Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1987)20ITD288(Kol.)
..... of the lessee to pay arrear rent was now part of the dispute raised and that in view of the arbitration agreement, it was not for the court to decide the said dispute but to leave it for the arbitration to do so as and when the application under section 20 of the arbitration act was disposed of and reference was made to the arbitration. ..... and the above company as lessor and lessee was not in the state of fluid as observed by the commissioner (appeals) as, in fact, the dispute in the pending suit is regarding recovery of rent and settlement ..... case of the assessee is also that due to the disputes and difference which has arisen between the assessee and the lessee company, the lessee started neglecting payment of rent and also breached certain conditions of the lease agreement and that on the lessor's pointing out such breaches, the lessee ..... submissions in the statement of facts for the assessment year 1973-74 amongst other things at item 1, it is stated that the order of the commissioner (appeals) for the earlier year was accepted by the department inasmuch as it was not taken up before the higher authorities by the department and, therefore, the ito while passing ..... system credit entries are made in respect of amounts due immediately, they become legally due and before they are actually received and where the accounts were kept on mercantile system, profits and gains are credited though they are actually not received and ..... section 143(2) made written submission to explain the return .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)12ITD239(Kol.)
..... is entered into with the previous approval of the appropriate government: provided further that any such agreement whereby the employees relinquish their rights to receive the minimum bonus under sub-section (2a) of section 10 shall be null and void in so far as it purports to deprive them of such right: provided also that such employees shall not be entitled to be paid bonus in excess of-- (a) 8.33 per cent of the salary or wage earned by them during the accounting year if the ..... section 11 of the payment of bonus act provides for the maximum bonus payable which, according to the said section, would not exceed 20 per cent of the salary and wages of the employees [prior to the amendment of 1980, provisions of section 11 were part of the provisions of sub-section (1) of section 10]. ..... the aforesaid bonus was paid in terms of an agreement of settlement arrived at between the assessee-company on the one hand and its workmen on the other, represented by various unions with the help of conciliation officer, shri r.k. ..... the assessee appealed against the aforesaid order to the commissioner (appeals), who accepted the assessee's contention by observing, inter alia, as follows: it is further stated that the appellant company follows mercantile system of accounting. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD499(Kol.)
..... the joint hindu family and that they did not even have a claim for maintenance out of the properties of the joint hindu family and that for this simple reason the transaction whereunder they were beneficiaries could not be regarded as a family settlement and that it was a case of gift and for this proposition also reliance ..... section 4, inter alia, lays down that any text, rule or interpretation of hindu law or any custom or usage as part of that law in force immediately before the commencement of that act shall cease to have effect with respect to any matter for which provision is made in this regard and further, that any other law in force immediately before the commencement of that act shall cease to apply to hindus insofar as it is inconsistent with any of the provisions contained in that act ..... executed six different documents called deeds of gift in favour of each of his five sons and the widow of a predeceased son and as a result ..... his mother at the time of the alienation, the power of the major son was circumscribed as aforesaid and his alienation would be voidable at the instance of the existing member or the member who was in the womb but was subsequently born, as the case may be, unless it was made for purposes binding on the members of the family or ..... that under the hindu system of law a joint family may consist of a single male member and that a joint family ..... section 5(1)(xii) of the act.however, subsequently on 29-7-1979 the assessee filed a 'revised and amended return .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)12ITD259(Kol.)
..... in respect of bonus paid to an employee employed in a factory or other establishment to which the provisions of the payment of bonus act, 1965 (21 of 1965), apply shall not exceed the amount of bonus payable under that act: provided further that the amount of the bonus (not being bonus referred to in the first proviso) or commission is reasonable with reference to-- (b) the profits of the business or profession for the previous year in question ; and if the provisions of section 36(1)(ii) are read without proviso, it is clear that the ..... -management relation and for the sake of uninterrupted production in the garden, the management will pay the workers bonus at the rate of 8.33 per cent on their total earnings during the year as eligible under the act; (b) that a further sum equivalent to 4.42 per cent of the total earnings of the workmen will be paid as welfare expenses/ad hoc payment; (c) that the above payment in terms of clauses (a) and (b) will be made on or before 26-2-1979 ; (d) that in view of the above settlement, the workers and union ..... all these would suggest that bonus, essentially being profit sharing in nature is unrelated to the remuneration for work and where a sum is paid though called bonus as remuneration for work, it is to be regarded as wages. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)3ITD177(Kol.)
..... of the matters dealt with therein, in computing the income referred to in section 28- (ii) any sum paid to an employee as bonus or commission for services rendered, where such sum would not have been payable to him as profits or dividend if it had not been paid as bonus or commission : provided that the deduction in respect of bonus paid to an employee employed in a factory or other establishment to which the provisions of the payment of bonus act, 1965(21 of 1965) apply shall not exceed the amount of bonus payable ..... that section in express terms refers to puja bonus and other customary bonus as available for deduction from the bonus payable under the act, thus making a clear distinction between the bonus payable under the act and 'puja bonus or other customary bonus' ..... stated that the limit provided under the first proviso to section 36(1)(ii) is only in respect of the bonus payable under the bonus act and it did not include customary and other kinds of payments. dr. ..... necessary settlement to this effect was arrived at between the management and the labour on 10-10-1975.the shaw leiner gelatine factory employees union jabalpur demaded that the workmen of the factory be paid 20 per cent bonus for the accounting year 1974 ..... the management informed the union that the factory has not made profits which entitle the workmen for the payment of 20 per cent bonus ..... 74,206, the fact remains that the payment is in the nature of bonus, although it may be called by the name of 'ex gratia payment'. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)96TTJ(Kol.)1041
..... other company which, in respect of its income liable to income-tax under the it act for the assessment year commencing on the 1st april, 1996, has made the prescribed arrangements for the declaration and payment within, india of the dividends (including dividends on preference shares) payable out of such income in accordance with the provisions of section 194 of the act ..... act and income-tax in that country, or (b) for the avoidance of double taxation of income under this act and under the corresponding law in force in that country, or (c) for exchange of information for the prevention of evasion or avoidance of income-tax chargeable under this act or under the corresponding law in force in that country, or investigation of cases of such evasion of avoidance, or (d) for recovery of income-tax under this act and ..... that the assessee-bank has been taken for a ride by unscrupulous operators, misusing the loopholes in the system, and exploiting the fact that transactions involving such huge amounts were entered into, perhaps as a normal course in the banking industry, without taking highest degree of safety measures and incorporating checks and balances as such, and but for this laxity inherent in the normal banking ..... this communication, the assessee-bank entered into settlement with phb but that does not have any bearing or influencing factor for settling the issue with phb.rbi's refusal or suspension of decision to issue licence was for the reason that dispute in security investment with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD32(Kol.)
