Judgment Search Results Home > Cases Phrase: finance act 1968 Court: kolkata appellate Page 48 of about 521 results (0.292 seconds)

Assistant Commissioner of Vs. Govind Ram Agarwal

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2001)76ITD120(Kol.)

..... v. s. kamaraja pandian [1984] 150 itr 703/18 taxman 187. in northern bengal jute trading co. ltd. v. cit [1968] 70 itr 407 it has been held by the calcutta high court that mere production of a confirmatory letter would not amount to discharge ..... (a), thereafter refers to the details of the depositions made by shri sukhani before the assessing officer under section 131 of the act cit(a) points out that in reply to question no. 4, shri sukhani stated that his younger son shri dhanesh sukhani used ..... referred to me for decision, by the hon'ble president, itat in accordance with the provisions of section 255(4) of the income-tax act, 1961 for both these years :- (i) "whether in the facts, circumstances and evidence on record, the deletion of loan of rs. ..... carefully considered the legal aspects of the matter, particularly the re-opening of assessment under section 147(a) of the income-tax act, 1961. it cannot be ruled out that the re-opening of assessment may be legal and proper but at the same time .....

Birla Jute and Industries Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD400Cal

..... or credits on capital account, are required to be reflected in the profit and loss account prepared in accordance with schedule vi to the companies act.14. while introducing the section 115j, hon'ble finance minister, on the floor of the house, inter alia stated that: i now purpose to introduce a provision whereby every company will have ..... of non-recurring transactions or transactions of exceptional nature.we are, therefore, of the considered view that, according to the scheme of the schedule vi to the companies act, profit on revaluation of assets is first required to be taken to the profit and loss account and, only thereafter, the question of transfer to reserve comes up. ..... the profit of the relevant previous year as if the provisions of clause (b) of the first proviso to sub-section (1) of section 205 of the companies act, 1956 (1 of 1956), are applicable.the controversy before us is relating to interpretation of proviso to paragraph (i) of explanation to section 115j(1a). to place .....

Agfa-gevaert India Ltd. Vs. Collector of Customs

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta

Reported in : (1985)(21)ELT510Tri(Kol.)kata

..... after the coming into existence of the tribunal, the said revision application stands transferred to the tribunal under section 131b of the customs act, 1962 to be disposed of us an appeal.2. briefly the facts of the case are that agfa-gevaert india ltd. had imported a consignment of 8 cases ..... customs found that there was no report of shed appraiser on the reverse of the duplicate bill of entry about damage and deterioration under section 22 of the customs act, 1962 prior to clearance for home consumption and had rejected the appellant's claim for refund. being aggrieved from the aforesaid order, the appellant had filed an appeal ..... 1. agfa-gevaert india ltd. had filed a revision application to the additional joint secretary (revision application), government of india, ministry of finance, dept. of revenue, new delhi being aggrieved from the order no. cal/cus-46/1981, dated 17th june, 1981 passed by the appellate collector of customs, calcutta. .....

Indian Rayon and Industries Ltd. Vs. Commissioner of Customs,

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta

Reported in : (2002)(145)ELT575Tri(Kol.)kata

..... do not consider it fit to impose any penalty on account of their failure to re-export the goods in question." (a) with the enactment of finance bill, 1955 section 20 of customs act, 1962 has been amended. the effect of this amendment is that all re-imported goods shall be liable to customs duty like any other imports unless specifically ..... are, therefore, required to be worked and the amounts indicated to the importers for discharge of their obligation under section 20 of the customs read with notification 94/96 act for the three consignments which have been eventually returned and exported out of india.6. in view of the our findings, we set aside the impugned order, remand the ..... demand to the extent of rs. 39,61,655/- (rupees thirty nine lakhs) sixty-one thousand six hundred fifty five only), in terms of section 28 of the customs act, 1962 read with the three bonds executed by the noticee. however, since no malafide intent on the part of the noticee has been brought out in this case, i .....

