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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 2000 Page 7 of about 119 results (0.074 seconds)

Mar 08 2000 (TRI)

Deputy Commissioner of Vs. Tribeni Tissues Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Mar-08-2000

Reported in : (2001)77ITD67(Kol.)

..... august, 1992 on the following ground :-- "that on the facts and in the circumstances of the case, the learned commissioner of income-tax (appeals)-vi, calcutta erred in holding that the assessing officer wrongly in taxing the sum of rs. 61,75,888 under section 41(1) of the income-tax act, 1961 as there was no finality in respect of the liability of the purchase ..... tax." 2. briefly stated, the relevant facts giving rise to this appeal are that under the u.p. sales tax act, purchase tax was levied on the assessee. the assessee did not accept the levy but paid the ..... amount under protest. the dy. commissioner of income-tax (appeals) confirmed the order of the commercial tax officer. the assessee filed second appeal before the sales tax tribunal and the tribunal held by its order dated 20th september ..... that an amount which had been earlier allowed as a deduction while computing the income chargeable under the head "profits and gains of business or profession" can only be b subjected to income-tax in a subsequent assessment year by invoking the provisions of section 41(1) of the act and in this regard placed reliance on the decision of the supreme court in .....

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Mar 31 2000 (TRI)

Assistant Commissioner of Vs. A.S. Wardekar

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Mar-31-2000

Reported in : (2001)77ITD405(Kol.)

..... pointed out that accdrding to those circular receipts which were of casual or non-recurring nature were liable to income-tax if those could properly be characterised as income either in its general connotation or within the extended meaning given to the term by the income-tax act. according to the counsel of the assessee, the case relied on by the assessing officer was distinguishable because ..... the hon'ble calcutta high court in the case of b.k. roy (p.) ltd. v. cit [1995] 211 itr 500 wherein it was held that- that section 10 of the income-tax act, 1961, lays down certain categories of income which will not be included in the total income of a person. the proviso (i) to sub-section (3) of section 10 clearly recognises ..... lakhs received by the assessee did not fall within the inclusive definition of income appearing in section 2(24) of the act. there was no provision under the income-tax act which deemed such receipts as of income nature. such receipts could also hot be considered as income under the general law and accordingly, the cit (a) held the amount as capital receipt not falling within the ..... assessee cannot necessarily be deemed to be its income for the purpose of income-tax and the question whether any particular receipt is income or not depends on the nature of the receipt and the true scope and effect of the relevant taxing provision. under the income-tax act only those receipts amounting to income are assessable.according to the cit(a), in the instant case the amount of .....

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Apr 03 2000 (TRI)

Deputy Commissioner of Vs. Turnkey International Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Apr-03-2000

Reported in : (2001)77ITD119Cal

..... that view directed the assessing officer to delete the said disallowances by passing order under section 154 of the income-tax act, 1961." 2. the facts of the case arc that the assessee filed its return of income showing loss of rs. 19,72,210. this was processed under section 143(1)(a) in which addition ..... department in this appeal filed by it is as follows :-- "that, on the facts and in the circumstances of the case, the learned commissioner of income tax (appeals)-lv, calcutta erred in law as well as on facts in holding that the assessing officer was not justified in adding back rs. 90,80,314 ..... was of the opinion that, inasmuch as, the assessee-company itself had not added back any amount as disallowable under section 40a(3) in the computation of income made by it, it was not within the powers of the assessing officer to have made such addition during the course of the prima facie adjustment. the ..... against this order before the commissioner (appeals). the commissioner (appeals) noted that the assessing officer appeared to have called for the annexure vi of the tax audit report, especially from the earlier auditors, which he was not justified to do.she was of the opinion that at best the assessing officer could ..... of an amount of rs, 90,80,314 was made under section 40a{3) and the total income was thus determined at rs. 75,84,700. it appears that annexure vi of the tax audit report enclosed along with the return was not there originally and that the assessing officer asked for a .....

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Sep 26 2000 (TRI)

Electro Urban Co-operative Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Sep-26-2000

Reported in : (2001)76ITD43(Kol.)

