Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)7ITD697(Kol.)
..... . the assessment year involved is 1979-80.2. the assessee is a limited company. it filed an estimate of advance tax in form no. 29 under section 209a of the income-tax act, 1961 ('the act') on 15-3-1979, though the estimate and the covering letter were dated 14-3-1979. according to the estimate of advance tax filed by the assessee ..... paid. in the demand notice, however, the sum of rs. 48,51,000 alone was treated as advance tax paid and it is on this amount that interest under section 214 of the act has been calculated. the demand notice further mentioned that the credit of rs. 6,93,000 is given as 'other payment'.as the payment of rs. 6,93 ..... cent per annum on the amount by which the aggregate sum of any instalments of advance tax paid during any financial year in which they are payable under sections 207 to 213 of the act exceeds the amount of tax determined on regular assessment, from the 1st day of april next following the said financial year to the date of regular assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)6ITD225(Kol.)
..... is not permissible. shri a. sengupta objected to the preliminary objection taken by the assessee's counsel. he stated that appeal had been filed under section 253 of the act against the order of the commissioner (appeals). the department can file appeal on any of the points on which it was aggrieved by the order ..... rebate was allowed by the commissioner (appeals). he stated that the commissioner (appeals) allowed development rebate on typewriters and calculators. he referred to section 33(6) of the act and urged that typewriters and calculators were used by the assessee in its office.therefore, these were the office appliances on which specifically the development ..... is the method of accounting.the assessee was following mercantile method of accounting at least up to the immediately earlier year. the income under section 145(1) of the act is computed in accordance with the method of accounting regularly employed by the assessee. the well-known methods of accounting are mercantile or cash. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)5ITD636(Kol.)
..... the employees in any other establishment of similar character. now, therefore, in exercise of the power conferred by clause (a) of sub-section (1) of section 17 of the employees' provident funds act, 1952 (xix of 1952), read with the government of india, ministry of labour and employment notification no. so 1236 dated the 20th ..... business consists in the generation, transmission and distribution of electricity. the central government by a notification dated 7-7-1956 directed in terms of section 4 of the epf act that a provident fund scheme in respect of the employees of an electrical undertaking should be framed with effect from 31-7-1956. the ..... government by gazette notification dated 4-7-1956 ordered inclusion of electricity industry including the generation, transmission and distribution thereof in schedule i of section 4 of the epf act. the assessee requested the regional provident fund commissioner by a letter, dated 30-9-1965, for voluntary coverage of its provident fund scheme in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)5ITD69(Kol.)
1. these appeals by the revenue are directed on the common ground that the aac was wrong in directing the wto to grant relief under section 5(1)(7) of the wealth-tax act, 1957 ('the act'), in respect of his share in the property which he succeeded on the death of his father and held jointly by the alleged huf, ignoring ..... the decision of the supreme court in the case of cwt v. bishwanath chatterjee [1976] 103 itr 536.2. the assessee, an individual, claimed deduction under section 5(1)(ii ..... handed down from generation to generation. the aac having observed that there was no doubt about the existence of nucleus of huf, the assessee was entitled to exemption under section 5(1)(ii).he, therefore, directed the wto to grant relief sought by the assessee.4. against the said order of the aac, the revenue has preferred the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)4ITD618(Kol.)
..... the observation of the commissioner (appeals) is not correct that there was a provision and no ascertained liability.the liability was ascertained in view of section 37 of the partnership act. under the above circumstances, if the facts of the case along with the various case laws cited by the assessee are taken into consideration, it ..... partnership deed, referred to above. for the convenience, it would be relevant to quote some of the clauses of the partnership deeds as well as section 37 of the partnership act: 4. the death of any partner shall not dissolve the partnership. the legal representative of the deceased partner shall be admitted into the partnership ..... the firm and the surviving partners were made parties. it was strongly urged that the amount of rs. 41,967.63 was provided as per section 37 of the partnership act which was obligatory on the surviving partners and, therefore, this amount was clearly allowable as business expenditure/diversion by overriding title or charge. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)7ITD820(Kol.)