Braj Bihari Prasad Vs. Commissioner of Customs

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta

..... the seizure memo that the marks bearing on the pcs. were of the owner as indicated in the different articles of the seizure memo. the govt. of india, ministry of finance, department of revenue (anti-smuggling unit) have issued a circular no. 394/233/88-cus. (as), dated 11-6-90 it is directed as follows : in order to ..... of undue harassment to law abiding persons possessing small quantities of silver bullion of indian origin, it has been decided that normally the provisions of section 123 of the customs act, 1962 should not be invoked against persons who are found to be in possessions of silver bullion of less than 100 kgs. however, if the silver bullion is found ..... did not appear before customs authority. the silver slabs and maruti van used for transportation of the same were seized on reasonable plea under section 110(1) of the customs act. the show cause notice was issued by the ]t.commissioner of customs hqs., patna by its order dated 21-6-2000 confiscated 16 pcs. of silver weighing 80. .....

Grindlays Bank Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD1100(Kol.)

..... 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 the order of penalty with respect to certain years ..... 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 a demand notice ..... 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 other particulars, .....

income-tax Officer Vs. C.L. Sadani Family Trust

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD223(Kol.)

..... has been brought that the beneficiaries should be determinate and known on the date of the deed creating a trust. when the above amendment has been brought about by the finance (no. 2) bill, 1980, the memorandum [1980] 123 itr (st.) 159 explaining provisions records as follows : (iv) under the existing provisions, the flat rate of 65 ..... year ending 31-3-1976. the claim on behalf of the assessee-trust was that the higher rate of tax contemplated by section 164 of the income-tax act, 1961 ("the act") is not leviable as the beneficiaries are known and determinate. the ito, however, held that section 164 would apply as a part of the income is ..... of section 164. in our opinion, the argument of the learned departmental representative does not stand scrutiny.reference to the provisions of the transfer of property act or the indian succession act is not very relevant. the learned departmental representative obviously is carried away by the fact that creation of a trust is also a transfer. but he .....

Wood Craft Products Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD1(Kol.)

..... his knowledge.11. the departmental representative then referred to the memo explaining the provisions in the finance (no. 2) bill, 1965, as a result of which explanation 3 was added to the provisions to show that each one of the objects of the ..... which the expression "charitable purpose" has been narrowed down in scope.18. the explanation uses the expression "religious nature" which has not been defined in the income-tax act, nor the word "religion" defined. therefore, we have to understand the meaning of this expression according to the plain dictionary meaning.according to stroud's judicial dictionary, " ..... in response to a query from the 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 .....

Duncan Bros. and Co. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1985)12ITD144(Kol.)

..... that there was no non-compliance of the provisions of section 144b or the provisions of section 129. in the case of sevantilal maneklal sheth v. cit [1968] 68 itr 503 the supreme court held that it is a sound rule of interpretation that the statute should be so construed so as to prevent the mischief and ..... of the assessee that the assessment was otherwise bad in law and void, as no necessary opportunity demanded by the assessee under section 129 of the income-tax act, 1961 ('the act'), was given before the completion of the assessment.3. briefly speaking, the ito completed the assessment of the assessee under section 143(3), read with section ..... 144b would not apply to the case where concurrent jurisdiction is in existence. accordingly, the assessee expressed the doubt whether the iac, special range iii, would be acting in accordance with law. the assessee also wrote to the commissioner stating the different aspects of the matter, while pointing to the jurisdiction of the concerned iac to .....

Bank of Tokyo Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1985)13ITD32(Kol.)

..... entitled to change its method of accounting from the mercantile to the cash system in respect of its interest income as the tribunal found that for the assessment year 1968-69 no evidence could be produced by the assessee that a change effected in the method of accounting was only for the year and there was nothing on ..... the high court held that the living allowance paid to some foreign technicians was not a perquisite within the meaning of section 17(2) of the income-tax act, 1961 ('the act'), as the allowance paid was in the nature of reimbursement and did not give rise to any personal advantage and, consequently, could not be included in the ..... prayagdas and mahadeo prasad [1983] 144 itr 883, wherein the high court in laying down the test for determining whether an expenditure falls under section 37(1) of the act, held that a payment voluntarily made, in order to facilitate the carrying on of the business of the assessee on the ground of commercial expediency, was an allowable business .....