Court : Kolkata
Decided on : Feb-20-2003
Reported in : [2003]128TAXMAN704(Cal)
..... cannot be accepted as a whole.13. this seems to be made clear by the clarification issued by the department, in the guidelines for the purpose of section 10(10c) of the income tax act clarification of queries regarding (circular no. 640, dated 26-11-1992) (page 757, volume 1 income tax law, 5th edition by chaturvedi and pithisaria), ..... at page 21 of the paper book (annexure 'b' to the writ petition). the respondent authority had been deducting tax at source under the provisions of section 192 of the income tax act, 1961. this seems to have been clarified by the employer through annexure 'c' at page 24 of the paper book. this has since been challenged ..... since the employees themselves have opted with their eyes open with the modification in the scheme they are estopped from claiming any benefit under section 10(10c). he contends that section 192 of the income tax act casts a liability on the respondent. therefore, they had rightly deducted the tax at source. he has also hinted at the second .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Nov-25-2003
Reported in : (2004)89ITD172(Kol.)
..... . during the assessment year 1986-87 with which the court was concerned, the law was that the charitable trust could hold investments contrary to the provisions of section 11(5) of the act, but, was under an obligation to disinvest on or before 31st march, 1993, and; thereafter, hold the investments in the modes permitted by law. during ..... allotment of bonus shares) for taxing the capital gain is drawn from a date antecedent to the date of sub-clause (iiia) coming into force.8. section 45 of the act brings any profits or gains arising from the transfer of a capital asset, save as specifically provided, to the charge of income-tax under the head 'capital ..... aa) in a case where, by virtue of holding a capital asset, being a share or any other security, within the meaning of clause (h) of section 2 of the securities contracts (regulation) act, 1956 (42 of 1956) (hereinafter in this clause referred to as the financial asset), the assessee - (a) becomes entitled to subscribe to any additional .....
Tag this Judgment!Court : Kolkata
Decided on : Jan-31-2003
Reported in : [2003]128TAXMAN723(Cal)
..... respect of undisclosed or unexplained income. if such income is from a business, then the assessee will be entitled to the deduction of business expenditure available under section 37 of the act. business expenditure includes business loss. the question of loss is dependent on the question as to whether it is a loss in course of business. if ..... of ownership having regard to the possession. in kantilal chandulal & co. case (supra), this court had held that possession gives rise to a legal presumption under section 110 of the evidence act for a prima facie proof of ownership. in maqbul hussain v. state of bombay : 1983ecr1598d(sc) , it was held that the burden of proving that a ..... is sought to be attributed to a person other than one in possession, in that event, the burden of proving such fact lies on the department. section 110 of the evidence act might help if the possession is with the person on whom the ownership is attributed. in the present case, the recovery having been made from the .....
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