Court : Kolkata
Reported in : [1991]191ITR195(Cal)
..... of the relevant expense would produce a figure close to the amount of the ordinary school fees.the relevant statutory provisions are to be found in chapter ii of part iii of the finance act 1976, in particular, sections 61 and 63. those two sections have now been replaced, with amendments immaterial for present purposes, by sections 154 and ..... to the attractively presented argument of mr. oliver, for the taxpayers, and because this case has certain features which case me concern.section 61(1) of the finance act 1976 requires that in cases where the subsection applies there shall be treated as emoluments of the employment of each of the taxpayers, and accordingly chargeable to income tax ..... means, after 1978, employment with emoluments at the rate of pounds 8,500 a year or more (section 69(1), as amended by section 23 of the finance act 1978). section 61 introduced into charge to income tax under schedule e a wide range of benefits, where these are provided for the employee or members of his .....
Tag this Judgment!Court : Kolkata
Reported in : [1971]80ITR428(Cal)
..... was being carried on before the 1st day of april, 1948 (now amended as 'previously used in any other business'. the amendment applies retrospectively by the finance act of 1959);....(iii) employs 10 or more workers in a manufacturing process carried on with the aid of power, or employs 20 or more workers in a ..... situation where the company is in some difficulty with its members or creditors and as will also be apparent from the fact that section 394 appears under chapter v of the companies act dealing with 'compromises, arrangements and reconstructions'. what we are, however, concerned with, is not reconstruction of a 'company' but recon-struction of ..... . the preamble of that statute says that it was 'anact to provide for the development and regulation o,f certain industries'.in chapter 3 of that statute of industries (development and regulation)act, 1951, dealing with 'regulation of scheduled industries' certainsections like sections 11, 11a and 13 appear. section 11 deals with licensing of .....
Tag this Judgment!Court : Kolkata
Reported in : 81CWN226,[1978]112ITR100(Cal)
..... 'paper' the different varieties are not only differently enumerated but are subjected to different rates of excise duty.3. the finance act of 1965, in providing some tax relief, introduced a new scheme of tax credit certificate in chapter xxiib including therein a provision for such a credit certificate in relation to increased production of certain goods in section 280zd. ..... during any financial year commencing on the 1st day of april, 1965, or any subsequent financial year (not being a year commencing on the 1st day of april 1970, or any financial year thereafter) manufactures or produces any goods, shall be granted a tax credit certificate for an amount calculated at a rate not exceeding twenty-five per ..... 60 of 1974 arises. the said company challenged the assessment for the year 1967-68 in a writ petition which was registered as c.r. no. 1584(w) of 1970 out of which f.m.a. no. 64 of 1974 arises. the assessments for the years 1968-69 and 1969-70 were challenged in a writ petition by the .....
Tag this Judgment!Court : Kolkata
Reported in : 78CWN115,[1974]93ITR96(Cal)
..... contentions of the parties it is necessary to examine the relevant sections of the act and the scheme framed thereunder. the finance act, 1965, has introduced a new scheme of tax credit certificate and the provisions relating thereto are embodied in chapter xxiib of the act. section 280zb provides for the grant of a tax credit certificate for increased production ..... particular variety or quality of paper which constitutes a different class of goods manufactured by the petitioner. the expression 'goods' has not been defined in chapter xxii-b of the act but clause 2(h) of the scheme defines 'goods' to mean any excisable goods in respect of which a tax credit certificate can be granted ..... .2. aggrieved by this order the petitioner came to this court and obtained a rule nisi. an affidavit of sri a. n. bhattacharya affirmed on 22nd april, 1970, has been filed on behalf of respondents nos. 1 to 3.3. the learned counsel for the petitioner has mainly contended that according to the object for which .....
Tag this Judgment!Court : Kolkata
Reported in : [1968]69ITR847(Cal)
..... an order determining the amount of super-tax payable by the company under that section. it was held that an order under section 23a after its amendment by the finance act, 1955, was an order of assessment to which the period of limitation prescribed in section 34(3) applied, and such an order could not, therefore, be made ..... an order under section 23a should not be made, could not be issued by the respondent no. 1.mr. sen next argued that the finance act of 1955 amended section 23a of the act, and after this amendment the section itself became a charging section, which empowered the income-tax officer to make an order that the assessee should ..... . reliance was placed on this case for the observations of the supreme court that the expression 'assessment' used in chapter iv of the act did not merely mean computation of income and that this expression was used in the act with different connotations. i shall, however, refer to this decision in another connection, later in this judgment.the next .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD220(Kol.)
