Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)16ITD475(Kol.)
1. In this appeal of the assessee-company against the order of the Commissioner (Appeals) in respect of the assessment year 1973-74 an interesting question regarding carry forward of business loss and long-term capital loss arises under these facts and circumstances.2. The assessment proceedings had a long chequered carrier. Previous year of the assessee ended on 30-6-1972. No return was filed by it under Section 139(1) of the Income-tax Act, 1961 ('the Act') though certain applications seeking extension of time were filed. Eventually a notice dated 11-2-1974 under Section 139(2) was served by the ITO upon it on 15-3-1974. Even then no return in compliance thereof was filed, though again certain applications seeking extension of time were filed.Ultimately, the ITO made ex parte assessment under Section 144 of the Act on 12-2-1976 but it was short lived. It was cancelled at the instance of the assessee under Section 146 of the Act on 26-4-1976. But even thereafter no return of income w...
Tag this Judgment!Court : Kolkata
Reported in : AIR1987Cal232,91CWN369
M.G. Mukherjee, J.1. The State of West Bengal and the Director of Secondary Education are the appellants before us impugning a judgment and order dt. 17th Jan. 1984 passed by P. C. Borooah J. in Matter No. 614/83 whereby it was held inter alia that Central Model School is a minority institution and the West Bengal Board of Secondary Education has no authority to appoint an administrator, the trial Judge quashed an order dt. May 3, 1983 issued by the President, West Bengal Board of Secondary Education appointing one Sri Ananda Mohan Roy, Assistant Inspector of Schools, as the administrator of the said school.2. The case of the writ petitioners inter alia was that Central Model School was established by petitioner No. 3 Mrs. Kuldip Harbans Singh in or about the year 1955 onher own initiative with the blessings of her late father Raghunath Singh Bir, a Sikh nationalist leader and social worker. The said school was established by the petitioner No. 3 a Sikh by faith, with the co-operation ...
Tag this Judgment!Court : Kolkata
Reported in : 1990(25)ECC426,1986(26)ELT76(Cal)
Ajit K. Sengupta, J.1. In this application the petitioner has challenged the demand of duty made, certificate proceedings initiated and the distress warrant issued against the petitioner by the Central Excise Authorities Consequent upon the assessments made under the Central Excises & Salt Act, 1944.2. The facts are in a narrow compass:The petitioner purchased cold rolled strips from the market in the usual course of business and re-rolled and re-processed the same in his own factory at Salkia into cold rolled strips of different length and gauges through rolling machine and sold the same to his customers. According to the petitioner the said cold rolled strips purchased by the petitioner from the market were duty paid. It is the case of the petitioner that the re-rolling or reprocessing of the said cold rolled strips is not manufacture but only processing. The petitioner duly submitted monthly returns of production in Form No. R.T. 12 in accordance with Rule 173G of the Central Excise...
Tag this Judgment!Court : Kolkata
Reported in : AIR1987Cal83
Anandamoy Bhattacharjee, J. 1. By the impugned judgment the learned single Judge has declared the Bihar Sugar Undertakings (Acquisition) Act, 1976 to be ultra vires as being beyond the competence of the Bihar State Legislature. The learned Judge has also held that Section 17 of the Act is also bad for excessive delegation. The reasons which have weighed the learned Judge in coming to these conclusions are briefly as hereunder.2. Entry 24 of the State List conferring jurisdiction on the State Legislature to legislate on 'Industries' has expressly been made subject to Entry 52 of the Union List. Entry 52 of the Union List confers exclusive jurisdiction on Parliament to legislate on 'Industries', 'the control of which by the Union is declared by Parliament by law to be expedient in the public interest'. Parliament has made the requisite declaration in respect of sugar industries in Section 2 of the Industries (Development and Regulation) Act, 1951 read with Entry 25 of the First Schedule ...
Tag this Judgment!Court : Kolkata
Reported in : [1987]164ITR73(Cal)
Dipak Kumar Sen, J.1. The material facts on record as found and admitted are, inter alia, that Sethi Pen Stores, a partnership firm, the assessee, proposed to enter into a settlement with the Income-tax Department and applied before the Commissioner of Income-tax, West Bengal-II, on January 25, 1968, offering for taxation a sum of Rs. 79,500 whichaccording to them represented genuine hundi loans but could not b6supported by evidence; It was proposed to spread over the said amountfor the accounting years 1962, 1963, 1964 and 1965.2. An order was passed on the said application by the Commissioner of Income-tax on December 29, 1970, as follows:'1. The peak amount of the alleged hundi loans amounting to Rs. 1,15,000 shall be assessable in the following assessment years :Assessment yearsAmount assessable Rs.1960-615,0001961-6228,5001962-6317,5001964-6527,5001965-6645,000 Interest debited in the books of accounts on these loans shall be disallowed in the respective assessment years. Penalty ...
