Profitable - Year 1978 - Judgments

Jan 25 1978 (HC)

Commissioner of Income-tax and Super Profits Tax Vs. Burn and Co. Ltd.

Court: Kolkata

Decided on: Jan-25-1978

Reported in: [1978]114ITR565(Cal)

..... as trading expenses if these were sufficiently certain to be capable of valuation and if profits cannot be properly estimated without taking them into consideration an estimated liability under a scheme ..... observed that an employer who followed the mercantile system of accounting incurred a liability towards profit bonus only when the claim if made was settled amicably or by industrial adjudication in .....

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Feb 17 1978 (HC)

Commissioner of Income-tax/Super Profits Tax Vs. Indian Standard Wagon ...

Court: Kolkata

Decided on: Feb-17-1978

Reported in: 82CWN669,[1979]118ITR623(Cal)

..... of capital computation under the second schedule of the super profits tax act 1963 the reference in question arises from the ..... in accordance with the provisions of the first schedule the super profits tax is levied only on the balance remaining after adjustment ..... of the balance sheet deduction against the chargeable profits 3 the assessee is a company carrying on the business .....

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Jan 12 1978 (HC)

Commissioner of Income-tax and Super Profits Tax Vs. Eyre Smelting Pvt ...

Court: Kolkata

Decided on: Jan-12-1978

Reported in: [1979]118ITR857(Cal)

..... any such purpose provisions made for expected losses and contingencies are charges against profits since the true profit can only be ascertained after such provisions are made reserves are appropriations of ..... accountancy fairly well known provisions made against anticipated losses and contingencies are charges against profits and therefore to be taken into account against gross receipts in the p l .....

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Jun 12 1978 (HC)

A.P.V. Engineering Co. Ltd. Vs. Commissioner of Income-tax

Court: Kolkata

Decided on: Jun-12-1978

Reported in: [1979]119ITR937(Cal)

..... the reserves of a company in computing the chargeable profits the gross profits had to be reduced by the amounts of ..... provisions made against anticipated losses and contingencies are charges against profits and therefore to be taken into account against gross ..... not include any amountregarded as free for distribution through the profit and loss account andthe expression revenue reserve shall mean .....

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May 11 1978 (HC)

Commissioner of Income-tax Vs. N. GuIn and Co. (P.) Ltd.

Court: Kolkata

Decided on: May-11-1978

Reported in: [1979]116ITR475(Cal)

..... may be ignored if the articles stipulate that the dividends are payable out of realised profits estimated profits not yet rendered tangible for the purposes of division must be ignored secondly and ..... he may include many items on notional basis but the commercial or accounting profits are the actual profits earned by an assessee calculated on commercial principles therefore the words smallness of .....

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Feb 23 1978 (HC)

Commissioner of Income-tax (Central) Vs. Assam Co. Ltd.

Court: Kolkata

Decided on: Feb-23-1978

Reported in: [1980]124ITR711(Cal)

..... assessee being a non resident company and the post war excess profits tax refund having been received in the united kingdom the same ..... outside india the assessee company traded in india and paid excess profits tax under the relevant acts both in india and in england ..... 1947 48 the amount repaid could be included in the taxable profits of the assessee and could also be taken into consideration for .....

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Mar 13 1978 (HC)

Khandelwal Brothers Pvt. Ltd. Vs. Commissioner of Income-tax

Court: Kolkata

Decided on: Mar-13-1978

Reported in: [1979]117ITR452(Cal)

..... into the purchasing company s books since they are not profits of the purchasing company but are represented by assets which ..... of its tax liability in pakistan and therefore had realised the profit resulting from exchange difference the debit balance in the account ..... taxation thereafter the amount ceased to bear the character of business profits there was no evidence that the said amount which was .....

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Mar 08 1978 (HC)

Commissioner of Income-tax (Central) Vs. B.P. (India) Ltd.

Court: Kolkata

Decided on: Mar-08-1978

Reported in: [1979]116ITR440(Cal)

..... force the owner would pay income tax twice over on his 1921 profits it was accordingly necessary in the 1922 act to differentiate for ..... to the assessment if any made on the basis of the income profits or gains of the previous year this sub section does not ..... an accelerated assessment in the year in which succession occurred on the profits of that year and prematurely assess the person succeeding to a .....

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Feb 24 1978 (HC)

Waldies Ltd. Vs. Commissioner of Income-tax

Court: Kolkata

Decided on: Feb-24-1978

Reported in: [1978]115ITR286(Cal)

..... therefore became necessary to deduct this additional income tax liability from the chargeable profits under the companies profits surtax act 1964 accordingly on j6th of september 1968 an order was passed ..... 1961 imposing additional tax liability had been set aside and therefore the chargeable profits under the companies profits surtax act 1964 became larger it is the jurisdiction to pass this order .....

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Feb 27 1978 (HC)

Commissioner of Income-tax Vs. Jiya Jeerao Cotton Mills Ltd.

Court: Kolkata

Decided on: Feb-27-1978

Reported in: [1979]118ITR72(Cal)

..... co s case 1953 23itr101 sc as follows distribution of profits on different business operations or activities ought only to be ..... a business carried on by a non resident which yields profits or gains and some activity in the taxable territories which ..... contributes directly or indirectly to the earning of those profits or gains it predicates an element of continuity between the .....

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