Judgment Search Results Home > Cases Phrase: banking service commission act 1984 repealed Court: kolkata Page 24 of about 267 results (0.085 seconds)

Sri Annapurna Cotton Mills Ltd. Vs. Commissioner of Income-tax, West B ...

Court : Kolkata

Reported in : [1964]54ITR592(Cal)

..... in the nature of revenue payment and not a capital payment.therefore, in my opinion, even the principle of the texas case founded on sub-clause (f) of rule 3 of schedule d of the english act could not have and as no application in a case where the commission is payable in perpetuity.the provision for payment of commission in the case before us may now be examined and then considered in the light of the judicial pronouncements adverted to earlier.in this case the obligation to make this annual ..... that the day-to-day use of the funds was embraced within the business that produced the profit, or that the interest was within section 5, paragraph (b) but setting up that credit right or providing the banking facilities is quite another thing from paying interest; it is preparatory to earning the income and is no more part of the business carried on than would be the work involved in a bond issue.... ..... they were certainly not made in the process of earning their profits; they were not payments to creditors for goods supplied or services rendered to the appellants in their business : they did not arise out of any transactions in the conduct of their business. ..... . in my opinion the commission payable under the agreement dated the 26th january 1950, for services rendered for procuring the loan capital is in the nature of a capital expenditure, though the payment (1) is perpetual in the sense that it will continue so long as the products of the assessees mills are sold, (2) may thus continue .....

Assistant Commissioner of Vs. Paharpur Cooling Towers (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)44ITD540(Kol.)

..... arrived at the disallowable amount for the assessment year 1983-84 without disturbing the credit given for the amount written back from the earlier year's provision and from the assessment year 1984-85 he had also taken into account the amount to be adjusted in such credit, of the earlier year's provision to the extent it had already been disallowed in the ..... process or assertion of hostile title; it may also comprehend payment of statutory dues and taxes imposed as a pre-condition to commence or for the carrying on of a business; it may comprehend many other acts incidental to the carrying on of the business but, however, wide the meaning of the expression may be, its limits are implicit in it; the purpose shall be for the purpose of business, that is to ..... . unifab engineers.the ito had disallowed this amount on the ground that the above payment was made by the assessee-company without getting any services in return and that the sole purpose of this payment in the name of labour charges made to the family concern of the directors was to divert ..... items of expenditure, such as, pre-commissioning and trial run expenses, that as he had held that there was no trial run conducted during the year and so the expenses claimed on this account were completely false and bogus and that further the expenses of the nature of pre-commissioning expenditure were also not allowable before ..... fate of the assessee's claim with the insurance co.was known, as held by the supreme court in associated bank corpn. .....

Birla Tyres Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD1(Kol.)

..... apportioned among the members in the proportions in which they are entitled to share in the income of the association or body; (b) where the amount apportioned to a member under clause (a) is a profit, any interest, salary, bonus, commission or remuneration aforesaid paid to the member by the association or body in respect of the previous year shall be added to that amount, and the result shall be treated as the member's share in the income of the association ..... the present order of mine which is as under :- there is no dispute about the facts of the case which has been narrated in the order of the learned brother and hence, i refrain from repealing the same except to the extent that in this case assessee is an aop wherein the share of its members are determinate and known and it suffered a loss during the year under appeal.there is only ..... 1860 (21 of 1860), or under any law corresponding to that act in force in any part of india, whether the net result of the computation of the total income of such association or body is a profit or a loss, his share (whether a net profit or net loss) shall be computed as follows, namely :- (a) any interest, salary, bonus, commission or remuneration by whatever name called, paid to any member in respect of the previous year shall be deducted from the total income ..... dall & flour mills (supra), uco bank (supra) and indra industries (supra) are all by three judge bench(es).relying upon the judgment of the supreme court in the ..... of india[1984] 148 .....

Gillanders Arbuthnot and Co. Ltd. Vs. Commissioner of Income-tax, Calc ...

