Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1997)61ITD183Cal
..... account closed - interest the ld. counsel for the assessee also furnished before us the assessment orders for the assessment year 1990-91 (completed under section 143(3) of the act) and intimation under section 143(1)(a) for the assessment years 1991-92 to 1994-95, and submitted that the interest income was not taken into consideration by the assessing ..... accounting year under consideration. the amount of rs. 1,20,750 which was written off by the assessee was allowed by the first appellate authority under section 36(1)(vii) of the act, inasmuch as, the amount of interest was taken into consideration, as income, by the assessee on accrual basis in the previous year ending 31-3- ..... in holding that the interest of rs. 1,20,750 written off by the assessee is allowable as deduction in accordance with the provisions of sections 36(1)(vii)/36(2)(i) of the act. similarly, by applying the same analogy and also by taking the overall circumstances into consideration, the interest of rs. 90,564 is also .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)2ITD394(Kol.)
1. this appeal by the assessee is directed on the ground that the aac erred in holding that jewellery is not covered by the exemption provided in section 5(1) (xii) of the wealth-tax act, 1957 ('the act') for works of art.2. the assessee claimed that the jewellery belonging to him were exempted under clause (xii) inasmuch as they were works of ..... 's dictionary of english law, volume 1 (second edition), 1977 : "copyright in works of art now depends on the copyright act, 1956, section 3, which makes the term of protection, the life of the author and fifty years after his death. by section 3(1) 'artistic work' includes (a) paintings, sculptures, drawings, engravings and photographs, (b) works of architecture, being either buildings or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD240(Kol.)
..... expenses should be borne by the company "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. ..... over to mr. dooland, the cricketer.6. in cit v. l.w.russel [1964] 53 itr 91, the supreme court while interpreting explanation i of section 7(1) of 1922 act, which contained an inclusive definition of the word 'perquisite', took the view that the definition implied that a right was conferred on the employee in respect ..... . a resolution was accordingly passed.3. the ito took the view that the aforesaid expenses represented a perquisite in the assessee's hands, taxable under section 17(2)(iv) of the act. he accordingly brought the same to assessment as income from salary. the view of the ito was confirmed in appeal by the cit (appeals) according .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)57ITD309(Kol.)
..... of the document.7. we may turn to the provisions requiring the signature of the persons in the application for registration of a firm under section 185 of the act. sub-section (2) of section 185 provides that where the ito considers that the application for registration is not in order, he shall intimate the defect to the firm and ..... 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 not able ..... earlier years, should have accepted the same for the year under consideration. or in the alternative, he should have called for the rectification as per section 139(9) of the act. in sum and substance, the plea of the assessee before the assessing officer as well as before the first appellate authority was that the original return .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD230(Kol.)
..... . when the partners in the present case contributed their capital asset to the firm these assets became the firm's property. this is by virtue of section 14 of the partnership act. thereafter the partners have no right in specie over the property since during the subsistence of the partnership no partner can claim to have any right in ..... from the assessment year 1985-86. however, as is clear from the objective sought to be achieved by amending the definition of the word "transfer" in section 2(47) of the act and enlarging the same to include cases of conversion of capital asset into stock-in-trade, the new provisions were introduced to overcome the judgment of the ..... vehemently contended that on the facts and in the circumstances of the case, the cit was not justified in law in invoking the provisions of section 45(2) or section 45(3) of the act to bring to tax the alleged capital gains. it was also contended with equal vehemence that there was no justification for directing the ito to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)56ITD561(Kol.)
..... 775. in this case the supreme court has observed at page 782 as under: . . . it is equally clear that in making the assessment under sub-section 3 of section 143 of the act, the income-tax officer is not entitled to make a pure guess and make an assessment without reference to any evidence or any material at all. there must ..... frivolousness of gross profit has not been sustained by the courts and in the case of the assessee the gross profit rate is determined at 82% under section 143(3) of the act.8. we have carefully considered the rival contentions, the relevant facts and material placed on the record. we have also gone through the decisions on which ..... the seller to bother about the name and address of the purchaser. the account books of an assessee cannot therefore be rejected and an assessment made under section 13 of the income-tax act, 1922, merely on the ground that the addresses of the assessees are not mentioned in the case of cash transactions.in that case addresses of purchasers .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)54ITD671(Kol.)
..... the assessee as income from undisclosed sources.4. being aggrieved, the assessee preferred appeal before the cit (appeals) contending that the original assessment was completed under section 143(3) after detailed scrutiny of all material facts necessary for the assessment submitted by it before the assessing officer. the assessee also relied on the ..... all material facts necessary for assessment, are fulfilled.10. in our opinion, therefore, the assessing officer acquired jurisdiction in this case of reopening the assessment under section 147(a)/148 on the basis of specific, reliable and relevant information coming to his possession subsequently and, therefore, he had reason to believe that by ..... is not a case of mere change of opinion or the drawing of a different inference from the same facts as were earlier available but one of acting on fresh information. it would be immaterial whether the income-tax officer, at the time of making the original assessment, could or could not have found .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)54ITD425(Kol.)
..... : 1. pyrah (inspector of taxes) v. annis & co. ltd. [1958] 33 itr 604 (ca).6. on the other hand, the learned dr., besides strongly relying on section 28(iiia) of the act as well as on the fact that the receipt was incidental to the business, drew our attention to the following authorities : 7. lundhiana central co-operative consumers' stores ..... held that the licence was a valuable asset and a capital asset in the assessee's hands and the sale thereof would give rise to liability under section 12b of the income-tax act, 1922 and the sale proceeds were not assessable to tax as trading receipts. the bombay high court in the case of cit v.automobile products ..... s regular business and therefore, the sale proceeds represented trading receipts and consequently a part of the assessee's income. he also relied on the provisions of section 28(iiia) inserted by the finance act, 1990 with retrospective effect from 1 -4-1962. he, therefore, brought the sum of rs. 7,25,854 to tax as income from business.4. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)53ITD558(Kol.)
..... .the effect of these observations is that 60% of the composite income in the case of tea company is to be treated as agricultural income under section 2(1) of the act and exempt under section 10(1) thereof. if it is exempt as agricultural income, it follows that it does not enter the field of central income-tax and, therefore ..... the facts and in the circumstances of the case, the cit (appeals) erred in confirming the assessing officer's mode of computation of the amount of deduction under section 80hhc of the act. 2. that, the cit (appeals) was not justified in holding the 40 per cent of business profit be taken for the purpose of arriving at the ..... merely lay down a principle of apportionment for the purpose of bringing. a part of the composite income to tax under the income-tax act and the decisions do not prohibit the deduction under section 80hhc being granted with reference to the entire income since under general principles the business income of the assessee is the entire income and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)53ITD381(Kol.)
..... and no price was fixed item-by-item in respect of the different assets belonging to the undertaking, no part of the surplus could be assessed under section 41 (2) of the act. the learned d.r. pointed out that there was an apportionment of a part of the sale consideration towards the immovable assets and, therefore, it cannot ..... excess received over and above the cost of the undertaking was taxable as capital gains.13. the assessee is in further appeal before us questioning the applicability of section 41(2) of the act to what it contends to be a "slump transaction". the judgment of the supreme court in the case of cit v. mugneeram bangur & co. (land department ..... .68 crores in respect of pension payable in future under the vrs.10. ground no. 2 is directed against the assessment of rs. 52,33,740 under section 41(2) of the act. during the year the assessee disposed of one of their undertakings, namely, rallis chemicals factory. the consideration received was rs. 2.95 crores. while preparing the .....
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