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
..... relationship with dale donee. as per iti s report the donor had made cash gift rs.10,000 on 10-04-95 out of his business & agricultural income & could not produce any evidence except declaration & affidavit. the cit(a) by an order dated 14th march, 2001 deleted the addition of rs.2,40,000/- which was claimed to have been received by way ..... , 2016 judgment delivered on: 04/03/2016. girish chandra gupta j. the assessee has come up in appeal under section 260a of the income tax act, 1961 (hereinafter referred to as the act ) against a judgment and order passed by the income tax appellate tribunal, d bench, kolkata in ita no.2541 (cal) of 2003 dated 29th april, 2004 pertaining to the assessment year 1996-97 .....
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
..... , mura (sc) : 56 itr673) s.g.mercantile corporation p. ltd.v.cit: 83 itr700(sc).4) empire jute co.ltd v. cit (sc).124 itr15) commissioner of agricultural income-tax, trivandrum v. bombay burmah trading corporation ltd.: 131 itr1546) radhasoami satsang v. cit: 193 itr321(sc).7) cit v. auto distributors.210 itr222(cal).8) cit v. oberoi hotels p. ltd.(2011) 334 itr293(cal).9) airports authority ..... /15 and 26/6/15 judgment on : 4th september, 2015 soumitra pal, j.:- this appeal, under section 260a of the income tax act, 1961 (for short the act ).has been preferred by the appellant against the order dated 14th december, 2004 passed by the income tax appellate tribunal, kolkata in ita nos.1276 (kol) of 2004 for the assessment year 1996-97. the appeal was admitted .....
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
..... (1) scc731(para 23); ii) bank of india & anr. vs. k. mohandas & ors. reported at 2009(5) scc313(paras 28, 31, 32); iii) commissioner of income tax, kolkata vs. hooghly mills co. ltd. reported at 2007(1) scc571(paras 8,9) it is argued that it is settled law that no part or term of a contract ..... be made except where the same would lead to an absurdity. the following decisions have been relied upon by the petitioner in support of the aforesaid contention:i) national agricultural co-op. marketing federation india ltd. vs. gains trading ltd. reported at 2007 (5) scc692(para9) ii) krishna beharilal vs. gulabchand & ors. reported at ..... operate bank accounts. the plaintiff alleged that all activities of the trust have effectively come to a stand still by reason of the defendants wrongful and illegal act in holding themselves out as trustees. under such circumstances, the plaintiffs have filed this originating summons formulating the following questions concerning the interpretation of the trust .....
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