Kolkata Court April 1978 Judgments
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Commissioner of Income-tax Vs. Budge Budge Amalgamated Mills Ltd.
Court: Kolkata
Decided on: Apr-25-1978
Reported in: [1980]50CompCas508(Cal),[1980]122ITR561(Cal)
Sen, J. 1. The facts found and/or admitted in these proceedings are shortly as follows : Cheviot Mills Co. and Orient Jute Mills Co. Ltd. belonging to the Andrew Yule group of companies had been carrying on business in jute. It was decided to amalgamate the two companies and a scheme was drawn up accordingly which, inter alia, provided that the undertaking of Orient Jute Mills Co Ltd. including all its assets and liabilities, wouldvest in Cheviot Mills Co. Ltd. and that the latter would allot fully paid up ordinary shares against similar shares in Orient Jute Mills Co. Ltd. in stipulated rates. The scheme was approved and sanctioned by this court under Section 391 read with s, 394 of the Companies Act, 1956. In terms of the order of this court, the amalgamation of the said companies became effective from 31st July, 1960. 2. In the assessment year 1961-62, the relevant accounting year being the year ended on the 30th November, 1960, the accounts of the assessee included the amalgamated ...
Bengal Credit Corporation Vs. Central Bank of India
Court: Kolkata
Decided on: Apr-25-1978
Reported in: AIR1978Cal567
Ramendra Mohan Datta, J. 1. This appeal has been preferred from the judgment and decree dated Dec. 16, 1968 passed by K.L. Roy, J.2. The plaintiff respondent the then Central Bank of India Limited, now Central Bank of India, filed the suit against the appellant Bengal Credit Corporation for a sum of Rs. 33,311.14 p. due on account of the dealings and transaction between the parties up to Dec. 31, 1964, inter alia, on the ground that the said accounts were adjusted and/or stated in writing on or about Jan. 11, 1965 and upon such adjustment and/or account stated a sum of Rs. 32,708.05 was found due and owing from the defendant to the plaintiff. The learned trial Judge held that the plaintiff's claim is based on an account stated in writing (exhibit 'E'), and as such, no part of the claim of the plaintiff is barred by the law of limitation. In the premises, the learned trial Judge passed a decree for Rs. 32,708/- with interest. 3. The point for consideration in this appeal is whether the ...
Biyani and Sons (P.) Ltd. Vs. Commissioner of Income-tax
Court: Kolkata
Decided on: Apr-25-1978
Reported in: [1979]120ITR887(Cal)
Deb, J.1. This is a reference under Section 256(1) of the I.T. Act, 1961. The questions before us are as follows ;' 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in rejecting the claim of the assessee-corupany that the two non-residents with which it was dealing were non-resident brokers and it was, therefore, not liable to be treated as an agent of those two non-residents by virtue of the exemption contained in the proviso to Section 163(1) of the Income-tax Act, 1961 ? 2, Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that profits and gains could be deemed to have accrued or arisen to the non-residents by reason of business connection in India, within the meaning of Section 9(1)(i) of the Income-tax Act, 1961 ? 3. Whether, on the facts and in the circumstances of the case, and on a consideration of the terms of the contract, the Tribunal was justified in holding that the assessee-company was rightl...
Tata Aircraft Limited Vs. State of West Bengal
Court: Kolkata
Decided on: Apr-25-1978
Reported in: [1979]44STC146(Cal)
Dipak Kumar Sen, J. 1. This is a reference under Section 21(1) of the Bengal Finance (Sales Tax) Act, 1941 (hereinafter referred to as the Act), at the instance of Tata Aircraft Ltd., the applicant. The facts found and/or admitted in the proceedings are shortly as follows: Tata Aircraft Ltd. was registered as a dealer under the Act on 19th November, 1946. The accounting year followed by it was from 1st April to 31st March. For the assessment periods, respectively, from 19th November, 1946, till 31st March, 1947; 1st April, 1949, till 31st March, 1950; and 1st April, 1950, to 31st March, 1951, the applicant failed to submit return of sales tax within the time as prescribed under the Act. In answer to the notices served by the successive Commercial Tax Officers, 24-Parganas, the applicant claimed that no sales tax was payable by it as it was not a dealer within the meaning of Section 2(c) of the Act. The applicant claimed further that it was engaged in disposing of surplus stores of the ...
Disergarh Coal Co. Ltd. Vs. Commissioner of Income-tax
Court: Kolkata
Decided on: Apr-24-1978
Reported in: [1980]122ITR902(Cal)
Sudhindra Mohan Guha, J.1. This reference under Section 256(1) of the Income-tax Act, 1961, by the Income-tax Tribunal at the instance of the assessee relates to the assessment years 1962-63 and 1963-64, for which the relevant previous years ended on 31st March, 1962, and 31st March, 1963, respectively.2. The assessee-company is engaged in the business of raising and selling coal. The company by an agreement dated October 5, 1959, appointed Selected Satgram Collieries (P.) Ltd. as its raising contractor in respect of its colliery. Under the terms of this agreement this was to remain in force for a period of 15 years. The raising contractor was to be given a flat remuneration at the rates mentioned in the said agreement. The ITO disallowed sums of Rs. 92,500 and Rs. 40,970 in the two years, respectively, on the ground that these amounts spent by the assessee-company were to be borne by the raising contractor who was to reimburse the former.3. The assessee being aggrieved by the order fi...
