Court : Kolkata
Decided on : Apr-21-1976
Reported in : [1977]110ITR715(Cal)
..... 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 ..... 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 leaflet, no 42......these deposits on loan tohenderson and broadbridge were performing an active operation as compared with the passive operation of such balances. i read the finance (no. 2) act, 1939, sched. vii, pt. ii, para. 1 : ' (1) subject to the provisions of this part of this schedule, the amount of the .....
Tag this Judgment!Court : Kolkata
Decided on : Feb-19-1976
Reported in : [1977]40STC230(Cal)
..... of the business and, as such, liable to be proceeded against under the provisions of the bengal finance (sales tax) act, 1941. the impugned order dated 4th may, 1968, negatived that contention. the petitioners challenge the propriety of that order. section 17 of the bengal finance (sales tax) act, 1941, provides that where the ownership of the business of a registered dealer is transferred absolutely ..... and sujit kumar laik. on 29th march, 1963, petitioner no. 1 and the deceased, narayan chandra laik, father of petitioner no. 2, obtained registration certificate under the bengal finance (sales tax) act, 1941, from the commercial tax officer, asansol charge. on 6th april, 1968, the aforesaid ajit kumar laik and sujit kumar laik retired from the said business with effect from 1st april .....
Tag this Judgment!Court : Kolkata
Decided on : Feb-18-1976
Reported in : [1979]118ITR946(Cal)
..... allowed. in order to determine the question whether there was wrong calculation at the rate applicable to priority income it is necessary to refer to the relevant provisions of the finance act, 1965. section 2(5)(a)(i) proceeds as follows : 'in respect of any assessment for the assessment year commencing on the 1st day of april, 1965- ( ..... refer to this aspect any further. it was contended alternatively that the petitioner was entitled to certain deductions as provided under section 2(5)(a)(i) of the finance act, 1965, as the said receipts were income or profits derived from export of goods or merchandise out of india. the petitioner also contended that the petitioner was entitled ..... -75 for the assessment years 1967-68 and 1968-69 had taken that view. it may also be contended that there being no export and profits in respect of import entitlement the petitioner was not entitled to deduction of tax as contemplated under section 2(5)(a)(i) of the finance act, 1965. i am not concerned at this .....
Tag this Judgment!Court : Kolkata
Decided on : Aug-10-1976
Reported in : [1977]39STC131(Cal)
..... , wire nail, staple, panel pin and wire drawing at 59, canning street and held certificate of registration no. at/3347a under the bengal finance (sales tax) act, 1941 (hereinafter referred to as the said act). they were also co-partners in another business under the name and style of howrah steel and wire products (hereinafter referred to as the said ..... the said view.8. mr. sen then relied on the bench decision of the madras high court in the case of mahendra kumar ishwarlal & co. v. state of madras [1968] 21 s.t.c. 72. in that case, on the question whether transfer of goods from one firm to another would constitute sale and, consequently, liable to sales tax ..... 15 of the letters patent is directed against the judgment and order dated 13th may, 1973, whereby p.k. banerjee, j., discharged civil rule no. 4279(w) of 1968.2. the appellants at all material times, as co-partners of howrah wire industries (hereinafter referred to as the said wire industries) carried on business amongst others in the .....
Tag this Judgment!Court : Kolkata
Decided on : Jul-06-1976
Reported in : [1977]40STC404(Cal)
..... executive functions to evolve administrative machinery not inconsistent with existing law, as would subserve its purpose. on interpretation of clause (8) of section 68 of the finance act, 1965, it was held that there was no embargo on officers under other statute to call for particulars of the disclosure if they were otherwise authorised to ..... ltd. a.i.r. 1970 s.c 1292, where the court was considering the provisions in section 152a inserted by the gujarat amendment act, 1968, to the bombay provincial municipal corporation act, 1949. by the said section the corporation was given power to refuse refund of the amount illegally collected as property tax despite the ..... on their application under article 226(1) of the constitution. the relevant facts, according to the petitioners, are that an agreement was entered into on 6th december, 1968, between metalo chemical works, petitioner no. 2, a partnership firm, whereof petitioner no. 1 is one of the partners and esemen metalo chemical (p.) ltd., .....
