Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)5ITD636(Kol.)
..... the ito in computing the income for the assessment year under appeal allowed deduction under section 36(1)(iv) of the act, the amount contributed by the assessee to a trust called "the west bengal state electricity board employees' provident fund" even though the fund was not a 'recognised fund'. the commissioner was of the opinion ..... the employer in relation to the said establishment (hereinafter referred to as the 'employer') shall within three months of the date of publication of this notification, amend the constitution of the provident fund maintained in respect of the establishment hereinafter referred to as the fund, in regard to the following matters. para 3 of ..... dated 8-7-1971, it is found that the assessee's contributory provident fund scheme drawn up in 1965 in accordance with section 5 continued with certain amendments after the notification of the state government granting exemption under section 17(1) was issued. this is apparent from the registered trust deed executed on 16 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)10ITD542(Kol.)
..... (p. 1371) 12. we, therefore, find no merit in the contentions of the assessee that the assessments already completed could not be reopened in view of the amending act.13. in view of the foregoing discussions, the appeals fail. however, we may observe that validity of retrospective effect of section 80aa is under consideration before the hon' ..... cit v. general electric co. of india ltd. [1978] 112 itr 246 (cal.). the said case pertains to the question as to rectification of a mistake apparent from the record and in that context the hon'ble calcutta high court answered that a mistake found in the order in view of the amending act later coming into force ..... it was made should be treated as patently invalid and wrong by virtue of the retrospective operation of the amendment act. but such a result is necessarily involved in the legal fiction about the retrospective operation of the amendment act. if, as a result of the said fiction we must read the subsequently inserted proviso as forming part .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD711(Kol.)
..... unsustainable. we are unable to agree with this submission. the calcutta high court had occasion to refer to and consider the explanation inserted by the finance act, 1988 as amended by the finance act, 1989. in hindustan aluminium corpn. ltd.'s case (supra), at page 92, the hon'ble high court, after referring to the finance bill, ..... by the assessee is directed against the order of the cit dated 24-3-1988 passed under section 263 of the it act.2. the assessee is a public limited company engaged in the manufacture of various electric items like fittings, domestic appliances, music systems, tape recorders, record players, etc. in respect of the assessment year 1983 ..... record-players.the affidavit also states that the loni factory was previously engaged in the production of electronic components, plastic and metal ware products and electric materials for record-players and tape-recorders and that the new plant and machinery installed during the accounting year ended 31-12-1982 relevant for the .....
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 : (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 : (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 : (2003)79TTJ(Kol.)915
..... a return showing loss is to be furnished and treatment of returns below taxable limit 9.1 under the existing provisions of section 139(3) of the it act, as amended by the taxation laws (amendment) act, 1970, the ito, on an application made to him for this purpose, is empowered to extend, in his discretion, the time for furnishing a ..... return showing loss is to be furnished and treatment of returns below taxable limit 9.1 under the existing provisions of section 139(3) of the it act, as amended by the taxation laws (amendment) act, 1970, the ito on an application made to him for this purpose is empowered to extend, in his discretion, the time for furnishing a return ..... . (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 at p. 744 (bom) held as under : "we have considered the submissions. we have also carefully considered the decisions of the supreme .....
Tag this Judgment!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)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 .....
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