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Jun 29 2017 (HC)

Commissioner of Income Tax, Durgapur Vs. Shib Sankar Das

Court : Kolkata

..... delivery of goods from the supplier mentioning truck number. it was a clear case of undisclosed purchases attracting the provision in section 69b of the income tax act, 1961. the explanation of nonreceipt of the bills by the supplier is no explanation at all and the assessing officer had duly made the ..... accepted. the tribunal has considered all relevant materials in this behalf and its view is reasonable. there was no material before the commissioner of income tax indicating that the bank did not exercise effective control. the assessee did not have any material to show that raw materials could not be obtained ..... tribunal deleted most of the additions by the impugned order. the revenue has suggested the following questions for admission of appeal. (a) whether the income tax appellate tribunal erred in law in not holding that the amount of rs.89,59,556/- being the amount disclosed by the assessee to the ..... . judgment on : 29th june, 2017. arindam sinha, j.: the revenue seeks to prefer appeal against order dated 2nd december, 2015 passed by the income tax appellate tribunal, bench b kolkata, in ita no.1436/kol/2011 pertaining to the assessment year 2008-09. the facts are that the assessee is an ..... view expressed therein as is reproduced below: we find it a little difficult to agree with those observations. the assessee s income is to be assessed by the income tax officer on the basis of the material which is required to be considered for the purpose of assessment and ordinarily not on .....

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Jun 28 2017 (HC)

Braithwaite Burn and Jessop Construction Co. Ltd. Vs. Indo Wagon Engin ...

Court : Kolkata

..... township (p) ltd., (2015) 1 scc1 the apex court held that the proviso to section 113 of the indian income tax act, 1961 was prospective and not retrospective. in so holding, the constitution bench adverted to certain general principles as under: ..... retrospective. (k.s.paripoornan v. state of kerala, jt1994(6) sc182pp.213, 214: air1995sc1012at 1034 and 1035) thus, to apply an amending act, which creates a new obligation to pay additional compensation, or which reduces the rate of compensation, to pending proceedings for determination of compensation for acquisitions ..... the very objective of the alternate dispute resolution system to which arbitration belongs. parliament is presumed to know the law. repeal of an act divesting vested rights is always disfavoured. presumption is against repeal by implication and the reason is based on the theory that the legislation, while ..... october, 2015. the intention of the legislature is absolutely clear as it only clarifies by section 26 that the effect of the amending act would be only prospective and can be given retrospective upon a specific agreement. however, there is no such agreement between the parties agreeing ..... 2015 whereas the ordinance was brought into existence on 23rd october, 2015. the ordinance was thereafter repealed by the arbitration and conciliation act, 2015. the said amendment act dated 31st december, 2015 was given effect retrospectively only from 23rd october 2015 which coincides with the date of ordinance coming into force .....

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Jun 16 2017 (HC)

The Pr. Commissioner of Income Tax, Hubballi and Another Vs. The Totag ...

Court : Karnataka Dharwad

..... are as follows: (i) "whether the assessee, totagar co-operative sale society, sirsi, is entitled to 100% deduction under section 80p(2)(d) of the income tax act, 1961 (for short 'the act') in respect of whole of its income by way of interest earned by it during the relevant assessment years from 2007-2008 to 2011-2012 on the deposits or investments made by ..... is filed under section 260a of the income-tax act, 1961 praying to: i. formulate the substantial questions of law stated above. ii. allow the appeal and set aside the orders passed by the income tax appellate tribunal, bangalore bench 'c' in ita no.706/bang/2015 dtd: 22.01.2016 and confirm the order passed by the income tax officer, ward-1 sirsi, in the interest ..... . (v) that for the five appeals filed by the assessee on the limited ground of rejection of its cross-objections by the income tax appellate tribunal on the issue of justifiability of the reassessment under section 147 / 148 of the act for some of the assessment years, the learned counsel for the assessee urged that if the question of exemption / deduction is decided ..... to the present assessment years 2007-2008 to 2011-2012 involved in the present appeals and therefore, whether the income tax appellate tribunal as well as cit (appeals) were justified in holding that such interest income was 100% deductible under section 80p(2)(d) of the act? " 3. the ratio decidendi of the supreme court decision in the case of assessee, totagar's co-operative .....

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Jun 16 2017 (HC)

Pulsar Rubber Manufacturing Co. Pvt. Ltd. and Anr. Vs. Commissioner of ...

