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Nu-stores (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1996)59ITD150(Kol.)

..... of beneficial ownership can hardly be applied in the matter in hand. the assessee being a closely-held company shall be governed by section 40 of the finance act, 1983 wherein there being no provisions providing for embracement within the fold of 'net wealth' the principle of beneficial ownership or for that matter the property ..... the ld. cwt (a).8. we have consciously considered the rival contentions. the assessee undisputedly is a closely-held company in respect whereof section 40 of the finance act, 1983 is applicable wherein the terms 'assets' as also 'net wealth' have specifically been defined/explained for the contextual purpose and as such the said section ..... applicable in the matter in hand. in our humble opinion, the provisions contained in explanation 1 to section 2(m) of the wt act which have been introduced by the amendment by the finance act, 1987, no doubt embrace the principle of beneficial ownership by way of deemed ownership as contained in section 27(iiia), (iiib), section .....

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 .....

M/S. Technique Unemployed Engineers Co-operative Society Ltd. Vs. Comm ...

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Kolkata

..... undisputedly, the major portion of the demand i.e. rs.2.07 crores, is covered by the retrospective amendment inserted by virtue of section 97 and 98 of the finance act, 2012 relating to repair and maintenance of road service. both sides agree that the said issue is no more in dispute, hence the demand to that extent is not ..... of widening of road, repairing and maintenance of roads etc., rendered during the said period. it is his submission that by virtue of section 97 and 98 of the finance act, 2012, such services are held not be liable to tax retrospectively covering the disputed period. in relation to balance amount, the ld. chartered accountant submits that around rs. ..... 57,95,635/- and equal amount of penalty imposed under section 78 and penalty under section 76 (not quantified) and rs.5,000/- penalty under section 77 (2) of finance act, 1994. 2. at the outset, the ld. chartered accountant shri a.k. agarwal for the applicant submits that the period involved in the present case is from 16. .....

income-tax Officer Vs. Kenaram Saha and Subhash Saha and

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)301ITR171(Kol.)

..... 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 ..... 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 ..... high court in the case of kamath marbles v. ito have upheld the constitutional validity of section 40a(3) and of rule 6dd after amendment by the finance act, 1995 and the income-tax (fourth amendment) rules, 1995, respectively.11. he further submitted that while upholding the constitutional validity of amendment in section 40a( .....

income-tax Officer Vs. Shri Krishna Bhandar Trust

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)29ITD15(Kol.)

..... 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 which the persons mentioned in clauses ..... (including surcharge on income-tax, if any) applicable in relation to the highest 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 ..... tax (including surcharge on incomes, if any) applicable in relation to the highest slab of income in the case of an association of persons as specified in the finance act of the relevant year. in support of the contention that the assessees before us should be assessed in the status of an association of persons, learned departmental representative .....

Azimganj Estates Pvt. Ltd. Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1997)60ITD348(Kol.)

..... ltd. 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 case ..... been shown by the assessee as building in progress, bifurcated details of which have also been submitted by the assessee. under cl. (vi) of s. 40(3) of the finance act, 1983, it is "building" which is a taxable asset. the incomplete portions of the building, which have been alleged by the assessee to be the unfinished stock, cannot ..... building in progress.accordingly, we hold that the portion shown by the assessee as building in progress is not a taxable asset within s. 40(3)(vi) of the finance act, 1983, and so the impugned order of the learned cit(a) (sic) in upholding the assessment order of the wto in bringing the said building in progress to .....

Birla Tyres Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

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 .....

Birla Tyres Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

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 .....

Assam Fronter Tea Co. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1994)49ITD412(Kol.)

..... described as "source rule" in the circular no. 202, dated 5-7-1976 issued by the cbdt explaining the provisions of the finance act, 1976, was introduced in section 9. this simple and comprehensive 'source rule' was incorporated in clause (v) of section 9(1) which was introduced on 1-6-1976. ..... directly or indirectly, through or from any money lent at interest and brought into india in cash or in kind was deemed to accrue or arise in india. the finance act, 1976, omitted the reference in the aforesaid provision to the interest income with effect from 1-6-1976. from that day a simple and comprehensive rule, which is ..... the income with which we are concerned represents interest income. according to the ld.representative for the assessee, when specific provision has been made in the i.t. act for taxing the interest income of a non-resident, the general provisions of section 9(1)(0 were not applicable. the judgment of the gujarat high court in meteor .....