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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: kolkata Page 4 of about 17,223 results (0.107 seconds)

Feb 15 2017 (HC)

Principal Commissioner of Income Tax2, Kolkata Vs. M/S. National Insur ...

Court : Kolkata

..... .1,00,69,998/-, which sum was disclosed by the assessee for being subjected to taxation as expense/expenditure relating to earning of exempted income under section 14a of the income tax act, 1961. in the opinion of the assessing officer, this was too low a sum. the assessing officer, applying the principles incorporated in ..... assessee. on this very point, there is a decision of another coordinate bench of this court in i.t.a.t.no.243 of 2012 (commissioner of income tax, kolkata iv versus m/s.r.r.sen & brothers (p) ltd.) decided on 4th january 2013. in this judgment, it has been held:- the ..... , senior advocate, mr.d.mitra, advocate aniruddha bose, j.:the appellant before us are the revenue and in this appeal they assail a decision of the income tax appellate tribunal, kolkata delivered on 3rd february, 2016 in ita no.675/kol/2012. in the decision impugned, the tribunal held that a sum of rs ..... rule 8d of the income tax rules disallowed a sum of rs.30,28,25,750/- under that head. the assessee is a general insurance company, engaged ..... in the business of insurance other than life insurance. their income is required to be assessed in accordance with section 44 of the act read with rule 5 .....

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Feb 10 2017 (HC)

Principal Commissioner of Income Tax2, Kolkata Vs. National Insurance ...

Court : Kolkata

..... in accordance, with the rules contained in the firs.schedule to the act. under rule 5 of this schedule, profits and gains of any business of insurance other than life insurance are ..... of the said assessment year, the assessee wanted rs.245,09,18,028/-, being profit earned by them on sale of investments, to be exempted from tax. the assessee, being a general insurance company, is required to be taxed in terms of section 44 of the income tax act, 1961 read with the provisions of rule 5 of part b to schedule 1 to the ..... issued by the authorities, which, inter alia, stipulated:- finance act, 1988 circular no.528, dated16121988 finance act, 1988 liberalisation of provisions in respect of taxation of profits and deduction of tax at source applicable to the general insurance corporation and its subsidiaries 45.1 under the existing provisions of section 44 of the income-tax act, the profits and gains of any insurance business is computed ..... act. the aforesaid rule, for the assessment year involved, provided:- 5. the profits and gains of any business of insurance other than life insurance shall be taken to .....

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Feb 10 2017 (HC)

Commissioner of Income Tax, Kolkata2 Vs. M/S. G K K Capital Markets (P ...

Court : Kolkata

..... tribunal erred in law and was not justified in allowing the appeal filed by assessee in deleting the disallowance under section 14a computed in accordance with rule 8d of the income tax act, 1961. ii) whether on the facts and in the circumstances of the case the learned tribunal erred in law and was not justified in law in holding investments as shares ..... . ms.gutgutia learned advocate appeared on behalf of the revenue and submitted that in the computation of total income the assessee had claimed income. rs.25,68,04,353/applying disallowance under rule as 8d section long the 14a term capital assessing the income gain officer tax act, tribunal had erred in law in deleting this disallowance. being exempt had computed 1961 but the she ..... having held that where there is one indivisible business giving rise to taxable income as well as exempt income, the entire expenditure incurred in relation to that business would have to be allowed even if a part of the income earned from the business is exempt from tax, section 14a of the act was enacted to overcome those judicial pronouncements. the object of section 14a ..... , it is not material that assessee should have earned such exempt income during the financial year under consideration. 6. thus, in light of above, central board of direct taxes, in exercise of its powers under section 119 of the act hereby clarifies that rule 8d read with section 14a of the act provides for disallowance of the expenditure even where taxpayer in a particular .....

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Jan 31 2017 (HC)

Principal Commissioner of Income Tax,central2, Kolkata Vs. M/S Gopal D ...

