Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD309(Kol.)
..... income from leasehold property at 57, park street calcutta is assessable as profits and gains of business and not as income from other sources under section 56 of the income-tax act, 1961 ('the act').2. the assessment years with which we are concerned in these appeals are 1973-74 to 1978-79. the assessee is a limited company. ..... that the ito was fully justified in view of the facts and circumstances of the case in taxing this income under the head 'income from other sources' under section 56. elaborating, it was urged by the learned departmental representative that in the instant case, the assessee-company did not carry on any continuous and organised activity ..... the property on lease amounted to commercial exploitation of the building as a trading asset and, therefore, rental income is assessable as business income and not under section 56. it was also urged that a solitary transaction may constitute a business. it was also pointed out that the renovation of the building was done according .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD61(Kol.)
..... assessment, the aforesaid bank account was enough and that no set of books of account has been prescribed yet under section 44aa of the act and that, therefore, it could not be said that the assessee had violated the provisions of section 44aa.6. the learned aac accepted the above plea of the assessee and deleted the penalty in question by ..... 1. this appeal is directed against the imposition of penalty of rs. 765 imposed on the assessee under section 271a of the income-tax act, 1961 ('the act'). on the date of hearing none attended on behalf of the assessee even though the notice had been served on the assessee nor there was any application for adjournment. ..... . the requirement of sub-section (1) of section 44aa is that an assessee shall maintain such books of account and other documents as may enable the income-tax officer to compute his total income in accordance with the provisions of this act. a mere maintenance of a bank account could not enable the ito to compute the assessee's total .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)11ITD626(Kol.)
..... purchase and sale of foreign liquor. the wife of the assessee was also a partner in the same firm. the ito invoked the provisions of section 64(1)(i)of the income-tax act, 1961 ('the act'), and included the share income of the wife of the assessee from the said firm in the total income of the assessee.9. the assessee ..... appealed to the aac and contended that the ito erred in applying the provisions of section 64(1)0") to the facts of the assessee's case. ..... there is no business which does not require the application of some skill or other in which case all business activities will become professional and go outside the purview of section 64. evidently, such an interpretation being, in my opinion, contrary to the intention of the legislature, the accepted canons of construction has to be rejected. hence, with due .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD288(Kol.)
..... right of his executorship cannot be recovered from him in his own right. (p. 482) the above juridical position is given effect to under the act through section 24. the assessment under that section is no doubt on the legal representative but it is in respect of the income of the deceased person. the legal representative's liability under this ..... associated and further a peon who got the money from the bank was residing in the house of sahu jain, 11, clive row, when the notice under section 37 of the act was served on him. according to this peon, a.c. das, it was dujaria who asked him to render that service to the rana. according to dujaria ..... or members of the firm or association shall be jointly and severally liable to the assessment, it referred to the liability to computation of an income under section 23 of the act as well as the application of the procedure for declaration and imposition of tax liability and the machinery for enforcement thereof. penalty was considered to be only .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)10ITD891(Kol.)
..... business income of rs. 8,21,405. then the ito found that the assessee was entitled to investment allowance of rs. 4,59,554 under section 32a(3) of the income-tax act, 1961 ('the act'). as the income of the assessee from business after adjusting the short-term capital loss but after allowing the investment allowance came to a loss ..... , accordingly. it may be stated that the ito separately assessed the long-term capital gains at rs. 54 and the net dividend income, after allowing relief under section 80k of the act at rs. 2,641, as neither of these two items could beset off against the business loss. however the dispute in this appeal does not relate to the ..... business income alone, then it stands to reason that the legislature would have used the words 'profits and gains' as has been done in section 32(2). we also find that section 80b(5) of the act defines 'gross total income' in terms of 'total income', wherein it has been stated that the total income should be computed in accordance with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)10ITD534(Kol.)
