Court : Kolkata
Decided on : Apr-06-2000
Reported in : 244ITR574(Cal)
..... packing products and camphor works  231 itr 53. he further submits that though the decisions are under section 263 of the income-tax act, 1961, section 263 of the income-tax act is pari materia with section 25 of the wealth-tax act, 1957. 6. in cit v. shree manjunathesware racking products and camphor works  231 itr 53 , their lordships have considered the meaning of 'record'. for ..... , 'the material available on record at the time of examination of the report by the commissioner of income-tax under section 263 ?' their lordships held that 'record' is not confined to material available to the income-tax officer and any material available to the commissioner of income-tax at the time of examination for the purpose of revision of the assessment order. in view of the ..... , the tribunal was justified in holding that the commissioner cannot rely onthe report of the valuer to invoke the provision of sub-section (2) of section 25 of the wealth-tax act, 1957 (2) whether, on the facts and in the circumstances of the case, the tribunal was justified in quashing the order of the commissioner of wealth ..... subsequent decision of this court and the aforesaid decision of the apex court, in our view, the commissioner of wealth-tax can consider the valuation report which .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-06-2000
Reported in : (2000)161CTR(Cal)365
..... (1997) 143 ctr (sc) 406 : (1998) 231 itr 53 . he further submits that though the decisions are under section 263 of the income tax act, but section 263 of the income tax act is pan materia with section 25 of wealth tax act, 1957.4. in cit v. shri manjunatheswar packing products & camphor works (supra). their lordships has considered the meaning of 'record'. for the purpose of revision, the ..... material available on record at the time of examination of the report by commissioner under section 263'? their lordships held that the 'record' is not confined to material available to income tax officer and any material available to the commissioner at the time of examination for the purpose of revision of the assessment order. in view of the subsequent decision of this ..... facts and in the circumstances of the case, the tribunal was justified in holding that the commissioner of wealth tax cannot rely on the report of the valuer to invoke the provisions of sub-section (2) of section 25 of the wealth tax act, 1957 ?(2) whether, on the facts and in the circumstances of the case, the tribunal was justified in quashing ..... the order of the commissioner of wealth tax under sub-section (2) of the wealth tax act, 1957 and in allowing the assessee's appeal ?'2. the assessment years involved are 1967-68 to 1974-75. the wealth tax officer has made assessment valuing the immovable properties of the assessee and in 1967-68, he .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-07-2000
Reported in : 79ITD98(Cal)
..... the materials available on record from which it appears that the assessee is engaged in the tea blending activities.the word 'blending' is not defined in the income tax act. however, the dictionary meaning of the blending is the mixing or the mixture. as per websters dictionary, 'process' means 'to subject to some special ..... department against the commissioner (appeals)s order dated 10-5-1994 for the assessment year 1988-89 passed under section 251/143(3) of the income tax act, 1961.2. the appeal is time-barred by nine days. on the basis of the application dated 19-9-1994-and also as per the ..... he has drawn our attention to the object of the section 80-i which provides that deduction is available to an assessee whose gross total income includes any profit and gains derived from an industrial undertaking which fulfils all the conditions laid down in section 80-i(2). he further submitted ..... and selling it, claimed that it was an industrial company, within the meaning of section 2(7)(c) of the finance act, 1978 entitled to concessional rate of tax.'from this judgement it is clear that the honble high court never discussed section 80-i which is involved in the present case ..... cotton by spinning, milk by pasteurizing, fruits and vegetables by sorting and repacking.' similarly, it is defined in section 2(m) of oil industries development act. the jurisdictional high court in the case of g.a. renderian ltd. (supra) discussed the word 'process' used in the definition of the industrial company .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-22-2000
Reported in : (2001)164CTR(Cal)529
..... the case, the tribunal was justified in holding that the assessee was entitled to the deduction of the interest payable on the outstanding municipal taxes thereby cancelling the order of the commissioner passed under section 263 of the income tax act ?(2) whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the assessee was justified ..... to the calcutta municipal corporation since the interest was part of the municipal tax itself, and was liable to be disallowed under section 43b of the income tax act, (hereinafter referred to as the act) as the same had not been actually paid.in respect of the assessment years 1988-89, the income tax officer himself disallowed the interest of rs. 8,83,503 under section 43b ..... parties, it would not be out of place to reproduce section 43b of the income tax act which is as follows:'notwithstanding anything contained in any other provision of this act a deduction otherwise allowable under this act in respect of :(a) any sum payable by the assessee by way of tax, duty, cess or fee, by whatever name called, under any law for the time ..... of the act. the disallowance was upheld by the commissioner (appeals).3. the assessee filed .....Tag this Judgment!
