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Judgment Search Results Home > Cases Phrase: income tax act Court: kolkata Year: 2015 Page 1 of about 97 results (0.032 seconds)

Feb 06 2015 (HC)

C. I. T. Kolkata Ii Vs. Orient Paper and Industries Ltd.

Court : Kolkata

Decided on : Feb-06-2015

..... for the purposes of the business and was not in the nature of capital expenditure or personal expenses of the assessee. the amount was deductible under section 37 of the income-tax act, 1961. mr.chowdhury, learned advocate appearing for the appellant did not dispute the correctness of the opinion expressed by the madhya pradesh high court. in that view of the matter ..... .das, learned advocate appearing for the assesseerespondent drew our attention to a judgment of the madhya pradesh high court in the case of hindustan electro graphites ltd.versus commissioner of income-tax reported in (1996) 218 itr688wherein the following views were taken; held, that the expenditure did not result in any gain to the assessee and did not enhance the value ..... the deputy commissioner of income tax(appeal-iv) whereby the deputy commissioner of income tax(appeal-iv) set aside the disallowance by the assessing officer the claim of the respondent/assessee on account of vrs payments as revenue expenditure?. b) whether ..... i.t.(appeals).the revenue has once again come up in appeal proposing the following questions; a) whether in the facts and in the circumstances of the case, the learned income tax tribunal erred in law in not appreciating that the payments under vrs inures long term advantage to the assessee having capital expenditure in nature and in confirming the order of .....

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Mar 23 2015 (HC)

Dynamic Foundations Pvt. Ltd. Vs. Commissioner of I.Tax I, Kolkata

Court : Kolkata

Decided on : Mar-23-2015

..... radhey lal reported in (1969) 73 itr652wherein the following opinion was expressed : held, (i) that, at the relevant time, under the income-tax act, 1922, issue of bonus shares by capitalisation of the accumulated profits was not treated as distribution of dividend; and it was well settled ..... case of madan gopal radhey lal (supra).therefore, the loss suffered by the assessee is a capital loss as rightly held by the assessing officer, cit (appeal) and the learned income tax appellate tribunal. therefore, the second question is answered in the affirmative. for the aforesaid reasons, the appeal is dismissed. (girish chandra gupta, j ..... the damage so that the loss can be passed on as a business loss. in the facts of the case, the assessing officer, cit (appeal) and the learned income tax appellate tribunal have unanimously held that the loss was capital loss and not a revenue loss. it is this order which is under challenge ..... holding of equity capital by a shareholder were, in the absence of any express provision to the contrary, liable to be treated as capital and not income. the bonus shares, by the mere fact that they were received by the assessees in respect of their stock-in-trade, and as accretion thereto ..... order sheet ita270of2004in the high court at calcutta special jurisdiction (income tax) original side dynamic foundations pvt.ltd.versus commissioner of i.tax - i, kolkata before: the hon'ble justice girish chandra gupta the hon'ble justice arindam sinha date : 23rd march, 2015. for .....

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Sep 04 2015 (HC)

Shyam Burlap Company Ltd. Vs. Commissioner of Income Tax, Centrali , K ...

Court : Kolkata

Decided on : Sep-04-2015

..... /15 and 26/6/15 judgment on : 4th september, 2015 soumitra pal, j.:- this appeal, under section 260a of the income tax act, 1961 (for short the act ).has been preferred by the appellant against the order dated 14th december, 2004 passed by the income tax appellate tribunal, kolkata in ita nos.1276 (kol) of 2004 for the assessment year 1996-97. the appeal was admitted ..... is out of place in tax law; a particular income is either exigible to tax under the taxing statute or it is not. if it is not, the income-tax officer has no power to impose tax on the said income. had there been an ..... conduct of the appellant cannot be called approbate and reprobate since in cit v. v.mr.p.firm, muar (supra) it was held that as in the case of estoppel, it cannot operate against the provisions of a statute. if a particular income is not taxable under the income-tax act, it cannot be taxed on the basis of estoppel or any other equitable doctrine. equity ..... assessee to take the plea that the figure in his return is not taxable under the act and law empowers the assessing officer to asssess the income of an assessee in accordance with law and to determine tax accordingly. therefore, an assessing officer has to assess the income of an assessee after considering whether the figure in the return is taxable or not and .....

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Sep 15 2015 (HC)

M/S. Jalan Distributors Pvt. Ltd. Vs. Commissioner of Income Tax, Kolk ...

