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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: kolkata Year: 2000 Page 2 of about 119 results (0.033 seconds)

Nov 22 2000 (HC)

Badal Choudhury Vs. Income Tax Officer and ors.

Court : Kolkata

Decided on : Nov-22-2000

Reported in : (2001)168CTR(Cal)587

..... a writ petition which was moved in this court for setting aside the notices dated 16-6-1980, issued under section 148 of the income tax act, 1961, for the assessment years 1973-74 and 1974-75 by the income tax officer, j. ward, district-iv(i), and the order being order no. re-open/1/81/ws-x/227, dated 6-6-1980, passed ..... , the following shall also deemed to be cases where income chargeable to tax has escaped assessment, namely :(a) where income chargeable to tax has been assessed; or(b) where such income has been assessed at too low a rate; or(c) where such income has been made, the subject of excessive relief under this act or under the indian income tax act, 1922, or(d) where excessive loss or depreciation ..... the basis of such information, it was not open for him to invoke the provisions of section 147(a) of the income tax act, 1961, and reopen the assessment even though he may have to notice facts mentioned in the return by the other side. in that decision also the madhya pradesh high court ..... allowance has been commuted.explanation 2 : production before the income tax officer of all account books or other evidence from which material evidence could with due diligence have been discovered by the income tax officer will not necessarily amount to disclosure within the .....

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Nov 17 2000 (HC)

Deputy Commissioner of Income-tax and ors. Vs. Shaw Wallace and Co. Lt ...

Court : Kolkata

Decided on : Nov-17-2000

Reported in : (2001)165CTR(Cal)489,[2001]248ITR81(Cal)

..... ]238itr13(cal) ). the revenue appellant has raised the grievance that the learned single judge has wrongly held the notices under section 142 and section 143(2) of the income-tax act, 1961 (hereinafter called 'the act 1961') bad in law and set aside the assessment of the assessment year 1995-96 and further directed that the regular assessment for the assessment year 1995-96 ..... has taken the view that the assessment under chapter xiv-b is in addition to regular assessment.21. chapter xiv-b relates to 'undisclosed income' of the block period. therefore, the income-tax officer is not barred from framing the assessment under section 143 of the act of 1961. even this high court in the case of caltradeco steel sales (p.) ltd. v. deputy ..... escape assessment. the assessee might claimed bogus expenditure, bogus cash credits or even wrong deductions which are not permissible under the act.32. in that way assessable income will escape and the government will deprived of tax due on such income. the return under section 139 cannot be processed in the block assessment. firstly, in the block assessment under chapter xiv-b only ..... 1961, is on the basis of material seized during the search but the income declared or disclosed in the regular returns cannot be assessed under chapter xiv-b of the act. the rate of tax and penalty, etc., are different under this act for the purpose of taxing undisclosed income and disclosed income of the assessee. hefurther submits that the dispute created by two sets of .....

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Nov 15 2000 (HC)

Lytton Hotel Pvt. Ltd. Vs. Appropriate Authority and ors.

Court : Kolkata

Decided on : Nov-15-2000

Reported in : [2001]248ITR541(Cal)

..... is beyond the statutory limit of percentage. this apparent consideration has been worked out correctly as per the provisions of section 269ua(b) of the income-tax act, 1961, as well as rule 48-1 of the income-tax rules, 1962. in support of his submission, the learned lawyer for the respondents relies on the decision of the supreme court reported in appropriate ..... because of public notification. apparent undervaluation per se always is not a factor to be presumed the transaction being designed to evade tax which is sine qua non to exercise power under section 269ud of the income-tax act. there are instances of sale where the vendor sometimes is forced to sell a property under distress and pressing need, or at ..... sengupta, j.1. the petitioner in this writ application has challenged anorder dated july 29, 1993, passed by the appropriate authority of theincome-tax department, calcutta (respondent no. 1 herein), under section269ud(1) of the income-tax act, 1961 (hereinafter referred to as 'the saidact').2. by the said impugned order it has been held by the respondents that there has been ..... of natural justice and thus illegal, invalid and bad. in this connection, he has relied on the following decisions :vysya bank ltd. v. appropriate authority of income-tax : [1998]233itr560(cal) , read with appropriate authority of income-tax v. vysya bank ltd. : [2000]244itr318(cal) ; shreyas builders v. m. d. kod-nani : [2000]242itr320(bom) ; jagdish electronics (india) pvt. ltd. v. appropriate .....

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Nov 15 2000 (HC)

Lytton Hotel (P) Ltd. Vs. Appropriate Authority and ors.

