Kolkata Court August 1980 Judgments
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Commissioner of Income-tax Vs. Bhuramal Manikchand
Court: Kolkata
Decided on: Aug-05-1980
Reported in: (1981)20CTR(Cal)244,[1981]130ITR129(Cal)
Sudhindra Mohan Guha, J. 1. This reference under Section 256(2) of the I.T. Act, 1961, at the instance of the Commissioner of Income-tax, West Bengal-I, Calcutta, is in connection with the assessment years 1960-61, 1961-62 and 1962-63.2. The assessee was M/s. Bhuramal Manikchand, dealing in jute and cloth with head office at Calcutta and branches at Dhubri, Agartala and Alipurduar. In the course of assessment proceedings, the ITO noticed certain cash credits in the assessee's accounts and being not satisfied with the nature of sources of these cash credits, the relevant assessments were completed making additions of Rs. 1,22,500, Rs. 95,000 and Rs. 18,440 for those three years, respectively, as income from undisclosed sources. Penalty proceedings under Section 271(1)(c), which were initiated by treating the aforesaid additions as items of concealed income by the ITO, were referred under Section 274(2) to the IAC for disposal, In respect of the assessment year1960-61 there were cash dep...
Commissioner of Income-tax Vs. Shree Hanuman Cotton Mills Ltd.
Court: Kolkata
Decided on: Aug-05-1980
Reported in: 85CWN335,[1981]128ITR732(Cal)
Sabyasachi Mukharji, J.1. In this reference under Section 256(1) of the I.T. Act, 1961, the following two questions have been referred to this court:' 1. Whether, on the facts and in the circumstances of the case and on a correct interpretation of Section 215 of the Income-tax Act, 1961, the Tribunal was right in holding that, for the purpose of determining the shortfall in the payment of advance tax, the tax relating to income as per the regular assessment should be computed at the rates of tax applicable to the assessment year, if the tax so computed was lower than the tax calculated at the rates of tax in force in the financial year in which the advance tax was payable ? 2. Whether, on the facts and in the circumstances of the case and in view of the fact that tax payable on the basis of the regular assessment at the rates of tax in force in the assessment year was less than the tax calculated at the rates of tax in force in the financial year in which the advance tax was payable, t...
Rasoi Products and anr. Vs. Commercial Tax Officer and ors.
Court: Kolkata
Decided on: Aug-05-1980
Reported in: [1982]51STC248(Cal)
Padma Khastgir, J.1. This application has beentaken out by M/s. Rasoi Products, a partnership firm and Dilip Kumar Basu, a partner of the said firm, for necessary relief under Article 226 of the Constitution of India.2. The petitioners deal in turmeric popularly known as halud or haridra and black and white pepper ground, powdered or in any other form or description, secured by purchase from the local market in Calcutta within the State of West Bengal. According to the petitioners, halud is a notified commodity which had been purchased by the petitioners from different dealers in Calcutta upon payment of taxes under the West Bengal Sales Tax Act, 1954. The petitioners are neither importer nor producer, processor or manufacturer of the said notified commodities under the Bengal Finance (Sales Tax) Act, 1941. The petitioners had purchased the said goods from the dealers who in turn have paid taxes to the State under the West Bengal Sales Tax Act of 1954 at the point of import into West B...
Dilip Kumar Mitra Vs. Commissioner of Income-tax
Court: Kolkata
Decided on: Aug-04-1980
Reported in: [1983]141ITR358(Cal)
Sudhindra Mohan Guha, J.1. In this reference tinder Section 256(2) of the I.T. Act, 1961, at the instance of the assessee, the question involved is as follows :'Whether, in the facts and circumstances of the case, the Tribunal was justified in law in directing the imposition of any penalty under Section 271(1)(c) read with Section 274(2) of the Income-tax Act, 1961, on the assessee?'2. The assessment year involved was 1964-65. The assessee was an individual. The business, according to the return filed, was in the name and style of D.N. Mitra & Co, In making the assessment, the ITO brought to tax an amount of Rs. 22,944 as representing the income of Hindusthan Trading Corporation, a concern which was said to belong to the assessee's wife, and in respect of which the income shown by the assessee's wife was Rs. 9,154. The assessee's wife had also shown in Sec. F of the return filed by her, hundi loans of Rs. 62,500. The ITO brought this amount, which appeared as credits in the books of Hi...
Peoples Engineering and Motor Works Ltd. Vs. Commissioner of Income-ta ...
Court: Kolkata
Decided on: Aug-04-1980
Reported in: [1981]130ITR174(Cal)
Sabyasachi Mukharji, J. 1. In this reference under Section 256(2) of the I.T. Act, 1961, the following questions have been referred to this court:'1. Whether, on the facts and in the circumstances of the case and on a true interpretation of the statutory provisions, the Tribunal was right in upholding the disallowance of the sum of Rs. 2,15,651 (Rupees two lakhs fifteen thousand six hundred and fifty-one only) which was claimed by the assessce as deductible under Section 37 of the Income-tax Act, 1961, on account of provision for payment of gratuity to the employees under the Payment of Gratuity Act, 1972 ? 2. Whether, on the facts and in the circumstances of the case, the provisions of Section 40A(7) of the Income-tax Act, 1961, had no application ?' 2. The assessee is a company and the relevant assessment year is 1973-74. Corresponding accounting period ended on 31st December, 1972. Accounts were maintained on mercantile basis. Return of income was filed on the 13th May, 1974, showin...
Commissioner of Income-tax Vs. Dalhousie Jute Co. Ltd.
Court: Kolkata
Decided on: Aug-04-1980
Reported in: [1981]128ITR322(Cal)
Sabyasachi Mukharji, J. 1. In this reference, two questions have been referred to this court:'1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that the sale proceeds of loom hours constituted a revenue receipt and not a capital receipt liable to be considered under the head 'Capital gains' ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that the transactions in jute goods backed by pucca delivery orders without actual delivery of goods were not speculative transactions within the meaning of Sub-section (5) of Section 43 of the Income-tax Act, 1961, and in that view allowing the loss of Rs. 33,738 as trading loss ?' 2. So far as the first question is concerned, it is clearly concluded by the decision of the Supreme Court in the case of Empire Jute Co. Ltd. v. CIT : [1980]124ITR1(SC) . In view of the said decision, we answer question No. 1 by saying that the Tribunal was right in holding that...
Khaitan Corporation (P.) Ltd. Vs. Commissioner of Income-tax, Central
Court: Kolkata
Decided on: Aug-04-1980
Reported in: (1981)22CTR(Cal)1,85CWN329,[1981]128ITR708(Cal)
Sabyasachi Mukharji, J.1. In this reference under Section 256(2) of the I.T. Act, 1961, the following questions have been referred to this court as directed by this court :'1. Whether, on the facts and in the circumstances of the case, the imposition of additional super-tax under Section 23A of the Indian Income-tax Act, 1922, for the assessment year 1961-62 was justified in law ? 2. Whether, on the facts and in the circumstances of the case, the sum of Rs. 3,30,000 assessed as income from undisclosed sources in the hands of the assessee-company for the assessment year 1961-62 constituted its commercial profits available for distribution as dividend ? 3. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the liability of the penalties imposed under Sections 271(1)(a) and 221(1) of the Income-tax Act, 1961, for the assessment year 1961-62 on the assessee-company should not be taken into consideration in determining the reasonableness o...
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