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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: old Court: kolkata Year: 1985 Page 8 of about 140 results (0.038 seconds)

Jun 05 1985 (HC)

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

Court : Kolkata

Decided on : Jun-05-1985

Reported in : [1986]158ITR736(Cal)

..... years 1961-62 to 1968-69. 2. in the course of the assessment proceeding for the assessment year 1967-68, which was completed under section 143(3) of the income-tax act, 1961, the income-tax officer noticed payment of salary of rs. 12,972 to smt. kamala devi saboo, wife of sri t. c. saboo, who was found to be in the top employment ..... wholly and exclusively for the purpose of the assessee's business was perverse and in excess of and beyond the scope of enquiry under sections 28 and 37 of the income-tax act, 1961?' 9. for the assessment year 1962-63, the following two questions have been referred to this court; ' 1. whether, on the facts and in the circumstances of the case ..... of rs. 12,972 in the assessment for the assessment year 1967-68. 3. assessment for the assessment year 1968-69 was similarly completed under section 143(3) of the income-tax act, 1961, and salary paid to smt. kamala devi saboo at rs. 6,480 was disallowed in the said assessment. 4. in respect of the assessment years 1961-62 to 1966 ..... :' 1. whether, on the facts and in the circumstances of the case, the tribunal having remanded the appeal to the appellate assistant commissioner of income-tax to decide the validity of the proceeding under section 147 of the income-tax act, 1961, was competent to decide the question of allowability of the salary paid to srat. kamala devi saboo 2. whether, on the facts and .....

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Jun 10 1985 (HC)

Commissioner of Income-tax Vs. Khandelwal Brothers Pvt. Ltd.

Court : Kolkata

Decided on : Jun-10-1985

Reported in : (1986)57CTR(Cal)78,[1986]158ITR207(Cal)

..... appeal by the assessee, the tribunal accepted the asses-see's contentions and allowed the deduction claimed.3. on an application by the revenue under section 256(1) of the income-tax act, 1961, the following question stated to be a question of law, has been referred to this court for its opinion :'whether, on the facts and in the circumstances of the ..... -72, the corresponding accounting year ending on october 29, 1970. in its return, the assessee sought to provide for a sum of rs. 80,000 on account of gratuity. the income-tax officer disallowed the claim for deduction of the said amount on the ground that it was only a contingent liability. on appeal, the appellate assistant commissioner upheld the decision of ..... order of the tribunal that the west bengal employees' payment of compulsory gratuity act, 1971, came into force from june, 1971. as such, there was no statutory liability of the assessee to make any provision for gratuity in the year involved. on this ground, the decision of the income-tax officer and the appellate assistant commissioner was sought to be justified before the ..... tribunal. the tribunal has not specifically dealt with this contention. where the liability on account of gratuity is statutory, a provision for the same can be claimed and allowed as a deduction. this has been decided by this court in cit v. eastern spinning .....

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Jun 12 1985 (HC)

Commissioner of Income-tax Vs. Bilaspur Spinning Mills Industries Ltd.

Court : Kolkata

Decided on : Jun-12-1985

Reported in : [1986]157ITR237(Cal)

..... -72, the relevant accounting years ending on september 30 of the calendar years 1967, 1968, 1969 and 1970 respectively. in its returns, the assessee claimed under section 80j of the income-tax act, 1961, deduction of 6% of the capital employed by the assessee in its undertaking from its profits and gains in the computation of its total ..... ?' 11. the tribunal referred only the following question :'whether, on the facts and in the circumstances of the case and on a correct interpretation of rule 19a(3xb) of the income-tax rules, 1962, the tribunal was justified in holding that the unpaid purchase price of the machinery was 'moneys borrowed' within the meaning of the said rule?'12. at the hearing ..... and that the payment of the said loan was to be made over a period exceeding seven years.5. being aggrieved, the assessee went up on further appeal before the income-tax appellate tribunal. it was found by the tribunal that there was no dispute about the aggregate of the amounts representing the value of the capital assets of the assessee relevant ..... of the capital employed by the assessee in calculating the deficiency to be carried forward.4. on appeal by the assessee, the appellate assistant commissioner upheld the order of the income-tax officer on the ground that the assessee had not adduced any evidence to prove that the unpaid purchase price of the imported machinery was a loan from an approved source .....

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Jun 14 1985 (HC)

Commissioner of Income-tax Vs. American Export Isbrandtsen Lines Ltd.

