Kolkata Court December 1985 Judgments
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income-tax Officer Vs. Sonodyne Television Co. (P.) Ltd.
Court: Income Tax Appellate Tribunal ITAT Kolkata
Decided on: Dec-10-1985
Reported in: (1987)23ITD406(Kol.)
1.These three appeals filed by the department relate to the same assessee. Hence, they are heard together and disposed of by this common order for the sake of convenience.2. The first common ground for all the appeals states that the Commissioner (Appeals) erred in holding that the preoperative project expenses formed a part of the capital employed for the purpose of relief Under Section 80J of the Income-tax Act, 1961 ('the Act'). Shri S.P. Chaliha, the learned representative for the department, urged before us that the Commissioner (Appeals) was not justified in his decision. He stated that the expenses under consideration were deductible in a phased manner Under Section 35D of the Act. Hence, he urged that these expenses were in the nature of preliminary expenses envisaged in Section 35D and so they did not form a part of the capital employed. He relied on the decision in the case of Modella Woollens Ltd. v. CIT [1979] 120 ITR 726 (Bom.). Shri S.C.Majumdar, the learned representati...
Basanta Ram Kedarnath Vs. Income-tax Officer
Court: Kolkata
Decided on: Dec-09-1985
Reported in: (1986)56CTR(Cal)344,[1987]165ITR777(Cal)
Dipak Kumar Sen, J.1. Basanta Ram Kedarnath, the appellant, is a partnership registered under the Indian Partnership Act. Kedarnath Jayaswal, Badri Prosad Shah and Dwarika Prosad Shah at the material time were the partners of the appellant (firm) each having 1/3rd share therein.2. In the assessment year 1962-63, the accounting year ending on December 31, 1961, the appellant was assessed to Income-tax under Section 143(3) of the Income-tax Act, 1961. The order of assessment was made on March 18, 1967, when the Income-tax Officer computed the total income of the appellant at Rs. 30,580 which was allocated to the partners of the appellant according to their respective shares.3. An appeal against the said order of assessment dated March 18, 1967, was made before the Appellate Assistant Commissioner of Income-tax which was allowed in part. A further appeal preferred by the appellant before the Income-tax Appellate Tribunal was pending at the material time. The Inspecting Assistant Commissio...
Commissioner of Income-tax Vs. Russel Properties (P.) Ltd.
Court: Kolkata
Decided on: Dec-09-1985
Reported in: [1987]163ITR538(Cal)
Dipak Kumar Sen, J. 1. M/s. Russel Properties Pvt. Ltd., the assessee, sold a building and land together with lifts, transformers, tubewells and other assets therein in the assessment year 1973-74. The original cost of the said assets was Rs. 16,13,596 for the land and building and that of lifts, transformers and tube-wells was Rs. 2,15,763. 2. The consideration for the sale was Rs. 18,00,000. 3. At the time of assessment, the Income-tax Officer found that the written down value of the lifts, transformers and tubewells in the relevant assessment year was Rs. 1,09,555.4. The net gain in the transaction, Rs. 18,00,000 minus Rs. 17,23,151, i.e., Rs. 76,849, was allocated by the Income-tax Officer on a pro rata basis as partly related to land and building and partly related to the other assets. On that basis, capital gains relating to land and building was computed at Rs. 71,919 and business profits under Section 41(2) of the Income-tax Act, 1961, relating to depreciable assets were calcul...
Sudha Devi Rampuria Vs. Income-tax Officer
Court: Income Tax Appellate Tribunal ITAT Kolkata
Decided on: Dec-06-1985
Reported in: (1986)15ITD744(Kol.)
1. The assessee is in appeal against the order of the Commissioner (Appeals) under Section 263 of the Income-tax Act, 1961 ('the Act').The fact is that Shri Pradip Kr. Rampuria was doing business. He was a member of his HUF. Shri Rampuria took a loan of Rs. 6 lakhs and odd from Hazareemull Heeralal of 148, Cotton Street, Calcutta carrying interest. The said loan was taken by Shri Rampuria who joined the association of B.C. Kochar on the basis of an agreement dated 2-12-1974 for the construction of multistoreyed flats for sale. Shri Rampuria died on 15-5-1977 leaving his wife Smt. Sudha Devi Rampuria and mother Smt. Gulab Devi Rampuria. Smt. Sudha Devi Rampuria, the wife of the deceased, was co-opted in the association of B.C. Kochar by an agreement dated 11-1-1978. Shri Rampuria was making payment of interest to Hazareemull Heeralal and he was also getting interest on the amount advanced to the association of B.C. Kochar. The interest, however, has not been earned during the assessmen...
