Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD582(Kol.)
..... .we cannot take into account the explanation 2 for disposal of appeal.but there is no injunction prohibiting us for taking into account the first proviso to section 43b introduced through the finance act, 1987 with effect from april 1,1988. in fact, we have already applied the above proviso in favour of the assessee relating to rs. 410. ..... . the above finding was not challenged before us and, therefore, nothing more be stated. the learned cit( a) also held that the first proviso to section 43b inserted by the finance act, 1987 was applicable from 1-4-1988 and not in the assessment year 1984-85. this view runs counter to the view taken by the hon'ble ..... to the workers' benevolent fund is concerned the contention of the appellant is correct inasmuch as the fund was first created on 1-1-1968 and has been in operation since then. therefore, under section 40a(10) any revenue expenditure in the relevant previous year incurred for the welfare of employees out of this fund should be allowed as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)94TTJ(Kol.)873
..... orders of the authorities below and the materials on record.7. at this stage, we find it useful to set out the relevant provisions of the it act, 1961, the section 271f was inserted in the act by the finance act, 1997, w.e.f. 1st april, 1997 and it then stood as under: "271f. penalty for failure to furnish return of income--if ..... , he shall be liable to pay by way of penalty, a sum of five hundred rupees." 7.1 the aforesaid section 271f as inserted by the finance act, 1997, w.e.f. 1st april, 1997 was later substituted by the finance (no. 2) act, 1998, w.e.f. 1st april, 1999 as under : 271f. penalty for failure to furnish return of income ..... an answer to this question, one has also to take into consideration the intent and purpose of inserting section 271f in the act and the nature of penalty provided thereunder. as already observed above herein, new section 271f was inserted by the finance act, 1997 providing for levy of penalty for failure to furnish return of income within due date only on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)301ITR171(Kol.)
..... at great length. his arguments/submissions can be summarized as follows: 2. that section 40a(3) was introduced by the finance act, 1968, with effect from april 1, 1968. in the memorandum explaining the provisions in the finance bill, 1968, it was explained that the purpose behind the enactment of the provisions of section 40a(3) was to curb wasteful and lavish expenditure and to counter tax evasion ..... (3). it has been contended by learned counsel sri s.k. tulsiyan that section 40a(3) was introduced by the finance act, 1968 with effect from april 1, 1968. he referred to the memorandum explaining the provisions in the finance bill, 1968 and pointed out that the purpose of introduction of section 40a(3) was to curb wasteful or lavish expenditure in the business or profession and to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD44(Kol.)
..... respect of expenditure incurred by the assessee in relationship to income which does not form part of the total income under this act." 9. a new section 14a in chapter iv of the income-tax act, 1961 was inserted by the finance act, 2001, with retrospective effect from 1-4-1962. the circular no. 14 of 2001, dated 22-11-2001 issued ..... of reasoning as given in distributors (baroda) p. ltd. (supra) holding section 80aa, in its retrospective operation, merely declaratory at the law as it always had been since 1st april, 1968, when the provisions of chapter-via were introduced, it must be held that section 14a is enacted to declare the law as it always stood since the inception of ..... the act that expenses incurred can be allowed only to the extent they are relatable to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD753(Kol.)
..... has, in its decision in the case of best & co. (p.) ltd. (supra) held, in connection with clause (iii) inserted in section 40(c) of the act by the finance act, 1963 as from 1-3-1963, that the said provision thereunder was not linked to any particular assessment year as such or even the previous year ..... into force on the 1st day of april, 1983". the section by which sub-section (5) has been inserted in section 37 of the 1961 act is section 17 of the finance act ..... taken by way of miscellaneous application under section 254(2) of the act.5. i have heard the parties and have gone through the finance act carefully. it is true that sub-section (2) of section 1 of the finance act provides that "save as otherwise provided in this act, sections 2 to 43 and section 59 shall be deemed to have come .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)53ITD180(Kol.)
..... modifications and amendments but the substance of the section is the same viz. ..... object of introducing section 80hhc is to encourage the larger export of certain goods. for this purpose, section 89a was first introduced into the income-tax act by the finance act, 1982. thereafter, the section was omitted and it was replaced by section 80hhc introduced by the finance act. 1983. since its introduction, the section has received various ..... , for the first time a definition of the words 'total turnover' was inserted in the section by introduction of explanation (bb) at the end of the section w.e.f. 1 -4-1991 by the finance act, 1990. as per the definition, the total turnover shall not include the cash compensatory support, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)101ITD229(Kol.)
..... does not include expenditure on food or beverages provided by the assessee to his employees in office, factory or other place of their work.the finance act, 1992 has substituted sub-section (2) for sub-sections (2) and (2a) with effect from 1.4.1993 provides a quantum of disallowance. the new provision provides that deduction on account of ..... decisions relied on by the ld. counsel for the assessee arc prior to the substitution of sub-section (2) of section 37 of the income-tax act by the finance act, 1992 with effect from 1.4.1993 and later on amended by the finance act, 1994 with retrospective effect from 1.4.1993, therefore, in view of the non obstante ..... india, has to be determined as per provision of section 37(2) as substituted by finance act, 1992 with effect from 1.4.1993 and subsequently amended by the finance act, 1994 with retrospective effect from 1.4.1993. such section 37(2) overrode the provisions of section 37(1) of the income-tax act. it is pertinent to mention here that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1997)60ITD348(Kol.)
..... was also got vacated for the purpose of being disposed of by sale. he has contended that the object of bringing the company to wealth-tax under the finance act, 1983, was to defeat the avoidance of personal wealth-tax by forming closely-held companies to which the tax avoider assessees transferred their unproductive assets but in this ..... supra) the hon'ble supreme court has laid down that the heads of income described in s. 6 and further elaborated for the purposes of computation in following sections of the it act, 1922, are intended merely to indicate the classes of income and that the heads do not exhaustively delimit sources from which income arises. business income is broken up ..... shares held as stock-in-trade. the hon'ble high court laid down that the heads of income described in s. 6 and elaborated in the following sections do not exhaustively define sources for the purpose of computation of total income and the break up thereby indicated should not be income and the break-up thereby .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD303(Kol.)
..... business of manufacturing goods it could not be 'industrial company'. for that purpose, he has placed reliance upon the explanation to the clause (c) of section 2(7) of the finance act, 1981 which is reproduced above. 4. we find no merit in such contention of learned departmental representatives. such provision has already been interpreted by the ..... the total income @ 55%, which was the rate applicable in the case of an industrial company as defined in the relevant finance act.on 16-7-1991, the assessment was amended under section 154 of the act and in this order, after a some what elaborate discussion, the ito held that the assessee cannot be treated as an industrial ..... income and, therefore, the assessee could not be treated as an industrial company under the relevant finance act. in response to the notice, the assessee's representative appeared before the cit on 16-12-1991 and pointed out that by order under section 154 dated 16-7-1991, the assessee was assessed @ 60 per cent. the cit, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD22(Kol.)
..... , of the profits. this would secure that companies pay a minimum tax, on at least 30 per cent, of their profits." 34. thereupon, chapter vi-b was introduced by section 32 of the finance act, 1983 [1983] 142 itr (st.) 34 as follows : 80wa. restriction on certain deductions in the case of certain companies. --(i) notwithstanding anything contained in any other provision of ..... . this measure will yield a revenue gain of approximately rs, 75 crores." 36. consequently, section 80wa was omitted by section 40 of the finance act, 1987, and section 115j was introduced by section 43 of the finance act, 1987 [1987] 166 itr (st.) 26. " (1) notwithstanding anything contained in any other provision of this act, where in the case of an assessee being a company, the total income, as .....
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