Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Dec-02-2005
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
Decided on : Jan-12-2005
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
Decided on : Dec-23-2005
Reported in : (2006)100TTJ(Kol.)224
..... is further fortified by the direct authority of the hon'ble supreme court in the case of radhasoami satsang v. cit . held as under : we are aware of the fact that, strictly speaking, res judicata does not apply to income-tax proceedings. again, each assessment year being a unit, what is decided in one year may not apply in the ..... complete picture of the assessee's case, it will be relevant to peruse the production history of the assessee company.7.3 the assessee-company was incorporated under the companies act, 1956. in the year 1973, morgan crucible company pic, uk (hereinafter referred to as mccp) entered into a joint venture agreement with the assessee-company and provided the ..... for 6 years upto financial year 1998-99 (relevant to asst. yr. 1999-2000). sec. 80-ia was, however, substituted by sections 80-ia and 80-ib by finance act, 1999, w.e.f. 1st april, 2000. consequently, the company claimed deduction under corresponding section 80-ib for 4 years w.e.f. asst.yr. 2000-01 ending with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-08-2005
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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-08-2005
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
Decided on : Jan-28-2005
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
Decided on : Jan-28-2005
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 .....
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