Bank of India and Etc. Vs. Sital Chandra Das and ors.
Court: Kolkata
Decided on: Dec-06-1985
Reported in: AIR1986Cal313
G.N. Ray, J. 1. Second Appeal No. 1104 of 1979 arises out of the judgment and decree passed by the learned Additional District Judge, 13th Court, Alipore in Money Appeal No. 92 of 1977 reversing the judgment and decree passed by the learned Subordinate Judge of Alipore in Money- Suit No. 3 of 1973. The defendant 1, Bank of India, is the appellant in this appeal. The respondents 7, 8 and 9 viz. Brijkishore Bhagat, Sm. Durga Devi Bhagat and Nawal Kishore Bhagat being the defendants 2, 3 and 4 respectively in Money Suit No. 3 of 1973 have been impleaded in the instant appeal. But the said defendants viz. the Bhagats have also preferred an independent appeal before this Court against the judgment and decreepassed in the said Money Appeal No. 92 of 1977 and the arguments advanced by the said Bhagats both as appellants in S.AT. No. 2843 of 1984 and respondents in S.A. No. 1104 of 1979 being the same, both the said appeals are being disposed of by the following judgment.2. The short facts and...
Commissioner of Income-tax Vs. Shinwa Kaium Kaisha Ltd.
Court: Kolkata
Decided on: Dec-05-1985
Reported in: [1987]165ITR270(Cal)
Dipak Kumar Sen, J.1. M/s. Shinwa Kaium Kaisha Ltd., the assessee, is a non-resident shipping company incorporated in Japan. The assessee was assessed to income-tax in India for the assessment year 1971-72, the corresponding accounting year ending on March 31, 1971. The Income-tax Officer computed the income received or deemed to be received in India by the assessee under Rule 10(ii) of the Income-tax Rules, 1962, the material part whereof is set out below :' In any case in which the Income-tax Officer is of opinion that the actual amount of the income accruing or arising to any non-resident person whether directly or indirectly, through or from any business connection in India or through or from any property in India or through or from any asset or source of income in India... cannot be definitely ascertained, the amount of such income for the purpose of assessment to income-tax may be calculated :--... (ii) on any amount which bears the same proportion to the total profits and gains ...
Burmah Oil Co. Ltd. Vs. Income-tax Officer and ors.
Court: Kolkata
Decided on: Dec-05-1985
Reported in: [1987]165ITR264(Cal)
Ajit Kumar Sengupta, J.1. The petitioner is a non-resident company. It was assessed by the Income-tax Officer, Central Circle XXXI, on November 28, 1964, under Section 143(1) of the Income-tax Act, 1961, for the assessment year 1964-65 (the accounting year ending March 31, 1964). From the assessment order, it appears that the income of the petitioner for the said assessment year consisted of dividend from Indian companies, viz., Oil India Limited and Burmah-Shell Refineries Ltd., totalling to Rs. 3,07,72,919 and the tax payable thereon was computed at the rate of 25% at Rs. 76,93,229.75 without allowing any rebate in accordance with the proviso to Paragraph D of Part I of the First Schedule to the Finance Act, 1964. After giving credit for the tax deducted at source, the tax payable was determined at nil.2. The Indian company, i.e., M/s. Burmah-Shell Refineries Ltd., was assessed under Section 143(3) of the Income-tax Act, 1961, for the assessment year 1964-65 on March 26, 1969. In the...
Universal Cargo Carriers Inc. Vs. Commissioner of Income-tax
Court: Kolkata
Decided on: Dec-04-1985
Reported in: (1986)52CTR(Cal)145,[1987]165ITR209(Cal)
Dipak Kumar Sen, J.1. This is a consolidated reference covering the income-tax assessments of Universal Cargo Carriers Inc. for the assessment year 1976-77 (the accounting year ending on January 31, 1976), Hellenic Lines Ltd. for the assessment years 1976-77 and 1977-78 (the accounting years ending on 31st December of the calendar years 1975 and 1976) and American Export Line Inc. for the assessment year 1976-77, the accounting year ending on January 31, 1976.2. The facts found and not in dispute are, inter alia, that the assessees are non-resident companies carrying on business in shipping. The ships of the assessees plied in Indian waters during the relevant assessment years which made the assessees exigible to Indian income-tax in the relevant assessment years.3. The assessments in each of the cases were made under Section 44B which was brought into the Income-tax Act, 1961, by the Finance Act, 1975, and came into effect on and from April 1, 1976. The said section reads as follows :...
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