Skip to content


Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: kolkata Year: 1988 Page 1 of about 125 results (0.038 seconds)

Dec 29 1988 (TRI)

Kusum Products Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-29-1988

Reported in : (1989)29ITD293(Kol.)

..... . in the notice of demand dated 25-2-1972 for the assessment year 1967-68, the ito has granted interest of rs. 1,15,145 under section 214 of the income-tax act, 1961. the said demand notice can be seen at pages 17 and 18 of the paper book. the assessment for the assessment year 1967-68 was the subject of appeal ..... claiming as a deduction a sum of rs. 1,14,212 to arrive at the returned income and that the assessee was, therefore, liable to penalty under section 271(1)(c) of the income-tax act, 1961. considering the facts and circumstances of the case, he imposed a penalty of rs. 2,00,000 after obtaining the previous approval of the iac. aggrieved by ..... the order of the ito the assessee preferred an appeal to the cit(a).3. before the cit(a) it was contended that the assistant of ..... . 65,957. (iii) the assessee's contention that interest under section 214 is exempt from tax is not tenable. interest received under section 214 is an income chargeable to tax under the it act and there is no question of granting any deduction for the said amount while determining the total income of the assessee. (iv) the assessee's contention that rs. 1,14,212 was .....

Tag this Judgment!

Dec 28 1988 (HC)

Himalaya Co. Ltd. Vs. Income-tax Officer.

Court : Kolkata

Decided on : Dec-28-1988

Reported in : [1989]30ITD139(Cal)

..... of banking or the granting of loans and advances. he was of the opinion that the assessee-company was squarely hit by the explanation to section 73 of the income-tax act, 1961. he also noted that in the assessment year 1977-78 and the following assessment years the business losses of the assessee arose out of its business of purchase ..... rs. 78,400. according to section 109(ii) of the income-tax act, 1961 investment company means a company whose gross total income consist mainly of income which is chargeable under the heads, 'interest on securities', 'income from house property', 'capital gains' and 'income income means total income computed in accordance with the provisions of this act before making any deduction under' chapter vi-a as the dividend ..... charged as business income and rs. 78,400 being dividend income charged as 'income from other sources', of a company whose gross total income consists mainly of income which is chargeable under the heads 'interest on securities ..... virtue of section 109(iv). section 109(iv) defines gross total income as total income computed in accordance with the provisions of the act before making any deduction under chapter vi-a. the provisions for giving deduction under section 80m is contained in chapter vi-a of the income-tax act, 1961. so the cit (a) should have compared the figures of rs. 65,079 .....

Tag this Judgment!

Dec 26 1988 (TRI)

Smt. Chanda Devi Saraf Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-26-1988

Reported in : (1990)32ITD518(Kol.)

..... those decisions, we hold that there is no valid sanction of the c.b.d.t. as laid down in section 151(1) of the income-tax act, 1961, and so the consequent initiation of the proceedings by the ito are without jurisdiction. ..... held that there was no valid sanction as laid down in section 151(2) and that the consequent initiation of proceedings by the income-tax officer would be without jurisdiction. while coming to that conclusion, the hon'ble orissa high court had referred to and followed a decision of the hon'ble ..... space provided in the rubber stamp. in the case of govinda choudhury & sons v. ito [1977] 109 itr 370 (ori.) wherein the proposals sent by the income-tax officer for initiating reassessment proceedings the commissioner did not write in his own hand writing 'yes', but the word was affixed by means of a rubber stamp, it was ..... mechanically. in the circumstances, the reassessment made on 7-3-83 should be cancelled.5. the departmental representative filed photostat copies of the order sheet of the income-tax assessment file of the assessee and photostat copy of the telegram from the c.b.d.t. received on 24-3-79 and photostat copy of affidavit of ..... bringing of jewellery from pakistan was mentioned in the declarations of trust and that the fact of gifts was known to the ito when he made the original income-tax assessment for the assessment year 1963-64. from this, it is clear that there was no new information to the ito for reopening of the assessment. further .....

Tag this Judgment!

