Court : Kolkata
Reported in : [1994]205ITR126(Cal)
..... ; (b) in the case of assets acquired before the previous year, the actual cost to the assessee less all depreciation acutally allowed to him under this act ; or under the indian income-tax act, 1922 (11 of 1922), or any act repealed by that act, or under any executive orders issued when the indian income-tax act, 1886 (2 of 1886), was in force : provided that in determining the written down value in respect of buildings, machinery or plant for the purposes of clause (ii) of sub ..... the meaning of the provision is that the expenditure incurred by a company, with the exception of a banking company or a financial company, by way of interest on deposits received by it is disallowable to the extent of 15 per cent. ..... the case, as stated by the tribunal for determination of the question, refers to a letter dated september 28, 1984, addressed by the assessee to the assessing officer wherein the question of disallowance of interest was purportedly explained by the assessee. ..... the following passage occurring at the bottom paragraph at page 647 is worth quoting 'depreciation allowance has been allowed to be deducted from the assessable profits of an assessee under section 10(2)(vi) of the 1922 act, corresponding to section 32 of the 1961 act, it would appear fromthe report of the taxation enquiry commission, 1953-54, vol. .....
Tag this Judgment!Court : Kolkata
Reported in : (1993)ILLJ390Cal
..... learned judge of the first court after considering the submissions and the decisions referred to him came to the conclusion that there was no admission in this case by the respondent about commission of any offence and in any event the bank having allowed the respondent to retire from the service in the usual course must be deemed to have condoned his guilt. ..... accordingly, you will stand relieved from the bank's service as at the close of working hours on the last working day of january 1991 ..... said order of retirement dated october 9, 1990, is as follows:-'dear sir,retirement as you are attaining the age of superannuation on january 1, 1991 in terms of bank's circular staff no.29/23/1457 dated july 9, 1983 you will retire from the bank's service with effect from february 1, 1991. ..... in this view of the matter, as well as in view of the fact that the disciplinary rules does not make such provision, and also taking into consideration the repealed misconduct of similar nature committed by the appellant, we are of the view that there is no case for showing any leniency to him, neither the writ court is competent to do so in the circumstances of this ..... that case, the disciplinary authority, on the basis of his admission, dismissed the said cashier-in-charge from bank's service. ..... the disciplinary authority did not enquire as to whether it was an act of the in-charge of the counter or the employees under him which resulted in the shortage as ..... , reported in 1984-ii-lu-186 observed as follows .....
Tag this Judgment!Court : Kolkata
Reported in : 1992(62)ELT528(Cal)
..... on the other hand, the final assessment is in favour of the petitioner, the respondents will make over the amount covered by the fixed deposit together with all interest accrued thereon and also discharge the bank guarantee to the petitioner 15 days after the final assessment order is communicated to the prosecuting officer of the department and subject to any order that the customs department may obtain from any competent authority under ..... while it is true that strictly speaking the letters of the director revenue intelligence alert notice and the letter of the high commission in london would not amount to evidence of the facts contained therein; nevertheless it cannot be said that the customs authorities had no material whatsoever to depart from the earlier stand taken ..... of the customs authorities completing the assessment within the specified time or within such extended time as may be mutually agreed to, the respondent will discharge the bank guarantee and make over the amount in the fixed deposit together with all interest accrued thereon to the petitioner. ..... are, therefore, liable to confiscation under section 111(m) of the act;(c) for the above acts of commission and omission, the importer is liable to personal penalty under section 112(a) of the act.14. ..... public notices arc issued periodically without repealing or modifying the earlier notices or ..... affidavit, reliance is now placed in one invoice of lucas export services ltd. ..... services ltd ..... lucas export services ltd., ..... services ltd .....
Tag this Judgment!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. .....
Tag this Judgment!Court : Kolkata
Reported in : [1996]85CompCas748(Cal),98CWN121
..... as follows (at pages 295, 296 of 65 comp cas) :'in order to restrain the operation either of an irrevocable letter of credit or of a confirmed letter of credit or of the bank guarantee, there should be serious dispute and there should be good prima facie case of fraud and special equities in the form of preventing irretrievable injustice between the parties. ..... have committed breaches of the bank terms of the contract and has not yet completed the aforementioned job and have also committed the following breaches : (1) delay in submission of drawings ; (2) delay in supply of equipment ; (3) no commissioning done for cut to length line ; (4) even when equipment had been supplied it was incomplete ; (5) not a single equipment despatched for slitting line ; (iii) in addition to the ..... of intent dated december 21, 1991, had placed an order, inter alia, for supply, erection and commissioning of diverse machinery production line on the terms and conditions mentioned therein. ..... letter dated february 23, 1993, of the appellant addressed to the bank invoking the bank guarantee and has submitted that invocation was not done in terms of the bank guarantee and as such the bank cannot act on the basis of such letter.17. ..... chase manhattan bank [1984] 1 all er 351, 352 (ca) : 'the wholly exceptional case where an injunction may be granted is where it is proved that the bank knows that any demand for payment already made or which may thereafter be ..... services ..... general electric technical services co. .....
