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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: kolkata Year: 2000 Page 9 of about 119 results (0.038 seconds)

Mar 03 2000 (HC)

Universal Cables Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Mar-03-2000

Reported in : [2000]243ITR371(Cal)

y.r. meena, j.1. on an application under section 256(2) of the income-tax act, 1$61, the tribunal was directed to refer certain questions and in consequence of the direction, the tribunal has referred the following questions for our ..... was justified in holding that the assessee was entitled to deduction of entire premium of rs. 10,00,000 payable on debenture in the computation of its total income in the year when the debentures are redeemed and not in the year of issue ? 2. whether, on the facts and in the circumstances of the case ..... tribunal was justified in holding that the assessee was entitled to deduction of entire premium of rs. 10,00,000 payable on debentures in computing of its total income in the year when the debentures are redeemed and not in the year of issue ?' 2. the assessee had filed a return on march 31, 1984, ..... at the outset, learned counsel for the assessee brought to our notice the decision of the apex court in the case of madras industrial investment corporation ltd. v. cit : [1997]225itr802(sc) wherein their lordships have taken the view that the discount written off should be allowed as deduction proportionately each year over the period for ..... depreciation and investment allowance.5. mr. khaitan, learned counsel for the assessee, again submits that this issue is already concluded by the apex court in the case of cit v. p. j. chemicals ltd : [1994]210itr830(sc) wherein the view has been taken that grant of subsidy by the government as incentive for setting up .....

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Mar 02 2000 (HC)

Sundarmal Patesaria and Sons (Huf) and ors. Vs. Director of Income-tax ...

Court : Kolkata

Decided on : Mar-02-2000

Reported in : [2000]244ITR810(Cal)

..... the law is clear to the extent what are the consequences of not giving any notice or opportunity of hearing in the case of transfer under section 127 of the income-tax act, 1961, as the law as laid down by the supreme court on numerous occasions which has been considered by the single bench of this court, it cannot be construed that ..... be given to the petitioners.7. i have carefully considered the submissions made by the parties. it appears to me that the power as given under section 127 of the income-tax act, 1961, is a power of superintendence which is much more effective power than the ordinary power of the administrative officer. in a similar situation when the court on a power ..... case of special procedure for assessment of such cases. it is not a general case of transfer which ought to be decided upon giving notice under section 127 of the income-tax act, 1961. moreover, after transferring to the new incumbent a show-cause notice has been given which is available at page 129 of the writ petition so far back as on ..... concerned, it is rightly pointed out by mr. bajoria, learned senior counsel appearing on behalf of the petitioners, that under section 129 of the income-tax act, 1961, in a case of changes of incumbent of an office, the income-tax authority so succeeding may continue the proceeding from the stage at which the proceeding was left by his predecessors provided that the assessee concerned .....

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Mar 02 2000 (HC)

Commissioner of Income-tax Vs. Kesoram Industries Ltd.

Court : Kolkata

Decided on : Mar-02-2000

Reported in : [2000]243ITR575(Cal)

..... the amount of rs. 10,76,283 representing the value of incomplete jobs for the computation of capital for the purpose of calculating the relief under section 80j of the income-tax act ?(2) whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the reassessment of the assessment year 1970-71, should be made ..... . meena, j.1. on an application under section 256(1) of the income-tax act, 1961, the tribunal has referred the following questions for our opinion, set out at pages 2 and 3 of the statement of case :'(1) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is justified in law in confirming the order of the ..... of plant and machinery under construction could be taken into account in determining the capital employed.4. learned counsel for the revenue placed reliance on the view taken by the income-tax officer.5. heard learned counsel for the parties. in the case of alcock ashdown and co. ltd. : [1997]224itr353(sc) , their lordships observed as under (page 361) :'we are of ..... not provide for repayment of the loan within a period of less than seven years in order to have the credit under section 80j read with rule 19a of the income-tax rules ?'2. the relevant assessment year is 1970-71 for which the relevant accounting period ended on march 31, 1970. the assessee company has set up a cement plant at .....

