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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 2011 Page 1 of about 84 results (0.092 seconds)

Jul 15 2011 (HC)

J. K. Industries Limited Vs. Commissioner of Income Tax, (Central) I, ...

Court : Kolkata

Decided on : Jul-15-2011

..... 1. this appeal under section 260a of the income-tax (act) is at the instance of an assessee and is directed against order dated april 15, 2004 passed by the income-tax appellate tribunal, a bench, kolkata, in income-tax appeal bearing ita no.1593(kol.)/2003 for the assessment year 1996-97 and thereby dismissing the appeal preferred by the assessee. 2. being dissatisfied, the ..... subsidiaries were made by the appellant out of the borrowed funds. g) being dissatisfied, the appellant preferred an appeal before the commissioner of income-tax (appeals) and in course of hearing of the appeal, the commissioner of income-tax (appeals) required the appellant to work out the interest for the period from the date of clearance of the cheques given to the ..... the addition on account of interest to rs.27,220/-. j) being dissatisfied, the appellant preferred an appeal before the income-tax appellate tribunal and the tribunal by order dated april 15, 2004 upheld the order of the commissioner of income-tax (appeals) both in respect of disallowance of foreign travel expenditure of rs.7,44,549/- and the interest disallowance of ..... deposited and out of which all expenditure were met, the appellant submitted the working as desired by the commissioner of income-tax (appeals) which resulted in a figure of rs.27,220/-. i) the commissioner of income-tax (appeals), by order dated march 24, 2003 upheld the disallowance of the foreign travel expenditure of the spouse of the managing director and also .....

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Mar 22 2011 (HC)

Feroze Belal and ors. Vs. the Deputy Director of Income-tax (Exemption ...

Court : Kolkata

Decided on : Mar-22-2011

..... by the said panchi bibi was a wakf deed and directed that a scheme of management of the wakf estate should be framed. section 220 (6) of the income tax act provides as follows: where an assesses has presented an appeal under section 246 [or section 246a] the [assessing] officer may, in his discretion and subject to ..... the wakf estate. also requires consideration. 6. the impugned order dated march 14, 2011 is set out herein below: office of the deputy director of income tax exemptions-ii kolkata, 10b middleton row, 5th floor, kolkata 700 071 no/ddit-e-ii/panchi bibi wakf estate/2010-11 kolkata 14.3.2011 ..... capricious manner. 9. the impugned order does not indicate what prompted the assessing officer to grant stay subject to proof of payment of 50% of the outstanding tax payment. the assessing officer does not appear to have considered the prima facie case at all. the order does not disclose the reason why the only 50% ..... requested for stay and have given proof of filing appeal, a view is taken after due consideration that for stay to be granted, 50% of the outstanding tax demand may immediately be paid and proof of payment submitted to this office by 23.3.2011. 8. if such proof of payment is not filed, there ..... to mr. feroz belal mutwali panchi bibi wakf estate 54/2 rafi ahmed kidwai road kolkata 700 016 sub: payment of tax for ay to 2003-04 reference: your request for (illegible) vide letters dated 9.3.2011 for ay 2003-04. sir, please refer to the above: .....

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Jul 15 2011 (HC)

Shri Prodip Kumar Bothra Vs. Commissioner of Income Tax, Kolkata

Court : Kolkata

Decided on : Jul-15-2011

..... by the firm of which the assessee owner was a partner for carrying on the business of the firm was not liable to be included in its total income under section 22 of the income tax act, 1961? 6. mr. dutt, the learned counsel appearing on behalf of the appellant, has contended that the assessee being the co-owner of the property and a ..... india, a firm owning a property would be liable to taxation. it was further pointed out that under the indian income tax act, 1922, a firm is a person liable to tax as the owner of the property and under section 9 thereof, in case of property owned by firm, the same is to be treated as the property of the firm ..... and not of its partners. the same principles have been maintained in the income tax act, 1961. 16. thus, after taking into consideration the overall position of a partnership firm in the light of the income tax act, 1961 we are of the view that the exemption under section 22 of the act in respect of a property not owned by the partnership firm cannot be availed ..... 1. this appeal under section 260a of the income-tax (act), 1961 is at the instance of an assessee and is directed against an order dated 22nd june, 2004, passed by the income-tax appellate tribunal, a bench, kolkata, in income-tax appeal being ita no.1724 (kol) of 2002 for the assessment years 1998-99 and 1999-2000 and thereby dismissing the appeal preferred by the assessee .....

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Mar 21 2011 (HC)

Commissioner of Income Tax, KolkatA. Vs. Contai Cooperatiave Bank Limi ...

