Kolkata Court December 1986 Judgments
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Haradhan Das and anr. Vs. Collector of Customs
Court: Kolkata
Decided on: Dec-02-1986
Reported in: 1987(11)ECC368,1988(17)LC709(Calcutta),1987(30)ELT83(Cal)
Manoranjan Mallick, J.1. These two criminal revisions arise out of the orders passed by the learned Chief Metropolitan Magistrate, Calcutta on 12-3-1986, 13-8-1986 and 16-8-1986.2. The facts are briefly as follows :-The customs department seized some contraband goods along with a truck. The petitioners of Criminal Revision Case No. 1226 of 1986 Hara-dhan Das and Smt. Monika Dey applied for return of the truck on bond. The learned Chief Metropolitan Magistrate, Calcutta overruling the objection of the customs department ordered the return of the seized truck on the petitioner's furnishing a bond of Rs. 1,00,000/-. The customs department objected to the return of the truck on the ground that the learned Magistrate did not have jurisdiction to pass the order of return of the truck seized by the customs department as no complaint has yet been filed by the customs and no cognizance of the case had yet been taken by the learned Magistrate. Overruling the said objection of the customs, the or...
Eastern Circuit (P.) Ltd. Vs. Inspecting Assistant
Court: Income Tax Appellate Tribunal ITAT Kolkata
Decided on: Dec-01-1986
Reported in: (1987)21ITD98(Kol.)
1. The question of set off of losses under Section 79 of the Income-tax Act, 1961 ('the Act') is involved in this appeal of the assessee-company against the order of the Commissioner (Appeals) arising out of the assessment order for the assessment year 1978-79.2. The assessee-company had incurred losses in the assessment year 1975-76. The business loss and unabsorbed depreciation in the assessment year 1975-76 were as follows :Unabsorbed depreciation for 1974-75 7,686 ---------- Following was set off against the income of the assessment year 1976-77 :Business loss of 1975-76 95,647Unabsorbed depreciation for the assessmentyear 1974-75 7,686 ---------- The balance of Rs. 1,83,966 (Rs. 2,87,299 - Rs. 1,03,333) consisting of balance of business loss of Rs. 1,81,472 relating to the assessment year 1975-76 and unabsorbed depreciation of Rs. 2,494 relating to the assessment year 1975-76, was required to be carried forward for set off against the income in the assessment year 1977-78.3. The ...
Rajiv Investment (P.) Ltd. Vs. Income-tax Officer
Court: Income Tax Appellate Tribunal ITAT Kolkata
Decided on: Dec-01-1986
Reported in: (1987)20ITD431(Kol.)
1. The ITO computed the assessee's total income for the assessment year 1977-78 in the following manner :Loss as per profit and loss account (-)50,839Add : Dividend for separate consideration 174 Speculation profit 5,90,530 (-)5,90,704 (-)6,41,543 letter dated 1-12-1982 4,64,547 (-) 1,76,996 business profit 5,90,704 (+)4,13,808 In determining the income as aforesaid the ITO rejected the assessee's contention that due to change in the method of valuation of closing stock of shares and debentures from the 'cost' method followed in the past, to 'cost or market rate whichever was lower', there was a loss to the extent of Rs. 4,64,547 on the basis of the IAC's order under Section 144B of the Income-tax Act, 1961 ('the Act'), the relevant portion of which reads as follows : The company has all along been valuing the closing stock of shares at cost. As assessee can change its method of valuation of closing stock provided it is bona fide. During the accounting year under consideration, the co...
Commissioner of Income-tax Vs. Metal Distributors Ltd.
Court: Kolkata
Decided on: Dec-01-1986
Reported in: [1988]172ITR356(Cal)
Dipak Kumar Sen, J. 1. From a judgment and order of this court dated May 6, 1985, in Income-tax Reference No. 21 of 1977, the Revenue seeks to prefer an appeal to the Supreme Court. The present application is an application for condonation of delay in filing the said application.2. It appears from the records that certified copies of the judgment and order were applied for by the Revenue on May 9, 1985. The certified copy of the order was obtained on May 23, 1985, and the certified copy of the judgment was received on June 3, 1986. Taking into account the three days'delay in applying for certified copies, the time to make the applicationfor leave to appeal to the Supreme Court expired on or about July 27,1986.3. The Revenue instructed its advocate-on-record to prefer an appeal to the Supreme Court on July 11, 1986, more than one month after the certified copy of the judgment was made available. On July 16, 1986, learned lawyer was briefed to draw up the application. It appears that dic...
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