Court : Kolkata
Reported in : [1978]111ITR825(Cal)
..... that the assessment year in question, i.e , 1954-55, ended on 31st march, 1956, under the unamended act and though the amending act retrospectively extended the period to two years with effect from 1st april, 1956, the proceedings which were available before the amendment had become barred before that date. this decision does not in our opinion apply in the facts and circumstances ..... v. lal & co. : [1964]53itr231(sc) . in this case, the supreme court was considering section 34(1) of the indian income-tax act, 1922, which was amended by the finance act, 1956, with retrospective effect from 1st april, 1956. by the amendment the original period of limitation was extended from one year to two years from the end of the assessment year concerned. on .....
Tag this Judgment!Court : Kolkata
Reported in : [1977]108ITR253(Cal)
..... book value of the goodwill by rs. 30 lakhs in that very year. the sole motivefor the reduction in the value of the goodwill was the companies (amendment) act, and there was no tax evasion nor even any tax avoidance angle to it. the subsequent annual reductions in value of the goodwill were also similarly motivated.11 ..... the market value of the goodwill became lower than the balance-sheet value and that such evidence had been duly placed before the appellate assistant commissioner. the companies (amendment) bill was introduced on the 2nd september, 1953, when there was a recommendation that all managing agencies should cease by the 15th august, 1959. in view ..... capital reserveaccount and profit and loss account constituted 'accumulated profits and reserves ' within the meaning of explanation 2(iv)(a) of section 23a of the indian income-tax act, 1922 ? 3. whether, on the facts and in the circumstances of the case, the tribunal was right in holding that in determining the commercial profits the .....
Tag this Judgment!Court : Kolkata
Reported in : (1976)5CTR(Cal)180
..... and perhaps impossible to define in any precise general formula. it was a word of widest connotation. the indian income-tax and excess profits tax (amendment) act (act xxii of 1947) which amended the indian income-tax act, 1922 by enlarging the definition of the term 'income' in section 2 (6-c) so as to include capital gain and adding a new ..... were made by the supreme court in an appeal from the decision in a reference under the indian income-tax act, 1922 and supreme court was concerned with the vires of the indian income-tax and excess profits tax (amendment) act. it is now well settled that the supreme court is not competent to decide the question of vires in an ..... appeal from a reference under the income-tax act. reliance was placed on the decision of the supreme court in the case k. s .....
Tag this Judgment!Court : Kolkata
Reported in : [1977]107ITR123(Cal)
..... in such undertaking the indian parliament seems to have been motivated in introducing section 15c to the indian income-tax act, 1922, the same was inserted by section 13 of the taxation laws (extension to merged states and amendment) act, 1949. the said section as introduced in 1949 provided as follows :'15c. exemption from tax of newly ..... account for computing the capital employed in cases to which the explanation to section 84 applies.' 10. as a result of the amendment effected by the finance (no. 2) act, 1967, these amendments in section 84 were effective for the prescribed period and from 1st april, 1968, section 84 stood repealed and section 80j was introduced ..... is only the indication how the rule-making authority understood the expression 'capital employed.' in section 15c of the indian income-tax act, 1922, and section 84 of the act of 1961, before its amendment in 1967.13. the main consideration upon which, in my opinion, this question has to be resolved is, whether having regard .....
Tag this Judgment!Court : Kolkata
Reported in : [1977]106ITR743(Cal)
..... entire property as such as already noted.15. the matter, however, is set at rest by the explanation which has been added under section 26 under the taxation laws (amendment) act, 1975. this explanation reads as follows :'for the purposes of this section, in applying the provisions of sub-section (2) of section 23 for computing the share of ..... on the facts and in the circumstances of the case, the tribunal was right in holding that the statutory allowance mentioned in section 23(2) of the income-tax act, 1961, should be allowed every time separately in computing the income from house property falling to the share of each of the co-owners including the assessee ?'10. the ..... figure than what was claimed by the assessee.6. on further appeal before the tribunal the assessee contended that the redaction under section 23(2) of the income-tax act, 1961, should be allowed in the case of each of the co-owners. the tribunal accepted the contention of the assessee. in its order the tribunal noted that .....
