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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: old Court: kolkata Year: 1985 Page 3 of about 140 results (0.086 seconds)

Feb 06 1985 (TRI)

Asimnath Roy Chowdhury Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-06-1985

Reported in : (1985)13ITD351(Kol.)

..... well as share of profit. the firm was a registered firm. the assessee claimed standard deduction under section 16(i) of the income-tax act, 1961 ('the act') against the salary income. the ito has not discussed on this issue.2. the assessee came in appeal before the aac and contended that he was entitled ..... supra). the hon'ble supreme court has observed as follows: a firm is not a legal person even though it has some attributes of personality. in income-tax law a firm is a unit of assessment, by special provisions, but is not a full person. since a contract of employment requires two distinct persons ..... were getting the fixed salary or they indicated that the salary received by them shall be debited to establishment will not change the character of the income which the partner was receiving. the partner was only entitled to profit of the firm. he may get in the shape of interest, commission, ..... the clauses of the partnership deed and referring to sections 40(b) and 67(a) and (b) of the act, he urged that the salary earned by the assessee may be the income of the firm, but it is always in the nature of salary to the partner, and, therefore, the assessee ..... was eligible for standard deduction. he, for this purpose, relied on the decision of the bombay bench of the tribunal in mohamad ibrahim shahdad's case (supra) and the decision of the jaipur bench in chhitermal goyal v. ito [1984] tax .....

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Feb 11 1985 (HC)

Commissioner of Income-tax Vs. Assam Oil Co. Ltd.

Court : Kolkata

Decided on : Feb-11-1985

Reported in : (1985)47CTR(Cal)371,[1985]154ITR647(Cal)

..... the company on the ground of commercial expediency in order to facilitate the carrying on of the business and it was an expenditure allowable under section 37(1) of the income-tax act. it was not an expenditure of a capital nature. the tribunal was justified in declining to add back this item of expenditure to the gross profits.' (d) empire jute co ..... did not confer on the assessee any enduring benefit. the payments were a normal business expenditure and deductible. the appeal was allowed.15. there was a further appeal before the income-tax appellate tribunal by the revenue. in the appeal, it was contended on behalf of the revenue, inter alia, that the question of retrenchment and compensation arose as a result of ..... contentions of the assessee were accepted and the said amount was directed to be allowed as business expenditure of the assessee.13. the revenue preferred a further appeal to the income-tax appellate tribunal. the tribunal remanded the matter directing that the revenue should be given an opportunity to cross-examine the administrative manager of the assessee on the facts stated in ..... been set apart in the accounts of the firm as retrenchment compensation payable to the employees under section 25ff of the industrial disputes act, 1947. the question was whether the said sum constituted an allowable expenditure in computing the income of the firm. in the facts, it was held by the supreme court that the liability which arose on the transfer of .....

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Feb 15 1985 (HC)

Assam Oil Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Feb-15-1985

Reported in : [1987]168ITR159(Cal)

..... two substantial questions of general importance arise from the judgment:' (a) whether a decision of a high court can constitute information within the meaning of section 147(b) of the income-tax act, 1961, when the same is subsequently reversed by the supreme court ?(b) whether in a reassessment under the said section 147(b), the ..... income-tax officer can cover escapement of assessment not related to or connected with the information on which such reopening had been made or with any subsequent information which might have come ..... ]101itr46(guj) ; (d) madras auto service v. ito, : [1975]101itr589(mad) ; (e) new kaiser-i-hind spinning & weaving co. ltd. (in liquidation) v. cit : [1977]107itr760(bom) and (f) r. kuppuswamy mudaliar & sons v. board of revenue (commercial taxes), [1980] 45 stc 152 (mad).3. the pronouncements in the above decisions do not appear to be uniform.4. we certify that this ..... are of general importance. decisions of different high courts relevant to the questions were cited by learned advocate for the assessee as noted hereafter:(a) al. vr. veerappa chettiar v. cit, : [1973]91itr116(mad) ; (b) parshuram pottery works co. ltd. v. d.r. trivedi, wto : [1975]100itr651(guj) ; (c) karamchand premchand pvt. ltd. v .....

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Feb 15 1985 (TRI)

Hanumanmall Bengani Vs. Appellate Controller of Estate

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-15-1985

Reported in : (1985)12ITD37(Kol.)

