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Development Consultants Pvt. Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)115TTJ(Kol.)577

..... ). 5. before proceeding to discuss the determination of alp on transaction by transaction basis, shri mitra submitted that as per section- 92c(1) of the it act. the arm's length price of an international transaction is required to be determined using any of the prescribed methods, being the most appropriate method-having regard to the ..... by the tpo and accordingly the assessing officer in the appeals relating to both the said assessment years, whereupon the assessee has filed, second appeals before the tribunal.16. shri rahul mitra and shri vrajesh dutia of pwc, being authorized representatives (ars) argued the case on behalf of the assessee before us by filing ..... to refer to the transfer pricing legislations of developed countries where the principles of transfer pricing have been in use for a long time and act as a guiding force for all the developing economies. the transfer pricing guidelines issued by the us internal revenue services under section 482 provide and discuss the concept of .....

E.C. Bose and Co. (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)2ITD149(Kol.)

..... the control and supervision of the board. the registered employers are allocated monthly workers by the administrative body and the administrative body supplies, whenever necessary, the labour force to the stevedores from the reserve pool. the workmen who are allotted to the registered employers are to do the work, under the control and supervision of ..... refused to register it. the commissioner, thereafter, held in his order, dated 6-5-1969, that the injury had resulted in the amputation of the left arm of the respondent above the elbow ; that the respondent was a carpenter by profession and by loss of his left hand above the elbow he has evidently been ..... had not accrued in the year under consideration. he, accordingly, issued a show-cause notice as to why an order under section 263 of the income-tax act, 1961 ('the act'), as the circumstances justify including an order, or enhancing, or modifying the assessment order or cancelling the assessment and the making of the fresh assessment, be .....

income-tax Officer Vs. Gopalpur Tea Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1985)12ITD259(Kol.)

..... the commissioner (appeals) held that the excess amount paid was in fact 'incentive wages', falling outside the provisions of the payment of bonus act and, hence, he allowed it as a deduction. the tribunal upheld the commissioner (appeals)'s order by observing, inter alia, that the amount paid by the assessee was expended wholly for purposes of ..... .indian tobacco co. ltd. [1978] 114 itr 182 (cal.). he further stated that the additional payment was not out of the business necessity but it was paid under force and, therefore, the same could not be allowed as business expenditure. he relied on british insulated & helsby cables ltd. v. atherton [1926] 10 tc 155, eastern ..... some decisions, has argued that the payment was not made out of business necessity and it was made under force and, therefore, the same cannot be considered under section 37. the words 'business necessity' and 'force' cannot be separated if the traditional activities of the workmen and the attitude of the employers in india are .....

Dunlop India Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1992)41ITD582(Kol.)

..... dastur further contended that the learned cit( a) decided the issue against the assessee solely relying upon explanation 2 to section 43b inserted by the finance act, 1989. but this tribunal was to decide the issue without taking into account the aforesaid explanation as directed by the hon'ble calcutta high court vide order dated march 1,1991 ..... section 43b was not applicable to above amount. in support of this claim the assessee relied on first proviso to section 43b inserted by the finance act, 1987 which, as per decision of the tribunal in ito v. k.s. lokhandwala [1989] 31 itd 305 (ahd.) was applicable from the assessment year 1984-85 onwards. in respect of ..... 215. as an afterthought, however, this claim has been raised again before the tribunal. we, however, find no substance in the claim. in the first place, there are no clear instructions and circulars having binding force in terms of section 119 of the act.secondly, the assessee in the revised return filed on march 30,1987 made no .....

Chloride India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1995)53ITD180(Kol.)

..... turnover" cannot include the octroi, sales-tax and excise duty since the expression 'export turnover' does not admittedly include these ingredients.7. we also find force in the contention of the learned counsel for the assessee that the legislature itself has intended to bring about uniformity or/harmony between the two expressions. this is ..... the expression 'total turnover'. only 'export turnover' was defined to exclude freight and insurance. the legislature by an amendment made by the finance (no. 2) act, 1991 with retrospective effect from 1-4-1987 defined total turnover to exclude freight and insurance thereby bringing uniformity in the two. obviously, the approach is to bring ..... in the manufacture of automobile batteries. it also exports batteries and in respect of the export it is entitled to deduction under section 80hhc of the act.the entitlement of the assessee to the deduction is not disputed in the present appeal. the dispute centres around the manner of computing the deduction in .....

