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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: kolkata Page 7 of about 17,223 results (0.177 seconds)

Jun 30 2016 (HC)

Commissioner of Income Tax, Kolkataiv Vs. Hindustan Gum and Chemicals ...

Court : Kolkata

..... deduction accordingly without appreciating the fact that the said interest income was not profit from the business but accrued on fixed deposit kept by the assessee in bank ?. ..... b) whether on the facts and in the circumstances of the case the income tax appellate tribunal erred in law in setting aside the order of revenue and directing the assessing officer to work out deduction under section 80hhc of the income tax act, 1961 by excluding 90% of net interest ?. (c ) whether on ..... the facts and in the circumstances of the case the income tax appellate tribunal erred in law in allowing fresh evidence to be placed before the income tax appellate tribunal without appreciating the rule 46a of the income tax rules, 1962 ..... of the case the income tax appellate tribunal erred in law in directing the assessing officer to treat the interest income of rs.28,74,473/- as part of the profits of business of the 100% e.o.u.eligible for deduction under section 10b of the income tax act, 1961 and compute ..... for the revenue drew our attention to a judgment of the madras high court in the case of international components india ltd.versus assistant commissioner of income tax reported in 2015 - (372) itr- 0190 - madras wherein the following view was taken : in the light of the above said decision, .....

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Jun 29 2016 (HC)

Commissioner of Incometax, Centraliii, Kolkata Vs. M/S. Saraf Agencies ...

Court : Kolkata

..... , 2009 when the appeal was admitted:- whether on the facts and circumstances of the case the income tax appellate tribunal is justified in not considering the penalty is leviable under section 158bfa(2) of the income tax act, 1961 on the quantum of undisclosed income determined by the commissioner of income tax (appeals) ?. the search and seizure took place on 5th july, 2002. the respondent-assessee and its ..... director shri s.m.shroff were both required to furnish returns. shri s.m.shroff furnished a return showing an undisclosed income of rs.2,02,66,971 ..... of understanding between the department and the director of the assessee company as to the person who should disclose the income on the basis of the documents seized. the cit(appeals) has referred to that understanding by holding that s.n.saraf was acting upon some kind of understanding about the person who should make the declaration . the picture which emerges is that .....

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Jun 24 2016 (HC)

Hightension Switchgears Private Limited Vs. Commissioner of Income Tax ...

Court : Kolkata

..... the assessing officer to make the disallowance of the said amount rs.69,57,975 as per section 40(a)(ia) r.w.s.194c of the income tax act, 1961. the reasons which weighed with the learned tribunal in arriving at the aforesaid conclusion are as follows : on perusal of invoices/bills placed at ..... follows : whether on a true and proper interpretation of sections 40(a)(ia) and 194c of the income tax act, 1961, the tribunal was justified in law in holding that the appellant was liable to deduct tax at source in respect of the freight component included in the suppliers invoices for the goods and in ..... tds at the time of payment in cash or by issue of cheques or draft or by any other mode @ 2 % of such amount as income tax on income comprising therein. we are of the considered view that the said suppliers have supplied the goods to the assessee and as far as the transport of ..... s.n.dutta,advocate mr.p.dudhoria,advocate the court : - the appeal is directed against a judgment and order dated 19th march, 2010 passed by the income tax appellate tribunal c bench, kolkata in ita no.2053/kol/2009 pertaining to the assessment year 2006-07. the assessee has come up in appeal. the ..... ga2502of 2010 ita8of 2011 itat186of 2010 in the high court at calcutta special jurisdiction (income tax) original side hightension switchgears private limited versus commissioner of income tax, kolkata-ii before: the hon'ble justice girish chandra gupta and the hon'ble justice tapash mookherjee date: 24th june, 2016. for .....

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Jun 23 2016 (HC)

New Kenilworth Hotel Pvt. Ltd. Vs. Commissioner of Income Tax, Koliii, ...

