Kolkata Court April 1978 Judgments
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East India Pharmaceutical Works Ltd. Vs. Commissioner of Income-tax
Court: Kolkata
Decided on: Apr-21-1978
Reported in: (1978)2CompLJ51(Cal),[1978]114ITR591(Cal)
Deb, J.1. This is a reference under Section 256(1) of the Income-tax Act, 1961. The assessment year is 1972-73. The previous year ends on December 31, 1971, The question before us runs thus :'Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the payment of interest of Rs. 28,488 on money borrowed for payment of income-tax was not an expenditure laid out wholly and exclusively for the purpose of business as contemplated by Sub-section (1) of Section 37 of the Income-tax Act, 1961 ?' The assessee is a company. The company had an overdraft account with a bank and utilised this account for payment of income-tax and claimed the proportionate interest paid on the said amount as an allowable expenditure under Section 37(1) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act').2. The Income-tax Officer disallowed the claim. The appeals filed by the assessee were dismissed by both the appellate authorities by following the case of Ma...
Bidyut Kumar Sett and anr. Vs. Satyesh Chandra Bagchi and anr.
Court: Kolkata
Decided on: Apr-20-1978
Reported in: [1979]49CompCas274(Cal),82CWN666,[1978(37)FLR252]
P.C. Borooah, J.1. The petitioners are directors of Messrs. P. Sett & Co. Private Ltd. having its registered office and factory at No. 3, Rama-kanta Sen Lane, within police station Manicktola, in the city of Calcutta.2. On June 5, 1976, the opposite party No. 1, Satyesh Chandra Bagchi, an Insurance Inspector under the Employees' State Insurance Corporation, Calcutta, filed a petition of complaint against the two petitioners and another in the court of the Judicial Magistrate at Sealdah alleging commission of offences under Section 85(a) and (g) of the Employees' State Insurance Act, 1948 (hereinafter the Act), read with Section 4(i)(b) of the Employees' State Insurance (Amendment) Act, 1975, for violation of Regulation 26(c) of the Employees' State Insurance (General) Regulations, 1950 (hereinafter the Regulations), for failure to submit the necessary contribution cards for theperiods expiring on November 11, 1975, and January 31, 1976, within the statutory period.3. The learned Magist...
Commissioner of Income-tax Vs. J.K. Industries (P.) Ltd.
Court: Kolkata
Decided on: Apr-20-1978
Reported in: [1980]125ITR218(Cal)
Dipak Kumar Sen, J.1. The facts found and/or admitted in these proceedings may shortly be stated as follows : Messrs. J. K. Industries (P) Ltd., Calcutta, the assessee, purchased a plot of land measuring about 20 cottahs on Chowringhee Road, Calcutta, on the 28th November, 1960, at a cost of Rs. 6,13,013 pursuant to a resolution of its board of directors dated the 24th August, 1960. For the aforesaid purpose, the assessee borrowed a sum of Rs. 4,50,000 from the Hindusthan Commercial Bank Ltd. In the assessment years 1961-62 to 1964-65, the relevant financial years being 1960-61 to 1963-64, the assessee claimed deduction of the interest paid to the said bank against the aforesaid loan each year as also municipal tax paid on the land for the purpose of computation of its business profits. The assessee contended that its object in purchasing the said land was to construct a multistoreyed building where it could set up its own office as also the offices of several companies managed by it. ...
Commissioner of Income-tax Vs. Lionel Edwards Ltd.
Court: Kolkata
Decided on: Apr-19-1978
Reported in: [1980]124ITR416(Cal)
Sen, J.1. In this reference under Section 256(1) of the I.T. Act, 1961, the following question has been referred at the instance of the CIT, West Bengal-1 :' Whether, on the facts and circumstances of the case, the Tribunal was right in holding that the provisions of Section 52 were not applicable '2. The material facts relating to these proceedings as found and/or admitted are, inter alia, as follows: Lionel Edwards Ltd., Calcutta, the assessee, sold 2,500 non-cumulative preference shares of Khemka Propertiges P. Ltd. in the assessment year 1962-63 at the rate of Rs. 48.50 per share. The shares were of the face value of Rs. 100 each. The ITO held that the shares had been sold at a value less than the value which would have obtained in a normal transaction and, therefore, concluded that Section 52(2) of the I.T. Act, 1961, applied to the facts. With the approval of the IAC he held that the face value of the shares was their market value and accordingly he disallowed the loss claimed by...
Commissioner of Income-tax Vs. Sarda Rice and Oil Mills
Court: Kolkata
Decided on: Apr-19-1978
Reported in: [1979]117ITR917(Cal)
Sen, J.1. In this reference, at the instance of the Commissioner of Income-tax, West Bengal-II, Calcutta, the Tribunal, under Section 256(1) of the I.T. Act, 1961, 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, and in particular of the fact that the assessee's petition to the Commissioner of Income-tax under Section 271(4A) of the Income-tax Act, 1961, was still pending with the Commissioner when order under Section 271(1)(c) was passed by the Inspecting Assistant Commissioner of Income-tax, the Tribunal was right in coming to the conclusion that provisions of Section 271(1)(c) were not attracted ?'2. The facts found and/or admitted in these proceedings may shortly be stated as follows. Sarda Rice & Oil Mills, the assessee, is a partnership firm. On the 30th April, 1966, the assessee filed a petition under Section 271(4A) of the I.T. Act, 1961, admitting, inte...
