Profitable - Year 1986 - Judgments

Mar 31 1986 (TRI)

Raymond Woollen Mills Ltd. Vs. Income-tax Officer

Court: Income Tax Appellate Tribunal ITAT Mumbai

Decided on: Mar-31-1986

Reported in: (1986)18ITD64(Mum.)

..... adopted by the assessee is consistently followed and results in ascertainment of true and correct profit 10 inviting our attention to the fact that the departmental authorities have rejected the assessee ..... it must be adopted in commercial sense in consonance with accounting practice anticipated losses and profits for the aforesaid purpose are permissible provided however there is a market in the .....

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Jan 13 1986 (TRI)

Wealth-tax Officer Vs. Shyam Mohan Rawat

Court: Income Tax Appellate Tribunal ITAT Jaipur

Decided on: Jan-13-1986

Reported in: (1986)15ITD96a(JP.)

..... cannot be sought in earlier years on account of paucity of profits or on account of loss being suffered by the assessee ..... as well as the departmental representative submitted that the gross profit was an admission of the trading results and therefore of ..... and the arguments were hypothetical it was contended that the gross profit shown in the trading account definitely raised the presumption that .....

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May 16 1986 (HC)

Commissioner of Income-tax Vs. North Koshalpur Colliery Co. Pvt. Ltd.

Court: Kolkata

Decided on: May-16-1986

Reported in: (1986)55CTR(Cal)409,[1986]161ITR756(Cal)

..... holding that the assessee was entitled to deduction under section 80 i on the profits from priority industry before deducting therefrom the unabsorbed depreciation and unabsorbed development rebate ..... holding that the assessee is entitled to deduction under section 80 i on the profits from priority industries before deducting therefrom the unabsorbed depreciation and unabsorbed development rebate .....

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Dec 31 1986 (TRI)

JaIn Exports Pvt. Ltd. Vs. Collector of Customs and Central

Court: Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Decided on: Dec-31-1986

Reported in: (1987)(11)LC545Tri(Mum.)bai

..... justifiably be accused of colluding with the appellants in allowing the appellants to make more profit out of deliberate contraventions of law furthermore as contended by the learned sdr the decision ..... the prevailing market rates hen and pointed out that the petitioner has still made substantial profits the petitioner has however disputed that the market rate was as mentioned by the respondent .....

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Aug 26 1986 (TRI)

income-tax Officer Vs. Tirumala Constructions Ltd.

Court: Income Tax Appellate Tribunal ITAT Hyderabad

Decided on: Aug-26-1986

Reported in: (1987)20ITD494(Hyd.)

..... 30 170 15 per cent thereof was shown as gross profit the gross profit worked out to rs 1 09 525 after making adjustments ..... the assessee explaining the possibility of reduction in the rate of profit however after doing this according to the learned commissioner appeals it ..... could have set aside the assessment for finding out the real profit earned by the assessee firstly it was argued by the learned .....

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Aug 08 1986 (HC)

Commissioner of Income-tax Vs. Sree Valliappa Textiles Ltd.

Court: Karnataka

Decided on: Aug-08-1986

Reported in: (1986)57CTR(Kar)65; [1986]166ITR548(KAR); [1986]166ITR548(Karn); [1986]29TAXMAN150(Kar)

..... before it can be carried forward and set off against the profit from the industrial undertaking of the current year and following a ..... capital employed during the previous year provided that in relation to the profit and gains derived by an assessee being a company from an ..... year the amount of such shortfall or where there not such profits and gains an amount equal to the relevant amount of capital .....

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Feb 28 1986 (HC)

Ahmedabad Manufacturing and Calico Pvt. Ltd. Vs. Commissioner of Incom ...

Court: Gujarat

Decided on: Feb-28-1986

Reported in: (1986)57CTR(Guj)151; [1986]162ITR800(Guj)

..... distributed in cash does not mean that the assessee company had retained the accumulated profits first as accumulate profits and then as paid up capital without parting with them the assessee company ..... reserves by issuance of bonus shares benefits the assessee company inasmuch as the past accumulated profits are permanently retained in the business further the share capital is adjusted to a figure .....

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Mar 13 1986 (HC)

Gokul Chandra Seal Vs. Atlas and Union Jute Press Co. Ltd.

Court: Kolkata

Decided on: Mar-13-1986

Reported in: AIR1986Cal393,90CWN873

..... observed that generally from the nature of claim to mesne profits mesne profits ought not to be estimated for any period during ..... received together with interest thereon the liability to pay mesne profits would therefore be obviously confined to the period during which ..... ceases to be wrongful would his liability to pay mesne profits still continue thereafter until delivery of possession to the decree .....

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Jul 15 1986 (HC)

Commissioner of Income-tax Vs. Sangit Kala Mandir Trust

Court: Kolkata

Decided on: Jul-15-1986

Reported in: [1987]166ITR217(Cal)

..... derived income inter alia from arbitration fees fees collected for issuing certificates and share of profits in m s calcutta licensed measurers for issue of certificates of weighment and measurement the ..... the entire capital was provided by the government the statute further provided that the annual profits could be utilised for the provision of amenities to the passengers using the road transport .....

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Apr 09 1986 (HC)

Commissioner of Income-tax Vs. Stewarts and Lloyds of India Ltd.

Court: Kolkata

Decided on: Apr-09-1986

Reported in: (1986)56CTR(Cal)206,[1987]165ITR416(Cal)

..... incurred by the assessee including establishment charges advertising salaries and wages in 1947 the business profits tax act was promulgated and brought into effect the assessee claimed exemption from this tax ..... committed five months delay the shipowners claimed damages from the shipbuilders assessed on the estimated profits which the ship would have earned during the period of delay the claim was .....

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