Court : Kolkata

..... formulated on 1st july, 2010 when the appeal was admitted by this court: (a) whether on a true and proper interpretation of sub-section (4) of section 80hhd of the income tax act, 1961, the tribunal was justified in law in upholding the addition of rs.44,68,966/- and its purported findings in that behalf are arbitrary, unreasonable and pervers.?. (b) whether ..... appellant mr.r.n.bandyopadhyay, ms.soma chatterjee,advocate for respondent the court : the appeal is directed against a judgment and order dated 12th september, 2008 passed by the learned income tax appellate tribunal a bench, kolkata in ita no.1083/kol/2007, ita no.1062/kol/2007 and co no.38/kol/2007 all pertaining to the assessment year 2003-04 ..... much is reasonable expenditure having regard to the circumstances of the case. no businessman can be compelled to maximize his profit. the income-tax authorities must put themselves in the shoes of the assessee and see how a prudent businessman would act. the authorities must not look at the matter from their own view point but that of a prudent businessman. as already ..... agreed not to pay interest. the other part of the submission of mr.khaitan in this regard is that the income tax authorities are not entitled to compel a businessman to maximise his profits. this precisely is what the assessing officer, the cit(a) and the learned tribunal wanted the assessee to do. the assessing officer found fault with the assessee because it .....

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Jun 22 2016 (HC)

Commissioenr of Income Tax, Kolkataiii Vs. M/S. Itc Limited, Kolkata

Court : Kolkata

..... gazette, specify. he submitted that deduction availed by an assessee under section 80hhd cannot be the subject matter of any deduction under the heading c of chapter via of the income tax act. he contended that section 80hhc is also a part of chapter via under the heading c . it is because of this reason that the profit earned by the assessee ..... under section 80hhc of the income tax act, 1961 ?. the cit (a) had held in favour of the assessee on the basis of an earlier order of the tribunal passed ..... to the assessing officer to exclude foreign exchange receipts taken into account for the purpose of deduction under section 80hhd of the income tax act, 1961 from the total turnover for the purpose of calculation of deduction under section 80hhc of the income tax act, 1961 ?. mr.bhowmik, learned advocate appearing for the appellant/revenue submitted, at the very outset, that there is an ..... as below : whether, under the facts and circumstances of the case, the income tax appellate tribunal erred in upholding the views of the cit(appeal) who had directed the assessing officer to exclude foreign exchange receipts taken into account for the purpose of deduction under section 80hhd of the income tax act, 1961 from the total turn over for the purpose of calculation of deduction .....

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Jun 21 2016 (HC)

Arvind and Company Vs. Commissioner of Income Tax Xv Kolkata.

Court : Kolkata

..... , 2010 when the appeal was admitted. ].whether in the facts and in the circumstances of the case and on a true and proper interpretation of section 24(b) of the income tax act, 1961 was justified in law in disallowing the interest paid to the partners on the ground that there is no specific provision for claiming interest paid to the partners on ..... .n. dutta, adv.mr.r.k. sinha, adv. for the respondent. the court : the appeal is directed against a judgement and order dated 24th july, 2009 passed by the learned income tax appellate tribunal c bench in ita no.1018/kol/2009 pertaining to the assessment year 2006-07 by which an appeal preferred by the assessee was dismissed. the assessee has ..... order sheet in the high court at calcutta special jurisdiction [income tax].original side ita11of 2010 arvind and company versus commissioner of income tax- xv kolkata. before: the hon'ble justice girish chandra gupta the hon'ble justice asha arora date : 21st june, 2016. mr.ananda sen, adv.mr.s.s.bhutoria, adv..for ..... their capital against the income from house property?. ii].whether the amount of interest paid to the partners from the partnership firm on account of interest though being assessed to tax can again be subjected to tax, being the same amount, as against the firm assessee ?. the questions formulated were not really .....

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Jun 20 2016 (HC)

Commissioner of Income Tax, Kolkataii Vs. West Bengal Infrastructure D ...

Court : Kolkata

..... . in passing the impugned order the ld. tribunal exceeded its jurisdiction under section 254(2) of the income tax act, 1961 ?. the assessing officer, in his judgment and order passed under section 143(3) of the i.t.act, dated march 30, 2005, had made addition of rs.216.08 crores, for the following reasons: ..... change in taking decision by the state government machinery as to whether interest will be paid or not at a particular rate cannot spellbound the income-tax department to act according to their whims and caprices. with this considered view, we are unable to accept the contention of dr.pal and reject the same ..... of admission of the appeal on 18th august, 2008 reads as follows:- i) whether on the facts and in the circumstances of the case the income tax appellate tribunal was justified in modifying an order passed by it after considering the crux of the issue involved under a miscellaneous application by a non ..... , mr.ananda sen,advocate for respondent the court : the appeal is directed against a judgment and order dated 21st september, 2007 passed by the income tax appellate tribunal e bench, kolkata in m.a.no.38/kol/2007 arising out of ita no.395/kol/2006 pertaining to the assessment year 2002 ..... rs.216.08 crores. accordingly, to arrive at true picture of profit, the amount of rs.216.08 crore is added back to total income. in an appeal, the cit (appeals) held as follows: (ii) although the assessee had not quantified the amount of interest receivable on deposits lying with the pay & .....

