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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: kolkata Year: 2000 Page 3 of about 119 results (0.030 seconds)

Sep 29 2000 (TRI)

Aeicorp (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Sep-29-2000

Reported in : (2001)77ITD111(Kol.)

..... due should be deleted.as there is a difference of opinion between the members, we refer the following questions to the president under section 255(4) of the income-tax act, 1961 : "1. whether, on the facts and in the circumstances of the case, when the interest on loan advanced to shri k.r. patel ..... . (p.) ltd s case (supra) are not applicable. in the case of ferozepur finance (p.) ltd. (supra) the debtor was in huge arrear of income-tax and financial position was not sound. the assessee contended that there was no hope of recovery even of the principal amount. in the case of motor credit co. ..... the head 'general charges' (rs. 1,811) were not pressed at the time of hearing. accordingly, they are rejected.3. in the assessment the income-tax officer stated that the method of accounting followed by the assessee was mercantile. he made an addition of rs. 77,562 towards interest due on advance to erstwhile ..... in suspense account. hence, the claim for interest had not been given up. the amounts accrued and continued to remain accrued and were, therefore, income assessable to tax".thus in the case considered by their lordships, the interest was never given up nor the agreement that loanee was claimed to have been altered. ..... assessee-company had given up the interest only after the interest had accrued to it. thus, the assessee cannot escape the liability to tax on the interest income that had already accrued from 1-4-1982 to 29-3-1983 as per the decision of the hon'ble supreme court in the .....

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Sep 28 2000 (HC)

Appropriate Authority and ors. Vs. Chandravadan Desai and ors.

Court : Kolkata

Decided on : Sep-28-2000

Reported in : [2001]249ITR114(Cal)

..... purchaser was put in possession on september 14. 1987. to set aside the order of pre-emptive purchase, their lordships held (headnote) :'the provisions contained in section 269uc of the income-tax act, 1961, could be applied and enforced in the present case even though the agreement for transfer of property was entered into prior to the coming into force of chapter xx ..... notice dated march 14, 1986, under section 269d(1) from the competent authority whereby proceeding for acquisition of the said premises under chapter xx-a of the act was sought to be initiated. the income-tax act was amended by introducing chapter xx-c with effect from october 1, 1986, with a provision requiring the parties to the transaction to submit the statement in ..... annexure b to the writ petition. the flats were under construction. the petitioners filed form no. 37ee in terms of requirement under section 269ab(2) of the income-tax act, 1961 (hereinafter referred to as 'the act'), read with rule 48dd and the competent authority duly registered the said agreement under registration no. 30ee/acq.r-iii/231, dated july 22, 1985. on may ..... range-1. dated : may 29, 2000.to :shri chandravadan desai (karta),p-39/40, ezra street,calcutta-1.sub : notice under section 269d(1) of the income-tax act, 1961.ref : property at 2/6, sarat bose road.please refer to the above subject and reference. matters relating to form no. 37ee filed by you and mr. g. d. .....

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Sep 26 2000 (TRI)

Electro Urban Co-operative Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Sep-26-2000

Reported in : (2001)76ITD43(Kol.)

..... being decided by a third member: "whether, the interest received by the assessee on the fixed deposit made with cesc ltd. is eligible for deduction under section 80p of the income-tax act, 1961?" 2. the assessee is a co-operative society constituted by the employees of the calcutta electric supply corporation (hereinafter called "cesc").the main object of the assessee-socicty is ..... members. the society had been rendering banking services to its members for the past 50 years and filing its returns claiming deduction under section 80p(2)(a)(i) of the income-tax act, 1961. in the assessment year 1989-90 the assessing officer under section 154 sought to rectify a mistake occurred in assessment under section 143(1)(a) inasmuch as interest received ..... assessee on the fixed deposit made with cesc ltd. is eligible for deduction under section 80p of the income-tax act, 1961?" 2. therefore, the hon'ble president, i.t.a.t. may please constitute a bench in terms of section 255(4) of the income-tax act, 1961 to resolve the issue.1. as a result of a point of difference arising between the two ..... such investments. hence, ultimately, i agree with the views expressed by the brother accountant member that the income by way of receipt as interest by the assessee on the fixed deposits made with cesc would be eligible for deduction under section 80p of the income-tax act, 1961. the issue is thus decided in favour of the assessee.7. the matter should, therefore, go .....

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Sep 25 2000 (HC)

Vikram Poddar Vs. Regional Provident Fund Commissioner and ors.

