Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1987)20ITD470(Kol.)
..... of the assets of the respective undertakings for the purpose of determining the qualifying amount deductible under section 80j (1) of the income-tax act, 1961 ('the act').3. in the assessment year 1978-79 the assessee set up an industrial explosive plant at korba (korba unit no. 1) which went into commercial production on 1-3- ..... does not come within the purview of section 80j of the act'. the ito in the circumstances, rejected the assessee's claim.4. in the assessment year ..... capital employed in the industrial undertaking computed in the manner specified in sub-section (1a) of that section in respect of the previous year and since there is no capital (representing share capital and reserve) employed by the assessee in the industrial explosive plant at korba during the relevant previous year the assessee's case .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD582(Kol.)
..... wishes to challenge its liability to pay interest, it is open to it to challenge the same in an appeal provided under clause (c) of sub-section (1)of section 246 of the act. such challenge may relate to liability of the assessee to pay advance tax alone or that the amount of tax determined by the assessing officer as payable ..... is actually paid by the assessee on or before the due date applicable in his case for furnishing the return of income under sub-section (1) of section 139 of the act. thus, if the main section is considered along with first proviso and both are harmoniously construed keeping in view the intent and purpose of the provision the only conclusion ..... high court. the hon'ble calcutta high court in the case of cit v. indian explosives ltd. [1991] 192 itr 114 has held that reimbursement of medical expenses to employees could not be disallowed under section 40 a(5) or 40(c) of the act. the details of expenses and salary paid to employees are to be examined by the assessing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)83ITD111(Kol.)
..... in the assessment order viz., that serial number of the cylinders were never made available to the ao, that possession of cylinders being subject to arms & explosives act, that the effect of sale-aim-lease-back agreement was never mentioned in the assets registers and finally strongly about the disclosure made by sb under the vds ..... of making the regular assessments. even if, there was some non-disclosure of any important piece of information the ao was entitled to initiate reassessment proceedings under section 147 for tackling such non-disclosure of material information. from the records it does not appear that the ao got into possession certain materials directly from the ..... that is why the assessee requested the ao through its letter dt. 22nd march, 1999, compiled at pp. 41 to 43 to issue summons under section 131 of it act upon ccil and sb. the learned authorised representative of the assessee said that the ao neither issued summons nor even he felt it desirable to get responsible .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD415(Kol.)
..... india, obtaining sanction of rajasthan government for grant of mining lease for limestone, carried out detailed prospecting work under the guidance of one expert organization, applying for explosive licence and obtaining approval for electricity connection from rajasthan state electricity board, establishing a project office at chittorgarh, rajasthan, etc. the assessee explained that the amount ..... this letter being nil, there cannot be any question of computation of capital gain, under section 45 read with section 48 to 55 of i.t. act, 1961.5. the a.o. observed that in addition to the various measuring being taken by the assessee, the assessee has ..... is not a capital asset. as no capital asset was transferred, this sum could not be treated as capital gain within the meaning of section 45 read with section 48 to section 55. it was further pleaded that the value of this letter of intent cannot be determined and, therefore, the cost of acquisition of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD219(Kol.)
..... record, i find that there is no dispute in regard to the recovery of transportation charges by the assessee from the chemical companies for transportation of explosives. section 32 of the it act, 1961, provides for allowance of deduction on account of depreciation in respect of assets owned and used by the assessee for purposes of business or ..... amongst the members of bench in regard to the rate of depreciation applicable on vans used for transportation of explosives, the president of the tribunal has, accordingly, nominated me as third member under section 255(4) of the it act in regard to the point of difference formulated by the division bench as under : "whether, on the ..... in appeal before the cit(a) who concluded as follows: "3.2 i have examined the above submissions. it is a fact that while acting as consignment agent for transportation of explosives, the appellant was hiring out his vehicle to others. therefore, it is not correct to infer that in such activities, the appellant was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)270ITR73(Kol.)
