Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Apr-28-1988
Reported in : (1988)26ITD1a(Kol.)
..... assets, for a period of at least six months ending with the relevant valuation date.the words "owned by him" were substituted for "held by him" by the finance act, 1975. the "bank deposits" are the "assets" referred to in section 5(1)(xxvi). for getting the exemption, the fixed deposit should have been "owned" by ..... consideration". at this juncture, we may state that the provisions of section 11(1a) were introduced by the finance act of 1971 with retrospective effect from 1-4-1962, i.e., the date of commencing of the income-tax act, 1961 to embody in the statute certain concessions which were given by administrative circulars, from time to time. ..... the term now in vogue is 'time liabilities' instead of fixed deposits, which means deposits withdrawable subject to a notice and not on demand. in the banking regulation act, 1949, the words 'fixed deposits' are not mentioned anywhere. fixed deposits as investments. customers usually lodge their money as 'fixed deposits' with banks with a view to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jun-07-1988
Reported in : (1989)28ITD177(Kol.)
..... source by the assessee which it failed to deposit to the credit of the central government. section 201 (1a) of the act was introduced by the finance act, 1966 with effect from 1-4-1966. the rate of interest at 6 per cent was substituted for 9 per cent ..... per cent was substituted for 15 per cent by the taxation laws (amendment) act, 1984 with effect from 1-10-1984. the assessee admittedly ..... by the taxation laws (amendment) act, 1967 with effect from 1-10-1967. the rate of interest was again enhanced from 9 per cent to 12 per cent by the finance act, 1972 with effect from 1-4-1972 and the 12 ..... necessary order by the ito. this distinction has been overlooked. the assessee has jumped upon the provisions of section 231 of the act without making any distinction and taking into consideration the provisions of section 201(1a) and other relevant sections 9. the assessee has .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jun-03-1988
Reported in : (1989)28ITD166(Kol.)
..... under sections 194 and 195 is deducted from the income-tax calculated under section 209(1), the advance tax payable would be nil is not tenable. under the finance act, 1981, income-tax is payable by the assessee on interest and dividend income at 70 per cent. further surcharge at 7j per cent is also payable on income ..... finlay ltd. it was further stated1that, interest and dividends represented income from which tax was required to be deducted at source under chapter xvii of the income-tax act, 1961. it was asserted that under section 209 tax calculated on the estimated income shall be reduced by the amount of tax deductible at source. therefore, the ..... advance tax nor paid advance tax during the relevant accounting year. the ito initiated penalty proceedings against the assessee under section. 273(2)(c) of the income-tax act, 1961. a notice under section. 274 read with section 273 was accordingly issued and served upon the assessee. in response to the notice served upon it the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Dec-29-1988
Reported in : (1989)29ITD293(Kol.)
..... filed on 31-7-1974, for the purpose of penalty under section 271(1)(c), the explanation which was inserted to the finance act, 1964 w.e.f. 1-4-1964 applies. no penalty is leviable even as per that explanation because the income returned was ..... -53 were made on 20-3-1956 and 29-3-1956 and they resulted in interest under section 18a(5) of the it act, 1922. the assessee did not include the interest under section 18a(5) as the income in the return filed for the assessment ..... arrive at the returned income and that the assessee was, therefore, liable to penalty under section 271(1)(c) of the income-tax act, 1961. considering the facts and circumstances of the case, he imposed a penalty of rs. 2,00,000 after obtaining the previous ..... interest under section 214 is exempt from tax is not tenable. interest received under section 214 is an income chargeable to tax under the it act and there is no question of granting any deduction for the said amount while determining the total income of the assessee. (iv) .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Decided on : Mar-28-1988
Reported in : (1989)(24)LC594Tri(Kol.)kata
