Judgment Search Results Home > Cases Phrase: finance act 1972 chapter iii direct taxes income tax Court: kolkata Page 1 of about 452 results (0.272 seconds)

Surajmull Nagarmull and ors. Vs. the Commissioner of Income Tax

Court : Kolkata

Reported in : AIR1961Cal578

..... thus be necessarily referable to the same, that act was entitled the finance act, 1956, with a further description that it was 'an act to give effect to the financial proposals of the central government for the financial year 1956-57' and these proposals embraced inter alia the conferring of powers on the income-tax authorities as made in the new section 37 ..... show that there has been a clear transgression of the constitutional principles; (c) that it must be presumed that the legislature understands and correctly appreciates the need of its own people, that its laws are directed to problem made manifest by experience and that its discriminations are based on 'adequate grounds: (d) that the legislature is free to recognise degrees of harm and may confine its restrictions to those cases, where ..... the several classes or categories of cases under the article, as mentioned in ram krishna dalmia's case, : [1959]1scr279 , we need not concern ourselves with any except with the last three, namely,-- '(iii) a statute may not make any classification of the persons or things for the purpose of applying its provisions, but may leave it to the discretion of the government to select and classify persons or things to ..... before me on 20th january, 1958 and after the hearing had progressed to a certain extent, i felt that it was necessary to make an order under rules 2 and 3 of chapter v of the original side rules, referring the matter to the learned chief justice to constitute a larger bench. .....

F. S. Securities Ltd. Vs. Inland Revenue Commissioners.

Court : Kolkata

Reported in : [1965]58ITR756(Cal)

..... securities ltd.against that company the special commissioner of income tax had made a direction under the provisions of the income-tax acts dealing with the under-distribution of dividends by a limited company, with consequent avoidance of surtax by the shareholders.in 1936 the legislature, stung to action by the continued ingenuity of the taxpayer and his advisers in avoiding surtax by means of ..... inland revenue commissioners lord hodson said that 'the relevant income is not the income from day to day but the income tax income when ascertained,' and he quoted the remark of lord atkin in fattorini (thomas) v. ..... in the judges view gross receipts of a trade are 'charged' merely by being brought into the computation of trading profit, would i venture with respect to disagree.on this aspect of the case attention my usefully be drawn to certain provisions in chapter iii of part ix of the act of 1952. ..... ) in this field, therefore, it is advantageous to be a trading company and disadvantageous, as a rule, to be an investment company.the legislature originally defined an 'investment company' by section 20 of the finance act, 1936. ..... the king and ending for the moment with cenlon finance company ltd. v. ..... finance ltd. ..... finance trust ltd. v. ..... finance trust ltd. v. ..... finance trust ltd. v. ..... which would fall to be taken into account as trading receipts in computing the profits or gains of the trade for the purpose of assessment under that case' - this is, case i; and section 4 of the finance (no. .....

India Media Services Pvt. Ltd. Vs. Newsprint Trading and Sales Corpora ...

Court : Kolkata

Reported in : (2007)3CALLT606(HC)

..... discharged, as provision of section 230a of the income tax act has been omitted by the finance act, 2001 with effect from 1st june, 2001 ..... that the following questions are involved to decide the said execution application:i) whether the decree is a nullity having regard to the aforesaid facts narrated?ii) whether this question can be agitated at this stage?iii) whether the decree and order passed is a consent decree under the provision of order xxiii rule 3 of the code of civil procedure?iv) whether the relief sought for in the application can be granted ..... of conveyance jointly with indian express newspaper (bombay) limited as vendor, the registrar of original side of the hon'ble court be empowered and directed to execute and register the deed of conveyance referred to in prayer (a) above for and on behalf of and in the name of the ..... thereafter the present application has been taken out on the tabular statement for the following reliefs:(a) direction be given for service of notice of this application upon indian express newspapers (bombay) limited having its registered office ..... taken at the first available opportunity and if such plea is not taken by a litigant, on contrary the person concerned has accepted and/or acquiesced by act and conduct, decree on all earlier occasions, at later stage he or she cannot turn round taking different and contradictory stand. ..... similarly provisions of chapter xx (269 uc of income tax act) shall not apply in relation to transfer of any immovable property .....

