Court : Kolkata
Reported in : [1990]186ITR1(Cal)
..... business losses when the company was held by the said guha roy group. while making the assessment for the assessment year 1978-79, the income-tax officer intended to invoke the provisions of section 79 of the income-tax act, 1961, and to deprive the assessee-company of the benefit of setting off in the current year, the business losses ..... all along at the relevant time. section 79 reads as under :'carry forward and set-off of losses in the case of certain companies.--notwithstanding anything contained in this chapter, where a change in shareholding has taken place in a previous year in the case of a company, not being a company in which the public are substantially interested, ..... case. further, take over need not be by a person who is already an existing creditor. even a rank outsider could take over a concern which may have been financed by the bank. merely because the bank was a major creditor of the assessee-company, it could not have taken over its management in its own hands. mr. poddar .....
Tag this Judgment!Court : Kolkata
Reported in : (1992)94CTR(Cal)46,[1992]193ITR457(Cal)
..... harlalka v. cit : [1967]66itr680(sc) , it was held that the assessment would include every type of computation of income and mostly all liabilities under chapter iv of the income-tax act.moreover, this is not a question of instrinsic or inherent lack of jurisdiction as has been specified by the statute. it is not that the income-tax ..... of the salaries at all, even if it chose to deduct the tax from the salaries of its own, it cannot be said to be strictly a deduction under chapter xvii. however, it cannot be seriously disputed that the assessee would get benefit of these payments as deductible amounts notwithstanding section 40 (iii) and, therefore, if follows ..... in this regard. no objection to the jurisdiction of the income-tax officer was taken by the assessee, although a reply was filed to this letter on 5th june, 1978, contending that no interest was at all chargeable. in these circumstances, while it may be correct that the return regarding the deduction of tax in respect of the .....
Tag this Judgment!Court : Kolkata
Reported in : (1990)1CALLT78(HC),1991LC609(Calcutta),1989(44)ELT409(Cal)
..... additional duty was exempted. there are other notifications which exempted said goods from the whole of auxilary duty leviable under sub-section (1) of section 43 of the finance act. it is strongly alleged by the petitioner that the custom authorities even after filing of relevant documents including bill of entry are not releasing the goods without any ..... not provided in the notification. in support of his contention he has relied upon a case of modi rubber limited, modi nagar v. union of india and ors., reported in 1978 excise law times, page j. 127. he has also relied uport a case reported in : [1988]2scr1 (the state of haryana v. dalmia dadri cement limited). mr ..... the use in leather industry. it is further placed on record that stamping foils are cleared under chapter 32 of the first schedule of the customs tariff act, 1975 and the rate of duty was specified against the said subheading in the customs tariff act in 150% + rs. 15/- per kg. by exemption notification, dated july 9, 1985 the .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]181ITR427(Cal)
..... of such dividends as are computed in accordance with the provisions of this act, before making any deduction under this chapter and not with reference to the gross amount of such dividends. a perusal of the memo explaining the provisions of the finance bill, 1980, would show that the intention behind this provision was that ..... the precise computation of the profit attributable to the new industrial undertaking lose their importance after the supreme court'sdecision in rajapalayam mills ltd. v. cit : [1978]115itr777(sc) , namely, that the deficiency in the new business can be set off against profits from the old business and that no separate recomputation with ..... undertaking for which the deductions under section 80j and 80-i were claimed, the supreme court decision in the case of rajapalayam mills ltd. v. cit : [1978]115itr777(sc) was no longer applicable because of the amended provision. he, therefore, rejected the assessee's contention holding the claim only to be of academic .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]182ITR396(Cal)
..... by way of such dividends as computed in accordance with the provisions of the income-tax act, before making any deduction under chapter vi-a and not with reference to the gross amount of such dividends. it is urged that significantly the finance act of 1981 which introduced the explanation to rule 1 of the first schedule to the ..... the decision of the supreme court in the case of cambay electric supply industrial co. ltd. : [1978]113itr84(sc) , urged that what had been excluded in computing the total income of the assessee under the income-tax act could not be included for determining the chargeable profit as had been held by the appellate assistant commissioner. ..... pvt. ltd. : [1985]155itr120(sc) , affirmed the decision in cambay electric supply co.'s case : [1978]113itr84(sc) , a decision rendered in 1978 which would hold the field. it is no doubt true that the amendment to the surtax act has been incorporated with effect from april 1, 1981, but, as held by the supreme court, if such .....
