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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: old Court: kolkata Year: 1985 Page 2 of about 140 results (0.039 seconds)

Jan 24 1985 (HC)

Commissioner of Income-tax Vs. Calcutta Steel Co. Ltd.

Court : Kolkata

Decided on : Jan-24-1985

Reported in : (1985)48CTR(Cal)146,[1985]153ITR488(Cal)

..... various provisions in the act as well as its scheme. section 113 of the income-tax act, 1961, corresponded to section 17(1) of the indian income-tax act, 1922, but that section has now been omitted with effect from april 1, 1965, as a result of the finance ..... case, the tribunal was correct in holding that there was no mistake apparent from the record with the meaning of section 154 of the income-tax act, 1961, and in that view cancelling the amendment order made by the income-tax officer under the said section ?'2. the facts which are admitted and/or found by the appellate tribunal incorporated in the statement of case ..... . a decision on a debatable point of law is not a mistake apparent from the record--see sidhramappa andannappa manvi v. commissioner of income-tax : [1952]21itr333(bom) . the power of the officers mentioned in section 154 of the income-tax act, 1961, to correct 'any mistake apparent from the record' is undoubtedly not more than that of the high court to entertain a writ ..... , in section 2(31), the expression ' person ' is defined differently... it is a matter for consideration whether the definition contained in section 2(31) of the income-tax act, 1961, is an amendment of the law or is merely declaratory of the law that was in force earlier. to pronounce upon this question, it may be necessary to examine .....

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Jan 24 1985 (HC)

Commissioner of Income-tax Vs. United Supply Agency (P.) Ltd.

Court : Kolkata

Decided on : Jan-24-1985

Reported in : [1985]155ITR262(Cal)

..... , on the facts and in the circumstances of the case, remuneration paid to the manager could be allowed under section 37(1) of the income-tax act, 1961, for all the assessment years 1967-68, 1968-69 and 1969-70 2. whether, on the facts and in the circumstances of ..... the act. in the statement of the case also, the tribunal referred to the provisions of section 40(c ..... be considered in the light of the provisions of section 40(c) of the act. although the first question referred to us relates to the allowance of the remuneration under section 37(1) of the act, the income-tax authorities and the tribunal proceeded to consider the allowance under section 40(c) of ..... the assessee and so the interest on borrowed capital for the construction of the house property was not an admissible expenditure in computing the business income of the assessee. he calculated proportionate interest at 12% per year on the funds invested in the construction of house properties and disallowed the ..... building but merely an investment and the assessee company by letting out the house property derived rental income assessable as income from house property under section 23. under section 36(1)(iii) of the act, interest on capital borrowed for the purpose of business is allowable as business expenditure. the test .....

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Jan 28 1985 (HC)

Gora Chand Sen Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jan-28-1985

Reported in : [1985]154ITR435(Cal)

..... the circumstances of the case, the tri-was right in holding that section 26 of the income-tax act, 1961, did apply to the facts of the case of the assessee and that the income-tax officer was justified in law to have taken half share of the property income in the hands of the assessee ?'2. the question relates to the assessment years 1970-71 ..... , in favour of the department and against the assessee. there will, however, be no order as to costs.7. to avoid double taxation of the same income, we direct that the commissioner of income-tax shall forthwith cancel the assessments made in respect of the income now in dispute in the status of an association of persons and make adjustment or refund of the ..... shares, i. e., 50% each. the shares are thus definite and ascertainable under section 26 of the i.t. act. the ito, however, assessed the income from this property in the status of an association of persons. in normal course they paid the taxes for the years as and when the demands were raised. subsequently while dealing with the individual assessment of the ..... . atchaiah v.. ito : [1979]116itr675(ap) . these cases are distinguishable. none of them considered the effect of section 26 of the i.t. act. they proceeded on the basis that the ito has option to assess the income either in the hands of an individual or in the hands of a firm or a huf or association of persons. in that event .....

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Jan 28 1985 (TRI)

Surendra Nath Malhotra (Huf) Vs. Gift-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Jan-28-1985

Reported in : (1985)13ITD499(Kol.)

