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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: kolkata Year: 1983 Page 1 of about 69 results (0.031 seconds)

Dec 30 1983 (TRI)

Molins of India Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-30-1983

Reported in : (1984)8ITD30(Kol.)

..... be paid as bonus within the meaning of section 10(1) of the payment of bonus act, as referred to in the first proviso to section 36(1)(ii) of the income-tax act, 1961 ('the act'), is fully and totally restricted within the allocable surplus available in the hands of the appellant- ..... of the dividends payable out of its profits in accordance with the provisions of section 194 of that act, sixty-seven per cent of the available surplus in an accounting year; the ..... amount of bonus payable under the said act.sub-section (4) of section 2 of the aforesaid act defines 'allocable surplus' in the following terms: (a) in relation to an employer, being a company which has not made the arrangements prescribed under the income-tax act for the declaration and payment within india ..... of section 10 and sub-sections (1) and (2) of section 15, extracted above, referred to third schedule of the payment of bonus act, it would be appropriate to extract the said schedule as follows to understand the scheme: the illustration in this schedule has been worked out with reference ..... of the learned commissioner (appeals) was entirely in order and that interpretation of sub-section (1) of section 10 of the payment of bonus act, as placed by the assessee, was not correct and was far fetched. with regard to the alternative contention of the assessee, the learned departmental .....

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Dec 14 1983 (HC)

Biswanath Pasari Vs. Income-tax Officer, 'B' Ward and Ors.

Court : Kolkata

Decided on : Dec-14-1983

Reported in : 88CWN318,[1985]154ITR419(Cal)

..... being annexure 'a'. it appears that the petitioner thereafter preferred an appeal challenging various additions and disallowances made by the ito for the said assessment year before the aac of income-tax, range 'h', calcutta, who by his order dated september 18, 1972, partly allowed the said appeal. the appellate order has also been annexed to the writ petition being marked with ..... the said assessment year. it was also stated in the said notice that the same was issued after obtaining the necessary approval of the commissioner of income-tax, central i, calcutta, the said ..... . act and as such it was proposed to reassess the income for the said assessment year. the petitioner was, therefore, required to file a return for ..... xv, calcutta, issued the impugned notice dated february 16, 1978, under section 148 of the i.t. act for the assessment year 1969-70, wherein respondent no. 2, inter alia, alleged that he had reasons to believe that the petitioner's income chargeable to tax for the said assessment year had escaped assessment within the meaning of section 147 of the i.t .....

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Dec 13 1983 (HC)

Commissioner of Income-tax Vs. Jaskaran Sohanlal P. Ltd.

Court : Kolkata

Decided on : Dec-13-1983

Reported in : [1985]154ITR291(Cal)

..... is as follows:'whether, on the facts and in the circumstances of the case, the appellate tribunal was justified in cancelling the penalty under section 271(1)(c) of the income-tax act, 1961?'5. the question is answered in the affirmative and in favour of the assessee and against the department. there will be no order as to costs.suhas chandra sen ..... in cancelling the order of penalty made under section 271(1)(c) of the income-tax act, 1961 ?' 2. the matter ultimately reached the tribunal. the tribunal held that it was a case of revised return having been filed voluntarily and in the totality of circumstances, it ..... filed on june 29, 1965, the tribunal was light in holding that the explanation added to section 271(1)(c) of the income-tax act, 1961, by the finance act, 1964, with effect from april 1, 1964, could not be invoked in this case ? 2. whether, on the facts and in the circumstances of the case, the tribunal was justified .....

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Dec 12 1983 (HC)

Bharat Sugar Mills Limited Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Dec-12-1983

Reported in : [1985]153ITR802(Cal)

