Court : Kolkata
Reported in : (1990)84CTR(Cal)122,[1991]190ITR81(Cal)
..... on the facts and in the circumstances of the case, the tribunal was justified in law in holding that the deduction under section 80t of the income-tax act, 1961, should have been computed by reference to the amount of capital gains as reduced by loss under the head 'capital gains' brought forward from ..... by an assessee, being a company, from an indian company, or it was confined only to the dividend income as computed in accordance with the provisions of the act, that is, after making the deductions specified ..... there shall ... be allowed, in computing the total income of the assessee, a deduction from such income by way of dividends of an amount equal to'. the question in that case was whether on a true interpretation of section 85a and section 80m of the income-tax act, 1961, rebate on income-tax was admissible on the actual amount of dividend received .....
Tag this Judgment!Court : Kolkata
Reported in : [1975]101ITR477(Cal)
..... recorded, then in such a case, there is no impediment in treating a notice issued under clause (a) of section 147 of the income-tax act, 1961, as one under clause (b) of the income-tax act, 1961.5. the next question is whether this action can be held to be valid inview of the provisions of section 297(2)(d)(ii) ..... assessee to disclose the correct legal inference in respect of a particular transaction. the principles upon which clause (a) of section 147 of the income-tax act, 1961, or section 34(1)(a) of the income-tax act, 1922, can be invoked are well-settled by the provisions of these sections as well as by the decisions of the courts. in view ..... two contingencies. in the premises, this contention of the assessee cannot be accepted.7. the next question that requires consideration is whether under section 150 of the income-tax act, 1961, this notice can be treated as valid. counsel for the revenue contended that in view of sub-section (1) of section 150 the period of limitation prescribed .....
Tag this Judgment!Court : Kolkata
Reported in : [1991]187ITR568(Cal)
..... the revision will relate only to those matters which had not been considered and decided by the aac.income tax act 1961 s.263 ajit k. sengupta, j.1. in this reference under section 256(1) of the income-tax act, 1961, the following question of law has been referred to this court for the assessment year 1972-73 ..... as nil. the assessee preferred an appeal against this assessment before the appellate assistant commissioner. it was contended that the income-tax officer had disallowed deduction under section 80m of the income-tax act, 1961, in respect of the dividend earned by the assessee. the appellate assistant commissioner accepted the contention of the assessee and ..... for the reasons aforesaid, we are of the view that the tribunal was right in holding that the commissioner of income-tax had jurisdiction to initiate proceedings under section 263 of the income-tax act, 1961, as there was only a partial merger. the revision will relate only to those matters which had not been considered .....
Tag this Judgment!Court : Kolkata
Reported in : [1972]85ITR531(Cal)
..... cited where this expression had been used. probably the word was intended only to express in an abbreviated form the effect of section 54 of the income tax act, 1842. plainly, a company paying income tax on its profits, does not pay it as agent for its shareholders. it pays as a taxpayer, and if no dividend is declared the ..... case, the finding of the tribunal that the assessee has paid income-tax by deduction in accordance with the law in ..... reference, mr. roy has referred to the decision of the supreme court in the case of commissioner of income-tax v. scindia steam navigation co. ltd., : [1961]42itr589(sc) . and also to the decision of the supreme court in the case of commissioner of income-tax v. smt. anusuya devi, : [1968]68itr750(sc) .8. in the facts of the instant .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]186ITR541(Cal)
..... this expenditure was allowable as proper business expenditure under section 37 of the income-tax act, 1961. the aforesaid order of the commissioner of income-tax (appeals) was challenged by the revenue before the tribunal and reliance was placed on the reasons given by the income-tax officer for making the disallowance. on behalf of the assessee, the order ..... be allowed as business expenditure ?' 2. the facts relating to the first question are that the income-tax officer made a disallowance of rs. 22,664 in terms of sub-section (5) of section 40a of the income-tax act, 1961, on account of certain perquisites, including concessional residential accommodation. the working of the disallowance of rs. ..... the tribunal was justified in holding that the perquisites in terms of rule 3 of the income-tax rules, 1962, alone would be the ceiling in the hands of the assessee-company under section 40(c)(iii) of the income-tax act, 1961 ? (2) whether, on the facts and in the circumstances of the case, the .....