Court : Kolkata

Decided on : Nov-15-2000

Reported in : (2001)166CTR(Cal)437

..... . so the same is beyond statutory limit of percentage. this apparent consideration has been worked out correctly as per provision of section 269ua(b) of the income tax act, 1961, as well as rule 48-i of the income tax rules, 1962. in support of his submission learned lawyer for the respondents relies on the decision of the supreme court in appropriate authority & anr. v ..... amenable to public scrutiny because of public notification. apparent undervaluation per se always is not factor to presume the transaction being designed to evade tax which is sine qua non to exercise power under section 269ud of income tax act. there are instances of sale where vendor sometimes is forced to sell a property under distress and pressing need or at even a throwaway ..... .the petitioner in this writ application has challenged an order dated 29-7-1993, passed by the appropriate authority of income tax department, calcutta (respondent no. 1 herein), under section 269ud(1) of the income tax act, 1961 (hereinafter referred to as the said act).by the said impugned order it has been held by the respondents that there has been understatement of apparent consideration in .....

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Nov 13 2000 (HC)

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

Court : Kolkata

Decided on : Nov-13-2000

Reported in : (2001)166CTR(Cal)485,[2001]248ITR14(Cal)

1. this is an application for confirmation of rule. the income-tax appellate tribunal allowed in this case a deduction of rs. 65,653, which was interest payable by the assessce in respect of unpaid municipal rates due to the calcutta municipal corporation.2. the income-tax appellate tribunal reversed the decision of the assessing officer and the commissioner of income-tax (appeals).3. it is settled beyond dispute that interest on late payment of municipal rates is not in the nature of a payment of penalty, and is thus clearly deductible as general business expenses under seclion 37.4. the requirement of section 43b that even for assessees following the mercantile system, payments by way of tax, duty, cess, etc., cannot be claimed as deductions unless actual payment has been made in the previous year, is also not applicable in this case, because the words of the section encompass the municipal rates, but not interest thereon.5. there are binding authorities for this proposition, so far as we are concerned (see cit v. pudmavati raje cotton mills ltd. : [1999]239itr355(cal) and hindustan motors ltd. v. cit : [1996]218itr450(cal) ).6. confirmation of rule would thus be an empty exercise. rule is thus discharged.7. parties and all others concerned to act on a signed copy of this order on the usual undertakings.

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Nov 10 2000 (TRI)

Deputy Commissioner of Vs. Machino Techno Sales Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Nov-10-2000

Reported in : (2001)76ITD113(Kol.)

..... difference of opinion between the two members, the following question has been referred to me by the president, itat under section 255(4) of the income-tax act, 1961 ;-- "whether on the fads and in the circumstances of the case, the assessee is entitled to higher rate of depreciation allowable on motor lorries ..... the following decisions.as there is difference of opinion between the members, we refer the following question to the president under section 255(4) of the income-tax act, 1961 : "whether on the facts and in the circumstances of the case, the assessee is entitled to higher rate of depreciation allowable on motor ..... the points in the above appeal filed by the department, refer the following points of difference to the president under section 255(4) of the income-tax act, 1961 :-- 1. i do not agree both on facts and in law as regards the order of the judicial member appearing above in paras ..... faridabad to calcutta, the trucks and trailers cannot be considered as having been used by the assessee in the business of running them on hire :-- (iv) income-tax commissioner v. anupchand & co. [1999] 239 itr 466 (mp).4. on the other hand, the id. counsel for the assessee submitted that the ..... documents (bills and vouchers, octroi etc.) were submitted before the assessing officer but the assessing officer has not allowed the same. in appeal the cit(a) has allowed the depreciation on trucks and trailers by treating them as public transport vehicles.4. after hearing both the sides at length .....

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Nov 09 2000 (HC)

Zee Telefilms Limited Vs. M/S. Sahara India Commercial Corporation Ltd ...

Court : Kolkata

Decided on : Nov-09-2000

Reported in : (2001)1CALLT262(HC)

..... to be proceed against and punished accordingly. therefore, by this provision statute expressly provided that a company can be prosecuted for committing offences under the income tax act. this decision cannot have any application in the present case as under the penal code, there is no such similar provision that a company ..... case law cited in this regard has no manner of application to the facts of the present case. section 278b(1) of income tax act clearly provides that where an offence under that act is committed by a company, every person who, at the time the offence was committed, was in-charge of, and ..... javati v. mahajan borewell, : [1998]230itr1(sc) . that is a case under the provisions of the income tax act. in view of the requirements of the offence under the provisions of the said act, it appears to me that mens rea is not one of the essential ingredients of such an offence and, therefore ..... of prosecuting it for the same. in many recent penal statutes, companies or corporations are deemed to be offenders on the strength of the acts committed by person responsible for the management of the affairs of such company or corporation. but, there is no such provision in the tada which ..... no. 3859/1998.2. the case in brief is that the petitioner zee telefilms limited is a company incorporated under the provisions of the companies act, 1956. the company is engaged in the business of production and procurement of films, tele-serials programmes in news and current affairs etc. and .....