Tag this Judgment!Court : Kolkata
Reported in : 1988(17)LC758(Calcutta),1987(30)ELT734(Cal)
Bimal Chandra Basak, J.1. This appeal is directed against a judgment and order passed by Sabyasachi Mukharji, J. (as His Lordship then was) in disposing of an application filed under Article 226 of the Constitution of India dated 2nd March, 1973. In the said writ application the petitioner challenged several show cause notices, all dated 26th March, 1970, issued by the Assistant Collector of Customs. The relevant facts of this case have been set out in the Judgment itself. However, we shall set out some of the salient facts. The Petitioner carries on business in various jute goods. In the course of its business the Petitioner sometimes exported large quantity of goods to various foreign buyers. According to the Petitioner the Petitioner entered into several contracts between 15th November, 1965 and 4th April, 1966. On 5th June, 1966, there was devaluation of the Indian Rupee. In order to lessen the hardship of the traders who had contracts with foreign buyers Notification was issued by...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD230(Kol.)
1. This appeal filed by the assessee is directed against the order dated 9-11-1984 passed by the AAC for the assessment year 1983-84.2. The assessee an individual is a non-resident. During the relevant previous year which ended on 31-3-1983 the assessee was in the service of India Steamship Co. Ltd. and Highsea Steamship Co. Ltd., a foreign company based at Singapore. As the assessee was treated as a non-resident for the assessment year 1983-84, salary earned and received by him outside India was not included in his total income. The ITO was, however, of the view that moneys representing salary are received in India is taxable. The contention put forth on behalf of the assessee that the entire salary received from Highsea Steamship Co.Ltd. is to be excluded from the total income of the assessee was not accepted by the ITO. A sum of Rs. 56,000 received as salary from Highsea Steamship Co. Ltd., was included by the ITO in the total income of the assessee. This amount represented salary ...
Tag this Judgment!Court : Kolkata
Reported in : 1986(9)ECC72,1986(26)ELT697(Cal)
Sudhir Ranjan Roy, J.1. The petitioner No. 1 is a company within the meaning of the Companies Act, 1956 and carries on business of manufacturing diverse types of plywood products.2. In or about March, 1985 the petitioner-company agreed to purchase and Sumitomo Corporation of Tokyo (Japan) through its agent in India Messrs. Suniti Private Limited of Calcutta agreed to sell 100 metric tonnes of phenol 9996 at the agreed price of Japanese yen 185 per kg. C.I.F. Calcutta and on the terms and conditions as contained in the agreement dated 27th March, 1985 (Annexures 'A').3. Phenol 99% is one of the ingredients for manufacturing diverse types of plywood products, which the petitioner-company uses in its factory at Tinsukia in the State of Assam.4. Customs duty, both basic and auxiliary, in respect of the phenol 99% so imported is payable at the rate of 70% and 40% respectively and countervailing duty at the rate of 1596. On the basis of the contractual price of the commodity, assessable valu...
Tag this Judgment!Court : Kolkata
Reported in : 1987CriLJ1603
ORDERSudhanshu Sekhar Ganguly, J.1. This Rule is directed against an order dated June 11, 1980 passed by Shri B. Banerjee, learned Metropolitan Magistrate, 17th Court, Calcutta framing charge under Section 406 of the Penal Code against the accused-petitioner in case No. C/933/1979.2. The petitioner's case seems to be that he is the owner of a truck. In June, 1975 he borrowed Rs. 20,000/- from M/s. Ganesh Narayan Brijlal Limited by mortgaging the said truck. The ownership of the truck remains with him. But certain papers were created showing that the petitioner was taking the truck on hire-purchase agreement from the said firm of financiers. In July, 1976 the truck met with a serious accident and it is lying in a Petrol Pump on the Jessors Road, Dum Dum. A claim was lodged by the firm of financiers through the petitioner as he happens to be the registered owner of the said vehicle. This claim was not ultimately pursued.3. On the allegation that the petitioner did not pay the balance und...
Tag this Judgment!Court : Kolkata
Reported in : [1987]61CompCas10(Cal)
Ajit Kumar Sengupta, J. 1. After the company had gone into liquidation, an auditor was appointed to make an investigation into the affairs of the company. The auditor, T.K. Kar, a chartered accountant, made his final report of the investigation into the affairs of the company prior to its liquidation. On the basis of the said report of investigation, points of claim were submitted by the official liquidator on November 14, 1975, and master's summons was taken out on behalf of the official liquidator praying the declarations as mentioned in the master's summons. In the points of claim, it is, inter alia, stated as follows: 'The said company at all material times carried on principally a wholesale business in buying and selling mustard oil and other oils. 2. The accounting year of the said company was the Bengali calendar year. The accounts of the said company were audited from 1359 B. S. corresponding to the English calendar year 1951-52 and until 1375 B. S. corresponding to the English...
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