Court : Kolkata
Reported in : 80CWN117,[1978]112ITR643(Cal)
..... case, the balance-sheet for the year 1960-61 expressly mentions the fact that a sum of 9,473 has been created as development rebate reserve under the indian finance act, 1958. mr. pal has made a grievance that the said sum of 9,473 has been debited from and credited in the ' shareholders' account ' and ..... of west bengal and the company) : shareholders' account balance as at august 31, 1951... 2,71,456less amount transferred to dev. rebate reserve to conform with the indian finance act, 1958... 9,473total... 2,61,983add reserve created in respect of above transfer 9,473... 2,71,456special reserve... 98,017 3,69,4734. mr. balai pal, ..... viz., 'shareholders' account ' and ' a special reserve account '* and need not necessarily include development rebate reserve, which is provided under section 33 of the income-tax act entirely on different considerations. the 'special reserve account' has to be maintained under the said agreement after setting apart a sum of 87,457 in the shareholders account in .....
Tag this Judgment!Court : Kolkata
Reported in : 1978(2)ELT180(Cal)
..... identifiable test to determine what is mentioned in the schedule. in the case of union of india v. tata iron and co. ltd.- : 1978(2)elt439(sc) , the supreme court was concerned under central excises and salt act, 1944, schedule i. item 26aa(iii) with two expressions 'skelp' and 'strips'. the supreme court found that the taxing authorities were not ..... said notice as mentioned before has been issued under rule 9(2) of the central excise rules, 1944. it is, therefore, necessary to set out the relevant rules. chapter iii of the rules deals with levy and refund of and exemption from duty. rule 7 deals with recovery of duty.0 8 deals with power to authorise exemption from ..... being confiscated. that rule 9(2) applies only to cases where there has been an evasion from payment of duty is clear from the decision of this court in : 1978(2)elt355(sc) . though on certain other aspects there was a difference of view amongst the learned judges, on this aspect the decision is unanimous. there is absolutely .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]41STC75(Cal)
..... the said order. apart from the aforesaid, there are no other limitations, engrafted in the express provision of sub-section (4) of section 20 of the bengal finance (sales tax) act, 1941. my attention was drawn to several decisions either under rule 1 of order 47 of the code of civil procedure or other provisions of the sales tax laws ..... commercial tax officer. the first challenge to the order is on the ground that the commercial tax officer had no power under section 20(4) of the bengal finance (sales tax) act, 1941, to pass the impugned order. it was contended that there was no error apparent on the face of the record nor was there any scope of discovery ..... done. for the aforesaid reasons, i set aside the order dated 24th june, 1974, passed under section 9 of the central sales tax act read with section 20(4) of the bengal finance (sales tax) act, 1941 and direct the officer concerned to pass a fresh review order in accordance with law after giving the parties reasonable opportunity and in .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]112ITR111(Cal)
..... . there is still another point which was sought to be argued by mr. pronab pal appearing on behalf of the petitioner to the effect that the provisions of chapter xxa of the income-tax act are penal in nature. it is by way of additional revenue and the same is sought to be collected by the government. hence, it should not be ..... right to be heard at the hearing of the objections.explanation : the terms and expressions used herein as are denned in chapter xxa of the income-tax act, 1961 (43 of 1961), shall have the same meaning as given in that chapter.the schedule 7 cottahs of land being premises nos. 29/na (ep) and 29/na (wp) block ' b ', new alipur. ..... of sub-section (1).' 8. it has to be noted that this is a new chapter being chapter xxa which has been inserted into this income-tax act by the taxation laws (amendment) act, 1972, which has come into effect on and from 15th november, 1972. the said chapter consists of 19 sections, i.e., from section 269a to section 269s and provides for the .....
Tag this Judgment!Court : Kolkata
Reported in : 81CWN226,[1978]112ITR100(Cal)
..... heading of '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. that ..... such liability, the excess or the whole of such amount, as the case may be, shall, notwithstanding anything contained in chapter xix, be deemed, on the said date, to be refund due to such person under that chapter and the provisions of this act, shall apply accordingly : provided that the adjustment or refund, as the case may be, under this sub-section shall .....
Tag this Judgment!Court : Kolkata
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
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
Reported in : [1978]111ITR166(Cal)
..... : [1968]68itr842(bom) . in this case the bombay high court held that in reassessment proceedings taken under section 34(1)(a) of the indian income-tax act, 1922, on the ground that loss had been over-estimated, the income-tax officer had no jurisdiction to reopen the entire assessment and to determine afresh the assessable ..... its judgment the supreme court discussed the concept of 'profits and gains' as opposed to loss in the language as follows (page 124) :'from the charging provisions of the act, it is discernible that the words 'income' or 'profits and gains' should be understood as including losses also, so that, in one sense 'profits and gains' represent ..... , are contained in sections 70 and 72. a special section in the latter act, that is, section 80, is to be noted. this section runs as follows : '80. submission of return for losses.--notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed under section 139, shall .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]115ITR205(Cal)
..... be credited to the overdraft account which was done.9. it order to subscribe for the rights shares after the sale of 66,900 rights, the assessee found the necessary finance as per accounting which was done as follows :rs.(1)cash remittance from u.k. (8,75,000)1,16,46,447(2)unutilised loan for the purchase of machinery ..... sankar prasad mitra, c.j. 1. this is a reference under section 256(1) of the income-tax act, 1961. the assessee is a sterling company. it has been assessed to income-tax as a non-resident. the assessment relates to the assessment years 1961-62 and 1962-63. .....
Tag this Judgment!Court : Kolkata
Reported in : [1977]40STC23(Cal)
..... application, the petitioner challenges an order of assessment dated 21st august, 1963 and certain notices issued under the provisions of the bengal finance (sales tax) act, 1941 (hereinafter referred to as the act).2. the facts relating to the present application may be briefly noted. the petitioner was appointed as a contractor under the public ..... taxes save by authority of law directly comes from article 265 and is not secured by clause (1) of article 31. article 265 not being in chapter iii of the constitution, its protection is not a fundamental right which can be enforced by an application to this court under article 32.56. thereafter hidayatullah ..... , c. j., observed as follows:das, j., (sarkar, j., concurring) put the same thing differently. he observed that 'if a quasi-judicial authority acts without jurisdiction or wrongly assumes jurisdiction by committing an error as to a collateral fact and the resultant action threatens or violates a fundamental right, the question of .....
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