Skip to content


Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 2001 Page 1 of about 112 results (0.034 seconds)

Mar 16 2001 (HC)

Commissioner of Income-tax Vs. Shambhu Investment Pvt. Ltd.

Court : Kolkata

Decided on : Mar-16-2001

Reported in : (2001)168CTR(Cal)237,[2001]249ITR47(Cal)

..... the circumstances of the case, the tribunal was justified in law in holding that the assessment made by the income-tax officer was not erroneous and prejudicial to the interests of the revenue and thereby cancelling the order under section 263 of the income-tax act, 1961, passed by the commissioner ?'2. shambhu investment (p.) limited, the assessee abovenamed, is the owner of a building ..... ashim kumar banerjee , j.1. in compliance with the direction of this court under section 256(2) of the income-tax act, 1961, the following question has been referred by the tribunal for our consideration :'(a) whether, on the facts and in the circumstances of the case, the finding of the tribunal ..... the revenue. accordingly, a notice was issued to the assessee under section 263 of the said act as to why the assessment should not be set aside and fresh assessment should not be made by assessing the said income as rental income.3. the commissioner of income-tax after giving hearing to the assessee remanded the matter back to the assessing officer with a direction ..... to assess the said income as property income.4. being aggrieved by the order of the commissioner, the assessee preferred an appeal before .....

Tag this Judgment!

Jun 20 2001 (HC)

Commissioner of Income-tax Vs. Jokai India Ltd.

Court : Kolkata

Decided on : Jun-20-2001

Reported in : (2001)170CTR(Cal)140,[2001]251ITR39(Cal)

..... y.r. meena, j.1. on an application under section 256(2) of the income-tax act, 1961, the tribunal has referred the following question set out at page 2 of the paper book :'whether, on the facts ..... assessing officer that the assessee has claimed investment allowance on the plant and machinery employed by the assessee, which includes leaf carrying basket trailers. the income-tax officer did not allow the investment allowance on the leaf-carrying basket trailers on the ground that it does not form part of the machinery and ..... it cannot be taken as machinery categorised in appendix 1 to the income-tax rules provided for the rates of depreciation.3. in appeal before the commissioner of income-tax (appeals), the commissioner of income-tax (appeals) has also upheld the view taken by the income-tax officer. in appeal before the tribunal, the tribunal has held that ..... of the case, the tribunal was justified in law in directing the assessing officer to allow investment allowance on trailers ?'2. the assessee-company derived income by sale of tea grown and manufactured by it during the previous year, relevant to the assessment year under consideration. the assessing officer found on ..... machinery or plant. therefore, not entitled for investment allowance.4. learned counsel for the assessee, dr. pal, submits that the decision of this court in the case of cit v. general fibre dealers (p.) ltd. : [2001]248itr622(cal) is distinguishable. as in the case of general fibre dealers (p.) ltd. : [2001]248itr622( .....

Tag this Judgment!

May 22 2001 (HC)

Commissioner of Income-tax Vs. Saroj Kumar Poddar

Court : Kolkata

Decided on : May-22-2001

Reported in : (2006)200CTR(Cal)616,[2005]279ITR573(Cal)

..... part of the compensation money was received by the asses-see on condition not to carry on competitive business in explosives, consequently no part thereof was exempted from the income-tax act.13. in cit v. bombay burmah trading corporation : [1986]161itr386(sc) , the issue before their lordships was what should be the nature of compensation received against termination of lease of cutting and ..... order, wherein the tribunal found that the asses-see has proved that the letter dated december 15, 1994, of shri udayan bose before the assessing officer and the commissioner of income-tax (appeals) which indicates that the chairman of credit capital finance corporation ltd., has approached the assessee to set up a joint venture in india to produce the similar type of ..... . best and co. (pvt.) ltd. : [1966]60itr11(sc) , has taken the view that the amount of compensation is a capital receipt and not liable to income-tax.15. in cit v. automobile products of india ltd. : [1983]140itr159(bom) (bom) the assessee was manufacturing diesel engines in collaboration with a foreign company. due to paucity of foreign exchange the assessee ..... did not accept the claim of the assessee. he treated that amount as a professional receipt. in appeal before the commissioner of income-tax (appeals), the commissioner of income-tax (appeals) has also confirmed the view taken by the assessing officer. in second appeal before the tribunal, the tribunal has discussed the nature of receipt in the light of various .....

Tag this Judgment!