..... cal) , in which a seemingly contradictory view has been taken. in that case, the judgment of this court in the case of upper ganges sugar mills ltd. v. cit : [1981]129itr438(cal) , was considered and distinguished on facts. mr. bajoria has contended that the distinction was without any difference.5. it does not appear from the ..... in the earlier years could not be treated as part of the capital for purposes of determining the statutory deduction under section 2(8) of the said act?'2. this very question came up for consideration before a division bench of this court in i. t. reference no. 313 of 1977 in the assessee ..... in the circumstances of the case, and on a proper interpretation of explanation 1 of rule 2 of the second schedule to the companies (profits) surtax act, 1964, the tribunal was right in holding that the said sum of rs. 3,50,000 being the adjustment made in respect of the excess depreciation ..... judgment in the case of cit v. indian leaf tobacco development co. ltd. : [1981]132itr831(cal) that the correctness of the judgment delivered in the assessee's own case on november 7, ..... the supreme court. let a certificate of fitness for appeal to the supreme court be issued under section 261 of the i. t. act read with section 18 of the companies (profits) surtax act, 1964.7. there will be no order as to costs.satish chandra, c.j.8. i agree. .....

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Dec 08 1983 (HC)

Commissioner of Income Tax Vs. Parvati Devi Kalvani.

Court : Kolkata

Decided on : Dec-08-1983

Reported in : (1984)39CTR(Cal)241

: satish chandra, c.j. - the tribunal has referred for the opinion of this court the following questions :'whether, on the facts and in the circumstances of the case and on a proper interpretation of the partition deed, the appellate tribunal was justified in holding that a partial partition within the meaning of clause (b) of the explanation to section 171 of the income tax act, 1961 had taken place amongst the members of the assessee hindu undivided family on 30-61964 ?'the tribunal had answered this question in favour of the assessee principally on the basis of its decision in the case of hoshiari lal kalvani & ors., jalpaiguri came up for hearing before this court and the view of the tribunal was upheld on 15-1-1981 in itr no. 249 of 1974, cit v. hoshiari lal kalvani & ors., jalpaiguri . there precisely the same question was decided. it was held that partial partition within the meaning of cl. (b) of the explanation to s. 171 of the it act, 1961 had taken place amongst the members of the family.2. learned counsel for both sides had agreed that the decision in hoshiari lal kalvanis case fully covers the present case. accordingly, we answer the question referred to this court in the affirmative and in favour of the assessee and against the department.there will be no order as to costs.suhas chandra sen, j. - i agree.

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Dec 08 1983 (HC)

Ghose Estates Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Dec-08-1983

Reported in : [1985]153ITR673(Cal)

..... or venture as the partners may mutually agree upon from time to time.'4. the assessee had been dealing in immovable properties and the profits were being assessed to tax as business income. the tribunal took note of the balance-sheet of the assessee and found that the land in question along with another plot of land at no. 6, palm avenue ..... that was sold was held by the assessee as its stock-in-trade and so the surplus arising out of the sale of the land was the assessee's business income. in our view, the tribunal has not committed any error of law and the question that has been referred is answered in the affirmative and against the assessee.7. each ..... plot of land in two lots to a co-op. housing society and made a profit of rs. 60,582. the ito held that the amount in question was business income of the assessee. the assessee preferred an appeal to the aac and contended that the land in question was purchased for the purpose of agricultural operations, but had to be ..... has referred the following question of law under section 256(1) of the i.t. act :'whether, on the facts and in the circumstances of the case, the tribunal was correct in its decision that the profit on transfer of agricultural land was assessable as business income of the assessee on the mere fact that the land in question appeared in the .....

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Dec 02 1983 (HC)

Commissioner of Income-tax Vs. National Razors and Blades Pvt. Ltd.

Court : Kolkata

Decided on : Dec-02-1983

Reported in : [1985]153ITR593(Cal)

..... , on the facts and in the circumstances of the case, the tribunal was right in holding that the provisions of section 104 of the income-tax act, 1961, are not applicable?'6. the tribunal agreed with the submission of the assessee that for the purpose of section 104 of the i.t ..... the department the nature and source of the hundi loans. in our opinion, this addition, having been made under section 68 of the i.t. act, was an artificial or notional or fictional income within the meaning of the phrase used by this court in the aforesaid decision of mehar singh & co. (p.) ltd.'s case : [1977] ..... the satisfaction of the department, the genuineness of the loans and, therefore, applying the provisions of section 68 of the i.t. act, 1961, treated the hundi loans as the assessee's income. there is no evidence on the record to suggest that the said hundi loans represented a part of the commercial profits of the ..... . act, only the commercial profits could be taken into account irrespective of the actual assessed income. it went on to hold that the addition of hundi loans was, in the present case, based upon the ..... the assessment was, however, completed on a total income of rs. 1,90,293 by an assessment order passed on march 20, 1967.2. the ito, on march 29, 1968, passed an order under section 104 of the i.t. act, 1961, raising a demand of additional super-tax of rs. 34,342. he found that the .....

