Skip to content


Judgment Search Results Home > Cases Phrase: income tax act Sorted by: old Court: kolkata Year: 1985 Page 5 of about 140 results (0.035 seconds)

Apr 02 1985 (HC)

Hindustan Motors Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Apr-02-1985

Reported in : (1986)54CTR(Cal)37,[1985]156ITR223(Cal)

..... sum of rs. 23,600 was allowable out of salary and gratuity paid to sri m.s. rao, an employee of the assessee, under section 40a(5)(c) of the income-tax act, 1961 ?'8. learned advocate for the assessee drew our attention to the relevant sections of the i.t ..... 40a(5)(c)(i) in the case of a former employee applied to the facts of the case.5. the assessee preferred a further appeal against the assessment to the income-tax appellate tribunal. it was contended before the tribunal that the salary paid to the said employee during the previous year was less than rs. 5,000 per month and was ..... up to the limit of rs. 30,000 if paid to an employee at or after his retirement could not be included in the income of the employee as salary under section 10(10)(iii) of the act. sub-sections (1) and (3) of section 17 and section 40a(5)(c) should be read along with section 10(10)(iii) and be ..... employment to the subsequent accounting year to get out of the mischief of the ceiling prescribed under section 40a(5)(c)(i) of the act. this cannot be the intention of the legislature. if a provision of a taxing statute is reasonably capable of more than one interpretation, that interpretation which is favourable and beneficial to the assessee must be accepted, even ..... dipak kumar sen, j. 1. this reference arises out of the income-tax assessment of hindustan motors ltd., calcutta, the assessee, in the assessment year 1974-75, the relevant previous year ending on march 31, 1974.2. one m.s. rao, an employee .....

Tag this Judgment!

Apr 02 1985 (HC)

Commissioner of Income-tax Vs. Ramkumar Agarwalla and Brothers

Court : Kolkata

Decided on : Apr-02-1985

Reported in : [1985]153ITR568(Cal)

..... aforesaid facts, the two questions were referred to this court.5. the supreme court in the case of brij mohan v. cit : [1979]120itr1(sc) held that where a penalty is imposed for concealment of particulars of income, it is the law ruling at the date on which the act of concealment takes place which is relevant. it is wholly immaterial that the ..... rs. 5,27,184 which included the cash deposits held to be not genuine and treated as income from undisclosed sources. the ito initiated proceedings under section 271(1)(c) of the i.t. act, 1961, and referred the matter to the iac for imposition of penalty.3. on appeal against the quantum, the aac accepted the cash credits as genuine excepting ..... to an assessment year in the past. the concealment of particulars of income is effected by the assessee when the return of income was filed. in this case, the return of income was filed on october 17, 1966, and, accordingly, the explanation to section 271(1)(c) of the i.t. act, 1961, introduced with effect from april 1, 1964, will govern this case ..... and in the circumstances of the case and in view of the fact that the return of income was filed after april 1, 1964, the tribunal was right in holding that the provisions of the explanation to section 271(1)(c) of the i.t. act, 1961, introduced with effect from april 1, 1964, cannot be invoked in this case for the .....

Tag this Judgment!

Apr 04 1985 (HC)

West Bengal State Warehousing Corporation Vs. Commissioner of Income-t ...

Court : Kolkata

Decided on : Apr-04-1985

Reported in : [1986]157ITR149(Cal)

..... out such other functions as may be prescribed.' it appears from the records that the assessee made an application on may 23, 1973, under section 264 of the income-tax act before the commissioner of income-tax, west bengal, contending, inter alia, that, the assessee-corporation was formed by the government of west bengal for warehousing facilities, i.e. for storing and marketing ..... said corporation arises from the warehousing charges received from the government and other authorities and that due to their ignorance, the claim under section 83 of the income-tax act, 1961, was not made before the income-tax officer in the course of the proceedings. the said application was, however, rejected and thereafter an application was made by the assessee under section 154. ..... other receipts which cannot be said to be obviously from the letting of godowns, etc., in respect of which exemption would automatically be available under section 83 of the income-tax act, 1961, without the possibility of any dispute or difference of opinion on this point. the tribunal also held that nothing turns on what happened in the subsequent assessment ..... in the circumstances of the case, the appellate tribunal was justified in holding that the claim of exemption under section 83 of the income-tax act, 1961, as it then stood, which was not made before the income-tax officer or before the appellate assistant commissioner in the course of appeal against the assessment order, could not be entertained under section 154 .....

Tag this Judgment!

Apr 04 1985 (HC)

Commissioner of Income-tax Vs. Bharat General and Textile Industries L ...