Court : Kolkata

..... .adv.mr.s.bhowmik, adv.mr.sanjoy kr. baid, adv. for the petitioner mr.debasish chaudhuri, adv. for the respondent the court : four orders under section 264 of the income tax act, 1961 for the assessment years 2004-05 to 2007-08 are under challenge in the present writ petition. learned senior advocate for the petitioner submits that, his client had purchased ..... in respect thereto. the petitioner thereafter approached the assessing officer for the purpose of dealing with the portion of the income. the assessing officer refused to do so. being aggrieved, the petitioner filed four separate petitions under section 264 of the income tax act, 1961 before the commissioner. by the four separate impugned orders the commissioner rejected the four revisional applications primarily on ..... certain plants and machineries. his client had included the cenvat credit in respect of such purchase as income in its profit and loss account. it had proceeded to offer tax on income on such basis for the firs.assessment year. in the subsequent years.it had proceeded to claim depreciation on the basis of the cost ..... to him, the application dated march 24, 2010 is a composite application dealing with both the corrections with regard to income as also depreciation. secondly, he submits that, the commissioner had misconstrued the proceedings under section 264 of the act of 1961, when he returns a finding that, a petition under section 264 would not allow against the order of .....

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Jun 14 2017 (HC)

Abc Dubash Mining and Anr. Vs. The Income Tax Settlement Commission an ...

Court : Kolkata

..... considered are summarized in paragraph 2 of the report. such issues relate to whether section 235b applies to the proceedings of the settlement commission under chapter xixa of the income tax act, 1961 and if the answer to such question is in affirmative, what is the terminal point for levy of interest and whether the settlement commission could reopen its concluded ..... settlement commission is empowered to do so. learned senior advocate for the petitioners has referred to the various provisions of chapter xixa of the income tax act, 1961 particularly to the sections 245d(2c) and 245d(3) of the income tax act, 1961. he has submitted, in reference to the various sections of chapter xixa that, the settlement commission is required to conduct the ..... present case, according to him, the decision making process of the settlement commission stands vitiated as the settlement commission did not adhere to the provisions of chapter xixa of the income tax act, 1961. he has referred to the four orders passed by the settlement commission in the settlement proceedings. referring to the firs.order dated september 15, 2015 of the ..... dated january 24, 2017. learned senior advocate for the petitioners has submitted that, the settlement commission did not adhere to the scheme laid down under chapter xixa of the income tax act, 1961 in dealing with and disposing of the application for settlement made by the assessee. he has submitted that, an assessee is entitled to approach the settlement commission only .....

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Jun 09 2017 (SC)

Honda Siel Cars India Ltd Vs. Commissioner of Income Tax, Ghaziabad

Court : Supreme Court of India

..... the said expenditure as revenue expenditure. though, in the normal assessment, the expenditure was allowed as such, thereafter a notice was issued under section 148 of the income tax act (hereinafter referred to as the act ) stating that said expenditure was capital in nature and, therefore, instalment towards royalty paid in the sum of rs. 79602000/-, by the assessee to hmcl, japan ..... case of transfer of intellectual rights once for all. thus, the expenditure incurred was revenue in nature.19) likewise, in alembic chemical works co. ltd. v. commissioner of income tax, gujarat5, the assessee was engaged in the manufacture of antibiotics and pharmaceuticals on the basis of licence which was granted to it by the government for manufacture of antibiotic, ..... information or know-how would be in the nature of revenue expenditure as no enduring benefits is acquired thereby. this was so held in a classic case, entitled commissioner of income tax, bombay city i v. ciba india limited4. in the said case, the assessee company had procured know-how in the form of processes, formulae, scientific data, working, ..... reportable in the supreme court of india civil appellate jurisdiction civil appeal no.4918 of2017(@ special leave petition (civil) no.2140 of2017 honda siel cars india ltd. versus commissioner of income tax, ghaziabad .....petitioner (s) appellant(s) .....respondent(s) w i t h civil appeal no.4919 of2017(@ special leave petition (civil) no.4261 of2017 civil appeal no.4920 of2017(@ .....

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May 08 2017 (HC)

Kolkata Vs. M/S. Rungta Properties Pvt. Ltd.

