Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1988)25ITD287(Kol.)
..... by the valuation officer. the value of the asset which has to be determined by the valuation officer has to be arrived at according to section 7(3) of the act. sub-section (3) of section 7 clearly provides that the asset is to be valued by the valuation officer by determining what will be its price if sold in the ..... case the wto wanted to reject the valuation report of the registered valuer, he was required under law to refer the matter to the departmental valuation officer under section 16a of the wt act, 1957.in the first place, this ground does not arise out of the order of the cwt (appeals). secondly, in view of our finding recorded above ..... appeals) the assessee has preferred the appeal before the tribunal.5. shri m. pal, the learned departmental representative submitted before us that the language of section 7(1) of the w.t. act, 1957 ('the act' for short) clearly indicated that the wto while determining the valuation of an asset other than cash, has no option but to follow the rules .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1988)25ITD104(Kol.)
..... invested did not come from the income taxed in the second year. on the basis of the above reasoning, the aac directed the ito to allow relief under section 800 of the act even on the fund invested out of the maturity amount received from the lic.5. shri s. dasgupta, the learned representative for the depart-ment, urged before ..... consideration. he found that only a sum of rs. 2,000 was utilised from salary income for the purchase of nscs. hence, he allowed claim for relief under section 800 of the act on only rs. 2,000 and denied such relief on the balance of rs. 25,000 on the ground already stated above.4. the assessee appealed to the ..... in purchasing national savings certificates in september 1984 relevant for the assessment year 1985-86 which is under consideration. the asses-see's claim for relief under section 80c of the income-tax act, 1961 was rejected by the income-tax officer on the ground that the investment in national savings certificates was not paid out of the assessee's income .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1988)25ITD71(Kol.)
..... copies of letters of the assessee to the ito (undated) letter dated 15-2-1984, the assessee's objections submitted before the iac during the course of proceedings under section 144b, written submissions dated 18-9-1984 filed before the iac, zerox copy of the published accounts of m/s. kew for the year ending 31-3-1977, summary ..... off as irrecoverable in the financial accounts of the company for the year ended 31st march, 1981.3. the ito on the basis of the iac's direction under section 144b(4) rejected the assessee's contentions as contained in the aforesaid letter as also in the assessee's subsequent letter dated 15-2-1984 by observing, inter alia, ..... -company had not been taken over in terms of the said enactment. it has further been pointed out that in terms of the priorities laid down in the said act for payment of the compensation sum so fixed secured loans from the nationalised banks and secured loans from,all india and state financial institutions have been categorised as no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1987)23ITD69(Kol.)
..... liquidator is appointed and on appointment of a liquidator, all the powers of the board of directors cease and the liquidator exercises the powers mentioned in section 512 of the companies act including the powers to do such things as may be necessary for winding up the affairs of the company and distributing its assets. these observations of ..... officer thereof.thus, prior to the amendment the return of income of a company was required to be signed by its principal officer as defined in section 2(35) of the act. the amended provision required the return to be signed by the managing directors. the line of reasoning of the learned counsel is that prior to the ..... an account of receipts and payments is required to be maintained and that too not yearwise. it is also pointed out by him that as provided in section 491 of the companies act, an appointment of a liquidator, all the powers of the board of directors cease. thus, according to him because of the several distinctive features between these .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1987)22ITD367(Kol.)
..... :(tds rs. 14) 144 144ii. other sources:interest on compulsory deposit 2,162 2,248interest from bank 168 39total income 2,474 2,431less : allowable deductions under section 80l 2,474 2,431adjusted total income nil nilagricultural income 500 500 in the words of the ito, as per the assessment order dated 30-10-1985 for the ..... only. the assessee had filed the returns of income admitting the interest credited by the said firm in his account. the ito had completed the said assessments under section 143(3) accepting the interest incomes returned by the assessee, for the accounting years relevant to the assessment years 1983-84 and 1984-85 the said firm did not ..... interest from banks, namely, bank of india and bank of baroda and also in respect of the compulsory deposit account under the compulsory deposit scheme (income-tax payers) act, 1974 the assessee is following the same method of showing the incomes as per interest amounts credited to these accounts by the said banks. this is evident from the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1987)21ITD607(Kol.)
..... position that the income under the 1980-agreement was royalty. so the question whether clauses (i), (ii) and (iii) of explanation 2 to section 9(1)(vi)"of the act would apply or not need not arise any further and the attempts of the authorities below to, answer the said question was superfluous and redundant.similarly the ..... rohini kumar [1979] 117 itr 603. this contention was opposed by the departmental representative who contended that an appeal against the order charging interest under sections 215 and 217 of the act is not maintainable. in our opinion, this question is no longer open for decision because this question has been settled by the supreme court in ..... the assessee. one of the grounds taken by the assessee is that the cit(a) should have entertained its ground against charging of interest under sections 215 and 217 of the act. the authorised representative for the assessee contended that the cit(a) was not justified in holding that charging of interest is not appealable in all .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1987)21ITD302(Kol.)
..... ltd. on these reasons recorded by the wto in the order sheet vide entry dated 26-11-1967 he reopened the assessments for all the four assessment years under section 17 of the act, as according to him, because of non-disclosure of the material facts of deriving capital gain of rs. 24,330 and/or subsequent acquisition of shares of ..... (supra), held that the accretion/capital gains of rs. 24,330 is not taxable in the hands of the assessee. the assessments made by the wto under section 16(3)/17 of the act were accordingly cancelled. the main order was passed by the commissioner (appeals) in the appeal for the assessment year 1969-70 and following that order he cancelled ..... of any person other than the income of the assessee which was liable to be included in his total income nor was the assessee required under section 22(5) of the indian income-tax act, 1922 to disclose in the return that any income was received by his wife or minor child admitted to the benefits of partnership in a firm .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1987)21ITD98(Kol.)
..... lurking intention of avoiding tax liability. we, therefore, find that it could not be established that the condition of clause (b) of section 79 was satisfied in the assessment year 1977-78. the assessee was, therefore, entitled to redetermination of losses to be carried forward ..... by him, if it is established in the course of assessment of the total income that the assessee has suffered loss of profits. section 24(2) confers a statutory right (subject to certain conditions which are not material) upon the assessee who sustains a loss of ..... there was no question of lapse. (iii) in the assessment year 1978-79 there was no change in the shareholding and, therefore, section 79 has no application at all.6. the learned departmental representative repelled all the contentions of the assessee. according to him, since ..... 1. the question of set off of losses under section 79 of the income-tax act, 1961 ('the act') is involved in this appeal of the assessee-company against the order of the commissioner ( .....
Tag this Judgment!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 : (1987)21ITD19(Kol.)
..... and 11 years and 11 months respectively. such right is definitely a benefit to arise out of land and [land] is immovable property within the meaning of section 3(26) of the general clauses act, 1897. since the right is to extract sub-soil sand, it cannot be placed on a different footing than that under the lease considered above.11. thus .....
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