Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1987)20ITD288(Kol.)
..... the tribunal on the ground that the liability was still being in dispute, the sum in question could not be said then to have accrued. reference under section 62(2) of the act was rejected. on appeal by the department, the hon'ble supreme court directed that the tribunal should refer the case as a point of law was involved. ..... , it was not for the court to decide the said dispute but to leave it for the arbitration to do so as and when the application under section 20 of the arbitration act was disposed of and reference was made to the arbitration. pending this, the hon'ble high court ordered that the lessee would deposit to the court of ..... are discussed below.2. for the assessment year 1973-74, the assessment was made earlier by the ito under section 144 which was reopened under section 146 and ultimately the order was passed under section 143(3) of the income-tax act, 1961 ('the act'). in the order of assessment, the ito indicated that the assessee is a company and the accounts were .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)19ITD611(Kol.)
..... it aside) be enforceable as if it were a decree of the court. (2) an award may be conditional or in the alternative. so under sub-section (1) of section 15 of the said act the award becomes enforceable as a decree of the court unless it was remitted or set aside. under the provision thereof it was not necessary that a ..... the assessee-company for deduction of the said amount of rs. 1,72,500. the iac also confirmed the opinion of the ito in his direction under section 144b of the income-tax act, 1961 ('the act'). on appeal, the commissioner (appeals) was of the opinion that 'as soon as the award under the contract was made by the arbitrator, it had ..... the assessee-company. it is also not disputed that the judgment has not been pronounced in accordance with the award and that no decree has been made. under section 119(b) of the limitation act, 1963, limitation for filing 'an application to set aside an award, or to get an award remitted for reconsideration by the arbitrator or umpire, must be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD551(Kol.)
..... . the assessee contended before the iac that no part of the advertisement and publicity expenditure incurred by it could be disallowed under section 37(3a) in view of the provisions contained in section 37(3d) of the income-tax act, 1961 ('the act'). the iag rejected the said contention by observing, inter alia, that no separate industrial undertaking had been set up by the ..... the admissibility of advertisement expenses were introduced with effect from 1-4-1979 by the finance act, 1978.sub-section (3d) reads as under : in a case where an assessee has set up an industrial undertaking for the manufacture or production of any articles, nothing in sub-section (3a) shall apply in respect of any expenditure on advertisement, publicity or sales promotion incurred .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD480(Kol.)
1. the appeal is by the revenue in which it is contended that the commissioner (appeals) erred in holding that both the conditions of section mentioned in section 79 of the income-tax act, 1961 ('the act') must be cumulatively satisfied before the benefits of set off of losses of the earlier years can be denied to the assessee-company. it is also the ..... it was commented that the word'or' between clauses (a) and (b) shows that either of the two circumstances is enough to bring the case under the mischief of section 70 of the act so as to bar a carry forward and set off. the comments of b. s.sundaram in the laws of income-tax in india, eleventh edn., vol. ii ..... of b.s. sundaram's law of income-tax in india, eleventh edn., the history of the section was noted. it was stated that section 79 was added in the 1961 act. an anti-avoidance measure and the object of the legislature in enacting section 79 is to prevent an assessee from buying a concern or a company which has been incurring loss .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD132(Kol.)
..... rameshwarpur cold storage [it appeal no. 2058 (cal.) of 1985] continued the argument. he stated that electricity is a form of power. the factories act, 1948 defines 'power' in section 2(g) of that act. according to him, generation of any form of power is the same thing as its production. referring to the decision in the case of yamuna ..... year 1980-81.2. the assessee is a partnership firm deriving income from business in running a cold storage. in course of assessment proceedings, it claimed under section 32a of the act, investment allowance on a sum of rs. 7,61,141 being cost of the plant and machinery installed in its cold storage. in the assessment done on ..... industry'.the issue before the kerala high court in the case of casino (p.) ltd. (supra) also related to the expression 'industrial company' under section 2(6)(d) of the finance act, 1968. it was held that a hotel was primarily a trading company and preparation of food was not manufacture or processing of goods.in the english case .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD236(Kol.)
