Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-28-1994
Reported in : (1994)50ITD348(Kol.)
..... various operations in india, deployment of men and material and considerable organisation and establishment. for some time such expenditure was regulated by section 44d of the act. only the finance act, 1987 introduced section 44bb with retrospective effect from 1-4-1983. if regard is had to the position and the background set out above, it will ..... the assessments for the assessment years 1983-84, 1984-85 and 1986-87 were made prior to the introduction of section 44bb of the i.t. act by the finance act, 1987 which made the said section applicable with retrospective effect from 1-4-1983, i.e., from the assessment year 1983-84 onwards. in the assessments ..... 3. india woollen textile mills (p.) ltd. v. cit [1978] 111 itr 205 (punj. & har.).according to mr. dastur, the provision was introduced by the finance act, 1987 with retrospective effect from 1-4-1983 and the non-consideration of section 44bb to these assessment years constituted an error apparent from the record. mr. dastur submitted that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Dec-19-1994
Reported in : (1995)53ITD180(Kol.)
..... total turnover' was inserted in the section by introduction of explanation (bb) at the end of the section w.e.f. 1 -4-1991 by the finance act, 1990. as per the definition, the total turnover shall not include the cash compensatory support, duty draw back and profit on sale of import entitlement. this ..... larger export of certain goods. for this purpose, section 89a was first introduced into the income-tax act by the finance act, 1982. thereafter, the section was omitted and it was replaced by section 80hhc introduced by the finance act. 1983. since its introduction, the section has received various modifications and amendments but the substance of ..... no definition of the expression 'total turnover'. only 'export turnover' was defined to exclude freight and insurance. the legislature by an amendment made by the finance (no. 2) act, 1991 with retrospective effect from 1-4-1987 defined total turnover to exclude freight and insurance thereby bringing uniformity in the two. obviously, the approach .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Oct-28-1994
Reported in : (1995)52ITD166(Kol.)
..... assessee was received at a much later period. such a situation is governed by sub-section (3) of section 54e. this sub-section was introduced by the finance act, 1978 with effect from 1-4-1978. the object of the sub-section is clear.since it is common knowledge that where an assessee claims enhanced compensation ..... however, becomes academic if regard is had to the fact that the additional compensation has been invested in "specified assets" as prescribed by section 54e(3) of the act. the cit (appeals) has entered a categorical finding that the additional compensation has been entirely invested in the specified assets, namely, units of uti (capital gains unit ..... -78. in respect of the assessment year 1977-78 with which we are presently concerned, the dispute was with regard to the applicability of section 74a of the act and the .allowability of certain expenses under the said provision. after hearing the rival contentions, the tribunal came to the following conclusion : 12. having regard to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Dec-21-1994
Reported in : (1996)57ITD512(Kol.)
..... made in cash which showed lack of bona fide on its part. referring to the j udgment of the full bench of the delhi high court in cit v. sophia finance ltd. [1994]205 itr 98 (fb) he contended that the onus on the assessee with regard to the degree of proof to be adduced in support of the share ..... to the subscribers is not also doubted. the assessee has also requested, in the course of the penalty proceedings, the ito to issue summons under section 131 of the act to the subscribers, in order to elicit the correct position. it has to be remembered that the assessee's attempt to obtain confirmation from the subscribers failed and this fact ..... addition was accepted by the assessee.5. in the course of assessment proceedings, the ito initiated proceedings for the levy of penalty under section 271 (1)(c) of the act for concealment of income. the assessee submitted an explanation in writing. it was pointed out that the assessee had furnished a list of the share subscribers from which the department .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Oct-27-1994
Reported in : (1995)52ITD239(Kol.)
..... the other hand, there was a statutory bar imposed on such claim by section 77(2) of the act. he drew our attention to the judgment of the calcutta high court in the case of ganga metal refining co. (p.) ltd. v. cit[1968] 67 itr 771. on the question of option to assess the a.o.p. or the members ..... and usha movies and amar jyoti industrial promotion ltd. for exploiting the distribution right of the picture 'bindiya chamkegi'.though the object of entering into the agreements was to secure finance for the purpose of ensuring payment of the huge royalty amounts payable by the assessee in respect of film to the producer m/s. guru dutt films pvt. ltd., ..... the enterprise and efforts of all the three parties in the exploitation of the distribution rights. though the preamble to the agreements recited that the object is for procuring finance for the assessee, an association or combination with the object of producing income can be spelt out by the other terms of the agreements. the fact that in clause .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-11-1994
Reported in : (1994)50ITD118(Kol.)
..... 'limca' etc. at its manufacturing unit at taratola. the assessee set up only a new unit to manufacture the same item under the same management and with the same finances etc. in the facts, though it could be considered as a separate industrial unit, it cannot be said that the assessee set up a new business. even it is assumed ..... assessee was free to adopt a different accounting year in respect of a different or separate source of income even under the same head under section 3(3) of the act. he pointed out that the cit has confused the expression "source of income" with the expression "business" which has resulted in the erroneous conclusion that the assessee cannot ..... the profit of taratola unit. the loss was allowed in the assessment made on 30-3-1988. the cit later took proceedings under section 263 of the income-tax act, 1961.according to him, the assessment order was erroneous and prejudicial to the interests of revenue inasmuch as the loss of the dankuni unit as set off against the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Nov-30-1994
Reported in : (1995)52ITD375(Kol.)
..... 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 ..... within the period of four years, the department would lose the right to send a notice under section 34(1) of the act. this case law also does not come to the rescue of the assessee as in the instant case no return was filed before ..... as a notice under section 139(2), the assessee is not entitled to furnish a return under section 139(4) of the act. therefore, the return furnished by the assessee is held to be a return filed under section 139(2)/section 148 and not a ..... before the assessment is made.12. then according to the provisions envisaged and limitation laid down in section 149(1) of the act no notice under section 148 shall be issued in cases falling under clause (a) of section 147 for the relevant assessment year .....
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