Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-03-1989
Reported in : (1989)29ITD495(Kol.)
..... on another judgment of the supreme court in regional settlement commissioner v. sundardas bhasin air 1963 sc 181 wherein the supreme court has held that section 13 of the general clauses act would not apply because the context in which the word 'building' is used shows that it would not include the plural.the supreme court interpreted ..... that the separate accounts maintained by the appellant-company in respect of each of the foreign projects should be audited by an accountant as denned in section 288(2) of the income tax act. 'accountant' means a chartered accountant. in the case of the appellant-company profit & loss account has been duly drawn separately in respect of ..... felt that unless the governments of iraq and saudi arabia determine the income by making final assessments from the projects and issue demand notices relief under section 91 of the income tax act, 1961 is not admissible to the appellant-company.7. at the time of hearing, it was clarified that the ito in his assessment order .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-06-1989
Reported in : (1989)29ITD363(Kol.)
..... of income made by the ito. however, the real question is : whether the assessee was an investment company 'investment company' has been defined in section 109(ii) of the act. according to that section, if the income of the limited company from interest on securities, from house property, capital gains and income from other sources is greater than the ..... of the same transaction and, therefore, once the loss is greater than the income from dividend the assessee is not an 'investment company' within the meaning of section 109(ii) of the act. shri sen, accordingly, urged that the finding of the cit(a) should be reversed.5. the counsel for the assessee, shri p. k. ghosal, on ..... therefore, it was an 'investment company' and, consequently, the business, loss in shares could not be taken as speculative loss in view of explanation to section 73 of the act. the argument of the assessee was accepted by the cit(a) who directed the ito to treat the loss from share dealings as an ordinary business loss and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Mar-09-1989
Reported in : (1989)29ITD15(Kol.)
..... the supreme court have pointed out that the expression 'association of persons' is not defined in the indian income-tax act, 1922. in that act section 3 was the charging section which is analogous to section 4 of the 1961 act. while considering the question as to the true meaning of the expression 'association of persons' their lordships made the ..... were made while considering the case where beneficiaries were more than one and their shares were indeterminate or unknown. to such a case sub-section (4) of section 21 of the wt act was applicable which provides in explicit terms that wealth-tax shall be levied upon and recovered from representative assessee as if the persons on ..... where there are more beneficiaries than one, the individual shares of the beneficiaries in the trust properties are determinate and known.30. sub-section (4) of section 21 of the wt act applied to a discretionary trust and it laid down that in such a case wealth-tax shall be levied upon the representative assessee as .....
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