Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD1100(Kol.)
..... the tax deducted therefrom had not been paid to the government account. the ito, therefore, treated the principal officer of the company to be an assessee in default under section 201(1) and levied penalty under section 221 of the act. the assessee's appeal before the aac was dismissed but on a further appeal to the tribunal, it was held that ..... it did not credit to the government the tax deducted at source within the time permissible under rule 30. he, therefore, levied interest for delayed payment under section 201(1a) of the act. as per detailed calculations in the chart annexed to the order, he computed the amount of such interest at rs. 4,06,013 for which he issued ..... of the government in respect of each account. the assessee took objection, by its letter dated 1-7-1974, alleging that the obligation to deduct tax under section 195 of the act arose only at the time of payment and not at the time of credit of the interest. therefore, there was no default on its behalf. regarding the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)2ITD149(Kol.)
..... not admit his liability to pay any compensation, or if the commissioner under the 1923 act had not given his award under section 19 of the 1923 act.8. we have given consideration to the above arguments. as already stated, the assessee-company is carrying on the business of stevedores at the calcutta dock. as required by the ..... dock workers (regulation of employment) act, 1.948, and the scheme made thereunder for the calcutta dock labour board, the assessee-company ..... the preceding paragraph 9, it will be advantageous at this stage, to refer to the scheme of the 1923 act. section 3 of the act deals with the employer's liability for compensation. sub-section (1) of that section provides that the employer shall be liable to pay compensation, if 'personal injury is caused to a workman by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD1(Kol.)
..... is a company and the proceedings relate to its assessment for the assessment year 1974-75. during the previous year, the assessee donated a sum of rs. 1,00,000 to a trust known as "vishwamangal trust" (hereinafter referred to as "the trust").deduction under section 80g of the income tax act, 1961 ("the act"), was claimed ..... in respect thereof and allowed by the ito while completing the assessment under section 143(3), read with section 144b, of the act. subsequently, the commissioner, after allowing the assessee an opportunity of being heard ..... nor had he noted the material difference in the language of section 4(1)(a) of the 1922 act and section 88 of the 1961 act, particularly, after its amendment with effect from 1-4-1964 and the provisions of section 80g subsequently revising the provisions of section 88 ; 2. clause 3 of the deed of trust gave .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD799(Kol.)
..... their lordships appearing at page 51 may be extracted here for ready reference as follows : the word 'earned' even though it does not appear in section 4 of the act has been very often used in the course of the judgments by learned judges both in the high courts as well as the supreme court ... the ..... to the services rendered as managing agent and, therefore, for the period during which the transferor-managing agent rendered services as managing agent to the managed company, it became entitled to the managing agency commission for the aforementioned period and for the remaining period the transferee-managing agent became entitled to the managing agency ..... to the learned counsel for the assessee, had nothing to do with the point of time at which the commission due to the agent accrued against the assessee-company. the learned commissioner (appeals) should, therefore, have allowed the assessee's claim as the assessee was admittedly maintaining its accounts on mercantile basis and payment was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD857(Kol.)
..... from the employee for and on behalf of the central government and, thus, treat him as an agent of the central government. according to sub-section (2) of section 201 of the income-tax act, the tax deducted but not paid together with simple interest payable thereon, if any, for delayed payment shall be a charge upon all the assets ..... deduct income-tax and pay it to the central government on behalf of the person from whose income the deduction was made within the prescribed time. section 201 of the income-tax act dealing with the consequence of failure to deduct or pay such tax deducted at source provides that the person responsible for paying income chargeable under the head ..... of the person or the company, as the case may be. thus, the tax and/or interest payable by the responsible person concerned would be a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)2ITD181(Kol.)
..... profit. the reserve did not create any charge on the profit of the assessee. he also referred to schedule ii to the act, the companies act, 1956 and clause 7 of part iii of schedule vi to the companies act, 1956 and stated that if these provisions are taken into consideration, the debenture stock redemption fund was only a reserve, and therefore, the ..... are taken - together and disposed of by a common order.2. the assessee is a limited company. appeal no. 4 (cal.) of 1981 arises out of the order of the commissioner under section 16(1) of the companies (profits) surtax act, 1964 ('the act'). appeal no. 34 (cal.) of 1981 arises out of the order of the ito who re ..... the ito and found that the order passed by the ito was erroneous and prejudicial to the interest of the revenue. he, therefore, issued a notice under section 16. the commissioner stated that the ito in determining the capital base for arriving at the standard deduction for the year included the debenture stock redemption reserve and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)3ITD80(Kol.)
..... -company, was not considered. he felt that the expression 'person' appearing in section 40(c) shall have the meaning assigned to it in section 2(31) of the act. the reopening proceedings and the withdrawal of the relief were resisted by the assessee ..... originally framed was reopened by initiating reassessment proceedings under section 147(6) of the income-tax act, 1961 ('the act'). the learned tto, shri t.v. verghese, considered that in computing the disallowable expenditure under section 40(c) of the act, the payments of rs. 5,38,155, made to imperial chemical industries ltd., uk-the holding company-who has got substantial interest in the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)7ITD81(Kol.)
..... where an asset, which is in existence, is increased in value or, if an asset is not in existence, it is brought into existence by an act of the company without spending its resources. as already explained, a book asset created in the aforesaid manner could be only an intangible asset like goodwill, which is self- ..... iii) its other reserves as reduced by the amounts credited to such reserves as have been allowed as a deduction in computing the income of the company for the purpose of the income-tax act.the paid- ..... the act, the capital of a company is to be computed by aggregating the following amounts as on the first day of the previous year relevant to the assessment year : (ii) its reserves styled as development rebate reserve created under section 34 of the income-tax act, or investment allowance reserve created under section 32a of the income-tax act. ( .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)4ITD212(Kol.)
..... of income, profits and gains of a company. some part of income, profits and gains of a company may not be includible in the total income of the company for various reasons as given in section 5 read with section 6 and section 10 of the 1961 act. thus, for example, in the case of a company which is non-resident on the basis of ..... computation of capital for the purpose of determining the chargeable profits.3. the assessee is a shipping company having its head office in sweden.the part of its income is assessable in india in terms of section 44b of the income-tax act, 1961. in the course of the assessment proceedings to surtax question arose as to how the capital ..... the test laid down in section 6, all those incomes which .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)3ITD177(Kol.)
..... proviso, as it has been read by the commissioner (appeals), restricts the payment. therefore, it is clear that the amount payable under the bonus act, can be allowed as deduction under section 36, but section 36 does not say that if the assessee pays any other bonus, the same cannot be allowed even though the same had been expended for the ..... ii) that the bonus payable by the assessee to the employees in a factory or establishment to which the provisions of the bonus act was applicable, should not exceed the amount of the bonus payable under that ..... the bonus act was applicable. the assessee has paid bonus during the year under appeal at 8.33 per cent. now, the question is whether the assessee can make payment of the additional amount of rs. 74,206 which could be allowed as deduction from the profits of the company. it is clear in the first proviso to section 36(1)( .....
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