Court : Kolkata

Decided on : Sep-25-2000

Reported in : (2001)IILLJ518Cal

..... be issued unless the formalities required under rule 73 of the second schedule to the income tax act, 1961 are complied with. according to section 8-g of the employees' provident funds and miscellaneous provisions act, the provisions of the second and third schedules in the income-tax act, 1961 and the income tax (certificate proceeding) rules, 1962, as in force from time to time, shall apply with necessary ..... modifications as if the said provisions and the rules referred to the arrears of the amount mentioned in section 8 of this act instead of to the income tax.8. therefore, for the purpose of recovering ..... any amount mentioned in section 7-a of the act, rule 73 should be strictly followed. according to the said rule warrant of arrest cannot be issued unless the ..... tax recovery officer, for reasons recorded in writing, is satisfied that the defaulter with the object or effect of obstructing the execution .....

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Sep 18 2000 (HC)

Commissioner of Income-tax Vs. Agarwal Hardware Works Pvt. Ltd.

Court : Kolkata

Decided on : Sep-18-2000

Reported in : [2001]248ITR155(Cal)

..... a substantial question of law, because if the point is decided differently, a confirmed order becomes unsettled and still subject to appeal. 13. section 253(5) of the income-tax act reads as follows : '253. (5) the appellate tribunal may admit an appeal or permit the filing of a memorandum of cross-objections after the expiry of the ..... 1. this is an application for leave to appeal under section 260a(1) of the income-tax act, 1961, made by the department against an order of the tribunal dated january 17, 2000, refusing to condone the delay of some eight days made ..... set out the second one from paragraph 8 of the petition : '(ii) whether, on the facts and in the circumstances of the case, the order of the income-tax appellate tribunal refusing to condone the delay of eight days in filing the appeal by the revenue is perverse ?' 11. in interpreting section 260a(1) in the case ..... be taken to be an order in appeal, on the ratio that a refusal to condone has the effect of confirming in substance the order of the commissioner of income-tax (appeals). 7. mr. bajoria also argued that in the present appeal section has been drafted on the basis of section 100 of the code of civil procedure ..... of west bengal state electricity board v. deputy cit : [2001]248itr152(cal) (ita no. 344 of 2000) we have already opined that the words 'substantial question of law' mean a question of law which affects .....

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Sep 14 2000 (HC)

West Bengal State Electricity Board Vs. Deputy Commissioner of Income- ...

Court : Kolkata

Decided on : Sep-14-2000

Reported in : [2001]248ITR152(Cal)

..... word 'shall' cannot be mandatory, because then the appellate provision will be, partly at least, useless. 10. there are many parts of the income-tax act where the word 'shall' has not been given an inflexible mandatory meaning. we wish to examine this question upon a fuller and fairer consideration of the ..... -84 to 1987-88 :'1. whether on a proper interpretation of sections 201(1a) and 246(1)(i) of the income-tax act, 1961, read in the context of the entire act, the charging of interest under the former section can be regarded as automatic and/or mandatory 2. whether, having regard to ..... subsequent proceedings in respect thereof also ?'for the assessment year 1985-86 : '4. whether the order passed by the income-tax appellate tribunal, on the appeal before it, without finding in favour of the assessee on the point of denial of hearing before the first officer, is ..... orders in this regard as, by notification no. s. o. 1536, dated april 10, 1989, the jurisdiction in that regard had gone over to the income-tax officer (tds) with effect from may 8, 1989. 4. the aggregate amount of interest exceeds rs. 3 crores. on the merits, the assessee was not ..... 1986-87 and 1987-88 ; '3. whether on a proper interpretation of the provisions of the act and the notification no. s. o. 1536, dated april 10, 1989. the orders passed by the deputy commissioner of income-tax. special range-i. calcutta, were without jurisdiction, and thus nullities and, consequently, were all the .....

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Sep 14 2000 (HC)

West Bengal State Electricity Board Vs. Deputy Commissioner of Income ...

Court : Kolkata

Decided on : Sep-14-2000

Reported in : (2001)165CTR(Cal)502

..... -section in section 246(1)(i), the word 'shall' cannot be mandatory, because then the appellate provision will be, partly at least, useless.9. there are many parts of the income tax act where the word 'shall' has not been given an inflexible mandatory meaning. we wish to examine this question upon a fuller and fairer consideration of the entirety of the ..... all the five assessment years from 1983-84 to 1987-881. whether, on a proper interpretation of sections 201(1a) and 245(1)(i) of the income tax act, 1961, read in the context of the entire act, the charging of interest under the former section can be regarded as automatic and/or mandatory.2. whether, having regarded to the character of the west ..... excepting only one, wrongly passed orders in this regard as, by notification no. s.o. 1536, dated 10-4-1989, the jurisdiction in that regard had gone over to the income tax officer (tds) with effect from 8-5-1989.4. the aggregate amount of interest exceeds rs. 3 crore. on merits, the assessee was not successful. the point was also taken ..... of sub-section (1), if any such person, principal officer or company as is referred to in the sub-section does not deduct or after deducting fails to pay the tax as required by or under this act, he or it shall be liable to pay simple interest at fifteen per cent per annum on the amount of such .....

