Kolkata Court January 1986 Judgments
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Commissioner of Income-tax Vs. Parakh Kothi Ltd.
Court: Kolkata
Decided on: Jan-06-1986
Reported in: [1987]165ITR104(Cal)
Satish Chandra, C.J. 1. In this case, the Tribunal has referred thefollowing question for our opinion :'Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that any part of the unsecured debentures amounting to Rs. 9 lakhs issued on reduction of the share capital of the company was borrowed capital with which the house property was acquired within the meaning of Section 24(1)(vi) of the Income-tax Act, 1961, andinterest payable on the same was allowable as a deduction in computing the income of the assessee from the house property?'2. In our opinion, the question as has been framed docs not arise because the Tribunal has not recorded any finding that any part of the unsecured debentures amounting to Rs. 9 lakhs issued on reduction of the shared capital of the company was borrowed capital with which the house property was acquired within the meaning of Section 24(1)(vi) of the Income-tax Act, 1961. The Tribunal affirmed the order of the Appell...
Commissioner of Income-tax Vs. Ashoka Marketing Ltd.
Court: Kolkata
Decided on: Jan-06-1986
Reported in: (1986)53CTR(Cal)152,[1987]164ITR664(Cal)
M.G. Mukherji, J.1. The two questions that arise for decision are : '1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the sum of Rs. 1 lakh received by the assessee as damages from New Central Jute Mills Ltd. fornon-performance of the agreement is neither a revenue receipt nor a short-term capital gain ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal misdirected itself in law in holding that a sum of Rs. 1 lakh received by the assessee as damages for non-performance of the agreement was a capital receipt not liable to capital gains tax ?' 2. It is the contention of the Revenue that the sum of Rs. 1 lakh which was received out of a contract by way of liquidated damages was in the nature of a business transaction and it was thus a revenue receipt. It was agreed in the agreement itself that if the transaction could not be completed because of any fault on the part of the vendor, a specified amount of ...
Commissioner of Income-tax Vs. Parekh Kothi Ltd.
Court: Kolkata
Decided on: Jan-06-1986
Reported in: (1986)52CTR(Cal)307,[1986]160ITR864(Cal)
Satish Chandra, C.J. 1. For the assessment years 1968-69 and 1969-70, the Tribunal has referred the following question of law for our opinion :'Whether, on the facts and in the circumstances of the case, the Tribunal was right in directing the Income-tax: Officer to allow under Section 24(1)(vi) of the Income-tax Act Act, 1961, the deduction of Rs. 60,750and Rs. 81,000 representing interest on unsecured debentures in the respective assessments for the assessment years i 968-69 and 1969-70 provided the property was initially purchased with loan capital '2. For the assessment year 1968-69 only, the Tribunal has referred the following question of law for our opinion :'Whether, on the facts and in the circumstances of the case, the Tribunal was right in allowing the sum of Rs. 10,838 representing municipal taxes within the meaning of Section 23(1) of the Income-tax Act, 1961, for the assessment year 1968-69 '3. In respect of the first question, the position is that the assessee is a compan...
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