Judgment Search Results Home > Cases Phrase: finance act 1987 Court: kolkata Page 94 of about 15,093 results (0.035 seconds)

Reliance Capital Limited Vs. Mahendra Kumar Raja

Court : Kolkata

..... from the critical position at the hands of justice soumen sen a white collar criminal/terrorist & allow me to have a right to life as contained in act 21 of indian constitution.8) that i would also like to state the president of india, that i know arun jeeitley, hon ble union finance minister recently had rushed to london to uncover the veil of mahatma gandhi & hours after the left london for new delhi where after return he shope ..... , defines criminal contempt in wider articulation that any publication, whether by words, spoken or written, or by signs, or by visible representations, or otherwise of any matter or the doing of any other act whatsoever which scandalises or tends to scandalise, or lowers or tends to lower the authority of any court; or prejudices, or interferes or tends to interfere with, the due cours.of any judicial proceeding; or interferes or tends to interfere with, or ..... hence, actions taken up by justice soumen sen in order dt.17/02/15 & 04/03/15 of the case is unlawful and not sound by law (act 321 of the indian constitution read with act 19 of regarding freedom of spech & expenssion).3) that by playing divide & rule, justice soumen sen wanted to divide me & my client on the point of instruction factor for writing the letter ..... national judicial commission, a request was made the said authority to maintain a close watch on/as to this court as this court is acting partially and is biased toward banks, & n.b.f.c.s.under the aegis of a few solicitors & advocates. .....

income-tax Officer Vs. Kamsco Industries (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1983)3ITD359(Kol.)

..... the case of the department is that deduction allowed for general expenses and others from the gross dividend is under the provisions of the act as indicated in section 80aa and, therefore, the commissioner (appeals) should have allowed deduction under section 80m with reference to net income ..... the assessee, then, notwithstanding anything contained in that section, the deduction under that section shall be computed 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." 57. ..... consciously kept in mind that when the statute is clear, the speech of the finance minister or memorandum explaining the provisions should not be taken into consideration. ..... that the ito had determined the income from dividend after deducting the various expenses which were allowable under section 57 (iii) of the act and, therefore, the deduction under section 80m was rightly allowed by the ito on the net dividend.4. ..... clear from the speech of the finance minister in clauses 77 to 84 of the finance (no. ..... ble finance minister introduced the finance ..... above, was newly introduced by the finance (no. ..... 80aa was introduced by the finance (no. ..... deduction under section 80m should be on gross dividend and not on net dividend.shri bajoria, the learned departmental representative, referred to section 80aa and stated that the section was introduced by the finance (no. .....

Cit, Central – I, Kolkata Vs. Binani Cement Ltd.

Court : Kolkata

..... answering the aforesaid question in the negative the apex court held as follows: for deciding this issue, it is necessary for us to examine the object of introducing section 115-j in the it act which can be easily deduced from the budget speech of the then hon'ble finance minister of india made in parliament while introducing the said section which is as follows: it is only fair and proper that the prosperous should pay at least some tax. ..... ended 31st march 2006, which reads as follows: the scheme of arrangement between the company and daisy commercials private limited (dcpl) and their respective shareholders under sections 391 and 394 of the companies act, 1956 for transfer of the investment division of the company, consisting of investments/application money for investments in various unlisted companies aggregating to rs.2316.16 lakhs, to dcpl with effect from 1st april, 2005, was approved by the ..... in the circumstances of the case, the learned income tax appellate tribunal b bench, kolkata was justified in quashing the order passed by the commissioner of income tax (central i) kolkata under section 263 of the income tax act without appreciating the ratio of the judgement delivered by the delhi high court in the case of commissioner of income tax versus hari machine ltd.reported in (2009) 311 itr285(del.)?. .....

