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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: old Court: kolkata Year: 1985 Page 10 of about 140 results (0.136 seconds)

Aug 16 1985 (HC)

Macneill and Barry Limited (Now Known as Macneill and Magor Ltd.) Vs. ...

Court : Kolkata

Decided on : Aug-16-1985

Reported in : (1986)51CTR(Cal)293,[1986]158ITR374(Cal)

..... was extinguished by the allotment of the shares, the debt could not be treated as a bad debt and allowed as such under section 36 of the income-tax act, 1961.20. learned advocate for the revenue also submitted that to ascertain the amount of debt discharged, the rate of exchange as prevailing on may 3 ..... a bad debt or business loss.12. at the instance of the assessee, the tribunal has referred the following questions in income-tax reference no. 88 of 1978 under section 256(1) of the income-tax act, 1961, as questions of law arising from its order for the opinion of this court i '1. whether, on ..... no. 98 of 1981, the tribunal has referred the following questions pursuant to the directions of this court under section 256(2) of the income-tax act, 1961 :'1. whether the tribunal's finding that the shares of 'rivers' allotted to the assessee on december 23, 1967, could not ..... year, the assessee wrote off in its books the amounts advanced to the managed company and claimed deduction of the same from its taxable income unsuccessfully before the income-tax officer, the appellate assistant commissioner and the tribunal. on a reference, the bombay high court held that though the loans could be held to ..... the facts and in the circumstances of the case, the bad debt of rs. 28,52,010 is allowable as a deduction either as a bad debt or as business loss in computing the assessee's total income .....

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Aug 19 1985 (HC)

Commissioner of Income-tax Vs. Macneill and Berry Ltd.

Court : Kolkata

Decided on : Aug-19-1985

Reported in : [1986]158ITR385(Cal)

..... rs. 47,367 was incurred wholly and exclusively for the purpose of the assessee's business and was an allowable one under section 37 of the income-tax act, 1961 ?'9. at the hearing, learned advocate for the revenue submitted that the entire transaction between the assessee, its principal, the company and ..... deduction of legal charges of rs. 49,367 and allowed the appeal.8. on an application of the revenue under section 256(1) of the income-tax act, 1961, the tribunal has referred the following question as a question of law arising out of its order for the opinion of this court:'whether ..... section, expenditure, even though not directly related to the earning of income, may be admissible for deduction. in particular, expenditure on civil litigation commenced ..... in court did not make any difference. (b) sree meenakshi mills ltd. v. cit : [1967]63itr207(sc) . this decision was cited for the observations made by the supreme court in construing section 10(2)(xv) of the indian income-tax act, 1922, as amended in 1939. the supreme court held that under the said ..... on the basis of the above findings.4. from the order of the appellate assistant commissioner, the assessee preferred a further appeal to the income-tax appellate tribunal.5. the tribunal found that rs. 33,49,366 was due to the assessee from the company which had suffered heavy loss .....

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Aug 19 1985 (HC)

Kalyan Sen Vs. Gift-tax Officer and ors.

Court : Kolkata

Decided on : Aug-19-1985

Reported in : [1987]164ITR565(Cal)

..... petitioner was right in his contention that the officer who was in charge of the assessment of the petitioner under the income-tax act, the wealth-tax act and the gift-tax act, thought it fit not to proceed against the petitioner under the gift-tax act with full knowledge of the facts. the officer now in charge of the case of the petitioner has taken a different view ..... under the gift-tax act. full particulars of the share transfers were provided by the petitioner to the officer-in ..... these transactions did not come within the mischief of the gift-tax act, he did not file any return of gift for the assessment year 1967-68. 8. the petitioner's case is that the income-tax officer, 'a' ward, district 111(3), calcutta, had jurisdiction over the petitioner's income-tax and wealth-tax matters and as such had also jurisdiction over the petitioner's case ..... -charge of his case and were accepted in the wealth-tax assessment of the petitioner.9. the petitioner was not .....

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Aug 23 1985 (TRI)

income-tax Officer Vs. Halmira Estate Tea (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Aug-23-1985

Reported in : (1986)15ITD287(Kol.)

