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Universal Electrics Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : [1992]196ITR860(Cal)

..... , but within the maximum limit of 20%was not an allowable deduction on the ground that it was not payable under the said bonus act ?'question no. 2 in i. t. reference no. 73 of 1985 :' whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in holding that the provision of ..... was withdrawn in respect of ships acquired, or machinery or plant installed, after may 31, 1974, except in certain cases specified in section 16 of the finance act, 1974 (later amended by the finance act, 1975). section 32(1)(vi) for providing initial depreciation was introduced with effect from april 1, 1975. it is available in respect of the followingassets, namely ..... not be deprived of the same as we have mentioned in para f of part i of the first schedule of the finance act, 1965, and similar is the position under section 80e of the income-tax act, 1961. column a provides the type of company. it does not require that the company must be exclusively or wholly or .....

Commissioner of Wealth Tax, West Bengal Ii Vs. U.C. Mahatab

Court : Kolkata

Reported in : AIR1970Cal462,[1970]78ITR214(Cal)

..... in khantamayee debya v. smt. liukmini dehy, (1944) 48 cwn 759, in considering the expression 'agricultural land' in item no. 21 of list ii of the seventh schedule of trie government of india act, 1935 discussed this particular expression and came to the conclusion that agricultural land 'includes any interest therein whether that of a zamindar ..... arising, for instance, under such section as section 6 of the wealth tax act dealing with the exclusion of assets and debts outside india for resident and non-resident assessees.53. learned counsel for the revenue has drawn our attention to circular no. 2-d (w.t) dated may 15, 1964 from the central board of ..... compensation to the intermediary assessee. on a plain reading of the situation, therefore, there is no right to compensation as yet.27. no doubt, immediately on the notification under section 4 of the west bengal estates acquisition act under chapter ii, the assessee's rights vested jn the state. but this vesting under the scheme of the .....

Joshi and Co. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : (1987)61CTR(Cal)1,[1986]162ITR268(Cal)

..... could not have been refused without giving such opportunity. the decision of the patna high court in alankar jewellers : [1979]116itr89(patna) was followed. (i) cit v. commercial finance corporation : [1982]138itr281(all) . in this case, a division bench of the allahabad high court had held that where the assessee, a partnership firm, had applied for ..... certified copy thereof. the income-tax officer refused to grant registration to the firm on that ground without issuing any notice to the assessee under section 185(2) of the act to cure the defect. in revision, the commissioner of income-tax upheld the order of the income-tax officer. in an application under articles 226 and ..... 1) an application for registration of a firm for the purposes of the act shall be made in accordance with the provisions of sub-rules (2) to (5). (2) where the application is made before the end of the relevant previous year- (i) and where no change in the constitution of the firm or the shares of the partners has .....

B.K. Gooyee Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : AIR1966Cal438

..... things after the body of the notice:income-tax officeraddressdate of publication of the notice.20. the income tax officers are appointed under section 6 of the income-tax act. section 2 clause (7) defines income tax officer which 'means' a person appointed to be an income-tax officer under section 5.' the words 'income tax officer' in ..... in : [1962]2scr551 , his lordship dayal, j. who delivered the judgment after contrasting the pro vision of sub-section (1) and sub-section (2) of section 14 of the arbitration act of 1940 observed, inter alia, that 'the difference in the provisions of the two sub-sections with respect to the giving of notice is significant and indicates ..... but without a soul. hence it is an invalid notice and consequently equivalent to no notice.41. it is now necessary to turn to the cases under the public demands recovery act which were referred to before us.42. rule 2 of sch. ii of the act dealing with'mode of service provides inter alia that the service of a notice ..... .....

Kooka Sidhwa and Co., Calcutta Vs. the Commissioner of Income-tax, W.B ...

Court : Kolkata

Reported in : AIR1964Cal254,68CWN281,[1964]54ITR54(Cal)

..... the assessee but it was exempt from income-tax under a notification of the central government, finance department, being notification no. 878-f (income-tax), dated march 21, 1922, published under the authority of sec. 60 of the indian income-tax act the tribunal therefore, on august 31, 1950 passed the following order:'the result is that ..... of income-tax assessed under section 23 may appeal to the appellate assistant commissioner against the assessment. this is the substantive statutory right of appeal. section 30 (2) only prescribes the time and that also is a time which shall be observed 'ordinarily' and which also may be extended and excused if the appellate ..... ., a properly constituted appeal from the appellate assistant commissioner. in support of this submission mr. meyer relied on two decisions - (!) in : [1956]30itr281(mad) and (2) reported in . i am unable to accept mr. meyer's argument on the incompetence of that reference. i shall state my reasons briefly.32. this argument that the .....

