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 : (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 : (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 : (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 : (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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)101TTJ(Kol.)258
..... a return suo motu under section 139(1) or by issuance of a valid notice under section 142(1). clause (i) of sub-section (1) of section 142 was amended by finance act, 1990, so that if a person fails to furnish a return of income by the due date mentioned in section 139(1), a notice calling upon him to file ..... under: 38.1 on a careful consideration of the rival submissions, we are of the view that the arguments advanced for the assessees are well taken. section 142 of it act prior to its amendment, had the title "inquiry before assessment". it started with the words "for the purpose of making an assessment". it then did not have clause (i) of sub-section ..... that the provision for bad debts of rs. 3,71,98,000 has been confirmed by the bench of the tribunal in para 15 at p. 10 applying the retrospective amendment by the finance act, 2001 to section 36(1)(vii), when amended section has not been made available to the assessee at the time of framing the assessment. the applicability of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100TTJ(Kol.)613
..... may be, as increased by the aggregate of the losses of such previous years, determined. thus, the amended definition now include "any expense deduction or allowance claimed under this act which is found to be false". prior to the amendment the "undisclosed income" could only include income "detected as a result of search". in other words " ..... and the scope of "undisclosed income " was enlarged. the amended definition of "undisclosed income" under section 158b(b) seeks to cover any expense, deduction or allowance claimed by the assessee and found to be false. 26.3. the memorandum explaining the provisions of finance act, 2002 is contained in cbdt circular no. 8 of 2002 ..... allowance can be considered as "false" if the same is not genuine or intentionally false or incorrect. accordingly, in the context, it would appear that the amendment would cover only those expense, deduction, or allowance claimed which are found to be false, i.e. claimed as allowable with an intention to suppress income. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)6ITD225(Kol.)
..... urged that deduction under section 80m should have been allowed by the iac on the gross dividend.the commissioner (appeals) took into consideration the supreme court decision in cambay electric supply industrial co. ltd. v. cit [1978] 113 itr 84 and came to the conclusion that deduction under section 80m could not be allowed on the gross ..... interest during these years. the assessee had sticky loans. the interest in question is related to the sticky loans. the supreme court in the case of poona electric supply co. ltd. (supra) at page 530 while considering the concept of real income stated that the profits should be arrived at on commercial principles subject to ..... is an information within the meaning of section 147(b). it was further stated by the standing counsel that section 80m was retrospectively amended by introduction of sections 80aa and 80ab of the act from 1-4-1968 and 1-4-1981.therefore, even otherwise, the deduction was not available to the assessee because deduction under section .....
Tag this Judgment!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 .....
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