..... year was due on 31-7-1978. the assessee filed the return on 31-7-1980. the assessee did not pay the 'self-assessment tax' under section 140a of the income-tax act, 1961 ('the act') before filing the return. that tax was paid on 22-8-1980. the ito asked the assessee to show cause as to why it should not be penalised under section ..... 140a(3). the assessee replied that it could not pay the tax earlier due to lack of funds. the ito did not find the above explanation ..... to have been paid towards such regular assessment. (3) if any assessee fails to pay the tax or any part thereof in accordance with the provisions of sub-section (1), the income-tax officer may direct that a sum equal to two per cent of such tax or part thereof, as the case may be, shall be recovered from him by way of penalty ..... is made terminates both the defaults and so it is not necessary for our present purpose to refer to that date.) the scheme of the act is quite clear. an assessee can delay in making the payment of the tax due by him to the exchequer either by delaying the filing of the return or by delaying the payment of the admitted .....

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Aug 30 1985 (TRI)

income-tax Officer Vs. Gwalior Webbing Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Aug-30-1985

Reported in : (1986)15ITD282(Kol.)

..... assessment year 1980-81 in the case of the assessee-company stated at the end of the assessment order 'add: interest under section 215 of the income-tax act, 1961--rs. 30,178'. the said order of the ito was challenged in appeal along with other grounds before the commissioner (appeals), who held ..... that an appeal against that order under section 215 of the income-tax act, 1961 ('the act') though not specifically provided for in section 246 of the act was maintainable in view of the judgment of the calcutta high court in the case of cit v. anglo indian jute mills co. ltd. [1980] 124 itr 384 ..... the duty to charge interest under the circumstances mentioned in sections 215 and 217 of the act, but the ito has the discretion to waive or reduce such interest in the circumstances mentioned in rule 40 of the income-tax rules, 1962. such discretion, in our opinion, in the facts and circumstances of ..... the ito charging interest under section 215 is maintainable when the objection has been taken along with other objections as to the amount of income assessed or the amount of tax determined. even according to the judgment of the hon'ble calcutta high court in the case of karam chand thapar & bros.(p.) ..... . he further found that under the facts and circumstances of the case, the ito should have waived interest under rule 40 of the income-tax rules .....

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Sep 04 1985 (HC)

Commissioner of Income-tax Vs. Davidson of India (P.) Ltd.

Court : Kolkata

Decided on : Sep-04-1985

Reported in : (1986)55CTR(Cal)238,[1986]161ITR407(Cal)

..... mad) . in this case, the assessee was engaged in a priority industry, being manufacturing of forgings and stampings for automobile parts and claimed relief under section 80e of the income-tax act, 1961, on profit arising on sale of import entitlements obtained on export of its manufacture. it was held by a division bench of the madras high court following the ..... hearing, learned advocate for the revenue contended that import entitlement was itself a benefit conferred by another statute. the assessee should not be allowed a further benefit under the income-tax act in respect of profits arising from sale of such entitlement. he contended further that import entitlement could arise from export of different types and had no particular relation to export ..... at the material time, the assessee carried on the business, inter alia, of manufacture of tea garden machinery, a priority industry within the meaning of section 80e of the income-tax act, 1961. on export of machinery manufactured by it, the assessee became entitled to and obtained import entitlements which were sold during the relevant assessment year. the assessee contended that the ..... ]122itr660(cal) . in this case, the assessee was carrying on business as a manufacturer ofaluminium which was a priority industry within the meaning of section 80-i of the income-tax act, 1961. in the said business, the assessee procured funds, a part of which became a surplus. the said surplus was invested for a short period and earned interest. .....

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Sep 06 1985 (TRI)

Brooke Bond India Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Sep-06-1985

Reported in : (1986)15ITD508(Kol.)

..... appeal has been filed by the assessee against the order dated 11-11-1983 of the commissioner passed under section 263 of the income-tax act, 1961 ('the act') for the assessment year 1978-79.2. by this order, the commissioner has set aside the entire assessment and directed the assessing ..... commissioner in his order dated 11-11-1983. the commissioner has stated that section 125a(4) of the act stipulates that where ah iac exercises the functions of an ito, any reference, in the act or the income-tax rules, 1962 ('the rules') to the ito shall be construed as reference to the iac. further, ..... order dated 19-11-1981 is bad and without jurisdiction since the said assessment order was passed by the inspecting assistant commissioner of income-tax and not by an income-tax officer.shri p.t. sanyal urged before us that the commissioner did not have any jurisdiction to revise under section 263 an order ..... (3) of the act on 19-11-1981.3. shri p.t. sanyal, the learned representative for the assessee, took us through the first of the 10 grounds taken in this appeal which reads as below ; that the order under section 263 passed by the learned commissioner of income-tax, in respect of ..... which the amendment would come into force. alternatively, the legislature sometimes expressly states that the clarification shall be deemed to be existing always in the act right from the beginning. in the absence of any such express legislation, he urged that the amendment will take effect only from the date from .....

