Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jun-06-2003
Reported in : (2004)267ITR1(Kol.)
..... . it is thus evident that taxation of aop as a separate entity and assessment of its members individually is permissible in law.21. this takes me to section 86 of the act. this section quoted above provides the treatment of share of a member in the income of aop or boi . as a general rule, it provides that no income-tax ..... members of the aop. the aop being a separate assessable entity is obliged to file the return of income and also pay taxes as per the provisions of the act. section 139(1) makes it obligatory for the aop to file the return of income within the prescribed time if its income exceeds the maximum amount which is not chargeable ..... with. that being so, why the aop be not entitled to carry forward of loss suffered in business the controversy arises merely because of the provisions of section 67a and section 86 of the act. it would, therefore, be necessary to examine the scope and purpose of these provisions of law. these provisions are quoted hereunder for the sake of ready .....
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 : May-28-2003
Reported in : (2004)88ITD1(Kol.)
..... evident that taxation of association of persons as a separate entity and assessment of its members individually is permissible in law.21. this takes me to section 86 of the act. this section quoted above provides the treatment of share of a member in the income of association of persons or body of individuals. as a general rule, ..... persons.the association of persons being a separate assessable entity is obliged to file the return of income and also pay taxes as per the provisions of the act. section 139(1) makes it obligatory for the association of persons to file the return of income within the prescribed time if its income exceeds the maximum amount ..... so, why the association of persons be not entitled to carry forward of loss suffered in business? the controversy arises merely because of the provisions of section 67a and section 86 of the act. it would, therefore, be necessary to examine the scope and purpose of these provisions of law. these provisions are quoted hereunder for the sake .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Apr-30-2003
Reported in : (2005)95TTJ(Kol.)398
..... were satisfied and the assessee had made export earnings in dollars in convertible foreign exchange, the assessee should be considered to be entitled to deduction under section 80hhc of the it act.10. learned departmental representative relied upon the orders of the authorities below. he also submitted that foreign currencies were neither goods or merchandise nor were they ..... the representation before him in support of the contention that foreign currency notes are to be treated as goods for the purpose of allowing the deduction under section 80hhc of the act. 5. for that the learned cit(a) erred in fact as well as in law in upholding the disallowance of 5 per cent of (1) ..... in error in confirming such order when trading in foreign currency assumes the meaning of trading in goods and merchandise and is eligible for deduction under section 80hhc(3)(b) of the act. in reversing the orders of the authorities below, we allow this ground taken by the assessee.13. the next ground relates to cit(a) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Apr-07-2003
Reported in : (2003)86ITD96(Kol.)
..... 83 (sc) where it has been held that orders passed by the ao without application of mind fall within the category of erroneous orders within the ambit of section 263 of the it act, 1961. the relevant observations of their lordships of the delhi high court in the case of gee vee enterprises v. addl. cit and ors. (1975) ..... products derived from processing of mica minerals and mica ore will not amount to export of minerals and ores and hence will (sic-not) qualify for relief under section 80hhc of the it act, 1961.8. it is clear from the above discussions that 'processed minerals' and 'minerals' cannot always be treated at par. this position has duly been ..... 1984, that the export of cut and polished diamonds and gem stones will not amount to export of minerals and ores and hence will qualify for relief under section 80hhc of the it act, 1961. 3. in the case of mica, the mineral/ore is subjected to several processing operations such as disintegration, washing, drying and removal of alien metals .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Mar-25-2003
Reported in : (2003)86ITD135(Kol.)
..... law. a person can hold the land and another person can be owner of the building or superstructure constructed thereon. this is fully recognized under the it act. section 32 of the it act provides for depreciation on buildings, etc. while considering the question whether building includes the land, it was held that from its very nature, land neither ..... the figure of total turnover for the purpose of computing the profit on export of manufactured goods, while computing the deduction under section 80hhc(1) of the act, read with section 80hhc(3) of the act.1. since, this ground is dependent on the ultimate outcome of ground no. 9(a), we are not taking any cognizance ..... on export of trading goods against the profits realised by the appellant on export of manufactured goods, while computing the deduction under section 80hhc(1) of the act, r/w section 80hhc(3) of the act.1. it was submitted before us by the learned authorised representative that the issue has been decided against the assessee by the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-27-2003
Reported in : (2004)89ITD125(Kol.)
..... for a particular year becomes, by legal fiction, part of the depreciation allowance for the succeeding year. in the light of the provisions contained in section 323(2) of the act it is well-settled that for claiming set off of unabsorbed depreciation in a succeeding year, the continuance of the business in relation to which such ..... hearing on 23-3-98. having received the show cause notice under section 263 of the act the assessee submitted a reply in writing vide its letter dated 23-3-98 saying that the adjustment of unabsorbed depreciation has been rightly done by the ..... of the present partnership (sic) by the a.o. was erroneous and prejudicial to the interest revenue. he, therefore, issued a show cause notice under section 263 of the act to the assessee as to why the assessment made by the a.o. should not be rectified by disallowing set off of brought forward unabsorbed depreciation fixing the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-31-2003
Reported in : (2004)83TTJ(Kol.)409
..... .9. in view of the above discussion, we are of the considered view that the cit(a) indeed erred in sustaining the impugned order under section 154 of the act. we, accordingly deem it fit and proper to cancel the impugned order.10. we may make it clear that as we have decided the matter ..... commission payments. we are thus urged to uphold the orders of the authorities below and decline to interfere in the matter.4. we find that section 194h, which was reintroduced by the finance act, 2001, w.e.f. 1st june, 2001, imposes certain tax deduction obligations on persons, other than individuals and huf, paying commission or ..... brokerage to a resident. the expression 'commission or brokerage', for the purpose of section 194h, has been defined as follows : "'commission or brokerage" includes any payment received or receivable, directly or indirectly, by a person acting on behalf of another person for services rendered (not being professional services) or for any services in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-21-2003
Reported in : (2004)88ITD404(Kol.)
..... (sic) or should have not been resident in india in all nine out of the ten previous years preceding that year is wrong interpretation of sub-section (6) of section 6 of the act. in support of his contention the ld. counsel has placed reliance on the commentaries of some learned authors and on an article written by sri s. ..... that) out of ten previous years preceding that year.10. to decide the issue in hand, the scope of total income as defined under section 5 of the act is to be kept in mind. section 5 of the act defines the scope of total income with reference to the different residential status of the assessee, viz. (1) residents and ordinarily residents, ( ..... law. the ld. counsel for the assessee is not able to point out any substantive material or the fact so as to render the initiation of proceedings under section 147 of the act as invalid and without jurisdiction. in fact, no substantive argument has been putforward by the ld. counsel for the assessee on this issue. even in the written .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-16-2003
Reported in : (2003)85ITD133(Kol.)
..... consider the relevant facts and determine for himself whether the commission said to have been paid to the selling agents or any part thereof is properly deductible under section 37 of the act." (p. 440) in the light of the above well settled judicial principles of law, let me proceed to consider as to whether in this case the ..... between the members originally constituting this bench, then point of difference of opinion was referred to honble vice president (kolkata zone) as third member under section 255(4) of the income tax act.in accordance with the majority view after duly taking into account the opinion expressed by the learned third member, we hold that the payment of ..... a difference of opinion amongst the members constituting the bench in regard to the following issues, i was nominated as third member by the honble president under section 255(4) of the income tax act, 1961 : "whether, on the facts and in the circumstances of the case, the payment of service charges of rs. 10,48,895 to .....
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