Dec 23 1988 (HC)

Commissioner of Income-tax Vs. Benarashilal Kataruka

Court : Kolkata

Decided on : Dec-23-1988

Reported in : [1990]185ITR493(Cal)

..... to render them 'personal effects' within the meaning of that expression used in clause (ii) of the exceptions in section 2(4a) of the indian income-tax act, 1922. the legislature intended only those articles to be included within the expression 'personal effects' which were intimately and commonly used by the assessee.'a similar ..... assessee belongs and as such, according to the appellate assistant commissioner, those are not capital assets within the meaning of section 2(14)(ii) of the income-tax act, 1961.6. being aggrieved, the revenue filed an appeal before the tribunal against the said order of the appellate assistant commissioner. the tribunal held that ..... 1977-78.'1. whether, on the facts and in the circumstances of the case and on a correct interpretation of section 2(14)(ii) of the income-tax act, 1961, silver utensils are personal effects of the assessee ? 2. whether, on the facts and in the circumstances of the case, the surplus on the ..... were for personal use and that they were not capital assets within the meaning of section 2(14)(ii) of the income-tax act, 1961. so he claimed that the profit of rs. 52,879 on the sale of the silver utensils was not liable to be ..... such affluence as to use silver utensils weighing more than 200 kgs. as common utensils of the kitchen or dining table. the income-tax officer observed that the income-tax and wealth-tax records of the assessee clearly indicated that these utensils were owned by him as items of decoration to give pride of possession. .....

Tag this Judgment!

Dec 22 1988 (HC)

Commissioner of Income-tax Vs. G. Basu and Co.

Court : Kolkata

Decided on : Dec-22-1988

Reported in : [1990]182ITR472(Cal)

..... of the applicants (appellants) before the tribunal was that the partnership continued with regard to 336 bales and, therefore, section 26(1) of the income-tax act was applicable. in other words, it submitted that though the partners had retired in 1942, it must be taken that with regard to this forward contract ..... these facts, the following question of law has been referred to this court at the instance of the commissioner under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the amount of rs. 1 ..... 1938, of 2,389 representing, after deduction of income-tax, 1/14th of the net profits of the business for the year to 31st december 1937.25. the respondent claimed his share of the gross sum ..... equal to one-fourteenth part of the net profits of the business for the three years ending 31st december, 1937, 1938 and 1939, under deduction of income-tax.24. the retiring partner died on 12th february, 1937. certain payments were made to his representatives under the agreement, including an item, paid in may, ..... being given.'13. it may be mentioned that the amount payable to the retiring partners as computed in the said agreement was considered by the income-tax officer. apart from the aforesaid amount, other payments in terms of the deed payable to the retiring partners were also allowed. it may be .....

Tag this Judgment!

Dec 22 1988 (HC)

Commissioner of Income-tax Vs. Soorajmal Nagarmull

Court : Kolkata

Decided on : Dec-22-1988

Reported in : [1990]181ITR340(Cal)

..... expenditure incurred in purchase of loom-hours is revenue expenditure allowable as deduction and whether such expenditure can be disallowed in the assessment reopened under section 147(a) of the income-tax act, 1961 ?' 3. the facts relating to the first question are that the original assessment for the assessment year 1957-58 was completed on june 22, 1962. premises nos. 61, 57 ..... the circumstances of the case, and having regard to the fact that the appellate assistant commissioner had upheld the validity of the proceedings initiated under section 147(a) of the income-tax act, 1961, and the assessee did not challenge before the tribunal such finding of the appellate assistant commissioner, the tribunal misdirected itself in law in holding that the expenditure incurred in ..... ajit kumar sengupta, j.1. at the instance of the commissioner, the following two questions have been referred to this court under section 256(2) of the income-tax act, 1961 ('the act'), for the assessment year 1957-58 :'(1) whether, on the facts and in the circumstances of the case, the tribunal ignored relevant evidence and relied on irrelevant materials in holding ..... ). during the search of the premises, no. 61, m. g. road, a large quantity of jewellery was found therein. the assessment was reopened under section 147(a) of the act on the ground that income had escaped assessment.4. the income-tax officer wrote a letter to the assessee to show cause why the value of the jewellery should not be treated as the .....

Tag this Judgment!

