Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Sep-23-1982
Reported in : (1983)3ITD359(Kol.)
..... supra), allowed deduction at 60 per cent on the gross dividend income. section 80aa, quoted above, was newly introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968.the department has challenged the finding of the commissioner (appeals) on the ground that deduction allowed by the commissioner (appeals) is ..... direction of the commissioner (appeals) regarding deduction allowed by him under section 80m. a new section 80aa was introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968. section 80aa shall be quoted later on. the supreme court pronounced a judgment in the case of cloth traders (supra). the ..... net dividend.shri bajoria, the learned departmental representative, referred to section 80aa and stated that the section was introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968. under the circumstances, deduction under section 80m cannot be allowed on the gross dividend of the assessee. shri bajoria stated .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Mar-20-1982
Reported in : (1982)1ITD857(Kol.)
..... consequently does not apply to a case where any order of assessment or levy is passed. the purpose of sub-clause (hi) of section 2(m), as inserted by the finance act, 1959, with retrospective effect from 1-4-1957, is explained by the memorandum explaining the financial proposals as under : ordinarily, debts owing by the assessee have to be ..... m) deals with debts or liabilities by way of tax, penalty or interest payable in consequence of any order passed under or in pursuance of the income-tax act or other acts. in the case of the assessee, we are only concerned with tax, and not penalty or interest.in the case of interest the liability may be automatic even ..... , that is, deduction of tax from the salaries payable to the employees, would not amount to a liability arising in consequence of any order passed under the income-tax act or other acts specified therein. therefore, he held that the conditions envisaged under items (a) and (b) to sub-clause (iii) of section 2(m) would not be satisfied .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-05-1982
Reported in : (1982)1ITD831(Kol.)
..... counsel for the assessee has specifically brought to our notice the provisions of section 12, as it existed during the year under consideration, and before amendment by the finance act, 1972, which came into force from 1-4-1973. according to him, the voluntary contributions received from mohini thapar charitable trust would be liable for assessment if the ..... karamchand thapar & bros. (p.) ltd. exceeded 5 per cent of capital of that concern and, therefore, the exemption was hit by section 13(2) of the act. on the basis of this position, the learned counsel for the assessee contended that inasmuch as the income of mohini thapar charitable trust was not exempt under section 11, ..... section 12(2) was not applicable and, therefore, the assessee's case squarely falls within section 12(1) of the act, as it existed in the year of account. section 12(1), as it existed at the relevant accounting year, exempted the income derived by a trust for charitable .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-22-1982
Reported in : (1982)1ITD1(Kol.)
..... his knowledge.11. the departmental representative then referred to the memo explaining the provisions in the finance (no. 2) bill, 1965, as a result of which explanation 3 was added to the provisions to show that each one of the objects of the ..... which the expression "charitable purpose" has been narrowed down in scope.18. the explanation uses the expression "religious nature" which has not been defined in the income-tax act, nor the word "religion" defined. therefore, we have to understand the meaning of this expression according to the plain dictionary meaning.according to stroud's judicial dictionary, " ..... in response to a query from the bench, the learned departmental representative fairly admitted that the trust has qualified for exemption under section 11 of the 1961 act up to and including the assessment year 1979-80 though it was stated that no certificate under section 80g had yet been granted to the trust within .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Sep-23-1982
Reported in : (1984)8ITD349(Kol.)
..... income subject to advance tax and so far as it is not due to variations in the rates of tax made by the finance act enacted for the year for which the regular assessment is made'.5. from a comparative study of the provisions of sub-section (1a ..... 217 but in proceeding against the assessee for recovery of tax by treating the assessee as a defaulter in terms of section 218 of the act. sub-section (2) of section 218 (as it stood at the relevant time) reads as follows: "if any assessee has sent under ..... interfere with his order.3. in rejoinder, the assessee's learned counsel drew our attention to the notice under section 154 of the act issued by the ito wherein he had indicated his intention of charging interest from the assessee under section 215 but later on, he ..... of the assessee-company to file estimate of advance tax in terms of sub-section (3a) of section 212 of the act. on verification it has been found by the learned commissioner (appeals) that the assessee had, in fact, filed the said .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Mar-26-1982
Reported in : (1984)7ITD913(Kol.)
..... to how should the properties fully developed and tenanted be valued. the tribunal had valued them by yield method following the ratio of ced v. radha devi jalan's [1968] 67 itr 761 (cal.) the departmenal valuer had valued them by yield method and then added the reversionary value of land and building to such value. their lordships referred ..... the mandatory nature thereof. the ratio of the ganga properties' case (supra) cannot, therefore, be applied to the facts of the present case which is under the act. we are as such not prepared to accept the arguments of the learned counsel for the assessee that the commissioner's order is bad due to its being in conflict ..... wilful and arbitrary and totally unjustified on the facts of the present case. the submission of the learned counsel for the assessee that there was no provision in the act barring the wto from making an assessment without waiting for the valuer's report is not tenable. a combined reading of the two sections referred to above makes .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : May-14-1982
Reported in : (1983)3ITD80(Kol.)
..... the following cases : jamnalal nathni v. cit [1982] 134 itr 686 decided by their lordships of the madhya pradesh high court; cit v. a. raman & co.[1968] 67 itr 11 decided by their lordships of the supreme court for the proposition that as a result of information regarding evasion of tax initiation of reopening proceedings under section ..... was directly on the issue. deriving support from the above decision i would hold that the ito had erroneously applied the provisions of section 147 of the income-tax act, 1961. the assessment is, therefore quashed.5. hence, the instant appeal by the revenue before us on the grounds referred to above.6. on behalf of the ..... , was not considered. he felt that the expression 'person' appearing in section 40(c) shall have the meaning assigned to it in section 2(31) of the act. the reopening proceedings and the withdrawal of the relief were resisted by the assessee. the learned ito, while hearing the objection of the assessee notwithstanding, considered that the .....
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