Court : Kolkata
Decided on : Feb-06-1978
Reported in : [1979]116ITR657(Cal)
..... aforesaid assessments, the assessee-firm appealed to the aac, who passed a consolidated order on the 28th april, 1971, covering the assessment years 1965-66 to 1968-69. among the other grounds relating to the additions made in the relevant assessments, the assessee-firm disputed the assessments on the ground that the partners of ..... individual member thereof could not be separately assessed in respect of his income, (5) therefore, the ito had jurisdiction to initiate proceedings under section 34 of the act against the respondent as karta of the huf, (6) that, however, after all assessment proceedings initiated under section 34 culminated in the assessment of the huf, ..... . the english language is not an instrument of mathematical precision. our literature would be much the poorer if it were. this is where the draftsmen of acts of parliament have often been unfairly criticised. a judge, believing himself to be fettered by the supposed rule that he must look to the language and nothing .....
Tag this Judgment!Court : Kolkata
Decided on : Jan-13-1978
Reported in : [1978]113ITR127(Cal)
..... . but, ex facie, the clause does not permit the trustees or settlor to grant loans to themselves in their personal capacity. in the case of jayantilal amrallal : [1968]67itr1(sc) the supreme court quoted withapproval an observation of the bombay high court in the case of commissioner of income-tax v. muthuradas mangaladas parekh (itr no. 4 ..... to any person by virtue of a settlement or disposition whether revocable or not, and whether effected before or after the commencement of the indian income-tax (amendment) act, 1939 (vii of 1939), from assets remaining the property of the settlor or disponer, shall be deemed to be income of the settlor or disponer, and all ..... , learned counsel for the revenue, before us was that this trust should be deemed to bo revocable within the meaning of section 16 of the indian income-tax act, 1922, inasmuch as the settlement contained a provision which gave the settlor a right to reassume power directly over the assets of the trust and, therefore, in computing .....
Tag this Judgment!Court : Kolkata
Decided on : Jul-28-1978
Reported in : [1980]125ITR684(Cal)
..... method' for valuation in the present case.39. we find that the tribunal had correctly applied in this case the principles laid down in radha devi jalan [1968] 67 itr 761 (cal) with which we are in entire agreement.40. tenancies in calcutta are statutorily controlled by the rent control legislations and its impact ..... the rent control legislations.36. in rustom cavasjee cooper : [1970]3scr530 , the supreme court was dealing with the banking companies (acquisition and transfer of undertakings) act, 1969, and considered what would be the fair compensation where the property was compulsorily acquired and not what would be the fair market value when the same was ..... : [1978]112itr111(cal) . here, the validity of proceedings for acquisition of the property of the petitioner initiated under section 269d(1) of the i.t. act, 1961, by thecompetent authority was challenged by the petitioner in a writ petition under article 226 of the constitution. the following observations made by this court were relied .....
Tag this Judgment!Court : Kolkata
Decided on : Sep-15-1978
Reported in : [1979]118ITR728(Cal)
..... :khaitan & co., a firm of solicitors, are the assessee. the assessment year involved is 1969-70 and the corresponding previous year is the one ended on the 31st october, 1968. at the material time the assessee had a current account in the national & grindlays bank ltd., church lane, calcutta. from the weekly statement for the period from the 26th december ..... year in which the said claim would be realised by the assessee. in this context, mr. bajoria referred to sub-section (1) of section 41 of the i.t. act, 1961, which provides, inter alia, as follows:'where an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure...incurred by the assessee ..... have no effect on the position. the tribunal allowed the appeal of the revenue.8. on an application of the assessee under section 256(1) of the i.t. act, 1961, the tribunal has drawn up a statement of case and has referred the following question of law arising out of its order for the opinion of this court :' .....
Tag this Judgment!Court : Kolkata
Decided on : Jan-20-1978
Reported in : (1978)2CompLJ303(Cal),[1979]116ITR26(Cal)
..... applied the 'yield or rental method' for the valuation in the instant case.36. we entirely agree with the principles laid down in radha devi jalan : [1968]67itr761(cal) and find that the tribunal has correctly applied the same in the instant case. if a statutory control is imposed on a commodity, restricting the ..... as payment of compensation having regard to the conditions prevailing in themoney market. capitalization of annual rental which is generally basedon controlled rent under some state act at rates pegged down to the ratesprevailing in 1940 and on the footing that investment in buildings yields81/3 per cent. return furnishes a wholly ..... cooper v. union of india : [1970]3scr530 . in this decision, the supreme court considered the vires of the banking companies (acquisition and transfer of undertakings) act, 1969. one of the main questions involved was whether 'compensation' in such an acquisitive statute would in consonance with article 31 of the constitution be a just equivalent .....