Court : Kolkata

Decided on : Sep-15-2015

..... mr.a.samanta,advocate for respondent/revenue : mr.m.p.agarwal,advocate soumitra pal, j:the court : this appeal under section 260a of the income tax act, 1961 preferred against the order dated 15th october, 2004 passed by the income tax appellate tribunal, c bench, kolkata for the assessment year 1998-99 was admitted on the following substantial question of law: whether on the facts ..... one and the rent was fixed at of rs.9,000/-. for the assessment year 1998-99, the appellant filed return of income showing the total income of rs.78,208/-. the case was processed under section 143(1) of the income tax act, 1961. subsequently, the case was selected for scrutiny. accordingly notices under section 143(2) and 142(1) were issued and served ..... on the appellant. the appellant appeared for hearing before the deputy commissioner of income tax and filed details. on 30th march, 2001, the deputy commissioner of income tax passed an order under section 143(3) ..... the contrary the ingredients for claiming the deduction u/s.36(1)(iii) of the act was present in the instant case and further the requirements for claiming the said deduction was satisfied by the assessee and whether the decision arrived at by the hon ble income tax appellate tribunal by ignoring the same and without arriving at an independent finding as to .....

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Feb 02 2015 (HC)

G. M. Foods and Another Vs. Income Tax and Wealth Tax Settlement Commi ...

Court : Kolkata

Decided on : Feb-02-2015

..... 071 on 30th december, 2014 following the said order is also set aside. the proceeding before the principal bench of the settlement commission was under section 245 [6b].of the income tax act, 1961. the commission has committed a very serious error. it is also in gross breach of judicial discipline. i will now recount the reasons. before the commission, the judgment ..... date of the order under section 245d(1) as held in the case of brij lal. interest is also to be charged on the income determined by the commission it its order under section 245d(4) of the income tax act, 1961 in confirmity with the special bench s order dated 12.11.2014 therefore, the order of the special bench of the commission ..... dated 12th november, 2014 and that of the additional bench, kolkata dated 30th december, 2014 are quashed and set aside. the settlement commission (income tax & wealth tax).additional bench, kolkata is directed to ..... the standard fixed under the act is one that is certain. if it is varied to any extent, the certainty of a general standard would be replaced by the vagaries of a fluctuating standard. the disadvantages of the resulting unpredictability, uncertainty and impossibility of arriving at fair and consistent decisions are great. the settlement commission (income tax & wealth tax).additional bench, kolkata made a .....

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Feb 18 2015 (HC)

The Peeless General Finance and Investment Co Ltd Vs. The Commissioner ...

Court : Kolkata

Decided on : Feb-18-2015

..... of2003 i) whether on the facts and in the circumstances of the case and on a correct interpretation of sections 80 and 139 of the income tax act, 1961, the income tax appellate tribunal c bench, kolkata misdirected itself in law in confirming that the assessee company was not entitled to carry forward and set off ..... i) whether on the facts and in the circumstances of the case and on a correct interpretation of sections 80 and 139 of the income tax act, 1961, the income tax appellate tribunal c bench, kolkata misdirected itself in law in confirming that the assessee company was not entitled to carry forward and set off ..... the facts and in the circumstances of the case, the tribunal was justified in law in holding that the provisions contained in section 80 of the income tax act, 1961 are substantive in nature ?. iii) whether on the facts and in the circumstances of the case, the tribunal was justified in law in holding ..... the facts and in the circumstances of the case, the tribunal was justified in law in holding that the provisions contained in section 80 of the income tax act, 1961 are substantive in nature ?. iii) whether on the facts and in the circumstances of the case, the tribunal was justified in law in holding ..... transport co.p.ltd.was rendered without having to deal with two provisions namely sub-section 3 of section 139 and section 80 of the income tax act. sub-section 3 of section 139 provides as follows : (3)if any person who has sustained a loss in any previous year under .....

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Mar 09 2015 (HC)

Commissioner of Income Tax, Kolkataiv, Kolkata Vs. M/S. Carbon Corpora ...

Court : Kolkata

Decided on : Mar-09-2015

..... gunny bags is an independent income and, therefore, is squarely within the mischief of explanation (baa) under sub-section (4c) of section 80hhc which provides as follows ..... , etc., which formed part of the gross total income, the same had to be reduced by 90 per cent as contemplated in clause (baa) to arrive at business profit. therefore, the said processing charges were includible in the total turnover in the formula under section 80hhc(3) of the income-tax act. he contended that income from sale of scrap or empty oil drums or ..... . mr.somak basu, adv.for the respondent. the court: the subject matter of challenge in this appeal is a judgement and order dated march 10, 2004 passed by the learned income tax appellate tribunal. aggrieved by the order, the revenue has come up in appeal. the following two questions have been suggested by the appellant: i) whether, on the facts and in ..... deleting the disallowance of rs.1,54,245, being presentation articles, under rule 6b of the income-tax rules, 1962. ii) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was correct in allowing deduction under section 80hhc of the incometax act, 1961, without reducing the profits of the business by 90% of the miscellaneous receipts amounting to .....