Karam Chand Thapar and Bros. (Coal Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1998)66ITD39Cal

..... (1935) 3 itr 384 (pc) and learned counsel further submitted that there is no room for doubting the transaction as the transaction is bona fide for the following reasons : (c) financing the companies by this method is a commercially convenient procedure; and (d) in the hands of the vendor-company, the sale price was already subjected to capital gains tax.learned counsel further submitted that the transaction is plain ..... cit (1987) 165 itr 678 (cal). ..... 37(4) of the it act, 1961, rates, taxes and repairs of the guest house are not allowable as deduction. ..... 37 of the act, and the decision of the hon'ble supreme court in the case of cit vs ..... 3 to s.43(1) of the act, the ao has to prove that main purpose of the purchase of the assets is with a view to reduce the tax liability by claiming depreciation on the enhanced cost. ..... 43(1) of the act wherein it was stated that the wdv in the hands of the vendor should be taken as the actual cost of the assessee. ..... 43(1) of the it act, 1961, learned counsel submitted that a newly inserted expln ..... 43(1) of the act, learned departmental representative submitted that the disallowance of depreciation by the ao is in order and further submitted that the cit(a) is not justified in directing the ao to allow depreciation on the wdv in respect of 8,76,400 cops purchased. ..... 43(1) of the act, learned departmental representative submitted that apart from applying the mcdowell's case (supra), the order of the ao can be supported by the power vested in him vide expln. 3. .....

Joint Commissioner of Income Tax Vs. India Steamship Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)78TTJ(Kol.)154

..... 1997-98 and seven subsequent assessment years and further a drafting amendment was also proposed to clause 11 of the finance (no.2) bill in terms of which depreciation for an assessment year can be set off not only against profits and gains of any business carried on by the assessee but also against income under any other head. ..... we have noticed that the ao did not give weightage to the clarification issued by the finance minister on the floor of the house and the bone of contention arises when he declines to follow circular no. ..... while moving the bill in the lok sabha the finance minister kept in mind the fear expressed by the industry and clarified the amending provisions that the proposed amendment is only prospective inasmuch as the cumulative unabsorbed depreciation brought forward as on 1st april, 1997, can ..... the learned, counsel, on the other hand, stated that section 32(2) of the it act underwent substantial amendment by the finance (no. ..... 762 is against the express provision of the act and, therefore, the same is not binding on him.10. ..... 1, the learned counsel stated that as a result of amendment proposed in the finance (no. ..... (1987) 164 itr 288 (cal) has observed that the assessee was held entitled to set off the unabsorbed depreciation pertaining to the assets of the business carried on in earlier years against income from letting out ..... the power has been conferred to the cbdt by section 119 of the it act, 1961. ..... 2) act, 1996, w.e.f. .....

R.P.C. Industries Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD105(Kol.)

..... omission of section 109, explanation to section 73 was amended with effect from 1-4-1988 by the finance act, 1987 (11 of 1987). ..... or mistake committed by the legislature in using the expression for the purposes of this section in explanation to section 73, in my view, is not well-founded.similarly, a perusal of section 71 reveals that as per the scheme of the act the setting off of loss from one head other than loss in speculation business as defined under section 43 or under explanation to section 73 against income from another head is permissible even against the profits derived from ..... same cannot be treated as a saving clause to sections 70 & 71 and, therefore, the meaning of speculation business appearing in the explanation to section 73 cannot be brought in aid for the purpose of saving the operation of sections 70 and 71 of the act.referring to the finding of the learned accountant member with reference to the decision of the supreme court in the case of cit v.shahzada nand & sons (1966) 60 itr 392 (sc) at page 400 to the effect that when there ..... that in case a loss is in the nature of speculation loss, within meanings of explanation to section 73, it cannot be set off against any other nature of income under any other head.i further find that section 72 of the act, which deals with carry forward and set off of business losses provides as follows : (1) where for any assessment year, the net result of the computation under the head "profits and gains of business or profession .....

Bagadiya Brothers Pvt. Ltd. and Anr. Vs. U.O.I. and Ors.

Court : Kolkata

..... the appellants/writ petitioners challenge the alleged arbitrary action of respondents by which the railways in purported exercise of powers, not vested in it, under the provisions of the railways act, 1989 (hereinafter referred to as the act of 1989 and rules framed thereunder, have illegally withheld the refundable amount of the appellant/petitioners in the garb of alleged undercharge amount claimed to be due to it from them. ..... this demand of alleged under-charge amount is claimed by the railways under the rationalisation scheme issued under section 71 of the act of 1989 read with special rates circular, both as amended from time to time and boards circular letter dated 22.03.2007. ..... ) all india railways general order no12007 (rationalisation scheme) (effective from14.2007) whereas in the opinion of the railway board it is necessary so to do the public interest: now, thereof, in exercise of the powers conferred by section 71 of the railways act, 1989(24 of 1989) read with notification of the government of india in the ministry of railways number g.s.r. ..... ltd is a company incorporated under the companies act, 1956 (hereinafter referred to as the company . .....

