Court : Kolkata
Reported in : [2001]251ITR306(Cal),[2001]252ITR550(Cal)
..... survey to be made under section 133a of the income-tax act and/or issue any summons under section 131 of the income-tax act, 1961, in respect of the prescribed returns under section 206 of the income-tax act in view of the object and scheme of the income-tax act, 1961.6. under section 4(1) of the said act being the charging provision, income-tax is payable by an assessee on its assessable total ..... income of the previous year at the rate or rates prescribed .....
Tag this Judgment!Court : Kolkata
Reported in : (1990)1CALLT43(HC)
..... constitution of india,(h) the respondent no. 1 although has been empowers to adjourn and/or stop the sale under rule 15 of the schedule ii of the income tax act, 1961 illegally and mala fide and without any reason failed to exercise his discretion in adjourning the sale as published in the statesman, dated 9.2.1987.4. in ..... already been made final and conclusive. my attention has been drawn to section 224(1) of the income tax act 1961 where it has been laid down that it shall not be open to the assessee to challenge the assessment before the tax recovery officer and correctness of the assessment cannot be challenged on any ground.16. i am of the ..... officer to adjourn the sale as there is no such provision in schedule ii of the income tax act, 1961 for the sale being adjourned at the state when the same has been fixed by the tax recovery officer after complying with all formalities. the petitioner, however, complains that no notices were served upon the trustees and therefore no formalities .....
Tag this Judgment!Court : Kolkata
Reported in : [1996]222ITR540(Cal)
..... of accounting of the said company was mercantile and the accounting period of this was the financial year. this company was a regular income-tax assesses under the income-tax act, 1961, and was being assessed by the income-tax department, sector-10, calcutta, for all the relevant assessment years including the assessment year 1993-94. it is claimed that in computing ..... your case on march28, 1996, under sub-section (3) of section 143 of the income-tax act, 1961,and that the total income stood determined at rs. 4,62,19,080. i furtherfound that your claim for deduction under section 33ab of the income-tax act for an amount of rs. 72,63,966 had been rejected as the assessingofficer found that ..... and as such prejudicial to the interests of the revenue and propose to exercise the powers available in section 263 of the income-tax act, 1961, to direct the assessing officer to revise the assessment bringing to tax the amounts of rs. 8,93,89,258 and rs. 3,22,91,765 as aforesaid stated. if you have .....
Tag this Judgment!Court : Kolkata
Reported in : [1970]75ITR537(Cal)
..... 1957, 1958 and 1959, respectively. the respondent is a nonresident shipping company. its registered office is in japan. it has been assessed to income-tax for the assessment years aforesaid under the indian income-tax act, 1922, with respect to net indian earnings. the assessee did not maintain separate accounts for its indian business ; its net profits on ..... the basis of its world profit and loss account was computed under the indian income-tax act, 1922, and, thereafter under rule 33 of the rules, the indian net profit was worked out in the proportion as between the gross indian earnings and ..... . in the light of the printiples the amount of tax paid on the net wealth of assessee under the wealth-tax act is not a permissible deduction under section 10(2)(xv) of the indian income-tax act in his assessment to income-tax, for tax is imposed under the wealth-tax act on the owner of assets and not on any commercial .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]120ITR110(Cal)
..... , the tribunal misdirected itself in law in holding that the sum of rs. 10,47,422 was allowable as a bad debt under section 10(2)(xi) of the indian income-tax act, 1922?' 2. the facts admitted and/or found in the proceedings are that rohtas industries ltd., dalmianagar, the assessee, is a public limited company. it carries on the manufacture ..... , the question was an academic one.33. dr. pal cited a decision of this court in cit v. dunlop rubber co. (i) ltd. : [1977]107itr182(cal) . in that case, the assessee had claimed relief under ss. 84 and 101 of the i.t, act, 1961, on the ground that it had established new industrial undertakings. the ito disallowed such claim on the ..... the assessee from rohtas quarries ltd., and the same arose out of and as an incident of the business of the assessee. on the authority of abdullabhai abdulkadar's case : [1961]41itr545(sc) , it must be held that the loss of this sum was not a capital loss.46. the contention of mr. pal for the revenue that the assessee .....
