Court : Kolkata
Decided on : Mar-08-1978
Reported in : [1980]122ITR728(Cal)
..... however, we are satisfied that the penalty should have been imposed as per the law, which was in force prior to the amendment made by the finance act, 1968, as the amendment made by the finance act, 1968, does not relate to purely procedural matter but affects the right of an assessee [cit v. scindia steam navigation co, ltd. : [1961]42itr589( ..... but it is not disputed that when the amendment came into effect, that is to say, on 1st march, 1971, by virtue of the t.l. (amendment) act, 1970, the limitation had not expired and the amendment enlarged the period of limitation. therefore, the tribunal overruled this objection. another contention was that the iac did not ..... reference, 1955-56, 1956-57 and 1961-62, the original assessments were made by the income-tax officer, under section 23(3) of the indian income-tax act, 1922. later, the ito reopened the assessments and brought to tax certain amounts on the ground that the amounts had escaped assessment under the original assessments. the amounts .....
Tag this Judgment!Court : Kolkata
Decided on : Mar-08-1978
Reported in : [1981]127ITR842(Cal)
..... given.7. counsel for the assessee, however, drew our attention to sub-section (1a) of section 214 of the i.t. act which was inserted by section 16 of the finance act, 1968, and came into effect from april 1, 1968. though the assessment year involved is 1967-68, there is no dispute that sub-section (1a) of section 214 would be ..... :'229. recovery of penalties, fine, interest and other sums.--any sum imposed by way of interest, fine, penalty, or any other sum payable under the provisions of this act, shall be recoverable in the manner provided in this chapter for the recovery of arrears of tax.'15. in view of this provision, if parliament wanted that sub-section ( ..... fiction, such determination as in this case of excess interest paid would be determination of tax and, therefore, appealable under clause (c) of section 246 of the i.t. act, 1961. on behalf of the revenue, it was, however, urged that the question of excess interest as contemplated in sub-section (la) of section 214 was related to .....
Tag this Judgment!Court : Kolkata
Decided on : Jul-05-1978
Reported in : [1979]119ITR431(Cal)
..... to in the said section meant benefits or amenities or perquisites in kind and did not include direct cash payments to the employee.14. he submitted that by the finance act, 1964, the word 'remuneration ' in clause (c)(iii) of the said section 40 was specifically deleted and the expression ' whether convertible into money or ..... thousand rupees per month for any period of his employment after the 28th day of february, 1963:...... ' 8. section 40(c)(iii) was amended by the finance act of 1964, whereafter it reads as follows :' (iii) any expenditure incurred after the 29th day of february, 1964, which results directly or indirectly in the provision ..... the assessee) laid out or expended wholly and exclusively for the purposes of the business or profession...... '7. section 40(c)(iii) was originally introduced by the finance act, 1963, and provided, inter alia, as follows :' 40. amounts not deductible.--notwithstanding anything to thecontrary in sections 30 to 39, the following amounts shall not .....
Tag this Judgment!Court : Kolkata
Decided on : Mar-08-1978
Reported in : [1979]116ITR440(Cal)
..... supreme court, was that by the charging section, namely, section 3, income-tax was levied for a financial year at the rate prescribed by the annual finance act on the total income of the previous year. each previous year's income was the subject of separate assessment in the relevant assessment year. though the year ..... , and also section 33 of the i.t. act, 1961, by section 32 of the finance act, there was no provision in the act which provided security and protection of the documents filed or statements made during the assessment proceedings. in the case of daulat ram v. som nath : [1968]68itr779(delhi) , the delhi high court had to consider ..... this aspect of the matter in a proceeding instituted under the delhi rent control act, .....
Tag this Judgment!Court : Kolkata
Decided on : Sep-08-1978
Reported in : [1979]44STC31(Cal)
..... to granting of concessional rates for certain classes of sales andthe said provisions are not exactly in pari materia with the provisions of thebengal finance (sales tax) act and the rules made thereunder relating todeclaration forms, which were considered by the aforesaid two previousdivision benches of this court and now being considered ..... grantedby the said buyers. respondent no. 1, being aggrieved by the said decision,had preferred an appeal under section 20(1) of the bengal finance (sales tax)act, 1941. the assistant commissioner, commercial taxes, north circle, by hisorder dated 28th october, 1972, dismissed the said appeal and confirmed theassessment of ..... 31st december, 1968, again disallowed certain deductions of sales toother registered dealers on the ground of certain alleged defects in thedeclaration forms relating to the said sales.3. thereafter, thecommercial tax officer had issued a notice under section 11 read with section14(1) of the bengal finance (sales tax) act, 1941, upon .....