Court : Kolkata

Reported in : [1962]46ITR847(Cal)

..... 'to carry on all kinds of agency business, and to take part in the management, supervision or control of the business or portions of the business of another company, association, firm or person and to act as managing agents, agents, secretaries, general managers or other officers and commission agents, insurance agents and brokers of any such company, association, firm or person and in connection therewith to appoint and remunerate any directors, accountants, assistants and other officers or experts or agents. ..... assessee to carry on business as general merchants, manufacturers, brokers, contractors, to purchase and otherwise acquire and deal in, hold, manage, maintain and assign moveable and immoveable properties of all kinds, to carry on the business of banking in all its branches and departments, ect.in my view, the matter cannot be judged from a portion of the objects clause in the memorandum of association of the assessee. ..... his employment but after its termination and that in fact he was selling to the company for a sum of pounds 7,000 the benefit of a covenant which would only come into effect when the service was concluded.in my view, if the undertaking asked for had been given a portion of the compensation might well have been referable to it. ..... and would take this opportunity of expressing to you our sincere appreciation of the valuable services you have rendered to us over a period of many years.as a result of the transfer of your agency to imperial chemical industries .....

Aeicorp (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2001)77ITD111(Kol.)

..... 89 itr 266 (sc), justice mukherji observed in state bank of travancore's case [1986] 158 itr 102 (sc), at page 149 of the reports : 'it is clear that the facts of the case were that the managing agency commission receivable by the assessee could have been ascertained only after the managed company had made up its accounts and as it had not made up its accounts, the commission did not accrue to the asses see-company ..... in that case their lordships pointed out that the supreme court had held that commission as per the agreement was to accrue to the assessee company only on making up of its accounts and was given up before the accounts were made and, therefore, commission did not accrue.reference is then made to the decision of the bombay ..... was discussed at the meeting of the board of directors of the company on 29-3-1983 and the following resolution was passed : "resolved that pursuant to the provisions of section 293(1)(i) of the companies act, 1956 consent be and is hereby accorded to the company extending the time for repayment of at least the balance principal amount of rs. 3,32,140.98 advanced to mr. k.r ..... . 2,49,759.00 shall be written off in the year ending on 31-3-1984 and no further interest shall be charged on the said loan for reasons recorded in the minutes of this meeting".the loans were given to shri patel bearing simple interest ..... keeping in view the past service rendered by shri patel to the assessee-company, the assessee passed a resolution not to charge any interest .....

Commissioner of Income Tax, Central I, Kolkata Vs. M/S. J. L. Morrison ...

Court : Kolkata

..... p/l account and as shown in schedule-10 on the one hand and as shown in schedule-17 of notes on the other hand is due to the reason that as per item no.3(ii)(a) of part-ii of schedule-vi to the companies act, 1956, the quantitative details as given in schedule of notes are provided in respect of those items only which individually account for 10% or more of the total raw material consumption and not in respect of each and every item ..... an unwritten agreement which was terminable at will the appellant acted as sole agents and distributors of explosives manufactured by the imperial chemical industries (export) ltd.that agency was terminated and by way of compensation the imperial chemical industries (export) ltd.paid for the firs.three years after the termination of the agency two fifths of the commission accrued on its sales in the territory of the appellant ..... 8th september, 2000 was never applicable to the case of the assessee in view of the fact that the reserve bank of india, by its letter dated 3rd march, 1996 approved payment of royalty at the rate of 5% of the ..... the stipulations in the agreement dated 22nd march, 2005 that bdf will use the services of the assessee s waluj plant or that the assessee would be appointed agent for the products to be manufactured by the german concern, are all ..... , reported in (1984) 148 itr272had opined as follows : held, that a perusal of the various clauses of the agreement clearly indicated that the technical knowledge that the assessee obtained .....

Til Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... contrary to this, the learned dr has submitted that the copy of the volker commission report specifically mentioned the assessee's name alleging that the payments towards inland transportation fees or after sale service fees to iraqi bank accounts are not authorized by the u.n.under oil for food programme and were reportedly ..... to the provisions of section 195, in accordance with which any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest or any other sum chargeable under the provisions of this act (not being income chargeable under the head "salaries") shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or ..... taking into consideration the facts of the case and also the legal position involved, we are of the view that the said amount is allowable as a deduction under section 37(1) of the act by way of expenses/loss incidental to business on account of the fact that the said amounts had been paid as deposits to procure sales order and therefore had beer; incurred in the course ..... it has been pointed out that the words 'other sum' appearing in section 40 (a)( i) and section 195 also put a pre-condition of being chargeable under the provisions of the act as per clear language of these two sections.6.20 on an appreciation of the facts and also the legal principles involved in this case, we are inclined to be in agreement with the arguments of .....

