Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD437(Kol.)
..... is carrying on any business in india because as per section 2(45) of the income-tax act total income means "total income" referred in sub-section (5) computed in the manner laid down in this act. according to sri s.c. sen the income-tax act extends to the whole of india and it has no extra territorial limits beyond india. ..... previous year and, therefore, even if business is carried on for one day in the previous year it would satisfy the requirement of section 72 of the income-tax act. the conditions laid down under section 72 for taking the benefit of set off of carry forward of unabsorbed business losses fully satisfy the tests and conditions ..... as submitted by the assessee's counsel but was only to reduce, and minimise the litigations and increase of frivolous appeals before the appellate authorities under the income-tax act,' 1961. this apart, submits the departmental representative that the powers of an appellate authority are co-terminus with that of the assessing officer and that an .....
Tag this Judgment!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)43ITD32(Kol.)
..... order of the appellate commissioner and ultimately to issue a direction to file a second appeal before the appellate tribunal. the commissioner is a very learned official of the income-tax department and we know that he can himself suo motu and independently, after summoning the concerned records from the assessing officer within the long period of 60 days, ..... on 17-9-1990 as is mentioned in clause 9 of form no. 'f' being form of appeal to the tribunal under section 24(1) of the wealth-tax act, 1957. according to the provisions of sub-section (2) of section 24 the appeals should have been filed before the appellate tribunal on or before 16-11-1990 ..... satisfaction and, therefore, we are unable to condone the delay in filing the present appeals. we have perused the provisions of section 24(2) of the wealth-tax act relating the filing of the appeal by the commissioner against the order of the appellate commissioner before this tribunal. according to this provision the commissioner may if he is .....
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 : (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 : (1993)45ITD22(Kol.)
..... the income-tax act is that certain receipts are not to be taken as income at all, while, in respect of certain receipts, there is an exemption from tax on fulfilling certain conditions and in respect of certain other incomes, certain concessions or deductions are given. to illustrate this, under chapter iii, under section 10, agricultural income is not ..... case of express newspapers ltd. [19641 53 itr 250 (at page 260) : " now turning to section 12b (indian income-tax act, 1922 (43 of income-tax act, 1961)), it provides for capital gains. under that section, the tax shall be payable by the assessee under the head ' capital gains ' in respect of any profits or gains arising from ..... provisions have been made after april 1, 1988, and have gone to increase the book profits in any year when the provisions of section 115j of the income-tax act were applicable. this amendment will take effect from april 1, 1988, and will, accordingly, apply in relation to the assessment year 1988-89 and subsequent .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)48ITD145(Kol.)
..... 1984-85 for the year ended 31-3-1984. the assessment was originally completed on 30-3-1987 under section 143(3) of the income-tax act. subsequently, the commissioner of income-tax took proceedings under section 263 of the act on the ground that the assessment completed on 30-3-1987 was erroneous in so far as the same was prejudicial to the interests of ..... was based on the merits of both the issues.1. this appeal filed by the assessee is directed against the order passed by the commissioner of income-tax on 30-3-1989 under section 263 of the income-tax act.2. the assessee is a public limited company engaged in the business of manufacturing and selling gramophone records, pre-recorded music cassettes etc. in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)48ITD109(Kol.)
..... inaccurate valuation of assets by an assessee in the return of net wealth does not justify the reopening of the assessment proceedings under section 17(1)(a) of the wealth-tax act, 1957.7. on the other hand, shri r.p. rajesh, learned departmental representative supports the order of the deputy commissioner (appeals).learned departmental representative has submitted that the ..... point during the course of hearing the appeal. as regards the contention that the assessee had duly disclosed all material facts truly and correctly in the original return of income and the wto had no materials to justify in reopening the assessment proceedings, we have already stated earlier, the assessee had 12.5 per cent interest-in the firm ..... other assets of the firm as per the balance sheet as reduced by land and building, income-tax liabilities and partner's capital. the share of the assessee was then ascertained.11. being aggrieved, the assessee came up in appeal before the deputy commissioner (appeals). it .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)53ITD381(Kol.)
..... . nagri mills co. ltd. [1958] 33 itr 681. as held by the supreme court in the case of cit v. shoorji vallabhdas & co. [1962] 46 itr 144 at page 148, for the purpose of the income-tax act a mere book keeping entry cannot decide the question whether a particular receipt is taxable or whether a particular claim is allowable as a ..... was not entered in the books of account and was not made a charge against the profits of the year concerned. the same has been claimed only in the income-tax return. the second ground was that the liability can be allowed only on payment basis since as per clause 9 of the vrs scheme the assessee can stop or ..... is directed against the assessment of rs. 52,33,740 under section 41(2) of the act. during the year the assessee disposed of one of their undertakings, namely, rallis chemicals factory. the consideration received was rs. 2.95 crores. while preparing the income-tax return, the assessee contended that the amount was received as a slump price for the sale of .....
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