Court : Kolkata

..... (4) of the income tax act, 1961?. the tribunal by the said order dealt with three appeals of the revenue pertaining to several assessment years ..... search and seizure operations were conducted on 23rd august, 2006, 25th april, 2007 and 3rd may, 2007 under section 132 of the income tax act, 1961. the three assessees made disclosure statements under section 132(4) of the act. the revenue seeks to prefer appeal only to in respect of ita nos.378 382/kol/2011 pertaining to the assessment years 2002-03 ..... questions as suggested: (i)whether the on the facts and circumstances of the case the learned income tax appellate tribunal has was justified in law in confirming the order of the cit (appeal) in deleting the penalty levied under section 271(1) (c) of the income tax act, 1961 on the ground that the assessee is entitled to immunity from penalty on account of explanation ..... 5 to section 271 (1) (c) of the income tax act, 1961 when the assessee s case does not come under the purview of the exceptions provided therein?. (ii) tribunal is justified in holding that the disclosures made by the offering incomes in the returns under section 153a of the income tax act, 1961 is tantamount to extension of disclosure made under section 132 .....

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Jan 16 2017 (HC)

Amber Tie Up Limited Vs. Income Tax officer, Ward 8(1) and Ors.

Court : Kolkata

..... january, 2017. mrs.manju agarwal, mr.bajrang manot, adversus for the petitioner md.nizamuddhin, adv. for the respondent the court : the petitioner assails invocation of section 148 of the income tax act, 1961 read with section 147 thereof against the petitioner in respect of an identified assessment year. learned advocate for the petitioner submits that, the assessing officer did not have any ..... an opinion for the purpose of invoking section 148 of the act of 1961 and nature and extent of the opinion required to be formed, learned advocate for the petitioner relies upon 329 itr110(sarthak securities co.(p.) ltd.versus income-tax officer-ward 7(3).299 itr383(commissioner of income-tax versus atul jain) and 79 itr603(chhugamal rajpal versus s.p ..... passed and quash the proceeding under section 148 undertaken by the assessing officer. learned advocate for the department submits that, the assessing officer had adequate reasons to believe that income had escaped in assessment during the particular assessment year. he refers to the reasons for the invocation. he submits that, there are suspicious transaction in cash and cheque relating ..... interim order preventing coercive action from being taken. such interim order should be continued with. the assessing officer has to reopen the assessment and come to a finding of income escaping assessment prior to any coercive measure being taken. there is no immediate threat of a coercive action being taken. in such circumstances, there is no need for .....

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Jan 11 2017 (HC)

Rampuria Industries and Investments Limited Vs. Deputy Commissioner of ...

Court : Kolkata

..... he had given his reasons for doing so. as noted above, the petitioner had objected to the reasons furnished by the assessing officer for invoking of section 148 of the income tax act, 1961. however, the petitioner did not press its objections quite to the contrary the petitioner allowed the assessing officer to proceed with the re-assessment without any objection and without ..... 148 of the income tax act, 1961. the petitioner had requested for the reasons for issuance of such notice by its chartered accountant letter dated june 19, 2015. the petitioner had also filed an objection ..... on information received. on the basis of such information received and after application of his mind, the assessing officer had invoked the provisions of sections 147 and 148 of the income tax act, 1961. i have considered the rival contentions of the parties and the materials made available on record. the petitioner was issued a notice dated may 15, 2015 under section ..... section 148 and the ultimate disposal of such proceedings culminating in the order of re-assessment. he submits that, the petitioner was issued a notice under section 148 of the income tax act, 1961. the petitioner had replied thereto. the petitioner did not raise any objection of any substance in such reply. subsequent thereto, the petitioner was provided with a reply to its .....

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Dec 22 2016 (HC)

M/S. Korp Resources Pvt. Ltd. and Anr. Vs. Deputy Commissioner of Inco ...

Court : Kolkata

..... judgment which is set out hereinbelow: we see no justifiable reason to interfere with the order under challenge. however, we clarify that when a notice under section 148 of the income tax act is issued, the proper cours.of action for the noticee is to file return and if he so desires, to seek reasons for issuing notices. the assessing officer is bound ..... cav on : 06.10.2016 judgment on : 22.12.2016 arijit banerjee, j.(1) in this writ application the petitioners challenge notices issued by the income tax department under section 148 read with section 147 of the it act, 1961 pertaining to the assessment years 2007-08 to 2011-12 and other consequential notices. (2) the respondent no.1 issued five notices all dated ..... found by further enquiry or investigation, whether the transaction was genuine or not, if on the basis of subsequent information, the income-tax officer arrives at a conclusion, after satisfying the twin conditions prescribed in section 147(a) of the act, that the assessee had not made a full and true disclosure of the material facts at the time of original assessment and ..... 4 march, 2014, the petitioner company requested the assessing officer for copies of reasons recorded for the issuance of the notices under section 148 of the it act. (4) by five separate letters dated 7 march, 2014 the office of the deputy commissioner of income tax, circle 3, calcutta communicated to the petitioner company the reasons for issuing notices under section 148 of the .....

