Court : Kolkata
Reported in : [1969]71ITR489(Cal)
..... that no part of the loss incurred by the taxpayer company in the year of assessment 1960-61 had been relieved in the years of assessment 1961-62 and 1962-63 under section 342 of the income tax act, 1952, and that, in consequence, pounds 101,214 of such loss remained to be relieved under the same section against the companys trading ..... fell to be deducted from the losses available to be carried forward and set off against the assessable profits of subsequent tax year under section 342 of the income tax act, 1952.(4) the taxpayer fell to be assessed to tax for the year 1961-62 being the second year in which it carried on its trade, by reference to the profits (if any) ..... 328. the taxpayer on account of interest paid by it under deduction of tax in the years 1961-62, 1962-63, 1963-64 and 1964-65, in respect of which it had been assessed to tax under section 170 of the income tax act, 1952.(9) the taxpayer was assessed to tax for the year 1965-66 by reference to the profits of its accounting .....
Tag this Judgment!Court : Kolkata
Reported in : [1993]202ITR889(Cal)
..... assets in the balance-sheet shall not be treated as assets, namely : -- (a) any amount paid as advance tax under section 18a of the indian income-tax act, 1922 (11 of 1922), or under section 210 of the income-tax act, 1961 (43 of 1961). ...' 48. sub-clause (b) of clause (i) of explanation ii is not material for the purposes of this ..... in the balance-sheet shall not be treated as assets, namely : (a) any amount paid as advance tax under section 18a of the indian income-tax act, 1922 (11 of 1922), or under section 210 of the income-tax act, 1961 (43 of 1961) ; (b) any amount shown in the balance-sheet including the debit balance of the profit and loss ..... in clause (i)(a)' refer to the provision for taxation other than the provision for advance tax ; they do not mean the amount paid as advance tax under section 18a of the indian income-tax act, 1922, or section 210 of the income-tax act, 1961. while considering the provision for taxation, it must be ascertained that there is no provision for .....
Tag this Judgment!Court : Kolkata
Reported in : (2003)180CTR(Cal)329,[2003]260ITR97(Cal),[2003]132STC298(Cal)
..... been the liability, due to be paid, having been adjusted is a deemed payment amounting to actual payment within the meaning of section 43b of the income-tax act, 1961. he has pointed out that it is not in dispute that the actual payment by way of adjustment is claimable in the assessment year 1985-86. ..... section 256(1) of the act the question formulated is : 'whether, on the facts and in the circumstances ..... dey to file vakalatnama within two weeks. 2. the income-tax officer and the appellate authority disallowed the claim for deduction of a sum of rs. 4,05,744 under section 43b of the income-tax act, 1961. the learned tribunal overruled the same and allowed the deduction. the commissioner of income-tax, west bengal-ii, calcutta, sought this reference under .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1951Cal151,55CWN261,[1951]19ITR406(Cal)
..... earlier in this judgment for the opinion of the ct.7. section 10, income-tax act, provides:'the tax shall be payable by an assessee under the head 'profits & gains of business........' in respect of the profits or gains of any business.... carried on ..... -44. on the other hand, the assessees claimed that this amount could not be regarded as profits under section 10(2) (vii), income-tax act, but the taxing authorities assessed the amount to tax & that view was upheld by the appelpellate tribunal. as i have stated, the appelpellate tribunal on being requested framed the question set out ..... /- received by the appct. co. from the govt. of india in the circumstances of this case is taxable as profits under section 10(2) (vii), income-tax act?'2. the assessees are the well known electric supply co. which provide this city with electricity. the assessees had a standby electricity generating plant at bhatpara about .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]116ITR554(Cal)
..... in the facts and circumstances of the case the learned aac of income-tax was not justified in holding that the entire income of shyamasree cinema which is owned by the appellant's wife is to be included in the assessment of the appellant under section 64(iii) of the i.t. act, 1961, 2. that the learned aac should have held on appreciation ..... under section 64(iii) of the i.t. act, 1961. 18. in a recent decision, however, this court in the case of k.d. ghosh v. cit : [1978]111itr502(cal) has considered this question. there, theassessee who was assessed as an individual filed his return for the assessment year 1966-67 showing an income of rs. 6,071. the ito determined the ..... mammon k. cherian v. cit : [1976]102itr553(ker) , on a plot of 20 cents of land belonging to the wife a house was built, inter alia, at the cost of the husband. the tribunal included the entire income from the house in the hands of the husband under section 64(1)(iii) of the i.t. act, 1961. it was held that contribution .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)109ITD146(Kol.)
