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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: kolkata Year: 1985 Page 1 of about 140 results (0.038 seconds)

Dec 20 1985 (TRI)

Chloride India Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-20-1985

Reported in : (1986)16ITD295(Kol.)

..... filed by the assessee under section 248 of the income-tax act, 1961 ('the act') against the order dated 16-12-1983 passed by the commissioner (appeals). the order of the commissioner (appeals) relates to the order dated 2-3-1982 of the ito purported to have been passed under section 195(2) of the act. the grounds of appeal taken in this appeal are ..... ) where the person responsible for paying any such sum chargeable under this act other than interest on securities, dividend and salary to a non-resident considers that the whole of such sum would not be income chargeable in the case of the recipient, he may make an application to the income-tax officer to determine, by general or special order, the appropriate proportion of ..... ito under section 195(2) regarding a matter to which the said section does not apply. the dispute relating to the rate of tax that can be applied to the total income arises in the assessment of the recipient of the income and section 246(1 )(c)of the act provides for an appeal in case the assessee is aggrieved by the rate of ..... tax applied for computing the lax. that matter is completely outside the purview of section 195(2) and section 248. consequently, we come to the conclusion that the order dated 2- .....

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Dec 16 1985 (HC)

Commissioner of Income-tax Vs. Punyarpan Charitable Trust

Court : Kolkata

Decided on : Dec-16-1985

Reported in : (1986)56CTR(Cal)125,[1987]166ITR214(Cal)

..... and in the circumstances of the case and on a proper interpretation of section 12(2) of the income-tax act, 1961, the tribunal was correct in holding that the sum of rs. 45,000 representing the value of 450 cumulative preference shares of rs. 100 each of m/s kamala ..... to delete the said amount of rs. 45,000 in computing the taxable accumulation.5. on an application of the revenue under section 256(1) of the income-tax act, 1961, the following question has been referred as a question of law arising out of the order of the tribunal for the opinion of this court:' whether, on the facts ..... was received from another charitable trust by way of shares in commercial companies and partly in cash donations. the income-tax officer took the view that the donations in the form of shares constituted income within the meaning of section 12(2) of the income-tax act, 1961, as it stood at the relevant time and included the amount of the market value of the shares ..... the hands of the recipient charitable society, the assessee, and fell outside the provision of section 12(1) of the income-tax act, 1961, as it stood prior to its amendment. (d) sukhdeo charity estate, ladnu v. cit . in this case, the decisions of the allahabad, kerala and delhi high courts were approved by the rajasthan high court in a case the facts whereof .....

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Dec 13 1985 (TRI)

Satya Prosad Sen Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-13-1985

Reported in : (1986)16ITD160(Kol.)

..... (1) of the income-tax act, 1961, is erroneous, being prejudicial to the interests of revenue, for which the said assessment is hereby set aside, with directions to the ito to complete the assessment afresh as ..... of the above, wherefrom it would be clear that expenses claimed by the assessee have been allowed, without proper verification, as also my earlier order under section 163 of the income-tax act, 1961, dated 25-4-1984 for the assessment year 1979-80, in the instant case, i hold that the assessment for the assessment year 1980-81, completed under section 143 ..... against the order of the commissioner under section 263 of the income-tax act, 1961 ('the act'). the assessee filed his return on 31-10-1980. the assessee disclosed the income from house property at rs. 448, income from business at rs. 23,932 and income from interest at rs. 12,265. thus, the total gross income was shown at rs. 36,645. the assessee indicated the admissible ..... , inadequate or incomplete in a material respect, if- (a) the amount of the total income as determined under sub-section (1) is greater or smaller than the amount of the total income on which the assessee is properly chargeable under this act to tax ; or (b) the amount of the tax payable as determined under sub-section (1) is greater or smaller than the amount .....

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Dec 13 1985 (TRI)

income-tax Officer Vs. Satya Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-13-1985

Reported in : (1986)19ITD596(Kol.)

