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 : (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 : (2002)82ITD239(Kol.)
..... the virtue of protocol clauses in the india-france dtaa. it is difficult to comprehend as to how the central government can unilaterally amend, in exercise of the powers under section 90 of the it act, a bilateral agreement that a dtaa inherently is, but, for the present purposes and for the reasons we shall now state, ..... is unsustainable in law. it has been submitted that the present amendment to the india-france dtaa by way of notification dt. ..... in the above notification and suggested that the amendment in notification is made ex abundanti coutela i.e., by way of abundant precaution. it has been contended that section 90 of the act does not empower the central government to unilaterally amend a tax treaty and therefore a notification amending, in its own right the tax treaty .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)48ITD534(Kol.)
..... court in jute corpn. of india ltd. v.cit [1.991] 187 itr 688 and the full bench of the bombay high court in ahmedabad electricity co. ltd. v. cit [1993] 199 itr 351. in the judgment of the supreme court, the decision cited by the id. d.r. ..... of the id. d.r. that the ratio of the above supreme court decisions is not applicable since the legislature had amended the provisions of the income-tax act with effect from 1-4-1976 and also because rule 1bb, even as originally introduced with effect from 1-4-1979 ..... rent alone should be taken as the basis. we are not here concerned with the provisions of section 23(1) of the it act. after the amendment made with effect from 1-4-1976, the actual rent if it is more than the standard rent has to be taken for ..... assessment, no doubt. the amendment was specifically introduced to nullify the effect of the supreme court judgments cited above. we are not concerned with the income-tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD240(Kol.)
..... ,500 per month including d.a. and a certain percentage of commission on the net profits. so far as perquisites are concerned, they include housing, gas, electricity, water, furnishing, accommodation, etc. they also include leave travel concession, personal accident insurance, club fees. medical benefits have also been listed as perquisites. however ..... reimbursement of medical expenses incurred in india or outside india shall not be treated as perquisite, which, according to him, clearly indicated that before the amendment took effect, such reimbursement had to be assessed as perquisites.3a. the conclusions of the income-tax authorities are seriously disputed before us on behalf ..... "on discretionary basis". the resolution thereafter authorised the secretary to make a formal application to the central government under section 310 of the companies act for approval.for the sake of completeness of the record, we may observe that initially the approval was refused but later on, it was granted .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD400Cal
..... profit and loss account. shri bajoria's thought provoking arguments, however, urge us to take a deeper look.7. we may first refer to the memorandum explaining the amendment to the relevant proviso, [176itr (st.) at 128] which explains the backdrop of this provision and which had been relied upon by the assessee : under the existing ..... including capital profits or credits on capital account, are required to be reflected in the profit and loss account prepared in accordance with schedule vi to the companies act.14. while introducing the section 115j, hon'ble finance minister, on the floor of the house, inter alia stated that: i now purpose to introduce a ..... non-recurring transactions or transactions of exceptional nature.we are, therefore, of the considered view that, according to the scheme of the schedule vi to the companies act, profit on revaluation of assets is first required to be taken to the profit and loss account and, only thereafter, the question of transfer to reserve comes .....
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