Court : Kolkata
Decided on : Apr-04-1978
Reported in : [1978]42STC220(Cal)
..... the case, the deduction claimed under section 5(2)(a)(ii) of the bengal finance (sales tax) act, 1941, for sales to the registered dealers, namely, m/s. reliance supply agency and bharati distributors, aggregating to rs. 1,16,425 should have been allowed ?( ..... 1st december, 1959, directing that wires, galvanised barbed wires and wire-nails were to be considered as articles included in section 14(iv) of the central sales tax act, 1956 and, therefore, not subject to the state sales tax was produced by the assessee before the additional commissioner.9. the additional commissioner declined to interfere with the order ..... dipak kumar sen, j.1. under section 21(1) of the bengal finance (sales tax) act, 1941 (hereinafter referred to as the said act), the west bengal commercial taxes tribunal has drawn up a statement of case and has referred the following questions:(1) whether, in the facts and circumstances of .....
Tag this Judgment!Court : Kolkata
Decided on : Dec-06-1978
Reported in : [1980]50CompCas296(Cal)
..... was appointed their managing agent. these companies were undertakings of the petitioner-company and were treated as the departments of the petitioner. the petitioner-company was providing finances, loans and guarantees for loans advanced by the banks in respect of the three companies, namely, shalimar tar, angelo brothers and lodna colliery. these three ..... a lien on 51% shares of the petitioner, owned by the said hungerford investment trust ltd. the suit (no. 2005 of 1965) was dismissed in 1968 and the appeal against that decision was also dismissed by this court in the appellate side in 1969. against that decision an appeal was taken to the supreme ..... alreadymentioned were manipulated and not genuine have not been admitted.the petitioner's allegation that the sale transactions were not completed andthat the resolutions passed were not. acted upon have also been denied.all the material allegations against respondent no. 4 have also beenchallenged as false. it has also been denied that v.k .....
Tag this Judgment!Court : Kolkata
Decided on : Mar-27-1978
Reported in : [1979]119ITR182(Cal)
..... 1972] 83 itr 563. this is a decision of the house of lords, where the house considered section 7(5) of the british finance act, 1894, which is in pari materia with section 36 of the e.d. act. (c) perpetual executors and trustees association of australia ltd. v. commissioner of taxes [1954] 25 itr (suppl.) 47. here the ..... the accountable person, reiterated the contentions of the assessee in the earlier proceedings. he also drew our attention to the following statutory provisions.14. the indian partnership act:' 14. the property of the firm.--subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally ..... firm and the valuations thereof as the balance-sheet was merely an aggregation of such assets and liabilities.11. the tribunal held that the assistant controller had acted within law when he revalued the jute press and that the method of valuation adopted could not as such be challenged by the assessee. the valuer's .....
Tag this Judgment!Court : Kolkata
Decided on : Jul-27-1978
Reported in : [1979]119ITR751(Cal)
..... to income other than income chargeable under the head ' salaries' and so far as it is not due to variations in the rates of tax made by the finance act enacted for the year for which the regular assessment is made, simple interest at the rate of six per cent. per annum from the 1st day of january in ..... years from the end of such assessment year;(ii) where the return relates to a previous year relevant to the assessment year commencing on the 1st day of april, 1968, three years from the end of the assessment year;(iii) where the return relates to a previous year relevant to any other assessment year, two years from the end ..... and in an appeal against the assessment, the aac would not be required to consider grounds, if any, taken against chargeability of interest under section 215 of the i.t. act, 1961.23. after consideration of the above decisions we record our respectful agreement with the main principles laid down in jagdish prasad ramnath : [1955]27itr192(bom) , keshardeo shrinivas .....
Tag this Judgment!Court : Kolkata
Decided on : Feb-15-1978
Reported in : [1978]113ITR380(Cal)
..... officer overlooked this fact and did not add penal interest to the tax leviable. in 1956, the income-tax officer started proceedings under section 35 of the act without any notice to the assessee and directed levy of penal interest. after application for revision under section 35a was rejected by the commissioner of income-tax, ..... assessee as the rectification enhanced the demand against the assessee ; and (c) as no action had been taken under section 35 of the indian income-tax act, 1922, the revised notice was illegal. the appellate assistant commissioner dismissed the appeal as incompetent as according to him no appeal lay against an order passed under ..... and/or admitted in these proceedings are that messrs. kamani industrial rank ltd., calcutta (now known as karnani finance enterprise ltd.), the assesses, was assessed to income-tax under section 23(3) of the indian income-tax act, 1922, in the assessment year 1956-57, the relevant previous year whereof ended on the 31st december, 1955 .....