Tag this Judgment!Court : Kolkata
Reported in : (1989)2CALLT364(HC)
..... under rule 47(b) of the railway protection force rules, 1954 (hereinafter referred to as the said rules) read with paragraph 13 of the chapter xvi of the railway protection force regulations 1966. the petitioner complains that no copy of the order of removal of service has been communicated to him ..... service.now, therefore, the undersigned in exercise of the powers conferred by rule 47(b) of rpf rules 1959 read with para 13 of chapter xvi of rpf regulations hereby orders that naik/1034/dipty prasad of andal (p)/post be removed from service with immediate effect for unauthorised absence ..... monoranjan mallick, j.1. the petitioner who was lately posted as senior rakshak presently designated as naik in 1978 was posted at asansol under the railway protection force. on 4-2-85, when he was posted at down ..... merits in this writ petition which is dismissed.21. no order for costs is, however, passed.22. all parties to act on a signed copy of the operative portion of this judgment upon usual undertaking. .....
Tag this Judgment!Court : Kolkata
Reported in : 1990(49)ELT179(Cal)
..... granting permission for re-export of the goods of different importers who are similarly placed. the learned advocate for the petitioner relied upon a decision reported in : 1978(2)elt552(cal) (mercantile expressing co. v. assistant collector of customs) wherein this hon'ble court had held that the decision made by the collectorate authorities ..... 1982-83.25. it is further submitted by the ld. advocate for the respondents that unless connected export obligations are not discharged, the licence cannot be acted upon.26. i have given anxious consideration to the submissions of the ld. counsels of the parties.27. following the decisions referred to hereinabove i hold ..... that import licences are issued by the authorities concerned for the purpose of earning foreign exchange and given incentive to importer/exporter of this country to act upon the licence and to earn more foreign exchange. a prudent businessman must clearly know what are his entitlements and on this very concept provisions were .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD15(Kol.)
..... income-tax (including surcharge on incomes, if any) applicable in relation to the highest slab of income in the case of an association of persons as specified in the finance act of the relevant year. in support of the contention that the assessees before us should be assessed in the status of an association of persons, learned departmental representative placed ..... educational trust fund (supra) was erroneous. according to sri biswas in view of the decision of the bombay high court in the case of cit v. smt. godavaridevi saraf [1978] 113 itr 589, the tribunal was bound to follow the decision of the calcutta high court in the case of smt. santimoyee bose (supra) which supported the view that ..... thereto are analogous to section 160(1) and 160(4) of the act. their lordships in the case of trustees of h.e.h. nizam's family (supra) have held that section 41 only comes into play after the income has been computed in accordance with chapter iii and then the question of payment of tax arises and it is .....
Tag this Judgment!Court : Kolkata
Reported in : [1992]195ITR763(Cal)
..... type with another and selling it. it was held in that case that the assessee came within the definition of 'industrial company' given in section 2(7)(c) of the finance act, 1978.6. strong reliance has been placed by mr. dhar on a judgment of the kerala high court in the case of cit v. casino (pvt.) ltd. : [1973]91itr289 ..... (ker) . there, the kerala high court, in construing the expression 'industrial company' in the finance act, 1968, held (p. 300) 'there may be trading concerns which may sometimes engage in production which isincidental to trading. it nevertheless will continue to be a trading concern. a ..... attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter vi-a of the income-tax act) is not less than fifty-one per cent. of such total income.' mr. dhar has contended that an industrial company must be a company .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD1(Kol.)
..... .2. after completion of the original assessments for the assessment years 1977-78 and 1978-79, section 80aa came to be inserted by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 in the income-tax act, 1961 (for brevity the act) which in substance provides that deduction allowable to a company under section 80m should ..... with reference to the income by way of such dividends as computed in accordance with the provisions of this act (before making any deduction under this chapter) and not with reference to the gross amount of such dividends.acting on the basis of section 80aa, the income-tax officer sought to rectify the assessments made for these two ..... the rectification order in a writ petition in the high court. the high court set aside the order by holding that whether the retrospectivity given by the finance act would cover completed assessments or would apply to pending assessments was a debatable point and since it was a debatable point, there could not be said to .....
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