Judgment Search Results Home > Cases Phrase: finance act 1965 section 3 annuity deposit Court: income tax appellate tribunal itat kolkata Page 11 of about 105 results (0.228 seconds)

Ram Gopal Neotia Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD160(Kol.)

..... not cease to be operative and it was open to the ito to take up the matter at the point at which the illegality supervened and to correct his proceedings the notice under section 28(1)(a) of the 1922 act having remained still to be disposed of, the proceedings started after the order passed by the aac could be described as during the course of the assessment proceedings, because the action would relate back to the time when ..... neotia, two brothers, disclosed their investments in the shape of loans and pseudonyms appearing in the books of (i) m/s geekay corporation, (2) m/s auco finance corporation, (3) m/s allied finance corporation, and (4) m/s geekay transport corporations (as per rotation statement -marked annexure a). ..... feeling aggrieved by the tribunal's aforesaid order dated 5-7-1965, the respondent sought to refer a set of six questions of law said to arise out of the said order to the calcutta high court but the tribunal referred the following two questions only for the opinion of ..... of date of total income date of totalassessment filing returned by assessment income return the assessee by the ito assessed------------------------------------------------------------------------------------1958-59 26-10-1969 29,492.06 28-12-1961 33,8641959-60 18-11-1960 50,463.22 30-6-1962 51,0011960-61 31-1-1961 47,611.00 30-8-1962 60,7491961-62 29-9-1962 56,060.07 11-10-1965 58,870------------------------------------------------------------------------------------ 3. .....

Deputy Commissioner of Income Tax Vs. Venkateswar Investment and

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD177(Kol.)

..... if in any particular year, the assessee has nominal business income and has substantial interest income, it does not imply that the assessee's principal business is of finance or granting of loans and advances.similarly, the assessee, the principal business of which is the granting of loans and advances, may earn a comparatively high income from other activities in any particular year and still the ..... 1997-98, whether the assessee can be said to be having principal business of granting loans and advances and not hit by explanation to section 73 of the it act merely because in the preceding assessment years the assessee was not dealing in shares but was having interest income from loans and advances and rental income from leasing." 2. ..... since, its inception the company has been engaged in the business of financing by way of granting loans and advances and earning interest income therefrom. ..... during the financial year 1995-96, the assessee-company started a new line of financing business of leasing and also derived income by way of lease rentals. ..... if in any particular year, the manufacturing or trading company has nominal business income and has substantial interest income, it does not imply that the company's principal business is of finance or granting of loans. ..... if in any particular year, the manufacturing or trading company has nominal business income and has substantial interest income, it does not imply that the company's principal business is of finance or granting of loans. .....

Dy. Commissioner of Income-tax Vs. Venkateswar Investment and

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... than the income of the assessee from other sources in the assessment year 1997-98, whether the assessee can be said to be having principal business of granting loans and advances and not hit by explanation to section 73 of the i.t.act merely because in the preceding assessment years the assessee was not dealing in shares but was having interest income from loans and advances and rental income from leasing." 2. ..... if in any particular year, the assessee has nominal business income and has substantial interest income, it does not imply that the assessee's principal business is of finance or granting of loans and advances.similarly the assessee, the principal business of which is the granting of loans and advances, may earn a comparatively high income from activities in any particular year and ..... its inception the company has been engaged in the business of financing by way of granting loans and advances and earning interest income ..... financial year 1995-96 the assessee company started a new line of financing business of leasing and also derived income by way of lease rentals ..... particular year, the manufacturing or trading company has nominal business income and has substantial interest income, it does not imply that the company's principal business is of finance or granting of loans. ..... particular year, the manufacturing or trading company has nominal business income and has substantial interest income, it does not imply that the company's principal business is of finance or granting of loans. .....

Ellenbarrie Industrial Gases Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2002)83ITD111(Kol.)