..... 1. the president under section 63(11) of the estate duty act, 1953, read with section 5a(7) of the indian income-tax act, 1922, has referred the following question for the decision of the third member : whether the multiple to be adopted for the purpose of ..... of a property.therefore, those cases can at best be taken as a guide for determining the yield which could be taken while capitalizing the net rental income of the property.8. therefore, after considering the arguments of the respective parties, case law and the yield prevailing on the various investments, it appears that ..... patevs case {supra). he also referred to the commentary of the learned author, c.a. gulanikar, at page 2.66 of law & practice of gift-tax & wealth-tax, 1984 edition. he further urged that assistance could also be taken from the decision in smt. shanti devi's case {supra). the counsel further stated that if ..... the present case following the special bench decision in biju patnaik v. wto [1983] 3 itd 693 (delhi) (sb) under rule ibb of the wealth-tax rules, 1957. as both the learned members did not agree to a common factor for capitalizing the net rent, the issue has been referred by the president ..... . shanti devi air 1983 sc 1190. he, accordingly, decided that the multiple of 8.5 times should be applied. he also referred to the decision in cit v. smt.vimlaben bhagwandas patel [1979] 118 itr 134 (guj.). the learned judicial member after commenting upon the order of the accountant member and the cases upon .....

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Feb 18 1985 (HC)

Commissioner of Income-tax Vs. Agarpara Co. Ltd.

Court : Kolkata

Decided on : Feb-18-1985

..... is transferred to the profit and loss account; it cannot be said that there has been no remission or cessation of liability of the assessee under the provisions of the income-tax act. when the employer incurs liability on account of bonus that became due to us employees it claims allowance or deduction in respect of such a trading liability even though the ..... . whether a trading liability that was once incurred ceases to exist for the purpose of section 41(1) has to be decided in the light of the provisions of the income-tax act, 1961, and the statute, if any, governing such liability. the assessee who maintains his accounts on the mercantile basis would be entitled to a deduction in respect of bonus in ..... circumstances of the case, the sum of rs. 50,061 representing the amount of unpaid bonus written back in the accounts could be assessed under section 41(1) of the income-tax act, 1961, in the assessment year 1971-72?'2. during the previous year relevant to the assessment year 1971-72, the assessee wrote off liabilities totalling to rs. 84,508.40 ..... pay the amount to the labourers and workmen had ceased by reason of the expiry of the period of three years. the claim of the income-tax authorities was founded on section 10(2) of the indian income-tax act, 1922. according to the assessee, the liability did not cease though the remedy to recover the amount of wages by the labourers and workmen may .....

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Feb 19 1985 (HC)

Indian Explosives Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Feb-19-1985

Reported in : (1985)49CTR(Cal)19,[1985]153ITR340(Cal)

..... been referred to this court by the tribunal for the assessment year 1967-68 under section 18 of the companies (profits) surtax act, 1964, read with section 256(1) of the income-tax act, 1961 :'1. whether, on the facts and in the circumstances of the case, the tribunal was right in holding that ..... original assessment for the assessment year 1967-68 was a mistake apparent from the record and that the income-tax officer had jurisdiction to rectify that mistake under section 13 of the companies (profits) surtax act, 1964, so as to exclude that sum from the capital base?' 2. the facts leading to ..... provision for proposed dividends by the company, were not includible in the computation of the capital base for the purposes of the companies (profits) surtax act, 1964: sundram clayton ltd. v. cit : s.l.p. (civil) nos. 12561-62 of 1982.' we are, however, not impressed by the contention of dr. pal. ..... corporation of india ltd. came up for consideration before this court. the decision of this court is in alkali and chemical corporation of india ltd. v. cit : [1980]122itr490(cal) . in that case, in the original surtax assessment of the assessee-company for the assessment year 1967-68, the ito had ..... was argued that the ito had no jurisdiction to rectify the debatable issue especially when there was a decision of the himachal pradesh high court in cit v. mohan meakin breweries ltd. supporting the assessee's case. the tribunal decided the appeal against the assessee following the order of the tribunal .....

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Feb 20 1985 (HC)

Commissioner of Income-tax Vs. Bank of China (In Liquidation)

Court : Kolkata

Decided on : Feb-20-1985

Reported in : [1985]58CompCas285(Cal),[1985]154ITR617(Cal)