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Nov 07 2000 (HC)

Commissioner of Income-tax Vs. Kanoria Chemicals and Industries Ltd.

Court : Kolkata

Decided on : Nov-07-2000

Reported in : [2001]247ITR495(Cal)

..... exceed the written down value, so much of the excess as does not exceed the difference between the actual cost and the written down value shall be chargeable to income-tax as income of the business or profession of the previous year in which the moneys payable for the building, machinery, plant or furniture became due.'9. on almost exactly similar ..... but even after such expenditure it had the balance of the sum of rs. 16,63,000 and odd in its hands. the point was whether it could be taxed as a revenue receipt under section 41(2), as it stood at the material time.8. the said sub-section without the provisos is quoted below :'(2) where ..... authority of mania silk mills p. ltd. v. cit : [1991]191itr647(sc) , it is a settled position that this amount cannot be treated as a capital receipt in the hands of the assessee as there was no ..... by the assessee (the aggregate received being rs. 74,28,849) which was in excess of the cost of fully damaged machinery.4. this sum was offered to tax under section 45 by the assessee but the assessee retracted its offer before the tribunal.5. the tribunal accepted the assessee's contention in that regard.6. on the ..... .13. the further questions framed on behalf of the department be kept on record countersigned by the court officer.14. all parties and all others concerned to act on a signed xerox copy of this order on the usual undertakings. .....

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Oct 17 2000 (TRI)

Assistant Commissioner of Vs. Govind Ram Agarwal

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Oct-17-2000

Reported in : (2001)76ITD120(Kol.)

..... the following two questions have been referred to me for decision, by the hon'ble president, itat in accordance with the provisions of section 255(4) of the income-tax act, 1961 for both these years :- (i) "whether in the facts, circumstances and evidence on record, the deletion of loan of rs. 35,18,000 ..... points of difference of opinion for consideration of the third member to decide it according to the opinion of the majority under section 255(4) of the income-tax act, 1961 : whether in the facts, circumstances and evidence on record, the deletion of loan of rs. 35,18,000 and interest thereon of rs. ..... both the parties. we have also carefully considered the legal aspects of the matter, particularly the re-opening of assessment under section 147(a) of the income-tax act, 1961. it cannot be ruled out that the re-opening of assessment may be legal and proper but at the same time the addition made may ..... of the ito to enforce the attendance of the witness if his evidence is material, in exercise of his powers under section 37(1) of the income-tax act read with order xvi rule 10 of the civil procedure code. shri chakraborty has contended that the ito did not discharge the onus cast upon him to make ..... years under appeal and, therefore, he issued notices to the assessee under section 148 of the income-tax act. he completed the reassessments under section 147(a) of the income-tax act on 18-3-1987 and determined the total income of rs. 38,88,240 for the assessment year 1974-75 and rs. 7,73,130 .....

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Sep 29 2000 (HC)

K.R. Steel Industries and anr. Vs. West Bengal Taxation Tribunal and o ...

Court : Kolkata

Decided on : Sep-29-2000

Reported in : (2001)1CALLT310(HC),2001(1)CHN132

..... committed by the assessee within the meaning of section 271(1)(c) of the income-tax act. 1961, the default, if any, was a trival one and that the assessee by making a disclosure, before the assessment was taken up further, had absolved himself of the charge ..... the incorrect return, which was initially filed, was sought to be rectified by its subsequent disclosure, which was noted and acted upon by the income tax officer. it is not mandatory under section 271 of the income-tax act, 1961, that a penalty must be imposed in every case. if the conditions laid down in the said section are established, then the authority concerned 'may direct ..... condition precedent for the exercise of the jurisdiction. in commissioner of income-tax v. bengal iron galvanising works, reported in : [1987]165itr249(cal) , a division bench of this court, inter alia, upon consideration of the provision of section 271(1)(c) of the income tax act held :'it appears that the tribunal held that though technically a default might have been ..... arriving at the aforementioned finding has taken into consideration the decision of the apex court in commissioner of income-tax v. s.v. angidi chettiar, reported in : [1962]44itr739(sc) , wherein it has clearly been held that satisfaction before conclusion of the proceedings under the act, and not the issue of a notice or initiation of any stop for imposing penalty is a .....

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