Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jun-30-2003
Reported in : (2004)82TTJ(Kol.)517
..... loan creditors along with loan confirmation with name, address and it file no. of loan creditors in duplicate for unsecured loan. (3) letter from bank/financing company or department regarding sanction of secured loan/cash credit limit/bill discount and purchase mentioning details of securities/hypothecations offered either by the assesses-company or ..... date of payment. give xerox copies/evidences. (10) name, present postal address, it file no. of persons concerned covered under section 40a(2)(b) of the it act. (12) produce books of accounts, bills/vouchers, bank statement along with bank reconciliation, etc." 7. apart from the said notice, another notice under section 143(2 ..... by the ito is unsustainable in law. this decision has been referred by different high courts and tribunals while deciding, similar issue under section 263 of the act. further, the jurisdictional high court in the case of subhas projects & marketing ltd. (supra) has held as follows : "in exercise of power under section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Aug-06-2003
Reported in : (2003)87ITD653Cal
..... and risks related to the project with a view to providing financing or other credit support to finance the construction and start-up costs expected to be incurred upto project completion. (d) mep will act as representative of the financial institutions and on instructions from the ..... ) will review the project documentation with respect to technical feasibility and economic viability on behalf of the asian development bank, commonwealth development corporation, international finance corporation ecgd and icici (india) (the "senior lenders"). this engineering review will encompass the proposed design, procurement, construction, startup and testing, ..... review the project documentation with respect to technical feasibility and economic viability on behalf of the asian development bank, commonwealth development corporation, international finance corporation, ecgd and icici (india) the "senior lenders"). this engineering review will encompass the proposed design, procurement, construction, start-up .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-14-2003
Reported in : (2004)84TTJ(Kol.)504
..... from such building at any material time.5. on 26th march, 1992 the state government granted lease of the building for a period of 33 years to the peerless general finance & investment co. ltd. (pgfi) with the following condition: (i) that pgfi will use the building only for the purpose of running a hotel; (ii) that pgfi is ..... rs. 18 lakhs per year and lease rent of rs. 32 lakhs per annum. the ao was of the view that the agreements between the assessee-company and peerless general finance investment co. ltd. dt. 20th july, 1992 and 1st april, 1996, are for managing and running an existing hotel or at least running a hotel in a building, ..... section 80-ia have been satisfied and the assessee is entitled to the deduction under section 80-ia of the act.15. we have considered the rival submissions, gone through the agreements between the government of west bengal and peerless general finance & investment co. ltd., and the assessee. we find that the present business of hotel of the assessee was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-14-2003
Reported in : (2004)88ITD363Cal
..... from such building at any material time.5. on 26-3-1992 the state government granted lease of the building for a period of 33 years to the peerless general finance & investment co.ltd. (pgfi) with the following condition: (i) that pgfi will use the building only for the purpose of running a hotel; (ii) that pgfi is empowered ..... lakhs per year and lease rent of rs. 32 lakh per annum. the assessing officer was of the view that the agreements between the assessee-company and peerless general finance investment co. ltd. dated 20-7-1992 and 1-4-1996 are for managing and running an existing hotel or at least running a hotel in a building, plant ..... section 80-ia have been satisfied and the assessee is entitled to the deduction under section 80-ia of the act.15. we have considered the rival submissions, gone through the agreements between the government of west bengal and peerless general finance & investment co. ltd., and the assessee. we find that the present business of hotel of the assessee was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-16-2003
Reported in : (2003)85ITD95(Kol.)
..... two persons to all the five members of the contracting group as below: you will provide services to us and our associates in the field of our business of financing, money lending, investment, leasing, hire purchase, trading, consultancy, agency, broking etc. as may be required from time to time. within our various business matters ..... lok nath & co. v. cwt (1996) 217 itr 310 (sc), wherein the honble supreme court has held that an erroneous citation of provision of the act in the assessment order will not invalidate or itself.according to the learned departmental representative, since the demand notice is an accompanying statement of the assessment order, it ..... rs. 55,044".(v) "for that learned commissioner (appeals) was wrong in confirming levy of interest under sections 234a, 234b and 234c of the income tax act".(vi) "for that learned commissioner (appeals) was wrong in not admitting additional grounds and confirming the assessment order and demand notice which were not in accordance with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-18-2003
Reported in : (2004)89ITD347(Kol.)
