Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)5ITD592(Kol.)
..... under the act, joint executors may be assessed in the status of an aop which itself is an assessable unit under the act so also under the wealth-tax act, joint trustees can be assessed to wealth-tax under that act in the status of ..... that on the death of purna chandra barick the business of said purnasree cinema wherein purna chandra barick had 10 annas share will be managed by the surviving partner shri netai chandra barick for the better interest and management of the partnership business.in that view of the matter we are of opinion that the defect pointed out by the ito was not so serious as to refuse to allow the assessee's claim for ..... year under consideration the assessee applied for continuation of registration by filing a declaration under section 184(7) of the income-tax act, 1961 ('the act') in form no. ..... the death of purna chandra barick the business of said purnasree cinema wherein purna chandra barick had 10 annas share will be managed by the surviving partner shri netai chandra barick for the better interest and management of the partnership business.the newly constituted firm applied for registration for the assessment year 1972-73 and the ito granted registration. ..... barick.according to section 211 of the indian succession act, the executor or executrix derives title and interest from the will immediately upon the ..... [1974] 97 itr 128, the considered opinion of hon'ble bombay high court should be followed since there are no overriding reasons for taking any .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)4ITD545(Kol.)
..... the assessment for the assessment year 1975-76 was completed by the assessing officer under section 143(3) of the income-tax act, 1961 ('the act'), on 30-3-1978. ..... lower authorities, the facts of the case merit, that we set aside the orders of the lower authorities and restore the case to the file of the ito, which we do, with the specific direction that the assessment in the case of the assessee, be framed afresh in accordance with law and after giving a reasonable opportunity of being heard to the assessee and specifically in the light of this categorical finding of fact by the aac that there ..... the case cited by shri tandon is distinguishable, because that related to the levy of interest under section 217 for which no separate order is passed. ..... an order adverse to the interests of the appellant--adverse in the sense that it takes away from him a benefit which he has already acquired under the order appealed from--is possible only be means of an order made either upon a cross-appeal filed by ..... the appeal of the department was, no doubt, decided earlier, but it should not prejudice the interest of the assessee. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)5ITD285(Kol.)
..... to the assessee-company, the lump sum contribution made by it towards the cost of construction will result into an enduring advantage and, therefore, the expenditure would be a capital expenditure not deductible under section 37 of the income-tax act, 1961, in view of the decision of the calcutta high court in the case of cit v ..... the employees recruited had to work in these hilly forests, and, therefore, the company's interest in the area and concern for its employees engaged there was enormous.it was pointed out that the district magistrate by his letter dated 22-7-1976 approached the company for contribution for construction of a stadium in that area and because of its business interest in that area the company considered it commercially expedient to make a contribution of rs. 5 ..... assessee for the construction of the stadium was for the purpose of commercial expediency and, therefore, this was an admissible deduction in computing the income of the assessee.however, for deduction to be allowed under section 37 it is necessary, that such expenditure should not be capital in character ..... . in order that an expenditure may be allowed as deduction under section 37, it need not have to [be] incurred] with the object of gaining a ..... . the section also provides various norms for deduction of expenditure if the same is found to have been ..... of the aforesaid facts, it was held by the calcutta high court in that case that the expendit re was capital in nature and not admissible for deduction under section 37 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)6ITD225(Kol.)
..... a notice under section 148 of the income-tax act, 1961 ('the act') was issued upon the assessee on 7-3-1977 indicating that the ito had reason to believe, in consequence of information in his possession, that income chargeable to tax has escaped assessment for the assessment year 1972-73. ..... he may not have other source of income too and ultimately it would result arrear of demand on one side and unrealisable sticky loans with interest on the other side.the second case would be that the assessee had income from sticky loans as well as income from other sources. ..... the assessment of the assessee for the assessment year 1972-73 was completed on 25-7-1974 and the deduction under section 80m was allowed on the gross figure ..... but the question is that when the ito completed the original assessment on 25-7-1974, the decision in favour of the assessee was available in darbhanga marketing co ..... he stated that the original assessment was completed on 25-7-1974 and the decision in cloth traders (p ..... the various decisions of the high courts were available on the subject when the assessment was completed by the ito, on 25-7-1974, even the decisions of the calcutta, bombay and madras high courts were in favour of the assessee ..... the assessment for the assessment year 1972-73 was completed on 25-7-1974. ..... case (supra) which was pronounced on 28-11-1973 but it was reported in the later part of 1974 after july 1974 in the itr. ..... opr/40260 dated 31-10-1974 which was appearing at page 60 of the assessee's paper book .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)7ITD697(Kol.)
