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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: old Court: kolkata Year: 1978 Page 1 of about 240 results (0.128 seconds)

Jan 03 1978 (HC)

Commissioner of Income-tax Vs. Bhowanipur Motor Accessories Agency P. ...

Court : Kolkata

Decided on : Jan-03-1978

Reported in : [1978]113ITR703(Cal)

..... ground the estimates cannot be challenged, such estimates can be taken to be commercial or real profits of the assessee for making an order under section 23a of the indian income-tax act, 1922.'20. from the various decisions, as noted above, the position in law appears to be clearly settled and the tribunal is directed to consider the same and decide whether ..... was not justified in the facts and circumstances of the case, if the principle for imposing penalty as laid down in the proceedings under section 271(1)(c) of the income-tax act, 1961, was applied.11. from the order of the tribunal, the following questions have been referred :'1. whether, on the facts and in the circumstances of the case, the tribunal ..... , 25,088 and it was held that the assessee should have distributed dividends to the extent of 60% of that sum. an additional super-tax of rs. 9,283 was accordingly imposed under section 104 of the income-tax act, 1961, in the form then in force.6. there were appeals from the order of assessment and the order under section 104 to the ..... of penalty and the onus was on the revenue to show that the assessee had concealed or had deliberately furnished inaccurate particulars of his income.9. in the appeal against the order passed under section 104 of the income-tax act, 1961, it was contended before the tribunal on behalf of the assessee that because of the smallness of its profits it could not .....

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Jan 05 1978 (HC)

Commissioner of Income-tax Vs. Longview Tea Co. Ltd.

Court : Kolkata

Decided on : Jan-05-1978

Reported in : [1978]113ITR515(Cal)

..... ,08,325 relating to the calendar year 1947 in the assessment year 1950-51 ' 7. the supreme court noted the relevant parts of section 10 of the indian income-tax act, 1922, as follows : section 10(2)(x) : ' any sum paid to an employee as bonus or commission for services rendered, where such sum would not ..... actuarial principles, there was no reason why it should not be taken into account in arriving at true profits and gains under the income-tax act. 13. mr. pal next cited a decision of this court in the case of textile machinery corporation ltd. v. commissioner of wealth ..... sen, j. 1. this reference under section 66(1) of the indian income-tax act, 1922, is at the instance of the commissioner of income-tax, west bengal-ii, and arises out of the assessment of longview tea company ltd., the assessee, for the assessment year 1961-62, the ..... a statutory obligation. if that is so, this liability is at par with any other liability, may be contractual liability as in calcutta co. ltd. v. commissioner of income-tax : [1959]37itr1(sc) or statutory obligation as in kesoram industries & cotton mills ltd. : [1966]59itr767(sc) . we agree that the argument of mr. sen ..... the liability could properly be attributed to. 10. mr. bagchi also cited other decisions which are chronologically as follows : (a) new victoria mills co. ltd. v. commissioner of income-tax : [1966]61itr395(all) . in this case, the allahabad high court followed swadeshi cotton and flow mills p. ltd. : [1964]53itr134(sc) , and added that, .....

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Jan 10 1978 (HC)

Commissioner of Income-tax Vs. Chloride and Exide Batteries P. Ltd.

Court : Kolkata

Decided on : Jan-10-1978

Reported in : [1978]114ITR142(Cal)

..... of rs. 12,500 to the daughter of the deceased and claimed deduction of this amount in its assessment for the assessment year 1965-66 under section 37 of the income-tax act, 1961. the tribunal held that the payment was an admissible expenditure under section 37. on a reference, the gujarat high court applied the tests laid down in gordon woodroffe leather ..... manufacturing co. : [1962]44itr551(sc) was applied and it was held that this payment of gratuity was not allowable as a deduction under section 10(2)(xv) of the indian income-tax act, 1922.(c) teekoy rubbers (india] ltd. v. state of kerala : [1966]60itr350(ker) . in this case, a sum of rs. 15,000 was paid to the widow of the superintendent ..... of rs. 40,000 paid to the employee on his retirement from the services of the assessee was not an admissible deduction under section 10(2)(xv) of the indian income-tax act, 1922.17. it was contended on behalf of the assessee that the said sum had been paid as a matter of commercial expediency and in the interest of the assessee ..... in gordon's case : [1962]44itr551(sc) and was admissible as a deduction under section 37 of the income-tax act, 1961, corresponding to section 10(2)(xv) of the earlier act of 1922.26. we do not find any basis for the finding of the income-tax officer that this payment was not exclusively out of business consideration. the contention of mr. sengupta that the .....