..... being decided by a third member: "whether, the interest received by the assessee on the fixed deposit made with cesc ltd. is eligible for deduction under section 80p of the income-tax act, 1961?" 2. the assessee is a co-operative society constituted by the employees of the calcutta electric supply corporation (hereinafter called "cesc").the main object of the assessee-socicty is ..... members. the society had been rendering banking services to its members for the past 50 years and filing its returns claiming deduction under section 80p(2)(a)(i) of the income-tax act, 1961. in the assessment year 1989-90 the assessing officer under section 154 sought to rectify a mistake occurred in assessment under section 143(1)(a) inasmuch as interest received ..... assessee on the fixed deposit made with cesc ltd. is eligible for deduction under section 80p of the income-tax act, 1961?" 2. therefore, the hon'ble president, i.t.a.t. may please constitute a bench in terms of section 255(4) of the income-tax act, 1961 to resolve the issue.1. as a result of a point of difference arising between the two ..... such investments. hence, ultimately, i agree with the views expressed by the brother accountant member that the income by way of receipt as interest by the assessee on the fixed deposits made with cesc would be eligible for deduction under section 80p of the income-tax act, 1961. the issue is thus decided in favour of the assessee.7. the matter should, therefore, go .....

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Oct 17 2000 (TRI)

Assistant Commissioner of Vs. Govind Ram Agarwal

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Oct-17-2000

Reported in : (2001)76ITD120(Kol.)

..... the following two questions have been referred to me for decision, by the hon'ble president, itat in accordance with the provisions of section 255(4) of the income-tax act, 1961 for both these years :- (i) "whether in the facts, circumstances and evidence on record, the deletion of loan of rs. 35,18,000 ..... points of difference of opinion for consideration of the third member to decide it according to the opinion of the majority under section 255(4) of the income-tax act, 1961 : whether in the facts, circumstances and evidence on record, the deletion of loan of rs. 35,18,000 and interest thereon of rs. ..... both the parties. we have also carefully considered the legal aspects of the matter, particularly the re-opening of assessment under section 147(a) of the income-tax act, 1961. it cannot be ruled out that the re-opening of assessment may be legal and proper but at the same time the addition made may ..... of the ito to enforce the attendance of the witness if his evidence is material, in exercise of his powers under section 37(1) of the income-tax act read with order xvi rule 10 of the civil procedure code. shri chakraborty has contended that the ito did not discharge the onus cast upon him to make ..... years under appeal and, therefore, he issued notices to the assessee under section 148 of the income-tax act. he completed the reassessments under section 147(a) of the income-tax act on 18-3-1987 and determined the total income of rs. 38,88,240 for the assessment year 1974-75 and rs. 7,73,130 .....

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Nov 10 2000 (TRI)

Deputy Commissioner of Vs. Machino Techno Sales Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Nov-10-2000

Reported in : (2001)76ITD113(Kol.)

..... difference of opinion between the two members, the following question has been referred to me by the president, itat under section 255(4) of the income-tax act, 1961 ;-- "whether on the fads and in the circumstances of the case, the assessee is entitled to higher rate of depreciation allowable on motor lorries ..... the following decisions.as there is difference of opinion between the members, we refer the following question to the president under section 255(4) of the income-tax act, 1961 : "whether on the facts and in the circumstances of the case, the assessee is entitled to higher rate of depreciation allowable on motor ..... the points in the above appeal filed by the department, refer the following points of difference to the president under section 255(4) of the income-tax act, 1961 :-- 1. i do not agree both on facts and in law as regards the order of the judicial member appearing above in paras ..... faridabad to calcutta, the trucks and trailers cannot be considered as having been used by the assessee in the business of running them on hire :-- (iv) income-tax commissioner v. anupchand & co. [1999] 239 itr 466 (mp).4. on the other hand, the id. counsel for the assessee submitted that the ..... documents (bills and vouchers, octroi etc.) were submitted before the assessing officer but the assessing officer has not allowed the same. in appeal the cit(a) has allowed the depreciation on trucks and trailers by treating them as public transport vehicles.4. after hearing both the sides at length .....

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Jan 14 2000 (HC)

Commissioner of Income Tax Vs. M.N. Dastur and Co. (P) Ltd.

