Court : Kolkata
Decided on : May-02-1985
Reported in : (1986)54CTR(Cal)172,[1986]159ITR314(Cal)
1. In this reference under Section 256(1) of the Income-tax Act, 1961, for the assessment years 1971-72 and 1972-73, the following two questions of law have been referred:'1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee company which carried on business in general insurance and was assessable under Section 44 of the Income-tax Act, 1961, was entitled to relief under Section 80M ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee was entitled to relief under Section 80M on the gross dividend without reducing the same by proportionate management expenses attributable to the earning of the dividend income ?' 2. The assessee, an insurance company, received dividend of Rs. 2,24,425 and claimed deduction under Section 80M on the gross dividend income. The Income-tax Officer, however, computed the proportionate managerial expenses of Rs. 1,35,025 as attri...
Tag this Judgment!Court : Kolkata
Decided on : Jul-03-1985
Reported in : AIR1986Cal86
M.N. Roy, J. 1. This memorandum of appeal from original order, is directed against the judgment and order dt. 6th Aug. 1979, passed in Civil Rule No. 1791(W) of 1977, by Bimal Chandra Basak, J. By that order, the learned Judge has made the Rule absolute and directed the issue of or Writ of Mandamus restraining the respondents before him, from proceeding against the writ petitioner under the provisions of the West Bengal Government Premises (Tenancy Regulation) Act, 1976 (hereinafter referred to as the said 1976 Act). While making such order, the learned Trial Judge, however, made it clear that if the Respondents before him have any other right under any other law or provisions of the statute, the order as made, will not prevent them from proceeding with the same in accordance with law.2. The writ petitioner, who is Respondent 1 before us, claimed in his petition, that after the partition of Bengal, he along with the other members of his family, came to West Bengal in search of permanen...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-21-1985
Reported in : (1985)13ITD440(Kol.)
1. These six appeals filed by the same assessee are heard together and disposed of by this common order for the sake of convenience.2. The assessee is an individual. He derives income from salary as an officer of Bird & Co. He also derives income from directors' fees, commission and interest. The first common ground in these appeals relates to the extent of the assessee's interest in the income from the property situated at 23A/418, Diamond Harbour Road, Calcutta. The case of the assessee before the ITO was that he had no interest in the said income at all. The ITO held that the assessee had one-third interest in the income of the aforesaid property. On appeal, the Commissioner (Appeals) held that the assessee's interest in the income of the aforesaid property extended only to one-third of that portion of the said income, which could be attributable to the cost of the land vis-a-vis the cost of construction of the building thereon. The assessee has come up in appeal contending tha...
Tag this Judgment!Court : Kolkata
Decided on : Mar-20-1985
Reported in : AIR1986Cal158
M.N. Roy, J.1. This appeal is directed against the judgment and order dated 29th November 1965, as made by D. Basu, J., in Civil Rule No. 53(W) of 1966. By his determination as above, the learned Judge had made the Rule, wherein the valuation and assessment in respect of the writ petitioner's holding No. 37, Hospital Road, for the period commencing from April 1964 was challenged, absolute, along with other Rules, being Civil Rules Nos. 54(W) and 55(W) of 1966. This appeal, as indicated hereinbefore, relate to the determinations made in Civil Rule No. 53(W) of 1966 and not against the determinations in the other Rules.2. The Respondent No. 1, Cinema Industries Private Ltd. (hereinafter referred to as the said petitioner), moved and obtained the concerned Civil Rule No. 53(W) of 1966, as mentioned hereinbefore, against preparation and publication of the valuation and assessment lists in respect of their holding No. 37 Hospital Road, Asansol, Burdwan (hereinafter referred to as the said h...
Tag this Judgment!Court : Kolkata
Decided on : Apr-30-1985
Reported in : AIR1987Cal64
Ajit K. Sengupta, J.1. On or about 14th July, 1980 the State Bank of India instituted a suit being Suit No. 601 of 1980 against the respondents, inter alia, for a decree for Rs. 3,89,646.80 which included interest up to 30th June 1980 calculated at the agreed rate of 16.15%. On or about 5th Sept., 1983 the Advocate on record of the respondents wrote to the Advocate on record of the plaintiff-bank, inter alia, as follows : --'At the time of meeting held between your Mr. J. Sanyal and our Mr. S. Ray it was categorically made clear that our client the defendant abovenamed is ready and willing to settle the claims of your client without going into the actual account provided the plaintiff bank is ready to accept total claim of the suit together with interest calculated at the rate of 6% per annum from the date of filing of the suit until payment in full. However at the request of your Mr. Sanyal our Mr. S. Ray intimated him that the said rate of interest may be raised to 10% per annum from...
Tag this Judgment!Court : Kolkata
Decided on : Feb-11-1985
Reported in : (1985)47CTR(Cal)371,[1985]154ITR647(Cal)
Dipak Kumar Sen, J.1. The facts found and/or admitted as on record are, inter alia, that Assam Oil Co. Ltd., the assessee, is a non-resident sterling company which had been carrying on business in prospecting and extracting petroleum from various fields in the north-eastern region of India. The assessee was also running a refinery at Digboi in Assam. The assessee was granted prospecting licences by the Government of India for prospecting in areas other than those initially allotted to it including Naharkatia, Hugrijan and Moran in Assam on condition that, ultimately, the entire new area would be transferred to a resident rupee company to be incorporated for prospecting and extraction of petroleum. Between 1954 and 1958, the assessee continued with field work in prospecting in the extended areas.2. The rupee company known as Oil India Ltd. was incorporated under the Companies Act, 1956, on February 18, 1959. It was arranged that the expenses incurred by the assessee prior to the registr...
Tag this Judgment!Court : Kolkata
Decided on : Apr-02-1985
Reported in : AIR1985Cal368
1. These two appeals are at the instance of Sriman Prabahan Mitra, Plaintiff in Title Suit No. 96 of 1982 and Defendant No. 4 in Title Suit No. 97 of 1982 and they are directed against the common judgment made on Aug. 31, 1982 by Sri B. K. Panda, Subordinate Judge, 4th Court, Alipore, 24-Parganas, dismissing the Title Suit No. 96 of 1982 and decreeing the Title Suit No. 97 of 1982, directing the Defendants Nos. 1 to 4 of Title Suit No. 97 of 1982 to execute and convey the suit property mentioned in the plaint schedule in favour of the Respondents within 2 (two) months from the date of the judgment after receiving the balance consideration money, in default the Plaintiff in Title Suit No. 97 of 1982 may apply to the Court for execution and registration of the conveyance of the property through court.2. The facts of the case, as appeared from the pleadings of the said suit are as follows : --3. Prabhat Kumar Mitra, since deceased, the grandfather of minor Prabahan Mitra executed his last...
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