Kolkata Court May 1989 Judgments
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Commissioner of Income-tax Vs. Shree Bajrang Trading and Supply Compan ...
Court: Kolkata
Decided on: May-03-1989
Reported in: [1991]187ITR299(Cal)
Ajit K. Sengupta, J.1. This reference under Section 256(2) of the Income-tax Act, 1961, relates to the assessment year 1964-65.2. The following question of law has been referred to this court:'Whether, on the facts and in the circumstances of the case, relating to the cash credits standing in the names of Sarbashree Kanhaiyalal Agarwalla, Haripada Kedia and Surajmal Ganeshram and the interest paid to these three parties and on a correct interpretation of the Explanation to Section 271(1)(c) of the Income-tax Act, 1961, the Tribunal was justified in holding that no penalty could be imposed under Section 271(1)(c) of the Income-tax Act, 1961, and in that view, cancelling the order of penalty made by the Inspecting Assistant Commissioner under the said section ?'3. The facts leading to this reference are that the assessee, as a registered firm, in its return of income for the assessment year 1964-65 had shown a total income of Rs. 69,359. The Income-tax Officer framed the assessment on a ...
Commissioner of Income-tax Vs. Aminchand Payarelal Ltd.
Court: Kolkata
Decided on: May-03-1989
Reported in: [1990]182ITR222(Cal)
Ajit K. Sengupta, J. 1. In this reference, under Section 256(2) of the Income-tax Act, 1961, the following questions of law for the assessment year 1967-68, have been referred in this court:'1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that this is not a fit case for levy of penalty under Section 271(1)(a) of the Income-tax Act, 1961, and, in that view, cancelling the penalty levied by the Income-tax Officer under Section 271(1)(a) of the Income-tax Act, 1961 ? 2. Whether, on the facts and in the circumstances of the case and, in view of the fact that notice under Section 139(2) has been served on the assessee, the Tribunal misdirected itself in law in holding that the assessee had no obligation to file the return inasmuch as it bona fide believed that its total income will be less than the maximum not chargeable to tax ?' 3. The facts shortly stated are that the return of income of the assessee for the assessment year under re...
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