Ms. Enfield Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... said that in filing the return of income as reflected in the books of account, the respondent was grossly or wilfully negligent, much less fraudulent. the tribunal and the high court rejected the departments applications for a reference. thereafter the department took the matter to the apex court. the honble supreme court dismissing the ..... section 271(1)(c) treating the said income as concealed income since the revised return was filed only after the ito started investigation. on appeal, the tribunal found that the income was offered voluntarily as the assessee failed to prove genuineness of the credits by adducing satisfactory evidence. he admitted the amount to be ..... in the cases of other liquor contractors. penalty proceedings were initiated against the respondent under section 271(1)(c) of the act, and the iac levied a penalty of rs. 8,300. the tribunal, however, cancelled the penalty holding that the respondent had maintained certain types of books of account and honestly believed them to .....

Deputy Commissioner of Income Tax Vs. Cathy Pacific Airways Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)84ITD205(Kol.)

..... the entire previous year. the ao further observed that only one month's receipt in the relevant previous year (i.e. the period during which lerm was in force, which was the month of march, 1992) was to be converted by applying the official rate of exchange as well as market rate of exchange and since separate ..... such income is received in, or brought into india by the assessee or on his behalf before the specified date in accordance with the provisions of the foreign exchange. regulation act, 1973 (46 of 1973)." we may also mention that explanation to rule 26, referred to in expln.1 above, lays down that the 'telegraphic transfer buying rate' ..... commercial airline, is a hong kong based foreign company which is engaged in the business of aircraft operations. its income is assessed under the provisions of section 44bba of the it act, 1961. during the course of assessment proceedings, ao noticed that, in the relevant previous year, the assessee had received hk $ (hong kong dollars) 6,22,62,223 .....

Deputy Commissioner of Income Tax Vs. Hindustan Tobacco Co.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)87ITD129(Kol.)

..... according to the c!t(a), the expenditure claimed by the assessee is allowable in view of provisions of section 37(1) of the it act, 1961.8. the revenue appealed to the tribunal. the learned jm proposed an order by virtue of which the additions of rs. 1,02,538 on account of expenses incurred on payments ..... lordships have further observed that, "science has not yet invented any instrument to test the reliability of the evidence placed before a court or a tribunal. therefore, the courts and tribunals have to judge the evidence before them by applying the test of human probabilities." examined in the light of this guidance also, i find it a ..... .44. aggrieved by cit(a)'s deletion of disallowance of sales promotion and advertisement expenses, aggregating to rs. 58,12,463, revenue is in appeal before this tribunal.45. rival contentions are conscientiously heard, orders of the authorities below carefully perused and applicable legal position duly deliberated upon.46. as far as cit(a)'s deletion .....

Santosh Kumar Kejriwal (Executor Vs. Acit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)89ITD172(Kol.)

..... the assessment is concerned, and it is the eligibility of the assessee with reference to the law applicable in that year that is required to be looked into." "the tribunal has rightly stated in para 3 of its order, while rejecting the revenue's application for reference that it had recorded a categorical finding that till 31st march, 1993, ..... (i.e., allotment of bonus shares) for taxing the capital gain is drawn from a date antecedent to the date of sub-clause (iiia) coming into force.8. section 45 of the act brings any profits or gains arising from the transfer of a capital asset, save as specifically provided, to the charge of income-tax under the head 'capital ..... by virtue of section 13(1)(d), proviso (iia) of the act, it had time till 31st march, 1993, to disinvest. the assessee, therefore, could not have been denied the benefit of the exemption for assessment year 1986-87 on the ground that as on the date the tribunal heard the appeal which was subsequent to 31st march, 1993, the .....

Assistant Commissioner of Income Vs. the Champdany Industries Limited

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)97TTJ(Kol.)41

..... that loss in trading goods could justifiably be ignored in computing deduction admissible under section 80hhc and (iii) no such contention supported by alleged decisions of tribunals that ignoring the loss in trading goods while computing deduction under section 80hhc was justified were ever raised or explained by the assessee at the original stage. ..... , on the basis of subsequent information, the income tax officer arrives at a conclusion, after satisfying the twin conditions prescribed in section 147(a) of the act, that the assessee had not made a full and true disclosure of the material facts at the time of original assessment and, therefore, income chargeable to tax ..... section 80hhc(1) by ignoring the losses from trading activities was allowed by the a.o. vide assessment order completed under section 143(3) of the act, and thereafter a notice was issued under section 148 for the reason that the net result after aggregating the losses from trading activity and profit from manufacturing .....