Court : Kolkata
Reported in : [1999]236ITR595(Cal)
..... said company carries on a business in civil engineering and construction work. the method of accounting of the said company is mercantile and the said company is also a regular income-tax assessee under the income-tax act, 1961. the assessment year involved is 1988-89 corresponding to the accounting year ending on september 30, 1987. 3. the respondent/writ petitioner company used to compute the ..... or excess amount deducted or collected at source under section 206c and whether the tax collected at source could be equated with the advance tax for the purpose of payment of interest under section 214 of the income-tax act, 1961. 11. it is not in dispute that under section 214 of the income-tax act, simple interest at 15 per cent, per annum is payable by the government .....
Tag this Judgment!Court : Kolkata
Reported in : (1985)49CTR(Cal)245,[1986]159ITR355(Cal)
..... the facts and in the circumstances of the case, the tribunal was right in cancelling the penalty levied under the explanation to section 271(1)(c) of the income-tax act, 1961, relating to the assessment year 1964-65?'6. it has been contended by mr. bagchi, learned advocate on behalf of the revenue, that since the appeal against ..... be used to support the imposition of penalty. the penalty order was, therefore, cancelled.4. the revenue filed an application under section 256(1) of the income-tax act, 1961, requiring the tribunal to refer the following questions to this court :'1. whether, on the facts and in the circumstances of the case and in view of ..... circumstances of the case and on a correct interpretation of the explanation to section 271(1)(c) of the income-tax act, 1961, the tribunal was justified in cancelling the order of penalty made under section 271(1)(c) of the income-tax act, 1961 ' 5. however, the tribunal referred only one question which is in the following terms :' whether, on .....
Tag this Judgment!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 : [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 .....
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