Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Sep-12-2000
Reported in : (2001)76ITD89(Kol.)
..... articles of food from raw materials in a hotel would not constitute "manufacture or processing of goods" within the meaning of section 2(6)(d) of the finance act, 1968. a company which carries on such activity will not fall within the definition of an "industrial company" under that provision. the decisions of kerala high court in ..... change which is considerable and substantial but in the instant case it is not so. here we consider necessary to refer section 80hh of the income-tax act, 1961. in order to encourage industrial activity in backward areas, this section grants deduction to an assessee, whose total income includes any profits and gains derived ..... spirit supplied by rampur distillery blends them and adding essence bottles them. this amounts 'manufacturing' and, therefore, is entitled to deduction under section 80hh of the act. it is the contention of the learned ar of the assessee that production of potable liquor involves dilution of the alcohol which is the raw material with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-18-2000
Reported in : (2001)77ITD198(Kol.)
..... reasonable interpretation can be given to the section as a whole." the supreme court held that clause (iiid) of section 27 of the income-tax act, inserted by the finance act, 1987 with effect from assessment year 1988-89 was merely clarificatory in nature and should thus be construed retrospectively since the inception of the statute.7 ..... motors (p.) ltd. v. cit [1997] 224 itr 677 (sc) at page 686-- "the supreme court held that the first proviso inserted to section 43b by finance act, 1988 with effect from the assessment year 1989-90, should be construed as having been inserted retrospectively from the date on which the section itself came into existence i. ..... thereafter, the ld. counsel for the assessee refers to the definition of "total turnover" as provided in section 80hhc itself. it may be mentioned in this connection that finance act, 1990 introduced clause (bb) to the explanation to section 80hhc, with effect from 1-4-1991 in accordance with which, for the purpose of this section, " .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Mar-31-2000
Reported in : (2001)77ITD405(Kol.)
..... ld. counsel of the assessee towards instruction no. 1964 dated 17-3-1999 issued by the c.b.d.t. explaining the amendments made by the finance (no. 2) act, 1998 enlarging the definition of assets to include business or commercial rights, right to manufacture, produce or process an article or thing, the board has clarified ..... is not limited by the words "profits" and "gains". a receipt may be taxable as income although it may contain no element of profit and gain. the act describes sources of income and prescribes methods of computing income but what constitutes income discreetly refrains from saying, the definition of income in the interpretation clause [section 2(24 ..... -tax if those could properly be characterised as income either in its general connotation or within the extended meaning given to the term by the income-tax act. according to the counsel of the assessee, the case relied on by the assessing officer was distinguishable because in that case the assessee received the compensation .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Sep-29-2000
Reported in : (2001)77ITD111(Kol.)
..... , the assessee-company has not paid any interest payment. no interest should have been included in the total income of the assessee as per the decisions in cit v. ferozepur finance (p.) ltd. [1980] 124 itr 619 (punj. & har.) and cit v. motor credit co. (p.) ltd. [1981] 127 itr 572 (mad.).6. the arguments of the departmental ..... was passed after the close of the accounting year, was the income of the assessee assessable in the respective years. in one of the years, i.e., assessment year 1968-69, the resolution was passed before the accounting year but that year's appeal was not pressed before the supreme court and, therefore, the supreme court did not pronounce ..... non-income simply because after the event of accrual, the assessee neither decided to treat it as a bad debt nor claimed deduction under section 36(2) of the act. their lordships in the course of discussion extensively dealt with the question as to when income accrues. a large number of cases inclusive of the case of morvi industries .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : May-22-2000
Reported in : (2001)77ITD326(Kol.)
..... of similar products. in fact, the papers produced on our record show that the offer came from one shri udayan bose, chairman of a london based company called credit capital finance corporation limited (hereinafter referred to as "credit") under a private and confidential letter dated 15-12-1994 addressed to the assessee, in which it was stated that 'credit' had been ..... the hands of the assessee could not be subjected to capital gains tax.4. the assessing officer, however, referred to the provisions of section 2(24) of the income-tax act, 1961 and discussed that the definition of "income" as given therein was merely inclusive and not exhaustive. he furthermore stated that income need not necessarily arise from any business activity .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Aug-18-2000
Reported in : (2000)75ITD69(Kol.)
..... has been specifically made clear that the discharged certificate of deposit will not be accepted for renewal unless an application in the prescribed form of the housing development finance corporation filed in properly and completed in all respects is submitted along with the old certificate of deposit. thus it is only on the fresh application that ..... 31st december, 1975, and in that context, their lordships of calcutta high court held that once an application has been made within the time prescribed by the act to the cit for approval, it was immaterial when such approval was accorded inasmuch as the approval would relate back to the date of application for such ..... the assessment year commencing on the 1st day of april, 1977, or the assessment year in respect of which such income first becomes chargeable to tax under this act, whichever assessment year is later, the company exercises an option by furnishing a declaration in writing to the ao (such option being final for that assessment year .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Oct-17-2000
Reported in : (2001)76ITD120(Kol.)
..... v. s. kamaraja pandian [1984] 150 itr 703/18 taxman 187. in northern bengal jute trading co. ltd. v. cit [1968] 70 itr 407 it has been held by the calcutta high court that mere production of a confirmatory letter would not amount to discharge ..... (a), thereafter refers to the details of the depositions made by shri sukhani before the assessing officer under section 131 of the act cit(a) points out that in reply to question no. 4, shri sukhani stated that his younger son shri dhanesh sukhani used ..... referred to me for decision, by the hon'ble president, itat in accordance with the provisions of section 255(4) of the income-tax act, 1961 for both these years :- (i) "whether in the facts, circumstances and evidence on record, the deletion of loan of rs. ..... carefully considered the legal aspects of the matter, particularly the re-opening of assessment under section 147(a) of the income-tax act, 1961. it cannot be ruled out that the re-opening of assessment may be legal and proper but at the same time .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Sep-26-2000
Reported in : (2001)76ITD43(Kol.)
..... before the cit(a)-ix, calcutta. it was contended before him that similar issue was considered by the aac, in respect of assessment years 1966-67 to 1968-69, in favour of the assessee and thereafter, in the assessments for the assessment years 1969-70 to 1989-90 (original assessment), the assessing officer has made ..... deposits with companies. the representatives from both the sides admitted that there is no bar to keeping money of banks in fixed deposits with companies under any banking act, rules and regulations, guidelines, etc. it is again no where specified that such activities of making investments in fixed deposits with companies shall not be considered ..... member: "whether, the interest received by the assessee on the fixed deposit made with cesc ltd. is eligible for deduction under section 80p of the income-tax act, 1961?" 2. the assessee is a co-operative society constituted by the employees of the calcutta electric supply corporation (hereinafter called "cesc").the main object of the .....
Tag this Judgment!