Court : Kolkata
Reported in : (1986)55CTR(Cal)409,[1986]161ITR756(Cal)
..... was, however, reduced from 8 per cent. to 5 per cent. section 80-i was deleted with effect from april 1, 1973. it may be mentioned that the 1961 act, as originally enacted, did not contain chapter vi-a. this chapter was first inserted by the finance act, 1965, with effect from april 1, 1965. chapter vi-a as ..... before making any deduction under chapter vi-a or under section 280-o. section 80e substantially reproduces section 80-i. so also section 80j. the supreme court in the case of rajapalayam mills ltd. v. cit : [1978]115itr777(sc) , observed that section 84 of the act and section 15c of the indian income-tax act, 1922, for all material purposes, are in the ..... the said decision of the gujarat high court in cambay electric supply industrial co. ltd. : [1976]104itr744(guj) . the judgment of the supreme court is reported in : [1978]113itr84(sc) (cambay electric supply industrial company v. cit). this court also in the case of oil india co. ltd. v. cit : [1982]137itr156(cal) , following .....
Tag this Judgment!Court : Kolkata
Reported in : [1995]213ITR862(Cal)
..... signed and verified by the managing director or to file a fresh return.10. mr. bhattacharjee relied on the provisions of section 139(9) of the act. the said sub-section (9) was inserted by the finance (no. 2) act, 1980, effective from september 1, 1980. therefore, the new provision would apply in relation to the return of income ..... on the facts and in the circumstances of the case and on a proper interpretation of sections 140(c) and 292b of the income-tax act, 1961, the tribunal was justified in law in holding that the return of income filed on february 14, 1978, over the signature and verification of mr. n. l. kanodia, a director, was ..... filed on or after september 1, 1980, whether for the assessment year 1980-81 or any earlier or later assessment year. but in this case, the first return was filed on february 14, 1978 .....
Tag this Judgment!Court : Kolkata
Reported in : (1985)47CTR(Cal)37,[1985]154ITR735(Cal)
..... holding that the unabsorbed depreciation should not be deducted in computing the profits under section 41(1) of the act. this court followed rampur timber and turnery co. ltd.'s case : [1973]89itr150(all) , virmani industries (p.) ltd.'s case : [1974]97itr461(all) and estate & finance ltd.'s case : [1978]111itr119(bom) , and held that carried forward unabsorbed depreciation by fiction became the depreciation ..... (cal) , that the deeming provision has to be given full effect for all purposes of the act. the allahabad high court, the andhra pradesh high court, the karnata high court as also the bombay high court in its subsequent decision in estate and finance ltd. : [1978]111itr119(bom) have clearly held that in order to claim unabsorbed depreciation, it is not necessary that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)3ITD359(Kol.)
..... 1-4-1968 was correct.5. the department disputes the direction of the commissioner (appeals) regarding deduction allowed by him under section 80m. a new section 80aa was introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968. section 80aa shall be quoted later on. the supreme court pronounced a judgment in the case of cloth traders (supra). the decision ..... gross dividend income. it was indicated by sri guha that the provisions relating to dividend income are sections 8, 2(22), 194, 198, 199, 203, 56(2)(i) and 57(0 of the act. after referring to the decisions in cit v. raghunandan prasad moody [1978] 115 itr 519 (sc), cit v. cotton fabrics ltd. [1981] 131 itr 99 (guj.), cit.bagyalakshmi & co .....
Tag this Judgment!Court : Kolkata
Reported in : [1982]137ITR798(Cal)
..... tax chargeable and the amount of income represented by the dividends shall be determined by reference to the fixed gross rate of dividend.' it appears that under sub-section (2) of section 47 of the finance act, 1965, of england, income under sch. f for any assessment year shall be charged in respect of any distribution made in the year on such sum as ..... supreme court in the case of cit v. clive insurance co. ltd. : [1978]113itr636(sc) , this question must be answered in the affirmative and in favour of the assessee. it must be remembered that section 91 of the i.t. act 1961, is similar to section 49d of the indian i.t. act, 1922.2. so far as the first question is concerned, the assessment .....