..... under section 214, 'the central government is obliged to pay simple interest at 12 per cent per annum on the amount by which the aggregate sum of any instalments of advance tax paid during any financial year in which they are payable under sections 207 to 213 of the act exceeds the amount of tax determined on regular assessment, from the 1st day of april next following the said financial year to the date of regular assessment...'. ..... 29 under section 209a of the income-tax act, 1961 ('the act') on 15-3-1979, though the estimate and the covering letter were dated 14-3-1979. ..... section 207 lays down that tax shall be payable in advance in accordance with the provisions of sections 208 to 219 of the act in the case of income other than (a) income chargeable under the head 'capital gains' ; and (b) income referred to in sub-clause (ix) of clause (24) of section 2 of the act.such income is referred to in chapter xvii as 'income subject to advance tax' and such tax as 'advance tax'. ..... it was also submitted that from the challan through which this payment was made, it was clear that the payment was made by way of advance tax and that the claim of the assessee for interest under section 214 in respect of this amount is, thus, fully justified.7. ..... 48,51,000 alone was treated as advance tax paid and it is on this amount that interest under section 214 of the act has been calculated. ..... ) of 1980 for the assessment year 1974-75, in the case of kalidas mullick, at page 50 of the trigist, vol. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD718(Kol.)
..... much reliance was placed by the learned departmental representative on the decision in the case of gurupad khandappa magdum (supra) in which it was observed that explanation 1 to section 6 of the hindu succession act resorts to the simple expedient, undoubtedly fictional, that the interest of a hindu mitakshara coparcener 'shall be deemed to be' the share in the property that would have been allotted to him if a partition of that property had taken ..... observation, we hold that the properties left by the husband of the assesse were assessable as huf properties for the purpose of wealth-tax and, accordingly, the lower authorities were not justified in including one-third interest in the huf balkrishanlal poddar in the net wealth of the assessee. ..... hindu system of law a joint family may consist of a single male member and the widow of a deceased male member and that the income-tax act, 1961, nowhere indicates that the huf must have at least two male members. ..... itr 976 the calcutta high court has made it clear that the provisions of section 6 of the hindu succession act use the words 'mitakshara coparcenary property' and not the words, 'joint family ..... hirabai khandappa magdum [1981] 129 itr 440 and contended that according to the provisions of section 6 of the hindu succession act, 1956, the right of the legal heirs on the death of a coparcener to the property left by the coparcener is that would have been allotted to such coparcener if a partition of the joint family had ..... rastogi [1974] 96 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD710(Kol.)
..... given to the question referred to their lordships: the appellate tribunal was not correct in law in holding that the entire assessment orders of the ito had merged in the order of the aac irrespective of the points urged by the parties or decided by the aac and, therefore, the commissioner was not competent to revise those orders under section 263 of the income-tax act, 1961, even in respect of the points not considered and decided by the aac. (p. 15) 6. ..... appeal has been filed against an order of the commissioner passed under section 263 of the income-tax act, 1961 ('the act'). ..... again in premchand sitanath roy's case (supra), the actual observations of their lordships are that the interest which was sought to be charged in the order of the commissioner under section 263 was not the subject-matter of appeal before the a ac. ..... in the computation of in come, bank interest, replanting subsidy and surplus on disposal appeared to have been separately deducted from the profit.the iac who had made the assessment had failed to apply his mind to the issue inasmuch as the provision had been allowed as an admissible deduction in addition to the actual amount of deduction which resulted in consequent ..... (supra) and notwithstanding these authorities, the special bench had taken a decision in favour of the assessee on the ground that in both these cases the question involved was only of interest under section 217 of the act, which could not be the subject-matter of appeal before the aac. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD738(Kol.)