Dec 22 1988 (HC)

Commissioner of Income-tax Vs. D.S. Blackwood

Court : Kolkata

Decided on : Dec-22-1988

Reported in : [1989]178ITR470(Cal)

..... , 1961, provides that in computing the total income of a person, any special allowance or benefit, not being in the nature of entertainment allowance ..... that the assessee was on tour to india and the benefit of rent-free accommodation was exempt under section 10(14) of the income-tax act, 1961. the revenue preferred an appeal before the tribunal and there was a difference of opinion and ultimately by a majority decision the ..... tribunal upheld the view taken by the commissioner of income-tax (appeals). on those facts, the tribunal has referred the following question under section 256(1) of the income-tax act, 1961, for the assessment year 1979-80 :'whether, on the facts and in the ..... circumstances of the case, the tribunal was justified in law in holding that the rent-free accommodation provided to the assessee by his employer was exempt under section 10(14) of the income-tax act '2. section 10(14) of the income-tax act ..... india, from time to time, to superwise the erection work. while staying in india the assessee was provided with rent-free accommodation. the income-tax officer was of the opinion that the rent-free accommodation provided by the foreign company was in the nature of a perquisite. he, therefore, .....

Tag this Judgment!

Dec 21 1988 (HC)

Commissioner of Income-tax Vs. Super Steel (Sales) Co.

Court : Kolkata

Decided on : Dec-21-1988

Reported in : [1989]178ITR451(Cal)

..... the income-tax act, 1961, had not been validly initiated and in that view cancelling the order of penalty made under the said section ?'3. it appears that in this case the assessment was ..... for the year under reference had not been validly initiated. on these facts, the following question of law has been referred to this court under section 256(2) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, the tribunal misdirected itself in law in holding that the, penalty proceedings under section 271(1)(c) of ..... year 1964-65. it arises in consequence of the order of the inspecting assistant commissioner of income-tax imposing a penalty of rs. 1,80,000 under section 271(1)(c) of the income-tax act, 1961. the assessment had been made in the status of an unregistered firm. the income-tax officer stated, while making the assessment, that as in the previous years, the application for ..... registration by the assessee was rejected and the assessment was completed as a protective measure. it was stated before the tribunal that for the last several years, the income had been .....

Tag this Judgment!

Dec 21 1988 (HC)

Commissioner of Income-tax Vs. Nippon Yusen Kaisha

Court : Kolkata

Decided on : Dec-21-1988

Reported in : [1989]180ITR442(Cal)

..... determined the income at a higher figure. the appellate tribunal held that the income-tax officer could not, in reassessment proceedings, depart from the ..... computed by invoking rule 33 of the indian income-tax rules, 1922, corresponding to rule 10 of the income-tax rules, 1962. he applied one of the three methods permitted therein and computed the income through or from certain contracts (business connection) in india. subsequently, the income-tax officer reopened the assessment under section 147(b) of the income-tax act, 1961, and applying a different method permissible, ..... bengal-ii, the following question of law has been referred to this court under section 256(1) of the income-tax act, 1961, for the assessment year 1974-75 :'whether, oh the facts and in the circumstances of the case, the tribunal is justified in holding that there was no ..... within the ambit of section 147(b) of the act of 1961, or section 34(1)(b) of the act of 1922. we may add that the income-tax officer ordering reassessment does not sit as a court of appeal over the income-tax officer making the original assessment. nor is it open to the income-tax officer ordering reassessment to substitute his own opinion regarding .....

Tag this Judgment!

Dec 21 1988 (HC)

Harbanslal Malhotra and Sons Ltd. Vs. Income-tax Officer and ors.

Court : Kolkata

Decided on : Dec-21-1988

Reported in : [1989]177ITR46(Cal)

..... of carrying on the business of the said factory and was a commercial exploitation of the commercial assets of the petitioner. the income from the said hiring is assessable under the income-tax act as business income. the petitioner filed its returns under the income-tax act for the assessment years taking up such a stand. the petitioner was, however, surprised to receive from respondent no. 2 a ..... the petitioner as the petitioner will have the chance to show cause against the concerned notice and the assessee has the right to go up within the scope of the income-tax act itself. this court has to consider as to whether there is jurisdiction to issue the notice and whether the proposed proceedings are absolutely void and an abuse of the process ..... , that the assessment/refund order under section 143 required to be amended as there is a mistake apparent from the record within the meaning of section 154/155 of the income-tax act, 1961. the rectification of the mistake, as per details, has been mentioned and an opportunity was given to the assessee to appear in person or by any of his authorised ..... of or in furtherance of or under the notice dated april 20, 1978, and all proceedings/notices and orders relating thereto and thereunder under section 154/155(5) of the income-tax act, 1961, relating to the assessment orders as mentioned in the respective writ petitions. the writ petitions were moved mainly on the grounds that the conditions precedent necessary to confer jurisdiction .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //