Court : Kolkata
..... acted in departure therefrom and prayed that the execution application be allowed. it is averred therein that the decree holder settled all the liabilities of the bank who issued no objection certificate in this regard and further obtained necessary clearance certificate under the income tax and also no objection certificate from the agricultural income tax department ..... roy choudhury the defendant herein would arrange to obtain with the assistance of shri santosh kumar agarwal necessary clearance under section 230 a (1) of the income tax act, 1961 as also necessary permission from the deputy collector jalpaiguri as may be required for completion of sale of the said tea estate. h) shri ..... could be seen from the said settlement is that the said decree holder would provide all assistance in getting the necessary clearance required under the income tax act, 1961 and also from the deputy collector of the jalpaiguri. it is not in dispute that the objection was raised by the judgment debtor when .....
Tag this Judgment!Court : Kolkata
..... the subject matter of challenge in this appeal is a judgement and order dated 1st june, 2016 by which the learned income tax appellate tribunal refused to exercise jurisdiction under section 254(2) of the income tax act, for the following reasons: the learned counsel for the assessee reiterated the stand of the assessee as contained in the ..... to its employees was not solely for the purpose of business. the expenditure incurred was both for the purpose of business and for the purpose of agriculture. the submission that the expenditure on account of fringe benefits had already been taken into account was not correct. the net profit and loss of the ..... thereto, the appellant discovered that the learned tribunal had changed its view as regards the applicability of income tax rule 8 to the fringe benefit tax. the appellant, in the circumstances, had applied under section 254(2) of the income tax act within less than two months from the day when the appeal was dismissed. the learned tribunal however .....
Tag this Judgment!Court : Kolkata
..... j.:(1) the subject matter of challenge in the instant writ petition is a notice dated 31 march, 2014 issued under sec. 148 of the income tax act, 1961 (in short it act ) by the income tax officer (in short ito ).ward no.9(3) calcutta. the impugned notice is a notice of initiation of reassessment proceedings against the petitioner company in ..... of west bengal (supra).a learned judge of this court held that under the provisions of the bengal agricultural act, 1944 and the rules framed thereunder, even though an assessee has not filed his return of the agricultural income pursuant to a general notice, it is the obligation of the appropriate authorities to serve a notice under sec ..... . 24(1) or (2) of the act or make an attempt to have the notice served on the assessee duly and personally .....
Tag this Judgment!Court : Kolkata
..... investments was not deductible under sub-section (2) of section 80p of the income tax act. the same view was taken by the cit (a).the learned tribunal was, however, of the opinion that the assessee is entitled to the deduction of interest income earned on the investment in banks and other financial institutions amonting to rs.98, ..... assessee(s) for its business purposes and which have been only invested in specified securities as investment . further, as stated above, assessee(s) markets the agricultural produce of its members.it retains the sale proceeds in many cases. it is this retained amount which was payable to its members.from whom produce was bought ..... the society, namely, carrying on the business of providing credit facilities to its members or marketing of the agricultural produce of its members.when the assessee-society provides credit facilities to its members.it earns interest income. as stated above, in this case, interest held as ineligible for deduction under s. 80p(2)(a)(i .....
Tag this Judgment!Court : Kolkata
..... . in other words, the real income ..... income, a part of the composite income/integrated income is agricultural income and the balance is business income. the object of rule 8(1) is to disintegrate the two. if the income from agriculture cannot be computed under the 1961 act then the income from agriculture has to be arrived at in a normal commercial manner. there is no scope for computing such income by complying with the computation section under the income-tax act .....
Tag this Judgment!Court : Kolkata
..... itr609wherein it was held that the deduction on cess paid on green tea leaves has to be allowed on 100 per cent, of the composite income under the income-tax act, 1961, and not on 60 per cent, of the agricultural income. to be precise the court in jorehaut group (supra) observed as follows: cess on green tea leaves shall be allowed on 100 per cent ..... , composite income under the income tax act, 1961, before applying rule 8 of the income tax rules. in that view of the matter, the question of law formulated is answered in the affirmative and .....
Tag this Judgment!Court : Kolkata
..... decision of the andhra pradesh high court in the case of commissioner of income tax-vs.-devatha chandraiah & sons reported in (1985) 154 itr893 in that case the assessee was a registered firm dealing as commission agent in divers.agricultural commodities and was acting as the commission agent on behalf of the agriculturists, i.e., ..... senior counsel for the appellant advanced before us essentially the same arguments that were made before the ld. tribunal. he submitted that section 43b of the income tax act does not apply to electricity duty collected by the assessee-company as licensee, on behalf of the state government inasmuch as the electricity duty which the assessee ..... by it. the commissioner held that the electricity duty collected by the appellant licensee from the consumers falls within the purview of section 43b of the income tax act, 1961 and as such he dismissed the appeals of assessee-company and upheld the order of the assessing officer. (4) the assessee company preferred appeal .....
Tag this Judgment!Court : Kolkata
..... the cess on green leaf amounting to rs.3 lakh is an allowable expenditure by disregarding that it is directly attributable to core agriculture activities which is taxable under state agriculture income tax and is beyond the purview of central income tax and on this issue the slp has been admitted against the order of this hon ble court in case of aft industries-vs ..... tribunal has erred in law in holding that the cess on green leaf amounting to rs.32,68,164/- paid before furnishing of return of income was allowable under section 43b of the i.t.act,, by disregarding that the cess on green leaf which was not paid within the previous year and which is contrary to the provision of the ..... section 43b of the i.t.act, 1961 under which it is allowable on actual payment basis?. 3. whether on the facts and in the circumstances of the case conclusion arrived at by the ld. .....
Tag this Judgment!Court : Kolkata
..... that is done, the result would be that the agricultural income itself would become liable to tax, which is not permissible under sub-section 1 of section 10 of the income tax act. the provisions contained in chapter xii h of the income tax act have to be read subject to section 10 of the income tax act. for the aforesaid reasons, we are of the opinion that the judgment of the ..... benefit in the case of assessee engaged in the business of growing, manufacturing and sale of tea without having regard to the relevant provisions of the incometax act, 1961 read with rule 8 of the income-tax rules 1962. 2. whether the tribunal below committed substantial error of law in holding that there was no similarity between the provisions of section 115wa vis .....
Tag this Judgment!Court : Kolkata
..... that is done, the result would be that the agricultural income itself would become liable to tax, which is not permissible under sub-section 1 of section 10 of the income tax act. the provisions contained in chapter xii h of the income tax act have to be read subject to section 10 of the income tax act. for the aforesaid reasons, we are of the opinion that the judgment of the ..... benefit in the case of assessee engaged in the business of growing, manufacturing and sale of tea without having regard to the relevant provisions of the incometax act, 1961 read with rule 8 of the income-tax rules 1962. 2. whether the tribunal below committed substantial error of law in holding that there was no similarity between the provisions of section 115wa vis .....
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