Tag this Judgment!Court : Kolkata
Decided on : Feb-22-1978
Reported in : [1978]114ITR434(Cal)
..... to be completed in six months and the assessee was to be the absolute owner thereof. the film was produced. it secured the president's award. the assessee had financed the production. disputes arose between the said amar das mallick and the assessee as to who was the producer of the film. the matter was referred to the arbitration of ..... of procuring profits in the conduct of the business and, therefore, this was capital expenditure and could not be deducted under section 10(2)(xii) of the indian income-tax act, 1922. 5. in the case of v. rangaswami naidu v. commissioner of income-tax : [1957]31itr711(mad) , it was held that the share of partner in the partnership ..... 4. in re ramji das jaini and co. , the lahore high court was considering the case where three partners of a firm, which was registered under the income-tax act, had entered into a private arrangement. under the arrangement, which was recorded by the income-tax officer in the words of partner no. 1 and supported by the other two .....
Tag this Judgment!Court : Kolkata
Decided on : Jun-16-1978
Reported in : AIR1978Cal428,82CWN1052
..... any notice on shiba prasanna of such transfer. after shiba prasanna had come to know of the transfer, on april 10, 1968 he made an application for pre-emption under section 24 of the west bengal non-agricultural tenancy act, 1949 in the court of the subordinate judge, burdwan. the application was resisted by mrityunjay, the transferee. his contention was ..... may refer to a decision of the division bench of this court presided over by p. n. mookerjee j. in uma shankar nayak saha v. usharani laha, jlr (1968) 2 cal 587. in that case, it has been held that unless the tenancy is split up with the consent of the landlord to form separate tenancies, section 24 of ..... the west bengal non-agricultural tenancy act applies, and that mere mutual partition amongst the tenants does not make the partitioned land subject-matter of different tenancies so as to come out of the mischief of .....
Tag this Judgment!Court : Kolkata
Decided on : Jul-10-1978
Reported in : [1980]121ITR890(Cal)
..... . ltd. (itr no. 20 of 1967 dated 6-9-1972), basdeo agarwalla : [1980]121itr901(cal) , sriram jhabarmull [l967] 64 itr 314, northern bengal jute trading co. ltd. [1968] 70 itr 407, dulichand omprakash : [1978]113itr476(cal) and shankar industries : [1978]114itr689(cal) .24. in the instant case, the tribunal has found that although several cashtransactions were recorded ..... was whether the assessee had discharged its onus in respect of cash credits entered in its books of account within the meaning of section 68 of the i.t. act, 1961. the patna high court, after considering several decisions of other high courts, observed as follows (page 349): 'if the credit entry stands in the names ..... before the aac that as a letter confirming the said loan had been filed and as the creditor had responded to the summons under section 131 of the act, the ito was wrong in treating the said sum as income of the assessee. the aac rejected such contention and confirmed the assessment.5. the assessee preferred .....
Tag this Judgment!Court : Kolkata
Decided on : Jun-08-1978
Reported in : [1979]116ITR868(Cal)
..... the same. pursuant thereto the assessee started the work in 1964, but before the same could be completed the contract was terminated in 1967. on the 7th november, 1968, a settlement was arrived at by and between the assessee and the hindusthan steel ltd. whereunder the assessee received the following amounts for works done up to the date ..... . consisted of delivery of plant and equipment, etc., outside india on f.o.b. basis, and the profits in respect thereof were not taxable under the i.t. act, 1961. in the assessment year 1965-66, the ito negatived such claim. the assessments in the subsequent years were made accordingly on year-wise receipt and expenditure. 3. ..... question was a single indivisible contract. the tribunal upheld the contentions of the revenue. 7. on the applications of the assessee under section 256(1) of the i.t. act, 1961, the tribunal has drawn up a statement of case and has referred the following questions as questions of law arising from its aforesaid order : '1. whether, .....
Tag this Judgment!Court : Kolkata
Decided on : Feb-22-1978
Reported in : [1978]112ITR798(Cal)
..... the deutsche bank on account of the assessee on the 11th july, 1958. 4. this amount was utilised by the assessee in the accounting year ended march, 1968, and shown in the profit and loss account under the head 'machinery purchase claims received'.5. the income-tax officer initiated reassessment proceedings by issuing notice under section ..... 147 of the income-tax act, 1961, on the ground thatdepreciation had been allowed in excess. the income-tax officer held that the assessee had earned rebate from the west german firm which ..... that the payment was made on account of loss of production and loss of profits have also not been challenged. under the provisions of the sale of goods act, 1930, a buyer if supplied with defective goods can, if he has not paid the price thereof, treat the defects as breach of warranty and claim diminution .....
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