Simplex Infrastructures Ltd. Vs. Commissioner of Service Tax, Kolkata

Court : Kolkata

..... period of limitation stands extended to 5 (five) years if non-payment or short payment of the service tax is by reason of fraud or collusion or wilful misstatement or suppression of facts or contravention of any of the provisions of chapter 1 of the finance act, 1994 or the rules made thereunder with intent to evade payment of service tax, by the person chargeable with the service tax. ..... india reported in 2007 (8) str84 wherein at paragraph 51 of the judgment it was observed that the adjudicating authority was in error in not directing the respondents to supply copies of the testing reports to the petitioners.a document to be relevant may support either the revenue or the petitioner ..... such return is to be filed under the said rules; (c) in any other case, the date on which the service tax is to be paid under this chapter or the rules made thereunder; (ii) in a case where the service tax is provisionally assessed under this chapter or the rules made thereunder, the date of adjustment of the service tax after the final assessment thereof; (iii) in a case where any sum, relating to service tax, has erroneously been refunded, the date of such refund. ..... (46) in the aforesaid case, the supreme court held that where the income tax officer had assumed jurisdiction by deciding a jurisdictional fact erroneously, the assessee would be entitled to a writ of certiorari as prayed for, since it was incomprehensible to think a quasi-judicial authority could erroneously decide a jurisdictional fact .....

Dcit Vs. S.G. Investments and Industries

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)89ITD44(Kol.)

..... a new section 14a in chapter iv of the income-tax act, 1961 was inserted by the finance act, 2001, with retrospective effect from 1-4- ..... section 14a of the act has both direct significance as well as indirect significance having regard to the context in which it is used.it can also be gathered from the memorandum explaining the provisions of section 14a stating that in the absence of any such provision like that of section 14a the expenditure incurred in respect of exempt income was being claimed against taxable income though the legislature had no such intention since the inception of the income-tax act, 1961.the amendment ..... the purchase of shares and dealing in shares is one of the business activities of the assessee then the interest expenditure incurred on the money borrowed for the purpose of purchase of shares is deductible under section 36(1)(iii) and cannot be apportioned as relatable to dividend income and also taking in view the decision that the interest expenditure incurred in relation to indivisible business activity comprising of dealing in various activities cannot be identified relatable to any independent business activity. ..... 2001 dated 23rd july, 2001, a direction was issued by the central board of direct taxes that the assessments where the proceedings have become final before the first day of april, 2001 should not be re-opened under section 147 of the act to disallow expenditure relatable to the exempt income by applying the provisions of section 14a of the act. .....

Melluish (inspector of Taxes) Vs. B. M. I (No. 3) Ltd. Melluish (inspe ...

Court : Kolkata

Reported in : [1995]213ITR236(Cal)

..... ' that is the chapter which starts with section 40 of the act of 1971 and includes sections 41 and 44.the submission for the crown is that the purposes of chapter i of part iii of the act of 1971 are only concerned with income-tax and corporation tax allowances in respect of machinery and plant, and that therefore any person to whom machinery is to be treated as belonging for these purposes under condition (d) in paragraph 3 must be a person who is liable to income-tax or corporation tax. ..... the definition.paragraph 3 of schedule 17 provides :'(1) in any case where - (a) a person in this schedule referred to as the equipment lessor) incurs capital expenditure on the provision of machinery or plant of leasing, and (b) an agreement is entered into for the lease, directly or indirectly from the equipment lessor, of the machinery or plant (otherwise than as part of the relevant land) to another person (in this schedule referred to as the equipment lessee) for the purposes of a trade carried on by the equipment lessee ..... section 59(1) provides :'the provisions of schedule 17 of this act apply to determine entitlement to an allowance under chapter i part of iii of the finance act 1971 in respect of expenditure on the provision of machinery or plant which is so installed or otherwise fixed in or to a building or any other description of land as to become, in law, part of that building or other land; and at any time when, by virtue of that schedule, .....

Indian Jute Mills Association Vs. Wealth-tax Officer.

