Court : Kolkata
Decided on : Jan-08-1975
Reported in : [1979]119ITR192(Cal)
..... free estate may be limited to the option price (see pp. 104-11) but duty may also be chargeable (e.g., under the finance act, 1894, section 2(1)(d)) on the difference between the option price and the open market value, so that it will still be ..... it should be noted that sub-sections (1) and (4) of section 7 of the e.d. act, 1953, correspond to section 2(1)(d) of the u.k. finance act, 1894.8. learned counsel for the revenue further contended that for determining the value of the goodwill option ..... before it. reliance was also placed on a decision of bench 'b' of the tribunal in e.d.a. no. 3(cal) of 1968-69 (assistant controller of estate duty, b-ward, calcutta v. sri purushottamdas bangur, calcutta) as also on a decision of the high ..... association of australia ltd. v. federal commissioner of taxation 94 clr 1. the tribunal held that section 5 of the e.d. act, 1953, applied and the valuation would have to be in accordance with the provisions of the partnership deed. following the said decision the .....
Tag this Judgment!Court : Kolkata
Decided on : Jul-18-1975
Reported in : [1978]111ITR825(Cal)
..... gadgil 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 ..... been decided by the tribunal against the revenue and is now closed. the supreme court observed in the case of commissioner of income-tax v. anusuya devi : [1968]68itr750(sc) , that even where a question was before the court, power should not be exercised for re-opening an enquiry on questions of fact or law ..... a 'provision' to meet the liabilities.25. the kerala high court also considered the explanation under rule 1 of the second schedule to the companies (profits) surtax act, 1964. in thatcase, the revenue sought to include an allocation for 'retirement gratuityreserve' under items shown under the head 'current liabilities and provisions' in the statutory form .....
Tag this Judgment!Court : Kolkata
Decided on : Mar-25-1975
Reported in : (1976)5CTR(Cal)28
..... in the hands of the assessee'8. it is necessary now to read the relevant portion of section 23-a as it stood prior to its amendment by the finance act, 1955.'23-a. power to assess individual members of certain companies :(1) where the income-tax officer is satisfied that in respect of any previous year the ..... interested held those shares in the names of different members of the family. the income-tax officer applied the provisions of section 23-a of the indian income-tax act, 1922 (before amendment in 1955) and passed an order that the undistributed portion of the distributable income of the company should be deemed to be distributed and ..... amply justified. he, therefore, upheld the addition of the deemed dividend in the assessment of the assessee. it was observed by the judicial member as follows :-'income-tax act, being generally concerned with the beneficial ownership of income, we must, therefore, look to the beneficial ownership and not to the real ownership. even if the shares be .....
Tag this Judgment!Court : Kolkata
Decided on : Dec-19-1975
Reported in : [1976]37STC576(Cal)
..... is at any time of opinion that it would be in the public interest that any commodity which is liable to taxation under the bengal finance (sales tax) act, 1941, should be taxed under this act, it may by notification in the official gazette specify such commodity; and on and from the date of such notification, the bengal ..... finance (sales tax) act, 1941, shall cease to apply to such commodity and this act shall apply to such commodity.10. by notification no. 2053-f.t. dated 26th september, 1955, as the government was of opinion ..... the net proceeds thereof among the states, according to the principle of distribution recommended by the finance commission. 'sugar' in the said act has the same meaning assigned to it by item no. 1 (formerly 8) of the central excises and salt act, 1944, as having more than 90 per cent sucrose content at 105 centigrade. these provisions .....
Tag this Judgment!Court : Kolkata
Decided on : May-23-1975
Reported in : [1975]36STC101(Cal)
..... not been made a party in other similar rules in which best judgment assessment of the subsequent years were challenged by the petitioners.5. under the bengal finance (sales tax) act, 1941, the firm is not a dealer. only the persons namely the individual persons of the firm are registered dealers. section 16 provides that if any ..... , showing a gross turnover of rs. 8,55,511.63 and claiming deduction on account of delivery, discount, etc., under the relevant provisions of the bengal (finance) sales tax act, 1941. respondent no. 1, before the ending of the fourth quarter on 31st december, 1973, issued a notice in form vi on 8th november, 1973, fixing ..... purchase agreement. the other partner, sm. kankanwari baid died on 9th may, 1978. the petitioners are registered as dealers both under the bengal finance (sales tax) act, 1941, and the central sales tax act, 1956. for the four quarters ending on 31st december, 1973, the petitioners could not submit returns for the 1st quarter ended on 31st march .....
