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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 2001 Page 8 of about 112 results (0.033 seconds)

Jun 19 2001 (HC)

Cit Vs. Bijay Iron Stores

Court : Kolkata

Decided on : Jun-19-2001

Reported in : (2001)170CTR(Cal)145

..... responsibility of proving mens rea and it is not sufficient to levy penalty under section 271(1)(c) of the income tax act, 1961 ?'2. the relevant assessment year is 1984-85. the assessee-firm consists of two partners and it is carrying on business in iron and steel sheets. on 30-3- ..... under section 256(1) of the income tax act, 1961, the tribunal has referred, the following question, set out at pp. 11 and 12 of the paper books, for our opinion :'whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that prima facie evidence of non-disclosure of income does not absolve the department from the ..... concealed by the assessee for the purpose of section 271(1)(c) of the act. the basis of addition of income is some papers found at the time of search. the author of those papers, a son of one of the partners has admitted in the statement before the income tax officer that he had prepared those papers, which are seized, and those papers ..... section 271 (1) (c). the relevant part of the explanation reads as under :'explanation : where in respect of any facts material to the computation of the total income of any person under this act,(a) such person fails to offer an explanation or offers an explanation which is found by the assessing officer or the deputy commissioner (appeals) or the commissioner (appeals .....

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Jul 02 2001 (HC)

Cit Vs. Coates of India Ltd.

Court : Kolkata

Decided on : Jul-02-2001

Reported in : (2001)170CTR(Cal)325

..... that 'repairs' and 'maintenance' are two different expressions. the expenses on repair of motor car is allowable under section 31 of the income tax act, therefore, there is no need to go for the deduction under section 37(1) of the income tax act and when the expenditure is not allowed under section 37(1), the provisions of section 37(3a)/(3b) are not attracted for ..... car expenses incurred by employees in using their own motor car in performance of their duties and for the business of the company, provisions of section 37(3a)/(3b) of income tax act, 1961 are applicable as the reimbursement for running and maintenance of car is covered by explanation to sub-section (3a) of section 37 of the ..... . 4,45,305 being expenditure on repair of motor cars for computing the disallowance under section 37(3a)/(3b) of the income tax act, 1961 ?'2. the assessee-company derives income from manufacturing and sale of printing ink and synthetics resins. the return of income along with audited accounts filed on 9-8-1985, assessment year is 1985-86. during the course of examination of ..... noticed that assessee has claimed sum of rs. 4,45,305 being expenditure on repairs of motor cars. the income tax officer has disallowed part of the amount under provisions of sections 37(3a) and (3b) of the income tax act, 1961. in appeal before the commissioner (appeals), the commissioner (appeals) has confirmed the view taken by assessing officer. in appeal before the tribunal assessee .....

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Mar 08 2001 (TRI)

Overseas Merchandise Inspection Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Mar-08-2001

Reported in : (2002)80ITD176(Kol.)

..... . the assessee has filed this appeal against the order passed by the cit (appeals) for the assessment year 1992-93 on the following ground :- that the cit (appeals) erred in confirming the disallowance made by the assessing officer of the claim of deduction under section 80-o of the income-tax act, 1961 in respect of certain earnings in convertible foreign exchange for services ..... rendered from india.2. the assessee, the overseas marchandise inspection company (india) pvt. ltd. (in short, omic india) claimed deduction under section 80-o of the act of rs. 4,81,787. according to the assessee omic ..... iii appended to section 80-o of the act, the assessee was inspecting and was issuing certificate in india. there was no element of services rendered outside india or from india. since the services were rendered in india, deduction under section 80-o was not available to the assessee. on appeal, the cit(a) upheld the finding of the assessing officer ..... process, or similar property right, or information concerning industrial, commercial or scientific knowledge, experience or skill of the assessee for use outside india and in that process to receive income to augment the foreign exchange resources of the country. the assessee can also make available to the foreign enterprise, technical and professional services, expertise of which it possesses for .....

