Court : Kolkata
Reported in : [1978]114ITR434(Cal)
..... to be completed in six months and the assessee was to be the absolute owner thereof. the film was produced. it secured the president's award. the assessee had financed the production. disputes arose between the said amar das mallick and the assessee as to who was the producer of the film. the matter was referred to the arbitration of ..... of procuring profits in the conduct of the business and, therefore, this was capital expenditure and could not be deducted under section 10(2)(xii) of the indian income-tax act, 1922. 5. in the case of v. rangaswami naidu v. commissioner of income-tax : [1957]31itr711(mad) , it was held that the share of partner in the partnership ..... 4. in re ramji das jaini and co. , the lahore high court was considering the case where three partners of a firm, which was registered under the income-tax act, had entered into a private arrangement. under the arrangement, which was recorded by the income-tax officer in the words of partner no. 1 and supported by the other two .....
Tag this Judgment!Court : Kolkata
Reported in : [1980]124ITR711(Cal)
..... these were to be assessed either because they had accrued or deemed to have accrued either by operation of section 9 or by operation of any further provision in the finance act, 1946, such receipts, though assessable, could not be subject to assessment. we are unable to accept this contention. the clear intention of the legislature is that the amount in question ..... central jute mills co. ltd. v. assistant collector of central excise, : 1978(2)elt393(sc) , the supreme court held that on the repeal of the sea customs act reference to the sea customs act in the central excises and salt act, 1944, should be read as reference to the provisions of the customs act, 1962. this contention, on behalf of the assessee, therefore, cannot also .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]118ITR72(Cal)
..... that accrued in part a and c states (as they were then called) were liable to be taxed at full indian rates of tax as levied by the finance acts.3. the facts found and/or admitted as appearing in the statement of the case are as follows :in the assessment for the assessment year 1951-52, originally ..... , and from conversion of the crude ore into a merchantable product in that colony, such income was assessable under the new south wales land and income-tax assessment act of 1895, notwithstanding that the finished products were sold exclusively outside the colony. lord davey, while delivering the judgment, inter alia, observed as follows:'there are four ..... may be known is that a few transactions of purchase of raw materials have taken place in british india, it could not ordinarily be said that the isolated acts were in their nature 'operations' within the meaning of that expression. in this case the raw materials were purchased systematically and habitually through an established agency having .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]113ITR299(Cal)
..... initiated by the tax recovery officer. hence, this rule.3. the provisions for collection and recovery of tax are contained in chapter xvii of the act. that chapter is divided into five parts, namely, parts a, b, c, d and k. part c consists of sections 207 to ..... tax within the meaning of section 221. further, he is of the view that as section 220 with which part d of chapter xvii relating to collection and recovery commences does not provide for payment of advance tax, section 221 is also not applicable for the ..... is deemed to be in default in making a payment of tax which, in view of our above decision in sikri and sons : [1978]112itr529(cal) , includes advance tax. sub-section (2) directs cancellation of the penalty levied and the refund of the penalty paid by ..... of advance tax. in union of india v. sikri & sons [c.r. no. 4023 of 1969 disposed of on 16-1-1978 since reported in : [1978]112itr529(cal) ], it has been held by us that advance tax is tax. in that case, we have placed reliance on .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]116ITR440(Cal)
..... the supreme court, was that by the charging section, namely, section 3, income-tax was levied for a financial year at the rate prescribed by the annual finance act on the total income of the previous year. each previous year's income was the subject of separate assessment in the relevant assessment year. though the year of ..... of the year of discontinuance or succession can be substituted for the income of the immediately preceding year. the first concession has been already dealt with in a previous chapter; the second concession has been dealt with in the clause under discussion. a few drafting changes have been made in order to secure clarity. as to the ..... position concerning super-tax, see the chapter on super-tax. the provision embodied in the draft is applicable only to a business assessed under the 1918 act. it is for consideration whether this concession is at all necessary after the lapse of such a long time.' .....
