Kolkata Court December 1980 Judgments
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India Jute Co. Ltd. Vs. Commissioner of Income-tax
Court: Kolkata
Decided on: Dec-04-1980
Reported in: (1981)22CTR(Cal)11,[1982]136ITR597(Cal)
Sabyasachi Mukharji, J. 1. In this reference under Section 256(1) of the I.T. Act, 1961, the following question has been referred to this court :'Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that for the computation of the profits under the head 'Capital gains' in respect of the depreciable assets which had become the assessee's property before 1st January, 1954, and which were sold by it during the previous year relevant to the assessment year, it was not entitled to seek the aid of Section 55(2)(i) of the Income-tax Act, 1961, and opt for and substitute their fair market value as on 1st January, 1954, as the cost of acquisition thereof in place of their written down value ?'2. The assessee is a company and the assessment year involved is 1962-63 with the financial year ending on 31st March, 1962, as its corresponding accounting period. Under a registered document dated 15th March, 1962,the assessee sold its Mil] No. 3 with attached lan...
Commissioner of Income-tax Vs. Southern Estates (P.) Ltd.
Court: Kolkata
Decided on: Dec-04-1980
Reported in: [1982]136ITR846(Cal)
Sabyasachi Mukharji, J.1. In this matter, as the assessee did not appear, we requested Mr. Sumit Chakrabortti, learned advocate of this court, to appear as amicus curiae and help us in answering the question.2. He has appeared and made his submission. We express our gratitude for the assistance rendered by him.3. This reference under Section 256(1) of the I.T. Act, 1961, poses for our consideration the following question :'Whether, on the facts and in the circumstances of the case and on a proper construction of the agreement of sub-leases, the Appellate Tribunal was justified in holding that the estimated value of the assessee's obligations to the landlord and sub-lessees should be allowed as a deduction in computing the income of the assessee-company from the business of sub-leasing in lands ?'4. The assessee is a private limited company. The reference relates to the assessment years 1958-59, 1959-60 and 1960-61. The assessee-company was formed on 3rd September, 1956, with the object...
State Bank of India Vs. B.M.S. Engineering Works (Pvt.) Ltd. and ors.
Court: Kolkata
Decided on: Dec-03-1980
Reported in: AIR1981Cal231
ORDERSabyasachi Mukharji, J. 1. This is an application for revocation of leave under Clause 12 of the Letters Patent. Leave under Clause 12 of the Letters Patent was obtained on the averments made in paragraph 7 of the plaint. This paragraph refers to two documents, viz., the document dated 10th March, 1979 and another document dated 5th July, 1979 being Annexure D/1. These two documents have been annexed to this application. Paragraph 30 of the plaint shows that it is a suit for a total sum of Rs. 43,61,421. It comprises of four accounts, viz. (1) Stock cash credit account No. 1, (2) Export packing credit account No. 3 and clean cash credit account No. 4, (3) Instalment credit account and (4) Loan account. The last item being the loan account is for Rs. 36,146,94. For the two items there are two documents which are material. For the last item there is no document.2. On behalf of the defendant No. 1 revocation of leave under Clause 12 of the Letters Patent was asked for on two grounds,...
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