..... [1977] 106 itr 368 the hon'ble supreme court on the facts of the case considered that there was no transfer of capital asset within the meaning of section 2(47) of the act. when a shareholder received money representing his shares on the distribution of the net assets of the company in liquidation, he received that money in satisfaction of the ..... letter dated 19-3-1982 addressed to the ito which is at page 13 of the paper book as well as to the instruction of the concerned iac under section 144b of the act to the ito for the assessment year 1978-79. it is submitted also that for the earlier year, i.e., 1977-78 the same question was there as ..... rate of dividend. he observed that the shares of that company were, therefore, in the investment portfolio and the loss should have been dealt with as provided under section 46(2) of the act and, therefore, the ito erred in allowing rs. 90,000 as business loss, hence, this appeal by the assessee.3. apart from the above issue, the commissioner also .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD58(Kol.)
..... hand supported the order of the commissioner (appeals).5. at the time of hearing of this appeal, we enquired from shri s.dasgupta as to whether this appeal under section 248 of the act can be said to be maintainable in view of the decision of the tribunal in the case of chloride india ltd. [it appeal no. 1522 (cal.) of ..... against the order dated 16-12-1983 of the commissioner (appeals) by which he confirmed the order dated 5-12-1981 of the ito passed under section 195(2) of the income-tax act, 1961 ('the act'). 1. that on the facts and in the circumstances of the case, the learned commissioner erred in facts and in law in confirming that the first ..... in holding that the lump sum amounts payable under clause 11 of the agreement was in the nature of royalty both within the meaning of the provisions of section 9 of the income-tax act read with definition of the said terms in article vii(2) of the double taxation avoidance agreement between india and france, under reference and, therefore, the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD213(Kol.)
..... sum of rs.2 lakhs was assessable during the assessment year 1980-81 under the head 'income from other sources'. after obtaining the approval of the iac under section 144b of the income-tax act, 1961, he made the assessment on a total income of rs.2 lakhs under the head 'income from other sources'. it may be mentioned in this ..... connection that the assessee had urged before the iac in course of the proceedings under section 144b that the sum of rs.2 lakhs was a capital receipt as it ..... acquisition till the date of award is a capital receipt. the decision in this case rested upon the distinction between the possession assumed under the provisions of the land acquisition act and the possession otherwise taken. in this case, there was a contract of lease of certain mines belonging to the assessee with another party. there was a breach of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1987)23ITD161(Kol.)
..... appeal by the aesessee is not accepted.37. the next ground of appeal is that the commissioner (appeals) erred in directing the ito to determine the interest under section 215 of the act after giving effect to the appellate order, whereas the contention of the assessee was that it was not liable to be charged with any interest at all. the ..... under consideration.35. the next ground of appeal by the assessee is that the commissioner (appeals) erred in directing the ito to allow the weighted deduction under section 35b of the act relating to salary of employees engaged entirely on export business to only 75 per cent of such salary. it is also the appeal by the assessee that the ..... assessee was allowed. in our opinion, since the order has been passed by the tribunal on 8-8-1984 and as the order became final as contemplated under section 254(4) of the act, we have in fact become functus offlcio. in the circumstances, we cannot even have power to review or modify any part of such order, this also .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)19ITD596(Kol.)
..... representative for the assessee. as such, we are of the opinion that the commissioner (appeals) was incorrect in holding that 'the test laid down in section 24(1)(vi) of the act is that the loan should have been taken to acquire the property, it does not say whether it is the first loan or second loan or subsequent ..... which the commissioner (appeals) allowed deduction of interest on the amount of rs. 1,31,000 at the rate of 12 per cent under section 24(1 )(vi) of the income-tax act, 1961 ('the act')- the appeals are opposed by the assessee.2. the facts necessary for determination of these appeals are as follows according to the assessee's ..... have continued to be outstanding during all the years which are under consideration' and, therefore, 'interest on such borrowings should qualify for deduction under section 24(1)(vi) of the income-tax act in all these years'. he accepted the assessee's alternative suggestion that 'the company's own funds may be fixed at one figure only which can .....
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