Tag this Judgment!Court : Kolkata
Reported in : [2003]264ITR241(Cal)
..... 1. by this writ application the writ petitioner has prayed for setting aside the decision to initiate prosecution against the petitioner under section 276b of the income-tax act, 1961, for the financial years mentioned in the prayer portion of this writ application. 2. there is no dispute that in the past the respondents authority ..... the petitioner for explaining why prosecution under section 276b of the income-tax act, 1961, for failure on the part of the company to pay to the credit of the central government, the tax deducted at source as required under the provisions of chapter xvii-b of the income-tax act, 1961, should not be initiated. 3. the petitioner had shown cause ..... convince this court that even if the allegations made by the respondents were all true those facts did not constitute any offence under section 276b of the income-tax act. i, thus, find no reason to entertain this application at this stage in view of the fact that the questions involved are all disputed questions of .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1968Cal19,[1968]67ITR56(Cal)
..... quoted and considered above.27a. then mr. mitter for the assessee fell back upon the decision of the supreme court in commissions of income-tax, bombay v. abdullabhai ahdulkadar : [1961]41itr545(sc) that no doubt was an income-tax act case and under section 10 thereof. the passage on which mr. mitter relied is from the judgmenl of kapur j., at pages ..... pal for the commissioner of income-tax may be summarised briefly. he criticised the basic assumption made in the judgment ..... no pronounce-ment on whether all sales tax was at all deductible or not it must also be borne in mind that the case of s.r.v.g press co : [1961]42itr219(sc) was a case under excess profit tax act and the rules connected therewith and was not a case for deduction under income-tax act.22. the criticism of mr. .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]114ITR85(Cal)
..... circumstances of the case, the income-tax appellate tribunal was justified in merely setting aside the order charging interest under section 216 of the income-tax act, 1961, and sending the issue back to the income-tax officer for consideration instead of annulling the order altogether after having held that the ..... , the tribunal set aside the order and then directed, 'send back the matter to the income-tax officer for fresh consideration in the light of the above observations.'5. upon this under section 256(1) of the income-tax act, 1961, the following question has been referred to this court:'whether, on the facts and in the ..... sabyasachi mukharji, j. 1. we are concerned in this reference with the assessment years 1969-70 and 1971-72. the income-tax officer issued a notice under section 210 of the income-tax act, 1961, to the assessee during the financial year 1968-69, demanding payment of rs. 3,61,000. thereupon, the assessee filed an estimate .....
Tag this Judgment!Court : Kolkata
Reported in : [1970]77ITR704(Cal)
..... the purpose of assessing the taxable income, the difference between the written ..... in the income-tax assessment for the purpose of computing the net wealth under section 7 of the wealth-tax act.11. again in commissioner of income-tax v. bipin chandra maganlal & co. ltd., : [1961]41itr290(sc) , shah j. observed, at page 295 :'in computing the profits and gains of a company under section 10 of the act (income-tax act) for ..... given in the balance-sheet by the company was that there was paucity of profits. the tribunal came to the conclusion that normal depreciation allowed under the income-tax act is a reasonable measure of wear and tear of plant, machinery and buildings, etc., for the purposes of business. it, therefore, came to the .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]113ITR566(Cal)
..... the circumstances of the case, a penalty can be imposed under section 46(1) of the indian income-tax act, 1922, read with section 21 of the excess profits tax act, 1940, after 1st april, 1962, with effect from which date the indian income-tax act, 1922, was repealed by the income-tax act, 1961 ' 2. the facts which have been found or admitted are as follows :the assessee was assessed to ..... of the constitution, inter alia, on the ground that proceedings for imposition of penalty had become barred by limitation under section 231 of the income-tax act, 1961. this section is materially similar to section 46(7) of the earlier act of 1922. sabyasachi mukharji j., dealing with the question whether a proceeding for imposition of penalty was a proceeding for recovery of a sum .....
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