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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: old Court: kolkata Year: 1985 Page 7 of about 140 results (0.059 seconds)

May 08 1985 (TRI)

income-tax Officer Vs. Belliss and Morcom

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : May-08-1985

Reported in : (1985)14ITD361(Kol.)

..... challenging the order of the learned commissioner (appeals) deleting the imposition of penalty by the ito amounting to rs. 24,183 in terms of section 271(1)(c) of the income-tax act, 1961 ('the act') in respect of the assessment year 1978-79.2. the circumstances in which the aforesaid penalty came to be levied may be noted. the assessee-company derives ..... . the said explanation reads as under: where in respect of any facts material to the computation of the total income of any person under this act,- (a) such person fails to offer an explanation or offers an explanation which is found by the income-tax officer or the appellate assistant commissioner to be false, or (b) such person offers an explanation which he is ..... for expenses of rs. 41,875 on account of special commission (as alleged), the assessee is guilty of concealment of particulars of income in the matter of reducing its income by the said amount and, consequently, reducing its liability for income-tax thereon and the provisions of section 271(1)(c) read with explanation 1 are clearly attracted.4. the assessee challenged the above ..... not able to substantiate, then, the amount added or disallowed in computing the total income of such person as a result .....

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May 09 1985 (TRI)

income-tax Officer Vs. Raneegunge Coal Association Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : May-09-1985

Reported in : (1985)14ITD313(Kol.)

..... -company was engaged in coal mining business, it had installed new plant and machinery and as a result, it became entitled to development rebate under section 33 of the income-tax act, 1961 ('the act'). the development rebate which was admissible in the assessment year 1972-73 was not allowed by the revenue and the same remained unabsorbed and in the assessment year 1979 ..... above, was no doubt divested of the colliery business but the fact- remains that it continued to be in existence and was also having income from some other sources. under clause 3 of the coal mines (nationalisation) act, 1973, the right, title and interest of the assessee-company in relation to the coal mine(s) owned by it vested in the government ..... , i think the assessee is entitled to set off the unabsorbed development rebate relating to the assessment year 1972-73 against income computed for the assessment year 1979-80. in this context, i should also mention that the provisions of the act appear to be in favour of the assessee and even assuming there is some ambiguity, the interpretation favourable to the ..... development rebate should be carried forward from the assessment year 1972-73 and should be adjusted with the income for the assessment year 1979-80, now under appeal. meanwhile, the coal mining business of the assessee-company was nationalised by the coal mines (nationalisation) act, 1973, and the assessee, thus, stood stripped of the colliery business though it did not become defunct .....

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May 13 1985 (HC)

Commissioner of Income-tax Vs. Sulekha Works (P.) Ltd.

Court : Kolkata

Decided on : May-13-1985

Reported in : [1985]156ITR190(Cal)

..... the circumstances of the case, the tribunal is right in holding that no penalty is imposable under section 271(1)(a) of the income-tax act, 1961, on the ground that no tax was payable by the assessee on the date of imposition of penalty ? 2. whether, on the facts and in the circumstances of ..... right in holding that the assessee had reasonable cause in notfiling the return of income within fthe time allowed by section 139(1) ofthe income-tax act, 1961?' 6. the first question is concluded by the decision of this court in the case of cit v. chhortky [1976] 2 clj 152. following the said decision, we answer ..... the first question in the negative and in favour of the revenue.7. we now turn to the second question. under section 271(1)(a) of the act ..... and, as such, the aac was right in cancelling the penalty. he also found that the assessee had reasonable cause for not filing the return of income up to september 19, 1964. the tribunal found that the account books of the assessee for the immediately preceding year, i.e., the assessment year ..... assessment year 1963-64 relates to the imposition of penalty of rs. 52,148 under section 271(1)(a) of the said act.2. the assessee should have filed the return of income on or before june 30, 1963. the return was, however, filed on january 2, 1965. the assessee was, therefore, asked .....

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May 15 1985 (HC)

Commissioner of Income-tax Vs. Alkali and Chemical Corpn. of India Ltd ...

