Calcutta High Court

Dues of Petitioning creditor relating to period beyond scheme under implementation by Board and not forming part of scheme, bar u/s. 22(1) of SICA does not apply

Kothari Metals Ltd. Vs. Indian steel & Wire Products Ltd. (Calcutta High Court)

On a reference to the Board for Industrial and financial Reconstruction (BIFR) by the company, a scheme of rehabilitation was sanctioned and the management of the company was taken over under the directions of the Board. The scheme sanctioned by the Board for Industrial and Financial Reconstruction failed to reflect the dues of the Petiti...

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Applicability of proviso to section 47(iv) of IT Act in case of transfer of capital asset by a company to its wholly owned subsidiary

CIT Vs Coats of India Ltd. (Calcutta High Court)

Therefore, there cannot be a formula which had no connection with the value of the individual assets and the liabilities. The price was determined that of the business and therefore, there is no question of picking up any portion of such price and charging its capital gains. It appears to us that before transfer of the company, the said ...

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Whether There Is A Direct Conflict Of Decisions Delivered By Division Bench?

P. G. & Sawoo (P.) Ltd. Vs. ACIT (Calcutta High Court)

It is also to be noted that Dr. Pal at that point of time tried to distinguish the said judgment in the Hamilton’s case (supra) with the judgment of Hope (India) Ltd. (supra) and submitted that there is no inconsistency in the view taken by the subsequent Division Bench in the Hope (India) Ltd case (supra) and in this subsequent decisio...

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Commissioner of Income Tax Vs. Sothia Mining and Manufacturing Corporation Ltd., (186 ITR 182)

Commissioner Of Income-Tax Vs Sothia Mining and Manufacturing Corporation Ltd. (Calcutta High Court)

The decision in this case arose out of an order passed by the Tribunal which had condoned the delay in filing the appeal by the respondent. The Tribunal had condoned the delay on the ground that there was a decision of the Supreme Court on the controversy raised and because of the said decision the Assessee had found that it had good reas...

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Once the books of account of an assessee are rejected then profit has to be estimated

Dabros Industrial Co. (P.) Ltd. Vs Commissioner of Income-Tax (Calcutta High Court)

We have to ascertain whether there was any evidence or material before the Tribunal to estimate the profits. It is not disputed that the books of account of the assessee were not accepted. That being so, profit had to be estimated. Such estimate was made by the authorities on the basis of the performance of the predecessor-in-interest of ...

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CIT vs Parbutty Churn Law (Calcutta High Court)

Commissioner Of Income-Tax vs Parbutty Churn Law (Calcutta High Court)

Under Income-tax Act the annual value of the property is to be taken as a sum which the property might reasonably be expected to fetch. The annual value is no doubt a hypothetical sum. But what is to be taken into consideration is the whole of the consideration which the landlord receives from the tenant for his right to use and occupy t...

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June 2021