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Commissioner of Income-tax, West Bengal Vs. Allahabad Bank Ltd.

Court : Kolkata

Reported in : [1966]62ITR476(Cal)

..... included in the share premium account.'having regard to the provisions of the explanation to paragraph d of the first schedule to the finance act, 1956, and section 78(3) of the companies act, 1956, the appellate assistant commissioner held that the sum of rs. 45,50,000 forms an identifiable part of the banks ..... restrictions imposed upon the company regarding its application, the explanation to paragraph d of the first schedule to the finance act, 1956, could not be availed of. learned counsel submits that section 78(3) of the companies act, 1956, does not satisfy the requirements of the said explanation. learned counsel submits further that up till ..... affirmative. broadly speaking, this court has held that section 78 of the companies act, 1956, also applies to banking companies and by the deeming provisions of section 78(3) the disputed figure which was an identifiable sum should be taken to have satisfied the requirements of the finance act, 1956.the commissioner of income-tax, who is .....

Azimganj Estates Pvt. Ltd. Vs. Deputy Commissioner of Wealth Tax.

Court : Kolkata

Reported in : (1997)57TTJ(Cal)328

..... was also got vacated for the purpose of being disposed of by sale. he has contended that the object of bringing the company to wealth-tax under the finance act, 1983, was to defeat the avoidance of personal wealth-tax by forming closely-held companies to which the tax avoider assessees transferred their unproductive assets but in this ..... (supra) the honble supreme court has laid down that the heads of income described in s. 6 and further elaborated for the purposes of computation in following sections of the it act, 1922, are intended merely to indicate the classes of income and that the heads do not exhaustively delimit sources from which income arises. business income is broken ..... from shares held as stock-in-trade. the honble high court laid down that the heads of income described in s. 6 and elaborated in the following sections do not exhaustively define sources for the purpose of computation of total income and the break up thereby indicated should not be income and the break-up thereby .....

Machino Techno Sales (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1996)59ITD303(Kol.)

..... business of manufacturing goods it could not be 'industrial company'. for that purpose, he has placed reliance upon the explanation to the clause (c) of section 2(7) of the finance act, 1981 which is reproduced above. 4. we find no merit in such contention of learned departmental representatives. such provision has already been interpreted by the ..... the total income @ 55%, which was the rate applicable in the case of an industrial company as defined in the relevant finance act.on 16-7-1991, the assessment was amended under section 154 of the act and in this order, after a some what elaborate discussion, the ito held that the assessee cannot be treated as an industrial ..... income and, therefore, the assessee could not be treated as an industrial company under the relevant finance act. in response to the notice, the assessee's representative appeared before the cit on 16-12-1991 and pointed out that by order under section 154 dated 16-7-1991, the assessee was assessed @ 60 per cent. the cit, .....

Indian Iron and Steel Company, Ltd., in Re.

Court : Kolkata

Reported in : [1941]9ITR539(Cal)

..... against future profits, had they continued to trade, yet it was recognised that the claim would have been sustainable but for the change in the law effected by section 32 of the finance act, 1926.i have, therefore, examined the rules as to wear and tear as they stood prior to the passing of that statute.rule 6(1) to cases ..... speech at page 828 of (1940) a.c. which run as follows :'it must be conceded that were it not for the change in the law effected by section 32 of the finance act, 1926, the appellants would have been entitled to deduct from their profits for the year ending april 5, 1937, the aggregate of the wear and tear allowances ..... who until that time carried on the trade, profession or vocation, shall be computed as if it had then been discontinued.'it should be mentioned here that section 29 of the english finance act, 1926, abolished the rule by which the profits of the business were assessed on the average of the previous three years and substituted therefor the profits of .....

Commissioner of Income-tax Vs. Blackwood Hodge (India) P. Ltd.

Court : Kolkata

Reported in : [1971]81ITR807(Cal)

..... income-tax remaining unpaid by the company bears to the amount of income-tax payable by it on such profits and gains. similarly, under sub-section (10) of section 35, before it was deleted by the finance act of 1959, where a rebate of income-tax was allowed to a company on a part of its total income and subsequently the amount on ..... in any year, the income-tax officer had to recompute the tax by reducing the rebate originally allowed. again by section 35(11), as added by the finance act of 1958, development rebate in respect of a ship, machinery or plant under section 10(2)(vib) could be deemed to have been wrongly allowed if the ship, machinery or plant was sold or ..... the tax. mr. debi pal has urged that if section 18(7) be read in the context of section 18(3c), it would be apparent that under section 18(7) an order is made by which the income chargeable is computed and the tax leviable at the rate prescribed by the annual finance act in respect of such income is determined. and by virtue .....