Court : Kolkata

Decided on : Apr-04-1985

Reported in : (1986)56CTR(Cal)237,[1986]157ITR158(Cal)

..... sought to explain the purpose of such insertion, which reads as follows [1967] 64 itr 109: 'clause 17 seeks to insert a new section 43a in the income-tax act. the proposed section 43a, in substance, secures that where an assessee had acquired any capital asset from a country outside india for the purposes of his business ..... for the fluctuation in the exchange rates being taken into account in arriving at the cost of assets by inserting section 43a in the income-tax act, 1961, by section 17 of the finance (no. 2) act, 1967, with effect from april 1, 1967, would not in any way affect the point in issue which, has to be considered ..... of his workers going on leave the next year cannot be regarded as a permissible expenditure under section 10(2)(xv) of the indian income-tax act, 1922. as a matter of fact, the madhya pradesh high court followed the decision of this court in the case of bengal enamel works ltd. v ..... ajit k. sengupta, j. 1. in this reference under section 256(1) of the income-tax act, 1961, at the instance of the commissioner of income-tax, the following two questions have been referred to this court for the assessment year 1973-74 :'1. whether, on the facts and in the ..... to day fluctuations in the exchange rate. the claim of the assessee for the deduction of the said amount under section 43a of the act has been negatived by the income-tax officer on the ground that the said loss was capital and not revenue in nature because the loss arose in making instalment payments of the .....

Tag this Judgment!

Apr 08 1985 (HC)

Commissioner of Income-tax Vs. Chitranjali

Court : Kolkata

Decided on : Apr-08-1985

Reported in : [1986]159ITR801(Cal)

..... to frame the assessment afresh on the basis of the revised returns in accordance with law after issuing notices under sections 142(1) and 143(3) of the income-tax act, 1961.4. the assessee challenged the said decision of the appellate assistant commissioner before the tribunal. the tribunal after hearing the submissions of the parties observed that the relevant assessment ..... sengupta, j.1. this is a reference under section 256(1) of the income-tax act, 1961.2. the assessment of the assessee, a firm, for the assessment year j 966-67, was completed by the income-tax officer on atotal income of rs. 1,14,017 on the basis of the return of income filed on july 7, 1966. the said assessment was completed by the ..... not have been made at all by the income-tax officer. the income-tax officer has the jurisdiction to assess the income of the assessee under section 143 of the act. in doing so, he may have acted erroneously. the appellate authority can always correct the error committed by the income-tax officer. the tribunal proceeded on the footing that the income-tax officer having completed the assessment ignoring the revised ..... assessee of any default or offence committedwith reference to the original return. as a matter of fact, in this case, the income-tax officer in the course of the assessment initiated penalty proceedings under section 271(1)(c) of the act. an originally filed return is a return in all essential respects and the revised return only cures the defects contained in the .....

Tag this Judgment!

Apr 10 1985 (HC)

Commissioner of Income-tax Vs. Mrs. Hasina Begum (Wife) and ors.

Court : Kolkata

Decided on : Apr-10-1985

Reported in : [1986]158ITR215(Cal)

..... answer to question no. one is in the negative, then on a correct interpretation of the provisions of section 64(iii) of the income-tax act, 1961, the tribunal was justified in holding that the income from property at 19/1, balu hakak lane, was not assessable in the hands of the assessee ?' 2. the facts of this ..... ajit kumar sengupta, j. 1. for the assessment year 1970-71, the tribunal has referred the following questions of law under section 256(1) of the income-tax act, 1961 : ' 1. whether, on the facts and in the circumstances of the case, the tribunal had evidence to hold that the sum of rs ..... she earned the income of rs. 1,50,000 in the course of several years out of the agricultural properties but offered the same for assessment to ..... august 28, 1970: 'i am directed to refer to your letter dated july 13, 1970, in which you have requested the commissioner of income-tax, west bengal-i, calcutta, to intimate the income-tax officer, g-ward, dist. iii(i), to assess you as per your return filed immediately after the settlement and to say that the subject ..... in the total income of the assessee. the two plots of land were acquired at a cost of rs. 28,000 and rs. 14.000 in 1956-57, and thus the total cost of land was rs. 42,000. smt. hasina begum filed a disclosure petition under section 271(4a) of the income-tax act, 1961, stating that .....

Tag this Judgment!

