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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 2014 Page 1 of about 260 results (0.075 seconds)

Sep 01 2014 (HC)

Commissioner of Income Tax, Kolkataxv, Kolkata Vs. M/S. Veena Kothari

Court : Kolkata

Decided on : Sep-01-2014

..... .das, adv.mr.c.s.das, adv..for the respondent. the court : this appeal has been filed under section 260a of the income tax act, 1961 by the revenue against the impugned order dated 27.01.2014 passed by the income tax appellate tribunal b bench, kolkata in i.t.a.no.1434/kol/2011 for the assessment year 2007-08 on the following questions ..... order sheet ga no.2489 of 2014 itat no.113 of 2014 in the high court at calcutta special jurisdiction (income tax) original side commissioner of income tax, kolkata-xv, kolkata versus m/s.veena kothari before: the hon'ble justice soumitra pal the hon'ble justice arindam sinha date : 1st september, 2014. appearance: ms.smita das de, ..... )xxvi, kolkata in his order dated 27-022002. is considering the above, the contention of the appellant accepted and the income from share transactions of rs.43,59,492/- is to be treated as offered by appellant in its income-tax return as long term capital gain and rs.18,39,391/- as short term capital gains. the questions perversity. raised do not ..... ) whether on the facts and in the circumstances of the case the learned tribunal was justified in law upholding the order of the cit by treating the gains from share transaction as capital gain instead of business income as treated by the assessing officer without considering that the shares were not purchased or sold with the sole motive of investment and also .....

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Sep 10 2014 (HC)

Commissioner of Income Tax,kolxxi,kolkata Vs. M/S.Arti and Sons,kolkat ...

Court : Kolkata

Decided on : Sep-10-2014

..... , c bench, kolkata erred in facts and law by holding that the interest free advances and the penalty u/s.271(1)(c) of the income tax act, 1961 for concealment of income or furnishing of inaccurate particulars of income, in any case, cannot be levied while the assessee has not discharged the onus in this regard ?. c) whether on the facts and in the ..... , 2014 passed by the income tax appellate tribunal, kolkata in ita no.2132/kol/2009 for the assessment year 2006-2007 has been preferred on the following questions : a) whether on ..... the facts and in the circumstances of the case the learned income tax appellate tribunal, c bench, kolkata erred in law in deleting the penalty levied u/s.271(1)(c) of the income tax act, @ 100% of the tax sought to be evaded amounting to rs.13,56,577/- on the disallowances of interest amount of rs.32 ..... the high court at calcutta special jurisdiction (income tax) original side commissioner of income tax,kol-xxi,kolkata versus m/s.arti & sons,kolkata before: the hon'ble justice soumitra pal the hon'ble justice debangsu basak date : 10th september, 2014. for appellant/revenue : mr.p.dhudhoria,advocate the court : this appeal under section 260a of the income tax act, 1961 against the order dated 7th april .....

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Oct 30 2014 (HC)

Commissioner of Income Tax, Koliv, Kolkata Vs. Phillips Carbon Black L ...

Court : Kolkata

Decided on : Oct-30-2014

..... mr.a.sengupta,advocate ms.anupa banerjee,advocate the court : this appeal has been filed under section 260a of the income tax act, 1961 against order dated 13th november, 2013 passed by the learned income tax appellate tribunal, a bench, kolkata in ita no.235/kol/2012 relating to assessment year 2005-06 on the following ..... 319 itr306(sc) as well as by the judgement of our court passed in itat no.245 of2011(commissioner of income tax, circle-i, kolkata v. m/s.vijay shree limited) following the judgement in cit v. alom extrusion ltd., such question stands adjudicated. so far as the question no.4 is concerned, we find ..... order sheet g.a.no.1382 of 2014 itat31of 2014 in the high court at calcutta special jurisdiction (income tax) original side commissioner of income tax, kol-iv, kolkata versus phillips carbon black limited before: the hon'ble justice soumitra pal the hon'ble justice arindam sinha date : ..... 2. whether, on the facts and in the circumstances of the case, the learned tribunal was justified in law in upholding the order of the cit(a) in allowing deduction of guest house expenses by following its earlier order. 3. whether on the facts and in the circumstances of the case ..... questions: 1. whether, on the facts and in the circumstances of the case, the learned tribunal was justified in upholding the order of the cit(a) in granting .....

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Feb 10 2014 (HC)

Commissioner of Income Tax, Wbiv, Kolkata Vs. Mcleod Russel (India) Lt ...