..... depreciation were rightly set off. the commissioner rejected both the contentions of the assessee-company. he pointed out to the provisions of sub-section (2) of section 78 of the act and observed that 'where any person carrying on any business or profession has been succeeded in such capacity by another person otherwise than by ..... from that of 'amalgamation'.whereas amalgamation was a peculiar feature of the company law, succession was known to the income-tax law and as per section 170 of the act, succession always implied a successor and a predecessor, both subsisting together. but under amalgamation, the amalgamated company disappears altogether by merger with the amalgamated ..... 10. for the purpose of assessment of income-tax, each corporate entity will have separate existence and will be subjected to tax in terms of section 4 of the act separately. the various benefits with regard to the allowances, exemptions, etc., will be allowed to it in its own assessment. such benefits and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)3ITD177(Kol.)
..... proviso, as it has been read by the commissioner (appeals), restricts the payment. therefore, it is clear that the amount payable under the bonus act, can be allowed as deduction under section 36, but section 36 does not say that if the assessee pays any other bonus, the same cannot be allowed even though the same had been expended for the ..... and the additional payment at 8.17 per cent was made. the payment made by the assessee was incidental to its business and, therefore, the payment was allowable under section 37 of the act. dr. pal in this connection relied on the decision in calcutta co. ltd. v. cit [1959] 37 itr 1 (sc) and cit v. kalyanji mavji & co. ..... appeals) found that the disallowance made by the ito for the assessment year 1975-76 was deleted by the commissioner (appeals) on the ground that provisions of section 36(1)(ii) of the act came into force after 25-9-1975 and, therefore, that provision was not applicable for the assessment year 1975-76. however, he found that according to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)4ITD212(Kol.)
..... makes it clear that the total amount of income in the case of non-resident has to be considered in the light of section 5(2) of the act. section 5(2) of the act is specifically applicable to the non-resident like the appellant makes it clear that only income accrued or deemed to have accrued in india and/or income receiving or ..... makes it clear that the total amount of income in the case of non-resident has to be considered in the light of section 5(2) of the act. section 5(2) of the act is specifically applicable to the non-resident like the appellant makes it clear that only income accrued or deemed to have accrued in india and/ or income receiving or ..... determining the chargeable profits.3. the assessee is a shipping company having its head office in sweden.the part of its income is assessable in india in terms of section 44b of the income-tax act, 1961. in the course of the assessment proceedings to surtax question arose as to how the capital of the company for the purpose of the surtax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)2ITD181(Kol.)
..... 34 (cal.) of 1981 is arising out of the order of the ito who had re-made the assessment when it was set aside by the commissioner under section 16(1) of the act. the order of the commissioner has been maintained so far as the exclusion of dividend of rs. 24,32,250 is concerned. consequently, the order of the ..... 1-4-1977, as provided, but any accrued interest shall be payable by the company otherwise than out of the reserve.8. the surtax is leviable under section 4 of the companies (profits) surtax act, 1964. the surtax is levied in respect of 'chargeable profit' of a company which exceeds the statutory deduction. the 'chargeable profit' and 'statutory deduction' are ..... common order.2. the assessee is a limited company. appeal no. 4 (cal.) of 1981 arises out of the order of the commissioner under section 16(1) of the companies (profits) surtax act, 1964 ('the act'). appeal no. 34 (cal.) of 1981 arises out of the order of the ito who re-made the assessment after the order of the commissioner .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)7ITD913(Kol.)
..... question of valuation except in accordance with the report of the dvo. he drew our attention in this connection to the provision of sub-section (3) of section 7 of the act and sub-section (6) of section 16a. after making the reference to the valuation officer the wto had clearly erred in not waiting for his report and in completing the ..... interest of the revenue. it is further to be noted that under the 1961 act, though provisions of sub-section (6) of section 16a of the 1957 act have been incorporated in section 55a of the 1961 act, there is no provision in the said act analogous to sub-section (3) of section 7. we have already noted the aforesaid provision and the mandatory nature thereof. ..... waiting for valuer's report, once he had made such a reference as, according to him, there was no specific bar against this in any of the sections of the act. to illustrate his point he pointed out that if the report of the valuer had not been received within time and the case was going to become time .....
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