Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD831(Kol.)
..... the said trust with karamchand thapar & bros. (p.) ltd. exceeded 5 per cent of capital of that concern and, therefore, the exemption was hit by section 13(2) of the act. on the basis of this position, the learned counsel for the assessee contended that inasmuch as the income of mohini thapar charitable trust was not exempt under ..... the entire sale proceeds of the investments, including capital gains, with mohini thapar charitable trust, calcutta, at interest and, therefore, satisfied the condition in section 11(1a)(a) of the income-tax act, 1961 ("the act"). this plea did not prevail with the ito who held that the assessee has not acquired another capital asset as contemplated in the ..... act inasmuch the loan is not a capital assest as defined in section 2(14) of the act.therefore, he subjected the capital gains to tax. in this connection, it is to be observed that it was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD1(Kol.)
..... 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 ..... 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 ..... bench, the learned departmental representative fairly admitted that the trust has qualified for exemption under section 11 of the 1961 act up to and including the assessment year 1979-80 though it was stated that no certificate under section 80g had yet been granted to the trust within his knowledge.11. the departmental .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD654(Kol.)
..... that the goods were not of the description for which the import licence had been issued and, therefore, the import contravened section 111(d) of the customs act read with section 3 of the import and export control act. the goods were, therefore, confiscated, "absolutely". a similar order was made on 6-8-1973 with regard to 23 bales ..... licence was held to be expenditure not wholly and exclusively laid out for purposes of the business of an assessee and as such not deductible under section 37(1) of the income-tax act , 1961 by the calcutta high court. the same is the case here and, therefore, the loss should be disallowed and the disallowance thereof ..... that the order of the collector of customs was not final and secondly, the confiscation order was passed on the infringement of the customs act read with section 3 of the import and export control act. it was thus in fact a penalty for infringement of law and expenditure will be illegal expenditure. it was disallowed. the learned commissioner .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD223(Kol.)
..... gupta [1979] 117 itr 218. "there requires to be only one condition in order that a trust in favour of an unborn beneficiary is valid. section 4 of the trusts act lays down that the purpose of the trust should be lawful. in enumerating the purposes it is mentioned that the object of the trust should not be ..... interesting questions. the first question that requires answer is whether an unborn person can be a beneficiary. the learned departmental representative, relying on section 5 of the transfer of property act and section 112 of the indian succession act, argued that the beneficiary should be an existing person. in other words, a person who is non-existent, viz., unborn person, ..... fresh consideration and, therefore, is a fit case for referring the same to a special bench. thereupon, the president, in exercise of his power under section 255(3) of the act, constituted the special bench to hear and dispose of the appeal. that is how the present special bench is in seisin of the appeal.3. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD852(Kol.)
..... of the present discussion.a perusal of section 17(1) and (3) would show that the aforesaid definition of "salary" is wide enough to include ..... directing the ito to include dearness allowance as salary for the purpose of perquisites under section 40a(5) of the income-tax act, 1961 ("the act"). the relevant facts are that in calculating the aggregate of the expenditure and allowance to be disallowed under section 40a(5)(c)(ii) the ito did not include the dearness allowance payable to ..... to the meaning assigned to that term by explanation 2 to section 40a(5). clause (a) of the said explanation provides that in the aforesaid provisions "salary" has the meaning assigned to it in clause (7) read with clause (3) of section 17 of the act, subject to certain modifications which are not relevant for the purpose .....
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