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Jan 13 1978 (HC)

Commissioner of Income-tax Vs. Rajasthan Investment Co. (P.) Ltd.

Court : Kolkata

Decided on : Jan-13-1978

Reported in : [1978]113ITR294(Cal)

..... . mr. bagchi faintly sought to argue that in the instant case the interest receivable should have been taxed under section 5 of the income-tax act, 1961. in support of his contentions mr. bagchi cited a decision of the supreme court in the case of commissioner of income-tax v. a. krishnaswami mudaliar : [1964]53itr122(sc) , where the supreme court laid down that whatever be the ..... in its account with interest and claiming deductions therefor and concluded that the change of the method of accounting of the assessee was intended only to avoid taxes. accordingly, the income-tax officer added to the income of the assessee all interest receivable by it in all the said years.7. being aggrieved, the assessee appealed to the appellate assistant commissioner, who concurred ..... with the decision of the income-tax officer in the appeals relating to the first three assessment years and confirmed the addition; but in the appeal relating to the assessment year 1971-72 the appellate assistant commissioner ..... even where a cash system of account is followed, section 5 of the act could be applied and any item brought to tax on accrual basis. in any event this new case was never agitated at any earlier stage and on the authority of the supreme court in commissioner of income-tax v. kirkend coal co. : [1969]74itr67(sc) , we do not feel inclined .....

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Jan 13 1978 (HC)

Commissioner of Income-tax (Central) Vs. Shyamlal Bhuwalka

Court : Kolkata

Decided on : Jan-13-1978

Reported in : [1978]113ITR127(Cal)

..... of mr. suhas sen, learned counsel for the revenue, before us was that this trust should be deemed to bo revocable within the meaning of section 16 of the indian income-tax act, 1922, inasmuch as the settlement contained a provision which gave the settlor a right to reassume power directly over the assets of the trust and, therefore, in computing the total ..... sen, j.1. this reference under section 66(1) of (be indian income-tax act, 1922, is at the instance of the commissioner of income-tax (central), calcutta, and arises out of the income-tax assessment of shri shyamlat bhuwalka, the assessee, in the assessment year 1957-58.2. the facts found and/or admitted arc, inter alia, as follows. the assessee is an individual. ..... favour of the assessee. at the behest of the revenue, we make it clear that this decision is confined to the interpretation of section 16(1)(c) of the indian income-tax act, 1922, and not the provisions of the later act of 1961. there will be no ordcr as to costs.c.k. banerji, j.21. i agree. ..... disposition whether revocable or not, and whether effected before or after the commencement of the indian income-tax (amendment) act, 1939 (vii of 1939), from assets remaining the property of the settlor or disponer, shall be deemed to be income of the settlor or disponer, and all income arising to any person by virtue of a revocable transfer of assets shall be deemed to be .....

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Jan 13 1978 (HC)

Commissioner of Income-tax (Central) Vs. Soorajmul Nagarmall

Court : Kolkata

Decided on : Jan-13-1978

Reported in : [1978]115ITR514(Cal)

..... arisen under the same head and such profits and losses fell under the business income which had to be computed under section 10(1) of the act. section 14(2)(c), which we have noticed, provided, for exemption from tax on income and profits and gains arising in the indian states and in that section there ..... was contended that the loss of rs. 1,24,132 had to be separately considered and allowed as deduction in cornputing the income under section 10 of the act. the aac rejected this contention. there was an appeal to the tribunal. the tribunal held that under section 14(2)(c) of ..... profits and gains in the business has been made exempt under clause (c) of sub-section (2) of section 14 because the said sub-clause in the said section provides that no tax shall be payable in respect of any income or gain accruing ..... . the entirety of the income arising as ..... was no reservation. in thisconnection, emphasis may be laid on the use of the expression ' any ' in sub-clause (c) of sub-section (2) of section 14 of the act .....

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Jan 16 1978 (HC)

Union of India (Uoi) Vs. Sikri and Sons

Court : Kolkata

Decided on : Jan-16-1978

Reported in : 82CWN519,[1978]112ITR529(Cal)

..... against the order of the presidency divisional commissioner.2. on march 26, 1969, the income-tax officer, companies district iv, calcutta, ' m ' ward, forwarded a certificate for the recovery of advance tax from the opposite party under section 222(1) of the income-tax act, 1961, hereinafter referred to as the act, for the sum of rs. 6,926 in respect of the financial year corresponding ..... to the assessment year 1967-68. the certificate was issued by the income-tax officer as the opposite party defaulted to pay the ..... said sum of money on account of advance tax. the opposite party opposed ..... the certificate proceeding by a petition of objection. it was, inter alia, contended by him that the income-tax officer had no jurisdiction to issue the certificate or to realise advance tax under the provisions of the act. by his order dated april 8, 1969, the income-tax officer overruled the said contention and rejected the petition of objection. the commissioner, presidency division, on .....