..... by the assessee.the ao thereafter refers to certain seized documents which purport to show that those cylinders were repurchased by the assessee from both the lessors by making adjustment of the outstanding amounts of deposits against such purchase considerations.ultimately, the ao came to the conclusion that the sale of the cylinders and their lease-back was just a paper transaction by which the lessors were able to claim depreciation ..... the learned authorised representative of the assessee again referred to bank statement in order to show that from time to time when payment was made towards security deposits the account of the assessee in the bank got detailed.the learned authorised representative of the assessee further said that payment of lease rent were also made by cheque from time to ..... details of payments as made by the assessee to both the concerns as well as subsequent treatment of the same, the ao came to the conclusion that although the assessee had initially made payments towards security deposits to each of the two lessors, ultimately, however, some part of the said security deposit amounts was converted into lease rent payable and also adjusted against such lease rent payable amount. ..... and particularly to understand the nature and scope of undisclosed income as defined under section 158b of the it act, the learned authorised representative of the assessee referred to decision of bangalore bench of the tribunal in the case of kirlosker investments & finance ltd. v. .....

Peerless Hotels Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD363Cal

..... , it is a licence, and (iv) if under the document a party gets exclusive possession of the property, 'prima facie' he is considered to be a tenant, but circumstances may be established which negates the intention to create a lease.a licence is defined in section 52 of the indian easements act 5 of 1882 as a right to do or continue to do, in or upon the immovable property of the grantor, something which would, in the absence of such right, be unlawful and such right does not amount to an easement or an interest in the property ..... our attention was drawn to pages 436-437 of mulla's the transfer of property act, 1882, ninth edition which reads as under: "section 53a : where any person contracts to transfer for consideration any immovable property by writing signed by him or on his behalf from which the terms necessary to constitute the .transfer can be ascertained with ..... state government granted lease of the building for a period of 33 years to the peerless general finance & investment co.ltd. ..... rival submissions, gone through the agreements between the government of west bengal and peerless general finance & investment co. ..... had granted lease of the building to peerless general finance investment co. ..... general finance ..... of the view that the agreements between the assessee-company and peerless general finance investment co. ..... entered into an agreement with peerless general finance investment co. ..... hotel peerless inn is situated had been leased in favour of peerless general finance investment co. .....

State Bank of India Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1983)6ITD225(Kol.)

..... taxation.if it is deducted from the total loss, loss incurred is not allowed.the assessee claimed only the actual loss which it incurred on the opening of the branches under section 16(5), and, therefore, the conclusion of the commissioner (appeals) on this point was fair and he rightly rejected the application of the iac for the enhancement of the income. ..... agreed upon between the re-serve bank and the state bank and attributable to the branches established in pursuance of sub-section (5) of section 16;** ** ** (4) no amount applied for any of the purposes specified in sub-section (2) shall, for the purposes of the indian income-tax act, 1922, be treated as income, profits or gains of the state bank.the state bank, under section 16(5), was to open 400 new branches in addition to branches which it was to open under ..... 207/10/73 it(a-ii), dated 16-4-1973 written by the under secretary of the board to the income-tax adviser and ex-officio deputy secretary, finance department, haryana civil secretariat in which it had been indicated that the board is of the view that the amounts kept in suspense account ..... 14,79,210 on the following items: (i) additions on safe deposit vault including strong 5,69,700 room (ii) additions on safe deposit lockers 11,48,000 (iii) additions on safe 7,34,000 (iv) additions on typewriters and calculators 3,47,140 (v) additions on furniture & fixtures such as cup- boards, counters and storewels 70,12,560 98,61,400 the ..... [1965] ..... [1965] 57 itr 306 ..... [1965] 55 itr .....

Shaw Wallace and Co. Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)86ITD315(Kol.)

..... loan, the same cannot be disallowed on the ground that it was excessive unless the expenditure falls within the prohibitory category provided in section 40 of the act, more so there being no close relation between the assessee- company and m/s.peerless from whom the assessee has raised the loan. ..... receiving lesser amount for a liability and to pay higher amount over a period of 6 years and in these circumstances, in our opinion, in view of the supreme court decision in the case of mangalam finance the expenditure has the effect for the period of loan which is stated to be for seven years in the alternate contention of the assessee. ..... and circumstances and upon consideration of the terms and conditions of the agreements and the submissions of the parties, we are of the opinion that the transaction was a mere finance transaction and the assessee did not become the owner of the assets in reality and, therefore, not entitled to deduction for depreciation. ..... as the lease rental received by the assessee in instalment consists of recoupment or the repayment of the finance provided by the assessee and interest thereon, the portion which relates to the recoupment of loan has to be excluded from the income of the assessee shown and ..... (appeals) in disallowing the claim of depreciation and in accepting assessee's claim to exclude the portion of the receipt of lease rents which consisted of repayment of the finance provided by the assessee.the next ground in the assessee's appeal and ground no. .....

