Court : Kolkata
Reported in : [1973]32STC368(Cal)
..... enquire as to the circumstances under which the amendment in question was introduced. neither the ordinance nor the act discloses any object or reason for which the amendment of section 2(1a) of the act was introduced. in the west bengal taxation laws (amendment) act, 1968 (president's act no. 6 of 1968), the reasons for the amendment were stated to be the need of additional resources for financing the development schemes of west bengal and also to meet the vastly increased commitments in the nonplan budget of ..... ordinance shall continue to be in force and shall be deemed to have been validly commenced or done or taken under the act as amended by the second ordinance. thereafter the west bengal taxation laws (amendment) act, 1968 (president's act no. 6 of 1968) was enacted by the president of india. by section 4 of the said amending act, the definition of 'business' as introduced in the earlier ordinance was reenacted with the same retrospective effect and although the second ordinance .....
Tag this Judgment!Court : Kolkata
Reported in : [1972]83ITR470(Cal)
..... tenant's liability borne by the owner.' (as it stood at the time of the assessment before the new amendment of this proviso was introduced by the finance act of 1968).this section 23 has certain sub-sections and explanations to which we shall refer later on in this judgment.6. it is followed by section 24 of the income-tax act, 1961, dealing with deductions from income from house property and the relevant portions, inter alia, are as follows:'24. (1) income chargeable ..... property was in the occupation of the west bengal government having been requisitioned by the said government for housing refugees and that requisition, we understand, was made under the west bengal premises requisition and control (temporary provisions) act, 1947. on the 26th december, 1960, the building was derequisitioned by the government and since then the property was lying vacant. the correspondence between the assessee and the west bengal government shows that the said building was not in a habitable condition .....
Tag this Judgment!Court : Kolkata
Reported in : [1980]122ITR660(Cal)
..... of losses suffered as there was no provision in the return for making such a claim. the tribunal held further that sub-s. (3) of the said section having been introduced under the finance act no. 2 of 1967 with effect from the april 1, 1968, it was not compulsory for the assessee to make a claim and have the deficiency determined in each year before it could claim the benefit of set off in a subsequent year in which it ..... entitlements and clash subsidies were received by the assessee from sources directly connected with the business activity of the assessee and the receipts from the sale the import entitlements were attributable to the activity of manufacture of carpets within the meaning of the said section of the finance act, 1974.mr. a. k. sengupta, for the revenue, contended that on facts it was not established that interest which the assessee received from its temporary investment was attributable to a priority industry and the onus was on the assessee to establish that such income .....
Tag this Judgment!Court : Kolkata
Reported in : [1980]125ITR270(Cal)
..... high court was not a case'of mere change of opinion, it was a case of an awareness, for the first time, of the true fact--that the issue of bonus shares was not out of premiums received in cash and the implications of that fact in the light of the provisions of the finance (no. 2) act, 1957. it was observed that 'to inform 'means 'to impart knowledge' and a detail available to the ito in the papers filed before him does not by its mere availability become an item of information. it is transmitted into an item of information in his ..... the bonus shares were issued not out of premiums received in cash and the consequent result in the light of the finance (no. 2) act, 1957, was information within the meaning of that expression as used in section 34(1 )(b) of the indian i.t. act, 1922.15. the next case we shall consider is the case of anandji haridas and co. (p.) ltd. v. s.p.kushare, sto : [1968]1scr661 , relied on by mr. balai pal. the section involved in this case was s. 11 of the c .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]44STC31(Cal)
..... registered dealers,although respondent no. 1 had produced the declaration forms allegedly 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 the commercial tax officer in respect of the four quartersending 31st december, 1967.2 ..... order dated 29th january, 1973, in respect of the four quartersending 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 respondent no. 1 inrespect of the returns submitted by him for four quarters .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]119ITR431(Cal)
Dipak Kumar Sen, J.1. The facts found and/or admitted in these proceedings are shortly as follows:M/s. Kanan Devan Hills Produce Company Ltd., Calcutta, the assessee, has been carrying on business in cultivation, manufacture and sale of tea. In the assessment years 1966-67 and 1967-68, the corresponding previous years being the calendar years ending on 30th November of 1965 and 1966, respectively, the assessee claimed deduction, inter alia, of amounts paid as ' overseas allowance ', ' managing allowance ', ' devaluation allowance ' and ' transport allowance ' to some of its employees, in the computation of its business profits and income. It was contended that these items did not represent any benefit or amenity or perquisite within the meaning of Section 40(c)(iii) of the I.T. Act, 1961, as it stood at the relevant time and were fully deductible.2. The ITO rejected the claim of the assessee and added back 40% of the amounts claimed.3. Being aggrieved by the additions the assessee pref...
Tag this Judgment!Court : Kolkata
Reported in : [1981]127ITR842(Cal)
..... , 1961, a specific right of appeal has been 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 applicable in this case. section 214 reads as follows :'214. (1) the central government shall ..... counsel for the assessee contended that as excess interest paid by the govt. (excess because govt. paid interest on the basis of the provisional interest which had to be reduced on regular assessment) has been deemed to be tax payable by the assessee and the provisions of the act had been made applicable, accordingly if there has been any excess in the determination of such an excess interest paid and as such refundable to the assessee, the same would be a determination of the tax by the fiction introduced under sub-section (1a .....
Tag this Judgment!Court : Kolkata
Reported in : [1980]122ITR728(Cal)
..... decided by the supreme court and relied on by the learned representative for the assessee. 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(sc) and karimtha-ruvi tea estate ltd ..... whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that the imposition of penalty for the assessment years 1955-56, 1956-57 and 1961-62 was not barred by limitation under the provisions of section 275 of the income-tax act, 1961 (2) whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the non-inclusion of the dividend payable in respect of the 15,400 shares of jute carriers (p.) ltd. in the returns filed for the assessment years .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]116ITR440(Cal)
..... effect of section 137 being continued notwithstanding this omission. after the repeal of the indian i.t. act, 1922, 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, 1958, by certain landlords for ejectment of the petitioners in that case from certain .....
Tag this Judgment!Court : Kolkata
Reported in : [1977]110ITR715(Cal)
..... ) of the said section was as follows :' (ii) ' investment company ' means a company whose business consists wholly or mainly in the dealing in or holding of investments.'.8. the section was, however, subsequently amended twice, respectively, by the finance act, 1966, and the finance act, 1968.9. it is to be determined in the instant case whether the assessee is a company whose business consists primarily in the dealing in or holding of investments. mr. suhas sen, learned counsel for the revenue, contended before us ..... of which they joined the syndicate and became underwriting members. the question arose whether the loans made by the assessee to these members of the non-marine syndicate was capital employed in the trade or business within the meaning of the finance act, 1939, and whether the said amounts should be included in computation of the 'pledged amount of the capital' for the purpose of assessment of excess profits tax. in his judgment, atkinson j. held that the said loans were .....
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