Kolkata Court March 1992 Judgments
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Babulal Chandak Vs. Income-tax Officer
Court: Income Tax Appellate Tribunal ITAT Kolkata
Decided on: Mar-31-1992
Reported in: (1992)41ITD475(Kol.)
1. This is a an appeal against the order of the Commissioner of Income-tax, West Bengal-X passed under Section 263 of the Income-tax Act, 1961 and dated 30-1-1990. There was a partnership firm carrying on business in cloth under the firm name of M/s. Babulal Chandak. This firm had come into existence sometime in 1963 and was evidenced by a Deed of Partnership dated 20-9-1963. It consisted of the following four partners, viz.:- These four partners shared the profits and losses in the ratio of 31 %, 25%, 25% and 19% respectively. This partnership firm was dissolved by a mutual agreement among the partners at the close of business on 21 -10-1987. The terms of this dissolution were set out in a Deed of Dissolution dated 7-11-1987. According to this Deed of Dissolution, the partnership firm was dissolved from 21-10-1987. According to Clause (2) of this Deed, all the assets and the liabilities of the firm of the dissolved partnership as at the close of business on 21-10-1987 were taken over...
Assistant Commissioner of Vs. Arabinda Roy
Court: Income Tax Appellate Tribunal ITAT Kolkata
Decided on: Mar-31-1992
Reported in: (1992)41ITD574(Kol.)
1. This appeal filed by the revenue arises out of the proceedings taken for assessment of a sum of 35,000 equivalent to Rs. 5,47,688, in the hands of the assessee.2. The assessee joined the Warren Tea Group (WTG) as their resident representative on 1-3-1977, upon the terms and conditions set out in the letter from Warren Tea Group, dated 29-1-1977. Now Warren Tea Group is not a separate entity as such, but comprised of three sterling companies, of which the Dhekhari Tea Co. Ltd. was one, which paid the salary to the assessee as per the terms contained in the letter. The letter was issued in Warren Tea Group's letter-head, which also mentioned the names of the three sterling companies comprising the group, and was signed by one CD. Jakes, Finance Director of Warren Tea Holdings Ltd. (WTH). WTH held 100% shares in all the three sterling tea companies comprising WTG; the entire shares of WTH were in turn held by Warren Plantation Holdings Ltd. (WTH), a public limited company registered i...
In Re: Jagason Das
Court: Kolkata
Decided on: Mar-31-1992
Reported in: 1995(77)ELT854(Cal)
J.N. Hore, J.1. This is an application under Section 482 of the Code of Criminal Procedure alternatively under Article 227 of the Constitution of India for quashing the impugned proceeding being No. C 79 of 1992 pending before the learned Sub-divisional Judicial Magistrate, Basirhat and also for setting aside the order dated 7-2-1992 passed by the learned Sub-Divisional Judicial Magistrate, Basirhat in the said case and for return of the seized articles along with the seized fishing trawler named 'M.V. Mina' to the petitioners.2. Petitioner No. 7 is the owner of the seized trawler 'M.V. Mina'. On 18-1-1992 at about 6 p.m. the Patrol party of Shamser Nagar B.O.P. in course of their patrolling duty in the Jammu Deep area intercepted the disputed fishing trawler 'M.V. Mina' which was proceeding towards Jammu Deep from the near Khal, namely, Narayan Tala. On suspicion the Patrol party apprehended six Bangladeshi nationals along with the trawler and other goods and forwarded the same to the...
Commissioner of Income-tax Vs. Popular Electric Co. (P.) Ltd.
Court: Kolkata
Decided on: Mar-30-1992
Reported in: [1993]203ITR630(Cal)
ASSESSMENT--Validity--Tribunal quashed assessment on finding that assessee suffered loss--Tribunal ought to have determined quantum of income or loss--Quashing of best judgment assessment unjustified.HELD :The Tribunal found that in earlier years, the assessee suffered losses and accordingly, the ITO was not justified in determining the total income at a positive figure for the assessment years in question without taking into account the relative turnover of the relevant years and the earlier years where the assessee sustained losses. The Tribunal ought to have determined the quantum of the income or the loss as the case may be for the years under reference or directed the ITO to make fresh assessments on the basis of the material available on record; but the Tribunal without adopting any of those two courses, simply annulled the assessments. On the facts and in the circumstances of this case the Tribunal was not justified in annulling the assessments.APPLICATION :Also to current asse...
K.K. Khemka Vs. Assistant Commissioner of
Court: Income Tax Appellate Tribunal ITAT Kolkata
Decided on: Mar-27-1992
Reported in: (1993)44ITD278(Kol.)
1. In this assessee's appeal the only issue which requires to be decided is whether the interest on borrowed monies utilised for purchase of shares can be claimed as a deduction under Section 57(iii) of the Income-tax Act while computing dividend income under the head 'income from sources'.2. The brief facts are that the assessee earned dividend income of Rs. 16,030 from few companies. The assessee also purchased 40,000 shares in M/s Universal Paper Mills Ltd. which he purchased from out of monies borrowed from outside agencies. The assessee claimed a sum of Rs. 62,819 as interest from the dividend income which is to be assessed under the head 'income from other sources'. The Assessing Officer negatived the claim of the assessee on the ground that the motive of the assessee was to acquire controlling interest in M/s Universal Paper Mills Ltd. and that the said company was financially not sound and viabi.e., The Assessing Officer examined the accounts and assessment records of M/s Univ...