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Nov 25 1983 (TRI)

income-tax Officer Vs. Kusum Products Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Nov-25-1983

Reported in : (1984)7ITD557(Kol.)

..... the assessee for machinery and equipment, exported to the new company in indonesia, amounted to rs. 50,34,645. the ito invoked section 92 of the income-tax act, 1961 and found that the profit earned on this transaction was not normal. he found that there was a recovery of rs. 7,39,429. when the ..... in respect of addition towards export of machinery to p.t. kusum products, indonesia and failed to appreciate the legal issue involved in section 92 of the income-tax act, 1961 and as such the addition of rs. 7,39,528 should be restored.3. the assessee entered into an agreement on 13-3-1975 with peter ..... for considering the matter in issue : section 92. where a business is carried on between a resident and a non-resident and it appears to the income-tax officer that, owing to the close connection between them, the course of business is so arranged that the business transacted between them produces to the resident either ..... no profits or less than the ordinary profits which might be expected to arise in that business, the income-tax officer shall determine the amount of profits which may reasonably be deemed to have been derived therefrom and include such amount in the total ..... 92. the commissioner (appeals) was not justified in deleting the addition after considering the export incentives. shri r.n. bajoria relied in mazagaon dock ltd. v. cit/ept [1958] 34 itr 368 (sc).6. shri r.r. bajoria, the counsel of the assessee, on the other hand, referred to section 92 and urged .....

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Nov 24 1983 (HC)

Union of India (Uoi) Vs. Smt. Malina Ghosh and ors.

Court : Kolkata

Decided on : Nov-24-1983

Reported in : [1985]153ITR263(Cal)

..... that the owner of the said properties and/or the representative of the owner of the said properties cannot be assessed to any income-tax under the i.t. act. mr. pal also contended that the proceeding under the i.t. act is not a legal proceeding in a court of law and under the ordinance, so long as the attachment continues, any proceeding ..... been made on the basis of an order of assessment, no order of refund can be passed contrary to the provisions of the act and unless the order of assessment is set aside by the appropriate authority, payment of income-tax cannot be held per se illegal in a different proceeding. in the circumstances, the impugned order of the learned district judge is ..... the assessee had any liability to pay income-tax out of the income received from the said properties. he contended that under the i.t. act unless an assessee was specifically exempted from the payment of income-tax from the income derived from properties, he is bound to make payment of income-tax in accordance with the provisions of the i.t. act and the rules framed thereunder. he contended ..... same cannot be refunded except in accordadce with the provisions for refund under the said act. but the learned district judge has, in fact, held that the income-tax authorities must refund all payments received by way of income-tax paid on assessment, if necessary, by passing an executable order. mr. pal,therefore, contended that the said order is absolutely illegal and should be set .....

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Nov 11 1983 (TRI)

income-tax Officer Vs. Warren Tea Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Nov-11-1983

Reported in : (1984)7ITD697(Kol.)

..... 1.the revenue is in appeal before us. the assessment year involved is 1979-80.2. the assessee is a limited company. it filed an estimate of advance tax in form no. 29 under section 209a of the income-tax act, 1961 ('the act') on 15-3-1979, though the estimate and the covering letter were dated 14-3-1979. according to the estimate of advance ..... tax filed by the assessee, advance tax payable by it amounted to rs. 48,51,000. this amount was paid as advance tax on 15-3-1979. on the same day ..... term 'advance tax' as given under section 207, tax payable in advance in accordance with the provisions of sections 208 to 219 is to be regarded ..... provisions of sections 208 to 219 of the act in the case of income other than (a) income chargeable under the head 'capital gains' ; and (b) income referred to in sub-clause (ix) of clause (24) of section 2 of the act.such income is referred to in chapter xvii as 'income subject to advance tax' and such tax as 'advance tax'. so, in view of the definition of the .....

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