Court : Kolkata

Decided on : May-15-1985

Reported in : [1986]158ITR58(Cal)

..... said employees within the meaning of section 40(c)(iii) of the income-tax act, 1961?'2. this question came up for consideration before this court in cit v. kanan devan hills produce company ltd. : [1979]119itr431(cal) , indian leaf tobacco development co. ltd. v. cit : [1982]137itr827(cal) , cit v. national and grindlays bank limited : [1984]145itr457(cal) . ..... in section 40(c)(iii) or section 40(a)(v) of the income-tax act, 1961.3. we may also note that the andhra pradesh high court in the case of cit v. warner hindustan ltd. : [1984]145itr24(ap) , the madras high court in the case of cit v. manjushree plantations ltd. [1980] 125 itr 150 and the karnataka ..... ajit kumar sengupta, j.1. in this reference under section 256(1) of the income-tax act, 1961, for the assessment year 1965-66, the following question of law has been referred to this court :'whether, on the facts and in ..... 431.4. mr. mihir lal bhattacharjee, learned advocate for the revenue, has however, drawn our attention to the full bench decision of the keralahigh court in the case of cit v. commonwealth trust ltd. : [1982]135itr19(ker) , which has dissented from the view taken by this court in kanan devan hills produce company ltd. : [1979]119itr431 ..... . mysore commercial union ltd. : [1980]126itr340(kar) and the delhi high court in the case of instalment supply p. ltd. v. cit : [1984]149itr457(delhi) , have taken similar views. it may be mentioned that the andhra pradesh, madras and delhi high courts have followed the .....

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May 15 1985 (HC)

Commissioner of Income-tax Vs. Devenport and Co. Pvt. Ltd.

Court : Kolkata

Decided on : May-15-1985

Reported in : (1986)53CTR(Cal)424,[1986]158ITR348(Cal)

..... affirmative and in favour of the assessee.11. the second question relates to relief under section 235 of the act. section 235 of the income-tax act, 1961, which had been omitted by the finance (no. 2) act, 1971, corresponded to section 49b of the indian income-tax act, 1922, excepting the percentage of relief mentioned in 235(b).12. section 49b came up for consideration before this ..... . whether, on the facts and in the circumstances of the case, the tribunal is right in holding that for the purpose of relief under section 235 of the income-tax act, 1961, the gross amount of dividend has to be taken into account without any deduction for proportionate expenses ?' 5. at the hearing before us, it has been contended by mr. ..... . clive row investment holding co. ltd. : [1977]107itr600(cal) . in that case, the assessee-company claimed relief under section 49b of the income-tax act, 1922, on the gross dividend. the assessee company had received rs. 5,07,603 as dividend (agricultural) from another company in which the assessee-company was a shareholder. the grossincome ..... a reference under section 256(2) of the income-tax act, 1961, for the assessment year 1962-63. the assessee company was doing business in tea and gunnies. it had also started business in purchase and sale of shares during the previous year. it was also having income from managing agency commission and allowances, dividend, etc. the income-tax officer apportioned the expenses totalling rs. 3 .....

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May 15 1985 (HC)

Commissioner of Income-tax Vs. Sijua (Jharriah) Electric Supply Co. Lt ...

Court : Kolkata

Decided on : May-15-1985

Reported in : (1986)54CTR(Cal)114,[1986]158ITR332(Cal)

..... ajit k. sengupta, j.1. in this reference under section 256(1) of the income-tax act, 1961, read with section 18 of the companies (profits) surtax act, 1964, the following question of law has been referred to this court for the assessment year 1972-73 :' whether, on the facts and in the circumstances of the case, the ..... should be taken into account as reserve for the purpose of computation of the capital under the second schedule to the companies (profits) surtax act, 1964. no facts could be ascertained from the order of the income-tax officer or the appellate assistant commissioner. it was submitted by the assessee before the tribunal that the assessee company had issued 1,500 debentures of ..... the other hand, it was contended by the revenue that this reserve wasmade for certain specific expenditure as provided in rule v of the sixth schedule to the electricity (supply) act, 1948. the tribunal, however, reversed the view taken by the income-tax officer. the tribunal held that the assessee had to create certain reserves according to sixth schedule of the electricity (supply ..... excluded the reserve for contingencies in the computation of capital under the second schedule to companies (profits) sur-tax act, 1964. the appellate assistant commissioner supported the view taken by the income-tax officer without reasons.2. before the tribunal, it was contended by the assessee that the company had to statutorily create the reserve for contingencies according to the provisions of the .....

