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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)10ITD542(Kol.)
..... it is advantageous to refer the following excerpts from the said judgment of the hon'ble supreme court : ...dealing with the scope of section 35 of the indian income-tax act, 1922, gajendragadkar, j. as he then was, speaking for the court observed : it is in the light of this position that the extent of the ..... year 1978-79-against the order of the commissioner of even date 8-1-1982 under section 263 of the income-tax act, 1961 ('the act'), common issues are involved and, therefore, they are disposed of by this common order.2. assessments of income of apeejay structural works (p.) ltd. for both the years were framed by the iac on 31-1 ..... there was creation of post of the additional commissioner by making amendment in sections 116 and 130 of the act. while interpreting those sections in context with powers of the commissioner under section 263, the hon'ble delhi high court in national agricultural co-operative marketing federation ltd. v. cbdt [1972] 84 itr 376 held that the word 'commissioner' .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD537(Kol.)
..... (c) which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the indian income-tax act, 1922 ... or the income-tax act, or to disclose fully and truly all material facts necessary for his assessment or otherwise, such declaration has to be in form b, as prescribed ..... appeal the assessee's grievances were against the valuation of the aforesaid properties as sustained by the aac. he also objected to the setting aside the issue of agricultural land and valuation thereof to the wto.6. when the aforesaid appeals came up for hearing before the tribunal, the assessee moved on 1-7-1981 for ..... b. kumar & co., bank deposits, jewellery, immovable properties situated at 4, rawdon street, calcutta-17, and of land and building situated at dehri-on-sone and agricultural land situated at dehri-on-sone, chanditala. the valuation of the immovable properties situated at 4, rawdon street, calcutta and at dehri-on-sone were declared by the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)3ITD162(Kol.)
..... in and suppliers of all plant, machinery, stores, tools, implements and accessories. (e) iii. to carry on the business of manufacturers and importers of and dealers in agricultural implements and other machinery, tool makers and sellers, metal workers, boiler makers, mill-wrights, machinists, iron and steel converters, smiths, wood workers, builders, painters, metallurgists, electrical ..... year relevant to the assessment years 1948-49 and 1949-50, the company claimed deduction of various amounts under section 10(2)(xv) of the 1922 act and the question arose whether it was carrying on the business in the accounting years to be entitled to these deductions. the majority of their lordships ..... sale of fabrics was held to be an allowable deduction against a subsequent income in export of cotton textiles, in view of the common management and control of the business. again, reference was made to a judgment of the allahabad high court in cit v. rampur timber & turnery co. ltd. [1973] 89 itr 150 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)4ITD212(Kol.)
..... in item note no. 7 given at the foot of the return form gives the instances of incomes, profits and gains not includible in the total income, referred to in rule 4 as follows: instances of income profits and gains not includible in the total income as computed under the income-tax act, 1961 are agricultural income in india, and in the case of a non-resident company, its ..... income accruing or arising outside india.on the basis of the aforesaid form and note no. 7, the learned .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)267ITR1(Kol.)
..... cases will be governed by the second proviso to section 86 only.7. in the instant case, as the total income of the assessee aop is a loss and no income-tax is chargeable under the act on such total income, hence, the case of the assessee aop falls under the second proviso to section 86 and not under the clause ..... (including provisions for the levy of additional income-tax) of this act in respect of the total income of the previous year of every person : provided that where by virtue of any provision of this act income-tax is to be charged in respect of the income of a period other than the previous years, income-tax shall be charged accordingly." from the plain ..... (c) the third situation is envisaged by the second proviso to section 86 of the act, where no income-tax is chargeable on the total income of an aop, obviously in a case where the total income of the aop, which is otherwise chargeable to tax at the normal rates as may be applicable to an individual, huf, boi, etc.falls .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)88ITD1(Kol.)
..... provided therein. as a result thereof, an assessment could well be made on the registered firm even after the individual partners had been assessed on their respective share income.under the income-tax act, 1961, the option of assessing either aop or its members is not available to the assessing officer. the position relating to the option available to the assessing ..... the hon'ble president may desire- whether, on the facts and in the circumstances of the case, the order passed under section 263 of the income-tax act, 1961 by the commissioner of income-tax by which it was directed that the loss incurred by the assessee-aop is to be apportioned among the members of the aop as per the profit ..... ld.counsel, there are two direct decisions, in favour of the assessee, in such circumstances which are ito v. ch. atchaiah [1996] 218 itr 239 and cit v. (sic) income-tax act, 1961, loss suffered by an aop can be carried forward for set off only in the hands of the aop and not its members.8. on the other .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)87ITD88(Kol.)
..... than the value at which the same was transferred to the subsidiary company may not be of any consequence for the purpose of taxation under the it act, 1961. it is well-settled principle of law that income-tax is not chargeable on the income which has neither accrued nor received by any assessee. their lordships of hon'ble supreme court in the case of ..... case of mcdowell & co. ltd v. cto (1985) 154 itr 148.(sc).12. in this regard, it will not be out of place to mention (from chaturvedi & pithisaria's income-tax law, vol. 2, p. 1844 ) i.e., "if a holding company transfers any of its capital assets to its subsidiary company or vice versa, the actual cost of the asset ..... the finance act, 1987, w.e.f. 1st april, 1988. their lordships of supreme court in the case of k.p. varghese v.ito (1981) ito 131 itr 597 (sc) had the occasion to consider the applicability of section 52. in that case, their lordships held that "it would indeed be most harsh and inequitable to tax the assessee on income which had .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD96(Kol.)
..... amendment of section 80hhc(2)(b)(ii). the same is reproduced hereunder : 31. under the existing provisions of section 80hhc of the it act, exporters are allowed, in the computation of their total income, a deduction of the entire profits derived from export of goods or merchandise other than mineral oil, minerals and ores. 31.1. ..... sc) where the issue involved was whether processing of mica mined from mica mines amounted to production and/or manufacture and, therefore, liable to sales-tax under bihar st act, 1947. their lordships held that the assessee in that case had split the crude mica into thinner plates and cut them into commercial sizes and ..... information about the products exported by the assessee except that what has been exported is the processed minerals. however, the assessee in the written submission before the cit had claimed that the assessee had exported "fabricated mica", i.e., electronic component and silvered mica for capacitors, mica blocks and condenser films, etc. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD135(Kol.)
..... )(iii) of the act. similarly in the case of dy. cit v. core healthcare ltd. (supra), hon'ble gujarat high court were in seisin of a materially identical situation, i.e., when the interest on borrowings was capitalized in the books of accounts but claimed as a deduction under section 36(1)(iii) in the income-tax, and their lordships ..... )(iii) of the act. similarly, in the case of dy. cit v. core healthcaie ltd. (supra), hon'ble gujarat high court were in seisin of a materially identical situation, i.e., when the interest on borrowings was capitalized in the books of accounts but claimed as a deduction under section 36(1)(iii) in the income-tax, and their lordships ..... is that on the facts and in the circumstances of the case, the learned cit(a) erred in confirming the action of the ao in rejecting the appellant's claim for being allowed deduction under section 36(1)(iii) of it act, 1961, while computing the income chargeable under the head "profits and gains of business or profession for the .....
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