Court : Kolkata

..... wants to treat certain sums reflected in the books of the assessee as loan from rungta engineering as deemed dividend under section 2(22)(e) of the income tax act, 1961. the third point arises for the assessment year 2006-07, and relates to treatment of loss of rs.25,30,396/- arising from purchase ..... reference to property in 18 corporate name of the assessee cannot make the assessee a property development company. the tribunal as well as the commissioner of income tax have concurrently found that gain of the assessee from the transactions of sale of flats did not constitute adventure in the nature of trade. the orders ..... : mr.j.p.khaitan, senior mr.p.jhunjhunwala & ms.s.das, the court : this appeal by the revenue is against an order of the income tax appellate c bench passed on 29th april, 2015 dismissing the revenue s appeal in relation to assessment of the assessee for three assessment years.being 2003-04, ..... the assessing officer. (9) mr.khaitan, has taken us through the provisions section 2(22)(e) of the act to contend that deemed dividend, if at all, is to be charged to income tax at the 20 hands of the common shareholder but not at the hands of the recipient of money unless the ..... the delhi high court in the case of commissioner of income tax versus ankitech pvt.ltd.[(2012) 340 itr14(delhi)].laying down this proposition or principle of law. (10) mr.khaitan submits that three situations are conceived in section 2(22)(e) of the act to expand the meaning of the term dividend beyond what .....

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May 08 2017 (SC)

Godrej and Boyce Manufacturing Co.Ltd. Vs. Dy.Commr. of I.T.Mumbai and ...

Court : Supreme Court of India

..... reliance placed by the assessee on k.p. varghese (supra) may now be considered. in k.p. varghese (supra) the interpretation of sub- section (2) of section 52 of the income tax act, 1961 (as it then in force), which is in the following terms, came up for consideration before this court. consideration for transfer in cases of under-statement. 52 (1) where ..... section 14a so as to clarify the intention of the legislature since the inception of the income-tax act, 1961, that no deduction shall be made in respect of any expenditure incurred by the assessee in relation to income which does not form part of the total income under the income-tax act. 16. the position is made clear by circular no.14 issued by the c.b ..... to contend that section 14 of the act provides for five heads of income i.e. income from salaries ; income from house property ; income from profits & gains of business or profession ..... sub-sections (2) and (3) thereof was to combat situations where tax incentives given by way of non-inclusion of different categories of income under the head income which do not form part of the total income was actually used to reduce the tax payable on the total income.18. the scheme of the income tax act, 1961 has been sought to be explained by the learned solicitor general .....

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May 08 2017 (SC)

State of Jharkhand Thr.S.P.,Cbi,ranchi Vs. Sajal Chakraborty

Court : Supreme Court of India

..... returns. on consideration of section 26 of general clauses act, this court held that the provision did not provide a bar on trial and conviction for the same ..... , 1922 for furnishing wrong information in his tax ..... act. it was held that the offences under both the acts are distinct due to their ingredients. so as to constitute double jeopardy two offences should be identical. (d) in t.s. baliah v. t.s. rengachari (1969) 3 scr65 appellant was sought to be prosecuted under section 177 ipc and section 52 of income tax act ..... section 120a of the i.p.c. is an agreement by two or more persons to do or cause to be done an illegal act or an act which is not illegal by illegal means. the agreement and the breach attracted to it the provisions of section 167(81) of is the ..... gold and of the prohibition and restriction applicable thereto and committed an offence under section 120b ipc read with section 167 (81) of sea customs act, 1878. on other counts the accused persons were charged individually with offences punishable under section 167. the scheme was that necessary finances would be .....

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May 03 2017 (SC)

M/S Palam Gas Service Vs. Commissioner of Income Tax

Court : Supreme Court of India

..... the act enumerates certain situations wherein expenditure incurred by the assessee, in the course of his business, will not be ..... |m/s. palam gas service |.....appellant(s) | |versus | | |commissioner of income tax |.....respondent(s) | judgment a.k. sikri, j.the neat question which arises for consideration in this appeal relates to the interpretation of section 40(a)(ia) of the income tax act, 1961 (hereinafter referred to as the 'act'). section 197c of the act has also some bearing on the issue involved. section 40 of ..... two sets of judgments, arriving at a contrary conclusion. before that, we would also like to reproduce relevant portions of section 194c and 200 of the act as well as rule 30(2) of the income tax rules, since they are also relevant to decide the controversy. these provisions make the following reading: 194-c. payments to contractors. (1) any person ..... so the said freight expenses were disallowed by the assessing officer as per the provisions of section 40(a)(ia) of the act. against the order of the assessing officer, the assessee preferred an appeal before the commissioner of income tax (appeals), shimla who vide its order dated august 17, 2012 upheld the order dated november 30, 2011. the matter thereafter .....

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