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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: kolkata Year: 2001 Page 1 of about 112 results (0.058 seconds)

Sep 18 2001 (TRI)

Reliance Jute Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Sep-18-2001

Reported in : (2002)80ITD449Cal

..... the learned authorised representative of the assessee and the learned departmental representative. in order to appreciate the rival submissions it is considered necessary to reproduce section 43(5) of the income-tax act, 1961 : 43. in sections 28 to 41 and in this section, unless the context otherwise requires- (5) "speculative transaction" means a transaction in which a contract for the purchase or ..... against the order dated 22-9-1994 passed by the cit (appeals) in respect of the assessment made under section 143(3) of the income-tax act, 1961 (the act, in short). the assessee has raised as many as four grounds in this appeal. ground nos. 1 & 2 read as follows :- (1) for that the cit (appeals) erred in confirming the disallowance of rs. 2 lakhs ..... out of advertisement expenses. (2) for that the cit(a) failed to appreciate that the advertisement ..... advertisements in souvenirs and other types of advertisements. claims in respect of expenditure on advertisements in souvenirs may be allowed if the conditions laid down in rule 6b of the income-tax rules, 1962, are fulfilled and there is evidence that the expenditure has been incurred.in support of the assessee's contentions, reliance was mainly placed on the decision of .....

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Jul 31 2001 (HC)

Commissioner of Income-tax Vs. Estate of Omprakash Jhunjhunwala

Court : Kolkata

Decided on : Jul-31-2001

Reported in : [2002]254ITR152(Cal)

..... that income is not altered because it is received by a company formed with the object of developing and ..... income received from property and falls under the specific head described in section 9, the character of ..... .12. in the case of s. g. mercantile corporation p. ltd. v. cit : [1972]83itr700(sc) , the question before their lordships was that whether, under the facts and circumstances of the case, the income from sub-letting the stalls of taltolla bazar was assessable under section 10 or section 12 of the indian income-tax act, 1922. at page 705, their lordships observed that 'the ..... 1. on an application under section 256(1) of the income-tax act, 1961, the tribunal has referred the following questions set out at page 2 of the paper book :'1. whether, on the facts and in the circumstances of the case, the .....

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Jul 31 2001 (HC)

Cit Vs. Estate of Omprakash Jhunjhunwala

Court : Kolkata

Decided on : Jul-31-2001

Reported in : (2002)172CTR(Cal)325

..... their lordships was that whether 'under the facts and circumstances of the case the income from subletting the stalls of taltala bazar was assessable under section 10 or section 12 of the income tax act, 1922. at page 705 their lordships observed the income received from property and falls under the specific head described in section 9, the character ..... by the courton an application under section 256(1) of the income tax act, 1961, the tribunal has referred following questions set out at page 2 of the paper book :'1. whether, on the facts and in the ..... of that land is not altered because it is received by a company formed with the object of developing and setting up markets.9. in cit v. vimal chand ..... consent of the lessor he can raise construction. he can sell, assign or mortgage any rights in the structure he raised. therefore, for the purpose of income-tax during the lease period he is not only as good as the owner but he is the deemed owner. in support of that he placed reliance on the ..... assessee has disclosed the rental income as income from the house property and that has been accepted and an intimation has been communicated under section 143(1)(a) of the act.6. before we go into the facts, we would prefer to refer the observations of this court and other courts. in case of cit v. supreme court corporation ltd .....