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Sep 12 2000 (TRI)

Shaw Scott Distilleries (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Sep-12-2000

Reported in : (2001)76ITD89(Kol.)

..... , the issue was referred to the president, itat for constitution of a special bench for deciding the same. the president accordingly constituted the bench under section 255(3) of the income-tax act.3. the appeals were fixed for hearing on 4-7-2000 but on that day they were adjourned and posted for hearing on 7-7-2000 on which date they ..... could be sold in the market is a manufacturing activity, entitling it to claim the deductions, as contemplated under sections 80hh and 80-i of the income-tax act, 1961. the facts of this case and the acts of the assessee before us are also entirely different. in the case of casino (p.) ltd (supra) it was held that a hotel is mainly a ..... enactments on which courts have decided and the learned ar of the assessee relied on, arc not same. the language in those acts and sections is different. they are not akin to the language in section 80hh of the income-tax act and, therefore, the cases relied on by the learned ar of the assessee cannot be applied to the facts of the present ..... and substantial but in the instant case it is not so. here we consider necessary to refer section 80hh of the income-tax act, 1961. in order to encourage industrial activity in backward areas, this section grants deduction to an assessee, whose total income includes any profits and gains derived from an industrial undertaking (other than a mining undertaking) or the business of a .....

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Aug 28 2000 (HC)

Yarn Syndicate Ltd. Vs. Dy. Cit

Court : Kolkata

Decided on : Aug-28-2000

Reported in : [2001]79ITD189(Cal)

..... in that case it was held by the honble apex court that in computing the profits for the purpose of deduction under section 80e of the income tax act, 1961 the loss incurred by the assessee in the manufacture of alloy steel could not be set off against the profits of manufactured automobile ancillaries. ..... context does not include loss as there is no specific mention in the given section stating that profits includes loss cannot be accepted as under the income tax act profit was inclusive of loss and the loss, was negative profit.'with the aforesaid observations the commissioner (appeals) confirmed the order of the assessing officer ..... assessee as unreasonable and agreed with the assessing officer that profit referred to in section 80hhc(3) included loss as in any other section of income tax act. he was of the view that profit computed under any head of 'business or profession' which resulted in a loss was not to be ..... by this amount which bore 90 per cent of any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28 of the income tax act. it was also submitted that computation of profit under the head 'profit and gains of business or profession' and calculation of deduction under section 80hhc were ..... with sub-section (3) of section 80hhc. the assessing officer was of the view that profit also means loss as in any other section of income tax act.4. in the first appeal, it was submitted that section 80hhc(3) did not state that profit also included loss and proviso to section .....

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Aug 24 2000 (HC)

J.K. Industries Ltd. Vs. Assistant Commissioner of Income-tax

Court : Kolkata

Decided on : Aug-24-2000

Reported in : [2001]251ITR677(Cal)

..... the details and the certificate issued by the g. m. (manufacturing) the claim of the assessee regarding extra-shift allowance was allowed, in the order under section 154 of the income-tax act on july 12, 1990.18. the aforesaid facts left no doubt that all the material facts in respect of the depreciation on generators in question is concerned were disclosed and ..... lordships in the case of indian oil corporation v. ito : [1986]159itr956(sc) and reiterated that these two conditions are precedent for issue of notice under section 148 of the income-tax act, 1961. at page 959, their lordships observed as under (headnote) :'therefore, the obligation is to disclose facts ; secondly, those facts should be material ; thirdly, the disclosure must be full and ..... impugned judgment of a learned single judge dated march 23, 1988. the main grievance of the appellant before the learned single judge was that the income-tax officerhad no jurisdiction to issue notice under section 148 of the act of 1961. the notice should be quashed. the petition of the appellant was dismissed by the learned single judge on two grounds. firstly, the ..... observations we have to consider whether before issue of the notice under section 148 the income-tax officer has satisfied these two conditions. for that we have to refer to the material available to the income-tax officer at the time of original assessment under section 143(3) of the act.13. the admitted facts are that before the completion of the assessment order, the .....

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