Judgment Search Results Home > Cases Phrase: agricultural income tax act 1957 section 17 income tax authotities Court: income tax appellate tribunal itat kolkata Page 2 of about 76 results (1.255 seconds)

income-tax Officer Vs. Kenaram Saha and Subhash Saha and

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)301ITR171(Kol.)

..... of law". admittedly, the central government enjoys the constitutional right to levy tax on income. the income-tax act also provides the levy of tax upon the income of the assessee. however, such income has to be computed in accordance with the provisions prescribed under the income-tax act which includes the disallowance under certain circumstances. the issue of constitutional validity ..... the allahabad high court held as under (headnote): the idea in enacting clause (f) of rule 6dd of the income-tax rules, 1962, was that since the cultivators, growers or producers of agricultural or forest produce, produce of animal husbandry, fish or fish products are mostly residents of rural areas not used to ..... subsidiary bank as defined in section 2 of the state bank of india (subsidiary banks) act, 1959 (38 of 1959) ; (iv) any primary agricultural credit society as defined in clause (cii) of section 2 of the reserve bank of india act, 1934 (2 of 1934), or any primary credit society as defined in clause ( .....

Joint Commissioner of Income-tax Vs. Haldia Investment Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD212Cal

1. this appeal by the revenue for the assessment year 1997-98 is directed against the order dated 28-12-2000 of cit(a)-xii, kolkata and the only dispute is relating to application of explanation to section 73 of the income-tax act, 1961 and, accordingly, entitlement of set-off of carry forward loss of rs. 69,20,855 claimed by the assessee. rival ..... chapter via. as per the prescribed form of return of income, the income from various heads is to be disclosed and the sum total of the income from various sources will constitute the gross total income. thereafter deductions under chapter via are to be reduced in order to find out the total income which is taxable. agricultural income is to be shown separately and, therefore, this may .....

Bishnauth Tea Co. Ltd. and Stewart Vs. Joint Commissioner of Income Ta ...

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... said decision/ratio cannot have any bearing on allowability of green leaf cess paid under central income-tax assessment. while coming to its decision with reference to agricultural income-tax, the court never held that the expenditure is not allowable in computing income under the central act. the decision, therefore, cannot be applied in the present case. the ratio of (sic) judgment is to be applied only ..... application of rule 8 of the it rules, 1962 (the central 'rules'), the 40 per cent being subject to central income-tax under the it act (the "central act") and the balance 60 per cent to assam agrl. it under the assam agrl. it act, 1939 (the "agricultural act").the appellants had claimed the said cess paid during the relevant previous year as a deductible expenditure under the central .....

National Engineering Industries Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2002)80ITD9(Kol.)

..... the scope of applicability of provision of interest-tax act, 1974 to a company which is not a financial company, in its ordinary meaning. the assessee in these cases are engaged in manufacture of bearing, rubber goods, wagons, textile machines and other engineering items; manufacturing sugar; tea plantation or growing agricultural produce, etc. these companies, however, issued ..... are basically or practically finance companies, to those who receive deposits as a business activity to financing others or to granting loans and advances in order to earn income from such deposits as a business activity.12. if we carefully note the term used in clause (vi), i.e. "two or more classes of business ..... 23 to 25/cal/1999 and 13/cal/2000 in the case of nilgiri plantations ltd., the cit(a) had granted relief to the assessee on the ground that the agricultural profit was much more than that the other income and on the basis of this criterian the investment in shares or advancing loans could not be termed .....

Al-haz Amir Hasan Properties (P) Vs. Asst. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)100ITD441Cal

..... order passed under section 263 dated 2.12.2004 observed that in my opinion, once the deduction under section 24 of the income tax act is fully allowed to the assessee company from the rental income, the extra expenses for repairs and maintenance etc. are not allowable. from the fair reading of the above, we find that ..... direction setting aside the assessment be not passed to the assessing officer.the ld. cit after considering the assessee's submission held that once deduction under section 24 of the income tax act is fully allowed to the assessee company from the rental income, the extra expenses for repairs and maintenance etc. are not allowable and accordingly, ..... to be exempt had actually been earned by him or not and further, whether the entire amount of income from agriculture and poultry farming was exempt from tax. the cit had rightly initiated proceeding under section 263 of the i.t. act, 1961 as exemption had been granted without application of mind.13. in karnani properties ltd. v .....

Assistant Commissioner of Vs. B.K.A.V. Birla

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1990)35ITD136(Kol.)

