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Deputy Commissioner of Income Tax Vs. Venkateswar Investment and

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD177(Kol.)

..... june, 2004, wherein it was held that the use of the words "principal business" precludes an inference that a company could be a "financial company" for one year and not so for the others so that the mere accident of earning higher interest than the turnover of the company or due to temporary lull in the business of the assessee need not attract the provision of the interest-tax act, 1974.the learned counsel emphasized that .....

Dy. Commissioner of Income-tax Vs. Venkateswar Investment and

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... -97 dated 11.6.2001 wherein it was held that the use of the words "principal business" preclude an inference that a company could be a "financial company" for one year and not so for the others so that the mere accident of earning higher interest than the turnover of the company or due to temporary lull in the business of the assessee need not attract the provision of the interest tax act, 1974. .....

E.C. Bose and Co. (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)2ITD149(Kol.)

..... the bombay high court held that the liability to pay compensation is created immediately on the accident occurring to the workman suffering injury and must amount to a debt payable to the workman.13 ..... umaria' belonging to the respondents and brought to bombay.he then gave notice of the accident because permanent defects developed in his eyes and then he made the application for award of compensation, against the respondents, claiming ..... workers are the employees of the assessee-employer, the latter is liable to pay compensation to the former, in case a personal injury is caused to a workman by an accident arising out of, and in the course of, their employment with the assessee-employer. ..... pal, therefore, establish that in the case of personal injury caused to a workman by an accident, which arises out of, and in the course of, his employment, unless the right to compensation is taken away under sub-section (5) of section 3, which is not the position in the present case, the employer ..... liable to pay the compensation as soon as the aforesaid personal injury was caused to the workman by the accident which, admittedly, arose out of and in the course of the employment. ..... dated 21-8-1968 stating that the respondent was a casual contractor, and that the accident had taken place solely because of his own negligence. ..... section provides that the employer shall be liable to pay compensation if 'personal injury is caused to a workman by accident arising out of, and in the course of, his employment'. .....

Ashoke Kumar Das Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1984)10ITD547(Kol.)

..... das died on 23-1-1979 in a motor accident on spot while going to another business place at kalyani. ..... the accident occurred near haringhata. .....

J.N. Sapru Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1996)59ITD240(Kol.)

..... they also include leave travel concession, personal accident insurance, club fees. .....

Off-shore India Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1986)15ITD549(Kol.)

..... he contended that it is only an accident that in this particular year the assessee suffered a loss from the share dealing business. .....

Dunlop India Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1992)41ITD582(Kol.)

1. this appeal by the assessee for the assessment year 1984-85 is directed against order of the commissioner of income-tax (appeals) [hereinafter referred to as 'cit(a)'] dated september 19, 1990.2. the first and the main controversy relates to rs. 2057.77 lakhs disallowed and added back in the income of the assessee under the provisions of section 43b of the income-tax act, 1961 (hereinafter referred to as the 'act'). the relevant facts leading to the above addition are as follows.3. the assessee, a well-known public limited company, carried business of manufacture and sale of tyres and tubes in the previous year ending december 31, 1983, relevant to the assessment year 1984-85. the company maintained its books of account on mercantile basis. the goods manufactured and produced by the asssssee were liable to central excise duty and it is an admitted position that total liability incurred in the relevant period amounted to rs. 8312.41 lakhs. the assessee actually paid towards duty a sum of rs. 6,664.77 lakhs and debited the same in the profit & loss account of the year. this has been allowed as a deduction and is not subject-matter of any controversy. out of the balance amount of duty liability, the assessee debited a sum of rs. 1022.64 lakhs in the profit & loss account under the head "excise duty and commercial liabilities (note 6)".4. the circumstances under which the liability remained unpaid as narrated by the assessee are recorded by the cit(a) in para 5.1, pages 15 to .....

Sutlej Cotton Mills Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)45ITD22(Kol.)

1. this appeal raises the question whether the profit arising from sale of a capital asset could be added to the book profits shown by the assessee for the purpose of imposing tax under section 115j of the income-tax act, 1961.2. preliminary objection. --this appeal was posted for hearing before a special bench constituted by the president of the income-tax appellate tribunal under section 255(5) of the income-tax act, 1961. when the bench assembled on september 8, 1992, to take up the matter, the revenue presented a petition dated september 8, 1992, signed by shri s.halder, appellate assistant commissioner, central circle-xii, calcutta, stating that there was no difference of opinion on the point raised in this case, that the decisions so far rendered by the benches of the tribunal in the cases of v.v. trans-investments (p) ltd. v. ito [1992] 42 itd 242 (hyd), asst. cit v. lallacherra tea co. (p) ltd. [1992] 42 itd 446 (gauhati) and buttwelded tools (p) ltd. v. asst. cit [1991] 39 itd 432 (mad) were in favour of the revenue and references have been made to different high courts that, when the matter was seized of by the high court concerned, the question of referring the matter to a special bench of the tribunal could not arise, that sub-sections (3) and (4) of section 255 should be read conjunctively so that unless there was a difference of opinion between the members of the bench, a special bench cannot be constituted by the president and the views taken by the three .....

Ms. Enfield Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

1. this appeal filed by the assessee is directed against the order dated 13-2-2006 of the cit (a), central-i, kolkata pertaining to block period 1990-91 to 14-12-1999. in this appeal, the assessee has raised several grounds, but all of them are against confirming the penalty imposed under section 158bfa(2) and further enhancing it with a direction to determine the quantum of penalty on the amount of difference between the loss declared in the return under section 158bc of rs. 1,29,57,430 and the income determined in the block assessment order of rs. 35,73,902, i.e. rs. 1,65,31,332.2. the assessee-company is closely held by sonthalia group. the facts as emerge from the record and submissions made before the tribunal are that a search & seizure operation was conducted in the residential and business premises of the assessee-company and its directors on 14-12-1999 under section 132 of the act. it was brought to the notice of the bench by the assessees learned counsel that, as a matter of fact, the appellant group faced several search and seizure proceedings conducted by various authorities from time to time. owing to the frequent raids the entire accounting system of the company went haywire. the records seized by the dgae department were released only in november 1999. a month thereafter the same records were again seized by the income tax department making it extremely difficult for the appellant to reconcile the pending accounts in a reasonable time.copies of the voluminous .....

Abn Amro Bank Nv Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)96TTJ(Kol.)1041

1. these 4 appeals of the assessee relating to asst. yrs. 1992-93, 1993-94, 1994-95 and 1995-96 involving some common issues are disposed of by this consolidated order.2. the appellant is a branch of abn amro bank nv incorporated in netherlands, with limited liability having its original office at singapore. in india, the appellant is registered as a scheduled bank in terms of schedule ii of the reserve bank of india (rbi) act, 1934. the main activities of the appellant in india comprise of accepting deposits, giving loans, discounting/collection of bills, issue of letters of credit/guarantees, executing forward transaction in foreign currencies for importers/exporters, money market lending/borrowings, investment in securities, etc., in terms of the existing rules and regulations governing such transactions. in the years under consideration, the appellant had three branches in india at mumbai, kolkata and new delhi. there is an agreement between india and netherlands for avoidance of double taxation and prevention of fiscal evasion (hereinafter called as dtaa). article 7 of the dtaa provides for taxation in india of a foreign enterprise in respect of profits attributable to its permanent establishment (hereinafter referred to as pe) in india. since the abn amro bank nv was having a pe in india, the appellant is liable to tax in respect of income attributable to the pe.3. one of the common issues involved in all the four assessment years is relating to deduction on account of .....