Court : Kolkata
Decided on : May-12-2005
Reported in : (2005)197CTR(Cal)563,277ITR128(Cal)
..... ltd., to the partnership firm styled m. k. foundation, were payments made for the individual benefit of the appellant-assessee within the meaning of section 2(22)(e) of the income-tax act, 1961; and whether such findings are vitiated in law, having been recorded by it without any material and/or in disregard of the undisputed material, relevant and vital facts and ..... the company had accumulated profits was deemed dividend, though the advance ceased to be outstanding of the previous year if other conditions of section 2(6a)(e) of the indian income-tax act, 1922, were satisfied. in the said decision, it was held that once it is shown that the assessee comes within the letter of the law, he must be ..... ), central ii, kolkata, in relation to the alleged deemed dividend of rs. 5,99,00,000 assessed as the appellant-assessee's alleged undisclosed income with reference to the provisions of section 2(22)(e) of the income-tax act, 1961 ?ii. whether, on the facts and in the circumstances of the case, the tribunal misdirected itself in law and it adopted a wholly ..... that the alleged deemed dividend of rs. 5.99 crores was assessable to tax in the impugned block assessment, even when the respondent-commissioner of income-tax in his impugned order dated march 8, 2004, passed under section 263 of the income-tax act, 1961, had already held that the alleged deemed dividend income had no connection whatsoever with the search and seizure action conducted at the .....Tag this Judgment!
Court : Kolkata
Decided on : May-13-2005
Reported in : (2005)199CTR(Cal)612,278ITR187(Cal)
..... in view of the aforesaid authoritative pronouncement of the law i am inclined to accept the contention of mr. mitra that for the purpose of the income-tax act the writ petitioner has become the owner, to put it differently respondent no. 9 ceased to be the owner on and from may 7, 1997 ..... lordship then was) who spoke for the bench at page 780 :'in our opinion, the term 'owned' as occurring in section 32(1) of the income-tax act, 1961, must be assigned a wider meaning. any one in possession of property in his own title exercising such dominion over the property as would enable ..... the first paragraph the words 'orders have' to be inserted in place and stead of the words 'order has' and the words 'under section 281b of the income-tax act' and the words 'and the matter must be adjudicated... court of law in respect thereof and the last word 'passed' in the same paragraph to be ..... legal finding of the commissioner basing on the above decision of the supreme court, that the petitioner is not the owner for the purpose of the income-tax act is patently wrong.6. he has also assailed the fact finding of the commissioner contending that the petitioner has not been in possession, is patently ..... khan v. cwt : 162itr888(sc) . their lordships observed that the language mentioned in the relevant section of the wealth-tax act was different from that of the income-tax act. it was further observed in this judgment that section 53a debars a transferor from exercising the rights of an owner after he has .....Tag this Judgment!
Court : Kolkata
Decided on : Feb-15-2005
Reported in : 2005(183)ELT250(Cal)
..... ors. : 157itr665(sc) , after considering the question whether the high court was empowered to grant stay or pass interim orders in pending references under the indian income-tax act, 1922, section 66, and the income-tax act, 1961, section 256, their lordships said (in, para 38 of the report)'in an appropriate case, if the assessee feels that a stay of recovery pending disposal ..... noted law was declared by their lordships in commissioner of income-tax, delhi and ors. v. bansi dhar & sons and ors. : 157itr665(sc) , are almost identical with the ones of ..... thought fit. but in case the appellate authority acted without jurisdiction or in excessive jurisdiction or in improper exercise of the jurisdiction, then decision of such appellate authority can be corrected by the high courts by issuing appropriate writs under articles 226 and 227 of the constitution.'6. the provisions of the income-tax act, 1961, section 256, considering which the above ..... the customs act, 1962, section 130a. hence 1 am of the view that it (the law declared) will equally apply to a case under .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-08-2005
Reported in : 278ITR240(Cal)
..... relied on the decision in cit v. shakuntala kantilal : 190itr56(bom) as his sheet-anchor and pointed out that the liability of the allahabad ..... sons, the assessee. relying on the decision in cit v. bradford trading co. p. ltd. : 261itr222(mad) , dr. pal contended that this expenditure was incurred wholly and exclusively in connection with the transfer and, as such, is allowable under section 48(1) of the income-tax act, 1961, as it then stood. he also ..... the sale of the assets of the two firms and its confirmation thereof are staring on the face of the inference drawn by the commissioner of income-tax (appeals). thus, we are of the view that the liability met by the assessee towards the dues of the allahabad bank was an expenditure incurred ..... claimed, it was seen that an amount of rs. 27,85,523 had been shown as payable to the allahabad bank. however, the commissioner of income-tax (appeals) found that there was no pre-condition that the appellant could not sell its assets without settling the dues of the allahabad bank and even ..... it appears that earlier the assessee used to conduct its business under the name and style of gobindo sheet metal works and foundry. the commissioner of income-tax (appeals) at pages 43-44 of the paper book had found that the short-term capital gains arising out of the sale of the assets .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-01-2005
Reported in : 2005(4)CHN115
..... one month after the defendant had made out a marketable title to the said property and obtained necessary clearance certificate for permission under section 230a of the the income-tax act and urban land ceiling act respectively. it was further agreed that defendant would not in the meantime create any fresh tenancy or induct any other person in any part of the suit property ..... by plaintiff. according to existing provision of income-tax act and rules framed thereunder in order to get an income-tax clearance certificate under section 230a of the income-tax act, a copy of the deed sought to be registered should be produced before the income-tax authority. (see form no. 34a of the income-tax rules). therefore, before blaming the defendant for non-submission of income-tax clearance certificate, the plaintiff must prove ..... following information and documents : (i) order of court with respect to eviction of trespassers, if any, occupying the property; (ii) income-tax clearance certificate under section 230a of the income-tax act; (iii) clearance certificate under section 27 of the urban land ceiling and regulation act, 1976. (g) the plaintiff assured the defendant that on production of the aforesaid documents the plaintiff would complete the purchase .....Tag this Judgment!
