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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: old Court: kolkata Year: 1985 Page 6 of about 140 results (0.057 seconds)

Apr 18 1985 (TRI)

Magor Holdings Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Apr-18-1985

Reported in : (1985)14ITD176(Kol.)

..... , took the net capital gain of rs. 33,287. it would be relevant to mention at this stage that during the year under appeal, section 2(42a) of the income-tax act, 1961 ('the act') was inserted with effect from 1-4-1974 defining 'short-term capital asset'.the definition indicates that the short-term capital asset means a capital asset held by an ..... ] 102 itr 287, urged that the supreme court in this decision indicated that section 34(1)(b) of the indian income-tax act, 1922 ('the 1922 act')/147(a) of the 1961 act is applicable where in the original assessment the income liable to tax has escaped assessment due to oversight, inadvertence or a mistake. however, the decision of the supreme court on this issue was reconsidered ..... in indian & eastern newspaper society v. cit [1979] 119 itr 996. the supreme court in its decision in indian & eastern newspaper society's case (supra ..... ) did not approve that section 34(1)(a) of the 1922 act .....

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Apr 22 1985 (HC)

Commissioner of Income-tax Vs. Indian Iron and Steel Co. Ltd.

Court : Kolkata

Decided on : Apr-22-1985

Reported in : [1985]156ITR314(Cal)

..... decision in the case of howrah trading company limited : [1959]36itr215(sc) and held as follows (headnote) : ' tax being charged by section 3 of the indian income-tax act, 1922, upon dividend income and not being excluded under section 4(3), such income would be chargeable to income-tax under the act in the hands of the person to whom it accrues or by whom it is received. a ..... section in respect of the income received through the trust ' 2. the facts which are admitted and/or found by the tribunal are stated hereinafter. 3. in the ..... : ' 1. whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that the income received by the assessee through the trust was an income by way of dividend within the meaning of section 80m of the income-tax act, 1961 ' 2. without prejudice to question no. 1, whether, on the facts and in the circumstances of the case ..... , and on a correct interpretation of section 80m of the income-tax act, 1961, the assessee was entitled to the deduction under the said .....

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Apr 22 1985 (HC)

Commissioner of Income-tax Vs. Smt. Dipali Goswami

Court : Kolkata

Decided on : Apr-22-1985

Reported in : (1986)51CTR(Cal)139,[1985]156ITR36(Cal)

..... from the pension fund.15. we are, however, unable to accept the contention of mr. naha. under article 18(b) of the privileges and immunities act, salary payable to officials covered by the said act is exempt from income-tax. if a person retires, he ceases to be an official of the united nations. thus, strictly speaking, the benefit of article 18(b) could ..... :'............apart from salary received by the employees of the united nations organisation or any person covered under the u.n. (privileges and immunities) act, 1947, pension received by them from the u.n. will also be exempt from income-tax.'14. the question, however, is when the pension is received by the widow of an employee who died in harness, can it be ..... and 17 by way of an inclusive definition. salary for tax purposes includes any pension. section 15 enumerates the income which shall be chargeable to income-tax under the head ' salaries '. section 16 provides that ..... because salary itself is exempt under the provisions of the privileges and immunities act then, on a parity of reasoning, pension receivable by a widow of an employee of the united nations who died in harness should also be exempt from income-tax.17. section 17(1) of the i.t. act, 1961, defines the expression 'salary 'for the purpose of sections 15, 16 .....

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Apr 25 1985 (HC)

Controller of Estate Duty Vs. J.N. Elias and ors.

Court : Kolkata

Decided on : Apr-25-1985

Reported in : (1986)53CTR(Cal)28,[1986]157ITR352(Cal)

..... this case, the tribunal was right in holding that the profits or gains arising from the sale of the goodwill would not be charged to tax under the head 'capital gains' under section 45 of the income-tax act, 1961 ?'8. strangely enough, neither the revenue nor the accountable person pointed out before the tribunal that that was not the question on which rule ..... arriving at the net income from the property. as regards capitalisation, the tribunal followed the multiplying factor of 12'5 which was adopted in the case of sri elias. the ..... .5 adopted by the tribunal for wealth-tax purposes. thus, he determined the value of the property at rs. 5,15,000.3. on second appeal, the tribunal accepted the estimation of ground floor rent of rs. 950 per month as reasonable. it also held that collection charges and repairs as laid down in the income-tax act must be taken into account for ..... controller. on the other hand, he held taking due note of the order of the tribunal in the wealth-tax assessment fixing the rental of the ground floor at rs. 950 per month as reasonable. he has computed the net annual rental income from the property at rs. 36,800 after allowing 1/3rd of gross rent for outgoing and applying the .....

