Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD48(Kol.)
..... would make it a revenue payment. this decision followed the principles laid down by the supreme court in their earlier judgment in the case of member for the board of agricultural income-tax v. sindhurani chaudhurani [1957] 32 itr 169. this decision of the supreme court was followed by the calcutta high court in the case of purnendu mullick (supra) ..... of a sum of rs. 2,56,529 which was sought to be included in the total income of the assessee under section 41(1) of the income-tax act, 1961 in that case. their lordships held that section 41(1) of the act treated as income what had earlier been allowed as a deduction and that it creates a liability to ..... adjustment either in law or on fact. the assessee's learned counsel was unable to point out the provision of law under which such adjustment is permissible under the income-tax act. in the circumstances, i confirm the orders of the departmental authorities on this issue and reject this ground.10. in ground no. 4 the appellant objects to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)76ITD43(Kol.)
..... by a third member: "whether, the interest received by the assessee on the fixed deposit made with cesc ltd. is eligible for deduction under section 80p of the income-tax act, 1961?" 2. the assessee is a co-operative society constituted by the employees of the calcutta electric supply corporation (hereinafter called "cesc").the main object of the ..... society had been rendering banking services to its members for the past 50 years and filing its returns claiming deduction under section 80p(2)(a)(i) of the income-tax act, 1961. in the assessment year 1989-90 the assessing officer under section 154 sought to rectify a mistake occurred in assessment under section 143(1)(a) inasmuch ..... the fixed deposit made with cesc ltd. is eligible for deduction under section 80p of the income-tax act, 1961?" 2. therefore, the hon'ble president, i.t.a.t. may please constitute a bench in terms of section 255(4) of the income-tax act, 1961 to resolve the issue.1. as a result of a point of difference arising .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)93ITD152(Kol.)
..... 1995 issued by the cbdt which is as follows: "under section 10(22) of the it act, any income of a university or other educational institution, existing solely for educational purposes and not for purpose of profit, it exempt form income-tax. 2. the board have received representation from various institutions which fulfil the conditions laid down ..... under section 10(22) of the act, but are denied exemption because their funds are not invested in accordance with the provisions ..... there was no need to apply provisions of section 11(1)(a) or 11(5) of the act as there was loss only when income of school was considered separately.9. the learned cit(a) after considering income and expenditure account of the school, particularly aids and donations given by the school and its investment .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)14ITD6(Kol.)
..... , the assessee submits that the order of the commissioner as passed under section 263 of the income-tax act, 1961 ('the act') is bad in law and not supported by facts or circumstances of the case and that the commissioner did not legally act in initiating the proceedings under section 263 on the basis of the objection raised by the revenue ..... case which is under section 263, whereas in the above decided case, the issue was under section 25(1) of the wealth-tax act, 1957 ('the 1957 act') which is corresponding to section 264 of the 1961 act. it is submitted, therefore, that the reliance made by the assessee on the above decision may not be taken into cognizance of. ..... any requirement for the commissioner to record 'information' or to indicate what was the source of information, before he acts under section 263.we may refer to the decision of the hon'ble supreme court in the case of cit v. electro house [1971] 82 itr 824. that apart, the provisions of section 263 are machinery provisions and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD133(Kol.)
..... constituting this bench, then point of difference of opinion was referred to honble vice president (kolkata zone) as third member under section 255(4) of the income tax act.in accordance with the majority view after duly taking into account the opinion expressed by the learned third member, we hold that the payment of service charges ..... the members constituting the bench in regard to the following issues, i was nominated as third member by the honble president under section 255(4) of the income tax act, 1961 : "whether, on the facts and in the circumstances of the case, the payment of service charges of rs. 10,48,895 to shri sanjiv ..... field of financing, money lending, investment, leasing, hire purchases, trading, consultancy agency, broking, etc. the assessing officer made local enquiries through the inspector of the income tax department, but the above mentioned parties could not be traced. the assessee was informed about the outcome of the enquiry, and had been asked to produce them for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD385(Kol.)
..... directed against the order of the commissioner (appeals) by which he has cancelled the penalty order passed by the ito under section 273(a) of the income-tax act, 1961 ('the act') without appreciating accurate facts of the case. it is also the appeal by the revenue that the order by the commissioner (appeals) may be cancelled ..... of his income or deliberately furnished inaccurate particulars thereof and the burden is on the department to establish that receipt of ..... him to be inaccurate, is on the income-tax department. in the case of anwar ali (supra) amongst other things and on the facts of that case, it was held that offence under section 28(1)(c) of the indian income-tax act, 1922 ('the 1922 act') was for concealment of income and whether the assessee had concealed the particulars .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1990)32ITD518(Kol.)
..... valid sanction of the c.b.d.t. as laid down in section 151(1) of the income-tax act, 1961, and so the consequent initiation of the proceedings by the ito are without jurisdiction. ..... held that there was no valid sanction as laid down in section 151(2) and that the consequent initiation of proceedings by the income-tax officer would be without jurisdiction. while coming to that conclusion, the hon'ble orissa high court had referred to and followed a decision ..... stamp. in the case of govinda choudhury & sons v. ito [1977] 109 itr 370 (ori.) wherein the proposals sent by the income-tax officer for initiating reassessment proceedings the commissioner did not write in his own hand writing 'yes', but the word was affixed by means of a ..... , the reassessment made on 7-3-83 should be cancelled.5. the departmental representative filed photostat copies of the order sheet of the income-tax assessment file of the assessee and photostat copy of the telegram from the c.b.d.t. received on 24-3-79 and photostat .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD15(Kol.)
..... assessing officer as an association of persons and the decretal amount was assessed accordingly. the following two questions were referred to the high court under section 66(1) of the income-tax act, 1922 : (i) whether, on the facts and in circumstances of the case, the share of decree holders in the maintenance awarded in the decree dated 1st february, ..... was held that a private discretionary trust should be assessed in the status of an individual for the purposes of giving relief under section sol of the income-tax act, 1961 (hereinafter referred to as 'the act'). on the other hand, the decision of the tribunal in fifth ito v. d.m.c.c. employees medical aid trust [1987] 22 itd ..... the case of trustees of h.e.h. nizam's family (supra) were dealing with a case under the wealth-tax act, 1957. section 21 of the wt act is analogous to section 41(1) of the indian income-tax act, 1922. the only difference between the two sections is that whereas the former deals with the assets, the latter deals .....
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