Court : Kolkata
Decided on : Nov-28-2000
Reported in : (2001)165CTR(Cal)500
..... but this question is now no more res integra in view of the amended section 55 of the income tax act and now such kind of incomes have been specifically mentioned as capital gains, this has been introduced by the finance act of 1994, with effect from 1-4-1995. thus, it is not necessary for us to ..... judge, by his order dated 5-8-1993 (reported as b.k. roy (p) ltd. v. cit : 211itr500(cal) , has quashed the show-cause notice issued by the commissioner under section 263 of the income tax act. aggrieved by that order, the present appeal has been preferred.2. it is not necessary to go into ..... be treated to be casual and non-recurring under sub section (3) of section 10 of the act.5. the learned single judge, after considering the matter, observed that since the calcutta high court had taken different view from that taken by the allahabad ..... it is submitted on behalf of the revenue that the present case is squarely covered by the decision of the allahabad high court given in the case of cit v. gulab chand : 192itr495(all) . therein the division bench of the allahabad high court took the view that such kind of windfall shall ..... proceedings, the assessing officer held that the said sum could not be assessed to tax since there was no cost of acquisition of the said monthly tenancy. however, the commissioner issued a notice under section 263 of the act to the effect that the order passed by the assessing officer was prejudicial to the .....Tag this Judgment!
Court : Kolkata
Decided on : Dec-08-2000
Reported in : (2001)167CTR(Cal)14
..... paragraph of this judgment saying that principle followed by the courts during british regime should not be followed by this court after independence. the income tax act was framed during british period in order to subserve the interest of british imperialism and this fiscal statute in free india should be given for ..... 214itr504(cal) . he also refers to a division bench judgment of this court while examining the scope and purview of sections 154/155 of the income tax act, rendered in the case of income tax officer & anr. v. india foils ltd. : 91itr72(cal) . he has drawn my attention to the supreme court judgment on the ..... amended as there is a mistake apparent from the records within the meaning of sections 154/155 of the income tax act, 1961. object behind notice is to enhance the assessment for increasing liability. the nature of the mistake proposed to be rectified has been given ..... also contends on merit that under section 40a, sub-section (9), read with section 36 of the income tax act, the petitioner is entitled to deduction, as aforesaid as under the industrial employment (standing orders) act, 19 a standing order has certified for making a provision for payment of aforesaid amount on account of ..... . :in this writ petition the petitioner has challenged a notice dated 10-8-1988, issued under sections 154/155 of the income tax act, 1961, whereby assessment order dated 20-6-1984, under section 143(2) for the assessment year 1982-83 sought to be .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-18-2000
Reported in : (2001)77ITD198(Kol.)
..... in operation, so that a reasonable interpretation can be given to the section as a whole." the supreme court held that clause (iiid) of section 27 of the income-tax act, inserted by the finance act, 1987 with effect from assessment year 1988-89 was merely clarificatory in nature and should thus be construed retrospectively since the inception of the statute.7. as against ..... the declaratory validity of rule 1d of the wealth tax rules on the consideration of a latter amendment to the wealth tax act by inserting schedule-iii to the act almost in the same manner, in which rule 1d had earlier been enacted.8. the subsidy on export (cash assistance) is considered to constitute business income under section 28(iiib). similarly sale of rep licence ..... retrospectively even though such retrospective operation was not specifically mentioned by the legislature :-- (i) allied motors (p.) ltd. v. cit  224 itr 677 (sc) at page 686-- "the supreme court held that the first proviso inserted to section 43b by finance act, 1988 with effect from the assessment year 1989-90, should be construed as having been inserted retrospectively from the ..... . 56,65,969). the miscellaneous income again consists of the following different items :-- in the assessment, the assessing officer has considered the above-mentioned two items to be includible within total turnover of the business carried on by the assessee. his action has been upheld by the cit(a).2. at the stage of hearing of the appeal filed by the assessee .....Tag this Judgment!
