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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: kolkata Page 9 of about 17,223 results (0.090 seconds)

Apr 07 2016 (HC)

Dpil Limited Vs. Commissioner of Income Tax, Kolkataii

Court : Kolkata

..... individual assets comprised in the said tea estate?. (iii) whether, on a true and proper interpretation of the provisions of section 2(11).43(6)(c) and 50 of the income tax act, 1961, the short term capital gains upon sale of the plant and machinery of the two tea estates was to be determined by reducing the sale consideration from the written ..... disallowance of rs.48,21,901/- out of the interest expenditure incurred by the appellant for the purposes of its business and allowable under section 36(1)(iii) of the income tax act, 1961, and its purported findings in that behalf are arbitrary, unreasonable and perverse?. (ii) whether on a true and proper interpretation of the agreements dated october 8, 2002 and december ..... 19, 2002 and the provisions of sections 2(42c) and 50b of the income tax act, 1961, the tribunal was justified in law in upholding the direction of the commissioner of income tax(appeals) to compute the capital gains in respect of each tea estate sold by the appellant as a whole and not with reference ..... . mr.m.nizamuddin, adv.with mr.f.gaffer, adv., for respondent. the court : the subject matter of challenge is a judgment and order dated september 7, 2007, passed by the income tax appellate tribunal, d-bench, kolkata, pertaining to assessment year 2003-04, in appeal being ita no.1420/kol/2007, by which the tribunal partly allowed the appeal preferred by the .....

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Mar 30 2016 (HC)

Communist Party of India (Marxist) Vs. United Bank of India and Ors.

Court : Kolkata

..... & ors.].; air1937madras 549 (fb) (swaminathan v. official receiver, ramnad & anr.); air1961kerala 180 (mathew v. kerala united corporation ltd.) ; and (viii) income tax act 1922 ~ air1959sc213(y. narayana chetty & anr. v. the income tax officer, nellore & ors.); and air1962sc970(commissioner of income tax, madras & anr. v. s.v. angidi chettair).6. it was, therefore, contended by him that there could be no valid reason for not ..... looking at the g.c. act for ascertaining the meaning of the expression person . in section 45za(1) of the act, and since the petitioner is ..... mr. sen, in the absence of a definition of the expression person . in a statutory provision, section 3(42) of the general clauses act, 1897 (hereafter the g.c. act) has been made applicable to the following statutes:(i) excess profits tax act 1940 ~ air1954madras 1049 (a.g. pandu rao & anr. v. collector of madras & anr.); (ii) displaced persons (debts adjustment ..... covered by the expression person . appearing in section 45za(1) of the act .....

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Mar 18 2016 (HC)

Indian Aluminium Company Limited Vs. Commissioner of Income Tax Iii, K ...

Court : Kolkata

..... has taken the view that the technical know-how is a capital expenditure and expenses incurred on technical know-how are entitled for depreciation under section 32 of the income-tax act, 1961. in cit v. elecon engineering co. ltd., [1987]. 166 itr66(sc), their lordships have considered the issue that in an agreement in collaboration if the assessee acquired drawings and patterns for ..... price paid for acquisition of drawings, blue prints, specifications, process sheets and technical data from henry meadows ltd. of england being plant within the meaning of section 32 of the income-tax act, 1961, for each of the assessment years 1970 71, 1971 72 and 1972 73?.3. whether, on the facts and in the circumstances of the case, the assessee-company is ..... 16, 2016 judgment delivered on:18. h march 2016 girish chandra gupta j.the assessee has come up in appeal under section 260a of the income tax act, 1961 (hereinafter referred to as the act ) against the order of the income tax appellate tribunal, e - bench, kolkata dated 15th december, 2006 in ita no.443/kol/2003 for the assessment year 1997-98. by the order ..... revenue. in appeal before the tribunal, the tribunal has also gone by these decisions and further held that the provisions of section 35ab of the income-tax act, 1961, have no application. in shriram refrigeration industries ltd. v. cit, [1981]. 127 itr746(delhi), there was a collaboration agreement, a licence was given to the assessee to manufacture and sell particular items, there was .....

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Mar 18 2016 (HC)

Commissioner of Income Tax, Central – I, Calcutta Vs. M/S. Apeejay M ...