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Jan 16 1978 (HC)

Commissioner of Wealth-tax Vs. B.N. Chowdhury

Court : Kolkata

Decided on : Jan-16-1978

Reported in : [1978]112ITR725(Cal)

..... 's wife and children. the questions which arose in that case were whether the provisions of section 16(3)(b) of the indian income-tax act, 1922, were applicable in cases of such transfers and if not, whether the income arising from the properties given in trust by the assessee to his brother for the benefit of the latter's wife and minor children ..... )(b) of the indian income-tax act, 1922. therefore, following the ratio of the judgment in the above case of a. n. chowdhury [1969] 71 itr 326, we answer question no. 1 in the reference under section ..... was chargeable to income-tax in the hands of the assessee.6. this court held that section 16(3)(b) of the indian income-tax act, 1922, was not attracted in the facts and, therefore, the income of the wifeand minor child of the assessee's brother was not chargeable to ..... tax in the hands of the assessee.7. we find that section 4(1)(a)(iii) of the wealth-tax act, 1957, is in pari materia with section 16(3 .....

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Jan 18 1978 (HC)

Commissioner of Income-tax (Central) Vs. Model Manufacturing Co. (P.) ...

Court : Kolkata

Decided on : Jan-18-1978

Reported in : [1980]122ITR767(Cal)

..... was cited by mr. pal for the following observation of the supreme court (p. 72): ' but in a reference under section 66 of the indian income-tax act, 1922, only the question which was either raised or argued before the tribunal may be answered, even if the language of the question framed by the ..... the case, the tribunal was right in directing the income-tax officer to allow interest of rs. 70,875 and rs, 1,48,116 against its income from 'other sources' for the assessment years 1962-63 and 1963-64, respectively, under section 57 of income-tax act, 1961 '2. the admitted facts and the facts ..... court approved ormerods (india) p. ltd. : [1959]36itr329(bom) in the following language (p. 652): ' in ormerods (india) p. ltd. v. commissioner of income-tax : [1959]36itr329(bom) , the bombay high court allowed certain sums of money paid as interest on borrowed capital for the purchase of shares and held that the word ' ..... sen, j.1. this is a consolidated reference under section 256(1) of the i.t. act, 1961, at the instance of the commissioner of income-tax (central), calcutta, and arises out of the assessment of the model ., the assessee, for the assessment years 1962-63 and ..... income. (d) cit v. jagmohandas j. kapadia : [1966]61itr663(bom) . in this case the assessee, a registered firm carrying on business as share and stock-brokers, borrowed on an overdraft account, paid interest on the said account in the assessment year in question, and claimed a deduction under section 12(2) of the indian i.t. act .....

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Jan 18 1978 (HC)

Commissioner of Income-tax Vs. Eastern Bengal Jute Trading Co. Ltd.

Court : Kolkata

Decided on : Jan-18-1978

Reported in : [1978]48CompCas262(Cal),[1978]112ITR575(Cal)

..... sabyasachi mukharj, j. 1. in this reference under section 256(2) of the income-tax act, 1961, the tribunal has referred the following question as directed by this court i ' whether, on the facts and in the circumstances of the case, ..... facts and circumstances of the case, the tribunal held that the assessee could elect to be assessed on the basis of cash system of accounting and directed the income-tax officer to make the assessment on that basis. there was evidence upon which the3. tribunal could come to this conclusion. the findings of the tribunal have ..... was right in holding that the assessee could elect to be assessed on the basis of the cash system of accounting aud in directing the income-tax officer to make assessment on the basis.' 2. we are concerned in this reference with the assessment year 1966-67. the assessee is a company. its ..... this reference is whether the assessee was entitled to change the method and insist oa being assessed on the cash basis. under section 291 of the companies act, the directors have power to change the method of accounting by themselves. the tribunal has discussed the evidence and found that there was no mala fide motive ..... income was mainly derived from interest. it had some dividend income also. the accounting year under consideration ended on the 30th june, 1965. the directors passed a resolution on the 28th march, 1965, .....

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