Jul 31 2001 (HC)

Commissioner of Income-tax Vs. Estate of Omprakash Jhunjhunwala

Court : Kolkata

Decided on : Jul-31-2001

Reported in : [2002]254ITR152(Cal)

..... that income is not altered because it is received by a company formed with the object of developing and ..... income received from property and falls under the specific head described in section 9, the character of ..... .12. in the case of s. g. mercantile corporation p. ltd. v. cit : [1972]83itr700(sc) , the question before their lordships was that whether, under the facts and circumstances of the case, the income from sub-letting the stalls of taltolla bazar was assessable under section 10 or section 12 of the indian income-tax act, 1922. at page 705, their lordships observed that 'the ..... 1. on an application under section 256(1) of the income-tax act, 1961, the tribunal has referred the following questions set out at page 2 of the paper book :'1. whether, on the facts and in the circumstances of the case, the .....

Tag this Judgment!

Feb 05 2001 (HC)

Commissioner of Income-tax Vs. Badulipur Tea Co. Ltd.

Court : Kolkata

Decided on : Feb-05-2001

Reported in : [2001]249ITR483(Cal)

..... was passed by the income-tax officer on march 27, 1986, estimating the business income of rs. 32,00,000 against the returned income shown at nil. the income-tax officer has also made addition of rs. 50,000 on own estimate basis as income from other sources. the order was passed under section 144 of the income-tax act, 1961. in appeal before the commissioner of income-tax (appeals) the assessee ..... reference application under section 256(2) of the income-tax act, 1961, the following question has been referred for our opinion :'whether, on the facts and in the circumstances of the case and on a correct interpretation of the sale agreement, the tribunal was correct in law in maintaining the order of the commissioner of income-tax (appeals) in deleting the addition of rs. 32 ..... ,00,000 and rs. 50,000 made by the income-tax officer under the head 'business' and 'other sources', respectively ?'2. the assessee is a limited non-resident company. the assessment ..... of the transferee, i.e., the indian company, there is nothing wrong in the order of the tribunal deleting the addition of income made by the assessing officer. when the concurrent finding of fact of the commissioner of income-tax (appeals) as well as the tribunal is that the transfer took place from the date of the agreement we find no perversity in .....

Tag this Judgment!

Mar 23 2001 (HC)

Commissioner of Income-tax Vs. Emerald Commercial Ltd. and anr.

Court : Kolkata

Decided on : Mar-23-2001

Reported in : (2001)171CTR(Cal)193,[2001]250ITR539(Cal)

..... the assessee and against the revenue.6. in the second question the issue has been raised whether the tribunal was justified in holding that the finding of the income-tax officer and the commissioner of income-tax (appeals) are based on presumption, we answer in the negative, i.e., in favour of the assessee and against the revenue.7. the reference application for both ..... the facts and in the circumstances of the case, the tribunal was justified in law in holding that the losses incurred in share dealings disallowed by the income-tax officer confirmed by the commissioner of income-tax (appeals) are based on presumption and are not warranted by facts and evidence on record ?'2. in pursuance of our direction the tribunal has referred the abovesaid ..... 1. on an application under section 256(2) of the income-tax act, 1961, this court has directed the tribunal to refer the following common questions in the case of both the assessees :'1. whether, the finding of the tribunal that the loss ..... . 6 of his order which reads as under :'i have examined the assessment orders as well as the order of the commissioner of income-tax (appeals). the loss incurred in share dealings is disallowed by the income-tax officer and confirmed by the commissioner of income-tax (appeals) on the presumption that no prudent business man would under loss and investments are always made to earn .....

Tag this Judgment!

Jun 21 2001 (HC)

Commissioner of Income-tax Vs. Shriram Bearings Ltd.

Court : Kolkata

Decided on : Jun-21-2001

Reported in : (2001)170CTR(Cal)142,[2001]251ITR155(Cal),[2001]119TAXMAN970(Cal)

..... been transferred by the ina to the assessee acquires the benefit of enduring nature. thus, we are of the view that the expenditure is capital expenditure. the income-tax officer has rightly disallowed the claim of assessee.12. in the result, we answer the question in the negative, that is, in favour of the revenue ..... assessee claims before the assessing officer that the payment for technical know-how, which includes rs. 2 lakhs is in the nature of revenue expenditure.4. the income-tax officer did not accept the claim of the assessee. according to him, when the assessee on payment, for technical know-how under the technical collaboration agreement, acquires ..... 1. on an application under section 256(2) of the income-tax act, 1961, the tribunal has referred the following question, for the opinion of this court: 'whether, on the facts and in the circumstances of ..... the benefit of enduring nature, therefore, the expenditure is a capital expenditure.5. in appeal before the commissioner of income-tax (appeals) the view taken by the assessee was endorsed. in the appeal before the tribunal, the tribunal considered the view taken by this court in the case ..... 7. mr. agarwal submits that the issue is covered by the decision of the supreme court in the case of jonas woodhead and sons (india) ltd. v. cit : [1997]224itr342(sc) . he further submits that the decision relied on by the tribunal has no application as in that case the assessee was not allowed to .....