Court : Kolkata

..... this appeal has been filed by violating the instruction issued by the cbdt, which was binding upon the appellant in view of the provisions contained in section 268a of the income tax act, 1968. we, thus, dismiss this appeal on that ground alone. he has also drawn our attention to an affidavit filed by the assessee wherein the assessee has alleged as follows ..... of the case the tribunal was justified in law in holding that the assessee fulfilled the conditions stipulated in section 10(22a) of the income tax act, 1961 and directing to allow deduction under section 10(22a) of the act?. the aforesaid questions have been answered in the negative. no new facts and circumstances are involved in this case. in the relevant year the ..... by the revenue. the following question of law was formulated: whether on the facts and in the circumstances of the case, income tax appellate tribunal was correct in holding that association was eligible for exemption under section 10(22a) of income tax act, 1961 as a medical institution existing solely philanthropic purposes?. the the the for we have considered the following questions in great detail ..... same day pertaining to the assessment year 1988-89. i)whether on the facts and in the circumstances of the case, the income tax appellate tribunal was justified in law in granting exemption under section 10(22a) of the act ignoring the fact that the assessee had lent money on interest to different companies?. ii)whether on the facts and in the circumstances .....

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Mar 18 2016 (HC)

Commissioner of Income Tax, Central – I, Calcutta Vs. Apeejay Medica ...

Court : Kolkata

..... is a cover to conceal the real object which would be apparent from the activity actually undertaken by the assessee. he submitted that the income of the assessee is not exempt under section 10(22a) of the income tax act. mr.kapoor, learned senior advocate, on the other hand contended that the assessee exists solely for the philanthropic purposes and not for any ..... of the case the tribunal was justified in law in holding that the assessee fulfilled the conditions stipulated in section 10(22a) of the income tax act, 1961 and directing to allow deduction under section 10(22a) of the act?. the facts and circumstances of the case briefly stated are as follows:the asessee is a company under the apeejay group, controlled by mr ..... in appeal against a judgement and order dated 18th august, 2000 passed by the learned income tax appellate tribunal, e bench, calcutta pertaining to the assessment year 1988-89 affirming an order of the cit(a) allowing exemption under section 10(22a) of the income tax act (hereinafter referred to as the act ).the following questions of law were formulated at the time of admission of the ..... appeal:i)whether on the facts and in the circumstances of the case, the income tax appellate tribunal was justified in law in granting exemption .....

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Mar 18 2016 (HC)

Mr.Sujitendra Krishna Deb Vs. Deputy Commissioner of Income Tax Circl ...

Court : Kolkata

..... another petition inspired by the supreme court judgment in gkn driveshafts (india) ltd reported at (2003) 1 scc72 pursuant to a notice under section 148 of the income tax act, 1961 for reassessing the petitioner s income for the assessment year 200910, the petitioner filed a revised return indicating a transaction with dalal and shah, mumbai and dalal and shah, ahmedabad. the petitioner also ..... -1 ga no.612 of 2016 wp no.1341 of 2015 in the high court at calcutta constitutional writ jurisdiction original side mr.sujitendra krishna deb versus deputy commissioner of income tax - circle22& ors.before: the hon'ble justice sanjib banerjee date : 18th march, 2016. appearance: mr.samaraditya pal, sr.adv.mr.j.p. khaitan, sr.adv.mr.indranil nandi, adv.mr ..... section, the key words are assessing officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year since the impugned order of august 6, 2015 has been challenged with much vehemence, the allegations and the counter allegations have to be ..... the jurisdictional error that was pointed out by the petitioning assessee. section 147 of the said act permits an assessing officer to assess or reassess the income of an assessee for any previous year if the assessing officer has reason to believe that any income chargeable to tax has escaped assessment. in a situation which is not governed by the firs.proviso to the .....

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Mar 16 2016 (HC)

Indra Kumar Agarwal and Ors. Vs. Suresh Kumar Gupta and Ors.

Court : Kolkata

..... defendant nos.1 to 4 could not complete the transaction as they were unable to produce the requisite income-tax clearance certificate under section 230(a)(i) of the income tax act, 1961 as well as permission from the competent authority under the urban land (ceiling and regulation) act, 1976. the plaintiffs in the subsequent suit have further stated that it was thereafter agreed between the ..... prasad agarwal that the sale transactions could not be completed since the defendant nos.1 to 4 were unable to produce requisite income tax clearance and requisite permissions from the competent authority under the provisions of the urban land [ceiling & regulations].act, 1975. it is denied by the appellants that the plaintiffs in the subsequent suit were unaware of the earlier suit or ..... agreements on 25th march, 1975, mr.samar kumar rudra, advocate of the landlords wrote a letter dated 3rd march, 1982 informing m/s.m.l.khemka & co., solicitors and advocates acting on behalf of all the brothers.suresh kumar gupta, dwarka prasad agarwal and shambhu dayal agarwal would appear from the answers given by suresh kumar gupta to question nos.125 .....

