Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2000)73ITD230(Kol.)
..... , the interest of rs. 67,49,553 cannot be treated as income accrued to the assessee; there being diversion of income by overriding charge created by the statutes [both the coal mines (nationalisation) act, 1973 and the coking coal mines (nationalisation) act, 1972]. we, therefore, do not see any infirmity in the orders of the cit(a). the appeals filed by the revenue are, therefore, dismissed. ..... incorporated under the u.k. companies act.it has coal mines in the state of bihar. the management of the coking coal mines was taken over by the central government on 17th october, 1971 and were thereafter nationalised on 1st may, 1972. in the case of non-coking coal mines, the management was taken over on 30th january, 1973 and nationalised on 1st may, 1973. under the aforesaid acts, assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)107ITD1(Kol.)
1. This appeal filed by the assessee is directed against the order dt.13th Feb., 2006 of the CIT(A), Central-I, Kolkata pertaining to block period 1990-91 to 14th Dec, 1999. In this appeal, the assessee has raised several grounds, but all of them are against confirming the penalty imposed under Section 158BFA(2) and further enhancing it with a direction to determine the quantum of penalty on the amount of difference between the loss declared in the return under Section 158BC of Rs. 1,29,57,430 and the income determined in the block assessment order of Rs. 35,73,902, i.e. Rs. 1,65,31,332.2. The assessee-company is closely held by Sonthalia Group, The facts as emerge from the record and submissions made before the Tribunal are that a search and seizure operation was conducted in the residential and business premises of the assessee-company and its directors on 14th Dec, 1999 under Section 132 of the Act. It was brought to the notice of the Bench by the assessee's learned Counsel that, a...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)96TTJ(Kol.)1041
..... was contended that the cit(a) exercises his powers co-terminus with the ao, as held by their lordships of the supreme court in the case of cit v. kanpur coal syndicate and, therefore, the cit(a) had the power to enhance the rate of tax applicable in the case of the assessee.referring to the contention on behalf of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1997)62ITD225(Kol.)
1. This appeal is instituted by the Revenue against the order of CIT(A) for the asst. yr. 1986-87 and the only ground raised therein is that the CIT(A) erred in vacating the order imposing a penalty of Rs. 1,00,000 under s. 271B of the IT Act, 1961, holding that the provisions of s. 44AB are complied with by filing of provisional audit report dt.30th July, 1986.2. During the assessment proceedings, penalty proceedings under s. 271B were initiated and thereafter a show-cause notice was issued to the assessee. In response to that the assessee submitted that they have obtained the audit report as required under s. 44AB of the IT Act, 1961 on 30th July, 1986, i.e., within the time-limit. It was also explained that the statutory audit could not be completed within the time as voluminous work was involved and bank statement was not received in time. On verification the ITO found that the tax auditor has submitted his final report only on 29th September, 1986, though a provisional report was...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD96(Kol.)
..... allowed the deduction under section 80hhc. it was further contended that it is not disputed that the assessee has not exported the raw mica as mined from the mines, the assessee had purchased mica which was subjected to the various processes and manufacturing operations and as such what the assessee exported was the finished product ..... in the case of chrestien mica industries ltd. v. state of bihar 12 stc 150 (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 ..... therefore, involves only a pair of hands, eyes and a simple knife. the operations performed consists of cobbing or cleaning the crude crystals as extracted from the mine with its associated impurities; rifting or splitting the cobbed mica into usable sheets by sickle and then by sharp knife removing major flaws and structural imperfections, such as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)60SCL59NULL
..... expenses before commencement of the business of share broking. without acquiring the membership etc. of the various exchanges, assessee could not have commenced his business as share & stock broker. mining machinery & explosives [202 itr 710 (cal.)], cochin refineries ltd. [173 itr 461 (ker.)] at pages 13 & 14 and extract at page 10 of the paper book ..... sum of rs. 50,000 was a part of the consideration for the receipt of the benefits and had to be considered to be a revenue expenditure."cit v. coal shipments (p.) ltd. [1971] 82 itr 902, 909, the supreme court held that although 'enduring benefit' need not be of an everlasting character for the expenditure ..... clause shows, must yield where there are special circumstances leading to a contrary conclusion and, as pointed out by lord radcliffe in commissioner of taxes v. nachanga consolidated copper mines ltd. [1965] 58 itr 241 (pc), it would be misleading to suppose that in all cases, securing a benefit for the business would be, prima facie, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)94ITD89(Kol.)
..... clause shows, must yield where there are special circumstances leading to a contrary conclusion and, as pointed out by lord radcliffe in commissioner of taxes v. nchanga consolidated copper mines ltd. (1965) 58 itr 241 (pc), it would be misleading to suppose that in all cases, securing a benefit for the business would be, prima facie, capital ..... the sum of rs. 50,000 was a part of the consideration for the receipt of the benefits and had to be considered to be a revenue expenditure".cit v. coal shipments (p) ltd. (1971) 82 itr 902 (sc), the supreme court held that although "enduring benefit" need not be of an everlasting character for the expenditure ..... forms of expenditure which do not fall easily within these two categories and not infrequently, as pointed out by lord radcliffe in commissioner of taxes v. nchanga consolidated copper mines ltd. (supra), the line of demarcation is difficult to draw and leads to subtle distinctions between profit that is made "out of" assets and profit that is .....
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