9. at the time of consideration, it was observed by the supreme court of india that in the cpurse of audit, an internal audit .....

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Apr 04 2000 (HC)

Berger Paints India Ltd. and ors. Vs. Assistant Commissioner of Income ...

Court : Kolkata

Decided on : Apr-04-2000

Reported in : (2000)164CTR(Cal)637,[2000]246ITR133(Cal)

..... officer'. therefore, the assessing officer cannot be construed as the joint or deputy commissioner alone but also the assistant commissioner meant for the purpose. section 120 of the income-tax act, 1961, prescribes that the income-tax authority shall exercise all or any of the powers and perform all or any of the functions conferred on, or, as the case may be, assigned to such ..... the petitioners respondent no. 1 authority is required to be delivered to the return in the prescribed form and has no competenceor jurisdiction to do anything else under the income-tax act read with the income-tax rules. the assessing officer is the joint commissioner, special range, calcutta. however, it is an admitted position that no hearing, however, has taken place in respect of the ..... , and 4 are superior officers to respondent no. 1. none of respondents nos, 1 to 4 has anything to do with the income-tax assessment of the petitioner under the income-tax act and none of them has any jurisdiction over the income-tax assessment of petitioner no. 1. the petitioner filed a return along with the appropriate copies of the audited profit and loss account and ..... the rules framed thereunder. 4. the petitioners contended from the prescribed form, it will appear how much is paid and how much is deducted under section 194c(4) of the income-tax act. by a letter dated june 29, 1999, the petitioners duly filed form no. 26c for the financial year 1998-99 relevant to the assessment year 1999-2000 along with the .....

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Jun 12 2000 (HC)

Smt. Bidya Devi Vs. Commissioner of Income-tax and ors.

Court : Kolkata

Decided on : Jun-12-2000

Reported in : (2000)164CTR(Cal)109,[2000]245ITR196(Cal)

..... march 30, 1989, and the order of the assistant commissioner dated september 12, 1991, and ought to have held that the amendment in section 179 of the income-tax act, 1961, which was amended in october, 1975, is not applicable in the case of the director of a company who resigned in 1974 when the company has not gone into ..... company after the financial year 1974-75 for which the relevant assessment year is 1975-76. the law applicable to the assessment of the income of the company for the financial year 1974-75 will be the income-tax act as it stood on april 1, 1975. the amendment that came into force with effect from october 1, 1975, cannot be invoked to make ..... as the petitioner's husband who was one of the directors, before the amendment in section 179 is not liable for any tax of the company in question under section 179 of the income-tax act, 1961 (hereinafter referred to as 'the act of 1961').2. the petitioner's husband expired on may 22, 1988, at calcutta. the petitioner's husband was one of the ..... , 1987, in compliance with the direction of this court in accordance with law that order should not be set aside by the commissioner of income-tax, under section 263 of the act of 1961. the order of the income-tax officer was neither erroneous nor prejudicial to the interests of the revenue. when the order was not erroneous and was strictly in compliance with the .....

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May 16 2000 (HC)

Berger Paints India Ltd. and ors. Vs. Joint Commissioner of Income-tax ...

Court : Kolkata

Decided on : May-16-2000

Reported in : [2000]245ITR645(Cal)

..... the end of the relevant assessment year. 4. factually, this case has a chequered history which has been dealt with by numerous income-tax authorities of the income-tax act and the same has been proceeded up to the level of the commissioner as well as the tribunal which are not at all relevant ..... or closing stock of imported raw materials bonded as on march 31, 1993. 25. under such circumstances, the notice under section 148 of the income-tax act is violative of law. therefore, the notice of reassessment as issued by march 28, 2000, in respect of the assessment year 1993-94 being ..... order. 20. learned counsel appearing on behalf of the respondent contended that an effective alternative remedy is available by way of appeal under the income-tax act. in any event, the assessing officer had made a disallowance of rs. 99,10,108 in respect of excise duty relatable to the closing ..... the writ petition. 14. under such circumstances, factually there is hardly any scope for the authority concerned to serve a notice under section 148 of the income-tax act. 15. mr. pranab kumar pal, learned senior counsel appearing on behalf of the petitioner cited various decisions in support of his contentions. 16. he ..... the reasons as discussed above.' 6. therefore, the context is very clear as per the fulfilment of the proviso under section 147 of the income-tax act. upon going through the reasons from the record placed before the court, learned counsel for the petitioner contended that neither there is a failure .....

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