Commissioner of Income-tax Vs. A.V. Joshi and Sons

Court : Kolkata

Reported in : [1986]158ITR71(Cal)

..... accordingly, interest claimed on the said loans was allowed by the income-tax officer. the partners of the assessee-firm made a disclosure petition under section 68 of the finance act, 1965, declaring the amount covered by the said loans to the assessee-firm as their concealed income. by reason of the said declaration, the ..... through the contents of the disclosure petition submitted by the appellant and have found that the partners making the disclosure have surrendered for taxation under section 68 of the finance act, 1965, the interest on the loans brought into this firm and other firm's accounts in the garb of inclusion of the interest on ..... appellate assistant commissioner followed the order of the tribunal in the case of vijay industries, calcutta, where the tribunal held that the interest disclosed under section 68 of the finance act, 1965, by the partners was not once again includible in the firm's assessment. the appellate assistant commissioner held as follows :'i have also gone .....

In Re: Indian Iron and Steel Go. Ltd.

Court : Kolkata

Reported in : AIR1942Cal268

..... forward against future profits, had they continued to trade, yet it was recognised that the claim would have been sustainable but for the change in the law effected by section 32, finance act, 1926 i have, therefore, examined the rules as to wear and tear as they stood prior to the passing of that statute. rule 6 (1) to cases ..... lord romer in his speech at page 828 which run as follows : .it must be conceded that were it not for the change in the law effected by section 32, finance act, 1926, the appellants would have been entitled to deduct from their profits for the year ending 5th april 1937, the aggregate of the wear and tear allowances that ..... until that time carried on the trade, profession or vocation, shall be computed as if it had then been discontinued. 10. it should be mentioned here that section 29, english finance act, 1926, abolished the rule by which the profits of the business were assessed on the average of the previous three years and substituted therefor the profits of the .....

Public Trustee Vs. Inland Revenue Commissioners.

Court : Kolkata

Reported in : [1959]37ITR43(Cal)

..... northcliffe, it was held that on the death of any income beneficiary, save at any rate the last, there was a 'passing' within the terms of section i of the finance act, 1894, of a share of the corpus of the estate corresponding to the share of the income which at his death the dying income beneficiary had enjoyed.the ..... apparent that the contest has raised the question of the application (and, indeed, under mr. pennycuicks argument, the validity today) of the celebrated dichotomy between section 1 and 2(1) of the finance act, 1894, which is enshrined in the well-known speech of lord macnaghten in earl cowley v. inland revenue commissioners in 1899.mr. pennycuick has also contended ..... my judgment, we can do no other than dismiss the appeal.romer l. j. i agree. mr. pennycuicks submission to us on the inter-relation of sections 1 and 2 of the finance act, 1894 is, as he indeed concedes, plainly at variance with the opinion that lord macnaghten expressed on the subject in the cowley case, an it is .....

Commissioner of Income Tax Vs. A. V. Joshi and Sons.

Court : Kolkata

Reported in : (1986)54CTR(Cal)99

..... the contents of the disclosure petition submitted by the appellant and have found that the partners making the disclosure have surrendered for taxation under s. 68 of the finance act, 1965 the interest on the loans brought into this firm and other firms accounts in the garb inclusion of the interest on bogus hundi loans amounting to rs. ..... as an entity distinct and separate from the partners which constituted the firm. a firm is unit of assessment. firm and the partners are assessed separately. sec. 182 of the it act prescribes the procedure for assessment of registered firm.5. under s. 182 the income-tax payable by the registered firm itself is determined and the share of ..... firm bears the tax direct as also its partners are separately assessed in respect of share of profits allocated to them out of the income of the registered firm. sec.67 provides the method of computing and allocating a partners share in the assessed income of the firm. after the total income of the firm is computed, any .....

Ms. Dharampal Satyapal Limited Vs. the Assistant Commissioner, Commerc ...

Court : Kolkata Appellate

..... heading 2404.49. in the case before us, we are concerned with the assessment for the four quarters ending march 31, 2004 and thus, the amended provision of finance act, 2001 is applicable.7. therefore, in order to appreciate the question involved in this writapplication, it will be appropriate to refer to the following amended definition of pan ..... sale-price of pan masala being sold separately along with tobacco in a single pouch under the brand name double mazza.2. being dissatisfied, the applicant under section 8 of the act has come up with the present revisional application.3. the following facts are not in dispute:a) the petitioner sells an item under the brand name double ..... 1. this application under articles 226 and 227 of the constitution of india is at the instance of an applicant under section 8 of the west bengal taxation tribunal act, 1987 and is directed against an order dated january 15, 2010 passed by the west bengal taxation tribunal, in case no.rn-169 of 2008, thereby .....