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Apr 26 1985 (TRI)

income-tax Officer Vs. Pratappur Sugar and Industries

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Apr-26-1985

Reported in : (1985)13ITD753(Kol.)

..... filed by the department, there is a mistake apparent on record inasmuch as the provision of sub-section (5) of section 37 of the income-tax act, 1961 ('the act') concerning the guest-house expenses have not been considered while disposing of the appeal by the revenue. it is stated that the above sub-section ..... circumstances that the learned members have stated their point of difference as under; whether, sub-section (5) inserted in section 37 of the income-tax act, 1961 by the finance act, 1983, with retrospective effect from 1-4-1979 will apply to the present case the president having assigned the case under section 255(4 ..... section 37(3). it is evident that the tribunal has not taken note of the insertion of sub-section (5) in section 37 by the finance act, 1983, with retrospective effect from 1-4-1979.2. subsequently, shri k. subbarao, the senior authorised representative for the department, filed a miscellaneous application ..... word 'expenditure' would have to be genuine and that it should be lawful. sub-section (5) of section 37 has been introduced by the finance act, 1983, with retrospective effect from 1-4-1979, for the purpose of removal of doubts. it was declared that any accommodation maintained by the assessee ..... consists of a number of provisions which are effective from the date itself. the finance act, 1983 is reported in 142 itr (st.) 13, the relevant provision is at p. 20. the madras high court decision in the case of cit v. best & co. (p.) ltd. [1979] 119 itr 830 is relied .....

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Apr 27 1985 (TRI)

M.L. Rawat Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Apr-27-1985

Reported in : (1985)14ITD278(Kol.)

..... by the order of the tribunal in the main appeal the case having been assigned by the president to himself under section 255(4) of the income-tax act, 1961 ('the act'), the matter has come up before me as a third member.5. shri n.k. poddar, the learned counsel for the assessee, has ..... that the assessee may have been misled in assuming that the claim for interest or part thereof would be allowed by the tribunal against the dividend income and labouring under that misapprehension did not address any further argument on the matter. though it was wrong on the part of the assessee to have ..... impliedly mean that part of the loans was utilised for the purpose of investment. the assessee's claim that interest to this extent against the dividend income was again not specifically considered by the aac but his ground raised as a whole was rejected. nearly the same is the conclusion of the tribunal ..... contention had been that the loans were admittedly used for the purpose of his profession and, consequently, no interest could be allowed as a deduction against dividend income. i am slightly doubtful over the correctness of this part of the conclusion. the relevant discussion in the ito's order reads as under : 'the ..... the tribunal, admittedly, does not have the power to review its order. thus, the power to rectify its order under section 254(2) of the act can be assumed only where the orders suffer from glaring and obvious mistakes of facts or law or both. both the learned members are agreed that the .....

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May 02 1985 (HC)

Commissioner of Income-tax Vs. National Insurance Co. Ltd.

Court : Kolkata

Decided on : May-02-1985

Reported in : (1986)54CTR(Cal)172,[1986]159ITR314(Cal)

..... of the items to be included in the annual accounts under the insurance act. the dividend income forms part of the total income of the assessee under the insurance act read with section 44 of the income-tax act. such dividend income as computed by the income-tax officer in accordance with the provisions of the income-tax act qualifies for relief under section 80m. thus, under section 80aa, deduction ..... a mutual insurance company or by a co-operative society, shall be computed in accordance with the rules contained in the first schedule.'7. the first schedule to the income-tax act, 1961, provides the manner of computation of profits and gains from insurance business. part b is concerned with insurance business other than life insurance business. in part b, ..... the circumstances of the case, the tribunal was justified in holding that the assessee company which carried on business in general insurance and was assessable under section 44 of the income-tax act, 1961, was entitled to relief under section 80m ? 2. whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that ..... under section 80m.9. in the case of an insurance company, in view of section 44 of the income-tax act, 1961, notwithstanding anything to the contrary contained in the provisions of the income-tax act relating to the computation of income chargeable under the head ' income from other sources ', the profits and gains of any business of insurance shall be computed in accordance with .....