Finance Corporation Limited Vs. Uco Bank

Court : Kolkata

..... was the base rate offered by the said branch of the respondent, it was approved in a resolution of the investment committee of the petitioner and appros the same an instruction was given to bank of india, corporate banking branch being the petitioner s banker to transfer the said amount from the existing over draft account to the account number provided by the respondent in the said letter dated 30th august 2012. ..... the benefit of the fraud, and the case where he does not, is that in the latter case the principal is liable for the wrong done to the person defrauded by his agent acting within the scope of his agency; in the former case he is liable on that ground and also on the ground that by taking the benefit he has adopted the ..... at calcutta ordinary original civil jurisdiction g.a.2552 of 2013 c.s.169 of 2013 west bengal infrastructure development finance corporation limited -vsuco bank before: hon ble justice harish tandon mr.jayanta kumar mitra, mr.s.n.mookherjee, mr.tilak bose, ms.vineeta maheria, mr.s.bhattacharya, mr.ashok ..... those conditions, the petitioner created various term deposits and recurring deposits in various banks for maintaining sinking funds and during the financial year 2011-2012 several deposits were made in different banks to the tune of 3,872.82 crores having maturity value as on 31st march ..... axis bank ltd.and axis trustee services ltd.are the bond trusties in respect of ..... by the state commission, which was affirmed by the national commission in revision. .....

Birendra Nath De Vs. State of West Bengal and ors.

Court : Kolkata

Reported in : (1991)IILLJ360Cal

..... company which was dissolved by an order of winding up and ultimately the employees had to accept the scheme or arrangement wherby the appellant company was formed and the erstwhile company was taken over and the services of the erstwhile employees came to be regulated under the new arrangement or scheme, there was practically no option left for the employees to accept the said scheme and under such circumstances the supreme court held ..... provisions of the agreement and clauses 1, 2 and 52 of the said agreement between the petitioner and the mother dairy, calcutta are opposed to public policy and also violalive of provisions contained section 23 of the indian contract act and articles 14, 39(a) and 41 of the constitution of india and for issue of a writ in the nature of mandamus commanding the respondents to renew the petitioner's appointment as concessionaire and from december 21, 1986 and also to forbear ..... it has been submitted further by the learned advocate for the petitioner that in the instant case the meagre income earned by the petitioner on the basis of commission from the said agreement is the only source of livlihood of the petitioner. ..... it has been alleged in the petition that the respondents really intend to enforce the clause relating to termination of agreement by automatic expiry of the period of six months and it is for that purpose the forms of bank guarantee were not supplied which was the usual practice on previous occasions. ..... reported in : [1984]1scr825 . 5. r.s .....

Amiya Kr. Dutta Vs. the Principal Secretary.

Court : Kolkata

..... communication dated 10th march, 2004 the petitioner was communicated that the corporation has decided not to continue his employment further and to terminate his service with the corporation in terms of office letter not admn/9/97 dated 18th march, 1998 with immediate effect. ..... the corporation has regretfully decided not to continue your employment further and to terminate your services with the corporation in terms of this office letter not admn/9/797 dated 18.3.98 with ..... subject to the provisions of the act, to issue or guarantee the issue of, or guarantee the payment of dividend on the shares, or interest on debentures, or other security or obligation of any company or association and to pay or provide for brokerage, commission and underwriting in respect any such ..... (7) subject to the provisions of the act, to invest any of the funds and moneys of the corporation in shares or securities of a public or a private company or in fixed deposits or by way of loans on interest to any public company or bank and from time to time to sell or vary any or all such investments and to execute all receipts and documents that may be necessary ..... national bank and ..... the performance of any contract, engagement or obligation by any persons or companies and in particular to customers of the corporation or any person and corporations with whom the corporation may have or intend to have business relations not amounting to banking business. ..... journal bengal 1 (shri state bhabani co-operative bank ltd. .....