..... . the capital gain arises on the transfer of a capital asset and, therefore, holding as an asset is not relevant for purposes of chapter e. the clear scheme the income-tax act is to move backward in time from the date of the transfer of "capital asset" to determine whether gain or loss arising is long-term or short term. if capital ..... submissions carefully; but unable to accept the same in view of the decisions of several high courts. in the case of ranchhodbhai bhaijibhai patel v. cit [1971] 81itr 446 (guj.), the assessee for long held agricultural land which at the relevant time stood excluded from the definition of "capital asset". on 23-1-63 the assessee got permission to put the ..... land to non-agricultural use. on that date the land became a capital asset. the land was sold in april and july 1963. from the sale proceeds the assessee claimed that it was .....

Asian Exports Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)110TTJ(Kol.)152

..... fishes are animate creature viz. ornamental fishes can be called as an article or thing within the meaning of section 10b of the it act, 1961. the cit(a) has also rejected the plea of the assessee that it was given license as a 100 per cent export oriented undertaking by ..... refrigeration, remaking, polishing, labelling, reconditioning, repair, remaking, refurbishing, testing, calibration, re-engineering. manufacture for the purpose of this policy, shall also include agriculture, aquaculture, animal husbandry, floriculture, horticulture, pisciculture, poultry, sericulture and viticulture". the learned counsel has pointed out that from the above definition of the word ..... (ker) 316 : (1996) 217 itr 129 (ker).15. in his rival submission, the learned departmental representative relied fully on the order of tax authorities. rebutting the contention of the learned authorised representative of the assessee, it has been pleaded by learned departmental representative that the issue involved in this .....

R.R. Sen and Brothers Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)95TTJ(Kol.)398

..... support of the contention that foreign currency notes are to be treated as goods for the purpose of allowing the deduction under section 80hhc of the act. 5. for that the learned cit(a) erred in fact as well as in law in upholding the disallowance of 5 per cent of (1) tea and tiffin expenses and ..... qualify for deduction under section 80hhc. according to learned counsel, if the construction as put forward by the ao is to be accepted, then export of primary agricultural product or primary mineral goods would not be covered by section 80hhc.actually, section 80hhc may not cover some of such products which are barred by schedule ..... the assessee had made export earnings in dollars in convertible foreign exchange, the assessee should be considered to be entitled to deduction under section 80hhc of the it act.10. learned departmental representative relied upon the orders of the authorities below. he also submitted that foreign currencies were neither goods or merchandise nor were they manufactured .....

Surendra Nath Malhotra (Huf) Vs. Gift-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1985)13ITD499(Kol.)

..... on 9-9-1971 and in respect whereof an order had also been passed by the ito under section 171 of the income-tax act, 1961 ('the 1961 act'), the property worth lakhs of rupees was left with the bigger-huf of shri h.l. malhotra.4. on 11-10 ..... assessee is a huf. for the assessment year 1975-76, the gto issued a notice under section 16(1) of the gift-tax act, 1958 ('the act'). in response to that notice the assessee filed a return of gifts disclosing the value of gifts at rs. 3 lakhs. the ..... the above, the learned commissioner (appeals) erred in not adjudicating on ground no. 3 relating to misapplication of section 6a of the gift-tax act, 1958, on the facts and in the circumstances of this case.the above ground does not arise out of the order of the commissioner ..... favour of each of his five sons and the widow of a predeceased son and as a result a major part of the agricultural land belonging to the family was apportioned amongst them. it was held by the high court that the transaction was one of .....

Ram Gopal Garodia Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)45ITD603(Kol.)

..... return within the time allowed under section 139. such interest is to run from the date of failure till the date of completion of assessment. no doubt under the income-tax act the assessee has been given a right for reduction or waiver of interest charged by the assessing officer.therefore, until there is a waiver or reduction the liability of ..... in this regard.7. regarding issue no. (iv) the counsel for the assessee, sri g.p.agarwal submits that interest under sections 139, 215 and 220(2) of the income-tax act are debts and are, therefore, to be deducted in computing the net wealth. the revenue's representative, sri s.c. sen, contends that those interests are not debts on ..... s counsel has relied on the decisions in the cases of cit v. assam oil co. ltd. [1982] 133 itr 204 (cal.), cit v.rangnath bangur [1984] 149 itr 487 (raj.); m.r. thammaiah v.agricultural ito [1984] 150 itr 403 (kar.); state bank of hyderabad v.cit [1988] 171 itr 232 (ap) and cit v. indian rare earth ltd. [1990] 181 itr 22 .....