Smt. Shanti Devi Jalan and ors. Vs. Commissioner of Income-tax
Court: Kolkata
Decided on: Apr-18-1978
Reported in: [1983]139ITR288(Cal)
Sen, J. 1. The facts found and/or admitted in these proceedings are shortly as follows:The assessee, Shanti Devi Jalan and others, constituted a HUF styled as ' Late K. D. Jalan, represented by his successors and legal heirs, Smt. Shanti Devi Jalan, Shri Sushil Kumar Jalan, Shri Sudhir Kumar Jalan and others '.2. At the relevant time, the assessee was a partner in a firm known as M/s. Soorajmull Nagurmull having a share of one anna, one pie therein.3. In the course of assessment proceedings for the assessment year 1959-60 (the relevant accounting period being the year 2015 R.N., covering the period March 29, 1958 to April 16, 1959), the ITO found that one S.K. Jalan and one Sudha Bai, being a son and a daughter of late K.D. Jalan, were married, respectively, in June, 1958 and February, 1959. The marriage expenses were shown in the books of the firm, Soorajmull Nagurmull, to be Rs. 15,000 and Rs. 10,000, respectively. The ITO considered the said expenses to be inadequate. He noted that ...
Satya Narayan Todi Vs. Sm. Surekha Chowdhury and ors.
Court: Kolkata
Decided on: Apr-17-1978
Reported in: AIR1979Cal10
Ramendra Mohan Datta, J.1. This is an appeal from the decree dated 10th March, 1970 passed by Deb J. in a hire-purchase action.2. In the cause title of the plaint the plaintiff has been described as follows:'Satya Narayan Todi carrying on business under the name and style of TodiFinancing Corporation at No. 4, Jag-mohan Mullick Lane, Calcutta, within the aforesaid jurisdiction.-- Plaintiff.'3. In the body of the plaint the plaintiff has been described as partner of Todi Financing Corporation. It is also stated therein that by a hire-purchase agreement in writing dated 8th July, 1965, duly executed by the plaintiff and the defendants Nos. 1 and 2 at the plaintiff's place of business, the plaintiff agreed to take on hire a Chevrolet Motor Bus which was the property of the plaintiff on terms and conditions stated in the said paragraphs. In fact, the plaintiff proceeded on the basis that the plaintiff was still the proprietor of Todi Financing Corporation.4. On the 17th July, 1968 the defe...
Commissioner of Income-tax (Central) Vs. Ashoka Cement Ltd.
Court: Kolkata
Decided on: Apr-17-1978
Reported in: [1979]117ITR709(Cal)
Sen, J.1. The facts found and/or admitted in these proceedings are shortly as follows. Messrs. Ashoka Cement Ltd., the assessee, carries on business in the manufacture and sale of cement and maintains its accounts on the mercantile basis. In the course of its business, the assessee collects from its customers sales tax payable respectively under the Bihar Sales Tax Act and the Central Sales Tax Act.2. In the assessment year 1962-63, the relevant previous year ending on the 31st March, 1962, the ITO in the course of assessing the assessee to income-tax found that in the accounts of the assessee, the credit balance under the head 'Bihar sales tax' amounted to Rs. 81,036 after adjusting Rs. 69,146, being the balance in the earlier year. The difference of Rs. 11,890 was found to have been collected by the assessee in the year in question. As in the earlier year, the ITO added back the said amount in computing the income of the assessee. Credit balance under the head 'Central sales tax' was...
G. Atherton and Co. (Pvt.) Ltd. and ors. Vs. Corporation of Calcutta
Court: Kolkata
Decided on: Apr-17-1978
Reported in: 1979CriLJ86
P.C. Borooah, J.1. The second petitioner is the Chairman of M/s. G. Atherton & Co. Private Ltd. (the petitioner No. 1) and petitioners Nos. 3, 4, 5 and 6 are the Directors and petitioner No. 7 is the Godown Keeper of the said company at 21, R. N. Mukherjee Road, Calcutta.2. On Dec. 23, 1975 one Food Inspector of the Corporation of Calcutta by the name of Dr. B. Rai Chowdhuri inspected the godown of the company at the aforesaid premises and seized from the petitioner No. 7 thirty cases of Horlicks, each containing 24 bottles with the exception of one case which contained 21 bottles.3. One bottle was sent to the Public Analyst for examination and the Public Analyst gave a report to the effect that the sample of Horlicks which he examined was packed in a glass bottle on which there was a printed paper label bearing a statement 'Throughout the world Horlicks enjoys the confidence of the medical profession' and as such R. 39 of the Prevention of Food Adulteration Rules had been infringed an...
Steel Plant Private Ltd. Vs. Swastika Alloy Steel Ltd. and anr.
Court: Kolkata
Decided on: Apr-13-1978
Reported in: AIR1978Cal386,(1978)1CompLJ537(Cal)
Sudhamay Basu, J. 1. This appeal is against an order dated the 26th of November 1976 passed by Salil K. Roy Chowdhury, J. by which he refused to grant stay on an application made under Section 34 of the Indian Arbitration Act.2. The relevant facts are as follows :On the 30th of Aug. 1972 the respondent No. 2, Jain and Associates, placed an order with the appellant, Steel Plant Private Limited for purchase of an electric Arc Furnace at Rs. 11,25,890/- with transformers and other accessories on terms and conditions specified in the order. The order was accompanied by an initial advance of Rs. 80,000/- with a request to send the formal contract in quadruplicate in confirmation of acceptance of the order and starting the work. By a letter dated the 8th of Sept. 1972 the appellant petitioners granted the receipt for a sum of Rs. 80,000/- and recorded that the order had been registered for delivery within thirty months. Formal acceptance was made on the 20th Sept. 1972. On the 7th of Oct. 19...
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