..... the collector of customs in his order, (3) no order shall be made under sub-section (1) or sub-section (2) after expiry of one year (subs, by finance act, 1984 for 'two years") from the date of the decision or order of the adjudicating authority. (4) wherein pursuance of an order under sub-section (1) or sub- ..... communication from the government clarifying schedule ii, item 12 of the indian customs tariff, duty on that consignment is demanded under section 28(1) of the customs act, the demand order is vitiated.where administrative officers are vested with quasi-judicial powers, they should function and exercise those powers by application of their own minds entirely ..... by the board under section 129-d(1). (i) by the finance (no.s) act, 1980 (act no. 44 of 1980), a far-reaching change has been brought about in the customs act, 1962 particularly in matters relating to departmental adjudication provided under the statute. by this act, for the first time, a statutory tribunal was set up and a .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Decided on : Aug-30-1988
Reported in : (1989)(20)LC221Tri(Kol.)kata
..... at rs. 30,694/-; and imposing a penalty of rs. 2 lakhs jointly on appellant s/shri k.k. datta and a.n. datta under the provisions of gold control act, 1968 (the act for short).2. the appellant k.k. datta, subsequent to the filing of appeal died and legal representatives have been brought on record.3. shri k.k. datta and ..... of the primary gold, gold ornaments and certain accounts, is not disputed before us. the charges were framed against the appellant for contravention under sections 8 and 27 of the act. the appellants were admittedly pawn-brokers. immediately after the seizure of the ornaments, appellant a.n. datta has given an inculpatory statement admitting the fact that he and his brother .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Decided on : Jul-04-1988
Reported in : (1988)(18)LC625Tri(Kol.)kata
..... excise, calcutta, dated 15.6.1979 confiscating 2,235.500 grams of gold ornaments and soverigns valued at rs. 62,928.00 under section 71 of the gold (control) act, 1968, the act for short, permitting redemption of the same on payment of a fine of rs. 90,000/- under section 73 of the ..... the penalty jointly imposed on the appellants under the impugned order, we hold that the appellants would be liable for penalty individually on the basis of contravention under the act found against them. the evidence on record clearly indicates that both the appellants have been transacting in gold without a valid licence by taking orders from various third parties ..... that various people have entrusted ornaments for remaking to sri p.k. das who got them manufactured through goldsmith, sri mondal. the proviso to section 71 of the act is very clear that the gold ornaments belonging to third parties would not be liable for confiscation unless there was knowledge or connivance on their part with reference to the .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Decided on : Nov-15-1988
Reported in : (1989)(21)LC106Tri(Kol.)kata
..... curiously, the adjudication order no. 3/cus., dated 3-2-1983, in its concluding lines, also refer to and rely upon the government of india, ministry of finance, notification no. 76-cus/85, dated 19-6-1985 which only deal with "goods which have been exported to nepal from countries other than india" and only ..... in section 111(d). the department has neither pleased nor placed any prohibitory notification either under section 11(r) or under section 111(d) of the act. (3) the act of importation into india being prima facie legal, the provisions of section 111(d) cannot be made applicable by a fiction that the concerned goods were ..... order of customs authorities imposing confiscation and penalties under section 167(8) [now section 111(d)] is quasi-judicial and the customs authority has the duty to act judicially in deciding the question as to confiscation and imposition of penalty. the discretion vested upon the adjudicator must be exercised judicially and not arbitrarily. the collector must .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : May-05-1988
Reported in : (1988)27ITD589(Kol.)
..... distinguishable on facts and hence is not applicable to the facts of the present case. under the said circumstances, the assumption of jurisdiction under section 263 of the act by the cit was not proper and, further, he was not justified on merits in setting aside the assessment orders of the i ac.consequently, the order passed ..... the statesman' and from allied publications. the assessee is in appeal against the consolidated order passed by the commissioner of income-tax under section 263 of the income-tax act, 1961 for the assessment years 1981-82 and 1982-83. the point did not arise before the inspecting asstt. commissioner while he was completing the assessments. however, the ..... capacity.the hon'ble calcutta high court while considering the proviso to section 16(1)(c) of the 1922 act also considered the decision of the hon'ble supreme court in the case of cit v. jayantilal amratlal [1968] 67 itr 1 wherein the supreme court observed as under: what then is the fair meaning of section 16 .....
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