Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jun-30-2003
Reported in : (2004)82TTJ(Kol.)517
..... loan creditors along with loan confirmation with name, address and it file no. of loan creditors in duplicate for unsecured loan. (3) letter from bank/financing company or department regarding sanction of secured loan/cash credit limit/bill discount and purchase mentioning details of securities/hypothecations offered either by the assesses-company or ..... date of payment. give xerox copies/evidences. (10) name, present postal address, it file no. of persons concerned covered under section 40a(2)(b) of the it act. (12) produce books of accounts, bills/vouchers, bank statement along with bank reconciliation, etc." 7. apart from the said notice, another notice under section 143(2 ..... by the ito is unsustainable in law. this decision has been referred by different high courts and tribunals while deciding, similar issue under section 263 of the act. further, the jurisdictional high court in the case of subhas projects & marketing ltd. (supra) has held as follows : "in exercise of power under section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Aug-06-2003
Reported in : (2003)87ITD653Cal
..... and risks related to the project with a view to providing financing or other credit support to finance the construction and start-up costs expected to be incurred upto project completion. (d) mep will act as representative of the financial institutions and on instructions from the ..... ) will review the project documentation with respect to technical feasibility and economic viability on behalf of the asian development bank, commonwealth development corporation, international finance corporation ecgd and icici (india) (the "senior lenders"). this engineering review will encompass the proposed design, procurement, construction, startup and testing, ..... review the project documentation with respect to technical feasibility and economic viability on behalf of the asian development bank, commonwealth development corporation, international finance corporation, ecgd and icici (india) the "senior lenders"). this engineering review will encompass the proposed design, procurement, construction, start-up .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-14-2003
Reported in : (2004)84TTJ(Kol.)504
..... from such building at any material time.5. on 26th march, 1992 the state government granted lease of the building for a period of 33 years to the peerless general finance & investment co. ltd. (pgfi) with the following condition: (i) that pgfi will use the building only for the purpose of running a hotel; (ii) that pgfi is ..... rs. 18 lakhs per year and lease rent of rs. 32 lakhs per annum. the ao was of the view that the agreements between the assessee-company and peerless general finance investment co. ltd. dt. 20th july, 1992 and 1st april, 1996, are for managing and running an existing hotel or at least running a hotel in a building, ..... section 80-ia have been satisfied and the assessee is entitled to the deduction under section 80-ia of the act.15. we have considered the rival submissions, gone through the agreements between the government of west bengal and peerless general finance & investment co. ltd., and the assessee. we find that the present business of hotel of the assessee was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-14-2003
Reported in : (2004)88ITD363Cal
..... from such building at any material time.5. on 26-3-1992 the state government granted lease of the building for a period of 33 years to the peerless general finance & investment co.ltd. (pgfi) with the following condition: (i) that pgfi will use the building only for the purpose of running a hotel; (ii) that pgfi is empowered ..... lakhs per year and lease rent of rs. 32 lakh per annum. the assessing officer was of the view that the agreements between the assessee-company and peerless general finance investment co. ltd. dated 20-7-1992 and 1-4-1996 are for managing and running an existing hotel or at least running a hotel in a building, plant ..... section 80-ia have been satisfied and the assessee is entitled to the deduction under section 80-ia of the act.15. we have considered the rival submissions, gone through the agreements between the government of west bengal and peerless general finance & investment co. ltd., and the assessee. we find that the present business of hotel of the assessee was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-16-2003
Reported in : (2003)85ITD95(Kol.)
..... two persons to all the five members of the contracting group as below: you will provide services to us and our associates in the field of our business of financing, money lending, investment, leasing, hire purchase, trading, consultancy, agency, broking etc. as may be required from time to time. within our various business matters ..... lok nath & co. v. cwt (1996) 217 itr 310 (sc), wherein the honble supreme court has held that an erroneous citation of provision of the act in the assessment order will not invalidate or itself.according to the learned departmental representative, since the demand notice is an accompanying statement of the assessment order, it ..... rs. 55,044".(v) "for that learned commissioner (appeals) was wrong in confirming levy of interest under sections 234a, 234b and 234c of the income tax act".(vi) "for that learned commissioner (appeals) was wrong in not admitting additional grounds and confirming the assessment order and demand notice which were not in accordance with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-18-2003
Reported in : (2004)89ITD347(Kol.)