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Feb 18 2000 (HC)

Reckitt and Colman of India Ltd. Vs. Deputy Commissioner of Income Tax

Court : Kolkata

Decided on : Feb-18-2000

Reported in : [2000]77ITD198(Cal)

..... interpretation can be given to the section as a whole.'(ii) cit v. podar cement (p) ltd. : [1997]226itr625(sc) :the supreme court held that clause (iiia) of section 27 of the income tax act, inserted by the finance act, 1987 with effect from assessment year 1988-89 was merely clarificatory ..... or undue or unwanted results in treating the items under consideration as parts of the total turnover of business of the assessee. the judgments of income tax appellate tribunal, calcutta bench in the cases of chloride india ltd. (supra) and stone india ltd. (supra) would also, therefore, be ..... exports, duty drawbacks etc. as a corollary, the total turnover also should not include such items. he relies upon two decisions of the income tax appellate tribunal, calcutta bench in support of this contention that a parity must be maintained between the items to be included in the 'export ..... of the wealth tax rules on the consideration of a latter amendment to the wealth tax act by inserting schedule-iii to the act almost in the same manner, in which rule 1d had earlier been enacted.8. the subsidy on export (cash assistance) is considered to constitute business income under section ..... income tax appeal nos. 3019 & 3008 (cal.) of 1995 dated 10-5-1999) in the case of stone india ltd., assessment years 1991-92 and 1992-93.3. thereafter, the learned counsel for the assessee refers to the definition of 'total turnover' as provided in section 80hhc itself. it may be mentioned in this connection that finance act .....

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Feb 18 2000 (TRI)

Reckitt and Colman of India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-18-2000

Reported in : (2001)77ITD198(Kol.)

..... in operation, so that a reasonable interpretation can be given to the section as a whole." the supreme court held that clause (iiid) of section 27 of the income-tax act, inserted by the finance act, 1987 with effect from assessment year 1988-89 was merely clarificatory in nature and should thus be construed retrospectively since the inception of the statute.7. as against ..... the declaratory validity of rule 1d of the wealth tax rules on the consideration of a latter amendment to the wealth tax act by inserting schedule-iii to the act almost in the same manner, in which rule 1d had earlier been enacted.8. the subsidy on export (cash assistance) is considered to constitute business income under section 28(iiib). similarly sale of rep licence ..... retrospectively even though such retrospective operation was not specifically mentioned by the legislature :-- (i) allied motors (p.) ltd. v. cit [1997] 224 itr 677 (sc) at page 686-- "the supreme court held that the first proviso inserted to section 43b by finance act, 1988 with effect from the assessment year 1989-90, should be construed as having been inserted retrospectively from the ..... . 56,65,969). the miscellaneous income again consists of the following different items :-- in the assessment, the assessing officer has considered the above-mentioned two items to be includible within total turnover of the business carried on by the assessee. his action has been upheld by the cit(a).2. at the stage of hearing of the appeal filed by the assessee .....

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Feb 03 2000 (HC)

Appropriate Authority of Income-tax and ors. Vs. Vysya Bank Ltd. and a ...

Court : Kolkata

Decided on : Feb-03-2000

Reported in : [2000]244ITR318(Cal)

..... has entered into an agreement to sell the same which cannot be completed by reason of an order of purchase under section 269ud of the income-tax act and at what rate, will have to be decided in the facts and circumstances of each case. all that can be observed by way ..... given to the vendor and vendee and there are several discrepancies in the proceeding before acquisition of the property in terms of section 269ud(1) of the income-tax act, 1961. the learned single judge has specifically emphasised on the decision in the case of c.b. gautam v. union of india : [1993]199itr530( ..... of the amounts which have been paid read as under ;mat no. 299 of 1998 : mat no. 300 of 1998 : the appropriate authority of income-tax, calcutta and ors.v. the vysya bank limited and ors.(dues up to 30-11-1999) particulars1st writ2nd writtotalamount duea principal duers.rs.rs.rs.consideration ..... this appeal has been directed against the judgment and order of the learned single judge dated december 24, 1997. (vysya bank ltd. v. appropriate authority of income-tax : [1998]233itr560(cal) ). the appeal was listed several times. none appeared for the appropriate authority.2. heard learned counsel for the respondents. perused the impugned ..... residential accommodation to its officers who came on transfer for serving at its branches at calcutta. as required by the provisions of chapter xxc of the act, the bank and delite filed form no. 37-1 in respect of each of the two agreements for issue of 'no objection certificate' for .....

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Feb 03 2000 (HC)

Appropriate Authority and ors. Vs. Vysya Bank Ltd. and anr.