Court : Kolkata

Decided on : Feb-10-2014

..... be accepted, then it would follow that the amount of cess paid by the assessee to that extent cannot be deducted under section 43b of the income tax act. in that case the assessee shall not be permitted in the next year to obtain the deduction. we are as such of the opinion that ..... has no manner of application to the facts and circumstances of this case. the other judgement cited by him is in the case of commissioner of income tax versus bannariamman exports ltd.in that case, the assessee exported molasses worth rs.6,14,87,164/- but the foreign buyer paid the amount after ..... of the assessee. the third question formulated in this case reads as follows : (3) whether on the facts and circumstances of the case the income tax appellate tribunal was justified in law in holding that the export turnover should be the total of the amount brought to india and the amount paid as ..... the department could not be permitted to take a contrary stand. the views of the gujrat high court were considered by the special bench of the income tax appellate tribunal and the following observations were made by them : we would like to make it absolutely clear that the removal of the amount in ..... question is eligible for 100% depreciation. he in support of his submission relied on an earlier judgement of the tribunal in the case of deputy commissioner of income tax -versusassam brook ltd.in ita no.370 (cal) of 90, wherein the learned tribunal allowed 100% depreciation in the case of identical instrument. it appears .....

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Mar 25 2014 (HC)

Commissioner of Income Tax, Kolkataxii, Kolkata Vs. M/S. Esbee Road Pr ...

Court : Kolkata

Decided on : Mar-25-2014

..... is not in dispute that the assessee incurred expenditure of rs.53,09,283/- to which provisions of the income tax act enjoining deduction of tax at source were applicable. the assessee did not, in fact, deduct any tax. the assessing officer in the circumstances added the said sum of rs.53,09,283/- to the profit ..... order sheet ga38272013 itat1952013 in the high court at calcutta special jurisdiction [income tax].original jurisdiction commissioner of income tax, kolkata-xii, kolkata versus m/s.esbee road products before: the hon'ble justice girish chandra gupta the hon'ble justice tapabrata chakraborty ..... ,41,238/- and interest on credit card amounting to rs.1,39,380/-. except for this limited remand, the order of the assessing officer, the cit(a) and the learned tribunal shall continue to hold good. needless to mention, the assessing officer shall re-hear the matter upon giving appropriate opportunity to ..... assessing officer shall independently discharge the function being totally uninfluenced by any of the views which may have been expressed either by the cit(a) or by the learned tribunal or by us. the appeal and application are, thus, disposed of. (girish chandra gupta, j.) (tapabrata chakraborty, ..... debited to the credit card was on account of money utilised for the business. the learned cit(a) has set aside the order of the assessing officer. the learned tribunal has also upheld the order of cit(a).challenging the order of the learned tribunal the present appeal has been filed. after .....

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Aug 08 2014 (HC)

C. I. T. Kolkata Ii Vs. K. B. Sales Ltd.

Court : Kolkata

Decided on : Aug-08-2014

..... audited ?. mr.sinha, learned advocate appearing on behalf of the revenue submits that the questions relate to the applicability of sections 55a and 142a of the income tax act, 1961. in our view and as correctly contended by mr.khaitan, learned senior advocate appearing on behalf of the respondent-assessee that the questions are covered ..... by the judgements in sargam cinema versus commissioner of income tax : 328 itr513sc and in cit versus pratap singh amr.singh rajendra singh (raj) : 200 itr788relied on in support of his submission. we find that the tribunal rightly decided ..... mr.j.p.khaitan,sr.advocate the court : this appeal has been preferred by the revenue against the order dated 24th march, 2004 passed by the income tax appellate tribunal, b-bench, kolkata in ita nos.1845 to 1850/kol/2003 for the assessment years 1994-95 to 1999-2000. the appeal was admitted on ..... ) without the books of accounts being rejected. we find that the tribunal in its order had referred to paragraph-4 of the order passed by the cit (appeals) which was not controverted or disputed by the departmental representative. in the context of this case, it is appropriate to refer to a portion of ..... order sheet ita no.580 of2004in the high court at calcutta special jurisdiction (income tax) original side c.i.t. kolkata - ii versus k.b.sales ltd.before: the hon'ble justice soumitra pal the hon'ble justice arindam .....

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Jul 24 2014 (HC)

Warren Tea Limited Vs. Citii, Kolkata and anr

Court : Kolkata

Decided on : Jul-24-2014

..... . this question was answered in the negative. taking inspiration from this judgment she contended that the income arising out of interest has to be treated under the heading income from other sources under sections 14 and 56 of the income tax act, 1961. section 33ab applies only to the business income and, therefore, the view taken by the tribunal should not be interfered. we have considered ..... respondent. the court : the subject-matter of this appeal is a judgment and order dated 30th september, 2005 passed by the learned income tax appellate tribunal dismissing an appeal preferred by the assessee and agreeing with the views of the cit (a) and the assessing officer that the interest earned by the assessee cannot be taken into account for the purpose of giving ..... . at all the stages inspiration was drawn from the judgment of the apex court in the case of pandian chemicals limited versus cit reported in 2003 (262) itr278sc wherein their lordships held that in extending benefit under section 80hh income arising out of interest should not be taken into account. the aforesaid view was taken because the benefit under section 80hh was ..... ita no.48 of 2006 in the high court at calcutta special jurisdiction (income tax) original side warren tea limited -versuscit-ii, kolkata & anr before: the hon'ble justice girish chandra gupta the hon'ble justice sudip ahluwalia date : 24th july, 2014. appearance: mr.abhratosh .....