Griffen Laboratories Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : (2000)161CTR(Cal)98,[2000]244ITR68(Cal)

..... place a curb on 'extravagant and socially wasteful expenditure ... at the cost of the exchequer'. the provisions were subsequently withdrawn after two years and reintroduced by the finance act, 1983, which also lasted for two years, that is, for the assessment years 1984-85 and 1985-86. the object of revival of, the provisions was ..... medical profession are to be regarded as expenses on 'advertisement, publicity and sales promotion' within the meaning of section 37(3a) and (3b) of the income-tax act, 1961 ?'2. the assessee is a manufacturer of medicines. the relevant assessment year is )985-86. during the course of assessment, the assessing officer, inter alia, found the ..... assessee claimed rs. 2,45,780 as expenses on medical literature and journals and also distributed free samples of medicines to doctors and physicians to the tune of rs. 10,88,920 .....

Hindusthan National Glass and Industries Limited and anr. Vs. Reserve ...

Court : Kolkata

..... parties thereto is a bank or authorized dealer regulated by the reserve bank of india. having regard to the provisions of the rbi act and considering that there is no ruling or decision by any court whatsoever holding that derivative transactions are speculative and/or are wagering contracts and are therefore illegal, the ..... etc. subsequently, upon your instructions and relying on further representations made by you, the bank permitted you to enter into inter alia the option transaction bearing reference no. fxopt 20536, 20540, 20544, range accrual on september 6, 2007. the deal confirmation issued in respect of the transaction also repeats the aforesaid representations. the ..... (b), (c) and (d) under clause 2.1 inarguably refer to the use of funds and finances relating to credit facilities granted. it would be inappropriate to divorce the opening sub-clause from the others. 128. section 45-v of the reserve bank of india act conceives of derivative transactions being entered by one bank .....

National Planning and Construction Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : [1980]122ITR197(Cal)

..... law :' whether, on the facts and in the circumstances of the case and on a proper interpretation of clause (c) of sub-section (8) of section 2 of the finance acts, 1974 and 1975, the appellate tribunal was justified in holding that the assessee was not an ' industrial company ' and was, therefore, not entitled to the concessional ..... came to the conclusion that the business of the assessee was mainly building and construction. the tribunal found that there was no evidence to establish that the assessee sold the items manufactured to its customers. the tribunal was of the opinion that, in order to be an ' industrial company ..... in its construction work but this would not make the assessee a manufactur-ing company as it was carrying on business essentially as construction engineers. there was no sale of the items concerned.5. the tribunal considered the respective submissions of the parties, the directors' reports and also the accounts of the assessee and .....

Commissioner of Income-tax Vs. Empire Jute Co. Ltd.

Court : Kolkata

Reported in : (1986)56CTR(Cal)22,[1986]161ITR556(Cal)

..... industry itself. there, this court, after considering the judgment in the case of cloth traders (p.) ltd. : [1979]118itr243(sc) as well as the amendment made by the finance (no. 2) act, 1980, held as follows (at page 790):'therefore, in our opinion, on the ratio of the decision of the supreme court in the case of cloth traders (p.) ltd. ..... claims of the assessee in view of the decision of the income-tax appellate tribunal, bombay bench. reference was also made to the language employed in section 2(45) of the act.4. the tribunal, after considering the submissions made by both the parties before it as also considering the decisions of the various benches of the income-tax ..... department preferred an appeal before the tribunal and it was contended on behalf of the department that in accordance with the provisions of sections 80b(5) and 80a(2) of the act which came into force with effect from april 1, 1968, the assessee was not entitled to the deductions claimed under sections 80g and 80m of the .....

H.S. Mukherjee Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : (1986)56CTR(Cal)150,[1986]161ITR846(Cal)

..... again.13. the learned advocate also submitted that tax on capital gains was also provided for in the finance act passed each year.14. in section 2(4) of the finance act, 1966, it was laid down that in cases to which chapter xii of the income-tax act, 1961, applied, the tax chargeable would be determined as provided in that chapter and with reference to ..... case.20. for the reasons above, we answer the question referred in the affirmative and in favour of the revenue.21. in the facts and circumstances, there will be no order as to costs.22. the learned advocate for the assessee contended that a substantial question of law has arisen in the instant case and this was a case fit ..... an appeal from the said assessment to the appellate assistant commissioner. it was contended in the appeal that the tax on capital gains in the relevant assessment year should in no case exceed 15% of the net gains and as tax at the said rate has been imposed on the firm, the same could not be assessed further in the .....