..... was also transferred to keventer and moreover the assessee-company had also entered into an agreement with the financial institution to stood as a guarantor and to part finance the fruit juice manufacturing project of the keventer. it is to be noticed that because of selling the total holding of the assessee in the keventer the ..... -company to five sister companies were immediately transferred by the keventer in its share register in spite of the applicability of section 79 of the i.t.act and existence of a restrictive clause in the loan agreement entered into by the keventer with financial institutions whereby the keventer was restrained by financial institution not ..... believe transaction and dubious means cannot be recognised. the hon'ble gujarat high court in the case of banyan & berry (supra) has observed that if the acts are unambiguous and bona fide, but results in reduction of tax liability or expectation of tax benefit in future does not amount to colourable device, dubious method or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Oct-07-2003
Reported in : (2004)87TTJ(Kol.)1114
..... two carriers in 1996 and 1997 for the purpose of his transport business and had given the lorry numbers to the assessing officer which was also financed by usha martin finance corporation. it is conclusively proved that j.k.carriers did carry on the business of common carrier and the allegation of the assessing officer was motivated ..... in his favour if there is no other evidence.the hon'ble calcutta high court in the case of northern bengal jute trading co. ltd. v. cit (1968) 70 itr 407 (cal) has observed that each case has got to be decided on the facts and circumstances of the case.the surrounding circumstances to be considered ..... such the loss claimed was wrongly disallowed.the learned distinguished counsel strongly contended that the whole approach of the assessing officer is biased and vitiated. the assessing officer acted in an arbitrary and illegal manner and in gross violation of natural justice and fair play. no reasonable, proper or adequate opportunity was given to the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Mar-07-2003
Reported in : (2003)79TTJ(Kol.)915
..... from the end of such assessment year; (ii) where the return relates to a previous year relevant to the assessment year commencing on the 1st day of april, 1968, three years from the end of the assessment year; (iii) where the return relates to a previous year relevant to any other assessment year, two years from ..... tribunal or high court, by itself will not be sufficient to attract the principle of beneficial interpretation." 44. i have elaborately discussed the various provisions of the act and sought to justify the conclusion that the decision of the supreme court in the case of kullu valley transport co. ltd. (supra) is inapplicable after the ..... -85.i have pointed out elsewhere in this order that circular no. 469, dt.23rd set., 1986, explained the amendment made under the taxation laws (amendment & miscellaneous provisions) act, 1986, effective from 1st april, 1987. as already pointed out, the decision of the calcutta high court in the case of presidency medical centre (p) ltd. (supra) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Mar-07-2003
Reported in : (2003)85ITD215(Kol.)
..... , four years from the end of such assessment year, (ii) where the return relates to a previous year relevant to the assessment year commencing on the 1-4-1968, three years from the end of the assessment year; (iii) where the return relates to a previous year relevant to any other assessment year, two years from the ..... prohibits determination of loss and its carry forward and set off except where the return is filed either under section 139(2) or section 139(1) of the 1961 act.according to the learned departmental representative, the decision of the supreme court in the case of kulu valley transport co. (p) ltd. (supra) has been considered in ..... of having sought extension of time, and since the returns filed by the assessee-company were admittedly filed beyond time limit set out in section 139(1) of the act, commissioner (appeals) upheld the stand of the assessing officer. aggrieved by the orders of the commissioner (appeals), the assessee is in further appeal before us.rival contentions .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-16-2003
Reported in : (2003)85ITD133(Kol.)
..... or various concerns in russel industries ltd. corresponding deductions have been claimed in respective assessments. it was claimed that the aforementioned persons were experts in the field of financing, money lending, investment, leasing, hire purchases, trading, consultancy agency, broking, etc. the assessing officer made local enquiries through the inspector of the income tax department ..... 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 service charges ..... 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 shri sanjiv .....
Tag this Judgment!