Court : Kolkata

Decided on : Jun-14-1985

Reported in : [1985]156ITR360(Cal)

..... in the circumstances of the case, the tribunal was right in holding that the loss allowable as a deduction under section 32(1)(iii) of the income-tax act, 1961, shall go into the net result of computation under the head 'profits and gains of business or profession' for the purpose of carrying forward and ..... not absorbed was not intended to be allowed as deduction to be carried forward.4. being aggrieved, the assessee went up on further appeal before the income-tax appellate tribunal. it was contended before the tribunal that the loss to the assessee on the sale of the said assets had to be taken into ..... dipak kumar sen, j.1. american export isbrandtsen lines ltd. the assessee, an american shipping company, was assessed to income-tax in the assessment year 1972-73, the corresponding accounting year ending on december 31, 1971. in its return, the assessee disclosed a net ..... down value shall be deemed to be profits of the previous year in which the sale took place.' income-fax act, 1961: section 29.--income from profits and gains of business or profession, how computed.--the income referred to in section 28 shall be computed in accordance with the provisions contained in ss. 30 to ..... any separate and independent business carried on by the assessee.......' 12. the relevant provisions of the statutes may be noted indian i.t. act, 1922--'section 70.--(1) the tax shall be payable by an assessee under the head 'profits and gains of business, profession or vocation' in respect of the profits or .....

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Jun 24 1985 (HC)

Commissioner of Income-tax Vs. Mrs. A. Ghosh

Court : Kolkata

Decided on : Jun-24-1985

Reported in : (1986)52CTR(Cal)418,[1986]159ITR124(Cal)

..... the assessment for the said three assessment years.3. the assessee preferred appeals before the appellate assistant commissioner who took a different view. it was held that section 168(4), income-tax act, 1961, would not be attracted until the administration of the estate was completed. the appellate assistant commissioner held that in the present case, the administration of the estate was not ..... 449. it has been held in the said decision that prior to the ascertainment of the residue of the testator's estate, no income within the meaning of the income-tax act arose to the holder of life interest in the share of a residuary legatee. mr. bhattacharya has also submitted that the estate had not been fully administered when ..... is permissible to such specific legatee even before the estate is otherwise fully administered, mr. bhattacharya has drawn the attention of the court to section 142, indian succession act, 1925, and section 168(4), income-tax act, 1961, and has referred to the decision of the court of appeal of england in the case of corbett v. commissioners of inland revenue [1937] 21 tc ..... to, or applied to the benefit of, a specific legatee and it could not, therefore, be included in the personal assessments of the assessee under section 168(4), income-tax act, 1961 ? (2) whether, in the alternative, on the facts and in the circumstances of the case, the tribunal was justified in holding that the administration of the estate was not .....

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Jun 25 1985 (HC)

Commissioner of Income-tax Vs. Dhaniram Gupta and Co.

Court : Kolkata

Decided on : Jun-25-1985

Reported in : [1986]158ITR531(Cal)

..... . the registration of the assessee for the said assessment years was cancelled by three separate orders passed under section 186(1) of the income-tax act, 1961.5. the assessee preferred an appeal against the said orders to the appellate assistant commissioner, who found that the brother and the father of dhaniram gupta had been given ..... partnership by an indenture dated november 20, 1956. the assessee was granted registration under the income-tax act, 1961, for the assessment years 1961-62, 1962-63 and 1963-64. on january 12, 1970, the income-tax officer issued three notices to the assessee under section 186(1) of the act stating that, he was of the opinion that during the said three assessment years, no ..... one of the partners was a ' benamidar ' of another. the supreme court observed as follows (p. 659) : ' when a firm makes an application under section 26a of the act for registration, the income-tax officer can reject the same if he comes to the conclusion that the partnership is not genuine or the instrument of partnership does not specify correctly the individual shares ..... preferred a further appeal before the income-tax appellate tribunal against the order of the appellate assistant commissioner. on behalf of the revenue, it was reiterated before the tribunal that the authority for operating the bank account of the assessee granted to the relations of one of the partners indicated that the partnership deed was not acted upon. it was urged that k .....

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Jul 02 1985 (HC)

Commissioner of Income-tax Vs. Koomsong Tea Co. Ltd.

