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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)42ITD700(Kol.)
..... about the addition made.the aac while dealing with that appeal found that the ito did not fulfil the mandatory conditions laid down under section 148(2) of the income-tax act and held that the ito had no jurisdiction to reopen the assessment. he further held that the ito had not specified under which sub-section of section 147 he ..... annulling it and giving a direction to the ito to make fresh assessment and, therefore, the assessee not having gone to the high court under section 256 of the income-tax act against the order of the tribunal the same became final under section 254(4). the delhi high court further held that to permit an assessee to raise the contentions ..... 74 at 16 times of net maintainable rent. after the completion of the original assessments the wto received a report under section 16a(5) of the act from the valuation officer, unit no. iii, income-tax department, calcutta dated 26-12-1978 which is at pp. 51 to 55 of the paper book filed by the assessee. this report has been .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD202(Kol.)
..... the said word, it matters little whether the prejudice by way of loss of revenue is on account of income-tax or wealth-tax. we cannot ignore the fact that the three laws relating to direct taxes- income-tax act, wealth-tax act and gift-tax act- have been held by the supreme court in k.p. varghese v. ito [1981] 131 itr 597 ..... where the assessing officer has passed an order acceding to the request for a change of the accounting period from 31st march to 30th june. the income-tax act, confers upon the income-tax officer the power to grant such request. however, he as prospector of the revenue, has to ensure, before accepting the request, that there is ..... in venkatakrishna rice co.'s case (supra) at pages 137-138 summarising the nature and content of the jurisdiction conferred on the commissioner of income-tax under section 263 of the income-tax act: in our judgment, the expression prejudicial to the interests of the revenue' is not to be construed in a petty-fogging manner, but .....
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)80ITD79(Kol.)
..... does not change the nature of the expenditure from capital to revenue. he, accordingly, disallowed the claim of the assessee. the cit(a) held that since the payment was made for earning of income by way of doing business in the stock exchange for which fees were paid, the same was revenue in nature and directed ..... eligible for admission by the committee and as regards such election the following provisions shall have effect, subject however, to the provisions of the securities contracts (regulation) act, 1956, and the rules made thereunder : (1) every applicant for election must be proposed and seconded by members of the association in a letter or letters ..... date these amendments will come into force on the approval of the central government under sub-section (5) of section 4 of the securities contracts (regulation) act and individuals who will be entitled to shares on sub-division of shares) or company or financial corporation shall be eligible for membership of the association until .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1988)26ITD1a(Kol.)
..... consideration had been utilised for "acquiring another capital asset" or not. reference was made to the definition of "capital asset" in section 2(14) of the income-tax act, 1961 as meaning property of any kind held by an assessee, whether or not connected with his business or profession save certain exceptions. he submitted that the fixed ..... 6 months or above would be regarded as utilisation of the net consideration for acquiring another capital asset within the meaning of section 11(1a) of the income-tax act, 1961.he stated that the board itself should be considered as having accepted the legal position that investments of net consideration on the transfer of a ..... applied for charitable purposes since the assessee had acquired "another capital asset" within the meaning of the said term as occurring in section 11(1a) of the income-tax act, 1961.2. the assessee had given particulars of the utilisation of the net consideration of rs. 63.52 lakhs which have been reproduced in the assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1991)38ITD620(Kol.)
..... orders were invalid. he construed the additional ground raised by the assessee as "challenging the validity of the assessments". section 23(3) of the indian income-tax act, 1922 corresponds to section 143(3) of the income-tax act, 1961. the bombay high court in the case of n.n. kotak (supra) held that a notice of demand can only be served under ..... high court in the case of kailasho devi burman (supra).15. we have considered the rival submissions, papers filed and the case law cited. section 143(3)(a) of the income-tax act, 1961 reads as under: 143. assessment- (3) on the day specified in the notice issued under sub-section (2), or as soon afterwards as may be, after ..... got time-barred by 31-3-1984 and the assessment for the assessment year 1982-1983 got time-barred by 31-3-85.14. the departmental representative urged that income-tax act does not provide for the service of the assessment orders on the assessee but provide for service of notice of demand on the assessee, as laid down by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1997)62ITD225(Kol.)
..... of the assessee doubted by ao.17. let me consider the issue from another angle. for the purpose of obtaining audit report, either under company law or (tax audit) under it act, the bank statements should be made available to the auditors failing which, it may not be possible to complete the audit.admittedly, audit commenced before the 'specified ..... in getting the accounts audited would constitute reasonable cause for the delay in filing the return of income and it was this decision that was followed by the tribunal (supra). in the present case the statutory audit under the companies act was completed on 20th september, 1986. the audit report under s. 44ab was signed by the ..... in time apart from the fact that voluminous work is involved. though there is considerable delay in filing the return of income, the ao has not initiated penalty proceedings under s. 271(1)(a) of the act. the contention of the learned counsel for the assessee that the audit, as per the time available under the companies .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD318(Kol.)
..... of the assessee that at the relevant time, the assessee entertained a bonafide belief that it was not obliged to file the estimate under section 212(3a) of the income-tax act, 1961 ('the act') and that constituted a reasonable cause for failure to furnish the estimate under section 212(3a) and thereby the commissioner (appeals) erred in cancelling the penalty levied by the ..... ito under section 273(c) of the act.2. the ito in his order mentioned that under section 210, the ito asked the assessee to pay advance tax of rs. 1,85,044 which was calculated by him on the basis of the total income (rs. 2,87,480) assessed for the assessment year 1967-68 which ..... rs. 4,14,313 and as the tax under section 140a was paid on 3-4-1970 the demand for the financial year 1970-71 should have been based on the returned income for the assessment year 1969-70 in accordance with the provisions of section 209(d)(i)of the act.6. it was also contended that the assessee was under a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1999)68ITD240(Kol.)
..... derived from the new industrial undertaking within the meaning of s. 80hh meant the profit and gain computed in accordance with the provisions of the it act and forming part of the total income but the assessee computed the profit and gains of the new industrial undertaking without deducting therefrom the depreciation and investment allowance. on appeal, the ..... osl on the ground that the revised return filed on 31st march, 1994, was hit by s. 139(3) r/w s. 80 of the it act, although the learned cit(a) upheld the rejection of the assessee's said claim on other grounds as the ao had rejected the assessee's claim under s. 72a on other ..... in connection with the procedure to be followed in respect of grant of "consent" by the central government in cases involving financial assistance to be given under direct tax laws which, as contended by the learned authorised representative, is not correct. assuming that the earlier two circulars were withdrawn with mentioning of this incorrect narration still .....
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