Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Nov-15-1996
Reported in : (1997)61ITD183Cal
..... followed the correct principle therein after considering kashiparekh's case. the principles enunciated therein are in consonance with the decision of the calcutta high court in james finlay & co. v. cit [1982] 137 itr 698, where all these relevant authorities including kashiparekh's case [1960] 39 itr 706 (bom.) as well as birla gwalior (p.) ltd.'s case [1973 ..... subsequently given up, in such circumstances it remains the income of the recipient, even though given up and tax might be payable. this decision of the supreme court as well as the decision of several other high courts were considered by the hon'ble supreme court in the ..... in the mercantile system, is on accrual on income, but the substance of the matter was income and if income did not result at all, there cannot be any tax, even though in book-keeping an entry was made about a hypothetical income which did not materialise. however, where income has, in fact, been received and is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Apr-18-1996
Reported in : (1996)59ITD240(Kol.)
..... the first circular which was issued in 1955 (circular no. 33 dated 1-8-1955), the reimbursement of medical expenses was directed to be excluded from income-tax. in the subsequent circulars, the total exemption was withdrawn and some monetary ceiling and exemption was prescribed. ultimately provisions have been incorporated in section 17 itself ..... the assessee should strictly fall within the language used. there can be no quarrel with this proposition. lord denning stated the same thing in hochstrasser (inspector of taxes)'s case (supra) (see page 477 of 42 itr). the relevant statutory provision relied upon heavily by the revenue is section 17(2)(iv). it says ..... which, according to him, clearly indicated that before the amendment took effect, such reimbursement had to be assessed as perquisites.3a. the conclusions of the income-tax authorities are seriously disputed before us on behalf of the assessee. it was first said that the various circulars issued by the board on this point, first .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Apr-08-1996
Reported in : (1996)59ITD303(Kol.)
..... be revised in the present case, not being erroneous, is not amenable to the jurisdiction of the commissioner under section 263.revision under s. 263--jurisdiction of cit--order already set right by invoking s. 154.where assessing officer has already set right order passed earlier invoking section 154, commissioner had no jurisdiction to invoke ..... or produced by persons other than the assessee-company. it is therefore a trading company in which the public is not substantially interested. the correct rate of tax in this case for the assessment year 1986-87 should be 60 per cent instead of 50 per cent originally charged by the assessing officer and also subsequently ..... as 'industrial company'." it would be noticed that the contention before the tribunal by the learned departmental representative was the same as has been raised by the cit in the present proceedings. since the controversy has already been decided by the tribunal in favour of the assessee, and there being no change in the factual .....
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