Judgment Search Results Home > Cases Phrase: finance act 1968 Sorted by: recent Court: income tax appellate tribunal itat kolkata Year: 2004 Page 1 of about 10 results (0.101 seconds)

Deputy Commissioner of Income Tax Vs. Venkateswar Investment and

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD177(Kol.)

..... year, the manufacturing or trading company has nominal business income and has substantial interest income, it does not imply that the company's principal business is of finance or granting of loans. similarly, the company, the principal business of which is granting of loans and advances, may earn a comparatively high income from other ..... the asst. yr. 1997-98 is directed against the order of the cit(a). in exercise of the powers vested under section 255(3) of the it act, 1961 (the act), the president of the tribunal, has constituted this special bench to decide the following question arising in the case of the present assessee : "when the ..... the assessee-company during the relevant period is that of granting of loans and advances. what constitutes the "principal business" has not been defined anywhere in the act. therefore, what constitutes principal business will depend on the facts and circumstances of each case. the memorandum of articles of association of the company, past history of .....

Dy. Commissioner of Income-tax Vs. Venkateswar Investment and

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... year, the manufacturing or trading company has nominal business income and has substantial interest income, it does not imply that the company's principal business is of finance or granting of loans. similarly the company, the principal business of which is granting of loans and advances, may earn a comparatively high income from other ..... year 1997-98 is directed against the order of the cit(appeals). in exercise of the powers vested under section 255(3) of the income-tax act, 1961 (the act), the president of the income-tax appellate tribunal (i.t.a.t.), has constituted this special bench to decide the following question arising in the ..... the assessee company during the relevant period is that of granting of loans and advances. what constitutes the "principal business" has not been defined anywhere in the act. therefore, what constitutes principal business will depend on the facts and circumstances of each case. the memorandum of articles of association of the company, past history of .....

Nayek Paper Converters Vs. Asstt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD144(Kol.)

..... a.o. shall pass an order of assessment determining the total income or loss, and the sum payable or refundable to the assessee. by the finance act, 2002, section 143(2) and 143(3) has been amended to introduce a concept of limited scrutiny on and from 1.6.2002 as ..... due to him on the basis of such assessment".12. prior to the amendment in section 143(2) and 143(3) of the act made by the finance act, 2002 w.e.f. 1.6.2002, under procedure of assessment laid down in then existing section 143, the a.o. if ..... of twelve months from the end of the month in which the return is furnished".11. sub-section (3) of section 143 as substituted by the finance act, 2002 w.e.f. 1.6.2002 is as under :- (i) issued under clause (i) of sub-section (2), or as soon afterwards ..... income as provided earlier tinder the provisions of sub-section (1) of section 143 prior to 1.6.1009 has been done away by the finance act, 1999 w.e.f. 1.6.1999.on and from 1.6.1999, the sub-section (1) of section 143 provides that where a .....

income Tax Officer Vs. Kanchan Oil Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)92ITD557Cal

..... 80-ia(7) enacts provisions of overriding nature. section 80-ia(7) is a part of section 80ia, which was newly inserted in the income tax act by the finance (no. 2) act, 1991 w.e.f. 1.4.1991. it starts with the words "notwithstanding anything contained in any other provisions of this ..... act". thus section 80ia(7) has been given an overriding effect over any other provisions of income tax act. in other words, section 80ia(7) provides that its provisions are to prevail over any other provisions of the act ..... computation of the profits and gains derived from eligible industrial undertaking "under section 80ia. according to section 80ia(7), notwithstanding anything contained in any other provision of the act, the profits and gains of an eligible business to which the provisions of sub-section (1) of section 80ia apply shall, for the purpose of determining the .....

Asstt. Commissioner of Income Tax Vs. Poddar Projects Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)92ITD468(Kol.)

..... sub-section (2) of section 32 as substituted by the finance act, 2001 w.e.f. 1.4.2002 has restored the sub-section (2) of section 32 as it stood in the assessment year 1996-97, in other words, the restrictions ..... the head "income from house property". the assessee's this claim was rejected by the a.o. in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head other than ..... substituted w.e.f. 1.4.97. in this context, it may be observed that amended section 32(2) as substituted by the finance (no. 2) act, 1996 (w.e.f. 1.4.1997) has been substituted by the finance act, 2001, w.e.f. 1.4.2002 and status quo ante has been restored with effect from a.y. 2002-2003. the new .....

Sri Bidyut Kumar Sett Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)92ITD148(Kol.)

