Court : Kolkata
Reported in : [1979]117ITR549(Cal)
..... mortgages, debentures and loan stock, and the law relating to these securities, which is vastly different from that relating to share capital, will be dealt with in chapter 12. loan capital appears on the liabilities side of the company's balance sheet beneath share capital and reserves, but unlike share capital, it does represent indebtedness ..... that case were, inter alia, that india cements ltd., madras, a public limited company, the assessee, had obtained a loan of rs. 40 lakhs from the industrial finance corporation of india during the relevant accounting year. the loan was secured by a charge on the fixed assets of the assessee. the proceeds of the said loan were ..... their capital as creditors though they may petition for the winding up of the company as shareholders.' 12. on a consideration of the provisions of the companies act, 1956, as also similar provisions in the english company law we cannot persuade ourselves to accept the contentions of the assessee and hold that when a company .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]118ITR1005(Cal)
..... the assessment year 1959-60, the corresponding accounting year ending on the 30th june, 1958, the assessee had paid interest of over rs. 2 lakhs to the industrial finance corporation of india on moneys borrowed for installation of machinery and plant calculated up to the 22nd january, 1958. the assessee contended that such interest should be treated as ..... of setting up its spinning and weaving mills and had not commenced business though it had some income by way of interest. being assessed under section 12 of the act of 1922, the assessee claimed deduction of a number of items of expenditure which were disallowed by the revenue authorities. on appeal, the tribunal allowed deduction of rs ..... the assessee's claim. as the sum of rs. 1,75,471 is assessable under the head 'other sources' under section 12 of the indian i.t. act, 1922, the interest paid to the government of uttar pradesh for the amount borrowed had to be deducted against the interest received. the difference would represent a loss .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]42STC398(Cal)
..... cause as to why security of rs. 50,000 should not be demanded from him under section 7(4a)(ii) of the bengal finance (sales tax) act, 1941, for proper use and safe custody of declaration forms.2. thereafter, the additional commissioner states that show cause notice was ..... am of the opinion that it is a fit case for demand of security under section 7(4a)(ii) of the bengal finance (sales tax) act, 1941, in the context of what has been stated earlier. i am also of the opinion that it would be fair ..... of rs. 50,000 in the instant case under section 7(4a)(ii) of the bengal finance (sales tax) act, 1941.3. the propriety of this order is challenged in this application. the commissioner may under section 7(4a)(ii) of ..... any undertaking supplying electrical energy to the public under a licence or sanction granted or deemed to have been granted under the indian electricity act, 1910 (9 of 1910), reasonable security for the proper use and safe custody of the forms referred to in the proviso to clause .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]42STC458(Cal)
..... section, west bengal v. b. c. nawn & bros. private ltd. [1973] 31 s.t.c. 379. here the respondent was a registered dealer under the bengal finance (sales tax) act, 1941 and its return period had been fixed by the assessing authority as each quarter of the 'akshoytritia year', according to the bengali calendar. it was liable to furnish ..... the division bench of this court in b. c. nawn & bros. private limited [1973] 31 s.t.c. 379. i hold that assessment under the bengal finance (sales tax) act, 1941, is an annual assessment and can be made only for an annual period. the statute does not provide for one comprehensive or consolidated assessment for several years. this ..... 1973 and the two orders both dated 29th march, 1974 and the demand notice dated 29th march, 1974. the matter was called on several times on 21st august, 1978 and although the learned advocate for the petitioner appeared, no one appeared for the respondents. thereupon, the matter was taken up for hearing ex parte and was heard in .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]120ITR872(Cal)
..... india) ltd. v. asst. cct . in this case it was held by a single judge of this court on construction of section 20 of the bengal finance (sales tax) act, 1941, that though the cct on his own motion could revise any order passed by subordinate assessing authorities after giving the assessee an opportunity of being heard, ..... pal pvt. ltd, v. member, board of revenue : air1976sc1545 . the facts in this case were that the appellant company, a dealer registered under the bengal finance (sales tax) act, 1961, was assessed to sales tax for the relevant period. the cto rejected the appellant's books of account, enhanced the gross turnover and imposed a penalty. ..... may end with his order or may be revised by the higher appellate authorities including the appellate assistant commissioner and the tribunal recognised by the income-tax act. if, therefore, such higher appellate authorities such as the appellate assistant commissioner or the tribunal directs or orders him to do something again with regard to .....