Apr 15 1985 (HC)

Commissioner of Income-tax Vs. Ganga Jamuna

Court : Kolkata

Decided on : Apr-15-1985

Reported in : [1986]157ITR225(Cal)

..... can agitate the ground regarding the registration or continuance of the registration of the firm. the answer to this question depends on the interpretation of the relevant provisions of the income-tax act, 1961. section 246 deals with appeals before the appellate assistant commissioner. it, inter alia, provides as follows :'246. appealable orders.--any assessee, aggrieved by any of the ..... firm registered under the provisions of section 185(1)(a) or under :that provision read with section 184(7).7. the income-tax officer in making an assessment has to determine the status of an assessee. a firm under the income-tax act may be an unregistered firm or a registered firm. therefore, mere determination of the status as 'firm' will not satisfy ..... the requirements of the act. ' where an application for registration has been made or where continuation of registration is sought for, the income-tax officer is duty bound to determine further whether such ..... 1. in this reference under section 256(1) of the income-tax act, 1961, the following question of law has been referred to this court :'whether, on the facts and in the circumstances of the case, the tribunal was justified in confirming the order of the appellate assistant commissioner directing the income-tax officer to grant registration to the firm in an appeal, against .....

Tag this Judgment!

Apr 15 1985 (HC)

Commissioner of Income-tax Vs. MartIn and Harris P. Ltd.

Court : Kolkata

Decided on : Apr-15-1985

Reported in : (1985)49CTR(Cal)34,[1985]154ITR460(Cal)

..... being aggrieved, the assessee preferred an appeal before the aac who sustained the addition.4. there was a further appeal by the assessee to the income-tax appellate tribunal. it was contended on behalf of the assessee before the tribunal, inter alia, that :(a) any profit accruing or any loss ..... on march 31, 1954, the profits of the assessee arising in pakistan converted in rupees at the prevailing exchange rates were included in the assessee's total income in india. on august 8, 1955, pakistan devalued its currency. thereafter, during the accounting periods relevant to the assessment years 1957-58 and 1959-60, ..... relevant year ion account of devaluation. the tribunal deleted the addition.8. on an application of the revenue under section 256(1) of the i.t. 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 ..... of 1his country vis-a-vis the currency of a foreign country cannot be treated as taxable trading profit or deductible trading loss, as devaluation is an act of state executed under its sovereign power de hors the trade or business. (b) a profit arising from devaluation can only be regarded as capital profit ..... in our view, the question is of substance and concerns international finance and commerce. let a certificate be issued under section 261 of the i.t. act, 1961. let the order for issuance of such certificate be drawn up separately.21. there will be no order as to costs.ajit k. sengupta, .....

Tag this Judgment!

Apr 18 1985 (TRI)

Amiya Kumar Tarafdar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Apr-18-1985

Reported in : (1985)14ITD172(Kol.)

..... developing machine from india photographic co.ltd., bombay, through state bank of india, park circus branch, calcutta. the assessee was allowed the investment allowance under section 32a of the income-tax act, 1961 ('the act') at rs. 82,433. the commissioner after the completion of the assessment found that the assessee should not have been allowed the investment allowance for the assessment year 1980 ..... , etc., required by a company is a business which consists wholly of 'manufacture of goods' within the meaning of clause (ii) of explanation 2 to section 23a of the indian income-tax act, 1922. the word 'manufacture' appearing in section 32a has not been defined in a different manner. therefore, the meaning of the words 'manufacture of any article or thing' will be ..... subjected to such manufacture. in this case, there is no such processing involved, which alone would entitle the assessee to the granting of investment allowance under section 32a of the income-tax act, 1961 and, in the circumstances, i hold that the assessee-firm's claim for investment allowance on the assets in question should not be considered at the time of making ..... well as the arguments of the authorised representatives on behalf of the assessee, as carefully stated above. in regard to the granting of investment allowance under section 32a of the income-tax act, 1961, the primary condition that has to be satisfied is that the new machinery or plant installed after the 31st day of march, 1976 is to be engaged for the .....

Tag this Judgment!

Apr 18 1985 (TRI)

Arrah-sasaram Light Railway Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Apr-18-1985

Reported in : (1985)14ITD399(Kol.)

..... resolved for members' voluntary winding up and two liquidators were appointed accordingly. it is stated that a notice under section 178 of the income-tax act, 1961 ('the act') was given to the ito who, however, did not respond. in the course of beneficial winding up of the affairs of the company ..... following grounds : (1) no valid assessment can be made in view of change of law to section 140(c). (2) the income-tax officer has not intimated anticipated tax liability under section 178(2). (3) the assessee contended, under the laws of the country, a company in liquidation has no affairs ..... in his directions under section 144a. the ito followed those directions as best as he could. following those directions the ito arrived at an income with a variation of more than rs. 1 lakh. in such circumstances, he clearly came within the purview of section 144b which directs him ..... introduced anew concept of issue of a draft order by the ito to the assessee setting forth additions proposed to be made to the returned income followed by consideration of assessee's objection and issue of directions by the iac. on the aforesaid examination of the provisions of the two sections ..... both the provisions cannot be independently applied in a given case, particularly when the latter section starts with the expression 'notwithstanding anything contained in this act'. the variation, in the instant case, having exceeded the limit of rs. 1 lakh, had the interpretation of the authorised representative been accepted .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //