Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD215(Kol.)
..... a return showing loss is to be furnished and treatment of returns below taxable limit under the existing provisions of section 139(3) of the income tax act, as amended by the taxation laws (amendment) act, 1970, the income tax officer, on an application made to him for this purpose, is empowered to extend, in his discretion, the time for ..... loss is to be furnished and treatment of returns below taxable limit.9.1 under the existing provisions of section 139(3) of the income tax act, as amended by the taxation laws (amendment) act, 1970, the income tax officer on an application made to him for this purpose is empowered to extend, in his discretion, the time for ..... (1973) 89 itr 236 (sc) that the view favourable to the assessee should be adopted, their lordships of the bombay high court in the case of cit v. thana electricity supply ltd. (1994) 206 itr 727 (bom) held as under : we have considered the submission. we have also carefully considered the decisions of the supreme court. we, however .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD172(Kol.)
..... this argument or subscribe to the same." the facts of the aforesaid case are that the provisions of section 11(5) of the act were, amended with retrospective effect from 1st april, 1983, by the amending act of 1991 and the time for disinvestment was extended up to 31st march, 1993. during the assessment year 1986-87 with which ..... and the rule may well result in virtual nullification of most of the statutes. an amending act is, therefore, not retrospective merely because it applies also to those to whom pre amended act was applicable if the amended act has operation from the date of its amendment and not from an anterior date," 29. on general grounds of public policy, the ..... earned before the statute came into force. such an enactment cannot, strictly speaking, be said to be retroactive legislation, though its operation may affect acts done in the past." 34. in saharanpur electric supply co. ltd v. cit 194 itr 294 (sc), the hon'ble apex court held:in r l marwaha v. union of india (1987 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100ITD462(Kol.)
..... i) in the case of cit v.mahalaxskh sugar mills co. ltd. , (ii) hon'ble bombay high court in the case of ahmedabad electricity co. ltd. v. cit and (iii) hon'ble rajasthan high court in the case of mewar sugar mills ltd. v. cit hon'ble ..... to permit the assessee to raise a new ground of appeal, not set forth in the memorandum of appeal, even without formal amendment of the grounds set forth in the memorandum of appeal provided that a new ground does not involve a further investigation into the facts ..... order passed by the ao under section 8(2)/10 of the interest-tax act, when the same is liable to be cancelled. (ii) for that the appellant begs leave to add, alter or amend any of the grounds of appeal at the time of hearing.3. the ..... on record, are involved in these additional grounds. the ao passed the orders under section 8(2)/10 of the interest-tax act, 1974 (the act), reopening and reassessing the interest-tax chargeable on the assessee and thereby imposing liability on the assessee of rs. 1,7.04 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2000)74ITD161(Kol.)
..... be paid by the assessee.6.3 with regard to the import entitlement, placing reliance on [1997] 225 itr 746/91 taxman 341 (sc) in the case of godhra electricity co.ltd. v. cit it was submitted that notional income can never be brought to tax. the entries were passed in the books only to improve the financial picture ..... is said to be in pari materia with earlier section 115j which has been rendered inoperative with effect from the assessment year 1991-92 by an amendment made to sub-section (1) by the finance act, 1990 with effect from 1-4-1990. the rationale offered by the government for the introduction of section 115ja remains the same as was ..... loss account prepared in accordance with the requirements of parts ii and iii of vlth schedule of the companies act, 1956. in that case before the third member, the controversy was with regard to the profit on the sale of electrical transformer and the immovable property and it was further held that such capital profits yield only capital gains and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)76ITD43(Kol.)
..... discretion in which event the rate of interest payable on such deposit shall be in accordance with the provisions of companies (acceptance of deposit) rules, 1975, as amended; (4) there is no obligation on the part of the assessee to invest its surplus money in fixed deposits with cesc; (5) the intention behind the ..... absolute discretion in which event the rate of interest payable on such deposit shall be in accordance with the provisions of companies (acceptance of deposit) rules, 1975, as amended." (emphasis supplied) 6. aggrieved, assessee carried the matter in appeal before the cit(a)-ix, calcutta. it was contended before him that similar issue was considered ..... on the fixed deposit made with cesc ltd. is eligible for deduction under section 80p of the income-tax act, 1961?" 2. the assessee is a co-operative society constituted by the employees of the calcutta electric supply corporation (hereinafter called "cesc").the main object of the assessee-socicty is to lend money to its members .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)57ITD309(Kol.)
..... connected with the management or administration of the company upon whom the ito had served a notice of his intention to treat him as the principal officer. taxation laws (amendment) act, 1975 substituted the present section 140(c) which provided that the managing director shall sign and verify the company's return and for any unavoidable reason if he is ..... rectification of defects in the signature in the return. however, such a provision has to be read into the income-tax act on the basis of the recent judgment of the supreme court in cit v. ajanta electricals [1995] 215 itr 114.while interpreting the powers of the ito to extend the time for filing the return, the supreme ..... court held that though the cpc by itself does not apply to the proceedings under the income-tax act, there is no reason why a principle o procedure .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)86TTJ(Kol.)996
..... the plant or machinery is described with reference to its purpose. for example, sub-section (2)(b)(i) prescribes "the purposes of business of generation or distribution of electricity or any other form of power". sub-s.(2)(b)(h) refers to small-scale industrial undertakings which may use the machinery for the business of manufacture or production of ..... obscurity, and there is no ambiguity and the intention of the legislature is clearly conveyed, there is no scope for the court to take upon itself the task of amending or altering the statutory provisions. wherever the language is clear, the intention of the legislature is to be gathered from the language used.in our opinion, on a ..... and reported in (2002) 173 ctr (sc) 475 -(2002) 254 itr 98 (sc) (supra), in which it was held that investment allowance under section 32a of 1964 act, could not be denied to the assessee, whose business consisted of leasing of machinery, on the ground that the machinery had not been used by the assessee and that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2000)73ITD230(Kol.)
..... , dt. 19th july, 1989. learned counsel has taken us through the judgment of the hon'ble supreme court to submit that as per the amended provision i.e. 18(5) of the coal act the interest amount is payable by the central government to the commissioner of payments and the further fact that the claimants are also entitled to like ..... to the owner of each coal mine. sec.18 provides that the central government should pay, to the commissioner for payments, compensation amount within 30 days from the specified date. amended s. 18(5) reads as under : "interest accruing on the amounts standing to the credit of the deposit account referred to in sub-s. (3) shall ensure to ..... coking act. he relied upon the following decisions in support of his submission that there is no real income and, at any rate, there is diversion of income by overriding title :cochin state power & light corpn. ltd. vs. cit (1974) 93 itr 582 (ker); (13) amalgamated electricity co. ltd. vs. cit (1974) 97 itr 224 (bom); 14. he lastly .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)117TTJ(Kol.)121
..... to favour those assessees where capital gains accrued over a long period. the cbdt, in circular no. 636, dt. 31st aug., 1992, explained provisions of finance act, 1992 relating to amended scheme of capital gains. in this circular the board explained that in the scheme prior to 1992 a specified percentage was allowed as deduction under section 48(2) ..... the departmental authorities contending, inter alia, that the departmental authorities have not properly appreciated the materials placed before them and not properly applied the required provisions under the it act in adjudicating the issues before them. both the orders passed by the departmental authorities suffer from misapplication of the provisions as well as misinterpretation of the provisions to ..... 1. this appeal is filed by the assessee having been aggrieved by the order of the cit(a) dt. 29th march, 2007 for the asst. yr. 2004-05 in the case of the assessee.2. the assessee has raised the following issues in its grounds of appeal: 1. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)60SCL59NULL
..... variety of items, very diverse in character, such as ships, vehicles, books, scientific apparatus and surgical equipment, used for the purpose of business or profession. the finance act, 1995 amended the definition with retrospective effect from 1-4-1962 to state that the work 'plant' does not include tea bushes or live stock. the very fact that the ..... hindustan times ltd. v. cit [1980] 122 itr 977, 4 taxman 91 (delhi). (iv) to the assessee, who set up a new manufacturing unit and paid the electricity board, the cost of providing an overhead service line which was to remain the property of the board, the payment was allowed as revenue expenditure - cit v. excel industries ..... to me to all into the same class as the payment of a premium on the grant of a lease, which is admittedly not deductible.' the case of tata hydro-electric agencies ltd., bombay v. cit, bombay presidency and aden [1937] 64 i.a. 215, 5 itr 202, affords another illustration of this principle. it was observed there .....
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