Tag this Judgment!Court : Kolkata
Reported in : [1981]127ITR842(Cal)
..... right of appeal has been given.7. counsel for the assessee, however, drew our attention to sub-section (1a) of section 214 of the i.t. act which was inserted by section 16 of the finance act, 1968, and came into effect from april 1, 1968. though the assessment year involved is 1967-68, there is no dispute that sub-section (1a) of ..... accept this contention because parliament has not chosen to use the expression 'shall be deemed to be tax' for the purpose either of any specific section or of any specific chapter. parliament has provided for two matters. it has provided that it shall be deemed to be tax payable by the assessee. that is one deeming that parliament has enjoined. the ..... to this court.6. we have held in income-tax reference no. 132 of 1971, cit v. lalit prasad rohini kumar, by the judgment delivered by us on january 27, 1978 (since reported in : [1979]117itr603(cal) ) that in so far as no appeal had been provided in section 246 of the i.t .....
Tag this Judgment!Court : Kolkata
Reported in : [1980]122ITR728(Cal)
..... however, we are satisfied that the penalty should have been imposed as per the law, which was in force prior to the amendment made by the finance act, 1968, as the amendment made by the finance act, 1968, does not relate to purely procedural matter but affects the right of an assessee [cit v. scindia steam navigation co, ltd. : [1961] ..... but it is not disputed that when the amendment came into effect, that is to say, on 1st march, 1971, by virtue of the t.l. (amendment) act, 1970, the limitation had not expired and the amendment enlarged the period of limitation. therefore, the tribunal overruled this objection. another contention was that the iac did not ..... under reference, 1955-56, 1956-57 and 1961-62, the original assessments were made by the income-tax officer, under section 23(3) of the indian income-tax act, 1922. later, the ito reopened the assessments and brought to tax certain amounts on the ground that the amounts had escaped assessment under the original assessments. the amounts .....
Tag this Judgment!Court : Kolkata
Reported in : [1980]125ITR586(Cal)
..... carrying on the manganese business, the turnover in which was more than rs. 3,00,000 in the very first year. it was also observed that the entire business was financed by m/s. k.l. poddar & sons pvt. ltd. and all the sale proceeds alleged to belong to this appellant-firm were credited in the account of m/s ..... for registration under section 26a of the indian i.t. act, 1922, for the assessment year 1959-60, during the accounting year which was 26th july, 1957, to 30th june, 1958. according to the ito, therefore, the registration ..... 29th june, 1959. however, when pointed out by the ito that for the assessment year 1959-60, an application for registration under section 26a of the indian i.t. act, 1922, should have been filed, the assessee actually filed the said application for registration on 31st december, 1963. it was clear that the assessee had not filed any application .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]116ITR710(Cal)
..... london was completely reorganised since august, 1970, and under the new set up there was an office of the chairman controlling four divisions, viz., overseas banking division, finance division, merchant banking division, and international division. it is pointed out that any alleged information with regard to the reorganisation and with regard to the head office ..... the 8th september, 1975. another unreported judgment of s.c. deb j. in metal distributors ltd. v. ito (matter no. 455 of 1973) (since reported in : [1978]115itr608(cal) ) delivered on 5th december, 1975, was referred to. i find that, in both the unreported judgments (since reported), the view which i took in the two ..... ito (matter no. 455 of 1973) in which the judgment was delivered on 5th december, 1975 [since reported in : [1978]115itr608(cal) ].56. on the question of 'information' within the meaning of section 147(b) of the act, dr. pal relied on a decision of the supreme court in the case of cit v. dinesh chandra h. shah : .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]116ITR781(Cal)
..... . the management agread to reopen the mill on the 1st january, 1960, and work with full complement of working 165 looms within three weeks thereof. the management required finances of rs. 6 lakhs for which an application was made to the state government which the union of the workmen agreed to support. on 16th november,1959, there was ..... in the case of cit v. prem chand jute mills ltd. (income-tax reference no. 194 of 1970, judgment delivered on 11th december, 1974) [since reported in : [1978]114itr769(cal) ], where we observed that in order to be business income within the meaning of section 10 there must be the evidence of exploitation of commercial asset. it was ..... lease and the relevant provision of law, held that the rental income was assessable as business income and, therefore, was assessable under section 28 of the i.t. act, 1961. the tribunal also held that the sum of rs. 3,033 spent in connection with lease agreement was an expenditure of a revenue nature incidental to theassessee's .....
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