Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)97TTJ(Kol.)41
..... have gone through the orders of the authorities below. we have carefully perused the materials on record. it is well known that the direct tax laws (amendment) act, 1987 has substituted then section 147 of the act w.e.f. april 1st, 1989. the scope or powers for re-assessment has now been widened and the conditions precedent to be fulfilled under ..... happens to change his opinion is accepted by the board in its circular no. 549 dated october 31st, 1989, which explains the amendments made in section 147 by the direct tax laws (amendment) act, 1989. in other words, even after the amendment, the a.o. must have reason to believe that income has escaped assessment, a mere change of opinion does not justify ..... case of garden silk v. dcit (237 itr 668); the full bench of the hon'ble delhi high court in cit v. kelvinator of india ltd. (256 itr 1); united electrical v. cit (258 itr 317) (delhi) and vishnu brewell v. i.t.o. (257 itr 512)(orissa) may be referred to.however, if there is a failure on the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)95ITD169(Kol.)
..... through the orders of the authorities below. we have carefully perused the materials on record. it is well known that the direct tax laws (amendment) act, 1987 has substituted then section 147 of the act with effect from 1-4-1989. the scope or powers for re-assessment has now been widened and the conditions precedent to be fulfilled under ..... to change his opinion is accepted by the board in its circular no. 549 dated 31-10-1989, which explains the amendments made in section 147 by the direct tax laws (amendment) act, 1989. in other words, even after the amendment, the assessing officer must have reason to believe that income has escaped assessment, a mere change of opinion does not justify ..... silk mills (p.) ltd. v. dy. cit (1999) 237 itr 668 the full bench of the hon'ble delhi high court in kelvinator of india ltd.'s case (supra), united electrical co. (p.) ltd. v. cit(2002) 258 itr 317 and vishnu borwell v. income tax officer(2002) 257 itr 512 (ori.) may be referred to. however, if there .....
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 : (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 : (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 : (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 : (2005)95TTJ(Kol.)1017
..... renumbered as section 10(2)(xii), which more or less resembled to section 37(1) of the act, as it now stands. sec. 10(2)(xii) of the 1922 act was further renumbered as section 10(2)(xv) by the indian it (amendment) act, 1946, (pp. 2069 & 2070 of chaturvedi & pithisaria's "income-tax law--fifth edition"). it ..... the assessee. we find the necessary support from the judgments of the hon'ble supreme court cited by the learned authorised representative, namely, godhara borough municipality v. godhara electricity company ltd.nawn estates (p) ltd. v. cit (supra) that in case of analogous or similar provisions, the indian judicial authorities can rely upon decisions delivered ..... of lords, the learned authorised representative went further to refer to the judgments of the hon'ble supreme court rendered in the cases of godhara borough municipality v.godhara electricity company ltd. and nawn estates (p) ltd. v. cit (1977) 106 itr 45, 49 (sc), for the proposition that in case of analogous or similar .....
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 : (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 : (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 .....
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