..... circumstances, the learned commissioner (appeals) erred in law in directing to allow deferred tax to determine the book profit under section 115jb of the income tax act, 1961, when the deferred tax is a provision of tax effect of the differences between taxable income and accounting income, and so is not allowable under section 115jb of the income tax act, 1961 in determining book profit under that section. (3) that on the fact ..... revised computation filed during assessment. (5) that on the fact and in the circumstances, the learned commissioner (appeals) erred in directing to allow tax paid under section 115-o of the income tax act, 1961 on distributed dividend to determine book profit under section 115jb of the income tax act, 1961 citing cbdt's circular no. 8 dated 29-8-2005, when the said circular relates to fringe benefit .....
Tag this Judgment!Court : Kolkata
..... earlier in this judgment for the opinion of the court.6. section 10 of the indian income-tax act provides:the tax shall be payable by an assessee under the head ' profits and gains of business...' in respect of the profits or gains of any business... carried ..... 44 on the other hand, the assessees claimed that this amount could not be regarded as profits under section 10 (2) (vii), indian income-tax act, but the taxing authorities assessed the amount to tax and that view was upheld by the appellate tribunal. as i have stated, the appellate tribunal on being requested framed the question set out ..... by the applicant company from the government of india in the circumstances of this case is taxable as profits under section 10 (2) (vii) of the income-tax act?2. the assessees are the well-known electric supply company which provide this city with electricity. the assessees had a stand-by electricity generating plant at bhatpara .....
Tag this Judgment!Court : Kolkata
..... by it. the commissioner held that the electricity duty collected by the appellant licensee from the consumers falls within the purview of section 43b of the income tax act, 1961 and as such he dismissed the appeals of assessee-company and upheld the order of the assessing officer. (4) the assessee company preferred appeal against ..... senior counsel for the appellant advanced before us essentially the same arguments that were made before the ld. tribunal. he submitted that section 43b of the income tax act does not apply to electricity duty collected by the assessee-company as licensee, on behalf of the state government inasmuch as the electricity duty which the assessee ..... are that the assessee company (appellant herein) did not include the unpaid electricity duty while computing disallowance to be made under section 43 of the income tax act. the electricity duty was realized by the assessee company from the consumers which is finally paid to the state government. the assessing officer was of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD857(Kol.)
..... would not be satisfied in respect of any liability of the assessee for payment of tax of some other persons within the meaning of section 199 of the income-tax act, 1961. consequently, he rejected the contention of the wto that the timely deposit of the tax deducted at source was a duty cast on the assessee in pursuance of the relevant ..... provisions of the act and, therefore, the liability was hit by section 2(m). however, the ..... behalf of the central government and, thus, treat him as an agent of the central government. according to sub-section (2) of section 201 of the income-tax act, the tax deducted but not paid together with simple interest payable thereon, if any, for delayed payment shall be a charge upon all the assets of the person or the .....
Tag this Judgment!Court : Kolkata
Reported in : (2009)225CTR(Cal)358,[2010]320ITR636(Cal),[2009]182TAXMAN327(Cal)
..... property could be auctioned for the recovery of the outstanding demand of dwarka prasad agarwala as per provision of rule 11 of the second schedule to the income-tax act, 1961 and had therefore rightly rejected the claim of the writ petitioner-vishwanath agarwala.32. the learned advocate appearing on behalf of the private respondent no. 4 ..... of panna devi agarwala, observing that the same was not tenable in law and passed his order under rule 11(6) of the second schedule to the income-tax act, 1961, rejecting his plea while concluding that the property could be auctioned for recovery of the outstanding demand of dwarka prasad agarwala. the confirmation of sale to ..... ) was rendered in a completely different fact situation. in that case, the tro had levied attachment under rule 11 of the second schedule to the income-tax act, 1961, on an immovable property originally belonging to the deceased assessee which was claimed by his wife and daughter as of their ownership and in their possession in .....
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