..... referred to in sub-section (4) be accompanied by a fee of one hundred rupees." subsequently, the fee was enhanced to rs. 125 by the taxation laws (amendment) act (1970) finance act,1981 further enhanced the court fee to rs. 200 w.e.f. ist june, 1981. the basis for payment of the fee for filing appeals to the tribunal was the ..... sub-section (2) or a memorandum of cross-objections referred to in sub-section (4)." with effect from ist june, 1999, a new clause, clause (d) was introduced by the finance act, 1999 which reads as under; "(d) where the subject-matter of an appeal relates to any matter, other than those specified in clauses (a), (b) and (c), five ..... judgment the same interpretation should be placed on clauses (a) to(c).14. turning to the addition on clause (d), the residuary clause to the sub-section by the finance act, 1999 w.e.f. 1.6.1999, the dissenting opinion has noted that this became necessary because there are certain penalties which are not linked to the assessed income, .....

Jagatdal Jute and Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)1SOT210(Kol.)

..... accordingly, respectfully following the ratio of the decision in the case of allied motors (p) ltd. (supra) hold that the 1st proviso as modified by the finance act, 2003 would be applicable to all pending proceedings. as per the 1st proviso, anything contained in section 43b would not apply in relation to any sum which ..... as retrospective in operation. in section 43b, there were two separate concerning the payment with regard to provident fund, superannuation fund or gratuity fund, etc. the finance act, 2003 omitted 2nd proviso and the 1st proviso is made applicable with regard to all the payments including the payment for pf, superannuation fund, gratuity, etc. ..... to be treated as retrospective in operation and to be read as forming part of section 43b from its inception as the said amendment made by the finance act, 2003 is creative and remedial in nature and designed to eliminate unintended consequence causing undue hardships to the assessee.the income tax appellate tribuanal, "b" bench .....

Mrs. Manju Kataruka Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)94TTJ(Kol.)873

..... section 139 before the end of the relevant assessment year or before the end of due date respectively has been increased to a sum of five thousand rupees by the finance act, 2001, w.e.f. 1st june, 2001. "271f. if a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 ..... of the authorities below and the materials on record.7. at this stage, we find it useful to set out the relevant provisions of the it act, 1961, the section 271f was inserted in the act by the finance act, 1997, w.e.f. 1st april, 1997 and it then stood as under: "271f. penalty for failure to furnish return of income--if a person ..... liable to pay by way of penalty, a sum of five hundred rupees." 7.1 the aforesaid section 271f as inserted by the finance act, 1997, w.e.f. 1st april, 1997 was later substituted by the finance (no. 2) act, 1998, w.e.f. 1st april, 1999 as under : 271f. penalty for failure to furnish return of income--if a person who is .....

Nopany Education Trust Vs. Additional Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD152(Kol.)

..... institution alone. moreover, he also found that the assessee-trust or the school made investments in the companies which are with the assessee's group companies, viz. shree annapurna finance co. (p) ltd.; hanuman industries (india) (p) ltd.; continental electronics (p) ltd., shree hanuman sugar & industries ltd. this contention of the ao has not ..... not spent in the year under consideration. in the above circumstances, the assessee was not entitled to exemption under section 10(22) or section 11 of the it act. the learned departmental representative placed reliance on the decision of the hon'ble supreme court in the case of cit v. nagpur hotel owners association (2001) 247 ..... and donations given by the school and its investment in equity shares, held that the assessee was not entitled to exemption under section 10(22) of the act. investment was made by the school in companies in which the trustees were holding substantial interest. the school was held to be engaged in commercial activities and .....

V.T.R Marketing Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)1SOT205(Kol.)

..... the creditors before the assessing officer. he relied on a series of the decisions in hindusthan tea trading co. ltd. v. cit (2003) 263 itr 289 (cal.), cit v. precision finance (p) ltd (1994) 208 itr 465 (cal.), cit v. united commercial & industrial co.(p) ltd. (1991) 187 itr 596 (cal.) and karlay trading co. ltd. (1998) 232 itr 820 (cal ..... the action of the assessing officer in treating of the loans of rs. 1 lakh received from two loan creditors as unexplained credit under section 68 of the income tax act in the hands of the appellant firm.2. the learned cit (a) erred in confirming the disallowance of interest amounting to rs. 11,154 paid to the two loan creditors ..... the revenue and hence the addition of rs. 1 lakh is deleted. as we have deleted the addition made on account of unexplained cash credit under section 68 of the act, the disallowance of interest paid on the loans also stands deleted and, accordingly, grounds of appeal are allowed. .....