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 : Nov-24-1978
Reported in : AIR1979Cal203
..... appeal.20. to consider this argument of mr. sen, i will first read section 21, sub-sections (1), (2) and (3) of the specific relief act, 1963 (act 47 of 1963).'21. power to award compensation in certain cases.-- (1) in a suit for specific performance of a contract, the plaintiff may also claim compensation for ..... are disposing of a case in which the plaintiff had debarred himself from asking at the hearing for specific performance, and in such circumstances, notwithstanding lord cairns' act, the result still was that with no award of damages -- the court could award none -- the order would be one dismissing the suit with no reservation of ..... the defendants submitted that the damages alleged to have been claimed are entirely speculative and are too remote and cannot be allowed under section 73 of the contract act. the learned judge after elaborate discussion on the question oidamages awarded to the plaintiff rupees 25,000/- in lieu of specific performance of the contract dated october .....
Tag this Judgment!Court : Kolkata
Decided on : Nov-28-1978
Reported in : [1979]120ITR789(Cal)
..... [1976]104itr167(guj) , we overrule his argument. he further argues that this amount is an allowable deduction under section 28(i) of the act, for, according to him, it is a commercial loss suffered by the assessee in the course of carrying on his business. but an infraction ..... not a business loss in the commercial sense and is not a deductible expenditure under section 28(i) of the i.t. act, 1961, in view of the aforesaid decisions of this court and the gujarat high court including the observation of the supreme court in ..... and exclusively laid out for the purpose of the business of the assessee within the meaning of section 37(1) of the act. it was contended on behalf of the assessee that the assessee had incurred the above expenditure as a trader and not for ..... the ratio of the decision of the bombay high court in cit v. pannalal narotiamdas and co. : [1968]67itr667(bom) , alternatively, it was contended that the assessee could also claim that the amount was a deductible expense under section 28(1 .....
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 : Dec-15-1978
Reported in : [1980]121ITR976(Cal)
..... [1977]108itr417(guj) , he submits that we should follow it in which the gujarat high court has differed from the case of cit v. ram rakshpal, ashok kumar : [1968]67itr164(all) , decided by the allahabad high court. he further submits that we should differ from the case of addl. cit v. p. l. karuppan chettiar : [1978 ..... his death an interest in a mitakshara coparcenary property, his interest in the property shall devolve by survivorship upon the surviving members and not in accordance with this act.23. this section uses the words ' mitakshara coparcenary property ' and not the words ' joint family property '. the mitakshara rule of survivorship conies into play ..... they have inherited these two house properties in equal shares along with their mother, brothers and two other married sisters under section 8 of the hindu succession act, 1956. these female heirs have relinquished their interests in these two house properties in favour of iswardas and, therefore, they ceased to have any claim .....
Tag this Judgment!Court : Kolkata
Decided on : Dec-20-1978
Reported in : 1985(20)ELT302(Cal)
..... set out hereinbefore which amounted, according to the learned advocate for the petitioner, representation on behalf of the revenue, and upon which the petitioner had acted to its detriment, the revenue authorities were estopped from challenging the said previous procedure and issuing the impugned notices on the alleged grounds.13. it ..... such representations or assurances or promises had been made by the central excise authorities and the respondents with a view that the manufacturers of papers might act thereupon and adjust their affairs accordingly. the said representation or promise and/or procedure regarding the assessment was made after fully considering according to the ..... of union of india v. anglo afghan agencies- air 1968 s.c. page 718 where the supreme court has reiterated the principle that where a party acting under representation contained in clause 10 of a certain scheme issued by the textile commissioner had acted to its detriment the government would be compelled to carry .....
Tag this Judgment!Court : Kolkata
Decided on : Dec-21-1978
Reported in : [1980]122ITR156(Cal)
..... , the previous year ending on the 31st december, 1967, it was assessed to income-tax. the assessment was completed on the 24th december, 1968, under section 143(3) of the i.t. act, 1961. the distributable income of the assessee for the purposes of section 104 was determined to be rs. 1,81,269. the dividend required to be distributed ..... and in the circumstances of the case, the tribunal was justified in holding that the provisions of section 104 of the i.t. act, 1961, were correctly invoked in the case of the assessee-company for the assessment year 1968-69 '7. mr. s. bhattacharya, learned counsel of the assessee, contended before us that it was not possible for the ..... found that the assessee declared dividend of only rs. 1,03,717 on the 9th may, 1968. as the shortfall was below 10% of the distributable surplus the ito issued a notice dated the 8th december, 1972, under section 105 of the i.t. act, 1961, calling upon the assessee to declare a further dividend as required under the statute. .....
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