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Dec 15 2016 (HC)

Utanka Roy Vs. Director of Income Tax, International Taxation

Court : Kolkata

..... the respondents : md.nizamuddin, advocate hearing concluded on judgment on : december 1, 2016 : december 15, 2016 debangsu basak, j.:- the petitioner has assailed an order under section 264 of the income tax act, 1961. learned advocate for the petitioner has submitted that, the petitioner was working as a marine engineer and had rendered services as such to a foreign shipping company during the ..... income to be assessable under the income tax act, 1961. it, however, does compute the tax liability. the second portion relates to the exemption receivable by the petitioner and notes that, such exemptions have not been claimed by the petitioner. it ..... received rs.27,92,417/- from his employer during the assessment year in question instead of the sum of rs.5,63,850/-. the proceedings under section 264 of the income tax act, 1961 was disposed of by the impugned order dated september 25, 2013. there are two parts to the impugned order. the firs.part finds the petitioner s ..... mills ltd.(supra) the hon ble supreme court has held that, there is a duty cast upon the income tax officer to apply the relevant provisions of the income tax act for the purpose of determining the true figure of the assessee s taxable income and the consequential tax liability. in the event, the assessee fails to claim benefits or a set of, it cannot relieve the .....

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Dec 08 2016 (HC)

Price Water House and Anr. Vs. Commissioner of Income Taxxix and Ors.

Court : Kolkata

..... subject matter of challenge in the two writ petitions is a reference made by the respondent no.3 (assistant commissioner of income tax) to the transfer pricing officer (in short tpo ) under sec. 92ca(1) of the income tax act, 1961 (in short the it act ) communicated by the respondent no.3 vide his letter dated 4 april, 2014, a notice dated 4 april, 2014 issued by ..... the respondent no.3 under sec. 142(1) of the income tax act and a notice dated 6 june, 2014 issued under sec. 92ca(1) read with sec. 92d of the income tax act issued by the tpo relating to the assessment year 2011-12 and the proceedings in pursuance of such notice. the reference ..... contemplated pursuant to such reference are or would be bad in law. he submitted that the reference is ultra vires the income tax act since the conditions precedent for a transaction to be international transaction within the meaning of sec. 92b of the income tax act are not fulfilled even assuming the correctness of the allegations based on which the impugned reference has been made. (4 ..... ).sec. 92b (meaning of international transaction).sec. 92ca (reference to transfer pricing officer) and sec. 92f(iii) (definition of enterprise) of the income tax act. the main argument of mr.pal hinges on sec. 92a and sec. 92ca(1) of the it act and the same are set out hereunder:s. 92a:-meaning of associated enterprise_(1) for the purposes of this section and sections .....

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Oct 05 2016 (HC)

Sesa International Ltd. and Anr. Vs. Director General of Foreign Trade ...

Court : Kolkata

..... 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 be circumvented. (30) learned counsel finally ..... devoid of any meaning or application. he also relied on a decision of the apex court in the case of the commissioner of income tax, gujarat-vs.-m/s.raman and co., air1968sc49 wherein at paragraph 9 of the judgment, the hon ble supreme court observed, inter alia, as follows ..... customs duty is nothing but central excise duty and is charged at the same rate. he also referred to sec. 3 of the customs tariff act, 1975 which provides for additional duty. he submitted that the additional duty has been introduced to strike parity between indigenous manufacturers and importers.while indigenous ..... on dfia. (15) he then referred to sec. 3(a) of the central excise act, 1944 which states that there shall be levied and collected a duty of excise to be called the central value added tax (cenvat) on all excisable goods including goods produced or manufactured in special economic zones which ..... are produced and manufactured in india, at the rates set forth in the firs.schedule to the central excise tariff act. under the cenvant credit rules, 2004 a .....

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