Calcutta High Court

Company Law – HC dismisses Petition filed under section 397 and 398 of the Companies Act 1956 as Cause of action no longer survives

Nischintanpur Tea Co. Ltd. Vs Subrata Sen & Ors (Calcutta High Court)

NISCHINTAPUR TEA CO. LTD Versus SUBRATA SEN & ORS ( Calcutta High Court) - An application under Section 397 and 398 of the Companies Act, 1956 (hereinafter ‘the Act’) was filed in this court way back in 1985. It was numbered as C.P. No. 252 of 1985. It is still pending. The petitioner in that application was one Amita Sen, who has si...

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Whether the Explanation to section 73 can be applied to sections 70, 71 and 72 and in determining the gross total income

M/s. PCBL Industrial Ltd. Vs. CIT, Kolkata & Anr. (Calcutta High Court)

M/s. PCBL Industrial Ltd. Vs. CIT, Kolkata & Anr. (High Court of Calcutta)- Whether the Explanation to section 73 which creates a legal fiction by which the purchase and sale of shares specified in the said Explanation which is specifically used for the purpose of section 73 as deemed speculation business can be applied to sections 70, 7...

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The Proviso to section 113 imposing surcharge on block assessments is retrospective in operation

Rupa & Co. Ltd. Vs CIT (Calcutta High Court)

Rupa & Co. Ltd. Versus CIT (Calcutta HC) Honorable High Court has held that in the absence of any finding that any portion of the books of account maintained by the assessee was fictitious or contained wrong entry, the Assessing Officer was not entitled to make an average of discount without discarding the actual discount given by the a...

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Allowability of Foreign Tour expenses of wife of Managing Director

J.K. Industries Ltd. Vs. Commissioner of Income Tax (Calcutta High Court)

J.K. Industries Ltd. Vs. Commissioner of Income Tax (Calcutta High Court)- When the Board of Directors of the assessee had thought it fit to spend on the foreign tour of the accompanying wife of the Managing Director for commercial expediency, the reasons being reflected in its resolution quoted by us, it was not within the province of t...

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Allowability of Unfunded actuarial liability for pension in respect of employees payable till death

Brooke Bond India Ltd. Vs Joint Commissioner of Income Tax & Anr. (Calcutta High Court)

Brooke Bond India Ltd. Vs. JCIT & Anr. (Calcutta High Court) - Tribunal was justified in law in not allowing the sum of Rs.1,43,35,000/- which represents the liability on account of pension on the basis of the resolution of the Board payable to the employee till their death. Whether, the liability on account of pension on the basis of th...

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Whether disallowance of loss on account of purchase and resale of UTI units should be restricted to the extent of dividend brought to tax by the AO

Eveready Industries India Ltd. Vs Commissioner of Income-Tax (Calcutta High Court)

Eveready Industries India Ltd Vs CIT, Kolkata (Dated: March 04, 2011)- Income Tax - Sections 10(33), 14A, 94(7) - Whether dividend stripping is allowable - Whether a premeditated transaction by virtue of which an assessee earns tax free income and squares off profits with losses is permissible if it is within the four corners of law. - As...

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Issue of perversity of findings could by itself come within the ambit of a substantial question of law

Chevoit Company Ltd. Vs. CIT (Calcutta High Court)

Chevoit Company Ltd. v. CIT - In Kulwant Kaur's case, it was held by the Supreme Court that in appeal before the Calcutta High Court a finding of fact, even if erroneous, will generally not be disturbed. However, where it is found that the finding stands vitiated on an inaccurate test and on the basis of assumptions and conjectures and, ...

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A notice issued on a non-existent person is void. The fact that the assessee has filed a return in response to the notice makes no difference

I. K. Agencies Pvt. Ltd. Vs Commissioner of Wealth Tax (Calcutta High Court)

I. K. Agencies Pvt Ltd vs. WTO (Calcutta High Court) - The authorities below totally overlooked the fact that initiation of the proceedings for reassessment was vitiated for not giving notice under Section 17 of the Wealth Tax Act to the Appellant and the notice issued upon M/s. Abhudey Properties Pvt. Ltd. which was not in existence at t...

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Exemption under s 11 to charitable trust, if it acquires tenancy right in respect of some immovable property owned by a different person

DIT Vs Sahu Jain Trust (Calcutta High Court)

DIT v Sahu Jain Trust - Exemption under s 11 — A charitable trust, if acquires tenancy right in respect of some immovable property owned by a different person, and thereafter sublets the said tenancy right and in the process earns some income, such income should not be treated to be an income from business as to attract the provisions c...

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Views expressed by smaller bench of a SC in case of Azadi Bachao Andolan on tax avoidance are binding on the HC

Commissioner of Income-tax, West Bengal-III Vs M/s. Oberoi Hotels(P) Ltd. (Calcutta High Court)

Views expressed by smaller bench of a Supreme Court in the case of Azadi Bachao Andolan on tax avoidance are binding on the High Courts because it has interpreted the decision of the larger bench in the case of Mcdowell & Company. Accordingly, the transactions was not a colourable transaction....

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