Tag this Judgment!Court : Kolkata
Decided on : Nov-23-1978
Reported in : [1980]125ITR270(Cal)
..... the facts of the case. the fact that the bonus shares were not issued out of premiums received in cash and the consequent result in the light of the finance (no. 2) act, 1957, were, however, not realised by the ito at the time of assessment was made on the 19th november, 1957. the realisation came only subsequently. ..... has also relied on the following cases i united mercantile co. ltd. v. cit : [1967]64itr218(ker) , anandji haridas and co. (p) ltd. v. s. p. kushare : [1968]1scr661 , r. k. malhotra v. kasturbhai lalbhai : 1975crilj1545 and smt. sarla devi v. ced : [1976]103itr652(all) .11. before we deal with this contention of the learned advocates and ..... opinion. this change of opinion by itself is not sufficient. in support of his contentions. dr. pal has relied on the following decisions :7. cit v. a. raman and co.. : [1968]67itr11(sc) , bankipur club v. cit : [1971]82itr831(sc) , cit v. dinesh chandra h. shah : [1971]82itr367(sc) , reform flour mitts (p.) ltd. v. cit : [1973]88itr150 .....
Tag this Judgment!Court : Kolkata
Decided on : Feb-23-1978
Reported in : [1980]124ITR711(Cal)
..... income-tax and supertax. in the accounting year ended on 31st october, 1946, the assessee obtained in the united kingdom repayment under section 28(1) of the english finance act, 1941, of a certain amount out of the excess profits tax paid there. the question was whether in the assessment year 1947-48 the amount repaid could be ..... income and that is the meaning of the expression used. this, in our opinion, follows logically from the language used in sub-section (14) of section 11 of the finance act, 1946. but quite apart from this, the matter, in our opinion, is concluded by the decision of this court which has been affirmed by the supreme court. we ..... these were to be assessed either because they had accrued or deemed to have accrued either by operation of section 9 or by operation of any further provision in the finance act, 1946, such receipts, though assessable, could not be subject to assessment. we are unable to accept this contention. the clear intention of the legislature is that the .....
Tag this Judgment!Court : Kolkata
Decided on : Mar-15-1978
Reported in : [1979]119ITR145(Cal)
..... 1975crilj1545 , his contention must fail and we return our answer to question no. 1 in the affirmative and against the assessee.10. now, briefly speaking, the finance act, 1965, provides that the concessional rate of tax is payable by a company which is wholly or mainly engaged in the manufacture or processing of certain types of ..... years 1964 and 1965, respectively.3. in the assessment proceedings, the assessee was treated as a manufacturing concern and was taxed at concessional rates under the finance acts of 1965 and 1966, respectively. thereafter, the comptroller and auditor-general of india raised certain objections in the audit report regarding the assessments. the ito, ..... was not a company engaged in the manufacture or processing of goods and was, therefore, not entitled to the concessional rates of tax under the respective finance acts ' 2. the assessee is a private limited company and is engaged in pharmaceutical business. the assessment years are 1965-66 and 1966-67 and the .....
Tag this Judgment!Court : Kolkata
Decided on : Aug-10-1978
Reported in : [1981]129ITR560(Cal)
..... enquiring the genuineness of a loan shown by a third person, who alleges that the money was received from a person who may be a declarant under the said finance act. the enquiry will be necessarily confined to the question as to whether in fact the loan was received from the declarant. the enquiry cannot go further and the ..... from the end of the assessment year in which the income was first assessable, where such assessment year is the assessment year commencing on the 1st day of april, 1968; (iii) two years from the end of the assessment year in which the income was first assessable, where such assessment year is an assessment year commencing on or ..... also as in the return filed on september 7, 1967, the assessee herself had made the endorsement ' revised '. accordingly, he held that the assessment made on september 3, 1968, was sustainable under section 153(1)(c). he had further that as proceedings had been started under section 271(1)(c) by the ito for concealment of income, the assessment .....
Tag this Judgment!Court : Kolkata
Decided on : Jan-27-1978
Reported in : [1978]112ITR812(Cal)
..... a mistake apparent from the records. the tribunal allowed the appeal of the assessee directing the income-tax officer to recompute the tax with reference to the provisions of the finance act, 1964.9. mr. b. l. pal, learned counsel for the revenue, has contended before us that, in the facts and circumstances, the order of the tribunal was ..... . the tribunal was further in error in holding that the provisions of paragraph d of part ii of the first schedule to the finance act, 1964, did apply in the instant case. .13. the relevant provisions of the finance act, 1964, are as follows :' in the case of every company, other than the life insurance corporation of india established under the ..... , and in directing the income-tax officer on that basis to recompute the tax according to the provisions of law laid down in the finance act, 1964 '2. the facts found and/or admitted in these proceedings are, inter alia, as follows. messrs. simplex concrete piles (india) pvt. ltd., the assessee, was assessed .....
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