..... situated wholly in india and, therefore, the assessee should have been treated as a resident in india within the meaning of section 6(3)(ii) of the income-tax act, 1961 ?'8. under section 6(3), a non-indian company is said to be resident in india in any previous year if during that year the ..... 5. the aac for the earlier year (1974-75), in disposing of the contention of the assessee, observed as follows :'according to the provisions of the income-tax act, a company can be treated as resident if the control and management of its affairs is situated wholly in india in the accounting year. the affairs of ..... the status of the assessee should be taken as a resident within the meaning of section 6(3)(ii) of the i.t. act, 1961. it was submitted that the income-tax authority was not justified in taking the status of the assessee as non-resident. concurring with the order for the assessment year 1974-75 ..... 83 ; [1876] 1 ex d 428, now thirty years ago, involved the principle that a company resides for purposes of income-tax where its real business is carried on. those decisions have been acted upon ever since. i regard that as the true rule ; and the real business is carried on where the central management and ..... ajit r. sengupta, j.1. the question in this reference under section 256(1) of the i.t. act, 1961, is whether the bank of china (in liquidation) should be assessed to income-tax on the footing that it is a company resident in india.2. by an order of the high court at calcutta dated december .....

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Feb 22 1985 (HC)

K.C. Bose and Co. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Feb-22-1985

Reported in : (1986)52CTR(Cal)88,[1985]156ITR701(Cal)

..... liability of the assessee, payable put of the estate in his hands and was a charge thereon. the assessee's income which included the income from the estate was assessed to income-tax under the indian income-tax act, 1922. the assessee claimed that in computing his income, the monthly amounts paid to his step-mother during the relevant period should be excluded. the question was finally ..... paid under an overriding title in favour of the widow. the appeals of the revenue were accordingly allowed.9. on applications by the assessee under section 256(1) of the income-tax act, 1961, the following question, stated to be a question of law arising out of its order, has been referred by the tribunal to this court for opinion:' whether, on ..... overriding title and obligation created by the charge.12. it was also submitted that the deductions allowable under section 24 of the income-tax act, 1961, were not relevant. the question arose over the concept of real income under section 28 of the act.13. learned advocate for the revenue contended, on the other hand, that the payments in controversy have been found to ..... decided in favour of the assessee in the privy council in an appeal by the assessee. the judicial committee observed as follows (p. 138) : ' when the act by .....

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Feb 23 1985 (TRI)

inspecting Assistant Vs. Goodricke Group Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-23-1985

Reported in : (1985)12ITD1(Kol.)

..... power to review its order. however, according to him, the tribunal has not reviewed its order. it has exercised its power of rectification under section 254(2) of the income-tax act, 1961 ('the act'), judicially. it is pointed out that it is shri bagchi, who is asking the special bench to review the rectifying order dated 29-3-1982 of the bench and ..... finding that provisions of section 44c were not applicable in the instant case and in that view in directing the assessing officer to recompute the total income by excluding disallowance made under section 44c of the income-tax act, 1961.6. the assessee is a non-resident (sterling) company. its registered office is in london (uk). its activities are cultivation and manufacture of tea ..... similar situation had come up for consideration before the supreme court in the case of anglo-french textile co. ltd. v. cit [1953] 23 itr 82. the subject-matter of consideration was section 24(2) of the indian income-tax act, 1922 ('the 1922 act'). the expression, inter alia, used in that sub-section was "and the loss cannot be wholly set off under sub ..... . the provisions of section 44c being applicable from 1-6-1976 whereas the assessee's previous year is calendar year 1976, and being a tea company its income is liable to be taxed under the act to the extent of 40 per cent only, the assessee claimed that for the purpose of computing disallowance, assuming section 44c is applicable, the expenditure requiring consideration .....

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Mar 04 1985 (HC)

Commissioner of Income-tax Vs. KelvIn Jute Co. Ltd.

Court : Kolkata

Decided on : Mar-04-1985

Reported in : (1986)50CTR(Cal)230,[1986]159ITR770(Cal)

..... ajit k. sengupta, j. 1. this is a reference under section 256(1) of the income-tax act, 1961, for the assessment-year 1969-70. for the said assessment year, the assessee claimed development rebate of rs. 2,75,536. the income-tax officer disallowed the assessee's claim as no development rebate reserve had been created. when the matter came up in appeal before the ..... condition for carrying over the development rebate. the tribunal accordingly held that the assessee was entitled to development rebate to be carried over to the following years and directed the income-tax officer to do so. on the aforesaid facts the following questions of law have been referred to this court:'1. whether, on the facts and in the circumstances of the ..... , the assessee should have created development rebate reserve and as that was not done, the assessee was not entitled to the development rebate. he thus confirmed the action of the income-tax officer. the assessee appealed to the tribunal. the tribunal considered the respective contentions of the parties and observed that it had been held by the calcutta high court in the ..... appellate assistant commissioner, it was submitted before him that as there was nil income assessed, no development rebate reserve could be created and the income-tax officer should have computed the develop-ment rebate to be carried forward to be set off against the profits of the future years on the .....

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