Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Dec-18-2003
Reported in : (2004)270ITR73(Kol.)
..... of the rent payable to him. on the failure to recover any sum due on account of consolidated rate from the person primarily liable there of under section 193, section 195 of the cmc act speaks of recovery from every occupier, by way of attachment of the rent payable by such occupier, a portion of the total sum due which bears, ..... an agent to collect the surcharge from the occupier. in this connection the following observation of hon'ble madras. high court in the case of c.i.t. v.southern explosives co. (2000) 242 itr 107 is useful to be referred -- "in the instant case, the amounts collected by the assessee were amounts which were meant to be utilized ..... for energy supplied by the licensee, the licensee can, at the option of the state government, be proceeded against for the recovery of the electricity duty under section 8(a) of the act. in view of the clear liability of a licensee who has recovered the charges for the electricity supplied, it cannot be said that a licensee being an agent .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Dec-18-2003
Reported in : (2004)88ITD247Cal
..... basis of the rent payable to him. on the failure to recover any sum due on account of consolidated rate from the person primarily liable thereof under section 193, section 195 of the cmc act speaks of recovery from every occupier, by way of attachment of the rent payable by such occupier, a portion of the total sum due which bears ..... or as an agent to collect the surcharge from the occupier. in this connection the following observation of hon'ble madras high court in the case of cit v. southern explosives co. [2000] 242 itr 107 is useful to be referred- , in the instant case, the amounts collected by the assessee were amounts which were meant to be ..... occupation of the tenanted premises for commercial purposes is to be treated as actual rent received for the purpose of determining annual value within the meaning of section 23 of the it. act (as it then stood), and the taxes including surcharge levied by municipal corporation and actually paid by the assessee during the relevant year is to be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jun-30-2003
Reported in : (2003)86ITD219(Kol.)
..... record, i find that there is no dispute in regard to the recovery of transportation charges by the assessee from the chemical companies for transportation of explosives. section 32 of the it act, 1961, provides for allowance of deduction on account of depreciation in respect of assets owned and used by the assessee for purposes of business or ..... amongst the members of bench in regard to the rate of depreciation applicable on vans used for transportation of explosives, the president of the tribunal has, accordingly, nominated me as third member under section 255(4) of the it act in regard to the point of difference formulated by the division bench as under : "whether, on the ..... in appeal before the cit(a) who concluded as follows: "3.2 i have examined the above submissions. it is a fact that while acting as consignment agent for transportation of explosives, the appellant was hiring out his vehicle to others. therefore, it is not correct to infer that in such activities, the appellant was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : May-30-2003
Reported in : (2004)89ITD415(Kol.)
..... india, obtaining sanction of rajasthan government for grant of mining lease for limestone, carried out detailed prospecting work under the guidance of one expert organization, applying for explosive licence and obtaining approval for electricity connection from rajasthan state electricity board, establishing a project office at chittorgarh, rajasthan, etc. the assessee explained that the amount ..... this letter being nil, there cannot be any question of computation of capital gain, under section 45 read with section 48 to 55 of i.t. act, 1961.5. the a.o. observed that in addition to the various measuring being taken by the assessee, the assessee has ..... is not a capital asset. as no capital asset was transferred, this sum could not be treated as capital gain within the meaning of section 45 read with section 48 to section 55. it was further pleaded that the value of this letter of intent cannot be determined and, therefore, the cost of acquisition of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Nov-25-2003
Reported in : (2004)90ITD258(Kol.)
..... is held justified in recalling the investment allowance granted to the assessee, in terms of the provisions of sub-section (5) of section 32a and sub-section (4a) of section 155, there is no interest leviable according to section 155 of the act under which the ao has carried out the rectification. he submits that the withdrawal of investment allowance is ..... whole unit does not, in our view, mean that they have not been sold or otherwise transferred within the meaning of clause (a) of sub-section (5) of section 32a of the act.17. the position may be examined from another angle. it is the assessee's case that it sold/transferred the fertilizer division and fibres division ..... the action of the assessing officer ("ao" in short) in withdrawing the investment allowance already granted, in terms of the provisions of section 32a(5) and section 155(4a) of the income-tax act, 1961 ("act" in short).another issue arising in the appeal for a y 1992-93 is whether the cit(a) is justified in confirming the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Nov-25-2003
Reported in : (2004)89ITD172(Kol.)