Court : Kolkata

Decided on : Mar-21-2011

1. after hearing the learned counsel for the parties and after going through the explanation given in the application for condonation of delay, we are satisfied that the appellant was prevented by sufficient cause from preferring the appeal within the period of limitation. we, thus, condone the delay in filing the appeal. 2. this appeal will be heard on the following substantial question of law. whether the learned tribunal below committed substantial error of law in treating the income from investment of non-statutory surplus fund as business income and allowing deduction there to under section 90p(2)(a)( i ) of the income-tax act, 1961.3. which is contrary to the decision of the supreme court in civil appeal no.1622 of 2010 (m/s. totgars cooperative sale society limited vs. income tax officer, karnataka). 4. let notice of this appeal be served by the department on the respondent in usual course. let requisite numbers of informal paper book containing all relevant papers used before the authority below be filed within two months from date.5. in default, the appeal will stand dismissed. liberty to mention after filing of paper book for inclusion in the hearing list. photostat certified copy of this order be made available to the parties upon compliance of usual formalities

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Mar 31 2011 (HC)

The Estate of Sree Sree Radha Kishan Jew. Vs. the Commissioner of Inco ...

Court : Kolkata

Decided on : Mar-31-2011

..... the amount of remuneration paid to the trustees as fixed by the honble high court constitute deductible expenditure from the income of the trust as per provisions of section 24(1)(iv) of the income-tax act, 1961. 3. mr. khaitan, the learned senior advocate appearing on behalf of the appellant, has strenuously ..... the income-tax act, 1961 is at the instance of an assessee and is directed against an order dated 12th november, 2003 passed by the income-tax appellate tribunal, smc bench, kolkata, in ita no.83/k/03 for the assessment year 1997-98 by which the tribunal affirmed the order of the commissioner of income-tax ..... any annual charge of the property. in this connection, we may profitably refer to the decision of the supreme court in the case of commissioner of income-tax, bombay, city ii, bombay v. sitaldas tirathdas, bombay, reported in air 1961 sc 718 where the supreme court laid down the following test ..... order passed by the tribunal below and has contended that in view of the division bench decision of this court in the case of commissioner of income-tax v. saradeswar siva linga & ors., reported in (1983) 140 itr 953, there is no scope of any argument that the amount spent as ..... (appeals) of holding that remuneration payable to shebaits which is fixed by the founder of the deed of settlement does not amount to annual charge on the property and thus, no deduction under section 24 of the act is permissible. 2. being dissatisfied, .....

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Jun 16 2011 (HC)

National Insurance Co. Ltd. Vs. Commissioner of Income-tax-ii, Kolkata ...

Court : Kolkata

Decided on : Jun-16-2011

..... or arising to the credit institution in that previous year: provided that any interest in relation to categories of bad or doubtful debts referred to in section 43d of the income-tax act shall be deemed to accrue or arise to the credit institution in the previous year in which it is credited by the credit institution to its profit and loss account ..... the facts and in the circumstances of the case and on a correct interpretation of section 2(7) read with section 2(5) and section 5 of the interest tax act, 1974, the income tax appellate tribunal, b bench, kolkata misdirected itself in law and it adopted a wholly erroneous approach in confirming that the sum of rs.16,97,65,816 representing interest ..... 1. this appeal under section 260a of the income-tax act, 1961 read with section 21 of the interest tax act, 1974 is at the instance of an assessee and is directed against order dated 19th december, 2003 passed by the income-tax appellate tribunal, b bench, kolkata, in interest tax appeal no.11(cal) of 1997 relating to the assessment year 1992-93 dismissing the appeal field by ..... loans and advances and accordingly held such interest to be part of chargeable interest. d) being dissatisfied, the appellant preferred an appeal under section 15(1) of the act before the commissioner of income-tax (appeals) and the said authority by order dated 20th january, 1997 dismissed the same thereby holding that call money and bills rediscounting scheme with banks could not be .....

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Jun 16 2011 (HC)

M/S. Pcbl Industrial Ltd. Vs. Commissioner of Income-tax, Kol-ii and a ...