..... and mahadeo prasad [1983] 144 itr 883, wherein the high court in laying down the test for determining whether an expenditure falls under section 37(1) of the act, held that a payment voluntarily made, in order to facilitate the carrying on of the business of the assessee on the ground of commercial expediency, was an allowable business expenditure under section ..... to the cash system in respect of its interest income as the tribunal found that for the assessment year 1968-69 no evidence could be produced by the assessee that a change effected in the method of accounting was only for the year and there was nothing ..... for acceptance of the import documents and a contract was thereafter entered into for honouring the documents by payment in foreign exchange to the party abroad on a future date as mentioned in the documents ..... in the year when a settlement was reached between the parties in a subsequent year. ..... obligation to return or refund commission for three years in such case.according to the commissioner (appeals), the income accrued at the time when the bank guarantees were issued irrespective of the length of the period for which ..... for periods exceeding 12 months and according to the accounting practice systematically followed by the bank, the commission relatable to each year is accounted for in the books or in other words, the commission relatable to the unexpired period of guarantee is deferred and shown separately in the balance sheet under the head 'acceptances endorsements & other .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)40ITD406(Kol.)
..... respect of adoption of basis for receipt and payment of interest having regard to the mercantile system of accounting employed by the assessee during the assessment year in question where the assessee wanted to adopt mercantile basis for payment of interest by it and claimed the benefit of the cash system in respect of interest receivable ..... 1988 on which day the ito was also called for his comments on the letter and the materials received by the cit(appeals) from cil and he has also passed the order on the very same day namely 21-3-1988 and, therefore, it cannot be said that reasonable and adequate opportunity was given to the ito in ..... hearing to the ito and placed before him the letter received by him from the chief officer of cil, calcutta and the xerox copies of the various documents sent to the cit( ..... for settlement at higher rate with the bccl over the agreed contract rate for ..... inform ..... bills submitted by the assessee to bccl.according to the letter of cil it is seen that a high power committee was constituted in 1984 to consider the various claims made by the assessee. ..... and raised were not entered into its accounts and this was noticed by the various officers during the course of search under section ..... a debt due to the assessee by the other party on whom a claim is made and, therefore, there is no income accrued or arose to the assessee at all and, therefore, not liable to tax. ..... act it is the "real income" and not "hypothetical income" which has to be subjected to tax and ..... returned .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)87ITD510(Kol.)
..... said claim as bad under section 36(1)(vii) of the act as the amount should be written off as irrevocable in the accounts of the assessee for that accounting year in which claim for deduction is made for the first time.2.13 we agree with the learned authorised representative of the assessee that the change of debtor does not change the nature and character of the debt as ..... ) the petitioners are found entitled to receive the amount as difference between the price fixed and ad hoc rates, the respondent shall also..........take steps to make the payment to the petitioners within a period of one month from the date of the price fixation ..... for purchase of foreign currency but no documents/evidence were furnished for ..... system of rate fixation prevalent in west bengal was the most beneficial to the state government because it provided for the rate fixation by an expert committee which would take into account the escalation or de-escalation in the price of raw materials, varying labour cost and fluctuating market condition every year and arrive at a reasonable rate, fair both to the licensee and ..... submissions of the learned representatives of the parties and the orders of the authorities below.we have also considered the details as are given in respect of the exports made by the assessee-company to european and other countries, the details of which are mentioned ..... and not merely money handed over to someone for purchasing a thing which that person failed to return ..... and pending the settlement ..... called .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)2ITD149(Kol.)
..... and 32 of the workmen's compensation rules, 1924 made under section 32 of that act lay down the procedure to be followed regarding the manner in which the application for compensation under the act has to be preferred by the workmen, the production of documents when the application for relief is based upon a document, examination of the applicant, summary disposal of application, preliminary enquiry into application and notice to opposite party, appearance and examination of the opposite party, framing of the issues and ..... sub-section (1) thereof provides that no application for the settlement of any matter by a commissioner (other than an application by a dependant or dependants for compensation) shall be made unless and until some question has arisen between the parties n connection ..... the workmen before the commissioner under the workmen's compensation act, which had been duly forwarded by that commissioner to the assessee, although the assessee had not accepted any of these claims even in part, and having regard to the scheme of the workmen's compensation act, it has to be stated that there being no liability of a type which mercantile system of accountancy would have required the assessee to provide ..... appellant calling upon him to show cause why penalty to the extent of 50 per cent and interest at 6 per cent per annum should not be imposed on him under section 4a of the 1923 act, on the amount of compensation payable by him because of the default in making the payment of .....
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