..... . during the assessment year 1986-87 with which the court was concerned, the law was that the charitable trust could hold investments contrary to the provisions of section 11(5) of the act, but, was under an obligation to disinvest on or before 31st march, 1993, and; thereafter, hold the investments in the modes permitted by law. during ..... allotment of bonus shares) for taxing the capital gain is drawn from a date antecedent to the date of sub-clause (iiia) coming into force.8. section 45 of the act brings any profits or gains arising from the transfer of a capital asset, save as specifically provided, to the charge of income-tax under the head 'capital ..... aa) in a case where, by virtue of holding a capital asset, being a share or any other security, within the meaning of clause (h) of section 2 of the securities contracts (regulation) act, 1956 (42 of 1956) (hereinafter in this clause referred to as the financial asset), the assessee - (a) becomes entitled to subscribe to any additional .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Oct-07-2003
Reported in : (2004)87TTJ(Kol.)1114
..... it was also categorically mentioned that the assessing officer was wrong in holding that even on merit the silver utensils were personal effects and in view of section 2(14) of the act, no capital loss or gain could be claimed in respect of personal effects and as such the loss claimed was wrongly disallowed.the learned distinguished counsel ..... duress and coercion. we have further noticed that the assessing officer has not referred to the subsequent statement of shri r.k. kothari recorded by him under section 131 of the act which will conclusively prove that he did see and weigh the entire silver utensils. we have further noticed that the assessing officer mentioned in the order of ..... the statement of shri sharma was once again recorded on 15-2-2001 (pp. 96 to 101 of the paper book) by the assessing officer under section 131 of the act and in this statement shri sharma has confirmed that he has transported silver utensils for the assessee's family and that the earlier statement dt. 21-1- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Aug-14-2003
Reported in : (2004)88ITD35Cal
..... by m/s. imkemex india ltd. to the appellant is mesne profit.16. the term 'mesne profit' is not defined under the income-tax act, 1961. the said term is defined under civil procedure code. section 2(12) of c.p.c. as under:- 'mesne profits' of property means those profits which the person in wrongful possession of such property ..... earned profit or the profits which might have with ordinary diligence been received by the licensee, the amount could be termed as mesne profit with in the definition of section 2(12) of c.p.c. the ld. departmental representative further submitted that if at all the licensee was in wrongful possession of the property on account of ..... it was further contended that the amount received by the assessee under the consent decree does not fall within the definition of mesne profit. our attention was invited to section 2(12) of cpc which defines mesne profit to be a profit which a person in wrongful possession of that property actually received or the profits which might, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Aug-14-2003
Reported in : (2004)267ITR61(Kol.)
..... the compensation paid by m/s imkemex india ltd. to the appellant is mesne profit.16. the term 'mesne profit' is not defined under the it act, 1961. the said term is defined under cpc. sec, 2(12) of cpc is as under : "'mesne profits' of property means those profits which the person in wrongful possession of such property ..... earned profit or the profits which might have with ordinary diligence been received by the licensee, the amount could be termed as mesne profit within the definition of section 2(12) of cpc.the learned departmental representative further submitted that if at all the licensee was in wrongful possession of the property on account of breach of ..... was further contended that the amount received by the assessee under the consent decree does not fall within the definition of mesne profit. our attention was invited to section 2(12) of cpc which defines mesne profit to be a profit which a person in wrongful possession of that property actually received or the profits which might .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Aug-06-2003
Reported in : (2003)87ITD653Cal
..... major portion of the tax deducted at source was refunded to the assessee-company. subsequently, the cit in exercise of his power under section 33b of the 1922 act (corresponding to section 263 of 1961 act) revised the order of the ito and took the view that at least 75 per cent of the technical fee earned by the assessee ..... was pointed out that in that case the assessee had accepted levy of tax @ 5 per cent. however, when the cit initiated action under section 33b of the it act, 1922, corresponding to section 263 of the it act, 1961, the assessee challenged such action on the ground that the sum receivable by it was not per se taxable in india. the supreme ..... before us, including the issue as to whether a non-statutory 'no objection certificate' issued by the ao can at all be subject-matter of revision under section 263 of the act. in the light of our findings above, this and remaining grounds of appeal become infructuous. we, accordingly, refrain from making any observations on merits of the .....
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