Court : Kolkata
Decided on : Dec-23-2005
Reported in : 286ITR470(Cal)
..... was found by the commissioner that the petitioner company is a non-industrial company and it does not satisfy the definition of section 2(7)(c) of the income-tax act (relevant finance act). the company is not engaged in the business of manufacturing and the nature of the business being carried on at that point of time by the petitioner was ..... all the facts and circumstances as stated in the petition as well as in the affidavit-in-opposition and the notice itself the commissioner of income-tax should have issued notice under section 263 of the income-tax act or not. in order to understand the scope of the aforesaid section for the purpose of exercise of jurisdiction the same is set out hereunder ..... followed the earlier decisions of the tribunal regarding allowing deduction for investment allowance under section 32a of the income-tax act. therefore, there cannot be error either on fact or in law. the income-tax officer was obliged to accept and follow the decisions of the income-tax appellate tribunal because of hierarchical position. in support of his submission he has relied on a decision ..... and then a judgment of the kerala high court reported in bhagheeratha engineering ltd. v. cit : 227itr504(ker) . he further submits that when a particular point is a debatable issue the commissioner of income-tax can exercise his jurisdiction under section 263 of the income-tax act.12. having considered the respective contentions of learned counsel for the parties the point herein involved .....Tag this Judgment!
Court : Kolkata
Decided on : Nov-14-2005
Reported in : 291ITR318(Cal)
..... , on the facts and circumstances of the case, the wrong calculation on the basis of mistaken indexation could be treated to be furnishing of wrong particulars or concealment of income within the meaning of section 271(1)(c) of the income-tax act, 1961 ?the submission of the department:3. mr. deb next contended that so far as section 271(1)(c) of the ..... income-tax act, 1961, is concerned, originally the word 'deliberately' was used in the section but it was omitted subsequently. this indicates that there is no question of voluntary or involuntary or bona ..... fide or mala fide concealment of furnishing of income or wrong calculation. according to him, wrong calculation on the basis ..... there was any concealment. the only wrong information that was detected by the assessing officer and affirmed by the learned tribunal disagreeing with the decision taken by the commissioner of income-tax (appeals) was that the calculation made on the basis of the indexation was wrong and that indexation was not correct. thus, the question boils down to the proposition that it .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-29-2005
Reported in : (2005)197CTR(Cal)339,276ITR216(Cal)
..... . the tribune trust  16 itr 214, the privy council while dealing with amongst other scope of section 33 of the indian income-tax act, 1922 (since repealed) which is akin to section 263 of the present act, opined that a reference does not lie from an order under section 33, unless that order is prejudicial to the assessee in the sense that he ..... march 17, 1997, whereby and whereunder the commissioner has declined to entertain the application for revision made under section 264 of the income-tax act, 1961 (hereinafter referred to as 'the said act'). of course, he has recorded reasons for not entertaining the revision application. he has said in his cryptic order that from the perusal of the assessment records and the report ..... worse position than before the order was made.in the case of jacob v. additional deputy commissioner of agricultural income-tax : 158itr596(ker) the full bench of the kerala high court dealt with the provision of section 30 of the kerala agricultural income-tax act, 1950, and held that the order passed by the commissioner under the above section declining to interfere with the ..... their learned counsel it is clear the issue is whether the impugned order by the commissioner of income-tax dated march 17, 1997, has been passed in lawful exercise of jurisdiction vested unto him under section 264 of the income-tax act, 1961 (hereinafter referred to as 'the said act'), or not.it appears from the impugned order, i find the commissioner declined to entertain the .....Tag this Judgment!
Court : Kolkata
Decided on : Jan-28-2005
Reported in : (2005)198CTR(Cal)76,280ITR118(Cal)
..... determining as to the consumption of a commodity in the process of manufacture which also may not help us for the purpose of interpretation of the provisions of the income-tax act, (it act); inasmuch as there the only consideration was whether the particular raw material was consumed for manufacturing of new article or thing. therefore, that decision would not help us in ..... and ors. v. cit : 30itr163(sc) ].'undertaking' in common parlance means an 'enterprise', 'venture', 'engagement'. it can as well mean ..... 'the act of one who undertakes or engages in a project or business' (webster). an undertaking mentioned in section 54d must be one ..... r. at p. 119]. that the it act is of general application, is beyond dispute. it, therefore, follows that the meaning that should be given to these words 'industrial undertaking' must be the natural meaning. it is all the more so because the it act is one consolidating and amending the law relating to income-tax and super-tax [see rao bahadur ravulu subba rao .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-07-2005
Reported in : (2005)199CTR(Cal)277,278ITR140(Cal)
..... time, the law as it stood, for the assessment year 1996-97, the penalty could be imposed under section 271(1)(c) of the income-tax act, 1961, if by reason of inaccurate account furnished by the assessee tax was evaded. inasmuch as section 271 prescribes, in such a case, that the penalty should be not less than but not exceeding three times the ..... . sub-clause (iii) makes it clear that the penalty contemplated under clause (c) can be imposed if tax is sought to be evaded by reason of furnishing of inaccurate particulars of such income. unless any tax is evaded, penalty cannot be imposed. at the same time, sub-clause (iii) itself indicates that the minimum amount of penalty to be imposed should be equal ..... a loss is shown and no tax is payable on account of alleged furnishing of inaccurate particulars of income, in that event, no penalty could be imposed in the absence of the unit on the ..... to but not exceeding three times the amount of tax sought to be evaded by reason of furnishing inaccurate particulars. if .....Tag this Judgment!