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Jul 19 2001 (HC)

Commissioner of Income-tax, West Bengal-vii Vs. Ramkant Mishra

Court : Kolkata

Decided on : Jul-19-2001

Reported in : [2001]252ITR210(Cal)

..... limited issue before us is regarding the allowability of the interest on bogus cash credits. once the cash credits appeared bogus, though by mistake of the income-tax officer, the income-tax officer has not added that amount of cash credits in the hands of the assessee at least the interest which has been disallowed and addition made cannot ..... hands of the assessee but has disallowed the interest on that cash credit amount. the addition of interest amount claim should not be deleted for mistake of the income-tax officer. in deletion of the addition on account of the interest on bogus cash credits both the authorities have committed the error, holding that interest should not ..... to have been given by these kids who had no source of their own. the addition on account of the interest has been deleted by the commissioner of income-tax (appeals) and the tribunal on the ground that when the principal amount of loan has not been added, the interest should not be denied on such loan. ..... to ramakant mishra on march 8, 1986.6. no explanation was given by his guardian from where he got this money.7. it appears by mistake the income-tax officer has not added this cash credit amount in the hands of the assessee. but he disallowed only the interest of rs. 10,800 claimed on the loan ..... 1. on an application under section 256(2) of the income-tax act, 1961, this court has directed the tribunal to refer the following question for the opinion of this court :'whether, on the facts and in the circumstances .....

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Jul 17 2001 (HC)

Commissioner of Income-tax Vs. Kanta Devi Saraf

Court : Kolkata

Decided on : Jul-17-2001

Reported in : [2002]254ITR317(Cal)

..... utilised for the purchase of the residential house. therefore, the assessee is not entitled for benefit of section 54f.4. in appeal before the commissioner of income-tax (appeals), the commissioner of income-tax (appeals) has allowed the claim of the assessee. in appeal before the tribunal, the tribunal has also allowed the claim of the assessee and confirmed ..... the view taken by the commissioner of income-tax (appeals).5. the facts are not in dispute that the assessee sold 2,32,500 equity shares of madras elastomers ltd. to modern gears pvt. ltd. at ..... not encash that amount as the assessee made the request to the seller to treat the amount shown in the deed as loan to the assessee.3. the income-tax officer on the aforesaid facts was not satisfied with the claim of the assessee. according to him, as the sale proceeds on account of sale of shares ..... 1. on an application under section 256(1) of the income-tax act, 1961, the tribunal has referred the following questions for our opinion :'1. whether, on the facts and in the circumstances of the case, the tribunal ..... original assets took place or which is not utilised by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139 or that amount is not deposited as required under sub-section (4) the assessee shall not be entitled for benefit of the provisions of .....

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Jul 17 2001 (HC)

Cit Vs. Smt. Kanta Devi Saraf

Court : Kolkata

Decided on : Jul-17-2001

Reported in : (2002)172CTR(Cal)322

..... orderby the courton an application under section 256(1) of the income tax act, 1961, the tribunal has referred the following questions for our opinion :'1. whether, on the facts and in the circumstances of the case, the tribunal is ..... the seller but the seller could not encash that amount as assessee made the request to the seller to treat the amount shown in the tax as loan to the assessee.the income tax officer on the aforesaid facts was not satisfied with the claim of the assessee.according to him, as the sale proceeds on account of sale ..... original assets took place or which is not utilized by him for the purchase or construction of the new assets before the date of furnishing the return of income under section 139 or that amount is not deposited as required under sub-section (4) the assessee shall not be entitled for benefit of provisions of section ..... (4) in section 54f, if assessee purchased any property within the period stipulated in section 54f, that is sufficient to take the benefit of section 54f of the act.in our view, the tribunal was right in allowing the benefit of section 54f to the assessee.in the result, we answer all the questions in affirmative, i ..... been utilized within the period specified in section 54f, she is not entitled for benefit under section 54f. he placed reliance on the decision of the apex court in cit v. t.n. aravinda reddy : [1979]120itr46(sc) .5. mr. khaitan learned counsel for the assessee submits that actual utilization of the same amount within the .....

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Jul 13 2001 (HC)

Commissioner of Income-tax Vs. Grindlays Bank Plc

Court : Kolkata

Decided on : Jul-13-2001

Reported in : [2002]254ITR289(Cal)

..... deductible under section 20(l)(i) of the income-tax act ?'2. the assessee is a banking company within the ..... meaning of the banking regulation act and is incorporated under the laws of the united kingdom ..... 256(1) of the income-tax act, 1961, the tribunal has referred the following question for our opinion :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is correct in law in upholding the order of the commissioner of income-tax (appeals) in respect of disallowance under section 40a(5) of the income-tax act, excluding the proportionate expenses ..... . in the return filed on december 31, 1976, the assessee has declared the income of rs. 12,25,99,190. the assessment year .....

