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Peerless Hotels Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

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 .....

Coal India Limited Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... .7. we may first refer to the fact that chapter xii d, consisting of special provisions relating to tax on distributed profits of domestic companies, was inserted vide finance act 1997 and with effect from 1^st june 1997. in this scheme of provisions and as provided by section 115 - o of the ..... on both these tests. in our considered view, therefore, the assessee's claim regarding exclusion of the aforesaid amount under explanation (ii) to section 115ja(2) of the act is not sustainable in law. we donot also find any other enabling provisions for exclusion of this amount from book profits. once the assessee itself includes an amount in the ..... the dividends are declared, rather than income of the previous year during which these dividends are declared, distributed or paid - as is the scheme of the income tax act.therefore, the dividends reflected in the profit and loss account of the assessee donot constitute income of that previous year but are relatable to that previous year only in the .....

Coal India Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD514Cal

..... legal position.7. we may first refer to the fact that chapter xiid, consisting of special provisions relating to tax on distributed profits of domestic companies, was inserted vide finance act, 1997 and with effect from 1st june, 1997. in this scheme of provisions and as provided by section 115-o of the ..... on both these tests.in our considered view, therefore, the assessee's claim regarding exclusion of the aforesaid amount under explanation (if) to section 115ja(2) of the act is not sustainable in law. we do not also find any other enabling provisions for exclusion of this amount from the book profits. once the assessee itself includes an amount ..... the dividends are declared, rather than income of the previous year during which these dividends are declared, distributed or paid - as is the scheme of the income-tax act.therefore, the dividends reflected in the profit and loss account of the assessee do not constitute income of that previous year but are relatable to that previous year only in .....

R.P.C. Industries Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD105(Kol.)

..... assessment year 1977-78 and subsequent years." as a result of omission of section 109, explanation to section 73 was amended with effect from 1-4-1988 by the finance act, 1987 (11 of 1987). as per explanation to section 73, where any part of a business of a company other than (i) for assessment years 1977-78 ..... defect can be remedied only by legislation and not by judicial interpretation. reliance was also placed on the decision of the supreme court in the case of cit v. shaan finance (p) ltd. (1998) 231 itr 308 (sc) at page 317 for the proposition that in ineterpreting a fiscal statute, the court cannot proceed to make good ..... reasonable interpretation of the language employed by the legislature. according to the learned counsel, the legislature in its wisdom has not used the words "notwithstanding anything contained in the act or notwithstanding anything contained in sections 70, 71 and 72". the legislature having used the expression "for the purpose of this section", i.e., section 73, the .....

Tata Tea Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)78TTJ(Kol.)646

..... lords in the above case. lord morton observed that "these heroics are out of place" and pointed of lord tucker "your lordships would be acting in a legislative rather than judicial capacity of the view put forward by denning l.j. were to prevail" (at p. 850), as observed in cross statutory interpretation ( ..... with what material the legislature would, if it had to discover the gap, have filled it in. if a gap is disclosed, the remedy lies in an amending act......" lord denning's aggressive definition of the power of the courts, so far as question of casus omissus is concerned, was severally criticized by lord simonds and other law ..... added thrust to exports. clause 4 seeks to similarly extend the five year tax holiday period to ten years to the export-oriented units under section 10b of the act." a case is then made out for supplying the casus omissus because the intent of amendment warrants and justifies the same. learned counsel has placed reliance on the judgment .....

Graphite India Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)86ITD384(Kol.)

..... 2(37a)(iii) as mows : 'for the purposes of deduction of tax under section 195, the rate or rates of income-tax specified in this behalf in the finance act of the relevant year or the rate or rates of income-tax specified in an agreement entered into by the central government under section 90, whichever is applicable by virtue ..... of the provisions of section 90.' as we have earlier observed, provisions of the dtaa clearly override the provisions of the act to the extent the provisions in such agreements are more favourable to the assessee. therefore, in case a dtaa provides for lower rate, which includes 'nil' rate, of taxes ..... , such a rate will prevail over the rate given in the act. as a natural corollary to this proposition, when, in terms of the provisions of a dtaa, an income is not exigible to income-tax in india, no tax is .....

Joint Commissioner of Income-tax Vs. Haldia Investment Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD212Cal

..... investment company, as defined in clause (ii) of section 109. the word "other than investment company" as defined in clause (ii) of section 109 was substituted by finance act, 1987 w.e.f. 1-4-1988 by the explanation which has been quoted above. the ld. cit(a) on the basis of facts and figures available in the ..... is defined under section 80(b) which reads as under :- (5) 'gross total income' means the total income computed in accordance with the provisions of this act, before making any deduction under this chapter.the learned counsel for the assessee as pointed out earlier contended that the above definition is applicable for the limited purpose of ..... down by their lordships of supreme court in the aforementioned decision. the learned counsel further contended that the definition of "gross total income" in section 80b of the act is confined for the purposes of chapter-via and, therefore, is of no help in determining the issue.similarly, the provision of section 109 which stands deleted .....

Joint Commissioner of Income Tax Vs. India Steamship Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)78TTJ(Kol.)154

..... the tribunal to confirm the decision of the ao.6. the learned, counsel, on the other hand, stated that section 32(2) of the it act underwent substantial amendment by the finance (no. 2) act, 1996, w.e.f. the asst. yr. 1997-98 and prior to the amendment, unabsorbed depreciation of any assessment year could be carried forward ..... industrial community expressed apprehension that the proposed amendment would adversely affect the growth of industry. while moving the bill in the lok sabha the finance minister kept in mind the fear expressed by the industry and clarified the amending provisions that the proposed amendment is only prospective inasmuch as the cumulative unabsorbed ..... other heads in the asst. yr. 1997-98.7. as regards ground no. 1, the learned counsel stated that as a result of amendment proposed in the finance (no. 2) bill, 1996, to section 32(2) restricting carry forward and set off of unabsorbed depreciation there was severe confusion amongst tax payers and the .....

Tara Finvest Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... failed to fulfil the condition as principal business with reference to section 2(5b)(iv) of the act which, inter alia, includes a business of providing finance, whether by making loans or advances or otherwise for the purpose of interest-tax act. therefore, the learned cit(a) rightly upheld the decision of the ao inasmuch as the learned cit ..... the case, the learned cit(a) erred in considering the business of providing finance as its principal business in terms of section 2(5b)(iv) of the interest-tax act, 1974, as assessed by the ao under section 8(3) of the interest -tax act.2. the learned counsel for the assessee submitted that the learned ao in ..... iv) considers the assessee's income as business of providing finance whether by making loans and advances or otherwise.he, therefore, proceeded to consider his own application of mind in applying earning of interest as that of credit instituted as per section 2(5a) of the interest-tax act. he, therefore, completed the assessment ex parte under .....

Birla Jute and Industries Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD400Cal

..... or credits on capital account, are required to be reflected in the profit and loss account prepared in accordance with schedule vi to the companies act.14. while introducing the section 115j, hon'ble finance minister, on the floor of the house, inter alia stated that: i now purpose to introduce a provision whereby every company will have ..... of non-recurring transactions or transactions of exceptional nature.we are, therefore, of the considered view that, according to the scheme of the schedule vi to the companies act, profit on revaluation of assets is first required to be taken to the profit and loss account and, only thereafter, the question of transfer to reserve comes up. ..... the profit of the relevant previous year as if the provisions of clause (b) of the first proviso to sub-section (1) of section 205 of the companies act, 1956 (1 of 1956), are applicable.the controversy before us is relating to interpretation of proviso to paragraph (i) of explanation to section 115j(1a). to place .....