Tag this Judgment!Court : Kolkata
Reported in : [1976]37STC576(Cal)
..... than 2 per cent while the appellants were charged 3 per cent. this contention overlooks that item (viii), sugar, was inserted in section 14 by the central sales tax (second amendment) act, 1958, with effect from 1st october, 1958, while the assessment years of the appellant were for the periods up to 1364 b. s., which ended on 13th april, 1958.19 ..... that 'sugar' was exempted from tax under the 1941 act. by section 13(a) of the bengal finance (sales tax) (second amendment) act, 1955 (west bengal act 22 of 1955), 'sugar' was omitted from schedule i of the 1941 act and thereby 'sugar' became subject to taxation under the said 1941 act.9. the west bengal sales tax act, 1954, provided in section 25, at the relevant .....
Tag this Judgment!Court : Kolkata
Reported in : (1976)5CTR(Cal)306
..... 2 per cent while the appellants were charged 3 per cent. this contention over-looks that item (viii), sugar, was inserted in section 14 by the central sales tax (second amendment) act, 1958, with effect from 1st october, 1958, while the assessment years of the appellant were for the periods up to 1364 b.s., which ended on 13th april, 1958.19 ..... that 'sugar' was exempted from tax under the 1941 act. be section 13(a) of the bengal finance (sales tax) (second amendment) act, 1955 (west bengal act 22 of 1955), 'sugar' was omitted from schedule i of the 1941 act thereby 'sugar' became subject to taxation under the said 1941 act.9. the west bengal sales tax act, 1954, provided in section 25, at the relevant period .....
Tag this Judgment!Court : Kolkata
Reported in : [1977]107ITR909(Cal)
..... rule-making power in such statutes has specifically provided for such situations; for instance, in the central excises and salt act, 1944, before its amendment in 1973, section 38 had provided that the rules when framed under the act would become part of the statute. if such was the position in the instant case different considerations might have arisen and ..... it might have required consideration as to whether such rules which by the provisions of the act are directed to be ..... as rule 19a(3) does so, in my opinion, it is violative of the authority given under section 80j and is not carrying out 'the purposes of the act'. i, therefore, hold that rule 19a(3) in so far as it directs exclusion of borrowed capital except from the approved sources is ultra vires, being beyond the .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]112ITR246(Cal)
..... time when the income-tax officer proceeded to rectify the order and could determine whether the records disclosed an apparent mistake in the background of the amended act. in the instant case the amending act came into existence long after the order sought to be rectified and the order of rectification. therefore, at the relevant time, the mistake, though ..... for rs. 50,063 being interest at 2% on the tax paid in advance under section 18a(5) of the income-tax act. subsequently, the indian income-tax (amendment) act, 1953, was passed. in this amending act a proviso to section 18a(5) was added providing that an assessee was entitled to interest not on the whole of the tax ..... and obvious mistake of law can be rectified under section 35 inasmuch as a mistake of fact apparent from the record. the supreme court also noted that the amending act specifically gave power to the income-tax officer to revise his earlier orders. the supreme court observed as follows--see : [1958]34itr143(sc) :'it is in .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1976Cal453,80CWN688
..... the above unreported bench decisions, it has been argued on behalf of the appellants that the insertion of section 6-a in the land acquisition act made by the calcutta improvement (amendment) act, 1955 is not retrospective in operation, and the appellants are entitled to the market value of the acquired land as on the date of the ..... is contended on behalf of the appellants that the compulsory acquisition proceedings really start after the publication of the notice under section 43 (2) before the amendment act. we are unable to accept this contention. in our view, so long as the government does not sanction the scheme there is no proceeding for ..... to the proposed acquisition of the said premises. on october 20, 1955, the act was amended by the calcutta improvement (amendment) act, 1955 and a new paragraph 1-a which modified the land acquisition act, 1894, was inserted after paragraph 1 of the schedule to the act. the new paragraph 1-a is as follows: --'after section 6, the following .....
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