..... high court that as the letting out of residential quarters by the assessee to its employees was subservient to and incidental to the main business, section 9 of the 1922 act did not apply and the expenditure incurred by the assessee for repairs and maintenance of the residential quarters was allowable as a deduction from the profits ..... was further submitted that in the case of salkia transport associates (supra), cited on behalf of the revenue, the question involved related to allowance of depreciationunder section 32 of the act on motor vehicles and that the ratio laid down in that case by the calcutta high court does not at all support the contention advanced on behalf ..... in possession thereof and was in full enjoyment of the property, for all practical purposes, it became the owner of the property within the meaning of section 22 of the act, with the result that notional income in respect of the property was chargeable to income-tax under the head 'income from house property'. in support of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)10ITD285(Kol.)
..... of a different figure in respect of the shares of the firms in the assessee's income. the ito, therefore, initiated rectification proceedings under section 154 read with section 254 of the income-tax act, 1961 ('the act') to which the assessee's representative objected to as under : the above mentioned firms were assessed as an unregistered firms and the assessee's ..... is not satisfied in the present case as there has been no reduction or enhancement made in the income of the two firms. as such no rectification under section 155(1) of the act can, therefore, be made merely because of the grant of subsequent registration in appeal.the ito, however, was of the opinion that this objection would lead ..... an unregistered firm." 6. from the above, it will be seen that even though the total income of the firm in both the cases, as determined under section 143/144 of the act, remains the same, viz., rs. 1,00,000, (1) the tax imposed would be different if the firm is registered than what it would be if .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD537(Kol.)
..... of such declaration immunity from penalty and prosecution will be available to the extent indicated in proviso (ii) to sub-section (1) of section 15.27. section 15 of the 1976 act like section 14 of the said act and unlike section 3 thereof did not modify the provisions of the existing statute in any respect, except that in cases of the ..... money, bullion, jewellery or other valuable articles or things belonging to a person have been seized as a result of a search under section 132 of the 1961 act or under section 37a of the 1957 act'. such person may make a declaration in respect of any income relating to the previous year in which the search was made or ..... a case where there is an under-assessment, the wto can proceed on the information in his possession. this is the language used in section 17 of the act corresponding to section 147 of the 1961 act. being aware of such a position, the parliament obviously used the expression 'information' which may be taken into account for the purpose .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD738(Kol.)
..... .h. setu parvati bayi's case (supra). it is also not as if one need wait for refund of excess payment till the finalisation of assessment. section 141a of the 1961 act provides for 'provisional assessment of refund', if there is no reasonable prospect of the regular assessment being completed within six months from the date of the filing ..... is the decision of the calcutta high court in cwt v. bansidhar poddar [1978] 112 itr 957 in which the assessee had made a voluntary disclosure under section 68 of the finance act, 1965, and paid the tax on 26-5-1965. he claimed deduction from the net wealth for the assessment year 1965-66, the relevant valuation date ..... 1982] 133 itr 800 for the proposition that before an asset could be taken into consideration for computing the net wealth of an assessee under section 2(m) of the wealth-tax act, 1957 ('the act') such asset must belong to the assessee on the relevant valuation date.the mere possibility of getting income-tax refund in future as and when .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)9ITD433(Kol.)
..... import and it must be broadly construed having regard to the fact that articles like books and surgical instruments are expressly included in the definition of plant in section 43(3) of the act. it includes any article or object, fixed or movable, live or dead, used by a businessman for carrying on his business. it is not necessarily confined ..... the purposes of storage and stacking was a plant or a building or it was neither a plant nor a building.6. the definition of plant under section 43(3) of the act is not very exhaustive and the word 'plant' in its ordinary meaning is a word of wide import. it has been considered by the courts on ..... , the siding along with the platform and shed was used for the purposes of the business of the assessee. the ito referring to section 32(1)(m) of the income-tax act, 1961 ('the act'), said that the section covers only depreciable items like building, plant, machinery and furniture. it comes into operation only when the depreciation is allowed on the asset .....
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