Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)53ITD180(Kol.)
..... limited company engaged in the manufacture of automobile batteries. it also exports batteries and in respect of the export it is entitled to deduction under section 80hhc of the act.the entitlement of the assessee to the deduction is not disputed in the present appeal. the dispute centres around the manner of computing the deduction ..... 131 itr 597. there is also another difficulty in adopting the definition of the words 'total turnover' as appearing in the bengal finance (sales-tax) act, 1941 to the provision of section 80hhc. it is a primary rule of interpretation that words defined in one statute have to be understood with reference to the objective of the ..... 105 itr 43 wherein the aforesaid principles were applied. the question before the court was regarding the interpretation of section 54 of the income-tax act which confers exemption from capital gains tax subject to certain conditions. the section provided that if the assessee who owns a house which is "mainly" used by him or his parent .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)50ITD214(Kol.)
..... decision is applied and calendar month is followed, one month is not complete as according to karnataka high court decision for the term 'month' occurring in section 3(35) of the general clauses act, the british calendar for the months of july 1984 and july 1985 would also include july 31, 1984 and july 31, 1985. but the contrary to ..... placed by high courts of madras and calcutta on the term 'month' which is in accordance with term occurring in the general clauses act is correct and that section 139(8) of the income-tax act read with rule 119a of the income-tax rules, 1962 empowered the ito to levy interest for not less than a month only and ..... the case of kadri mills (coimbatore) ltd. (supra) held that the word 'month' occurring in section 271(1)(a) of the income-tax act, 1961 has to be reckoned according to the british calendar, according to section 3(35) of the general clauses act, 1897. it is also observed that madras high court and calcutta high court have also dissented from .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)50ITD348(Kol.)
..... of various operations in india, deployment of men and material and considerable organisation and establishment. for some time such expenditure was regulated by section 44d of the act. only the finance act, 1987 introduced section 44bb with retrospective effect from 1-4-1983. if regard is had to the position and the background set out above, it will be ..... a foreign company on gross basis or to restrict the expenditure incurred for earning the same to 20 per cent of the gross amount as provided in new section 44d of that act. consideration for any construction, assembly, mining or like project will, therefore, be chargeable to tax on net basis, i.e., after allowing deduction in ..... (a) to whom the appeals are preferred by the assessee, accepted the assessee's contention and directed the computation of the income for all the years under section 44bb of the act.4. the department is in appeal before us questioning the correctness of the conclusion of the cit (a) for all the years. mr. rajesh, the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)49ITD1(Kol.)
..... member is proper and correct and i agree with it though for different reasons as i enumerated above and hold that there is a mistake rectifiable under section 254(2) of the income-tax act in the order dated 30-4-1991 of the income-tax appellate tribunal.18. in view of my conclusion that there are mistakes in the order passed ..... the circumstances of the case, there was mistake rectifiable under section 254(2) of the income-tax act, 1961, in the order dated 30th april, 1991, of the income-tax appellate tribunal? 2. in the normal course it would have been easier for me ..... , in the order dated 30th april, 1991, of the income-tax appellate tribunal? 1. this matter came before me as a third member under section 255(4) of the income-tax act to express my opinion on the following point of difference of opinion that arose between the members, who heard this matter in calcutta: whether, on the facts and in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)49ITD396(Kol.)
..... court in tata tea ltd. 's case (supra). it follows that 60% of the income computed as per rule 8(1) will be wholly exempt from tax under section 10(i) of the act as agricultural income. the apportionment in the ratio of 40: 60 is to be made at the stage when the composite income is computed as if it were ..... at all. even in the decision of the supreme court in karimtharuvi tea estates ltd's case (supra), the supreme court has referred only to the provisions of section 10 of the 1922 act and to the deductions available thereunder as being deductible while computing the composite income. the observations of the supreme court in tata tea ltd.'s case (supra) heavily ..... ments to levy tax extends to the balance, viz., 60% of the composite income. this part of the composite income cannot be taxed under the income-tax act and this position is recognised in section 10(2) thereof. now, rule 8(1) also provides for the manner in which the composite income is to be computed. it says that the income " .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)50ITD437(Kol.)