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Mar 11 2016 (HC)

Shrimati Roma Sengupta Vs. Commissioner of Income Tax – I Kolkata an ...

Court : Kolkata

..... judgment delivered on:11/03/2016. girish chandra gupta j. the assessee has come up in appeal u/s.260a of the income tax act, 1961 (hereinafter referred to as the act ) against an order dated 9th december, 2003 passed by the income tax appellate tribunal (hereinafter referred to as the tribunal ) e bench kolkata in ita no.461 (kol.) of 2002 relating to the assessment ..... of the bombay high court was later followed by another division bench of the bombay high court in the case of new india life assurance co.ltd. versus commissioner of income tax, reported in (1957) 31 itr844 and the same view was also endorsed by the apex court in the case of state of kerala versus vijaya stores, reported in (1979) 116 ..... finding. reference in this regard may be made to a division bench judgement of the bombay high court in the case of motor union insurance co.ltd. versus commissioner of income tax, bombay, reported in (1994) 13 itr272 wherein the following views were expressed: apart from statute, it is elementary that if a party appeals, he is the party who comes before ..... calcutta civil appellate jurisdiction original side present: hon ble justice girish chandra gupta and hon ble justice asha arora. ita no.214 of 2004 shrimati roma sengupta versus commissioner of income tax i kolkata & anr. advocate for the appellant: mr.j.p. khaitan, sr.adv.mr.ananda sen, adv.advocate for the state: ms.asha g. gutgutia, adv.ms.s.keswani, adv .....

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Mar 10 2016 (HC)

M/S. Nalco Chemicals India Ltd. Vs. The Commissioner of Income Tax, Ko ...

Court : Kolkata

..... dismantled and the machinery worth rs.73.24 lakhs were shifted to konnagar plant. the question arose whether the assessee was entitled to the benefit under section 80i of the income-tax act. the assessing officer initially allowed deduction under section 80i but he subsequently reopened the proceeding under section 147 and withdrew the benefit. in an appeal preferred by the assessee, the ..... case does fulfill that condition and there is no dispute with regard thereto. reference can be made to the judgment in the case of bajaj tempo ltd.versus commissioner of income tax, reported in (1992) 196 itr188 wherein question arose whether in view of transfer of tools and implements worth rs.3500/- the assessee fell within the mischief of the following prohibition ..... delivered on: 10th march, 2016. girish chandra gupta j.: the subject matter of challenge in the appeal is a judgment and order dated 11th august, 2005 passed by the learned income-tax appellate tribunal b bench, kolkata disposing of three several appeals preferred by the revenue challenging orders passed for three several assessment years.viz. the assessment years 1995-96, 1996-97 ..... justice girish chandra gupta the hon'ble justice asha arora ita no.503 of2005with ita no.504 of2005ita no.505 of2005m/s.nalco chemicals india ltd.versus the commissioner of income tax, kol ii advocate for the appellant: mr.j.p.khaitan,sr.adv., mr.siddharth das, adv.mr.asim choudhury,adv.mr.rohan poddar,adv.advocate for the respondent :mr.m .....

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Mar 09 2016 (HC)

Asian Financial Services Ltd. Vs. Commissioner of Income Tax3 Kolkata

Court : Kolkata

..... inclined to think that the object of sub-section (5) of section 43 is to define 'speculative business'. group-d of chapter-iv of the income tax act consists of sections 28 to 44db. when the statute talks of profit, it also talks of losses because loss has been construed as a negative profit. ..... of settlement of future and option. this loss has to be treated as a business loss under the proviso to section 43(5) of the income tax act. once it is deemed to be a business loss on the basis of the proviso appended to section 43(5).the question of applying section 73 ..... true and proper interpretation of the explanation to section 73 of the income tax act, 1961, the tribunal was justified in law in holding that the loss of rs.3,24,76,185/- incurred in eligible transactions within the meaning of ..... ) and in upholding the disallowance of rs.9,79,873/- made by the assessing officer under section 14a of the income tax act, 1961 as expenditure incurred in relation to the dividend income of rs.33,288/- and its purported findings in that behalf are arbitrary, unreasonable and perverse?. (b) whether on a ..... on: 9th march, 2016. girish chandra gupta j. the appeal is directed against a judgment and order dated 22nd may, 2015 passed by the learned income tax appellate tribunal, b bench, kolkata, pertaining to the assessment year 2009-10 allowing an appeal preferred by the revenue. the assessee, thus has come up in .....

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