Tag this Judgment!Court : Kolkata
Reported in : 97CWN977,(1994)IILLJ287Cal
..... 10, 1977 to march 10, 1978, july 1, 1978 to first december 1978 and january 15, 1977 to december 31, 1978 were shown and it appears therefrom that the ratio of deposits during the three periods to the state bank of india and the syndicate bank was 61.02%: 38.98% for the period april 10, 1977 to march 10, 1978, and 58.21% : 41.79% for the period july 1, 1978 to december 1, 1978, whereas the said ratio was 62.22% : 37.78% for the total period ..... articles of harges read as follows:-article-i shri subal chandra saha while functioning as chief accounts officer, calcutta dock labour board, during 1976-78, misused his official position and extended pecuniary advantage to the syndicate bank, calcutta by depositing excess amount of money than that of the approved ratio in violation of the orders of the then deputy chairman, calcutta dock labour board, as a consideration of the employment of his ..... chief executive was withdrawn after the formation of the banking service recruitment board in 1979. ..... in these circumstances, when the promotion from scale ii to scale iii was granted to respondent 1 on july 17, 1984, there could be no question of condonation of the earlier acts of misconduct by reason of this promotion because in law and in view of the said clause (9) the appellant had no option but to consider respondent 1 for promotion and, if he was otherwise found fit for ..... show cause notice was served on respondent 1 in respect of several irregularities, lapses, acts of omissions and commissions. .....
Tag this Judgment!Court : Kolkata
Reported in : [1994]208ITR67(Cal)
..... justified in holding that if the goods are imported on behalf of the parties, customs duty attached to such import does not become the liability of the assessee, when in the instant case the assessee advanced bank guarantee as per direction of the hon'ble court for the disputed portion of customs duty and received the equal amount from the parties inasmuch as the assessee has to pay such customs duty if the ..... was stated by the assessee that it acted as a commission agent for importing goods against letters of authority on behalf of third parties against their import licences and realised commission/service charges. ..... it was further contended that the collection of full sales tax is the arrangement of the assessee with its customers who are mostly registered dealers under the sales tax act and the arrangement was an imperative necessity as the declaration forms are not readily available with the purchasers and were to be obtained from the sales tax officer which necessarily caused a time lag ..... 699 representing credits in 'sales tax suspense account' appearing in the balance-sheets relevant to the assessment years 1984-85 and 1985-86, respectively. ..... this reference under section 256(1), of the income-tax act, 1961, relating to the assessment years 1984-85 and 1985-86, the following questions of law have been referred to us by the tribunal :'assessment year 1984-85 : 1. ..... reported in : [1984]146itr355(mad) .25 ..... , 1984-85 and 1985-86, under section 143(3) on june 11, 1986, and july 23, 1986, .....
Tag this Judgment!Court : Kolkata
Reported in : 1995(79)ELT33(Cal)
..... who might have possessed experience of work relating to clearance of goods through the customs for a period not less than one year and the applicant has financial viability supported by a certificate issued by a scheduled bank or such other of the value not less than one lakh in the case of applicants for the grant of licence in respect of any one of the customs stations at bombay, calcutta, madras, cochin, ..... lack of expertise will cause severe hold up in export shipments and import clearances with the existing standard of morals inside the services and with the influx of a large number of undesirable elements as customs house agents will result in large scale evasion of ..... the applicant (i) has the experience of work relating to clearance of goods through the customs for a period of not less than one year and (ii) has financial viability supported by a scheduled bank or such proof acceptable to the collector of customs, calcutta evidencing possession of assets of the value of not less than one lakh.26. ..... date was fixed in this behalf as a consequence thereof the respondents have acted illegally in issuing a public notice on 9th april, 1984 inviting fresh applications on the basis of the new regulation. ..... on the business on the basis of the old regulations and that the old regulations have been repealed and a new regulation had been promulgated in the year 1984. ..... it is well within the jurisdiction of the authority concerned to change the regulation and/or to repeal the regulation. .....
Tag this Judgment!Court : Kolkata
Reported in : [1995]212ITR177(Cal)
..... subsequently, the said assessment was set aside by the commissioner of income-tax, west bengal-1, calcutta, vide his order under section 263 of the act, since it was viewed by him that the commission paid to foreignagents did not qualify for the deduction under section 35b as no branch office had been maintained by the assessee-company outside india.4. ..... in this reference under section 256(1) of the income-tax act, 1961, for the assessment year 1984-85, the following question has been raised before this court :'whether, on the facts and in the circumstances of the case, when according to the finding of the commissioner in his order, the commission of rs. ..... in consideration of your services hereunder, we shall pay you a commission of five per cent. ..... this agreement is subject to the approval of the reserve bank of india and of other authorities in india if so required.' 8. ..... it was held that this sub-clause refers to expenditure incurred wholly or exclusively on the maintenance outside india of a branch, office or agency for the promotion of the sale outside india of such goods, services or facilities which the assessee deals in. ..... the claim can he accepted if it is established that the assessee is maintaining, outside india, either a branch or office under his control or an agency understood in common parlance for the promotion of the sale outside india, of his goods, services or facilities.' 18. .....
Tag this Judgment!Court : Kolkata
Reported in : (1994)2CALLT254(HC),1995CriLJ1358
..... and the registered office of the company having thus, admittedly, long been shifted from durgachak, haldia, (district-midnapore) to calcutta, in the absence of any specific allegation in the fir about the commission of any specific offence at haldia, within the local limits of the jurisdiction of the sdjm at tamluk, the relevant case/proceedings before him could not clearly lie and proceed according to law.19. ..... relying upon the said decisions, he had submitted that the power of the police to investigate into a report which discloses the commission of a cognizable offence is unfettered, and cannot be interfered with by the high court in exercise of its inherent powers under section ..... 1989 cri lj 1013, had submitted that the power of the police to investigate into a report which discloses the commission of a cognizable offence is unfettered and cannot be interfered with by high court in exercise of its inherent powers under section ..... not within the province of the police to investigate into a report (fir) which does not disclose the commission of a cognizable offence and the code docs not impose upon them the duty of inquiry in such cases ..... as alleged in the fir, provide for particular remedy under the relevant provisions of the companies act, 1956, more particularly, the provisions of sections 235, 237, 239, 240, 241 and ..... dated 3-8-94 had directed the said application to appear in the list as listed motion on 5-8-94 upon due service to the opposite-party-state. ..... april, 1984 respectively .....
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