Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jun-30-1997
Reported in : (1998)65ITD214(Kol.)
..... the income was first assessable, where such assessment year is an assessment year commencing on or after the 1st day of april, 1969; or [substituted by finance act, 1968 (with e.f. 1-4-1968)] (b) the expiry of eight years from the end of the assessment year in which the income was first assessable, in a case falling within clause ..... years from the end of such 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 year, two years from the ..... -3-1989 and, therefore, the extension of one year period expired on 27-3-1990. according to him, the assessment was finalised within the time prescribed under the act. the learned dr extended his arguments further and submitted that although according to the decision of the supreme court (supra), once the return is filed under section 139(4 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-13-1997
Reported in : (1997)61ITD196(Kol.)
..... 2(24)(iia) was inserted with effect from 1-4-1973 simultaneously with the present section 12, both of which were introduced from the said date by the finance act, 1972. section 12 makes it clear by the words appearing in parenthesis that contributions made with a specific direction that they shall form part of the corpus of ..... maharaj estate and shree shankar bhagwan estate respectively.the assessments were made taking the status of the assessee as private religious trusts, under section 164 of the income-tax act.5. the assessees appealed and contended that they should be assessed in the status of individual, that the provisions of section 2(24)(iia) did not authorise ..... in support of the above gifts had also been filed. he was prima facie of the view that these receipts were taxable under section 2(24)(iia) of the act. the assessees claimed that the amounts were received towards the corpus of the endowments and, therefore, could not be taxed. the assessing officer accepted the fact that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Sep-18-1997
Reported in : (1998)65ITD169(Kol.)
..... practice was followed even in respect of period after the commencement of the production so much so that the legislature were called upon to introduce expln. 8 by the finance act, 1986, with retrospective effect from 1st april, 1974.25. on consideration of the matter, it appears to us that there is no basis to hold that ..... mentioned that in the notice under s. 263, the learned cit did not rely upon expln. 8 to s. 43(1) which had been inserted by the finance act, 1986, with retrospective effect from 1st april, 1974. the same was not referred to by the parties during the course of their submissions before the hon'ble ..... be capitalised. "interest incurred" means actual interest paid or payable in respect of borrowings which are used to finance capital expenditure .... interest on capital during construction paid in accordance with the provisions of s. 208 of the companies act, 1956, may, however, be capitalised as permitted by that section. interest on monies which are specifically borrowed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Oct-28-1997
Reported in : (1998)66ITD39Cal
..... claim of learned departmental representative, vis-a-vis expln. 4a, we are of the opinion that it was never intended to be retrospective in operation. memorandum explaining provisions in finance (no. 2) bill, 1996 (200 itr 270 (statutes) may be usefully extracted hereinbelow : "under the existing provisions, the term "actual cost" means the actual ..... no. 2 relates to the claim of guest house expenditure.learned departmental representative submitted that in view of the specific provisions of s. 37(4) of the it act, 1961, rates, taxes and repairs of the guest house are not allowable as deduction. first appellate authority decided the issue in favour of the assessee-company by ..... to claim depreciation and for such colourable transaction, judicial sanction should not be given. drawing our attention to expln. 3 to s. 43(1) of the act, learned departmental representative submitted that apart from applying the mcdowell's case (supra), the order of the ao can be supported by the power vested in him .....
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