Kolkata Court May 1969 Judgments
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Lupton (inspector of Taxes) Vs. F. A. and A. B. Ltd.
Court: Kolkata
Decided on: May-14-1969
Reported in: [1970]75ITR544(Cal)
LORD DENNING M. R. - The legislature has recently killed dividend-stripping, but this is one of its death struggles. The strippers seek to make the revenue pay them pounds 4,00,000. So it is worth fighting about.As usual, the financial transaction are very complicated. They to be if they are to succeed. Simple traders cannot manage them. Nor can the general run of accountants or lawyers. It needs a specialist dividend-stripper to do it. The taxpayers, F. A. & A. B. Ltd., were experts. That is apparent from the five transactions described in the case stated. In all five of them, Megarry J. found that they were not trading transactions but tax devices, and nothing else. So the taxpayers received nothing. The taxpayers accepted his decision in four of them. They appeal in the fifth. This depends so much on the facts that I must explain them as best I can.In the years up till 1959 a group of private companies called the Spencer Wire group carried on business as copper processors and smelte...
Commissioner of Income-tax (Central), Calcutta Vs. Nirmal Trading Co.
Court: Kolkata
Decided on: May-14-1969
Reported in: [1971]82ITR782(Cal)
SANKAR PRASAD MITRA J. - The assessee is an unregistered firm which deals in shares as well as in paper manufactured by Orient Paper Mills, Ltd. For the assessment year 1957-58 (the accounting year being the financial year ending on the 31st March, 1957), the assessee claimed deduction of a sum of Rs. 1,07,125 as business loss. This loss was due to purchases and sales of what are called renunciation letters. In March, 1957, the Indian Iron & Steel Co. Ltd. decided to issue 51,83,708 ordinary shares and every share held by the shareholder at a premium of Rs. 3-8-0, i.e., Rs. 13-8-0 per share, the face value whereof was Rs. 10. The shareholders were also given the right to renounce these new allotments in favour of another party and in the printed offer to the shareholders a printed form designated 'Form of Renunciation' was enclosed. The form is addressed to the directors of the company and the shareholder declares that he renounces his right to allotment of the shares comprised in the ...
Shiva Lal Vs. Income-tax Officer, l Ward and ors.
Court: Kolkata
Decided on: May-13-1969
Reported in: [1970]77ITR999(Cal)
T.K. Basu, J.1. The petitioner, Shiva Lal, was at all material times until the time hereinafter mentioned, the owner of several manganese ore mines and kyanite ore mines in Orissa and Bihar.2. On April 1, 1960, a company known as S. Lal & Co. (Private) Ltd. was incorporated under the Indian Companies Act. The shareholders of the said company were the petitioner, Shiva Lal, and his wife, Smt. Chandrakala Lal, each having 50% of the total shares.3. Thereafter, the said manganese ore mines and kyanite ore mines in Orissa and Bihar, of which the petitioner was the sole owner as aforesaid, were transferred to the said company for a total consideration of Rs. 29,91,133. After payment of certain amounts to the petitioner by cheque from the company in respect of the said consideration, on April 1, 1959, a sum of Rs, 24,86,633 was shown in the books of the company as a loan from the petitioner.4. On February 13, 1960, a date which is relevant for the assessment year 1960-61, Rs. 5,00,000 was pa...
Commissioner of Wealth-tax, West Bengal-ii Vs. Mrs. Illa Pal Choudhury ...
Court: Kolkata
Decided on: May-13-1969
Reported in: [1971]82ITR936(Cal)
SABYASACHI MUKHARJI J. - The assessee is a Hindu undivided family. This reference arises out of the reassessments made in respect of the wealth-tax assessment years 1957-58, 1958-59, 1959-60 and 1960-61 for which the relevant valuation dates are 31st March, 1957, 31st March, 1958, 31st March, 1959 and 31st March, 1960, respectively. The assessments had been originally completed under section 16(3) of the said Act on the basis of returns filed by the assessee. The Wealth-tax Officer thereupon took proceedings under section 17(b) of the Wealth-tax Act on the ground that a part of the assessees wealth had escaped assessment. Notices under section 17(b) of the Act were served on one, T. P. Pal, on 15th November, 1960, for the assessment years 1957-58, 1958-59 and 1959-60 and on 30th November, 1960, for the assessment year 1960-61. It appears that Shri T. P. Pal had signed order sheet stating that he had received notices for three assessment years on 30th November, 1960, and for the assessm...
Ram Narayan Pramanick Vs. Union of India (Uoi) and ors.
Court: Kolkata
Decided on: May-07-1969
Reported in: AIR1969Cal576
ORDERD. Basu, J. 1. The petitioner is admittedly a member of a Scheduled Caste and was appointed, as such, as a typist, on April 24, 1956, against the quota reserved for Scheduled Castes and was confirmed, in Grade III, on the same basis on March 21, 1957 (scale of Rs. 110/- = 180/-).2. The petitioner's grievance is that though in the Seniority List prepared by the Respondent Eastern Ry., in 1961 (Ann. A, p. 12 to the Petition), the Petitioner was given the 75th place, this was revised by the impugned order of 1963 (Annexure A. p. 13), by which the Petitioner was reduced, by giving him the serial number 194-A. As a result of this reduction in the seniority list, the Petitioner alleges, he has lust a chance of being promoted to the higher scale of Rs. 130/- -- 300/- (vide Annexure G), which he would have had if his 75th position had been retained.3. Petitioner's case has been argued on the following points:--(a) That the Circular No. 4960 (Ann. F) on the basis of which the reduction in ...
Littlewoods Mail Order Stores Ltd. Vs. Inland Revenue Commissioners Sa ...
Court: Kolkata
Decided on: May-06-1969
Reported in: [1970]75ITR327(Cal)
July 22. PLOWMAN J. - These are two appeals by Littlewoods Mail Order Stores Ltd. (which I shall call 'the company', one against assessments to income tax for the years 1960-61, 1961-62 and 1962-63, the other against assessments to profits tax for chargeable accounting periods in the years 1959, 1960 and 1961. It is common ground that the decision in the profits tax case must follow that in the income tax case, and it is, therefore, with the latter that I will deal.The company carries on the business of selling a wide variety of goods in stores in London and the provinces. It also conduct a mail order business. This case relates to the profits of the companys trade. At all material times the company has had a large shop and offices in Oxford Street, London, in a building known as Jubilee House, which it has occupied exclusively for the purposes of its trade. Down to December 7, 1958, the company held the premises under a long lease from the freeholders, the Independent Order of Oddfell...
B.C. Nawn and Bros. Pvt. Ltd. Vs. Certificate, Officer and ors.
Court: Kolkata
Decided on: May-02-1969
Reported in: [1969]24STC25(Cal)
D. Basu, J.1. The sole question for determination in all these rules is one of law, namely, whether it is competent to the assessing authority under the Bengal Finance (Sales Tax) Act, 1941 (hereinafter referred to as 'the Act') to consolidate the demand for several quarters in one assessment proceeding.2. The question will be dealt with by me with reference to the materials in C.R. 3045.3. The petitioner-company is a registered dealer under the Act, whose return period has been fixed by the assessing authority as each quarter of the 'Akshoytritiya year', according to the Bengali calendar, so that the petitioner was, according to the aforesaid direction in its registration certificate, liable to furnish returns within 30 days from the expiry of each quarter, i.e., the 4th August, 15th November, 28th January and 26th April. The petitioner 'having failed to furnish returns within the aforesaid dates in the year 1951-52, the Commercial Tax Officer (hereinafter referred to as the 'assessin...
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