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Sep 18 2001 (TRI)

Reliance Jute Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Sep-18-2001

Reported in : (2002)80ITD449Cal

..... the learned authorised representative of the assessee and the learned departmental representative. in order to appreciate the rival submissions it is considered necessary to reproduce section 43(5) of the income-tax act, 1961 : 43. in sections 28 to 41 and in this section, unless the context otherwise requires- (5) "speculative transaction" means a transaction in which a contract for the purchase or ..... against the order dated 22-9-1994 passed by the cit (appeals) in respect of the assessment made under section 143(3) of the income-tax act, 1961 (the act, in short). the assessee has raised as many as four grounds in this appeal. ground nos. 1 & 2 read as follows :- (1) for that the cit (appeals) erred in confirming the disallowance of rs. 2 lakhs ..... out of advertisement expenses. (2) for that the cit(a) failed to appreciate that the advertisement ..... advertisements in souvenirs and other types of advertisements. claims in respect of expenditure on advertisements in souvenirs may be allowed if the conditions laid down in rule 6b of the income-tax rules, 1962, are fulfilled and there is evidence that the expenditure has been support of the assessee's contentions, reliance was mainly placed on the decision of .....

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Jun 11 2001 (HC)

Mahadevia and Mehta Vs. Asstt. Cit

Court : Kolkata

Decided on : Jun-11-2001

Reported in : (2001)72TTJ(Cal)439

..... reasons for their declining the registration are not legally sustainable. the assessee-firm was, in our considered view, entitled to be treated as registered firm for the purpose of the income tax act. we, therefore, direct the assessing officer to treat the assessee as a registered firm for all the years in appeal before us.20. before parting with the matter, we ..... strength of his elaborate submissions, urged us to set aside the orders of the authorities below, and direct the assessing officer to grant the status of 'registered firm under the income tax act.13. shri arvind shankar, distinguished departmental representative, strongly defended the orders of the authorities below. it was stated that the estate of mrs. chanda amritlal is a virtual partner ..... application made in the prescribed manner. accordingly, judicial precedents relied upon by the assessing officer were not applicable on the facts of the case. it was also stated that the income tax act has nowhere provided that one hundred per cent of the profits is required to be credited to the partners capital accounts, failing which the status of registered firm is to ..... admitted. it is also factually correct that the legal heir of the deceased partner has not signed form no. 12. this fact therefore clearly establishes that requirements of the income tax act were not fulfilled. this being so, i have no hesitation in holding that the action of the assessing officer in denying the benefit of registration to the firm is justified .....

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Jun 22 2001 (HC)

Sanjay Kumar JaIn Vs. Cit

Court : Kolkata

Decided on : Jun-22-2001

Reported in : [2001]118TAXMAN821(Cal)

..... . the petitioner/assessee deals in jute goods and real estate business. there was a search carried out by the income tax department in august 1995 at the residence and office of the petitioner under section 132 of the, income tax act, 1961 (hereinafter referred to as the act). during the search, the department has seized various documents, which include those identifying as gnp 1, 2 and ..... of kunhayammed v. state of kerala (2000) 245 itr 3601. he further submits that peak cash credits found in gnp 1, 2 and 3 was taken fur the purpose of income-tax. the entries about amount of rs. 41,54,000 found in the gnp 15 should not be ignored as that was the unaccounted money before the period of entries in ..... showing the sum of rs. 41,54,000 were part of the peak credit. that was not accepted by the income-tax authorities and by the tribunal. this court rejected the application filed by the assessee under section 256(2) of the act. the slp filed by the assessee was also rejected.3. heard the learned counsels for the parties. the learned counsel ..... 3 and gnp 15. during the course of the investigation assessee has admitted that the transactions in gnp 1, 2 and 3 and also gnp 15 were not there but those were the entries of undisclosed income .....

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Mar 28 2001 (HC)

Duncan Agro Industries Ltd. Vs. Ito and ors.

Court : Kolkata

Decided on : Mar-28-2001

Reported in : (2001)167CTR(Cal)430

..... the proposition of law laid down in the case of shri arbuda mills ltd. and mulchand bagri (supra) i hold that the 'explanation' incorporated in section 263(1) of the income tax act, 1961, has its retrospective effect and the impugned notice dated 22-6-1979, issued by the commissioner is valid and binding upon the the result the writ petition ..... commissioner (central-ii), calcutta, asked the assessee to show-cause as to why the order passed by the assessing officer would not be revised under section 263(1) of the income tax act, 1961, for the assessment year 1974-75.2. appearing for the petitioner dr. debi prasad pal, learned senior counsel, submitted that the assessment order sought to be revised by the ..... ashim kumar banerjee, j.notice dated 22-6-1979, issued by the respondent-authority under section 263 of the income tax act served on the assessee, the petitioner above named, has been impugned before me in this writ petition. the said notice, dated 22-6-1979, has been annexed to the writ ..... to dr. pal the direction of inspecting assistant commissioner in the said case is complied with by the income tax officer by virtue of the provision of section 144b(5) of the said act and commissioner has no power to revise such order which has been passed in compliance with the direction of inspecting assistant commissioner,3. dr. pal further submitted that the .....