Commissioner of Income-tax Vs. Karam Chand Thapar and Sons Ltd.
Court: Kolkata
Decided on: Apr-24-1978
Reported in: [1978]115ITR250(Cal)
Sen, J.1. This reference relates to the income-tax assessment of Messrs. Karam Chand Thapar & Sons Ltd., for the assessment year 1957-58, the relevant accounting year being the year ended on the 30th June, 1956. The assessee, at the material time, held shares in various companies valued at Rs. 81,69,853 consisting of 'quoted investments' and 'unquoted investments'. The assessee since 1943-44 has been purchasing and selling shares every year, but in all these past years the assessee had not been treated as a dealer in shares. In the assessment year in question transactions in such purchase and sale of shares resulted in a profit of Rs. 3,21,837-9-0 on sale of certain shares and also a loss of Rs. 71,462-15-0 on sale of other shares. The assessee disclosed in its return a sum of Rs. 86,601 as capital gains. The Income-tax Officer, however, assessed as business profits a sum of Rs. 2,50,375 holding that the same was realised on sale of shares as a trading profit. The Income-tax Officer ba...
Commissioner of Income-tax (Central) Vs. Kumardhubi Engineering Works ...
Court: Kolkata
Decided on: Apr-24-1978
Reported in: [1978]115ITR58(Cal)
Dipak Kumar Sen, J.1. This reference under Section 256(1) of the Income-tax Act, 1961, is at the instance of the Commissioner of Income-tax (Central), Calcutta. The Tribunal has drawn up a statement of case and referred the following question as a question of law arising from its order:'Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that neither the entire surplus of Rs. 1,61,186 nor the sum of Rs. 45,845 being a part thereof in the sales tax account was liable to be added in the assessment of the assessee for the assessment year 1962-63?'2. The facts found and/or admitted in these proceedings may shortly be stated as follows :3. At the income-tax assessment of Kumardhubi Engineering Works Ltd., Calcutta, in the assessment year 1962-63 (the corresponding previous year having ended on the 30th November, 1961), the Income-tax Officer found that the assessee maintained a separate sales tax account to which receipts were credited and payments ...
Sri Pulak Chandra Paul Vs. Commercial Tax Officer and ors.
Court: Kolkata
Decided on: Apr-24-1978
Reported in: [1978]42STC209(Cal)
M.M. Dutt, J.1. These three appeals are directed against the orders See [1975] 36 S.T.C. 98 passed by Amiya Kumar Mookerji, J., whereby the learned Judge dismissed the writ petitions of the appellant.2. The case of the appellant was that he along with his brother Kanak Paul had been carrying on a partnership business under the name and style of M/s. Gopal Chandra Paul & Sons. It was alleged that the firm was a dealer within the meaning of the Bengal Finance (Sales Tax) Act, 1941 and the Central Sales Tax Act, 1956 and held registration certificates under both the Acts. The said partnership firm was dissolved on 17th November, 1972. The appellant intimated respondent No. 1, the Commercial Tax Officer, Chinabazar Charge, about the dissolution of the firm by two separate letters, both dated 21st April, 1973. By the said letters, the appellant requested respondent No. 1 to cancel the registration certificates which were also surrendered along with the said letters. In spite of the dissolut...
Commissioner of Wealth-tax Vs. Md. Ismail
Court: Kolkata
Decided on: Apr-21-1978
Reported in: [1979]117ITR273(Cal)
Sen, J.1. This is a,reference under the Wealth-tax Act, 1957. At the instance of the CWT, West Bengal-II, the Tribunal under Section 27(1) of the Act has drawn up a statement of case and has referred the following question as a question of law arising out of its order :'Whether, on the facts and in the circumstances of the case, the asses-see's right as a tenant in the property under the lease dated July 25, 1960, is an asset within the meaning of Section 2(e) of the Wealth-tax Act, 1957?'2. The relevant facts found and/or admitted in these proceedings are shortly as follows: The assessee had taken on lease a property known as Nos. 225B and 225C, Lower Circular Road, Calcutta, and had been running a boarding house therein. The lease expired in 1949, Thereafter there were proceedings between the landlord and the assessee which were ultimately settled. A fresh lease was executed on the 25th July, 1960, for a period of 21 years. Separate fixed rents for each period of 5 years within the t...
Commissioner of Income-tax Vs. Dalhousie Properties Ltd.
Court: Kolkata
Decided on: Apr-21-1978
Reported in: [1979]116ITR289(Cal)
Sen, J. 1. This reference arises out of the income-tax assessment of Messrs, Dalhousie Properties Ltd. in the assessment year 1966-67, the relevant previous year having ended on the 31st March, 1966. The facts found and/or admitted in the proceedings are as follows : The assessee is a limited company which owns extensive properties and its income from the rent realised is substantial. In the assessment year in question, the assessee claimed a deduction for Rs. 1,78,784, which represented the tax levied by the Corporation of Calcutta as a deductible item in the computation of its income derived from house property.2. The ITO found that the assessee had raised dispute as to the enhanced taxes levied by the Corporation and that such taxes had not been paid by the assessee who only debited its P & L A/c by Rs. 1,05,764. On the basis of the quantum of municipal tax, the ITO allowed only a sum of Rs. 86,686. He held that the balance, that is, the difference between Rs. 1,05,764 and Rs. 86,68...
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