Court : Kolkata

Decided on : Jun-16-2011

..... that the loss incurred in share dealing business should not be taken as speculation loss as per explanation to section 73 of the income-tax act. d) by an order dated 1st march, 2000, under section 143(3) of the act, the assessing officer treated the business loss of rs.18,41,11,592/- as speculation loss on the basis of explanation to section ..... for determination in this appeal is whether the appellant comes within exception to the explanation added to section 73 of the income-tax act. in order to appreciate the question involved herein, it will be profitable to refer to section 73 of the act with explanation which is quoted below: section 73. losses in speculation business. (1) any loss, computed in respect of a ..... 73 of the act. e) being dissatisfied, the appellant preferred an appeal before the commissioner of income-tax (appeals) and the grievance of the appellant before the said appellate forum was that the assessing officer should not have treated the business loss ..... whether in such a case the said claim can be disallowed by relying upon explanation to section 73 of the act? 3. whether on the facts and in the circumstances of the case the decision of the income tax appellate tribunal was perverse in so far as the same directly applied the ratio of the decision in re: rpg industries ltd. case in .....

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Jun 16 2011 (HC)

National Insurance Co. Ltd. Vs. Commissioner of Income-tax, Kol-ii and ...

Court : Kolkata

Decided on : Jun-16-2011

..... or arising to the credit institution in that previous year: provided that any interest in relation to categories of bad or doubtful debts referred to in section 43d of the income-tax act shall be deemed to accrue or arise to the credit institution in the previous year in which it is credited by the credit institution to its profit and loss account ..... the facts and in the circumstances of the case and on a correct interpretation of section 2(7) read with section 2(5) and section 5 of the interest tax act, 1974, the income tax appellate tribunal, b bench, kolkata misdirected itself in law and it adopted a wholly erroneous approach in confirming that the sum of rs.16,97,65,816 representing interest ..... 1. this appeal under section 260a of the income-tax act, 1961 read with section 21 of the interest tax act, 1974 is at the instance of an assessee and is directed against order dated 19th december, 2003 passed by the income-tax appellate tribunal, b bench, kolkata, in interest tax appeal no.11(cal) of 1997 relating to the assessment year 1992-93 dismissing the appeal field by ..... loans and advances and accordingly held such interest to be part of chargeable interest. d) being dissatisfied, the appellant preferred an appeal under section 15(1) of the act before the commissioner of income-tax (appeals) and the said authority by order dated 20th january, 1997 dismissed the same thereby holding that call money and bills rediscounting scheme with banks could not be .....

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Jul 15 2011 (HC)

Hari Shankar Bhartia Vs. Commissioner of Income Tax, W.B.

Court : Kolkata

Decided on : Jul-15-2011

..... appellant in terms of the agreement dated december 27, 1996 with ghaghra sugar ltd. by way of non-competition fee was a capital a receipt not liable to tax under the provisions of income tax act, 1961? 2) whether the tribunal was justified in law in entering into the question of genuineness of the transaction relating to receipt of noncompetition fee of rs. ..... lakh received for non-competition with the said company was a capital receipt not liable for tax. the assessee drew the attention of the assessing officer to the amendment made to the income-tax act by the finance act, according to which non-competition fee could be subjected to tax only from the assessment year 1998-99 under the head capital gains. the assessee also drew ..... 1. this appeal under section 260a of the income-tax (act), 1961 is at the instance of an assessee and is directed against an order dated september, 2002, passed by the income-tax appellate tribunal, b bench, kolkata in income-tax appeal bearing ita no.1449 (cal)/2000 for the assessment year 1997-98 and thereby dismissing the appeal preferred by the assessee. 2. being dissatisfied, the ..... the attention of the assessing officer to the circular being instruction no.1964 dated march 17, 1999 issued by the central board of direct taxes to the effect .....

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Jul 15 2011 (HC)

Paharpur Cooling Towers Ltd. Vs. Commissioner of Income Tax

Court : Kolkata

Decided on : Jul-15-2011

..... incurred in the previous year will be allowed as a deduction, if it is actually paid by the due date of furnishing the return under section 139(1) of the income-tax act, in respect of the assessment year to which the aforesaid previous year relates. this proviso was introduced to remove the hardship caused to certain taxpayers who had represented that since ..... incurred in the previous year will be allowed as a deduction, if it is actually paid by the due date of furnishing the return under section 139(1) of the income-tax act, in respect of assessment year to which the aforesaid previous year relates. this proviso was introduced to remove the hardship caused to certain taxpayers who had represented that since the ..... court formulated the following four substantial questions of law for the purpose of disposal of this appeal: i) whether on a true and proper interpretation of section 43b of the income tax act, 1961, the appellant was entitled to deduction of the excise duty of rs.322.46 lacs actually paid by it during the previous year relevant to the assessment year 1996 ..... memorandum explaining the reasons for introducing explanation 2, states, inter alia, as follows ((1989) 176 itr (st.) 123) : "24. under the existing provisions of section 43-b of the income-tax act, a deduction for any sum payable by way of tax, duty, cess or fee, etc., is allowed on actual payment basis only. the objective behind these provisions is to provide for a .....

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