..... of s. 72, or sub-s. (2) of s. 73, or sub-s. (1) or sub-s. (3) of s. 74 inserted by the finance act, 1972, w.e.f. 1st april, 1975, or sub-s. (3) of s. 74a he may furnish, within the time allowed under sub-s. (1) ..... carry forward and set off the unabsorbed loss of rs. 60,419 of the earlier years against its income computed in the asst. yr. 1970-71 for the purposes of levy of tax on such income." 8. putting the facts of the instant case to the tests laid down by ..... whether taxing provisions on this subject are ambiguous or/and are capable of more than one interpretations.7. under the general scheme of the it act if the profits and losses under different heads are to be aggregated and if the resultant figure is an income it is liable to tax ..... of s. 139(1) r/w s. 139(3) of the act.sec. 80 which deals with the return of loss reads as under : "sec. 80. - submission of return for losses - notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return .....
Tag this Judgment!Court : Kolkata
Reported in : (1997)57TTJ(Cal)96
..... of s. 72, or sub-s. (2) of s. 73, or sub-s. (1) or sub-s. (3) of s. 74 inserted by the finance act, 1972, w.e.f. 1st april, 1975, or sub-s. (3) of s. 74a he may furnish, within the time allowed under sub-s. (1 ..... forward and set off the unabsorbed loss of rs. 60,419 of the earlier years against its income computed in the asst. yr. 1970-71 for the purposes of levy of tax on such income.'8. putting the facts of the instant case to the tests laid down by ..... forward and set off the unabsorbed loss of previous years would do violence to the language of the section. moreover, in construing an act like the it act, which has an all india application, there should be uniformity of construction as far as possible'.the fourth question is also answered ..... s. 139(1) r/w s. 139(3) of the act. sec. 80 which deals with the return of loss reads as under :'sec. 80. - submission of return for losses -notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return .....
Tag this Judgment!Court : Kolkata
Reported in : 2000(70)ECC163,2000(120)ELT322(Cal)
..... notified that the import of gold and silver shall be permitted to the nominated and authorised agencies by the reserve bank of india (rbi)/ministry of finance. it is further notified that payment of customs duty for import of gold and silver by such agencies without surrender of special import licence (sil) and ..... the powers conferred under paragraph 4.11 of the export and import policy 1997-2002 read with col. 4 of the itc (hs) classification in chapter 71, the director general of foreign trade hereby notifies that these disignated agencies as mentioned in the notification 80/97 referred above may import gold and ..... - special import cence or in accor- licence (sil) dance with a. pub- lic notice issued in this behalf-----------------------------------------------------------------------7. section 11 of the customs act, 1962 empowers the central government to prohibit importation and exportation of goods.8. section 111 which deals with the power of the commissioner to confiscate the goods .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1998Cal4,[1999]96CompCas398(Cal)
..... purpose the deciding the question referred to above, it would be necessary to refer to some of the provisions of the act. chapter 3 of the act deals with references, enquiries and schemes. section 15 of the act says where an industrial company has become a sick industrial company, the board of directors of the company, shall, within ..... state certain facts which are relevant for the purpose of disposal of this writ applications. 2. the writ petitioners are the registered trade unions under the trade unions act, 1926. bharat process and mechanical engineers ltd. (hereinafter referred to as 'the company') is a company which has now become a sick company. references were made ..... a pre-requisite for generating the projected cash surplus. this amount will further go up for financing the future cash losses as also the increment amount on drs. bpmel has also to arrange for a new banker for financing its working capital needs. since bpmel is facing problems in procuring orders, the government of india .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD105(Kol.)
..... the assessment year 1977-78 and subsequent years." as a result of omission of section 109, explanation to section 73 was amended with effect from 1-4-1988 by the finance act, 1987 (11 of 1987). as per explanation to section 73, where any part of a business of a company other than (i) for assessment years 1977-78 to ..... learned counsel, as already pointed out, relied upon the decision of the supreme court in the case of shahzada nand & sons (supra). on perusal of all the provisions of chapter vi relating to set off and carry forward of losses i am unable to find, either express on implied, intention of the legislature enabling to overrule the principle of generalia ..... in the business of purchase and sale of shares. if the legislature had used the expression in explanation to section 73 for the purposes of this act or for the purposes of this chapter, then it would not be permissible for the assessee to set off the loss suffered in business against the profits derived in the business of purchase .....
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