Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : May-29-2003
Reported in : (2004)89ITD44(Kol.)
..... the new section retrospectively was to set the existing controversy on this issue at rest and not to unsettle the cases by raising the issue afresh. 23.2 through finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the assessing officer shall not reassess the cases under section 147 of pass an ..... 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 ..... the net dividend income and not gross dividend income was, in this retrospective operation, was held merely declaratory of the law as it always had been since april 1, 1968 by the supreme court in that case of distributors (baroda) p. ltd. and as such no complain can be validly made against the retrospective operation of the section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jul-21-2003
Reported in : (2004)89ITD199Cal
..... assessed under the head 'income from other sources' right from the assessment year 1965-66 onwards. there was, however, an amendment in section 27(iii) of the income-tax act, 1961 by the finance act, 1937 with effect from 1-4-88 by virtue of which clause (iiia) and clause (iiib) have been inserted. the relevant section 27(iiib) reads as under: ( ..... the assessing officer had issued intimations for the respective assessment years under section 143(1)(a) of the income-tax act, 1961. subsequently, it was discovered by the ao that section 27(iii) of the act had been amended by the finance act, 1987 with effect from 1-4-88 and the transactions covered under section 269ua incorporated with effect from 1-10- ..... 86 by the finance act, 1986 had been made applicable and that by virtue of the said amended provisions the income of the assessee was to be assessed under the head 'income from house .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Nov-25-2003
Reported in : (2004)89ITD172(Kol.)
..... granted is rendered incorrect on the happening of the crucial event after the coming into force of the sub-section, and by the express terms of s. 28 of the finance act, 1956, the sub-section comes into force on april 1, 1956. we are unable, therefore, to agree with the learned counsel for the respondent that the language of ..... union of india v. madan gopal kabra 25 itr 58 (sc), the hon'ble court held: "nor can it be said, in strictness, that the finance act, 1950, is retroactive legislation. that act, as already noticed, purports by section 2 to charge income-tax and super-tax at specified rates "for the year beginning on the 1st day of april, ..... acquisition as nil in terms of the following provisions of sub-clause (iiia) of clause (aa) of sub-section (2) of section 55 of the income-tax act, 1961 which has been inserted, by the finance act, 1995 with effect from the assessment year 1996-97 (sub-clause (iiia) in short). "meaning of "adjusted", "cost of improvement" and "cost of acquisition". .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : May-28-2003
Reported in : (2004)88ITD1(Kol.)
..... aop, which is otherwise chargeable to tax at the normal rates as applicable to an individual, huf, boi etc. falls below the minimum taxable limit specified in the finance act of the relevant assessment sic this interpretation. in the first proviso to section 86, two situations are envisaged viz., in clause (a), a case where an aop ..... the normal rates as may be applicable to an individual, hindu undivided family, body of individuals, etc. falls below the minimum threshold of taxation specified in the finance act of the relevant assessment year. the said clause provides that in such a situation, though the share of the member in the income of an aop as ..... the aforesaid sections.according to the counsel, an aop is normally subjected to tax at the rates which are applicable to an individual, huf as specified in the finance act for the relevant assessment year. however, section 167b is a departure from such normal position. under section 167b(1), where the individual shares of the members of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jun-06-2003
Reported in : (2004)267ITR1(Kol.)
..... aop, which is otherwise chargeable to tax at the normal rates as applicable to an individual, huf, boi, etc. falls below the minimum taxable limit specified in the finance act of the relevant assessment this interpretation, in the first proviso to section 86, two situations are envisaged viz., in clause (a), a case where an aop is ..... otherwise chargeable to tax at the normal rates as may be applicable to an individual, huf, boi, etc.falls below the minimum threshold of taxation specified in the finance act of the relevant assessment year. the said clause provides that in such a situation, though the share of the member in the income of an aop as computed ..... the aforesaid sections. according to the counsel, an aop is normally subjected to tax at the rates which are applicable to an individual, huf as specified in the finance act for the relevant assessment year. however, section 167b is a departure from such normal position under section 167b(1), where the individual shares of the members of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Mar-25-2003
Reported in : (2003)86ITD135(Kol.)