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Sep 19 1985 (TRI)

Off-shore India Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Sep-19-1985

Reported in : (1986)15ITD549(Kol.)

..... before us that the short issue that is raised in this appeal is whether the case of the assessee is hit by the explanation to section 73 of the income-tax act, 1961 ('the act') or the case of the assessee is saved by one or the other of the two exceptions staled in the said explanation. he took us through the said explanation ..... before us was ground no. 3 which reads as below : without prejudice to the above, the commissioner (appeals) erred in upholding the application of explanation to section 73 of the income-tax act, 1961, to the appellant's case and in treating the loss as 'speculation loss' on the facts and in the circumstances of the case.3. dr. d. pal, the learned ..... the help of the setting off provision. if one looks at the income from money-lending business alone on the ground that the said amount is chargeable to tax because the loss from the share dealing business was not chargeable to tax nor could be set off then, the gross total income of the assessee chargeable under the head 'profits and gains of business ..... or profession' becomes much more than that chargeable under the head 'income from other sources'. consequently, the case of the assessee goes out of section 109(ii). in this .....

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Sep 25 1985 (HC)

Oriental Rubber Works Vs. Income-tax Officer and ors.

Court : Kolkata

Decided on : Sep-25-1985

Reported in : [1987]166ITR387(Cal)

..... certain books and documents under the provisions of the income-tax act.2. by an order dated march 25, 1966, the income-tax officer, 'f' ward, district iv(3), calcutta, assessed the income of the assessee for the said assessment year under section 43 of the income-tax act, 1961, computing the total taxable income at rs. 10,86,483.3. the income-tax officer also found that the assessee had concealed ..... xvii, calcutta, thereafter, issued a notice under section 274 read with section 271 of the income-tax act, 1961, dated february 28/29, 1968, to the assessee as follows:'whereas the income-tax officer, spl. circle-vii, calcutta, has, under sub-section (2) of section 274 of the income-tax act, 1961, referred your case to me in connection with the penalty proceedings under clause (c) of ..... any such order is made under section 271(1)(c).' 6. on march 27, 1968, the inspecting assistant commissioner of income-tax, range xvii, calcutta, passed an order under section 274(2) read with section 271(1)(c)(iii) of the income-tax act, 1961, imposing on the assessee a penalty of rs. 7,97,654. it was recorded in the said order that ..... its income and issued a notice under section 274 read with section 271 of theincome-tax act, 1961, as follows:dated: march 24, 1966.'m/s. oriental rubber works,171a, .....

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Sep 30 1985 (HC)

Satya Dulal Singha Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Sep-30-1985

Reported in : [1987]165ITR135(Cal)

..... required for business purposes of the assessee or that there was any agreement to pay such interest.6. on an application by the assessee under section 256(2) of the income-tax act, 1961, the tribunal was directed by this court to refer the following questions, as questions of law arising from the order of the tribunal, for the opinion of this court ..... of rs. 80,000 remained deposited in the business.4. for the assessment year 1973-74, the corresponding accounting year ending on june 30, 1972, the assessee was assessed to income-tax. a sum of rs. 6,000 was credited by the assessee in the said assessment year to his mother and unmarried sisters by way of interest on the said rs ..... ,000. the assessee claimed deduction of the said rs. 6,000 in the computation of his taxable income. the claim was disallowed by the income-tax officer.5. on appeal, the appellate assistant commissioner confirmed the disallowance and on further appeal by the assessee, the income-tax appellate tribunal also upheld the disallowance on the ground that the assessee could not produce evidence to show ..... benefit of his widowed mother and unmarried sisters in a fiduciary capacity and a constructive trust arises in favour of the latter under the relevant provisions of the indian trusts act, 1882.10. the assessee undoubtedly had the benefit of the said amount and the right of user thereof in his business where the amount was retained and the assessee became .....

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