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Case Laws
Showing 261 to 268 of 268 Records
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1989 (8) TMI 8 - CALCUTTA HIGH COURT
Capital Gains, Transfer ... ... ... ... ..... e interest in land cannot be equated with self-created goodwill. The land was acquired by the assessee by an agreement and, for possession of the land, moneys were regularly paid under the agreement. This valuable right was surrendered by the lessee and compensation was received for premature termination of the lease. Transfer of a capital asset includes not only relinquishment of the asset or extinguishment of any rights therein but also compulsory acquisition of the asset. The Government has acquired the land and the assessee as a leaseholder was given compensation. The assessee prematurely surrendered the lease. This was a clear case of capital gains and the transaction squarely comes within section 45 of the Act. In that view of the matter, the question is answered in the negative and in favour of the Revenue. The case is remanded to the Tribunal for deciding the same on merits on all other points. There will be no order as to costs. BHAGABATI PRASAD BANERJEE J. -I agree.
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1989 (8) TMI 7 - CALCUTTA HIGH COURT
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... ... ..... of dividend even after complying with the provisions of the Companies Act, 1956. It must, however, be noted that, in the balance-sheet and profit and loss accounts, included in the paper book by the company as on March 31, 1975, there is no indication of any statutory reserves having been created. However, in the directors report, it is mentioned that a statutory reserve was created. In view of the aforesaid, the case is remanded to the Tribunal. The Tribunal will consider the question afresh and will also examine the accounts to find out whether any reserve was actually created. The Tribunal will find out whether, after creation of the statutory reserves, there were reasonable and sufficient funds in the hands of the company to distribute the requisite percentage of dividends. The reference is finally disposed of as above. The assessee-company will, however, pay the costs of this reference assessed at 30 gold mohurs to the respondent. BHAGABATI PRASAD BANERJEE J. - I agree.
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1989 (8) TMI 6 - CALCUTTA HIGH COURT
Failure To Disclose Fully And Truly, Reassessment, Return ... ... ... ... ..... g under section 64 of the Act. Even assuming that there was escapement in the subsequent return filed in 1968, in response to the notice under section 148 read with section 147(b), the position would not be different inasmuch as the 1967 Rules, which came into force with effect from April 1, 1967, did not also provide for any separate column for inclusion of such income under section 64 of the Act. On the contrary, the form with a note continued to remain in force until a new form with a separate column came into force with effect from July 1, 1972. For the reasons aforesaid and in view of the principles laid down by the Supreme Court as mentioned hereinbelow, it must be held that there was no omission or failure on the part of the assessee to disclose all her income. The first question is, therefore, answered in the affirmative and the second question in the negative and both in favour of the assessee. There will be no order as to costs. BHAGABATI PRASAD BANERJEE J.-I agree.
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1989 (8) TMI 5 - CALCUTTA HIGH COURT
Company In Liquidation, Deduction, Other Sources, Return ... ... ... ... ..... en no accrual of income. The expenditures which are specifically allowable have to be allowed under the provisions of the Act. There is no general principle on the basis of which the expenditures claimed as deductible can be allowed as deduction. It is true that income-tax is not chargeable on gross profit. The profits must be computed in accordance with the provisions of the Act. The specific provision as to deductions from business income laid down in sections 30 to 43A of the Act cannot be disregarded on any assumed principle of real income. So far as the third question is concerned, the Tribunal has referred to an earlier order passed in respect of an earlier assessment year. That order has not been included in the paper book and we have not been shown how the Tribunal has gone wrong in its reasoning. In the premises, all the three questions are answered in the negative and in favour of the Revenue. There will be no order as to costs. BHAGABATI PRASAD BANERJEE J.-I agree.
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1989 (8) TMI 4 - CALCUTTA HIGH COURT
Accounting, Business Expenditure ... ... ... ... ..... nting year ending on March 31, 1971. There is no plausible explanation why the adjustments were not made immediately after June, 1970, i.e., within the accounting year ending on March 31, 1971. It was not even made during the year 1971-72. There is no reasonable explanation why the assessee chose to make these adjustments only in the accounting year 1972-73. The Tribunal does not appear to have committed any error of law. The explanation of practical difficulty has not been accepted by the Tribunal for good reason. The findings of fact cannot be said to be vitiated and erroneous in law in any way. In the circumstances, the questions are answered in the following manner Questions Nos. 1 and 2 are answered in the affirmative and in favour of the Revenue. Question No. 3 is also answered in the affirmative and in favour of the Revenue. Question No. 4 is answered in the negative and in favour of the Revenue. There will be no order as to costs. BHAGABATI PRASAD BANERJEE J.-I agree.
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1989 (8) TMI 3 - CALCUTTA HIGH COURT
Business, Salary, Salary Or Professional Income ... ... ... ... ..... idered by the authorities below and the assessee had not come up in cross-objection or cross-appeal and, thus, the Tribunal felt that it was unable to grant a higher relief than what was granted by the Appellate Assistant Commissioner. The Tribunal, however, held that if section 80R was applied, then the assessee would have been entitled to at least the relief granted by the Appellate Assistant Commissioner. The question has two aspects, of which the first aspect was considered by the Tribunal and the second aspect has not been argued at all. Moreover, having regard to the fact that the assessee was a professional man, engaged in professional activities abroad for only one year and had incidentally rendered services to the Ali Akbar College of Music, it cannot be said that there was a master and servant relationship. The question is, therefore, answered in the affirmative and in favour of the assessee. There will be no order as to costs. BHAGABATI PRASAD BANERJEE J.-I agree.
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1989 (8) TMI 2 - SUPREME COURT
Contempt of court - present application has been filed for initiating contempt action - Court ordered payment of amount to the petitioner and an amount was withheld towards tax deduction at source - Payment made under order of this court shall not, in the circumstances indicated above, constitute violation of the mandatory requirement of Chapter XVII - contempt proceedings could not be initiated.
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1989 (8) TMI 1 - SC ORDER
Transfer of business of firm to private company - ITO invoked section 52 for estimating fair market value of the goodwill - action of ITO was not justified because no separate consideration was paid for goodwill and no capital gains arose on the transfer of the goodwill
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