Tag this Judgment!Court : Kolkata
Decided on : Dec-09-1975
Reported in : [1978]42STC288(Cal)
..... whether a particular dealer is entitled to claim deduction on production of proper evidence is a matter to be primarily decided by the authority concerned under the bengal finance (sales tax) act, 1941. it is for the dealer who claims deduction in such a case to satisfy by proper evidence the claim for deduction. rule 27a of the ..... as envisaged above, it would be a jurisdictional error for the purpose of the article. in that case, the assessee-firm assessed to sales tax under the bengal finance (sales tax) act, 1941, had claimed deduction from its turnover, sales to 'registered dealers' under section 5(2)(a)(ii), but the commercial tax officer had disallowed deduction in ..... ground of challenge to the impugned orders is that the petitioner, having complied with all the conditions necessary under section 5(2)(a)(ii) of the bengal finance (sales tax) act, 1941, as well as rules 27a and 27aa of the bengal sales tax rules, 1941, was entitled to deduction as claimed for the transaction covered by .....
Tag this Judgment!Court : Kolkata
Decided on : Dec-19-1975
Reported in : (1976)5CTR(Cal)306
..... is at any time of opinion that it would be in the public interest that any commodity which is liable to taxation under the bengal finance (sales tax) act, 1941, should be taxed under this act, it may by notification in the official gazette specify such commodity; and on and from the date of such notification, the bengal ..... finance (sales tax) act, 1941, shall cease to apply to such commodity and this act shall apply to such commodity.'10. by notification no. 2053-f.t. dated 26th september, 1955, as the government was of opinion ..... the net proceeds thereof among the states, according to the principle of distribution recommended by the finance commission. 'sugar' in the said act has the same meaning assigned to it by item no. 1 (formerly 8) of the central excises and salt act, 1944, as having more than 90% sucrose content at 105 degree centigrade. these provisions .....
Tag this Judgment!Court : Kolkata
Decided on : Aug-01-1975
Reported in : [1976]104ITR471(Cal)
..... had overdraft accounts with the state bank of india both in india and pakistan. the overdraft arrangements in calcutta were utilised by the head office of the assessee for financing the transactions of the assessee. such transactions included remittances of funds as and when necessity arose from calcutta to darsana up to the year 1949. there was no ..... or gains, as described or comprised in section 6, from whatever source derived, accruing, or arising, or received in british india, or deemed under the provisions of this act to accrue, or arise, or to be received in british india. (2) profits and gains of a business accruing or arising without british india to a person resident in ..... supreme court held that where an assessee carried on the same business at a number of places, then for the purpose of section 10 of the indian income-tax act, 1922, there was only one business and the net profits of the business had to be ascertained by pooling together the profits earned in all the branches and .....
Tag this Judgment!Court : Kolkata
Decided on : Jun-19-1975
Reported in : [1978]111ITR852(Cal)
..... india) pvt. ltd. : [1969]72itr431(bom) , the bombay high court in dealing with the proviso to section 23a(1) as it stood prior to its amendment by the finance act of 1955, observed that 'reserves' could only mean profits earned by a company and not distributed as dividend to the shareholders, but kept back for any future purposes. profits lying ..... of each case, and there is no question of re-writing the accounts.'28. in the case of commissioner of income-tax v. bangodaya cotton mills ltd. : [1968]69itr812(cal) , it was held that in the matter of distribution of dividends, a company has to look to various necessary outgoings to judge the situation in its reality ..... date of distribution of dividend and, therefore, that point cannot be agitated at this stage. relying on the case of commissioner of income-tax v. jubilee mills ltd. : [1968]68itr630(sc) , learned counsel has submitted that on the line of reasoning of the supreme court in that case it can be said that like past losses, past profits, .....
Tag this Judgment!Court : Kolkata
Decided on : Sep-12-1975
Reported in : [1977]107ITR123(Cal)
..... applies as do not exceed six per cent. per annum on the capital employed in the undertaking or hotel, computed in the prescribed manner.'8. by the finance (no. 2) act, 1967, sub-section (1) was substituted by the following :'(1) save as otherwise hereinafter provided, income-tax shall not be payable by an assessee on ..... 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. section 80j provides as follows : .'80j. deduction in ..... undertaking, or business or ship, computed in the prescribed manner.'9. the said provision came into effect from 1st april, 1967, and was effective upto 1st april, 1968. rule 19 of the income-tax rules, 1962, was introduced for the purpose of working out the computation of capital in such industrial undertakings. the said rule 19 .....
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