Tag this Judgment!Court : Kolkata
Reported in : 1980(6)ELT582(Cal)
..... to this notification at length for appreciating its' true import and implication. the notification is set out hereunder :government of indiaministry of finance (department of revenue & insurance)new delhi the 30th april, 197510th vaisakha, 1978 (saka)notificationcentral exciseg.s.r. in exercise of the powers conferred by sub-rule (1) of rule 8 of the central ..... the said objections first of all. mr. sen contended that against the imposition of duty by the respondents the company could prefer an appeal under the act and when alternative remedy was available to the petitioner company, the petitioner company was not entitled to move the writ jurisdiction of this court on the face ..... pvt. limited v. ram krishna dalmia, reported in : [1973]2scr257 . in the said decision, the manufacturing purpose within the meaning of transfer of property act was considered by the supreme court and it was held by the supreme court that manufacture really implies a change but a mere change in the material is not .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1978Cal547
..... of west bengal formed rules entitled 'motor accidents claims tribunal rules' which find place in chap. ix of the bengal motor vehicles rules, 1940. all the rules in the said chapter except rule 239 relate to proceedings before the tribunal. rule 239 prescribes that an appeal against the award of a claims tribunal shall be preferred in the form of a ..... rs. 48,000/-as compensation, which shall be paid by the insurer. in case of failure on the part of the insurer to pay the money by nov. 30, 1978 the same will carry an interest at the rate of 6% per annum from 1-12-78 till realisation. the respondent will also be entitled to 30 g.ms. as ..... statutes, in our view, the law enunciated by the supreme court is one of general application and the same would equally apply to an appeal under section 110d of the act. the inescapable conclusion that follows therefrom is that the cross-objection filed by the respondent is maintainable.19. mr. chowdhury contended that the compensation of rs. 20,000/- awarded .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]117ITR789(Cal)
..... which would qualify for allowance under section 37.10. the tribunal also found that the assessee required additional funds and obtained the said loan not only for financing its business but also to meet an immediate taxation liability of rs. 10 lakhs as admitted in the letter dated 18th january, 1965, addressed to the reserve ..... assessee had to incur an extra expenditure in rupees. this, according to mr. roy, was a normal and proper business expenditure allowable under section 37 of the act.17. mr. roy submitted next that as the assessee at the relevant time maintained its accounts under the mercantile system, this expenditure was incurred during the relevant ..... this court insutlej cotton mills ltd. v. cit : [1971]81itr641(cal) , that the loss inexchange having arisen due to devaluation, which was an act of the stateand an act of the sovereign, was not a loss springing directly from thecarrying on nor incidental to the carrying on of the business of the assesseeand, therefore, could not .....
Tag this Judgment!Court : Kolkata
Reported in : [1980]126ITR726(Cal)
..... the order imposing penalty '10. to appreciate the controversy in the instant case it is necessary to refer to the explanation to section 271(1)(c) inserted by the finance act, 1964, with effect from the 1st april, 1964. the said explanation is as follows :' explanation.--where the total income returned by any person is less than eighty per ..... income and, therefore, the penalty could be sustained irrespective of the cash credit.7. it was also contended that under the explanation to section 271(1) of the act of 1961, introduced with effect from the 1st april, 1964, the assessee would be caught within its mischief in respect of the proceedings in issue.8. the tribunal ..... agarwalla stood at rs. 20,000 and not rs. 15,000. he referred the matter back to the ito who reopened the assessment under section 147 of the act, and added the enhanced amount as the assessee's income from undisclosed sources.4. in the subsequent proceedings before the iac, it was contended on behalf of the assessee .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]117ITR858(Cal)
..... not realise anything from the latter.7. it was contended on behalf of the revenue, inter alia, that under the agreement the assessee was under no obligation to provide finance to tukvar & co. ltd. and, therefore, the guarantee was not given for any business purpose. consequently, the loss arising could not be said to have been ..... was incidental to the assessee's business though the assessee's furnishing of such guarantee may be termed as imprudent. (c) there was no suggestion that the assessee acted with any ulterior motive. 9. the tribunal also found that the compromise between the assessee and tukvar & co. ltd., as a result of which the assessee did ..... messrs. williamson magor & co. ltd. in the assessment year 1964-65, the relevant previous year having ended on the 31st december, 1963. the assessee, inter alia, acts as managing agents, secretaries and/or treasurers of other limited companies and at the material time had been appointed as the secretary of one tukvar & co. ltd. under an .....
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