..... of the rent payable to him. on the failure to recover any sum due on account of consolidated rate from the person primarily liable there of under section 193, section 195 of the cmc act speaks of recovery from every occupier, by way of attachment of the rent payable by such occupier, a portion of the total sum due which bears, ..... an agent to collect the surcharge from the occupier. in this connection the following observation of hon'ble madras. high court in the case of c.i.t. v.southern explosives co. (2000) 242 itr 107 is useful to be referred -- "in the instant case, the amounts collected by the assessee were amounts which were meant to be utilized ..... for energy supplied by the licensee, the licensee can, at the option of the state government, be proceeded against for the recovery of the electricity duty under section 8(a) of the act. in view of the clear liability of a licensee who has recovered the charges for the electricity supplied, it cannot be said that a licensee being an agent .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)88ITD247Cal
..... basis of the rent payable to him. on the failure to recover any sum due on account of consolidated rate from the person primarily liable thereof under section 193, section 195 of the cmc act speaks of recovery from every occupier, by way of attachment of the rent payable by such occupier, a portion of the total sum due which bears ..... or as an agent to collect the surcharge from the occupier. in this connection the following observation of hon'ble madras high court in the case of cit v. southern explosives co. [2000] 242 itr 107 is useful to be referred- , in the instant case, the amounts collected by the assessee were amounts which were meant to be ..... occupation of the tenanted premises for commercial purposes is to be treated as actual rent received for the purpose of determining annual value within the meaning of section 23 of the it. act (as it then stood), and the taxes including surcharge levied by municipal corporation and actually paid by the assessee during the relevant year is to be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD852(Kol.)
..... of the present discussion.a perusal of section 17(1) and (3) would show that the aforesaid definition of "salary" is wide enough to include ..... directing the ito to include dearness allowance as salary for the purpose of perquisites under section 40a(5) of the income-tax act, 1961 ("the act"). the relevant facts are that in calculating the aggregate of the expenditure and allowance to be disallowed under section 40a(5)(c)(ii) the ito did not include the dearness allowance payable to ..... to the meaning assigned to that term by explanation 2 to section 40a(5). clause (a) of the said explanation provides that in the aforesaid provisions "salary" has the meaning assigned to it in clause (7) read with clause (3) of section 17 of the act, subject to certain modifications which are not relevant for the purpose .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD223(Kol.)
..... gupta [1979] 117 itr 218. "there requires to be only one condition in order that a trust in favour of an unborn beneficiary is valid. section 4 of the trusts act lays down that the purpose of the trust should be lawful. in enumerating the purposes it is mentioned that the object of the trust should not be ..... interesting questions. the first question that requires answer is whether an unborn person can be a beneficiary. the learned departmental representative, relying on section 5 of the transfer of property act and section 112 of the indian succession act, argued that the beneficiary should be an existing person. in other words, a person who is non-existent, viz., unborn person, ..... fresh consideration and, therefore, is a fit case for referring the same to a special bench. thereupon, the president, in exercise of his power under section 255(3) of the act, constituted the special bench to hear and dispose of the appeal. that is how the present special bench is in seisin of the appeal.3. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD654(Kol.)
..... that the goods were not of the description for which the import licence had been issued and, therefore, the import contravened section 111(d) of the customs act read with section 3 of the import and export control act. the goods were, therefore, confiscated, "absolutely". a similar order was made on 6-8-1973 with regard to 23 bales ..... licence was held to be expenditure not wholly and exclusively laid out for purposes of the business of an assessee and as such not deductible under section 37(1) of the income-tax act , 1961 by the calcutta high court. the same is the case here and, therefore, the loss should be disallowed and the disallowance thereof ..... that the order of the collector of customs was not final and secondly, the confiscation order was passed on the infringement of the customs act read with section 3 of the import and export control act. it was thus in fact a penalty for infringement of law and expenditure will be illegal expenditure. it was disallowed. the learned commissioner .....
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