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Feb 17 2014 (HC)

Commissioner of Incometax , Kolkatai Vs. M/S. Panorama Developers Pvt. ...

Court : Kolkata

Decided on : Feb-17-2014

..... the simple reason that the basic facts leading to computation of capital gains was not a choice but in accordance with the provision of income tax act, in so far as, the stock in trade could be converted for the purpose of transfer or sale as per the business requirement ..... out that due to inadvertence in the memorandum of appeal particularly in the cause title the name of the appellant has been described as commissioner of income-tax (appeals).she submits that the word appeal was inadvertently added which should be deleted from the cause papers.such prayer is allowed. the department is ..... appeal preferred by the revenue against judgment and order dated 20th april, 2010 passed by the commissioner of income-tax. the facts and circumstances would appear from the judgment of the commissioner of income-tax. the learned cit (appeals) held that for the sake of convenience and at the cost of repetition the facts are that ..... : the hon ble justice girish chandra gupta and the hon ble justice sudip ahluwalia february 17, 2014 ga3281of 2013 itat180of 2013 commissioner of income-tax , kolkata-i versus m/s.panorama developers pvt.ltd.mrs.s.das chandra, advocate for the appellant mr.r.k.biswas, advocate for ..... out of capital gain is essentially a question of fact or a mixed questions of law and fact. both the cit (appeals) and the learned tribunal agreed as regards the fact that the income arose out of capital gain. mrs.das chandra , learned advocate appearing for the appellant/revenue could not point .....

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May 06 2014 (HC)

Maheswar Pramanick and ors. Vs. Chabirani Sadhukhan and ors.

Court : Kolkata

Decided on : May-06-2014

..... the defendants from time to time for the respective years.exhibit c in that regard was relied upon. placing reliance on the record of the income tax department and the notices issued under section 226 (3) of the income tax act, 1961 it was submitted that, the money payable to the original plaintiff lying in the hands of the defendant no.7 was attached by ..... the income tax department. such notices were statutory notices and were marked as exhibits in the proceedings. it was contended that, the statements made by, or recorded or ..... orders passed by the income tax officers were public documents under section 74 of the evidence act, 1872 and reliance was placed on all india reporter 1946 nagpur page 377 (sm. buchibai v. nagpur university) and all india reporter 1940 madras page ..... payment contemporaneously. at least nothing was placed on record to the contrary. on behalf of the defendants section 74 of the evidence act, 1872 was relied upon and in support of the contention that the orders passed by the income tax officers were public documents sm. buchibai (supra) and katikineni venkata gopala narasimha rama rao (supra) were relied upon. the defendants also contended .....

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Jul 22 2014 (HC)

Shikha Holdings Pvt Ltd Vs. Commissioner of Income Tax, Kolkata1, Kolk ...

Court : Kolkata

Decided on : Jul-22-2014

..... profit and not in short term capital gains. the concept of short term capital gains is a valid concept in the eyes of the income-tax act and the act recognises the concept of short term capital assets where short term capital assets are classified as those assets which have been held for less ..... ultimately go through cannot in its entirety be treated as a capital receipt. reference, in this regard, may be made to section 51 of the income tax act, which provides as follows: where any capital asset was on any previous occasion the subject of negotiations for its transfer, any advance or other money ..... of these facts, and the judicial pronouncements discussed above, i therefore, hold that the profit from the sale of shares is to be taxed as income from short term capital gains as shown by the assessee. as a result, these grounds are treated as allowed. the learned tribunal in reversing the ..... order sheet ita no.226 of 2006 in the high court at calcutta special jurisdiction (income tax) original side shikha holdings pvt ltd versus commissioner of income tax, kolkata-1, kolkata before: the hon'ble justice girish chandra gupta the hon'ble justice dr mrinal kanti chaudhuri date : 22nd ..... arising from its business in estates though nonexistent ?. the learned tribunal reversed the order passed by the cit (appeal).he was of the opinion that the profit arising from sale of shares is to be taxed as income arising from short term capital gain for the following, amongst other, reasons. i am, therefore, .....

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