Commissioner of Income-tax (Central) Vs. Birla Bros. (Private) Ltd.

Court : Kolkata

Reported in : [1969]72ITR44(Cal)

..... companies, would have had to give extended credit to the selling agent and this could be possible if the managed company in its turn was financed either by the managing agents or a third party, this finding is borne out from the letters which were exchanged between the u. p. ..... the assessee's business that the guarantee was given and we are of opinion that the debt was incidental to the business of the assessee within the meaning of section 10(2)(xi) of the act and such a debt was found to be irrecoverable in the relevant accounting year commencing on the 31st october, 1951, and ending on the 18th october, 1952. ..... called ' the assessee ', carried on, inter alia, banking and financing business and acted as themanaging agents of various companies, one of which was messrs ..... therefore, in this reference, we are mainly concerned with the question whether it fulfils the conditions as stated in section 10(2)(xi) of the act and whether there was evidence before the tribunal for its conclusion that it was in the larger interest of the assessee's business that the ..... observed by their lordships, inter alia, that under clause (xi) of section 10(2) of the income-tax act, a debt was only allowable when it was a debt and arises out of and as an ..... this court, at the time of passing the order on the petition under section 66(2) of the act, directed that in their statement of the case the tribunal should make it clear as to what evidence was placed before them on the issue mentioned in the order and upon .....

Hindusthan Motors Ltd. Vs. Monopolies and Restrictive Trade Practices ...

Court : Kolkata

Reported in : AIR1973Cal450,77CWN711

..... , if any, must be within the meaning of section 2(g)(iii) and not otherwise; it was further contended that in order to attract section 2(g)(iii) the control contemplated must be de jure control capital wise, finance wise or management wise; accordingly it was argued that the said commission must limit itself in its inquiries on the reference with reference to the above aspect and the documents asked for would be wholly relevant ..... (iii) where the undertakings are owned by bodies corporate,-- (a) if one manages the other, or (b) if one is a subsidiary of the other, or (c) if they are under the same management within the meaning of section 370 of the companies act 1956, or (d) if one exercises control over the other in any other manner, (iv) where one undertaking is owned by a body corporate and the other is owned by a firm, if one or more partners of the firm,-- (a) hold, directly ..... decisions of the house of lords it must be noted that those were cases where the term 'control' or 'controlling interest' came up for construction as in the finance acts with or without special explanatory clauses. ..... (3) (a) the central government may call upon the person or authority to satisfy it that the proposal to establish a new undertaking or the scheme of finance with regard to such proposal is not likely to lead to the concentration of economic power to the common detriment or is not likely to be prejudicial to the public interest in any other manner and thereupon the central government may, .....

C. Mackertich Ltd. Vs. Custodian

Court : Kolkata

Reported in : [2002]108CompCas811(Cal)

..... the learned counsel further submitted that is why the petitioner-company could not be notified, referring to the provisions of section 3(2), 3(3) and 3(4) of the said act; the learned counsel further submitted that the object of the said act shows that the company should be allowed to function in the normal course of business and he further urges that the suspension of the business of the company is not ..... learned counsel further submits that under section 9a(3) on and from the commencement of the special court (trial of offences relating to transactions in securities) amendment act, 1994, no court other than the special court shall have or be entitled to exercise any jurisdictional power or authority in relation to any matter or ..... made clear in the said letter that the implications of the subsequent conversion of the proprietorship concern to a corporate entity under the companies act, 1956 and that of the erstwhile proprietor, who has now been notified, becoming a qualifying director/shareholder were being examined by the solicitors ..... letter dated 4-12-2001, to the general manager, membership services of mumbai stock exchange stating therein that the exchange has acted in undue haste in de-activating the bolt terminals withouteven giving the said company an opportunity of being heard in the ..... of the special court (trial of offences relating to transactions in securities) act, 1992 vide government of india, ministry of finance, department of economic affairs (banking division) no. .....