Court : Kolkata

Decided on : Feb-03-2000

Reported in : (2000)161CTR(Cal)293

..... who has entered into an agreement to sell the same which cannot be completed by reason of an order of purchase under section 269ud of the income tax act and at what rate, will have to be decided in the facts and circumstances of each case. all that can be observed by way of ..... has been given to vendor and vendoe and there are several discrepancies in the proceeding before acquisition of the property in terms of section 269ud(1) of the income tax act. learned single judge has specifically emphasized on the decision in the case of c.b. gautam v. union of india (1992) 108 ctr (sc) 304 ..... this appeal has been directed against the judgment and order of learned single judge, dated 24-12- 1997 (reported as vysya bank ltd. v. appropriate authority of income-tax & ors. (1999) 151 ctr (cal) 239). the appeal was listed several times. none appeared for the appropriate authority.2. heard learned counsel for the respondents ..... said transfers. the appropriate authority, however, passed orders of purchase under section 269ud of the act in both the cases. the order in respect of the first agreement was passed on 29-7-1994 and that in respect of second agreement on 28 ..... accommodation to its officers who came on transfer for serving at its branches at calcutta. as required by the provisions of chapter xx-c of the act, the bank and delite filed form no. 37-1 in respect of each of the two agreements for issue of 'no objection certificate' for the .....

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Feb 02 2000 (HC)

Park Hotel (P.) Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Feb-02-2000

Reported in : [2000]243ITR514(Cal)

..... has got valid title legally conveyed to him after complying with the provisions of the transfer of property act and the registration act, but for the purpose of the income-tax act, for taxing the income, the assessment should be made with the object of the income-tax act, i.e., to tax the income'.18. their lordships also clarified that though the amendment relating to section 27(iii), (iiia) and ( ..... legally conveyed to him after complying with the requirements of jaw such as the transfer of property act, registration act, etc. but, in the context of section 22 of the income-tax act, having regard to the ground realities and further having regard to the object of the income-tax act, namely, 'to tax the income', we are of the view, 'owner' is a person who is entitled to receive ..... not arise.'16. after the assessment of this case by the apex court, their lordships had occasion to consider the issue regarding ownership for the purpose of the income-tax act in poddar cement pvt. ltd.'s case : [1997]226itr625(sc) . their lordships had considered the definition of ownership under section 27 and their lordships observed at page 633 as under ..... surendra overseas. we put a query to mr. mullick, learned counsel for the revenue, to show us any provision in the income-tax act which authorised the assessing officer that when the income is not taxed in the hands of the assessee who is liable to pay tax under the act, can that be taxed in the hands of any other person, only on the ground that the .....

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Jan 24 2000 (HC)

income-tax Officer and ors. Vs. Jiyajeerao Cotton Mills Ltd.

Court : Kolkata

Decided on : Jan-24-2000

Reported in : (2000)164CTR(Cal)619,[2001]247ITR122(Cal)

..... the income-tax department ; it recognises it in those authorities only which are specifically authorised to exercise adjudicatory functions. nor does section ..... conclusion that an audit party can pronounce on the law, and that such pronouncement amounts to 'information' within the meaning of section 147(b) of the income-tax act, 1961.'6. the case holds the field even as on date so far the law laid down that the internal audit cannot pronounce the law nor such pronouncement ..... under :'whether it is the internal audit party of the income-tax department or an audit party of the comptroller and auditor-general, they perform essentially administrative or executive functions and cannot be attributed the powers of judicial supervision over the quasi-judicial acts of income-tax authorities. the income-tax act does not contemplate such power in any internal audit organisation of ..... whereby following the decision of the apex court in the case of indian and eastern newspaper society v. cit : [1979]119itr996(sc) , the learned single judge had taken the view that the reopening of proceedings under section 148 of the income-tax act, 1961, was invalid, improper, baseless and without jurisdiction.2. the assessment for the assessment year .....

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Jan 21 2000 (HC)

The Union of India and ors. Vs. Poddar Udyog Limited and anr.

Court : Kolkata

Decided on : Jan-21-2000

Reported in : (2000)2CALLT193(HC)

..... has nothing to do with the proper administration of the income tax act, 1961.53. we can, therefore, have no reason to disbelieve the contents of the said letter of 24th january, 1996, which clearly holds out a promise from the central board ..... if the said doctrine was applicable to the facts of this case. mr. shome contended that the said letter couldnot be brought within the ambit of section 119 of the income tax act, 1961, as the same was not a direction or order from the said board to a sub-ordinate officer. it was further contended that under section 3(1) of the ..... of the rents contained in the said letter could not be construed to be a direction given by the central board of direct taxes. new delhi, and could not, therefore, be brought within the ambit of section 119 of the income tax act, 1961.52. a glance at the letter of 24th january, 1996, will reveal that the same had been issued by the ..... the said board and having to face possible disciplinary action. in our view, the provisions of section 119 of the income tax act, 1961, which deals with instructions given by the board to its subordinate authorities for the proper administration of the act has no application in this case which merely involves payment of rent for a tenanted premises at an enhanced rate and .....

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