Profitable - Year 1981 - Judgments

Apr 27 1981 (HC)

Paper Products Ltd. Vs. Commissioner of Income Tax-cum-super Profits T ...

Court: Delhi

Decided on: Apr-27-1981

Reported in: (1981)23CTR(Del)58

..... vi to the companies act 1956 while its successor the companies profits surtax act 1964 specifically does so but these very reasons can ..... contrary line of reasoning it can be said that the business profits tax act was unlike the present act applicable to all assesseds ..... in a true legal sense available for allocation out of the profits for such use as the directors may consider appropriate condition a .....

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Mar 18 1981 (HC)

Commissioner of Income-tax Vs. Orient Paper Mills Ltd.

Court: Kolkata

Decided on: Mar-18-1981

Reported in: (1981)23CTR(Cal)180,[1983]139ITR763(Cal)

..... in respect of certain contingencies for priority industries therefore the expressions gross total income profits and gains attributable to priority industries as also the expressions deductions and total income ..... in accordance with section 10 but this section dealt with the computation of the profits and gains of business and specifically provided for certain deductions and disallowances eligible for .....

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Nov 10 1981 (HC)

Dunlop India Ltd. Vs. Commissioner of Income-tax

Court: Kolkata

Decided on: Nov-10-1981

Reported in: [1983]141ITR542(Cal)

..... is no such specific surplus but the amount actually represents a mass of undistributed profits in the profit and loss account we specifically asked the learned representative of the assessee to ..... commercial 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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Mar 25 1981 (HC)

Eastern Cold Storage (P.) Ltd. Vs. Commissioner of Income-tax

Court: Kolkata

Decided on: Mar-25-1981

Reported in: [1983]139ITR664(Cal)

..... exempted certain income from newly established industrial undertaking or hotels in certain per cent of profits earned on capital employed in order to be eligible for such exemption certain conditions had ..... legislature could have imposed a condition that unabsorbed depreciation could be set off against the profit of a subsequent year only if the business in relation to which depreciation was allowed .....

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Feb 18 1981 (HC)

Commissioner of Income-tax Vs. Belliss and Morcom (i.) Ltd.

Court: Kolkata

Decided on: Feb-18-1981

Reported in: (1982)26CTR(Cal)76,[1982]136ITR481(Cal)

..... enjoins in our opinion clearly to give certain companies which are priority industries from the profits and gains of such priority industry certain relief this intention of the legislature is ..... as it stood on the relevant date was a special provision and permitted deduction from profits and gains attributable to specific activities like business of generation or distribution of electricity or .....

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Aug 10 1981 (HC)

Indian Leaf Tobacco Development Co. Ltd. Vs. Commissioner of Income-ta ...

Court: Kolkata

Decided on: Aug-10-1981

Reported in: [1982]137ITR827(Cal)

..... have mentioned before it is a categorical finding that the profit was a profit on exchange we have also noted that the assessee ..... circumstances in our opinion it cannot be said that the profit was trading profit we must however observe that our attention was drawn ..... should be allowed in computing theincome chargeable under the head profits and gains of business wewere further of the opinion that .....

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May 18 1981 (HC)

Commissioner of Income-tax Vs. Invest Import

Court: Kolkata

Decided on: May-18-1981

Reported in: (1981)25CTR(Cal)47,[1982]137ITR310(Cal)

..... the business but the assessee carries on business for making profit therefore profit being taxble must arise out of or in course of ..... receipt by virtue of exchange operations according to the supreme court profits made during the course of business and in connection with ..... scrutiny it was observed as we have mentioned before that where profit or loss arises to an assessee on account of appreciation .....

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Mar 02 1981 (HC)

Commissioner of Income-tax Vs. Calcutta Electric Supply Corporation Lt ...

Court: Kolkata

Decided on: Mar-02-1981

Reported in: [1982]138ITR111(Cal)

..... contention referred to the balance sheet the tribunal further noted that apart from appropriation of profits there had been debits and credits on account of sales and investments and depreciable ..... odd being the amount of proposed dividends in the first place a mass of undistributed profits could not automatically become reserve and somebody possessing the requisite authority must clearly indicate .....

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Feb 12 1981 (HC)

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

Court: Kolkata

Decided on: Feb-12-1981

Reported in: (1981)23CTR(Cal)204,[1982]134ITR219(Cal)

..... for the assessee sought to urge that in this case such profits for the year in question far exceeded the liability for ..... justice leach observed that the payments into account from the saigon profits should not be treatedas a separate transaction and regarded in toto ..... of tax was not a legitimate deduction in computing the business profit but this observation as noted in the headnote according to .....

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Apr 09 1981 (HC)

Commissioner of Income-tax Vs. Hindustan Pilkington Glass Works

Court: Kolkata

Decided on: Apr-09-1981

Reported in: [1983]139ITR581(Cal)

..... acquire more raw material and that would increase the profitability of his profit making apparatus but the amount paid for purchase of ..... than permitted under the working time agreement and increase its profitability the expenditure incurred by the assessee for the purpose of ..... the operation or working of the looms which constituted the profit earning apparatus of the assessee it was an expenditure for .....

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