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Jun 17 2016 (HC)

Rick Lunsford Trade and Investment Limited Vs. Commissioner of Income ...

Court : Kolkata

..... tribunal was justified in law in upholding the addition of share capital to the extent of rs.8,77,500/- under section 68 of the income tax act, 1961 on the basis of incomplete investigation made by the assessing officer and its purported findings in that behalf are arbitrary, unreasonable and pervers.?. ..... /respondent : mrs.anwara quereshi,advocate the court : the appeal is directed against the judgement and order dated 6th september, 2006 passed by the learned income tax appellate tribunal, b bench , kolkata in ita no.2421/kol/2005 pertaining to the assessment year 1983-84 by which the learned tribunal dismissed an ..... to the cit (a) with the following direction; he is directed to consider all the evidence furnished by the ..... further sum of rs.18,67,500/-. an appeal preferred by the assessee was dismissed by the cit (a) by his judgement and order dated 22.01.2003. in a further appeal by the assessee the learned income tax appellate tribunal (a) bench kolkata in ita858(kol) of 2003 once again remitted the matter ..... introduced during the previous year relevant to the assessment year 1983-84 could not and should not be added back as income from undisclosed sources u/s.68 of the act. the assessing officer in the circumstances was of the opinion that the assessee company has introduced own money to the .....

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Jun 16 2016 (HC)

Commissioner of Income Tax, Kolkataiv Vs. J J Development (P) Ltd

Court : Kolkata

..... ) whether on the facts and in the circumstances of the case, the income tax appellate tribunal was justified in upholding the order of the commissioner of income tax (appeals) to the extent that the amount of rs.76,98 ..... the circumstances of the case, the income tax appellate tribunal was justified in holding that out of rs.95,00,000/-, rs.76,98,000/- constituted of old loans being converted into share application money and since there was no fresh infusion of credit, section 68 of the income tax act, 1961 is not applicable?. (b ..... the explanation offered by him is not, in the opinion of the assessing officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year. it is not the case of the revenue that any sum was found credited in the books ..... ,000/- could not come under the purpose of section 68?. (c) whether on the facts and in the circumstances of the case, the income tax appellate tribunal failed to consider that since the loan creditor has not given his consent to convert the unsecured loan to share application money treating the ..... .appears.ms.a.banerjee, adv.appears.the court : the appeal is directed against a judgment and order dated november 16, 2007, passed by the learned income tax appellate tribunal, c bench, kolkata, in ita no.2105/kol/2006 and ita no.126/kol/2006, both pertaining to the assessment year 2003-04. ita .....

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Jun 13 2016 (HC)

Jiauddin Mollah Vs. Cit. Kolxvi

Court : Kolkata

..... the subject-matter of the appeal. in that view of the matter, the question is reformulated as above. section 40(a)(ia) of the income tax act, was applied for the purpose of disallowing an expenditure of a sum of rs.16,50,390/- paid by the assessee to the aforesaid four ..... addition of rs.16,50,390/- made by the assessing officer by invoking section 194c(2) read with section 40(a)(ia) of the income tax act ?. mr.dhar, learned advocate appearing for the assessee submitted that the question has to be reformulated because the real controvers.is whether the view ..... of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to one per cent of such sum as income-tax on income comprised therein: [provided that an individual or a hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried ..... year immediately preceding the financial year in which such sum is credited or paid to the account of the subcontractor, shall be liable to deduct income-tax under this subsection].[explanation i.-for the purposes of sub-section (2).the expression contractor" shall also include a contractor who is carrying out any ..... aniket mitra, adv...for the respondent. the court : the appeal is directed against a judgment and order dated 15th january, 2010 passed by the learned income tax appellate tribunal, bench-a, calcutta pertaining to the assessment year 2006-07 allowing an appeal of the revenue. assessee has come up in appeal. the aggrieved .....

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