Profitable - Year 1982 - Judgments

Feb 15 1982 (TRI)

investment Corporation of India Vs. Income-tax Officer

Court: Income Tax Appellate Tribunal ITAT Mumbai

Decided on: Feb-15-1982

Reported in: (1982)1ITD880(Mum.)

..... commentary at page 662 of palmer s company law 21st edition the expression divisible profits means the profits which the law allows the company to distribute to the shareholders by way of ..... the strengthening of the financial position of the company by retention and ploughing back of profit without distribution of dividend or by adopting a conservative policy regarding distribution of dividend is .....

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Nov 30 1982 (TRI)

income-tax Officer Vs. S. Viswanathan (Printers and

Court: Income Tax Appellate Tribunal ITAT Madras

Decided on: Nov-30-1982

Reported in: (1983)5ITD20(Mad.)

..... the publishing business admittedly the assessee does not maintain separate accounts but in striking the profit and loss account the assessee had ascertained the gross receipts from the publishing business ananda ..... income tax act and therefore the deduction should be a percentage of that adjusted net profit 8 but we find considerable difficulty in applying the formula of cambay electric supply .....

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Oct 15 1982 (HC)

Molins of India Ltd. Vs. Commissioner of Income-tax

Court: Kolkata

Decided on: Oct-15-1982

Reported in: (1983)35CTR(Cal)254,[1983]144ITR317(Cal)

..... engaged in the manufacture of cigarette making and packing machineries net profit as per profit and loss account was rs 58 77 411 income disclosed ..... as its name denotes the tax is a tax on profits namely the profits earned in excess of a fixed standard and that for ..... income of the company the subject matter of the tax is profits whatever profits the company has made are being brought to the charge of .....

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Oct 13 1982 (TRI)

inspecting Assistant Vs. Cosmopolitan Trading Corpn.

Court: Income Tax Appellate Tribunal ITAT Jaipur

Decided on: Oct-13-1982

Reported in: (1985)14ITD327(JP.)

..... of exchange difference and by taking into account these profits the gross profit rate by the assessee works out to 48 ..... 1 of the compilation which are as under assessment gross profit shown disparity between difference years per cent export invoice ..... assortment reassortment combinations permutations matchings etc working of such gross profit may be possible from the transaction where ready goods .....

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Mar 29 1982 (TRI)

Amritsar Transport Co. (P.) Ltd. Vs. Income-tax Officer

Court: Income Tax Appellate Tribunal ITAT Amritsar

Decided on: Mar-29-1982

Reported in: (1982)2ITD5(Asr.)

..... chapter via of the act in other words it is not the commercial profits or assessable profits but assessed profits and that too without making any straight deduction provided for in sections 80a ..... is now well established that at this stage it is not the assessable profits but the actual profits or commercial profits that have to be taken into consideration the first consideration should be .....

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Apr 28 1982 (HC)

Commissioner of Wealth-tax, Central Vs. Balbhadradas Bangur

Court: Kolkata

Decided on: Apr-28-1982

Reported in: (1983)33CTR(Cal)165,[1984]148ITR149(Cal)

..... that in such assimilation and consolidation the inter company balances are correctly adjusted ii maintainable profits would have to be aggregated in respect of the parent investment company and its wholly ..... earning method or yield method are not mutually exclusive both should help in ascertaining the profit earning capacity as indicated above if the results of the two methods differ an intermediate .....

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Jun 01 1982 (HC)

Royal Calcutta Turf Club Vs. Commissioner of Income-tax

Court: Kolkata

Decided on: Jun-01-1982

Reported in: (1983)33CTR(Cal)208,[1983]144ITR709(Cal)

..... native state of baroda outside british india during the relevant chargeable accounting periods showed a profit in the managing agency business but incurred losses in the pharmaceutical business in the ..... plus income whereas losses represent minus income in other words loss is negative profit both positive and negative profits are of a revenue character both must enter into computation wherever it .....

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Nov 09 1982 (HC)

Commissioner of Income-tax Vs. U.P. Hotel and Restaurants Ltd.

Court: Allahabad

Decided on: Nov-09-1982

Reported in: (1983)34CTR(All)62; [1984]145ITR598(All)

..... the unabsorbed development rebate and no development rebate reserve was created as there were no profits on 31st january 1973 the respondent no 1 served on the petitioner two undated ..... rebate should have been calculated and allowed in a succeeding year inwhich the asssssee earned profits and created the requisite reserve the ito was directed to determine the development rebate admissible .....

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Apr 19 1982 (HC)

Shaw Wallace and Co. Ltd. Vs. Commissioner of Income-tax

Court: Kolkata

Decided on: Apr-19-1982

Reported in: [1983]143ITR885(Cal)

..... surrounding circumstances the following aspects provided some guidelines viz a a mass of undistributed profits could not automatically become a reserve and somebody possessing the requisite authority must ..... depend upon the further question namely have the company finally and irrevocably capitalized those profits so as to disentitle themselves for ever afterwards from restoring them to reserve .....

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Aug 30 1982 (HC)

Indian Explosives Ltd. Vs. Commissioner of Income-tax

Court: Kolkata

Decided on: Aug-30-1982

Reported in: (1983)35CTR(Cal)244,[1984]147ITR392(Cal)

..... to the operation or working of the looms which constituted the profit earning apparatus of the assessee it was an expenditure for ..... structure of the assessee s business appreciated and became more profit yielding in our view the expenditure satisfies all the tests ..... paid later a separate banking account was opened and the profits under the two heads were segregated the assessee contended that .....

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