Court : Kolkata

Reported in : [1984]8ITD757(Cal)

..... entitled to the immunity available under section 5(1) (i) inasmuch as the assessee had been carrying on activities of profit and also on the ground that as per rule 2 of chapter xiv, the surplus funds of the association representing accumulated subscription and interest were liable to be distributed amongst the members of the association in the event of the dissolution of the ..... raised are as follows :(i) that the aac erred in holding that the assessee was was chargeable to wealth-tax thereby, ignoring the provisions of section 3;(ii) that the aac failed to notice that the assets of the assessee were exempt from wealth-tax under section 5(1) (i); and(iii) that the aac erred in not directing the wto to allow deduction in respect of liabilities claimed before the wto.4. ..... mentioned in sub-clauses 5,7 and 8, namely, that one of the functions of the association is to encourage and finance measures for improving the cultivation of jute as also to develop existing markets and in opening out new markets of indian ..... the provisions of section 4(3) (i) of the 1922 act read as follows :'(3) any income, profits or gains falling within the following classes shall not be included in the total income of the person receiving them :(i) subject to the provisions of clause (c) of sub-section (1) of section 16, any income derived from property held under trust of other legal obligation wholly for religious or charitable purposes, insofar as such income is applied or accumulated for application to such .....

isg Traders Ltd Vs. Commissioner of Income-tax, West

Court : Kolkata

..... section 14a "23.1 through the finance act, 2001, a new section namely 14a was inserted in the income-tax act retrospectively with effect from 1st april, 1962 to clarify the intention of the legislature that no deduction shall be allowed in respect of any expenditure incurred by an assessee in relation to income which does not form part of the total income under the income-tax act. ..... : this appeal under section 260a of the income-tax act, 1961 ("act") is at the instance of an assessee and is directed against an order dated 29th may, 2002 passed by the income-tax appellate tribunal, "c" bench, kolkata, in income-tax appeal being ita no.349 (kol) of 2002 for the assessment year 1998-99 by which the tribunal allowed the appeal preferred by the revenue and set aside the order passed by the cit ..... --for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act: provided that nothing contained in this section shall empower the assessing officer either to reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability ..... filed its return of income for the assessment year 1998-99 and in the said return, the appellant claimed that the entire interest expenditure of rs.3,69,36,637/- incurred by it under section 36(1)(iii) of the act should be deducted. .....

Som Datt Builders (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)29ITD495(Kol.)

..... therefore, shri sahai urged that since in both these case the court has held that unabsorbed losses and/or depreciation and/or development rebate are required to be set off before granting any deduction under chapter via there is no reason why the current year's losses suffered by the appellant-company in different foreign projects should not be set off against the profits from other foreign projects for the purpose of computing ..... is claimed, (ii) whether any income has accrued or arisen to the appellant-company outside india during the previous year, (iii) whether the appellant-company has paid income-tax by way of deduction or otherwise in foreign countries in accordance with the income-tax laws of those countries having no agreement under section 90 to avoid double taxation, and (iv) whether the appellant-company is entitled to deduction from the indian income-tax payable by it of a sum calculated on such doubly taxed income-tax at the lower rate of tax on that country or the ..... he set aside the assessment made by the ito and directed him to make a fresh assessment by keeping in mind the directions given by him in respect of the claims under section 80hhb and .91 of the income tax act. ..... these are letters of the ministry of finance, department of revenue not accepting audit objections. ..... the department of revenue, ministry of finance, government of india informed the c & ag that relief under section 91 was properly allowed to the appellant-company in the year under appeal.25. .....

Ambika Nahar Exports and anr. Vs. Commissioner of Customs (Port) and o ...

Court : Kolkata

Reported in : 2007(3)CHN625

..... this sub-section, 'order passed under section 128a includes an order passed under that section before the commencement of section 40 of the finance act, 1984, against when an appeal has not been preferred before such commencement and could have been, if the said section had not come ..... of the quantity of such goods as has not been unloaded at any such destination if goods unloaded at such destination are short of the quantity required to be unloaded at that destination;(c) payment of drawback as provided in chapter x, and the rules made thereunder:-provided further that the appellate tribunal may, in its discretion, refuse to admit an appeal in respect of an order referred to in clause (b) or clause (c) or clause (d) where-(i) ..... the record of any proceeding in which a commissioner of customs as an adjudicating authority has passed any decision or order under this act for the purpose of satisfying itself as to the legality or propriety of any such decision or order and may, by order, direct such commissioner or any other commissioner to apply to the appellate tribunal for the determination of such points arising out of the decision ..... an order passed by the tribunal in appeal under the provisions of the income-tax act, 1961. ..... of customs or to the value of goods for purposes of assessment is in issue or is one of the points in issue, the difference in duty involved or the duty involved, or(iii) the amount of fine or penalty determined by such order, does not exceed fifty thousand rupees. .....