Judgment Search Results Home > Cases Phrase: finance act 1968 Court: income tax appellate tribunal itat kolkata Year: 2007 Page 1 of about 9 results (0.148 seconds)

Joint Commissioner of Income Tax, Vs. I.T.C. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)112ITD57(Kol.)

..... amendment by the finance act, 2003 is retrospective in nature. however, the hon'ble chennai high court in the case of cit v. synergy financial exchange ltd. (supra) has held that deletion ..... payment has been made otherwise than in cash, the sum has been realized within fifteen days from the due date.the above second proviso has been omitted by the finance act, 2003 with effect from 1.04.2004 and the special bench, chennai in the case of kwality food products reported in 100 itd 198 has held that such ..... . however, the assessee will get the deduction therefor under section 36(1)(va) only if he deposits the sum received from employees before the due date specified under the act, rule, order or notification governing the funds mentioned above. thus the provision of section 43b, which is applicable in respect of employer's contribution, is quite different than .....

Joint Commissioner of Income Tax Vs. I.T.C. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)115TTJ(Kol.)45

..... such payment has been made otherwise than in cash, the sum has been realized within fifteen days from the due date.the above second proviso has been omitted by the finance act, 2003 w.e.f. 1st april, 2004 and the special bench, chennai in the case of kwality milk foods ltd. v. asstt cit has held that such amendment ..... by the finance act, 2003 is retrospective in nature.however, the hon'ble madras high court in the case of cit v. synergy financial exchange ltd. (supra), has held that deletion of second ..... . however, the assessee will get the deduction therefor under section 36(l)(va) only if he deposits the sum received from employees before the due date specified under the act, rule, order or notification governing the funds mentioned above. thus the provision of section 43b, which is applicable in respect of employer's contribution, is quite different than .....

Smt. Mina Deogun Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)117TTJ(Kol.)121

..... new system was to favour those assessees where capital gains accrued over a long period. the cbdt, in circular no. 636, dt. 31st aug., 1992, explained provisions of finance act, 1992 relating to amended scheme of capital gains. in this circular the board explained that in the scheme prior to 1992 a specified percentage was allowed as deduction under section ..... delhi, was purchased by sardar pratap singh, father of the appellant on 16th april, 1958 at a cost of rs. 34,600. on his death on 29th june, 1968; his wife smt. bhajan pratap singh became its owner. she expired on 16th sept., 1999 and the assessee along with her 3 sisters became co-owner of the said ..... to application of the correct cost inflation index for determining indexed cost of acquisition under section 48(2) of the act. the impugned property in question was acquired by smt. bhajan pratap singh on demise of her husband in 1968.accordingly, she was the owner of the property on 1st april, 1981. as per provisions of section 2(42a) .....

Pfh Mall and Retail Management Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)110ITD337(Kol.)

..... properties, i.e. shopping malls/business centres, by engaging in complex commercial activities. it cannot be denied that right from the planning stage and arranging finance for its investments, every subsequent activity of the assessee has been geared towards taking up mall and business centre management as a viable business proposition for ..... high court, in the case of bongaigaon refinery & petrochemicals ltd v.union of india he contended that the jurisdiction exercisable under section 263 of the act being supervisory in nature, permitting suo motu review of any assessment already made, the statutorily enjoined sanctions circumscribing it have to be rigorously construed. the ..... relevant judicial pronouncements, the court held that the rental income derived from the lease is assessable as business income under section 10 of the 1922 act. the learned counsel argued that the main consideration of the court in the said case was whether the lease rent received was from commercial utilisation .....

Asian Exports Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)110TTJ(Kol.)152

..... because it processed cotton into cotton bales and was entitled to the concessional rate of tax within the meaning of sections 2(7)(c) and 2(8)(c) of the finance acts, 1973 and 1974, respectively.nu-look (p) ltd. v. cit (supra) held, reversing the decision of the tribunal, that when the assessee made readymade garments, it ..... for deduction under section 10b as such conversion of juvenile fishes into ornamental fishes could not be considered as manufacturing activity within the meaning of section 10b of the act, by relying on the order of supreme court in the case of venkateshwara hatcheries and ors. (supra). the assessee on the other hand has contended that ..... and/or no new article or thing emerged which are distinctive in character or identity and thereby disallowing the claim of the appellant under section 10b of the it act though it was demonstrated with evidence that the appellant was engaged in the business of ornamental fishes which was produced by them and new ornamental fishes with .....

Varas International (P) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... liquor after importing the same from outside the west bengal. he invited our attention to section 43b and submitted that the provision was inserted by the finance act, 1983, with effect from 1-4-1984 and has enacted a deeming fiction whereby certain expenses can be allowed only on payment basis even if allowable under ..... a) whether, on the facts and in the circumstances of the case and on a correct interpretation of the amendment made by the finance act, 1988 to the section 43b(a) of the income tax act, 1961 which has been explained as clarificatory of legislative intention by the explanatory notes issued by the government, the tribunal was justified in ..... attention to section 27 submitted that the state government has power under it to impose excise duty/countervailing duty on any "excisable article" imported as defined under the act. 6. (a) the learned senior counsel also took us to the various notifications issued by the government of west bengal, department of excise framing rules called the .....

Hutchison Telecom East Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... of the word 'work' for the purpose of section 194c as in the case of s.r.f. finance ltd. v. cbdt . the hon'ble court has held that there are qualitative differences between the word 'work' and the word 'services' and the two words convey different ..... the contention of the assessee regarding pass through charges at the same time he has considered the port charges payment as payment to contractor under section 194c of the act which is not at all justified. it has been contended by the id. counsel that various benches of the tribunal and high court has already interpreted the connotation ..... to the other telecom operators do not come within the purview of contract for "work" and therefore does not attract tax deduction at source under section 194c of the act. 3. the appellant therefore prays that the order treating the appellant as an assessee in default be struck down. 1. without prejudice to grounds i and ii above, .....

Pampasar Distillery Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... the revenue the common ground raised which reads as under : ld. commissioner (appeals), madras, erred by deleting the demand standing in the a name of m/s. parashakti finance & investment ltd. for the under noted reasons: deductor committed default during the respective financial years, i.e., 1994-95, 1995-96, 1996-97, 1997-98 and 1998- ..... hands of successor company that is amalgamated company which is shaw wallace distilleries ltd. as per provision of sub-section (2) of section 170 of the income tax act. now it is for the revenue to initiate appropriate proceedings against the right person i.e. shaw wallace distilleries ltd. in accordance with law. at present the ..... company is taken over as a going concern by the amalgamated company. thus, there is succession of business as provided in section 170 of the income tax act.he further contented that after the date of amalgamation the amalgamating company does not remain in existence and, therefore, cannot be found by the assessing officer. in .....

Vesuvius India Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)116TTJ(Kol.)393

..... (supra) at pp. 8 and 9 of the order has held as under: in the light of the decision of the bombay high court in the case of kotak mahindra finance ltd. (supra), and also the decision of the karnataka high court in the case of dr. section reddappa and ors. (supra), we agree with the reasoning given by the ..... the light of the discussion above, and respectfully following the amritsar bench decision of the tribunal, we accept the assessee's working of interest under section 234c of the act and direct the ao accordingly.6.3 considering the totality of the facts of the case and relying on the decisions of amritsar bench and mumbai benches of the tribunal ..... period of three months. 2. that on the facts and in the circumstances of the case, the learned cit(a) failed to appreciate the fact that section 234c of the it act contemplates chargeability of interest for the period of default subject to maximum of three months and not otherwise. 3. that the appellant craves leave to add, amend, modify, rescind .....