Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD1(Kol.)
..... law as interpreted was that the gross dividend was to be allowed as a deduction under section 80m. subsequently, the parliament by enacting section 80aa by finance (no. 2) act of 1980 with retrospective effect from 1-4-1968, provided that: where any deduction is required to be allowed under section 80m in respect of any income by way of dividends from a domestic company, which ..... the original assessments for the assessment years 1977-78 and 1978-79, section 80aa came to be inserted by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 in the income-tax act, 1961 (for brevity the act) which in substance provides that deduction allowable to a company under section 80m should be computed not on the basis of gross dividend income but .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD15(Kol.)
..... are liable to be taxed in the hands of the assessee 38. the gujarat high court considered the provisions of section 164 as it stood before the amendment introduced with effect from 1-4-1970 by the finance act, 1970. section 164 which was considered. by the gujarat high court was as follows : 164. where any income in respect of ..... slab of income in the case of an association of persons as specified in the finance act of the relevant year.23. as has already been pointed out above, the assessees' case falls under the main section, i.e., section 164(1). in the main section as it stood at the relevant time there is no reference to an 'association of ..... course would result in a benefit to the revenue.20. the finance act, 1965 omitted the words "total world income" with effect from 1-4-1965, consequent on the deletion of section 113 with effect from 1-4-1965.21. the finance act, 1970 substituted the following section in place of the earlier section with effect from 1-4-1970 : 164. (1) subject .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1991)38ITD620(Kol.)
..... invalidate the same. thus, in the present cases, when the incomes were computed, the status of the assessee was known, the rates of tax were known from the finance act, it was not necessary to give the details of computations for the validity of the assessment orders. the ito did all that he was required to do. even accepting ..... sum payable by the assessee as tax on the basis of such assessment of income. that, it seems determines the scope of "making" an order of assessment. section 29 (1922 act) provides for next stage, the intimation to the assessee of the tax he has to pay, tax determined on the basis of the income assessed. the calcutta high ..... (supra) and mahendra j. thacker & co. (supra). in both these cases, the high court was concerned with the facts of the case with reference to the requirement of section 153. section 153 speaks of 'assessment' and not 'assessment order. the high court in their judgment in srnt. krishwanti punjabi's case (supra) at page 708 observed as under: it .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1991)37ITD370(Kol.)
..... relevant entries or legal nature of the deposit in both the accounts and thus made assessments erroneous and prejudicial to the interests of the revenue under section 263 of the act. he accordingly supported the impugned order of the cit.shri tulsiyan in rebuttal, once again, reiterated his submissions already recorded above.8. we have ..... the assessee can also claim deduction in the year in which sales tax or custom duty is actually paid. shri sen also referred to section 41(1) of the act and submitted that remission or cessation of liability was relevant only under the above provision and not otherwise. a receipt which is a trading receipt ..... of the -declaration. thus, deposit is taken under special circumstances. shri tulsiyan referred to relevant provisions of the west bengal finance (sales tax) act, 1941 (hereinafter referred to as the 'sales tax act').he further argued that admittedly no sales tax was recovered by the assessee as per bills. shri tulsiyan sought to distinguish the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1991)37ITD518(Kol.)
..... intervene. it is, however, clear that the provision in question did not achieve the desired result and was, therefore, totally omitted from the statute by the finance act, 1985 with effect from 1-4-1986. all the same, the provision is required to be given effect to as long as it remained on the statute book ..... rickshaw hire charges, etc. were debited in the above account. he was of the view that taxi hire charges were covered by provisions of section 37(3a) of the income-tax act. from the details, the assessing officer estimated taxi hire charges at rs. 6 lacs for purposes of applying the above-said provision. the assessee ..... to hire reflects distinguishing character that use of the thing is not gratuitous. thus, in our opinion, legislature has employed clear language in explanation (c) to the section giving extended meaning to the expression "expenditure" on running and maintenance of aircrafts and motor cars. even expenditure incurred on chartering an aircraft, hire charges for engaging .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)40ITD373(Kol.)
..... accounts for the years relevant to the assessment year 1985-86.the main defence, therefore, of the assessee was that at the time when finance act, 1984 was passed bringing section 44ab on the statute book the assessee was already in arrears of finalisation of his accounts for the earlier assessment years and since the completion ..... letter dated 30-6-1988 demanding causes and reasonable explanation from the assessee for the failure to obtain audit report within the stipulated time as per section 44ab of the act. in compliance to such request of the ito the assessee submitted and explained the causes and reasons for the delay namely, that since the ..... , it is evident from the show-cause notice that the ito requested the assessee to show cause and give reasonable explanation before imposition of penalty under section 271b of the act. subsequently through his letter dated 7-9-1988 the assessee's authorised representative submitted an explanation staling - (i) the books for the previous year .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)40ITD528(Kol.)
..... concealed sales and furnished inaccurate particulars and has thereby returned figures below the real amount. in other words, the delhi high court held that under section 22a(1) of the bengal finance (sales tax) act, 1941 (as extended to the union territory of delhi), the phrase 'is satisfied' means simply 'makes up his mind', that the assessing authority ..... for such failure was not acceptable. it is for this reason that the ito imposed the minimum penalty of rs. 14,945 under section 273, obviously sub-section (b) of section 273 of the act. the cit (a) confirmed this penalty by pointing out that paucity of funds was not a reasonable cause for non-payment of advance ..... of penalty proceedings and in the absence of any evidence to establish such satisfaction, no penalty could be levied against the assessee either under section 273 or under section 271(1)(a) of the act. in support of his submissions, the learned counsel relied on the decision of the supreme court in the case of d.m. manasvi .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD260(Kol.)
..... it and that it would be allowed only on actual payment basis as contemplated by section 43b of the act. in this connection, shri tripathy relied on the amendment brought about by the insertion of 'market fee' in section 43b of the act by the finance act of 1988 with effect from 1-4-1989 and submitted that this amendment clarified the ..... in the assessee's paper book containing 23 pages and pointed out that the amount collected by the assessee was under the bihar agricultural produce markets act, 1960, that under section 27 of this act a market fee of 1 per cent is levied in respect of wheat products such as wheat atta, suji and maida which were specified items ..... or added as forming part of the income of the assessee. shri bajoria further submitted that the cit did not consider or decide about the applicability of section 43b of the act to this amount nor about the admissibility of the assessee's claim for deduction on the method of accounting followed by it, namely, mercantile system of .....
Tag this Judgment!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 : (1992)41ITD342(Kol.)
..... and either increased or decreased the quantum of advance-tax during the financial year. it is worthwhile to reproduce the provision of section 209a which has come into effect from 1-6-1978 by virtue of finance act, 1978: 209a. computation and payment of advance lax by assessee.- (1) every person shall, in each financial year [ ..... the assessee is an old assessee, that is to say, being previously assessed by way of regular assessment under the provisions of the income-tax act. in terms of section 209a it voluntarily filed statement of advance-tax on 14-6-1978 estimating the income at rs. 2,00,000 for the year under consideration and ..... deductible during the said financial year in accordance with the provisions of sections 192 to 194, section 194a, section 194c, section 194d and section 195 on any income (as computed before allowing any deductions admissible under this act) on which tax is required to be deducted under the said sections and which has been taken into account in computing the said .....
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