Court : Kolkata

Decided on : Jan-14-2000

Reported in : (2000)159CTR(Cal)417

..... -cause notice under section 263 of the income tax act, to the assessee and passed the order under section 263 of the income tax act, directing the income tax officer to disallow 20 per cent under section 37(3a) and (3b) and withdraw excess amount allowed ..... revenue and against assessee. question no. 4 whether the tribunal was justified in law in cancelling the order of the commissioner under section 263 of the income tax act, 1961, we answer in negative i.e., in favour of the revenue and against assessee.the questions referred in r.a. no. 8(cal) ..... not deducted 20 per cent from expenses on motor car repairs and insurance amounting to rs. 5,93,678 under section 37(3a) of the income tax act. according to him the assessment made by the assessing officer was erroneous and prejudicial to the interest of the revenue. he accordingly issued a show ..... the facts and in the circumstances of the case, the tribunal was justified in law in cancelling the order of the commissioner under section 263 of the income tax act, 1961 ?in r.a. no. 8/cal/1992 following questions are referred'' 1. whether, on the facts and in the circumstances of the case ..... . 'whether, on the facts and in the circumstances of the case and on a correct interpretation of the sections 37(3a), 37(3b) of the income tax act, 1961, read with expln. (c) thereof, the tribunal was justified in law in holding that since it is not the case of the commissioner that .....

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Jul 31 2000 (HC)

income Tax Officer Vs. Kalyan Kumar Roy Trust

Court : Kolkata

Decided on : Jul-31-2000

Reported in : [2001]75ITD36(Cal),[2001]75ITD36(Cal)

..... the original orders' - see - the judgment in the case of seghu buchiah setty case (supra). section 251(1)(a) of the income tax act, 1961 which is in pari materia with sections 31(3)(a) and 31(3)(b) of the income tax act, 1922 confers upon the first appellate authority the power to annul the assessment as well as the power to set aside the ..... the phrase 'assessment is set aside' means 'assessment is annulled' in accordance with the provisions of section 251 of the income tax act, 1961.23. even otherwise the phrase 'set aside' in absolute term as given in the section 251 of the act is never interpreted and never used in that sense of annulment. in section 251(1)(a) both the word 'annul' and ..... that he has no jurisdiction to do so. we are of the view that the assessee was well-founded in taking up the objection before the income tax officer. if at all the income tax officer could have acted as per the directions of the deputy commissioner (appeals) it could have been only for the purpose of deciding the issue restored to him, namely the ..... to the earlier assessment.'the contention of mr. ray has to be accepted respectfully following the judgment cited above. we find from the record that the income tax officer in the present case while purporting to act in accordance with the directions of the deputy commissioner (appeals), has called upon the assessee to produce books of account by issue of appropriate notices. the .....

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Aug 18 2000 (HC)

income Tax Officer Vs. Chloride India Ltd.

Court : Kolkata

Decided on : Aug-18-2000

Reported in : [2001]75ITD69(Cal),[2001]75ITD69(Cal)

..... scope of total income and includes all income received or deemed to be received, accrued or arisen or is. deemed to have accrued or arisen ..... income of a person of the previous year relevant to the assessment year. section 5 provides for the ..... the case of cit v. davy ashmore india ltd. : [1991]190itr626(cal) and the cbdt circular no. 333 dated 2-4-1982, in : [1982]137itr1(bom) .11. we have to examine the taxability of this income first with reference to indian tax laws and then after seeing whether any exception is provided to such assessment in india. section 4 of income tax act charges the total ..... the assessment year commencing on the 1st day of april, 1977, or the assessment year in respect of which such income first becomes chargeable to tax under this act, whichever assessment year is later, the company exercises an option by furnishing a declaration in writing to the assessing officer (such option being final for that assessment year and for .....

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Jan 04 2000 (HC)

Pilcom Vs. Income Tax Officer

Court : Kolkata

Decided on : Jan-04-2000

Reported in : [2000]77ITD218(Cal)

..... represents transfer from london to pakistan and sri lanka for disbursement of prize money in those countries for matches played therein, the same would not attract the provisions of indian income tax act. firstly, the payment under this particular clause seems to be of the nature of defraying genuine expenses incurred by the cricket boards of pakistan and sri lanka in connection with ..... ) as it existed prior to 31-3-1989 under which, an appeal lay before the commissioner (appeals) against an order made by an assessing officer under the provisions of the income tax act, 1961 in the case of such persons or classes of persons as the board may, having regard to the nature of the cases, the complexities involved and other relevant considerations ..... certainly deserves careful attention. it is contended that, inasmuch as, all the payments were made by pilcom at london i.e. outside india, the provisions of the income tax act, 1961 relating to deduction of tax at source will not apply to such payments, inasmuch as, the said provisions do not have any extra-territorial jurisdiction. in other words, the assessee tries to argue ..... to in section 194e, the principal officer and the company of which he is the principal officer does not deduct or after deducting fails to pay the tax as required by or under the income tax act, 1961, he or it shall, without prejudice to any other consequences, which he or it may incur, be deemed to be an assessee in default in respect .....

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