Tag this Judgment!

Jul 19 2001 (HC)

Commissioner of Income-tax, West Bengal-vii Vs. Ramkant Mishra

Court : Kolkata

Decided on : Jul-19-2001

Reported in : [2001]252ITR210(Cal)

..... limited issue before us is regarding the allowability of the interest on bogus cash credits. once the cash credits appeared bogus, though by mistake of the income-tax officer, the income-tax officer has not added that amount of cash credits in the hands of the assessee at least the interest which has been disallowed and addition made cannot ..... hands of the assessee but has disallowed the interest on that cash credit amount. the addition of interest amount claim should not be deleted for mistake of the income-tax officer. in deletion of the addition on account of the interest on bogus cash credits both the authorities have committed the error, holding that interest should not ..... to have been given by these kids who had no source of their own. the addition on account of the interest has been deleted by the commissioner of income-tax (appeals) and the tribunal on the ground that when the principal amount of loan has not been added, the interest should not be denied on such loan. ..... to ramakant mishra on march 8, 1986.6. no explanation was given by his guardian from where he got this money.7. it appears by mistake the income-tax officer has not added this cash credit amount in the hands of the assessee. but he disallowed only the interest of rs. 10,800 claimed on the loan ..... 1. on an application under section 256(2) of the income-tax act, 1961, this court has directed the tribunal to refer the following question for the opinion of this court :'whether, on the facts and in the circumstances .....

Tag this Judgment!

Jul 03 2001 (HC)

Hindustan Aluminium Corporation Ltd. Vs. Income-tax Officer and ors.

Court : Kolkata

Decided on : Jul-03-2001

Reported in : [2002]254ITR370(Cal)

..... .1. the subject-matter of challenge in the writ petition is a notice dated march 22, 1978, issued by the income-tax authorities for the assessment year 1969-70 under section 148 of the income-tax act, 1961 (hereinafter referred to as 'the said act'). according to the petitioner, the notice did not disclose the reasons for initiation of the proceedings.2. it is also submitted ..... had not specified in the reasons recorded as to what material fact was not fully or truly disclosed by the petitioner in the original assessment proceedings. the income-tax officer sought to act on mere suspicion but as has been held by the hon'ble supreme court belief cannot be based on suspicion. the recorded reasons do not show that any fresh facts ..... found by further enquiry or investigation, whether the transaction was genuine or not if, on the basis of subsequent information, the income-tax officer arrives at a conclusion, after satisfying the twin conditions prescribed in section 147(a) of the act, that the assessee had not made a full and true disclosure of the material facts at the time of original assessment and ..... phool chand bajrang lal v. ito : [1993]203itr456(sc) and contended that the hon'ble supreme court has held that the income-tax officer acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the said act only if on the basis of specific, reliable and relevant information coming to his possession subsequently he has reasons to believe .....

Tag this Judgment!

Feb 21 2001 (HC)

Commissioner of Income-tax Vs. G.S. Atwal and Co. (Gua)

Court : Kolkata

Decided on : Feb-21-2001

Reported in : (2002)174CTR(Cal)309,[2002]254ITR592(Cal)

..... , contains dicta to the effect that production of chicks through the assessee's specialised machinery, which aids such formation is not, within the meaning of the income-tax act, production of an article or thing. the supreme court laid emphasis on its view that chicks were not articles or things. also, it said that the ..... took in regard to the assessment year in question. at first, from the income-tax officer's assessment, the revenue made an application for revision and from the order passed on revision, the tribunal was approached. however, before that matter ..... /1983-84 as infructuous in view of their finding that the revision order under section 263 of the commissioner of income-tax was bad in law?' 2. we make it clear that questions nos. 2 and 3 arise because of the peculiar course that the assessment ..... in law in holding that the order passed under section 263 of the act for the assessment year 1982-83 is bad in law ? 3. whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in dismissing the appeals for the assessment year 1982-83 ..... undertaking. but we need not import the definition of another section to the present one, although ordinarily the definition given in one section in an act can be used for the purposes of another section unless the context indicates otherwise.16. so far as the assessee is concerned, an undertaking it .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //