Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD288(Kol.)
..... under section 10(1), namely, "the income of the previous year of any person" with the purposes of introduction of sub-section (22a), section 10 by the finance act, 1970.it is not the entirety of the income of the recipient--the trust in this case--but the income of the particular source, namely, the educational institution, ..... the language used in these two clauses with that of clause (22), it becomes abundantly clear that to get the exemption of its income from income-tax under the act the university or educational institution must "exist solely for educational purposes".25. in cit v. sree narayana chandrika trust (1995) 212 itr 456 (ker), it was observed ..... in shares and securities, did not debar the society from exemption under section 10(22). it was further submitted that the provisions of section 11(5) of the it act, 1961 prescribing compulsory modes of investment for the trusts corning in the purview of section 11, did not apply to an educational institution coming in the purview of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD315(Kol.)
..... by the assessee in instalment consists of recoupment or the repayment of the finance provided by the assessee and interest thereon, the portion which relates to the recoupment of loan has to be excluded from the income of the assessee shown and ..... and upon consideration of the terms and conditions of the agreements and the submissions of the parties, we are of the opinion that the transaction was a mere finance transaction and the assessee did not become the owner of the assets in reality and, therefore, not entitled to deduction for depreciation. as the lease rental received ..... transaction. such type of transactions are known as one of a method of financing, though it is given a name of a 'sale and a lease" on paper. such transactions are to be regarded as sham or mere eye wash, viz., projected by acts done or documents executed by the parties which intended to give third parties or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD85(Kol.)
..... additional liability under the provisions of section 43a as it exist during the year. this is fully evidenced by the substitution of the existing section 43a by the finance act, 2002 with effect from 1-4-2003.even in the case of revenue expenditure the question of allowability of such increase or reduction in the fluctuation of foreign ..... not ?" the facts are that the assessee claimed rs. 56,15,081 as deprecation on exchange fluctuation capitalized during the year under section 43a of the income tax act. the assessing officer disallowed the claim in the light of the order for the earlier years.on appeal, the learned commissioner (appeals) allowed the claim in the ..... is to be upheld or not ?" there being a difference of opinion between the members, the following question was referred to me under section 255(4) of the act."whether, on the facts and in the circumstances of the case, the order of the commissioner (appeals) directing to allow depreciation on the additional liability arising to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)82ITD798(Kol.)
..... inasmuch as, the defect of signing the acknowledgement sheet by a person other than the person who signed the return was not rectified in accordance with the provisions of the act, and the revised return was beyond the prescribed time-limit.13. the ao thought initially that signing the acknowledgement sheet by a person other than a person who has ..... ao that the assessee is not entitled to carry forward the loss amounts to an order of assessment and, therefore, an appeal thereagainst lies under section 246 of the act.7. we have heard the rival submissions and considered the rival submissions. the first question to be decided is whether an appeal lies against the order of the ao ..... return and thereby an opportunity was given to the assessee to rectify the said defects, if permissible by the act within a period of 15 days from the date of such intimation. 4. on 10th dec., 1998, sri r.k. ram, senior manager (finance) and a/r of the assessee appeared and filed letter no. fin. it ref. dt. 10th dec .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)82ITD788Cal
..... 7. we have heard the parties and considered the rival submissions.chapter xiv-b is a special provision for assessment in cases of search and seizure inserted by the finance act, 1995, w.e.f. 1st july, 1995.section 158ba provides for assessment of undisclosed income as a result of search and it is a non obstante clause excluding ..... the time-limit start counting from the date of execution of the initiated search under section 132 or requisitioned of books of account, etc. under section 132a of the act. the later section 158be used both the terms 'executed' as well as 'initiated' and it makes a clear difference between two concepts. under these circumstances, the ..... rs. 24,368 were found and seized by the customs authorities. it seems no case was made out against the assessee under the narcotics, drugs and phycotrophic substances act but the information was given to the it department about this search and seizure.5. after examining the assessee under section 131 on 18th nov., 1991, assets were .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)82ITD239(Kol.)
..... iii) as follows : "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 ..... publication in the gazette. this power, however, does not include a power to assign the notification with retrospective effect. in this case, as dtaa protocol is an act between two sovereign states, under no circumstances, the notification can take away the rights vested in the taxpayer with retrospective effect." 17. in our considered view, therefore ..... provided in the convention between india and france on the said items of income; now, therefore, in exercise of the powers conferred under section 90 of the it act, 1961 (43 of 1961), the central government hereby directs that the following modifications shall be made in the convention notified by the said notification which are .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)83ITD111(Kol.)
..... arguments and particularly to understand the nature and scope of undisclosed income as defined under section 158b of the it act, the learned authorised representative of the assessee referred to decision of bangalore bench of the tribunal in the case of kirlosker investments & finance ltd. v. asstt cit (1998) 67 itd 504 (bang). he particularly drew the attention of the bench to the ..... income or property which has not been or would not have been disclosed for the purposes of this act." 22. to understand undisclosed income in a wide perspective perhaps the decision of special bench of tribunal bangalore bench in the case of kirlosker investment & finance ltd. v. asstt. cit (supra) is to be referred to. the special bench has very elaborately explained .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)80ITD9(Kol.)
..... proposition that there must be business of receiving deposits under a scheme or arrangement referred to in clause (va).13. as clause (va) to section 2(5b) was inserted by finance act, 1992 w.e.f. 1st april, 1993 and a reference to the rbi's guidelines has been made by the ..... would not be a financial company.8. what is a deposit is not defined in the act. its meaning, therefore, has to be culled out from the understanding in the commercial sense as the people in business understands. this clause (va) is inserted by the finance act, 1999 w.e.f. 1st april, 1993 by referring to rbi's guidelines, 1987 as is ..... ) for various assessment years. since they involve common dispute, they are being disposed of by this common order for the sake of convenience. 1a. this act after two eclipses was reintroduced by the finance (no. 2) act, 1991 as an anti-inflationary measure.originally it provided for levy of tax on chargeable interest accruing or arising to scheduled banks. the tax is levied .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)80ITD69(Kol.)
..... were enjoyed by the assessee for at least this short period. it is also not in dispute that a flat interest of 0.75 per cent on the amount so financed was paid to the moneylender and that during the year such interest charges came to rs. 33,570, details of which have been furnished in assessee's paper book ..... no. 204, dt. 24th july, 1976, in an effort to elucidate scope and effect of this section, explains that "the term 'hundi', which has not been defined under the it act, denotes, in common commercial parlance, an indigenous instrument in vernacular language which can be used by holder thereof to collect money due thereon without using the medium of currency." this ..... to the facts of this case. as we do so, we have to further bear in mind that section 69d deals with artificial income created by the provisions of the it act and, therefore, this section needs to be strictly construed. as observed by the jurisdictional high court in the case of cit v. bhupender singh atwal (1983) 140 itr 928 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
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 .....
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