..... deduction of interest on the amount of rs. 1,31,000 at the rate of 12 per cent under section 24(1 )(vi) of the income-tax act, 1961 ('the act')- the appeals are opposed by the assessee.2. the facts necessary for determination of these appeals are as follows according to the assessee's own ..... above purpose, the interest payable in respect of the second loan would also be admissible as a deduction under section 24(1)(vi) [of the income-tax act]. 3. the matter has been considered by the board and it has been decided that if the second borrowing has really been used merely to repay ..... during all the years which are under consideration' and, therefore, 'interest on such borrowings should qualify for deduction under section 24(1)(vi) of the income-tax act in all these years'. he accepted the assessee's alternative suggestion that 'the company's own funds may be fixed at one figure only which can ..... the original loan and this fact is proved to the satisfaction of the income-tax officer, the interest paid on the second loan would also be allowed as a deduction under section 24(1)(vi).8. it is clear that ..... extended to second or any subsequent loan. the authorised representative for the assessee referred to the following observation in kanga and palkhivala's law and practice of income-tax, seventh edn., vol. 1 at page 335 : 'interest on a fresh loan utilised in repaying the original loan taken for the above specific purpose .....

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Dec 11 1985 (HC)

Fancy Dyeing and Printing Works Vs. Income-tax Officer

Court : Kolkata

Decided on : Dec-11-1985

Reported in : [1987]166ITR54(Cal)

..... ajit kumar sengupta, j.1. in this application under article 226 of the constitution, the petitioner, a registered firm, an assessee under the income-tax act, 1961 ('the act'), has challenged the notice dated november 24, 1978, issued under section 263 of the act for the assessment year 1976-77.2. the assessment for the assessment year 1976-77 was completed on november 29, 1976. a ..... being heard.5. section 263 does not require any notice to be issued by the commissioner before he assumes the jurisdiction to proceed to revise an order passed by the income-tax officer. the jurisdiction of the commissioner to proceed under section 263 is not dependent on the fulfilment of any condition precedent. all that he is required to do is to ..... the petition is that no reasonable opportunity was given to the petitioner as enjoined under section 263 and the notice was not served in accordance with section 282 of the act, or under order v, rule s 12 and 13, of the code of civil procedure, 1908.4. no affidavit-in-opposition has been filed by the respondents in this case .....

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Dec 10 1985 (TRI)

income-tax Officer Vs. Sonodyne Television Co. (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-10-1985

Reported in : (1987)23ITD406(Kol.)

..... that the commissioner (appeals) erred in holding that the preoperative project expenses formed a part of the capital employed for the purpose of relief under section 80j of the income-tax act, 1961 ('the act'). shri s.p. chaliha, the learned representative for the department, urged before us that the commissioner (appeals) was not justified in his decision. he stated that the expenses under ..... sheet. consequently, they did form a part of the capital employed for the purpose of section 80j, vide section 80j(la)(ii)(iii). under the circumstances, we agree with the cit (appeals) on this point and reject this ground.4. the only other ground taken in these appeals relate to the assessment year 1979-80 only. this ground states that the ..... relied on the decision in the case of modella woollens ltd. v. cit [1979] 120 itr 726 (bom.). shri s.c.majumdar, the learned representative for the assessee, on the other hand, supported the order of the commissioner (appeals). he stated that the ..... consideration were deductible in a phased manner under section 35d of the act. hence, he urged that these expenses were in the nature of preliminary expenses envisaged in section 35d and so they did not form a part of the capital employed. he .....

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Dec 09 1985 (HC)

Basanta Ram Kedarnath Vs. Income-tax Officer

Court : Kolkata

Decided on : Dec-09-1985

Reported in : (1986)56CTR(Cal)344,[1987]165ITR777(Cal)

..... was alleged, after taking into consideration the aforesaid, completed the said assessment under section 143(3) of the income-tax act, 1961.9. it was alleged that in the facts and circumstances, the income-tax officer acted illegally and wrongly assumed jurisdiction under section 147 of the income-tax act, 1961, although the condition precedent for the assumption of such jurisdiction had not been satisfied.10. it ..... assessment year 1962-63, the accounting year ending on december 31, 1961, the appellant was assessed to income-tax under section 143(3) of the income-tax act, 1961. the order of assessment was made on march 18, 1967, when the income-tax officer computed the total income of the appellant at rs. 30,580 which was allocated to the partners of the appellant according to ..... on the part of the assessee to disclose fully and truly all materical facts necessary for his assessment, the total income was underassessed.'5. on january 2, 1971, the appellant received a notice under section 148 of the income-tax act issued by the said income-tax officer, 'g' ward, hundi circle, calcutta. it was stated in the said notice which was dated december ..... respect of the said loan and purported to assume jurisdiction under sections 147 and 148 of the income-tax act, 1961, on a mere change of opinion.19. it was alleged that the income-tax officer had issued similar notices under section 148 of the act in respect of earlier assessment years 1957-58 to 1960-61 which have been challenged and quashed .....

