Court : Kolkata
Decided on : Feb-09-1978
Reported in : [1979]44STC246(Cal)
..... of taxes earlier paid by the respondents for the aforesaid three periods. accordingly, a notice in form vii was issued under section 11(3) of the bengal finance (sales tax) act, 1941, showing such excess payment of the tax. such reassessment was made on 8th december, 1965, and on 11th december, 1965, the respondents filed three ..... that two years after the aforesaid reassessment, when the assistant commissioner of commercial taxes initiated suo motu proceedings for revision under section 20(3) of the said act and issued show cause notices on 18th december, 1967, the appellants could hold back the money which was repayable to the respondents until the disposal of the ..... the application so filed, which was kept pending for over two years and then the assistant commissioner initiated suo motu proceedings under section 20(3) of the act for revision. thus, it appears that, having initiated such a proceeding for revision, they are trying to take advantage of their own default earlier made, because .....
Tag this Judgment!Court : Kolkata
Decided on : Feb-03-1978
Reported in : [1978]114ITR554(Cal)
..... case of india cements ltd. v. commissioner of income-tax : [1966]60itr52(sc) . there the assessee had obtained a loan of rs. 40 lakhs from the industrial finance corporation and secured the same by a charge on its fixed assets. in connection therewith it had spent a sum of rs. 84,633 towards stamp duty, registration fee, ..... assessee thereupon preferred an appeal before the tribunal. the issue before the tribunal was whether the interest paid in terms of the agreement relating to the assessment years 1968-69 and 1969-70 should be allowed as deduction in the computation of the business income.5. it was contended before the tribunal that the 'amounts in question ..... distinct and independent businesses, and one of such businesses was closed before the previous year, he could not claim allowance under section 10 of the indian income-tax act, 1922, of an outgoing attributable to the business which was closed against the income of his other business in that year. the said decision was considered by .....
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 .....
Tag this Judgment!Court : Kolkata
Decided on : Jan-27-1978
Reported in : [1978]112ITR812(Cal)
..... a mistake apparent from the records. the tribunal allowed the appeal of the assessee directing the income-tax officer to recompute the tax with reference to the provisions of the finance act, 1964.9. mr. b. l. pal, learned counsel for the revenue, has contended before us that, in the facts and circumstances, the order of the tribunal was ..... . the tribunal was further in error in holding that the provisions of paragraph d of part ii of the first schedule to the finance act, 1964, did apply in the instant case. .13. the relevant provisions of the finance act, 1964, are as follows :' in the case of every company, other than the life insurance corporation of india established under the ..... , and in directing the income-tax officer on that basis to recompute the tax according to the provisions of law laid down in the finance act, 1964 '2. the facts found and/or admitted in these proceedings are, inter alia, as follows. messrs. simplex concrete piles (india) pvt. ltd., the assessee, was assessed .....
Tag this Judgment!Court : Kolkata
Decided on : Jan-16-1978
Reported in : [1978]114ITR711(Cal)
..... the explanation to the said section was promulgated and deliberately given a prospective effect in the finance (no. 2) act of 1971.16. he drew our attention to the reply given by the finance minister in parliament in the debate on this particular finance act. the relevant part of the reply is as follows:'in giving an extended meaning to ..... were included in jewellery with effect from the 1st april, 1972, when the explanation was added to section 5(1)(viii) of the wealth-tax act by the finance (no. 2) act, 1971. the tribunal followed an earlier decision of another bench of the tribunal in the case of smt. rajashree birla v. wealth-tax officer for ..... by the said explanation under the said term. the high court considered its earlier decision in the case of commissioner oj wealth-tax v. mrs. arundhati balkrishna : [1968]70itr203(guj) and subsequently affirmed by the supreme court where it had considered the dictionary meaning of the term 'jewellery' and had held that, according to the dictionary .....