..... was also transferred to keventer and moreover the assessee-company had also entered into an agreement with the financial institution to stood as a guarantor and to part finance the fruit juice manufacturing project of the keventer. it is to be noticed that because of selling the total holding of the assessee in the keventer the ..... -company to five sister companies were immediately transferred by the keventer in its share register in spite of the applicability of section 79 of the i.t.act and existence of a restrictive clause in the loan agreement entered into by the keventer with financial institutions whereby the keventer was restrained by financial institution not ..... believe transaction and dubious means cannot be recognised. the hon'ble gujarat high court in the case of banyan & berry (supra) has observed that if the acts are unambiguous and bona fide, but results in reduction of tax liability or expectation of tax benefit in future does not amount to colourable device, dubious method or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Oct-07-2003
Reported in : (2004)87TTJ(Kol.)1114
..... two carriers in 1996 and 1997 for the purpose of his transport business and had given the lorry numbers to the assessing officer which was also financed by usha martin finance corporation. it is conclusively proved that j.k.carriers did carry on the business of common carrier and the allegation of the assessing officer was motivated ..... in his favour if there is no other evidence.the hon'ble calcutta high court in the case of northern bengal jute trading co. ltd. v. cit (1968) 70 itr 407 (cal) has observed that each case has got to be decided on the facts and circumstances of the case.the surrounding circumstances to be considered ..... such the loss claimed was wrongly disallowed.the learned distinguished counsel strongly contended that the whole approach of the assessing officer is biased and vitiated. the assessing officer acted in an arbitrary and illegal manner and in gross violation of natural justice and fair play. no reasonable, proper or adequate opportunity was given to the assessee .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Decided on : Sep-18-2003
Reported in : (2003)LC708Tri(Kol.)kata
..... engineering advice on the basis of knowledge of engineering and accordingly valuers rendering service as "consulting engineers" come within the meaning of section 65(48)(5) of finance act, 1994 and service tax is leviable on services provided by such valuers. we therefore, hold that the order impugned is not legal and proper and we set ..... consultancy services v. uol reported in 2001 (130) e.l.t. 726 (kar.) has held that section 65(13) of finance act, 1994 defined "consulting engineer" as any professionally qualified engineer or an engineering firm who, either directly or indirectly, renders any advice, consultancy or technical assistance in any ..... firm or a company consisting of engineers rendering their service or service as a "consulting engineer" within the meaning of section 65(72)(g) of the finance act cannot have any separate footing than that of the definition given in the section.further the hon'ble high court of karnataka in the case of tata .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Decided on : Jan-14-2003
Reported in : (2003)(155)ELT366Tri(Kol.)kata
..... 1.4. the deputy commissioner vide his order-in-original dated 3.1.2000 sanctioned the refund claims to the appellants accordingly.1.5. thereafter, section 117 of the finance act, 2000 validated the collection of service tax under rule 2(i)(d)(xii) & xvii of the service tax rules, 1994 with retrospective effect, and declared that any ..... refunded in pursuance of any judgment, decree or order of any court striking down the said rules, shall be recoverable within thirty days from the date on which the finance act, 2000 receives the assent of the president. it further clarified that in the event of non-payment, such service tax so refunded with interest @ 24% per month, ..... dispute about the recovery of the refund sanctioned by the deputy commissioner in view of the retrospective validation of the service tax rules, vide section 117 of the finance act, 2000. in terms of the said section, refund of service tax granted in pursuance of any order/judgment is to be recovered within a period of thirty .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Decided on : Jan-30-2003
Reported in : (2003)(88)ECC274
..... confirm demands of service tax, same are not sustainable. however he upheld the order of imposition of personal penalties upon the appellants under the provisions of section 70 of the finance act, 1994 for contraventions of not filing the sale tax returns in time. the appellants have contended that during the relevant period the hon'ble supreme court in the case of ..... 687 (sc) : 1999 (87) ecr 54 (sc) was in existence and as such they were not liable to pay service tax or to file the returns. it is that the finance act, 2000 that the tax was imposed against them with retrospectively. in these circumstances failure on the part of the appellants to file the service tax returns would not attract penalty .....
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