Court : Kolkata
Decided on : Sep-14-2000
Reported in : (2001)165CTR(Cal)502
..... -section in section 246(1)(i), the word 'shall' cannot be mandatory, because then the appellate provision will be, partly at least, useless.9. there are many parts of the income tax act where the word 'shall' has not been given an inflexible mandatory meaning. we wish to examine this question upon a fuller and fairer consideration of the entirety of the ..... all the five assessment years from 1983-84 to 1987-881. whether, on a proper interpretation of sections 201(1a) and 245(1)(i) of the income tax act, 1961, read in the context of the entire act, the charging of interest under the former section can be regarded as automatic and/or mandatory.2. whether, having regarded to the character of the west ..... excepting only one, wrongly passed orders in this regard as, by notification no. s.o. 1536, dated 10-4-1989, the jurisdiction in that regard had gone over to the income tax officer (tds) with effect from 8-5-1989.4. the aggregate amount of interest exceeds rs. 3 crore. on merits, the assessee was not successful. the point was also taken ..... of sub-section (1), if any such person, principal officer or company as is referred to in the sub-section does not deduct or after deducting fails to pay the tax as required by or under this act, he or it shall be liable to pay simple interest at fifteen per cent per annum on the amount of such .....Tag this Judgment!
Court : Kolkata
Decided on : Aug-09-2000
Reported in : 75ITD87(Cal)
..... also be mentioned that the letter dated 17-8-1984 and the affidavit which was filed in the proceedings under section 132(5) of the income tax act by miss amrita ghosh also does not help the assessee. there is nothing to show in those letter and affidavit that those were gifted by the ..... the assessing officer had summoned miss amrita ghosh on 2-8-1974 under section 131 in the course of proceedings under section 132(5) of the income tax act. she filed written reply dated 17-8-1994 supported by an affidavit. in the said written reply with reference to ornaments and jewellery found in ..... to show that the assessee's claim was wrong. on the facts of the case we are inclined to hold that for the purposes of wealth tax act the assessee's daughter held the jewellery on the date of the search. in these circumstances and without material to the contrary, she can be ..... july, 1974. the assessee in order to cover jewellery's acquisition, made a disclosure under the voluntary disclosure of income and wealth ordinance, 1975. taking note of above disclosure, the wealth tax officer added value of the jewellery in the wealth of the assessee.3. the assessee challenged the above additions in ..... from 1958 to 1972 and given to the daughter. gifts of jewellery made in different years were below the taxable limits and, therefore, no gift-tax was paid. but statement of assessee's daughter, disclosure petition and other circumstances clearly established that miss ghosh was the owner of jewellery on the valuation .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-24-2000
Reported in : (2000)163CTR(Cal)382
..... is to consider an application for stay of all further penalty proceedings initiated pursuant to a notice dated 20-3-2000, under section 271(1)(c) of the income tax act (hereinafter referred to as 'the act') in respect of the assessment year 1995-96 till the disposal of the instant appeal. the appellant-assessee carries on inter alia, business of housing finance leasing ..... facts stated .herein earlier it is clear that the penalty proceeding in fact, has been initiated against the assessee from the assessment order itself. the assessing officer, while assessing the income-tax dues of the assessee, had passed direction for initiating a penalty proceeding against the assessee. therefore, it can be easily said that the penalty proceeding has been initiated pursuant to ..... the plant was assessed in the hands of the appellant, the claim for depreciation was, however, disallowed by the assessing officer. the appellant filed an appeal and ultimately the income tax appellate tribunal (hereinfter referred to as 'tribunal') dismissed the appeal of the appellant. feeling aggrieved by the order of the tribunal the instant second appeal has been filed by ..... revenue. however, mr. mullick sought to argue that since a penalty proceeding was a distinct and separate proceeding and as in the appeal filed under section 260a of the act, questions relating to the assessment order can only be decided by this court and furthermore the appeal shall be decided only on the questions formulated by it, there was no .....Tag this Judgment!