Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)104ITD249Cal
..... find that the assessee has computed the net profit for computing the director's remuneration as under: 16. schedule of computation of net profit in accordance with section 349 of companies act, 1956 for the purpose of directors' remuneration for the year ended 31^stmarch 1977.loss account 14,62,80add: depreciation as per account 8,07,65loss on sale of fixed assets ..... of preparing the profit and loss account laid before the company at its annual general meeting in accordance with the provisions of section 210 of the companies act, 1956 (1 of 1956): provided furtherthat where a company has adopted or adopts the financial year under the companies act, 1956 (1 of 1956), which is different from the previous year under the act, the method and rates for calculation of depreciation shall correspond .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)105TTJ(Kol.)543
..... of preparing the p&l a/c laid before the company at its annual general meeting in accordance with the provisions of section 210 of the companies act, 1956 (1 of 1956): provided further that where a company has adopted or adopts the financial year under the companies act, 1956 (1 of 1956), which is different from the previous year under the act, the method and rates for calculation of depreciation shall ..... to thirty per cent of such book profit. (2) every assessee, being a company, shall, for the purposes of this section prepare its p&l a/c for the relevant previous year in accordance with the provisions of parts ii and iii of schedule vi to the companies act, 1956 (1 of 1956): provided that while preparing p&l a/c, the depreciation shall be calculated .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1997)62ITD225(Kol.)
..... required under such other law and a further report in the form prescribed under this section. we find that in this case although the specified date is 30th july, 1986, but the assessee has failed to get its accounts audited before the specified date. even under companies act the assessee has not got its accounts audited before that specified date and, therefore, it ..... , and the time available under the companies act has no relevance while interpreting the provisions of s. 44ab of the act. in his opinion the assessee who is required to obtain a tax audit report under s. 44ab of the act, should make it convenient to obtain the statutory report before the 'specified date' provided under this section so as to avoid the levy of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)107TTJ(Kol.)186
..... p&l a/c for asst. yr. 1997-98 was prepared in accordance with the provisions of parts ii and iii of sch. vi to the companies act, 1956, as required by section 115ja(2) of the it act and as the same has not been disputed by the learned ao or by the learned cit(a), they were not justified in going beyond the net ..... provisions of section 115j held as under: the ao, while computing the book profits of a company under section 115j of the it act, 1961, has only the power of examining whether the books of account are ..... book profit shall be deemed to be the total income of the assessee. as per sub-section (2) of section 115ja, the assessee has to prepare the p&l a/c in accordance with the provisions of parts ii and iii of sch. vi to the companies act, 1956. hon'ble apex court in the case of apollo tyres ltd. (supra), while examining the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD22(Kol.)
..... the profit of the relevant previous year as if the provisions of clause (b) of the first proviso to sub-section (1) of section 205 of the companies act, 1956 (1 of 1956), are applicable. (2) nothing contained in sub-section (1) shall affect the determination of the amounts in relation to the relevant previous year to be carried forward to ..... the profit and loss account so prepared was in accordance with the provisions of part ii and part iii of the sixth schedule to the companies act, 1956. the mandate given by section 115j to the assessing officer is implied in the words " prepared in accordance with the provisions of part ii and part iii of the ..... portion, for the words and figures 'prepared in accordance with the provisions of parts ii .and iii of the sixth schedule to the companies act, 1956 (1 of 1956)', the words, brackets, figure and letter 'prepared under sub-section (1a)' shall be substituted ; (b) in clause (i), for the words 'profit and loss account; or', the following shall .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)109ITD146(Kol.)
..... years 2002-03 and 2003-04, the deferred taxes were not considered deduction in computation of book profit for mat under section 115jb. the companies account is to be prepared under parts ii & iii of schedule vi of the companies act, 1956. as per rule 3(vi), below, the profit & loss account shall set out "the amount of charge for ..... directing to allow deferred tax to determine book profit under section 115jb of the income tax act, 1961, when the said deferred tax is not deductible under the provision laid down in the parts ii & iii of schedule vi of the companies act, 1956 for preparing final account as per that act. (2) that on the fact and in the circumstances ..... , the learned commissioner (appeals) erred in law in directing to allow deferred tax to determine the book profit under section 115jb of the income tax act, 1961, when the deferred tax is a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)80ITD9(Kol.)
..... , understood as different connotations under the companies act. we are, therefore, of the view ..... , the terms used in the interest-tax act have to be understood the way they are understood under the companies act, 1956 or by the people dealing with the companies. under the companies act, the issues of deposit and debenture are dealt with separately. section 58a of the companies act, 1956 deals with deposits, whereas the debentures are dealt within part iv of the companies act covering sections 82 to 123. they are, therefore .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)2ITD181(Kol.)
..... profit. the reserve did not create any charge on the profit of the assessee. he also referred to schedule ii to the act, the companies act, 1956 and clause 7 of part iii of schedule vi to the companies act, 1956 and stated that if these provisions are taken into consideration, the debenture stock redemption fund was only a reserve, and therefore, the ..... are taken - together and disposed of by a common order.2. the assessee is a limited company. appeal no. 4 (cal.) of 1981 arises out of the order of the commissioner under section 16(1) of the companies (profits) surtax act, 1964 ('the act'). appeal no. 34 (cal.) of 1981 arises out of the order of the ito who re ..... the ito and found that the order passed by the ito was erroneous and prejudicial to the interest of the revenue. he, therefore, issued a notice under section 16. the commissioner stated that the ito in determining the capital base for arriving at the standard deduction for the year included the debenture stock redemption reserve and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1998)67ITD205(Kol.)
..... account for the relevant previous year in accordance with the provisions of parts ii and iii of schedule vi to the companies act, 1956." consequently, the words "prepared ... companies act, 1956" were substituted by the words "prepared under sub-section (1a)". thus, for the assessment year 1989-90, an assessee, in order to arrive at the 'book profit', ..... a/c. for the relevant previous year in accordance with the provisions of parts ii and iii of schedule vi of the companies act, 1956 and the language used in the sub-section makes it amply clear that the assessee is not bound by the method followed while computing the profit for the purpose of ..... adopted for calculating the depreciation for the purpose of preparing the profit and loss account laid before the company at its annual general meeting in accordance with the provisions of section 210 of the companies act, 1956. while introducing the bill, section 115ja(2) was sans these two provisos. however, at a later stage, two provisos were .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)80ITD210(Kol.)
..... made on cost basis which was higher than the market rate. this change in the accounts was stated to be because of the change in the provisions of the companies act, 1956 which require every company to value its stock of shares & securities on cost basis. for income-tax purposes, however, the assessee following the earlier method of valuing its closing stock on "cost ..... has also a judicial recognition, viz., the cost or market rate whichever is lower and in view of a duty cast on the assessing officer by the first proviso to section 145, the anticipated loss which is to arise when the goods are actually sold has to be allowed as a deduction. as agreed by their lordships of supreme court in .....
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