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Dec 09 1985 (HC)

Commissioner of Income-tax Vs. Russel Properties (P.) Ltd.

Court : Kolkata

Decided on : Dec-09-1985

Reported in : [1987]163ITR538(Cal)

..... in holding that there was no mistake apparent from the record within the meaning of section 154 of the income-tax act in the original assessment order passed by the income-tax officer and in that view in cancelling the order under section 154 of the income-tax act passed by the income-tax officer rectifying such mistake ?' 8. it appears that following the decision of the supreme court in ..... what he thought to be a mistake under section 154 of the income-tax act, 1961. deducting the original cost of land and building including the depreciable assets from the sale consideration received, he computed that there was a profit of rs. 29,359. he ..... . mafatlal, : [1962]45itr271(sc) . 12. for the reasons as aforesaid, we agree with the order of the tribunal rejecting the application of the revenue under section 256(1) of the income-tax act, 1961. 13. the rule nisi is discharged and the application is dismissed. 14. there will be no order as to costs. mukul gopal mukherji, j. 15. i agree. ..... gains relating to land and building was computed at rs. 71,919 and business profits under section 41(2) of the income-tax act, 1961, relating to depreciable assets were calculated at rs. 4,930. 5. after the original assessment was completed, the income-tax officer later took a view that the allocation of the total gain had not been made correctly. he, therefore, rectified .....

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Dec 06 1985 (TRI)

Sudha Devi Rampuria Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-06-1985

Reported in : (1986)15ITD744(Kol.)

..... 1. the assessee is in appeal against the order of the commissioner (appeals) under section 263 of the income-tax act, 1961 ('the act').the fact is that shri pradip kr. rampuria was doing business. he was a member of his huf. shri rampuria took a loan of rs. 6 lakhs and odd from ..... 80c 1,810.00 4,222.34 the return was filed on 30-3-1981 and the assessment was completed by the ito under section 143(1) of the act on the total income of rs. 4,220 on 2-9-1981.4. the commissioner took action on perusal of the record under section 263 on the ground that the assessee should ..... rampuria.3. smt. sudha devi rampuria filed her return for the assessment year 1978-79 showing the following income:biplabi rash behari basu rd., cal.1,47,394.51less: corporation tax 33,296.00multistoreyed property tax 1,752.00service charges 504.00surcharge on corporation tax 16,648.00 55,955.57bav 91,438.97less: one-sixth for repair 19,016.006 per cent collection ..... charges 6,845.00 25,861.00 65,577.97of firm's assessment) 10,745.26interest income from the above 11,474.5322,219 .....

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Dec 05 1985 (HC)

Commissioner of Income-tax Vs. Shinwa Kaium Kaisha Ltd.

Court : Kolkata

Decided on : Dec-05-1985

Reported in : [1987]165ITR270(Cal)

..... items in the world receipts. to the extent as aforesaid, the appeal of the revenue was rejected.6. on an application of the revenue under section 256(2) of the income-tax act, 1961, the tribunal, as directed by this court, has referred the following question as a question of law arising out of its order :' whether, on the facts and in the ..... same items in its world income in accordance with the provisions of the indian statute, it must have been held that the said items form part and parcel of ..... receipts. he directed the income-tax officer to recompute the indian income with reference to the world income afresh.5. being aggrieved, the revenue preferred an appeal before the income-tax appellate tribunal. it was held by the tribunal that the world shipping profits of the assessee has been worked out with reference to the provisions of the income-tax act, 1961, and if the income-tax officer has included the ..... . learned advocates for the parties reiterated the respective contentions made in the proceedings below. our attention was drawn to rule 10(ii) of the income-tax rules, 1962.8. it appears to us that the expression 'receipt' has not been defined in the act but the meaning of the expression 'receipt', in our view, has been made clear in various sections of the .....

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