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 : (2005)94ITD89(Kol.)
..... a 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 1st april, 1962 to state that the word 'plant' does not include tea bushes or live stock. the very fact that the ..... in the case of hindustan times ltd. v. cit (1980) 122 itr 977 (del). (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. [see cit v. excel ..... me to be 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. v. cit, bombay presidency & aden (1937) 64 ia 215 : (1937) 5 itr 202 (pc), affords another illustration of this principle. it was observed there : "if .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)301ITR171(Kol.)
..... be spelt out. thus it is clear that the circumstances spelt out in circular no. 220 were inclusive by way of examples and not exhaustive.5. that finance act, 1995 amended section 40a(3) with effect from april 1, 1996, by which disallowance under section 40a(3) was reduced to 20 per cent, of the expenditure claimed. clause ..... and supplies, government of west bengal, which is enclosed by the assessee's learned counsel with his written submission, and contended that such allotment letters are of 2007 and, therefore, not relevant to the year under appeal. in view of the above, it is submitted by the learned departmental representative that the order of the ..... jangipur giving direction to the assessee to make the payment in cash.however, it was pointed out by the learned departmental representative that these supply orders are dated 2007 and, therefore, will not be applicable to the year under consideration. what was the exact direction of the supply order in the accounting year relevant to/the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)49ITD1(Kol.)
..... misc. application, the learned representative shri verma for the assessee brought several facts to our notice, such as, consumption of raw materials purchased, power consumption, oil fuel consumption, electric expenses, manufacturing expenses, etc. according to shri verma, the assessee-company purchased only flavors and scent from m/s. parle (exports) pvt. ltd. from the assessment ..... not manufacturing soft drinks and therefore not entitled to 100% deduction. it also showed to the bench the electrical power of as high as 245 kwa and the licence it obtained under the central excise and salt act for paying excise duty on the soft drinks it manufactured. it also explained to the bench the process involved ..... 1. by this misc. application the assessee has required the tribunal to amend its order dated 30-4-1991 under the provisions of section 254(2) of the income-tax act, 1961.2. we have heard sri p.r.p. verma, the learned counsel of the assessee and sri s.c. sen, the learned senior departmental .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)101ITD229(Kol.)
..... of the said order passed by the assessing officer. he further submits that the decision relied on by the ld.counsel for the assessee are prior to the amendment made by the finance act, 1992 with effect from 1.4.1993, therefore, the same are not applicable in the assessee's case. he, therefore, submits that the disallowance of rs. 59,280 ..... trade usage excluding lavish expenditure. such expense did not come within the meaning of "entertainment expenditure" prior to 1.4.1976, when explanation 2 was brought in by a retrospective amendment made in 1983 of sub-section (2a) of section 37. the insertion of explanation 2 made retrospectively but restricted in its application only with effect from 1.4.1976, is ..... .32 rs. 28,69,679.002004-2005 rs. 1,35,56,225.00 rs. 33,87,834.002005-2006 rs. 1,74,33,890.00 rs. 47,98,622.002006-2007 rs. 1,77,89,481.22 5.3 at this stage the ld. counsel for the assessee has also placed on record the following graphics: 5.4. in the light .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)19ITD26(Kol.)
..... was found that during the assessment year concerned the assessee did not derive any income at all from its business of supplying electricity, as the business was taken over by the state and as such the interest income received by the assessee from fixed deposit ..... -6-1982 in which against column 9 the date was indicated as 4-2-1982. subsequently, form no. 36 was amended and the amended form no. 36 was filed which must be in the file in which against column 9 the date was given as ..... appeal no. 1678 (cal.) of 1980] in which penalty was imposed under section 271(1)(a) of the income-tax act, 1961 ('the act') for the assessment year 1974-75 was not sustained by the tribunal keeping in view the facts of the case, which was ..... cause shown is that the official liquidator functions under severe constraints. the official liquidator is appointed under section 448 of the companies act by the central government and is attached to each high court. further, there is a provision for appointment of one or more .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)50ITD437(Kol.)
..... against the process being divulged by that person to others. in both the cases, it was held, the consideration would amount to royalty.24. in musker v. english electric co. 41 tc 556, the house of lords in england held that special knowledge or skill can ripen into a form of property in the fields of commerce and ..... cited by the senior standing counsel, dr.pal submitted that the judgment was concerned with the position prior to the amendment of the act in 1976 by which section 9(1)(in) and section 9(1)(vii) were brought into the act. he further pointed out, relying on the observations of the high court at pages 528 and 539, that ..... services contemplated by the agreement would fall within the types of services specified in the definition of the "royalty" in explanation 2 to section 9(1)(vi) of the act. the explanation reads as under: explanation 2 : for the purposes of this clause, 'royalty' means consideration (including any lump(sum consideration but excluding any consideration which would .....
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 : (2005)96TTJ(Kol.)1041
..... have been reiterated before us. we would have no difficulty in following the elaborate decision of our co-ordinate bench, but for the amendment in section 90 of the it act, 1961, by the finance act, 2001, with retrospective effect from 1st april, 1962. we, therefore, do not consider it necessary to deal with the contentions advanced ..... decision of the tribunal in favour of the assessee, but has pointed out that after the decision of the tribunal, there has been amendment by the finance act of 2001, in section 90 of the it act, 1961, by virtue of which an explanation to section 90(2) was added. the cit(a) has on the basis of ..... provisions of dtaa, incorporation of specific provisions contrary to the provisions of the it act, 1961, are to prevail insofar as such incorporation is authorized under the it act, 1961 itself. however, in regard to the subsequent amendments, the only requirement is to notify the; amendments to the respective countries and in the event of there being no conflict, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)50ITD348(Kol.)
..... operate the same. the function of wire logging unit is to measure, record and log geological and geographical characteristic of the oil well by lowering an electric equipment at the end of electric cable into the well. the equipment measures the porosity, density, responsibility, conductivity, etc. of the oil and helps in determining the possibility of finding ..... well established that full effect must be given to a statutory fiction and it should be carried on to its logical conclusion. applying this principle it is the amended law which must be held to have been in force at the lime that the order sought to be rectified was passed. the assessment orders for these ..... the rates applicable to the ordinary income of the non-resident as specified in the relevant finance act. (ii) consideration which will be chargeable to tax in the hands of the recipient under the head 'salaries'. 16.4 the aforesaid amendment has come into force with effect from the 1 st june, 1976 and will apply in relation .....
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