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Mar 23 2015 (HC)

M/S Binani Cement Ltd., Kolkata Vs. Commissioner of Income Tax, Kolkat ...

Court : Kolkata

Decided on : Mar-23-2015

..... cotton and flour mills pvt.ltd.on a similar question the said court held: the system of re-opening of accounts does not fit in with the scheme of the income-tax act. as far as receipts are concerned there can be no re-opening of accounts, and the position is the same in respect of expenses . mr.r.n bandopadhyay, learned advocate ..... the order of cit (a) held that the expenditure incurred in the earlier years could not be deducted in the year under consideration. aggrieved by the order of the learned ..... self- evident the high court was fully justified in declining to accede to the prayer made under section 66 (2) of the income-tax act, 1922. section 10 (2) (xv) of the old act corresponds to section 37 (1) of the present act. our above conclusion is fortified by the view expressed by the supreme court in the said decision. for the aforesaid reasons the ..... revenue against an order passed by cit (a) by which the cit (a) had held that when construction/acquisition of new facility is abandoned at the work-in-progress stage, the expenditure does not result in an enduring advantage and such expenditure, when the same is written off, has to be allowed under section 37 of the income tax act, 1961. the learned tribunal reversing .....

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Apr 08 2015 (HC)

C. I. T. Kolkata Ii Vs. Williamson Magor and Co. Ltd.

Court : Kolkata

Decided on : Apr-08-2015

..... .00 for the assessment year 1999-2000 on account of interest made by the assessing officer proportionately on prorata basis and confirmed by the commissioner of income tax (appeals) under section 36(1)(iii) of the income tax act, 1961 being the interest under charged by the respondent/assessee to the extent of 5% on borrowed capital given on loan to its associate concerns following ..... year 1999-2000 under voluntary retirement scheme ignoring the board circular dated 23rd january 2001 referred to by the assessing officer and the provisions made under section 35dda of the income tax act, 1961 and without considering the enduring nature of respondent/assessee?. benefit therefrom derived by the h) whether in the facts and in the circumstances of the case, the learned ..... used by the respondent/assessee for its business so as to eligible for the deduction under section 36(1)(iii) of the said act?. c) whether in the facts and in the circumstances of the case, the learned income tax tribunal erred in law in deleting the disallowance of rs.3,75,000.00 during the assessment year 1998-1999 being the expenditures ..... income tax tribunal erred in law in deleting the estimated disallowance of proportionate interest of rs.2,00,98,622 with reference to section 36(1)(iii) of the said act during the year 1998-99 on borrowed capital for the purpose of determining the .....

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Aug 12 2015 (HC)

Commissioner of Income Tax, Kolkata 3, Kol. Vs. Pataka Iindustries Pr ...

Court : Kolkata

Decided on : Aug-12-2015

..... profit/dividend to the shareholders ?. relying on the application for stay, it is submitted by mr.bandyopadhyay, learned advocate for the appellant, in the proceedings under section 154 of the income-tax act, 1961 it was found by the assessing officer that as per schedulea annexed to the balance sheet of the assessee, the entire amount of rs.6,46,95,525/- was ..... of the case and in law the itat was not justified in accepting the contention of the assessee with regard to the applicability of sections 36 and 43b of the income tax act, 1961 and thereby whether it was not justified in allowing the commission of rs.4,26,08,574/- which the assessee has never claimed in its profit and loss account ..... is not permissible for an order under section 154 wherein and whereby the ao disallowed rs.4,26,08,574/- under section 43b read with section 36(1) of the income tax act on the ground that the said amount was shown as a current liability in the accounts of the assessee and were actually not paid ?. 2. whether on the facts and ..... .khaitan,sr.advocate mr.s.das,advocate the court : this application has been filed praying for admission of an appeal under section 260a of the income-tax act, 1961 against the order dated 21st november, 2014 passed by the income tax appellate tribunal, b bench, kolkata in ita no.1450/kol/2011 (dcit, central circleviii, kolkata versus m/s.pataka industries pvt.ltd., kolkata) for .....

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