Tag this Judgment!Court : Kolkata
Decided on : Jul-20-1978
Reported in : [1980]50CompCas75(Cal)
..... january, 1973, accorded sanction to the petition under the provisions of the second proviso to sub-section (5) of section 439 of the companies act, 1956, read with the government of india, ministry of finance, department of the company affairs, and insurance, notification no. g.s.r. 71 dated 1st january, 1966, to present this petition for ..... , in ye dhootpapeshwer sales corporation ltd. [1972] 42 comp cas 139 (bom) and, lastly, the supreme court decision in seth mohan lal v. grain chambers ltd. : [1968]2scr252 .9. mr. law submitted that in the present case although there is some delay in filing the winding-up petition after obtaining the sanction under sub-section (5) of ..... company and its directors were also prosecuted for non-filing of the balance-sheets and profit and loss accounts for the years ending 31st december, 1967, 31st december, 1968, and 31st december, 1969, which ended in conviction.3. it is alleged in para. 8 of the petition that the company did not file its balance-sheets .....
Tag this Judgment!Court : Kolkata
Decided on : Jul-18-1978
Reported in : (1979)1CompLJ51(Cal),[1980]121ITR510(Cal)
..... fenner woodroffe case : [1976]102itr665(mad) which was distinguished as then advised. mr. sengupta submits that we should not differ from this case including the mysore kirloskar case : [1968]67itr23(kar) and the hylam case : [1973]87itr310(ap) . but we are not impressed by his argument for the reasons already given in rejecting the arguments in the indian ..... .10. the case of paterson engineering ltd. v. duff [1943] 25 tc 43 deals with the express prohibitions under the income-tax act, 1918, of england and the case of british borneo petroleum syndicate ltd. v. cropper [1968] 45 tc 201 ; [1969] 73 itr 125 deals with a royalty agreement which was appropriated as a capital asset. these cases, therefore ..... deb, j.1. this reference under section 256(1) of the i.t. act, 1961, arises out of the assessment proceedings for the assessment year 1968-69.2. the assessee is a private limited company. it carries on business of manufacture and sale, inter alia, of mild steel rods and bars used in reinforced .....
Tag this Judgment!Court : Kolkata
Decided on : Jul-13-1978
Reported in : [1978]42STC248(Cal)
..... price thereof and the frame is then appropriated to the contract of sale within the meaning of explanation 2(a) to section 2(g) of the bengal finance (sales tax) act, 1941. the petitioner then fixes the glasses, according to prescription, to the frame which has already become the chattel of the customer. there are thus two ..... . it is alleged that the commercial tax officer, alipore, who examined the petitioner's books of account, records and documents under section 14(1) of the act, completely misunderstood the nature of the transaction and the legal implication thereof and by an order dated 7th april, 1970, held that the petitioner manufactures spectacles from ..... parts of spectacles purchased by him and sells such spectacles to customers. according to the said officer, the petitioner is a manufacturing dealer whose liability under the act would arise upon the taxable quantum of rs. 10,000 within a year or part thereof. the commercial tax officer estimated that the gross turnover of the .....
Tag this Judgment!Court : Kolkata
Decided on : Jul-12-1978
Reported in : (1979)ILLJ434Cal
..... workmen appealed against the award to the supreme court and obtained special leave under article 136 of the constitution. the supreme court delivered its judgment on october 18, 1968. it directed that the dearness allowance variation should be re. 1 for every five points with 100 as the base for the year 1939 on parity with the ..... , 1961, the state government had referred several issues including an issue as to the dearness allowance to the fifth industrial tribunal under section 10 of the industrial disputes act, 1947. 3. on april 25, 1965, the fifth industrial tribunal made its award. by the award the rate of dearness allowance fixed by the government notification ..... to the supreme court. in krishnarajendra mills workers' union v. assistant labour commissioner a.i.r. 1968 mysore 49, it was contended that considering the definition of the word 'award' in section 2(b) of the industrial disputes act it would not be possible to bring an order passed in writ petition under the category of an .....
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 .....
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