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Jul 13 2001 (HC)

Cit Vs. Grindlays Bank Plc

Court : Kolkata

Decided on : Jul-13-2001

Reported in : (2002)172CTR(Cal)264

..... under section 20(1)(i) of the income tax act.'2. the assessee is a banking company within the meaning of banking regulation act and is incorporated under the laws of united kingdom. in the return filed on 31-12-1976, assessee ..... has declared the income of rs. 12,25,99,190. the assessment year involved is 1976-77. during ..... under section 256(1) of the income tax act, 1961, the tribunal has referred the following question for our opinion :'1. whether, on the facts and in the circumstances of the case, the honble tribunal is -correct in law in upholding the order of the commissioner (appeals) in respect of disallowance under section 40a(5) of the income tax act, excluding the proportionate expenses deductible ..... an amount which bears to the amount of interest payable on all moneys borrowed by the company the same proportion as the gross receipts from interest on securities chargeable to income-tax under section 18 bear to the gross receipts from all sources which are included in the profit & loss account of the company.in sub-section (2), the expense payable .....

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Jul 13 2001 (HC)

ito Vs. Titagarh Steels Ltd.

Court : Kolkata

Decided on : Jul-13-2001

Reported in : (2001)73TTJ(Cal)297

..... no reason for non-application of the underlying principle of article 20(2) of the constitution of india, as also of section 26 of the general clauses act, to the penalty proceedings under the income tax act. as pointed out by justice g.p. singh in his principles of statutory interpretation (6th edition 1997 reprint-laws defining offences and penalties at p. 410, relevant ..... enactment (prabodh verma v. state of uttar pradesh air 1985 sc 167 at 175). in the light of these discussions, we are of the considered view that even under the income tax act, an act or an omission of the assessee, even if technically covered by the separate defaults, cannot be punished twice under the penal provisions. no doubt an ..... source, under which section can such a penalty be imposed.7. we find that section 271c was inserted in the income tax act with effect from 1-4-1989, by the virtue of direct tax laws (amendment) act, 1987, and that the central board of direct taxes, vide circular no. 551, dated 23-1-1990, (published at (1990) 82 ctr (st) 325) explained the insertion of ..... that the deputy commissioner (appeals) erred in deleting penalty of rs. 15,000 charged under section 221 of the income tax act, 1961 (hereinafter referred to as the act).2. first, the relevant material facts. admittedly, the only lapse on the part of the assessee tax deductor was that he did not take into account the increase in surcharge, effected vide finance (second amendment) ordinance .....

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Jul 06 2001 (HC)

Commissioner of Income-tax Vs. Borbheta Estate Pvt. Ltd.

Court : Kolkata

Decided on : Jul-06-2001

Reported in : [2001]252ITR379(Cal)

..... the said date and that the society had authority to issue such certificate.3. in the return the assessee claimed deduction of that amount under section 35cca(2) of the income-tax act, 1961. the claim of the assessee on the basis of the contribution made by the assessee to the society was allowed under section 35cca.4. subsequently, after scrutiny of the ..... of the paper book for our opinion :'whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that the commissioner of income-tax was not empowered under section 263 of the income-tax act, 1961, to direct the assessing officer not to allow rs. 5,00,000 under section 35cca of the ..... act and in that view cancelling the order made under section 263 of the act ?'2. the relevant assessment year is 1985-86. during the course of assessment the income-tax officer noticed that the assessee has paid a ..... assessment records, the commissioner of income-tax issued a show-cause notice for revision of the order under section 263 of the act of 1961. after hearing the assessee, the assessment order was set aside with a direction to the assessing officer to pass a fresh .....

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