Assistant Commissioner of Vs. A.S. Wardekar

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2001)77ITD405(Kol.)

..... the cit(a) further observed in his impugned order that the assessing officer invoked the provisions of section 10(3) of the act and held that the said receipt was casual and nori-recurring receipt and so was includible in the total income subjec to exemption of ..... cit [1995] 211 itr 500 wherein it was held that- that section 10 of the income-tax act, 1961, lays down certain categories of income which will not be included in the total income of a ..... relevant portion of the judgment was quoted by the assessing officer which is elaborated as under: it may be noted that section 10 deals with exemption of particular types of income from being included in the total income of an assessee. ..... hence, there was no question of invoking the provisions of section 10(3) of the act as held by the madras high court in the case oig ..... gain is not chargeable to tax.on this reasoning the assessing officer mentioned in his order that even if the said receipt was a capital gain, that was not a capital gain chargeable under the provisions of section 45 for the simple reason that there was no cost of acquisition. ..... it is precisely for this reason that proviso (i) to clause (3) of section 10 expressly excludes "capital gains chargeable under the provisions of section 45" from the ambit of the said clause.on the basis of the above judgment, the assessing officer observed that it was certainly a receipt of casual and non-recurring nature and it cannot be considered as capital ..... the amendments made by the finance (no. .....

Kusum Products Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)29ITD293(Kol.)

..... of income for 1974-75 was filed on 31-7-1974, for the purpose of penalty under section 271(1)(c), the explanation which was inserted to the finance act, 1964 w.e.f. ..... 1,14,212 became the income of the assessee.admittedly, the amount of interest under section 214 related to the assessment year 1967-68, the assessment of which was made on 25-2-1972.the assessee's accounting year ends on 31st ..... thus it will be seen that the right to receive the interest under section 214 from the income-tax department in respect of the assessment year 1967 ..... in the subsequent order dated 20-4-1974 the quantum of interest under section 214 was determined at the same figure and it was adjusted subsequently ..... the assessee-company has disclosed full particulars of interest under section 214 both in the return of income and the statements filed along with the return of income for the ..... when proceedings under section 147(a) of the it act, 1961 were initiated, the high court held that as both ..... interest received under section 214 is an income chargeable to tax under the it act and there is no question of granting any deduction for the said amount while determining the total income ..... that assessee for the assessment years 1951-52 and 1952-53 were made on 20-3-1956 and 29-3-1956 and they resulted in interest under section 18a(5) of the it act, 1922. ..... under section 214 of the income-tax act, ..... at the returned income and that the assessee was, therefore, liable to penalty under section 271(1)(c) of the income-tax act, 1961. .....

Karam Chand Thapar and Bros. (Coal Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1998)66ITD39Cal

..... (1935) 3 itr 384 (pc) and learned counsel further submitted that there is no room for doubting the transaction as the transaction is bona fide for the following reasons : (c) financing the companies by this method is a commercially convenient procedure; and (d) in the hands of the vendor-company, the sale price was already subjected to capital gains tax.learned counsel further submitted that the transaction is ..... the sub-section contains a proviso and eight explanations, which explain this term in various ..... 37(4) of the it act, 1961, rates, taxes and repairs of the guest house are not allowable as ..... 37 of the act, and the decision of the hon'ble supreme court in the case of cit ..... 3 to s.43(1) of the act, the ao has to prove that main purpose of the purchase of the assets is with a view to reduce the tax liability by claiming depreciation on the enhanced ..... 43(1) of the act wherein it was stated that the wdv in the hands of the vendor should be taken as the actual cost of the ..... 43(1) of the it act, 1961, learned counsel submitted that a newly ..... 43(1) of the act, learned departmental representative submitted that the disallowance of depreciation by the ao is in order and further submitted that the cit(a) is not justified in directing the ao to allow depreciation on the wdv in respect of 8,76,400 cops ..... 43(1) of the act, learned departmental representative submitted that apart from applying the mcdowell's case (supra), the order of the ao can be supported by the power vested in him vide expln. .....