..... knowledge, such as those rendered by the assessee, would fall for consideration as technical or managerial services within the meaning of explanation 2 to section 9(1)(vii) of the act. there appears to be no warrant for making any such distinction. no words indicating any justification for drawing such distinction are found in the ..... of the 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 ..... concerned has used the expression "royalty" in the year 1973 and therefore the expression should be interpreted without being influenced by explanation 2 to section 9(1)(vi) of the act which contained a definition of the word "royalty". he, thereafter took us through the various clauses of the technical service agreement. in sum .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)47ITD642(Kol.)
..... , has to be determined only on the basis of the value of the total assets of the company, otherwise known as break-up value method, cannot be accepted. section 6 of the gift-tax act, as it stood prior to 1-4-1989, was as under : 6.(1) the value of any property other than cash transferred by way of gift shall ..... , the argument that such shares cannot be valued in accordance with subsection (1) of section 6 of the act cannot be countenanced. if that is so, the applicability of sub-section (3) of section 6 is ruled out, because subsection (3) of section 6 can be brought into play only, if sub-section (1) cannot be applied. we, cannot therefore accept the first contention of mr ..... , subject to the provisions of sub-sections (2) and (3) be estimated to be the price which in the opinion of the assessing officer it would fetch if sold in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)48ITD145(Kol.)
..... . it was held by the court that every type of expenditure incurred in connection with the sale of goods will not be hit by the provisions of section 37(3a) of the act notwithstanding the phraseology used in the provisions viz., 'advertisement', 'publicity' and 'sales promotions'.in the present case, it cannot be disputed that the ratio is ..... .8. on a consideration of the rival submissions on the preliminary objection, we are of the opinion that there is no merit in the same.under section 263 of the act, the cit has been constituted a revising authority for revising the assessment order passed by the ito. the assessment order contains various decisions taken by the ..... for example in paragraph 6 while dealing with the bonus to the dealers, the cit has recorded a clear finding that the bonus should be disallowed under section 37(3a), of the act. similarly, in paragraph 9, while dealing with the royalty payment, the cit has clearly found that on a reference to the records and considering the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)46ITD570(Kol.)
..... the lessee was to be considered as part of rent. their lordships in the judgment rendered in this case observed as under: the expression 'rent' occurring in section 105 of the transfer of property act, there is no difficulty in saying that the rent may not necessarily be in the form of cash only. if the rent can be in any other ..... get any assistance in this regard from the relevant provisions of the a forestated two enactments. the term "rent" not having been defined either in the income-tax act or in the wealth-tax act or rules we have to fall upon the dictionary meaning of the word "rent" or the interpretation or definition given by various courts through judicial analysis. the ..... find out the real meaning of the word "rent" which has to be adopted in law. we have gone through the relevant provisions of the income-tax act, 1961 and of the wealth-tax act, 1957 to find any meaning or definition attached to the word "rent" if the same is so used in those two enactments. but we are unable to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD352(Kol.)
..... in respect of the asset. this is called 'balancing charge'. the cit (appeals) was, therefore right in directing the ito to assess the said amount under section 41 (2) of the act under the head "business".9. in the appeal by the department, the only ground is that the cit (appeals) should have restored the order of the ito ..... held that where the insurance company paid compensation for the destruction or loss of an asset, there was no "transfer" within the meaning of section 2(47) of the act and the provisions of section 45 were not attracted. it was held that the money received under the insurance policy in such case was by way of indemnity or compensation for ..... received by the assessee from the insurance company. the second issue is whether the departmental authorities are justified in treating the amount of rs. 1,65,000 under section 41(2) of the it act.3. during the year of account, the vessel "m.v. chopra" belonging to the assessee sank in the sea near goa. the assessee received a .....
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