Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)4ITD212(Kol.)
..... in item note no. 7 given at the foot of the return form gives the instances of incomes, profits and gains not includible in the total income, referred to in rule 4 as follows: instances of income profits and gains not includible in the total income as computed under the income-tax act, 1961 are agricultural income in india, and in the case of a non-resident company, its ..... income accruing or arising outside india.on the basis of the aforesaid form and note no. 7, the learned .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)3ITD162(Kol.)
..... in and suppliers of all plant, machinery, stores, tools, implements and accessories. (e) iii. to carry on the business of manufacturers and importers of and dealers in agricultural implements and other machinery, tool makers and sellers, metal workers, boiler makers, mill-wrights, machinists, iron and steel converters, smiths, wood workers, builders, painters, metallurgists, electrical ..... year relevant to the assessment years 1948-49 and 1949-50, the company claimed deduction of various amounts under section 10(2)(xv) of the 1922 act and the question arose whether it was carrying on the business in the accounting years to be entitled to these deductions. the majority of their lordships ..... sale of fabrics was held to be an allowable deduction against a subsequent income in export of cotton textiles, in view of the common management and control of the business. again, reference was made to a judgment of the allahabad high court in cit v. rampur timber & turnery co. ltd. [1973] 89 itr 150 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD537(Kol.)
..... (c) which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the indian income-tax act, 1922 ... or the income-tax act, or to disclose fully and truly all material facts necessary for his assessment or otherwise, such declaration has to be in form b, as prescribed ..... appeal the assessee's grievances were against the valuation of the aforesaid properties as sustained by the aac. he also objected to the setting aside the issue of agricultural land and valuation thereof to the wto.6. when the aforesaid appeals came up for hearing before the tribunal, the assessee moved on 1-7-1981 for ..... b. kumar & co., bank deposits, jewellery, immovable properties situated at 4, rawdon street, calcutta-17, and of land and building situated at dehri-on-sone and agricultural land situated at dehri-on-sone, chanditala. the valuation of the immovable properties situated at 4, rawdon street, calcutta and at dehri-on-sone were declared by the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)10ITD542(Kol.)
..... it is advantageous to refer the following excerpts from the said judgment of the hon'ble supreme court : ...dealing with the scope of section 35 of the indian income-tax act, 1922, gajendragadkar, j. as he then was, speaking for the court observed : it is in the light of this position that the extent of the ..... year 1978-79-against the order of the commissioner of even date 8-1-1982 under section 263 of the income-tax act, 1961 ('the act'), common issues are involved and, therefore, they are disposed of by this common order.2. assessments of income of apeejay structural works (p.) ltd. for both the years were framed by the iac on 31-1 ..... there was creation of post of the additional commissioner by making amendment in sections 116 and 130 of the act. while interpreting those sections in context with powers of the commissioner under section 263, the hon'ble delhi high court in national agricultural co-operative marketing federation ltd. v. cbdt [1972] 84 itr 376 held that the word 'commissioner' .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD499(Kol.)
..... on 9-9-1971 and in respect whereof an order had also been passed by the ito under section 171 of the income-tax act, 1961 ('the 1961 act'), the property worth lakhs of rupees was left with the bigger-huf of shri h.l. malhotra.4. on 11-10 ..... assessee is a huf. for the assessment year 1975-76, the gto issued a notice under section 16(1) of the gift-tax act, 1958 ('the act'). in response to that notice the assessee filed a return of gifts disclosing the value of gifts at rs. 3 lakhs. the ..... the above, the learned commissioner (appeals) erred in not adjudicating on ground no. 3 relating to misapplication of section 6a of the gift-tax act, 1958, on the facts and in the circumstances of this case.the above ground does not arise out of the order of the commissioner ..... favour of each of his five sons and the widow of a predeceased son and as a result a major part of the agricultural land belonging to the family was apportioned amongst them. it was held by the high court that the transaction was one of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD236(Kol.)
..... of the hon'ble supreme court in the case of cait v. lucy kochuvareed [1976] 103 itr 799 which related to the revisional order of the commissioner under the kerala agricultural income-tax act, 1950, related to excessive allowance allowed by the assessing officer in respect of expenses incurred by the assessee. the commissioner set aside that assessment order for fresh disposal by the ..... was justified in invoking his jurisdiction under section 263.1. the appeal by the assessee is directed against the order of the commissioner as passed under section 263 of the income-tax act, 1961 ('the act'). the appeal by the assessee is that the commissioner erred in holding that the assessment order made by the ito under section 143(3) of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1990)35ITD136(Kol.)
..... . the capital gain arises on the transfer of a capital asset and, therefore, holding as an asset is not relevant for purposes of chapter e. the clear scheme the income-tax act is to move backward in time from the date of the transfer of "capital asset" to determine whether gain or loss arising is long-term or short term. if capital ..... submissions carefully; but unable to accept the same in view of the decisions of several high courts. in the case of ranchhodbhai bhaijibhai patel v. cit [1971] 81itr 446 (guj.), the assessee for long held agricultural land which at the relevant time stood excluded from the definition of "capital asset". on 23-1-63 the assessee got permission to put the ..... land to non-agricultural use. on that date the land became a capital asset. the land was sold in april and july 1963. from the sale proceeds the assessee claimed that it was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD260(Kol.)
..... to the assessee's appeal in ita no. 1658 (cal.)/89 which is directed against the order of the cit, wb-iv, calcutta dated 3-3-1989 passed under section 263 of the income-tax act, 1961. by this order, the cit considered the assessment order passed by the ito on 27-3-1987 as erroneous insofar as it was prejudicial to ..... next submitted that similar levies of market fee under other state enactments such as rajasthan agricultural produce markets act, 1961 have been held to be not forming part of the sale price for computing the taxable turnover of the assessee under the sales tax act. for this he relied on the decision of the rajasthan high court in the case of ..... relied on by both slides as set out above.24. in our view, the market fee collected by the assessee in the present case under the bihar agricultural produce markets act, 1960 does not represent a trading receipt. this position is now well settled by the decisions of the rajasthan high court and the allahabad high court referred .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD603(Kol.)
..... return within the time allowed under section 139. such interest is to run from the date of failure till the date of completion of assessment. no doubt under the income-tax act the assessee has been given a right for reduction or waiver of interest charged by the assessing officer.therefore, until there is a waiver or reduction the liability of ..... in this regard.7. regarding issue no. (iv) the counsel for the assessee, sri g.p.agarwal submits that interest under sections 139, 215 and 220(2) of the income-tax act are debts and are, therefore, to be deducted in computing the net wealth. the revenue's representative, sri s.c. sen, contends that those interests are not debts on ..... s counsel has relied on the decisions in the cases of cit v. assam oil co. ltd. [1982] 133 itr 204 (cal.), cit v.rangnath bangur [1984] 149 itr 487 (raj.); m.r. thammaiah v.agricultural ito [1984] 150 itr 403 (kar.); state bank of hyderabad v.cit [1988] 171 itr 232 (ap) and cit v. indian rare earth ltd. [1990] 181 itr 22 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)42ITD316(Kol.)
..... the income-tax act, 1961. the dispute before us is limited to claim on trailers employed for carrying plucked leaves from garden to factory. the assessee's claim has been rejected on the ground that trailers employed for carriage of leaves did not form part of machinery used for production or manufacture of tea. carriage of green leaves is only a part of agricultural ..... process.6. in our opinion the objection raised by the revenue is not well-founded. "income from sale of tea grown and manufactured is to be computed under sub-rule (1) of rule 8 of the income-tax rules as if it was income derived from business and 40 per cent of such .....
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