Tag this Judgment!Court : Kolkata
Reported in : (1990)88CTR(Cal)73,[1990]185ITR264(Cal)
..... to cancel, withdraw, rescind and/or quash the notices dated november 3, 1976, issued under section 16(1) of the gift-tax act, 1958, and the notices dated may 25, 1978, july 7, 1978, august 7, 1978, september 26,1978, november 7, 1978 and december 8, 1978, for the assessment years 1973-74 and 1974-75 and all proceedings thereunder. the impugned notices ..... in section 2(c) of the bengal act, a firm cannot be treated as a separate unit for purposes of amendment to ..... has also been drawn to a decision in sri pulak chandra paul v. cto [1978] 42 stc 209, wherein the division bench of this court has found that, in view of the fact that, by section 2(b) of the bengal finance (sales tax) (west bengal amendment) act, 1950, 'firm' has been excluded from the definition of the word 'dealer' .....
Tag this Judgment!Court : Kolkata
Reported in : [1994]208ITR807(Cal)
..... owning and maintaining race horses are of no aid since such decisions are concerned with the question in the context of the law that prevailed before the insertion of section 74a by the finance act, 1972, having effect from april 1, 1972. for example, in janab a. syed jalal sahib v. cit : [1960]39itr660(mad) , the assessee, besides carrying on ..... except his winnings from races nor is it allowed to be carried forward to be set off against income from any source in any subsequent year. the finance act, 1974, has amended section 74a so as to provide that the losses incurred by owners of race horses in the activity of owning and maintaining such horses, to the extent these ..... suffered a loss in that year which has been duly determined by the income-tax officer to be carried forward to future years. similarly, in the assessment year 1978-79, the assessee sold horses and suffered a loss which has also been determined by the income tax officer for being carried forward. the expenses arising out of .....
Tag this Judgment!Court : Kolkata
Reported in : (2001)165CTR(Cal)502
..... are decisions of the bombay and the kerala high courts that the word 'shall' is mandatory. it was argued that because an appellate provisions is there from this sub-section in section 246(1)(i), the word 'shall' cannot be mandatory, because then the appellate provision will be, partly at least, useless.9. there are many parts of the ..... , however, fully heard in appeal. we were still minded to entertain the appeal because of the various authorities quoted in the case of h.p. glass works case 1978 elt j229. if the first authority does not hear the assessee, the assessee loses a chance of being able to persuade the first authority to hold in its favour. ..... , read in the context of the entire act, the charging of interest under the former section can be regarded as automatic and/or mandatory.2. whether, having regarded to the character of the west bengal state electricity board and the nature of its statutory functions as well as the state of its finances during the relevant period of time, the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)6ITD456(Kol.)
..... full amount of the additional rupee liability incurred on account of the difference in exchange rate. this is quite clear from the interpretation of section 43a as provided by the ministry of finance as per their d.o. letter dated 4-1-1967 to the federation of indian chambers of commerce and industrya copy of which is ..... considered for purposes of depreciation thereon as per the income-tax act and rules. (ii) development rebate should also be allowed on the aforesaid amount of rs. 23,61,713 in view of the decision of the gujarat high court in arvincl mills ltd. v. cit [1978] 112 itr 64.the appellant, therefore, respectfully requests that the ..... entitled to depreciation on the additional rupee liability incurred on account of exchange rate difference in respect of loan in foreign exchange currency in terms of section 43a of the act. according to the commissioner (appeals), such additional rupee liability would include not only the actual additional payment made in respect of loan but also the .....
Tag this Judgment!Court : Kolkata
Reported in : [2001]248ITR152(Cal)
..... decisions of the bombay and the kerala high courts that the word 'shall' is mandatory. it was argued that because an appellate provision is there, from this sub-section in section 246(1)0). the word 'shall' cannot be mandatory, because then the appellate provision will be, partly at least, useless. 10. there are many parts of the ..... we were still minded to entertain the appeal because of the various authorities quoted in the case of hindustan pilkingston glass works ltd. v. superintendent of central excise [1978] 2 elt 229 (cal) at paragraphs 13 to 17. if the first authority does not hear the assessee, the assessee loses a chance of being able to persuade ..... read in the context of the entire act, the charging of interest under the former section can be regarded as automatic and/or mandatory 2. whether, having regard to the character of the west bengal state electricity board and the nature of its statutory functions as well as the state of its finances during the relevant period of time, the .....
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