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Jul 17 2001 (HC)

Cit Vs. Smt. Kanta Devi Saraf

Court : Kolkata

Decided on : Jul-17-2001

Reported in : (2002)172CTR(Cal)322

..... orderby the courton an application under section 256(1) of the income tax act, 1961, the tribunal has referred the following questions for our opinion :'1. whether, on the facts and in the circumstances of the case, the tribunal is ..... the seller but the seller could not encash that amount as assessee made the request to the seller to treat the amount shown in the tax as loan to the assessee.the income tax officer on the aforesaid facts was not satisfied with the claim of the assessee.according to him, as the sale proceeds on account of sale ..... original assets took place or which is not utilized by him for the purchase or construction of the new assets before the date of furnishing the return of income under section 139 or that amount is not deposited as required under sub-section (4) the assessee shall not be entitled for benefit of provisions of section ..... (4) in section 54f, if assessee purchased any property within the period stipulated in section 54f, that is sufficient to take the benefit of section 54f of the our view, the tribunal was right in allowing the benefit of section 54f to the the result, we answer all the questions in affirmative, i ..... been utilized within the period specified in section 54f, she is not entitled for benefit under section 54f. he placed reliance on the decision of the apex court in cit v. t.n. aravinda reddy : [1979]120itr46(sc) .5. mr. khaitan learned counsel for the assessee submits that actual utilization of the same amount within the .....

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Jul 13 2001 (HC)

ito Vs. Titagarh Steels Ltd.

Court : Kolkata

Decided on : Jul-13-2001

Reported in : (2001)73TTJ(Cal)297

..... no reason for non-application of the underlying principle of article 20(2) of the constitution of india, as also of section 26 of the general clauses act, to the penalty proceedings under the income tax act. as pointed out by justice g.p. singh in his principles of statutory interpretation (6th edition 1997 reprint-laws defining offences and penalties at p. 410, relevant ..... enactment (prabodh verma v. state of uttar pradesh air 1985 sc 167 at 175). in the light of these discussions, we are of the considered view that even under the income tax act, an act or an omission of the assessee, even if technically covered by the separate defaults, cannot be punished twice under the penal provisions. no doubt an ..... source, under which section can such a penalty be imposed.7. we find that section 271c was inserted in the income tax act with effect from 1-4-1989, by the virtue of direct tax laws (amendment) act, 1987, and that the central board of direct taxes, vide circular no. 551, dated 23-1-1990, (published at (1990) 82 ctr (st) 325) explained the insertion of ..... that the deputy commissioner (appeals) erred in deleting penalty of rs. 15,000 charged under section 221 of the income tax act, 1961 (hereinafter referred to as the act).2. first, the relevant material facts. admittedly, the only lapse on the part of the assessee tax deductor was that he did not take into account the increase in surcharge, effected vide finance (second amendment) ordinance .....

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Jun 12 2001 (HC)

Cit Vs. Rai Bahadur Biseswarlal Motilal Halwasiya Trust

Court : Kolkata

Decided on : Jun-12-2001

Reported in : [2001]118TAXMAN556(Cal)

..... of the case, the tribunal was justified in law in holding that there was no violation of any of the provisions of section 13 of the income tax act, 1961 by the assessee-trust in advancing money amounting to rs. 98,000 to the two employers to warrant denial of the benefit of section 11 ..... has been referred for our opinion.3. the assessee is a charitable trust. during the course of assessment and on examination of the accounts the income tax officer found that a sum of rs. 98,000 has been shown as refundable aids in the assets side of the balance sheet. on further ..... must, therefore, be held that for the assessment years in question the trust was not entitled to the exemption contained in section 11 in respect of the income of its newspaper.'8. the trust and institution referred in section 13 are not one and the same thing and they are different entities. clause (cc ..... ).4. in appeal before the commissioner (appeals), the commissioner (appeals) found that the appellant-trust cannot be said to have used any part of its income directly or indirectly for the benefit of any person referred to in section 13(3). therefore, the provision of section 13(1)(c) is not applicable. ..... ) of section 13. their lordships in the case of thanthi trust (supra) at page 795 observed as under :'trusts and institutions are separately dealt within the act (section 11 itself and sections 12, 12a and 13, for example). the expressions refer to entities differently constituted. it is, thus, clear that the newspaper .....

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