..... ble supreme court in the case of ms dhun dadabhoy kapadia v. cit (supra) as the insertion of sub-clause (ii) to section 55(2)(aa) of the act by the finance act, 1994, is effective only from 1st april, 1995, and is not applicable to the present assessment year. he accordingly directed that the matter should go back to the ..... . 1995-96 as pointed out by the learned authorised representative to plug this loophole by the insertion of sub-clause (ii) to section 55(2)(aa) of the act by the finance act, 1994, which provides that the cost of acquisition of right entitlement would mandatorily be taken at nil. in the light of these facts and circumstances of the case, ..... 1995-96 as pointed out by the learned authorised representative to plug this loophole by the insertion of sub-clause (ii) to section 55(2)(aa) of the act by the finance act, 1994 which provides that the cost of acquisition of right entitlement would mandatorily be taken at nil. in the light of the these facts and circumstances of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Apr-07-2003
Reported in : (2003)86ITD96(Kol.)
..... reason that during the assessment year under consideration (1990-91) the benefit of section 80hhc was not available on minerals and ores which includes mica.13. it was only the finance act, 1991, when section 80hhc(2)(b) was amended and the said items were benefited (specified in schedule 12) only w.e.f. 1st april, 1991 (i.e., asst. yr ..... of april, 1991, and will accordingly apply in relation to the asst. yr. 1991-92 and subsequent years." 15. it is observed from the notes on clauses of finance (no. 2) act, 1991, that by the amendment of section 80hhc(2)(b) the legislature sought to extend the benefit of deduction under section 80hhc in respect of profits derived from export ..... ) and also from the case of cit v. n.c. budharaja & co. (1993) 204 itr 412 (sc)." "the contention of the learned counsel that the amendment inserted by finance (no. 2) act of 1991 w.e.f. 1st april, 1991, should be made applicable even to the years prior to the amendment cannot be accepted for the simple reason that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Sep-18-2003
Reported in : (2004)86TTJ(Kol.)996
..... lorries and trucks in its lease business and claimed depreciation at 40 per cent thereon. the assessing officer found that the assessees are engaged in the hire purchase and lease financing business and not in the business of running motor lorries and trucks on hire; he, therefore, asked the assessee to explain justification of its claim of depreciation at ..... court and reported in (2002) 173 ctr (sc) 475 -(2002) 254 itr 98 (sc) (supra), in which it was held that investment allowance under section 32a of 1964 act, could not be denied to the assessee, whose business consisted of leasing of machinery, on the ground that the machinery had not been used by the assessee and that the ..... is the specified machinery 'which is owned by the assessee is wholly used "for the purposes of the business carried on by him", whereas in section 32 of the act, the words "carried on by him" are missing. in our opinion, the ratio of the said decision clinches the issue is favour of the assessees and the view .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Apr-29-2003
Reported in : (2003)87ITD88(Kol.)
..... had incorporated section 52 for assessment of capital gains in respect of transfer made for a consideration less than the fair market value. the said section was deleted by the finance act, 1987, w.e.f. 1st april, 1988. their lordships of supreme court in the case of k.p. varghese v.ito (1981) ito 131 itr 597 (sc) ..... a difference of opinion between the learned members constituting this division bench, the following question was referred to a third member for his opinion under section 255(4) of the it act, 1961 : "whether, on the facts and in the circumstances of the case, the addition of rs. 4 crores pertaining to the sale consideration of the copyrights of ..... statistical purposes.as there is a difference of opinion between the members, we refer the following question to the hon'ble president, tribunal, under section 255(4) of the it act, 1961: "whether, on the facts and in the circumstances of the case, the addition of rs. 4 crores pertaining to the sale consideration of the copyrights of 91 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-31-2003
Reported in : (2004)83TTJ(Kol.)409
..... 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. ..... 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 the course of buying or selling of goods or in relation to ..... extra supplies of assessee's products. it was further submitted that the assessee has engaged no agents, brokers or factors who sell the company's products by acting on behalf of the company and, therefore, there is no de facto payment of commission in terms of connotations of that expression in commercial parlance. it is .....
Tag this Judgment!