Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD172(Kol.)
..... shares is to be determined by spreading the cost of the original shares over the number of the original and bonus shares. there are no specific provisions under the income-tax act to deal with the computation of the cost of acquisition in such cases. 30.2 computation of the cost of bonus shares on the principle of averaging, however ..... of acquisition as nil in terms of the following provisions of sub-clause (iiia) of clause (aa) of sub-section (2) of section 55 of the income-tax act, 1961 which has been inserted, by the finance act, 1995 with effect from the assessment year 1996-97 (sub-clause (iiia) in short). "meaning of "adjusted", "cost of improvement" and "cost of ..... 25 itr 58 (sc), the hon'ble court held: "nor can it be said, in strictness, that the finance act, 1950, is retroactive legislation. that act, as already noticed, purports by section 2 to charge income-tax and super-tax at specified rates "for the year beginning on the 1st day of april, 1950". the case is thus one where the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)270ITR73(Kol.)
..... by the assessee that surcharge on municipal tax not being part of rent was not includible in the annual value of the property for the purpose ..... the head house property. before we go to consider rival contentions, we find it useful to setout the relevant provisions of the income tax act, 1961 and as well the provisions of the calcutta municipal corporation act, 1980 having direct bearing in understanding the issue involved. the annual value of property consisting of any buildings or lands appurtenant thereto ..... but had excluded the said surcharge on municipal tax amounting to rs. 26,59,959/- in the gross rent received, for the purpose of determining annual value of the property on the basis of actual rent received within the meaning of section 23 of income tax act, 1961 (in short, the act). it was submitted before the a.o. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)88ITD247Cal
..... whom he is entitled to recover such sum.6. it is evident from section 22 of the income-tax act, 1961 that the annual value of the property of the nature specified therein, chargeable to income-tax under the head 'income from house property'.the annual value for the purpose of section 22 is to be determined in the ..... of the property on the basis of actual rent received within the meaning of section 23 of income-tax act, 1961 (in short, the act). it was submitted before the assessing officer by the assessee that surcharge on municipal tax not being part of rent was not includible in the annual value of the property for the ..... consider rival contentions, we find it useful to set out the relevant provisions of the income-tax act, 1961 and as well the provisions of the calcutta municipal corporation act, 1980 having direct bearing in understanding the issue involved. section 22. income from house property.-the annual value of property consisting of any buildings or lands appurtenant thereto .....
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)284ITR104(Kol.)
..... penalty under section 158bfa(2) amounting to rs. 15,37,980 equivalent to the amount of tax so leviable in respect of undisclosed income determined under section 158bc(c)/143(3) of the it act. the assessee preferred first appeal before the learned cit(a).the learned cit(a) while sustaining the penalty under section 158bfa(2) considered the amount of undisclosed ..... the assessee is agitating the sustenance of the amount of penalty by the learned cit(a).5. the learned departmental representative while relying on the order of the ao submits that as a result of search undisclosed income was computed under chapter xiv-b of the act at rs. 75,63,300 as against rs. 50 lakhs disclosed by the ..... high court in the case of dr. (mrs.) alaka goswami v. cit (2004) 268 itr 178 (gau). in this view of the matter, the income disclosed in the returns filed after the date of search is not liable for penalty under section 158bfa(2) of the it act and accordingly, we are inclined to uphold the order of the learned .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)93ITD615(Kol.)
..... (other than a h.u.f., a company or a firm) which in the relevant previous year has either no income chargeable to tax under the income tax act or has total income not exceeding the maximum amount not chargeable to tax, but has any agricultural income, then, the agricultural income or loss of the association of persons or body of individuals shall be computed in accordance with the rules contained ..... we find it appropriate to refer provisions related to the rules for computation of net agricultural income as laid down in annual finance acts. there is no doubt that net agricultural income is entirely exempt from tax under the income tax act; but under the provisions of the finance act, 1973 and the subsequent finance acts the agricultural income has to be taken into account for the purpose of determining the rate of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)97TTJ(Kol.)41
..... the said audit objection in his order. perusal of the said audit observation shows that the audit party has not interpreted any law or provision of the income tax act. it has simply invited the attention of the ao to a factual error, i.e., irregular deduction allowed to the assessee which is not consistent with ..... as under (page 477) :- "from a combined review of the judgments of this court, it follows that an income tax officer acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income tax act, 1961, only if on the basin of specific, reliable and relevant information coming to his possession subsequently, he has ..... note of.the calculation given by the chartered accountant in form no. 10ccac submitted alongwith the return of income is as under :- "details relating to the claim by the exporter for deduction under section 80hhc of the income tax act 19611. name of the assessee the champdany industries limited6. export turnover n respect of rs. 26,97, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)95ITD169(Kol.)
..... reproduced the said audit objection in his order. perusal of the said audit observation shows that the audit party has not interpreted any law or provision of the income tax act. it has simply invited the attention of the assessing officer to a factual error, i.e., irregular deduction allowed to the assessee which is not consistent ..... has been allowed deduction under section 80hhc at rs. 4,60,93,747.in the report under section 80hhc(4) of the income tax act, 1961 in form no. 10ccac submitted along with the return of income, the assessee has shown profit from export of trading goods at nil and profit from export of manufactured goods at rs. ..... as under (page 477):- "from a combined review of the judgments of this court, it follows that an income tax officer acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income tax act, 1961, only if on the basis of specific, reliable and relevant information coming to his possession subsequently, he has .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)60SCL59NULL
..... to the assessee on payment of the development charges. that would render the expenditure as a capital one. moreover, we are quite unaware of any authority given in the income-tax act, for carrying forward revenue expenditure, after dividing it, as per the assessee's own wish, into subsequent assessment years. in this view of the matter no point of ..... high court was as to when a business could be said to have been set up within the meaning of the expression under section 2(11) of the indian income-tax act, 1922. the bombay high court pointed out that there was a clear distinction between a person commencing a business and a person setting up a business. the ..... expenditure in which latter event only it would be a deductible allowance under section 10(2)(xv) of the income-tax act. the question has all along been considered to be a question of fact to be determined by the income tax authorities on an application of the broad principles laid down above and the courts of law would not ordinarily .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)94ITD89(Kol.)
..... difficult whether apart from the express prohibitions, the sum in question is [in the words used by lord summer in usher's case (1914) 6 tax cases 399] a proper debit item to be charged against incomings of the trade when computing the profits of it; or, in other words, whether it is in substance a revenue or a capital expenditure. this ..... of business of the members, and thus the board have decided that such expenditure may be allowed as admissible under section 37(1) of the act in the hand of the payers in computing their total income from business. (vi) board's f. no. 9/56/66-it(ai) dt. 17th jan., 1967 stating that increased membership fee of rs. 1,000 ..... refunded to the assessee on surrender of telephone or otherwise, the refunded amount shall be treated as income of the assessee of the year in which the amount is so refunded and brought to tax by invoking the provisions of section 41(1) of the act. (iv) board's f. no. 204/70/75-ita-ii dt. 10th may, 1976 containing board's .....
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