..... the partial partition effected on 9-9-1971 and in respect whereof an order had also been passed by the ito under section 171 of the income-tax act, 1961 ('the 1961 act'), the property worth lakhs of rupees was left with the bigger-huf of shri h.l. malhotra.4. on 11-10-1974, the karta of ..... three daughters.2. the assessee is a huf. for the assessment year 1975-76, the gto issued a notice under section 16(1) of the gift-tax act, 1958 ('the act'). in response to that notice the assessee filed a return of gifts disclosing the value of gifts at rs. 3 lakhs. the assessee, however, claimed that ..... that without prejudice to the above, the learned commissioner (appeals) erred in not adjudicating on ground no. 3 relating to misapplication of section 6a of the gift-tax act, 1958, on the facts and in the circumstances of this case.the above ground does not arise out of the order of the commissioner (appeals). the assessee ..... 53,225 or any part thereof, have been rightly included in the 'net wealth' of the applicant under section 4(1)(a)(iii) of the wealth-tax act 38. it was held by their lordships that there was nothing which the minor daughters had done in return for the creation of the said trust by the ..... contended that it would be a case of deemed gift either under clause (a) or clause (b) of section 4(1) of the wealth-tax act, 1957 ('the 1957 act'), as the expenses required to be incurred on the education of the three daughters would be much less than the amount of money transferred to them.17 .....

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Jan 28 1985 (HC)

Shri Loknath Chowdhury Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jan-28-1985

Reported in : (1986)50CTR(Cal)340,[1985]155ITR291(Cal)

..... to be established that the sum added in the assessment is income of the assessee. but in view of the explanation, a ..... made tinder section 69, such addition is deemed to be the income of the assessee for the purpose of levy of penalty. but when an addition is made under section 68 of the act and such addition is charged to income-tax as income of the assessee, it will not be deemed to be the income for the purpose of the levy of penalty. it has ..... . 611);'it appears to us, however, that section 69 of the i.t. act, 1961, makes the unexplained investment to be the income of the assessee and that position has to be accepted in the penal proceedings because that has been confirmed though for a reduced amount by the income-tax appellate tribunal in the quantum appeal which will be deemed to be the ..... 80% of the total income finally assessed. so the ito, according to the tribunal, was correct in applying the explanation to section 271(1)(c) of the act as it stood before its amendment by the taxation laws (amendment) act, 1975.4. the tribunal further observed that the principles laid down in the case of rahmat development & engineering corporation v. cit : [1981]130itr602(cal .....

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Jan 31 1985 (HC)

Commissioner of Income-tax Vs. Birla Cotton Spinning and Weaving Mills ...

Court : Kolkata

Decided on : Jan-31-1985

Reported in : [1985]155ITR448(Cal)

..... was right in cancelling the orders of penalty for the assessment years 1966-67 and 1968-69 passed by the income-tax officer under section 273 of the income-tax act, 1961 ?' 11. in this case, penalty was imposed under section 273(a) of the act. the learned counsel appearing for the revenue has submitted that the facts and circumstances of this case fully justified the ..... partner after the approval of the company law board received after the expiry of the relevant accounting year. accordingly, the share income of the firm could not be included in her estimate of advance tax under section 212(3) of the act. the tribunal rejected the said plea and held that the assessee might have had some doubt on her mind but that ..... ) was lawful. 14. the next decision cited is in the case of united asian traders ltd. v. cit : [1970]77itr711(cal) . there, the assessee filed estimates of advance tax under section 18a(2) of the indian i.t. act, 1922, showing nil income and also showing the advance tax payable as nil for the accounting years 1958-59 and 1959-60. for one year, the ..... of sugar. its previous year for the assessment year 1971-72 ended onaugust 31, 1970. it paid advance tax as demanded by the ito under section 210 of the i.t. act, 1961, on an income of rs. 5.44 lakhs. the last instalment of advance tax was paid on january 15, 1971. on may 7, 1971, the books of account of the assessee .....

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Feb 04 1985 (HC)

Bharat General and Textile Industries Ltd. Vs. Commissioner of Income- ...