Tag this Judgment!Court : Kolkata
Decided on : Sep-18-1978
Reported in : [1979]117ITR789(Cal)
..... which would qualify for allowance under section 37.10. the tribunal also found that the assessee required additional funds and obtained the said loan not only for financing its business but also to meet an immediate taxation liability of rs. 10 lakhs as admitted in the letter dated 18th january, 1965, addressed to the reserve ..... assessee had to incur an extra expenditure in rupees. this, according to mr. roy, was a normal and proper business expenditure allowable under section 37 of the act.17. mr. roy submitted next that as the assessee at the relevant time maintained its accounts under the mercantile system, this expenditure was incurred during the relevant ..... this court insutlej cotton mills ltd. v. cit : [1971]81itr641(cal) , that the loss inexchange having arisen due to devaluation, which was an act of the stateand an act of the sovereign, was not a loss springing directly from thecarrying on nor incidental to the carrying on of the business of the assesseeand, therefore, could not .....
Tag this Judgment!Court : Kolkata
Decided on : Sep-25-1978
Reported in : [1979]117ITR858(Cal)
..... not realise anything from the latter.7. it was contended on behalf of the revenue, inter alia, that under the agreement the assessee was under no obligation to provide finance to tukvar & co. ltd. and, therefore, the guarantee was not given for any business purpose. consequently, the loss arising could not be said to have been ..... was incidental to the assessee's business though the assessee's furnishing of such guarantee may be termed as imprudent. (c) there was no suggestion that the assessee acted with any ulterior motive. 9. the tribunal also found that the compromise between the assessee and tukvar & co. ltd., as a result of which the assessee did ..... messrs. williamson magor & co. ltd. in the assessment year 1964-65, the relevant previous year having ended on the 31st december, 1963. the assessee, inter alia, acts as managing agents, secretaries and/or treasurers of other limited companies and at the material time had been appointed as the secretary of one tukvar & co. ltd. under an .....
Tag this Judgment!Court : Kolkata
Decided on : May-26-1978
Reported in : [1979]119ITR629(Cal)
..... -tax officer accepted the quotations of the stock exchange. more than a year later, the director of inspection (investigation), of a special cell of the ministry of finance addressed a letter to the commissioner of income-tax, giving details of the investigation and findings of the directorate about the share transactions of c.i.i. ltd. ..... of calculating the net wealth. such special cell of the directorate concerned appears to have been set up in or about august, 1972, under the ministry of finance, for collecting and supplying information and to have a research into the techniques of evasion/avoidance of taxes which they made by certain investigations from january, 1973, ..... and necessary action'. on march 29, 1973, the wealth-tax officer issued notice to the trust under section 17 of the wealth-tax act for reopening the assessment for the assessment year 1968-69; thereupon, the trustees of the trust filed an application under article 226 of the constitution and obtained a rule nisi. it was .....
Tag this Judgment!Court : Kolkata
Decided on : Jul-03-1978
Reported in : AIR1978Cal379,82CWN1031
..... on which the said relief undertaking was declared as such, by the said relief undertaking with the government, the industrial reconstruction (corporation) of india limited or any other financing institution shall remain suspended.' 8. on september 21, 1976 two guarantors defendants nos. 6 and 7 namely b. k. agarwalla and b. p. agarwalla, took ..... and assurances though in force at the time of the declaration in 1976 were entered into long before and prior to the institution of the suit in 1968. 25. the order under appeal is in respect of contracts and assurances of properties of the company which are within the ambit of the notification and ..... force for more than five years in the aggregate ('five years' have been substituted by 'seven years' by the west bengal relief undertakings (special provisions) (amendment) act, 1974). section 4:-- application of certain enactments and contracts, agreement etc. to relief undertaking. the state government may, if it is satisfied that it is necessary or .....
Tag this Judgment!Court : Kolkata
Decided on : Jan-30-1978
Reported in : [1979]120ITR110(Cal)
..... . might have utilised the advances, the purpose of the assessee in giving the said advance was the supply of raw materials. the assessee submitted that additional finances were made available to the supplier so that new quarries may be opened up.28. on the consideration of the entire transactions, the tribunal came to the ..... engineering concern and manufactured boilers, machinery parts, wagons, etc. in the assessment years in question the assessee claimed exemption from tax under section 15c of the act in respect of profits and gains derived from its steel foundry division which was started in the assessment year 1958-59 and continued thereafter. in the assessment ..... and the aac held that the undertakings were expansions and reconstructions of the existing business and the assessee was not entitled to relief under section 15c of the act, the tribunal, however, allowed the appeal of the assessee and accepted the claim for such exemption. the high court found that the assessee, instead of .....
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