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May 06 1985 (HC)

Commissioner of Income-tax Vs. M. Nath

Court : Kolkata

Decided on : May-06-1985

Reported in : [1986]158ITR78(Cal)

..... this court:'whether, on the facts and in the circumstances of the case, the tribunal is justified in holding that section 52(2) of the income-tax act, 1961, was not applicable ?'6. section 52(1) provides us follows :'where the person who acquires a capital asset from an assessee is ..... is a reference under section 256(2) of the income-tax act, 1961. this reference relates to the assessment year 1964-65.2. on appeal, before the appellate assistant commissioner, it was urged that no intention to avoid or reduce the appellant's tax liability was made out in this case. the transfer was ..... are firstly, that there should be a direct or indirect connection between the person who acquires the capital asset and the assessee. secondly, the income-tax officer should have reason to believe that the transfer was effected with the object of avoidance or reduction of the liability of the assessee to ..... was made with the object of avoidance of liability under section 45. the appellate assistant commissioner agreed with this argument and observed that the income-tax officer had brought on record no material to substantiate that the transaction was effected with the object of avoidance or reduction of liability under section ..... 45. he, therefore, cancelled the income-tax officer's order in respect of capital gains.3. before the tribunal, no serious argument was made in regard to the applicability of section 52(1) of the act. the tribunal held that in the absence of any evidence .....

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May 06 1985 (HC)

Commissioner of Income-tax Vs. E.W. Stevens Co. Ltd.

Court : Kolkata

Decided on : May-06-1985

Reported in : (1986)55CTR(Cal)28,[1986]158ITR235(Cal)

ajit k. sengupta, j. 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 right in holding that ..... agreement dated december 19, 1961.3. the dispute before the tribunal was in regard to an additional liability arising from the devaluation of indian currency on june 6, 1966. the income-tax officer disallowed the said additional liability due to devaluation of indian currency on june 6, 1966, amounting to rs. 57,103 because, in his opinion, the said sum represented a ..... was actually made by the assessee in respect of the said liability during the year under consideration and as the assessee had only made a provision in its accounts, the income-tax officer was correct in not allowing the deduction claimed by the assessee.5. the tribunal considered the contentions of the assessee as well as the department at length. the tribunal ..... fact found by the tribunal, the question in this reference has to be answered in the light of the principles laid down by this court in bestobell (india) ltd. v. cit : [1979]117itr789(cal) . there this court held thus (at p. 802):'we are unable to accept the contention of the revenue that notionally the expenditure, if any, incurred by or .....

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May 06 1985 (HC)

Commissioner of Income-tax Vs. Birla Bros. P. Ltd.

Court : Kolkata

Decided on : May-06-1985

Reported in : [1987]165ITR586(Cal)

..... the circumstances of the case, the tribunal was correct in holding that the assessee was entitled to the relief under section 80-o of the income-tax act, 1961, although the approval of the central government for the agreement between the assessee-company and the foreign company was not accorded before the 1st ..... tribunal has referred the following two questions :'1. whether on a correct interpretation of the provisions of section 80-o of the income-tax act, 1961, and on the facts and in the circumstances of the case, the tribunal was correct in holding that the provisions of section 80-o ..... of the income-tax act, 1961, requiring that the approval of the central government for the agreement with the foreign company shall be obtained before the 1st october ..... section 256(1) of the income-tax act, 1961, for the assessment years 1963-64 and 1964-65, 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 right in holding that the income-tax officer was not justified in including ..... sutlej cotton mills ltd., pakistan, in the assessment of the assessee ?'2. this question was concluded by the judgment dated december 17, 1974, income-tax reference no. 369 of 1970 (cit v. stria bros. private ltd. : [1987]165itr588(cal) ). following the said decision, we answer this question in the affirmative and in .....

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