Court : Kolkata

Decided on : Feb-04-1985

Reported in : (1986)53CTR(Cal)418,[1985]153ITR747(Cal)

..... computing the capital employed for granting deduction under section 80j of the income-tax act, 1961, the value of assets should be taken at the written down value and not at the original cost to the assessee ? 4. ..... on freight, loading charges, insurance, etc., incurred in connection with the export business, were not entitled to weighted deduction under section 35b of the income-tax act, 1961? 3. whether, on the facts and in the circumstances of the case, the tribunal was right in holding that for the purpose of ..... is entitled to depreciation and depreciation has been allowed in computing the profits or gains from the industrial undertaking, for the purpose of determining the income-tax liability, the value of the capital assets should be taken as the written down value. the profits and gains of the industrial undertaking are ..... amount of capital employed during the previous year);...... (2) the deduction specified in sub-section (1) shall be allowed in computing the total income in respect of the assessment year relevant to the previous year in which the industrial undertaking begins to manufacture or produce articles or to operate its ..... underlined by us in sub-clause (iii) of section 35b(1)(b) of the act as it stood originally. the said words came up for consideration before the madras and madhya pradesh high courts. in the case of cit v. kasturi palayacat co. : [1979]120itr827(mad) , the madras high court took .....

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Feb 05 1985 (HC)

Commissioner of Income-tax Vs. P.N. Mukherjee

Court : Kolkata

Decided on : Feb-05-1985

Reported in : [1986]157ITR82(Cal)

..... the government for construction of a polytechnic institute at maldha. as no books of account were maintained by the assessee, the income-tax officer proceeded with the computation invoking section 145 of the income-tax act, 1961. after including a sum of rs. 13,027 to the total receipts, he applied a rate of 13.7 ..... the case, the tribunal was right in holding that in computing the assessee's business income on estimate, a flat rate of profit should be applied not on the ..... had been correctly excluded from the gross receipts as calculated by the income-tax officer.' 4. on the aforesaid facts, at the instance of the revenue, the following question of law has been referred to this court under section 256(1) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of ..... per cent. on the total receipts of rs. 4,06,572 subject to a deduction of depreciation on trucks. gross income prior to the adjustment of ..... the government was to give credit therefor at fixed rates at which they were supplied by the government. after rejecting the book results, the income-tax officer sought to estimate the profits of the assessee at a percentage of the net cash payments received by the assessee against the contracts as well .....

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Feb 05 1985 (HC)

Commissioner of Income-tax Vs. A.V. Joshi and Sons

Court : Kolkata

Decided on : Feb-05-1985

Reported in : [1986]158ITR71(Cal)

..... of disclosures made by the partners ?2. whether, on the facts and in the circumstances of the case and in view of the provisions of section 40(b) of the income-tax act, 1961, the tribunal was right in law in allowing the interest paid by the assessee-firm to its partners ?'4. it is well settled that under the general law, a ..... accounts in the garb of inclusion of the interest on bogus hundi loans amounting to rs. 34,895 in pursuance of the reassessment proceedings under section 147(a) of the income-tax act, 1961, was unjustified (sic).'he, therefore, deleted the said addition.2. the department preferred an appeal before the tribunal. the tribunal followed its order in ..... on appeal. before the income-tax officer, it was stated by the assessee that the hundi loans were ..... came into the possession of the income-tax officer that the said hundi loans were not genuine and fictitious. accordingly, the assessment was reopened under section 147(a) of the income-tax act, 1961 ('the act'). in response to the notice under section 148 of the act, the assessee filed a return showing total income of rs. 99,113 being the income determined in the original assessment as modified .....

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Feb 05 1985 (TRI)

income-tax Officer Vs. Gopalpur Tea Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-05-1985

Reported in : (1985)12ITD259(Kol.)

..... 4,07,776 paid by the assessee was not deductible in terms of section 34 of the payment of bonus (amendment) act, 1977, and section 36(1)(ii) of the income-tax act, 1961 ('the act'). he, therefore, disallowed this claim.2. on appeal before the commissioner (appeals), the assessee relied upon the decision of the ..... referred to section 31a and stated that the additional payment was made under section 31a of the payment of bonus act, 1965 and, therefore, it was allowable under section 36(1)(ii) of the income-tax act.8. the controversy about the allowability of the additional bonus of rs. 4,07,776 paid at the ..... as under: (1) the deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28-- (ii) any sum paid to an employee as bonus or commission for services rendered, where such sum would not have ..... the employees. the extra amount paid, therefore, was in the business interest of the assessee and was rightly held as allowable in computing the business income of the assessee on grounds of commercial expediency in terms of section 37(1). section 36(1)(ii) did not come into play as the ..... all workmen. the ito disallowed the incentive bonus as, according to him, the amount paid was in excess of the admissible amount under the payment of bonus act. he, accordingly, disallowed the excess which came to rs. 36,826. the commissioner (appeals) held that the excess amount paid was in fact 'incentive .....

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