Tag this Judgment!Court : Kolkata
Decided on : May-28-1976
Reported in : [1976]38STC480(Cal)
..... in exercise of his jurisdiction of revision and, secondly, on the construction of the order he passed on the revisional application before him. section 20 of the bengal finance (sales tax) act, 1941, deals with appeal, revision and review. sub-section (1) of section 20 states that a dealer may, in the prescribed manner, appeal to the prescribed ..... for rs. 29,392.98 and the remaining amount was disallowed and added back to balance (a).4. the petitioner being aggrieved by the said order dated 31st august, 1968, and the additions made thereunder preferred an appeal before the assistant commissioner of commercial taxes (south) circle, calcutta, challenging, inter alia, the validity and legality of the ..... a sum of rs. 29,392.98 and rejected the balance amount of rs. 49,82,246.90. the commercial tax officer in his order dated 31st august, 1968, observed, inter alia, as follows:the dealer appeared to have claimed rs. 50,11,639.88 on the ground that the sales were effected in the course of import .....
Tag this Judgment!Court : Kolkata
Decided on : Nov-17-1976
Reported in : [1978]115ITR10(Cal)
..... rs. 99,547 by holding that the instructions, though were previously valid, had become obsolete in view of the introduction of section 24(2) in the act by the finance act, 1955 and allowed the assessee's claim in the following terms : '.....now under the present law the earlier losses could be set off against the profits ..... navnit lal c. javeri v. k. k. sen, appellate assistant commissioner : [1965]56itr198(sc) , also held that those instructions, though clearly deviated from the provisions of the act, were binding on the income-tax authorities.14. the instructions in ellerman's case : [1971]82itr913(sc) , in javeri's case : [1965]56itr198(sc) and also the ..... . it also held on question no. 3 that the instructions, though they were previously valid, have become obsolete after the introduction of section 24(2) in the act. to us these inconsistencies appear to be mutually conflicting and cannot be supported. dr. pal has supported the aforesaid inconsistencies, but we must reject it, for they .....
Tag this Judgment!Court : Kolkata
Decided on : Nov-09-1976
Reported in : AIR1977Cal165,[1977(34)FLR292]
..... the term 'employee' laid down in section 2 (9) of the e. s. i. (amendment) act, 1968 the employees of your head office situated at mercantile building, calcutta-1, are also now covered within the meaning of section 2 (9) of the ..... all factories throughout india irrespective of location. the headings of these chapters respectively are (a) preliminary, (b) corporation, standing committee, and medical benefit council (c) finance and audit and (d) miscellaneous. sections 44 and 45 (employers to furnish returns etc; inspectors their functions and duties) were brought into force in all part 'a ..... into force on 28 january, 1966. by this amendment an exhaustive definition was prescribed for the word 'employee',8. after the amendment came into force on the 29th may, 1968, the regional director, calcutta, wrote to messrs. sen-raleigh and co. ltd., kannyapur, post office asansol, burdwan, inter alia, as follows:--'that as per definition of .....
Tag this Judgment!Court : Kolkata
Decided on : Sep-17-1976
Reported in : [1978]112ITR399(Cal)
..... far as such tax relates to income subject to advance tax 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 nine per cent. per annum from the 1st day of april ..... .19. for the reasons aforesaid, the petitioner succeeds in his application. the orders of the income-tax officer computing the interest under section 215 of the income-tax act, 1961, including the order finally made on 4th february, 1972, are quashed. it is made clear that apart from interest the assessment as finally determined by the tribunal ..... chargeability of the interest in the course of the original assessment proceedings, the additional commissioner rightly dismissed the application for rectification of the petition under section 254 of the act.12. by an order dated the 20th february, 1976, the petitioner was given leave to amend his petition. in the amended petition the petitioner has challenged and .....
Tag this Judgment!Court : Kolkata
Decided on : Sep-07-1976
Reported in : [1977]40STC419(Cal)
..... a share of 6 annas. there is also no dispute that the said firm is a dealer within the meaning of section 2(c) of the bengal finance (sales tax) act, 1941 (hereinafter referred to as the said act), having registration certificate no. jk/2658-a. apart from the said registration the said firm is also registered under the central sales tax ..... been extended from 21 days to 1 year by way of an amendment in 1974 by the incorporation of section 14(3a) by section 2(ii) of the bengal finance (sales tax) (third amendment) act, 1974 (west bengal act 7 of 1974) and the deletion of rule 70 with effect from 5th november, 1973, by the west bengal government ..... , finance department notification no. 3837-f.t. and such incorporation being retrospective, the action to retain the documents, in the instant case was not irregular. it must also be recorded .....
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