..... 800 for the proposition that before an asset could be taken into consideration for computing the net wealth of an assessee under section 2(m) of the wealth-tax act, 1957 ('the act') such asset must belong to the assessee on the relevant valuation date.the mere possibility of getting income-tax refund in future as and when the assessment proceedings are finalized could not be treated to be an asset of the assessee on the valuation date because at that time it did not belong ..... the high court held that the disclosure envisaged under section 68 was in respect of an amount which was already liable to be assessed as income under the relevant income-tax act and, therefore, the mere fact that the said amount was neither quantified nor assessed nor even returned on the valuation date was not material. ..... now the liability to pay income-tax is one single point liability created by section 4 of the income-tax act, 1961. ..... in case of the first assessee, shri gokulchand bangur, the wto noticed that he had been granted the following refunds:assessment year date of completion of amount of refund assessment determined1964-65 27-2-1968 2,5011965-66 31-7-1968 1,60,8991966-67 30-8-1968 38,9631967-68 2-6-1969 7,648 similarly, the second assessee, shri gobindlal bangur, was found to have been granted the refunds as given below: the wto was of the opinion ..... it is heritable and it is not a right or interest mentioned in the exclusionary clauses of definition of assets in section 2(e). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD588(Kol.)
..... the money was advanced to mpd productions, bombay, against security of picture, 'chambal ki kassam' in eastern unit at the rate of 2 per cent interest and, since the picture was not released in the eastern circuit due to bad picture, money was not realised and the , assessee did not know whether ..... noted in the assessment order that the assessee disclosed income from commission and interest on loans and advances ..... be included in the real income of the assessee for the accounting year.the facts before us are distinguishable, inasmuch as there is no material to say that the assessee has foregone or waived the interest due from the assessee as in fact the principal amount, though claimed to be in jeopardy, was realised subsequently. ..... , the debtor also agreed to undertake that he would not release or caused to be released the said picture until the above principal and the interest amount was fully and finally paid to the assessee and the above arrangement is stated to be irrevocable. ..... itr 706, in which, inter alia, it was held that the two rules that income-tax is annual in its structure, meaning thereby that for computation each year is a distinct self-contained unit, and the other that the income to be taxed is the real income of the assessee are not incompatible or irreconcilable and they permit of harmonious ..... it is vehemently urged on behalf of the revenue that the aac acted erroneously in coming to the conclusion that the assessee was maintaining cash system of accounting in ..... [1974] .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)9ITD156(Kol.)
..... by this appeal the assessee challenges the order passed by the commissioner under section 263 of the income-tax act, 1961 ('the act') cancelling the assessment for the assessment year 1977-78. ..... the ito charged interest under section 215 of the act on the assessed tax from 1-4-1977 to 31-5-1977 and on the balance of the unpaid tax from 1-6-1977 to 30-6-1980. ..... 4,62,351 for the period from 28-6-1977 to 18-7-1980 to the period for which interest was to be charged on the entire assessed tax was 2 months 27 days and the period for which interest was to be charged on the reduced amount was 3 years 21 days.clause (a) of rule 119a comes into play at this stage only and these periods have to be computed in whole months and will be 2 months and 3 years, respectively. ..... as such interest under section 215 was to be charged on the assessed tax of rs. ..... the commissioner was of the opinion that the interpretation of the ito of the provisions of rule 119a of the income-tax rules, 1962 ('the rules') was incorrect and the ito should have charged interest on the assessed tax from 1-4-1977 to 27-6-1977 and on the balance of unpaid tax from 28-6-1977 to 30-6-1980. ..... the assessed tax on the total income as assessed under section 154 of the act was rs. .....
Tag this Judgment!