Court : Kolkata

Decided on : Jul-02-1985

Reported in : (1986)54CTR(Cal)127,[1985]156ITR384(Cal)

..... the tribunal, for the opinion of this court;'whether, on the facts and in the circumstances of the case, and on a correct interpretation of section 139(8) of the income-tax act, 1961; the tribunal was correct in law in holding that in computing the interest payable under the above section, the sum of rs. 3 lakhs paid by the assessee voluntarily ..... amount paid in advance.5. being aggrieved by the order of the aac, the revenue went up onappeal before the income-tax appellate tribunal. it was found by thetribunal that the assessee had been given credit for the amount paid inadvance as tax and held that the assessee was entitled to the deduction ofthe said amount for the purpose of computation of interest ..... should be deducted from the amount of tax payable on the total income of the assessee as determined on regular assessment ?'7. sections 207, 208, 209 and 211 impose liability on an assessee to pay income-tax in advance where his income exceeds the minimum prescribed under section 208. in the case before us, the assessee, in ..... its return on february27, 1975.2. on march 14, 1974, the assessee had filed an estimate of its income and made a voluntary payment of rs. 3 lakhs on account of advance tax, though there was no demand under section 210 of the i.t. act, 1961, from the ito for such payment.3. in the assessment, however, the ito did not treat .....

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Jul 05 1985 (HC)

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

Court : Kolkata

Decided on : Jul-05-1985

Reported in : (1986)54CTR(Cal)169,[1986]159ITR362(Cal)

..... in the circumstances of the case, the tribunal was right in holding that there was no mistake apparent from the record which could be rectified under section 154 of the income-tax act, 1961?'6. learned advocate for the revenue contended at the hearing that a mistake was committed at the time of the original assessment in allowing the assessee the extra shift ..... allowed the assessee extra shift allowance for the whole year at the rate of 50% of the normal depreciation allowed. subsequently, the income-tax officer initiated proceeding under section 154 of the income-tax act, 1961, and by his order dated the 14th march reduced the extra shift allowance from 50% of the normal depreciation allowance to 50% of 132/300 of such depreciation. the ..... the subsequent decision of this court was the law which should have been held to have been prevailing at all material times and the income-tax officer was justified in rectifying the original assessment under section 154 of the act.7. learned advocate for the assessee contended to the contrary and submitted that in the facts of the instant case, there was no ..... may 9, 1968. the same view has been taken by this court in the case of anantapur textile ltd. v. cit : [1979]116itr851(cal) .13. we have considered the rival contentions. the income-tax officer passed the order under section 154 of the act on march 14, 1969, when this court in the case of ganesh sugar mills ltd, : [1969]73itr395(cal) , held that .....

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Jul 05 1985 (HC)

Grindlays Bank Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jul-05-1985

Reported in : [1986]158ITR799(Cal)

..... facts and in the circumstances of the case, the method of valuation adopted by the tribunal in valuing the shares in question under section 55(2) of the income-tax act, 1961, is sustainable in law if not, what would be the correct basis ?'2. section 55(2) relates to capital gains. it provides for determining ..... day of january, 1954,as their cost of acquisition. there is hence no dispute between the parties so far as section 55(2) of the income-tax act, 1961, is concerned.4. the dispute was as to the method of computation of the fair market value of the shares as on 1st day of ..... 237.7. the department took the matter in appeal to the tribunal. the tribunal reversed the order of the appellate assistant commissioner and restored that of the income-tax officer. accordingly, the value of the shares was directed to be computed at rs. 202 per share. the tribunal, however, adopted a different line of ..... by the assessee. in the circumstances, we agree with this view.12. learned counsel for the assessee was at pains to repeatedly emphasise that the income-tax officer applied double standards. while computing the fair market value of the shares on the date of sale during 1972-73, he adopted the break-up ..... rule, the fair market value is the break-up valueless 15%. we are constrained to observe that this submission need not have been made. the income-tax officer's adoption of the fair market value at rs. 202 per share was set aside by the appellate assistant commissioner. the figure of rs. 245 .....

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Jul 05 1985 (HC)

Punjab Produce and Trading Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jul-05-1985

Reported in : (1985)46CTR(Cal)344,[1986]159ITR376(Cal)

..... 31st march of calendar years 1969, 1970 and 1971. at the instance of the assessee, the following questions have been referred by the tribunal under section 256(1) of the income-tax act, 1961, as questions of law arising out of its order, for the opinion of this court :'assessment years 1969-70 to 1971-72 : 1. whether, on the facts and in ..... tribunal and contended that the loss in respect of its short-term capital assets was required to be set off against income other than capital gains under section 71(3) of the income-tax act, 1961. it was contended on behalf of the revenue that loss in respect of short-term capital assets was required to be set off first against the gains in ..... respect of other capital assets under section 70(2)(i) of the act.6. the tribunal held that section 71(3) was subject ..... several heads. the assessee suffered loss in respect of its short-term capital assets and made gains in respect of assets other than short-term capital assets. the income-tax officer deducted the loss on account of short-term capital assets against the gains made in respect of other capital assets in the first instance and thereafter the balance was .....

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