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May 16 1985 (HC)

Sunrolling Mills P. Ltd. Vs. Income-tax Officer

Court : Kolkata

Decided on : May-16-1985

Reported in : [1986]160ITR412(Cal)

..... assessee moved an application under article 226 of the constitution. the learned judge dismissed the writ application on the ground that the writ petitioner has adequate alternative remedy under the income-tax act, 1961, and as such the petitioner should not be allowed to invoke the writ jurisdiction.2. at the hearing before us, it has been contended by mr. anil ..... dated april 2, 1985, passed by padma khastgir j. in an application made under article 226 of the constitution by the appellant challenging the notices under section 148 of the income-tax act, 1961, for the assessment years 1978-79 to 1981-82. the impugned notices under section 148 were issued on october 13, 1982. the assessment proceedings pursuant to the ..... 1985. he had submitted that the appellant should prefer appeals against the assessments, if it is aggrieved and the appellate authority under the income-tax act is competent to go into the question relating to the jurisdiction of the income-tax officer to initiate the proceedings.4. the learned advocates appearing for the parties have suggested that this matter can be disposed of finally ..... reassessment for the assessment year 1978-79. there, the tribunal upheld the order of the commissioner of income-tax (appeals). the commissioner of income-tax (appeals) rejected the trading account of the assessee for that year by invoking the provisions of section 145 of the income-tax act, 1961. it does not, however, appear from the order of the tribunal that any specific finding .....

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May 28 1985 (HC)

Shri Shiv Kumar Bajaj Vs. Additional Commissioner of Commercial Taxes ...

Court : Kolkata

Decided on : May-28-1985

Reported in : [1986]63STC354(Cal)

..... form l4 from the central excise authorities. the petitioner's business is also registered with the small-scale industries and admittedly assessment under the income-tax act was also effected in the manner which lends support to the petitioner's contention that it is a new industrial undertaking.5. the petitioner ..... it accrues or arises to him. effectiveness of the device depends not upon considerations of morality, but on the operation of the income-tax act. legislative injunction in taxing statutes may not, except on peril of penalty, be violated, but it may lawfully circumvented.11. mr. dutt appearing for ..... the conditions laid down therein and not otherwise. mr. bhattacharya placed strong reliance on the findings of the central excise authority as well as income-tax authority in support of his contention that his is a newly set up small industrial undertaking and it was contended that question of scrutiny ..... agreement, payable monthly at the rate of rs. 3 per fan manufactured.7. the technical know-how agreement, admittedly was approved by the income-tax department as also by other authorities. the petitioner's definite case is that his is a small-scale unit and is not an expanded unit ..... event of violation of the condition laid down in the notification itself read with the provisions of section 4aa of the west bengal sales tax act, 1954. cancellation of eligibility certificate for good and sufficient reasons does not envisage cancellation on any other consideration but on the basis of .....

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May 28 1985 (TRI)

Manbhum Coal Syndicate (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : May-28-1985

Reported in : (1986)15ITD119(Kol.)

..... , the assessee had a net loss of rs. 17,593 under the head 'income from other sources'. at the same time, it had an income of rs. 37,505 under section 41(1) of the income-tax act, 1961 ('the act'). the ito set off the income of rs. 37,505 assessable under section 41(1) under the head 'profits ..... , thus, assessed the assessee on a net income of rs. 19 ..... and gains of business or profession' against loss of rs. 17,593 arrived at under the head 'income from other sources' and ..... as well as the facts on record. we find that section 70(1) entitles the assessee to set off the loss under one head against the income under any other head of the same year so long as the loss did not relate to capital gains or speculation business. in the instant case, ..... ,910. in other words, the ito set off the loss under the head 'income from other sources' against the income under the head 'profits and gains of business or profession' under section 70(1) of the act. it may be stated that the loss did not relate to speculation business. evidently, the said loss .....

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Jun 03 1985 (TRI)

income-tax Officer Vs. Harbanslal Malhotra and Sons Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Jun-03-1985

Reported in : (1985)14ITD328(Kol.)

..... 30-6-1978 for the assessment years 1978-79 and 1979-80, respectively'.he advised it to make payment under section 210 of the income-tax act, 1961 ('the act') in accordance with the estimate filed on 14-12-1977.he, however, stated that the change in the accounting year was allowed subject ..... the case of sri hari prosad lohia (svprd), the hon'ble calcutta high court laid down that' detailed provision has been made in the income-tax act for rectification or revision of an order passed by an ito. but, in the instant case, the ito had not invoked section 154 and there ..... we have already reproduced above. it is not disputed that the conditions which the income-tax officer can impose must be valid and legal besides being reasonable. he cannot impose conditions which are contrary to the provisions of the income-tax act.(p. 875) so, in order to be binding the condition regarding the proportionate ..... depreciation, has to be valid according to the provisions of the act or (the rules made thereunder). the departmental representative was unable to point ..... 25 per cent, it was estopped from challenging the condition. he also drew our attention to the proviso to rule 5(1) of the income-tax rules, 1962 ('the rules') and contended that as a corollary to the proviso of this section, depreciation proportionate to the period during which the .....

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