Tag this Judgment!Court : Kolkata
Reported in : (1981)21CTR(Cal)293,[1981]130ITR747(Cal)
..... argument on behalf of the revenue, as follows at page 627 of the report:'the scheme of the income-tax act, 1961, is to treat the assessee failing to pay the tax due within the period prescribed a defaulter. the income-tax officer may, where the assessee is found to be in default, issue a certificate for recovery and forward ..... assessee, and proceedings for recovery of the tax may be taken against the assessee alone. under the income-tax act, 1961, a hindu undivided family is a distinct taxable entity, apart from the individual members who constitute that family. section 4 of the income-tax act charges to tax for any assessment year, the total income of the previous year of every person and ..... of the case, and on a correct interpretation of section 271(1)(c) of the income-tax act, 1961, read with the explanation to that section, the tribunal was correct in holding that the department had failed to prove concealment of income in regard to the sum of rs. 26,000 and interest amounting to rs. 1, .....
Tag this Judgment!Court : Kolkata
Reported in : [1976]105ITR1(Cal)
..... came up for consideration and it was held by the full bench of this court that section 34(1)(a) of the indian income-tax act, 1922, and section 147(a) of the income-tax act, 1961, cast a duty upon an assessee not merely of disclosing fully and truly all material facts but also of disclosing them truly. it ..... order the learned judge was pleased to discharge the rule obtained by the appellant against initiation of proceedings under section 148 of the income-tax act, 1961, for the assessment years 1950-51 to 1961-62, by the income-tax officer, central circle i, respondent no. 1.2. the appellant, which carries on business, inter alia, in export and ..... assessment within the meaning of section 147 of the income-tax act, 1961, and as such the said income-tax officer proposed to reassess the income of the appellant for the assessment years in question. the brief reasons for starting the proceedings under section 147(1) of the said act of 1961, a specimen copy whereof has been disclosed with the .....
Tag this Judgment!Court : Kolkata
Reported in : (1983)35CTR(Cal)254,[1983]144ITR317(Cal)
..... on a correct interpretation of the provisions of the income-tax act, 1961, the tribunal was right in holding that the surtax liability under the companies (profits) surtax act, 1964, for the relevant year should not be deducted in arriving at the total income under the income-tax act, 1961 ?'6. the first argument of the assessee before ..... said decision, we reject the assessee's contention that the surtax liability under the companies (profits) surtax act, 1964, for the relevant year should be deducted in arriving at the total income under the income-tax act, 1961.' 5. at the instance of the assessee-company, the tribunal has referred the following question of law ..... of or otherwise on the basis of any such profits or gains ;.....' income-tax act, 1961, '40. amounts not deductible.--notwithstanding anything to the contrary in sections 30 to 39, the following amounts shall not be deducted in computing the income chargeable under the head 'profits and gains of business or profession'- (a .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]116ITR475(Cal)
..... form part of the profits and/or gains of business'. now, section 23a was part of the income-tax act for a continuous period of long time before the 6th head of capital gains was added in section 6 by act xxii of 1947.....there was no taxation on capital gains for considerable number of years when section ..... an investment or an asset is a real profit and not a fictional profit or a notional profit. the supreme court's decision in commissioner of income-tax v. bipinchandra maganlal & co. : [1961]41itr290(sc) ..... is no authority for the position that even in cases where the sale price is more than the cost price and the amount ..... decision in bipinchandra maganlal & co. : [1961]41itr290(sc) , at page 183 of the report :'this decision is binding on us and no further citation in this regard is called for. these two concepts, 'accounting profits' and 'assessable profits' are distinct. in arriving at the assessable profits the income-tax officer may disallow many expenses actually incurred by the .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]113ITR326(Cal)
..... directed to modify the assessment in the light of the finding of the tribunal. on these, at the instance of the revenue, under section 66(2) of the indian income-tax act, 1922, the following questions have been referred to this court:'(1) whether, on the facts and in the circumstances of the case, and on a proper construction of the ..... of the shares as on the 1st day of january, 1954, under the second proviso to sub-section (2) of section 12b of the indian income-tax act, 1922, in place of cost price. the income-tax officer worked out the fair market value of the shares on the basis of the break-up value as on the 1st january, 1954, at rs. ..... & co. ltd. : [1967]66itr622(sc) . the first question is directed to the finding that there was no liability of the assessee under section 12b of the indian income-tax act, 1922. the answer is self-evident. if on the computation made there was capital loss then there cannot be any liability for capital gains under section 12b. therefore, the tribunal .....
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