Mohammad Rustom Ali and Another Vs. the Administrator, Corporation of ...
Court: Kolkata
Decided on: Mar-27-1992
Reported in: AIR1992Cal311,(1992)2CALLT230(HC),1992(2)CHN10
ORDER1. Both the writ applications were heard together and are disposed of by this judgment.2. More than 200 butchers moved the two writ petitions. Their contentions are identical as well as the prayers. The petitioners are carrying on business by slaughter cows. Bullock and buffaloes at the Tangra Slaughter House set up by the Calcutta Corporation. The two matters are governed by the Calcutta Municipal Act, 1951. The petitioners have permits as required under the law and used to pay Rs. 50/- for the same and the slaughtering charges for the catties. The petitioners' case is that Ss. 445, 446, 451, 456 and 457 are, among others, relevant to the case. The Administrator of the Calcutta Corporation has been made a party-respondent because the Corporation was superseded in 1972. The actual grievance of the petitioners is that the Corporation has been realising Rs. 50/- for the grant of written permission for the right to slaughtering cows and buffaloes at the Tangra Slaughter House and the...
i.E.L. Ltd. (Successor-in-interest to Crescent Dyes Chemicals Ltd.) Vs ...
Court: Kolkata
Decided on: Mar-27-1992
Reported in: (1993)112CTR(Cal)144,[1993]204ITR386(Cal)
Ajit K. Sengupta, J.1. In this reference under Section 256(1) of the Income-tax Act, 1961, atthe instance of the assessee, the Tribunal has sought for our opinion on the following question :'Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that reimbursements of medical expenses and house rent allowance paid in cash were to be taken as part of salary for purposes of Section 40A(5)/40(c) of the Act?'2. This reference arises out of the income-tax assessment of the assessee for the assessment year 1982-83 for which the previous year ended on September 30, 1981. The Income-tax Officer, while computing the inadmissible expenditure under Section 40A(5)/40(c) of the Income-tax Act, 1961, held that medical reimbursement and house rent allowance paid in cash would form part of salary under Section 17. Accordingly, both these payments were considered for computation of disallowance under Section 40A(5)/40(c).3. On appeal, the Commissioner of Income-ta...
Gossai Chandra Das Vs. Smt. Beauty Das and anr.
Court: Kolkata
Decided on: Mar-27-1992
Reported in: (1992)2CALLT38(HC),96CWN861,II(1992)DMC274
J.N. Hore, J.1. Opposite Party No. 1 filed an application under Section 125 of the Criminal Procedure Code against the petitioner before the learned Chief Judicial Magistrate of Howrah for maintenance. Opposite party No. I also filed a similar application, for maintenance or alimony pendente lite Under Section 24 of the Hindu Marriage Act, 1955, in the pending matrimonial suit No. 11 of 1987 before the learned Additional District Judge, 13 Court at Alipore, 24-Parganas (South) filed by the present petitioner against opposite party No. 1 for divorce and the said application of the opposite party was allowed by the learned Judge on August, 31, 1987 directing the present petitioner to pay alimony pendente lite at the rate of Rs. 300/- per month to the opposite party No. 1 together with some arrears maintenance and also to pay a sum of Rs. 400/- towards litigation expenses. The petitioner filed an application Under Section 151 of the Code of Civil Procedure for recalling the said order dat...
Indian Rayon and Industries Ltd. Vs. Union of India (Uoi)
Court: Kolkata
Decided on: Mar-27-1992
Reported in: 1992(40)ECC73,1992(60)ELT537(Cal)
ORDERAjoy Nath Ray, J.1. This is an application where the Writ Petitioner prays for relief against imposition of higher Customs Duty by reason of change in duty effected by successive Customs Notifications.2. On the 1st March, 1987 a Notification No. 71 of 1987 was issued exempting basic duty above 25 per cent and totally exempting additional duty.3. By another Notification dated 13th September, 1988 numbered 246 of 1988 the item Auto Coner Machine was included within the ambit of the Notification No. 71 of 1987, By the said Notification No. 246 of 1988 the exemption regarding the items including the Auto Coner Machine was extended till 31st March, 1990.4. By a Notification No. 159 of 1988 dated 13th May, 1988 Auxiliary Duty in respect of the exempted items was made nil.5. The writ petitioners took steps for importation of an Auto Coner Machine from a German Firm, named Carl Myor sometime in the month of February, 1989. The writ petitioners' case is that these steps were taken upon the...
K. K. Khemka Vs. Assistant Commissioner of Income Tax.
Court: Kolkata
Decided on: Mar-27-1992
Reported in: (1993)46TTJ(Cal)347
ORDERABDUL RAZACK, J.M. :In this assessees appeal the only issues which requires to be decided is whether the interest on borrowed monies utilised for purchase of shares can be claimed as a deduction under S. 57(iii) of the IT Act while computing dividend income under the head Income from other Sources.2. The brief facts are that the assessee earned dividend income of Rs. 16,030 from few companies. The assessee also purchased 40,000 shares in M/s. Universal Paper Mills Ltd. which he purchased from out of monies borrowed from outside agencies. The assessee claimed a sum of Rs. 62,819 as interest from the dividend income which is to be assessed under the head Income from other Sources. The Assessing officer negatived the claim of the assessee on the ground that the motive of the assessee was to acquire controlling interest in M/s. Universal Paper Mills Ltd. and that the said company was financially not sound and viable. The Assessing Officer examined the accounts and assessment records o...
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