Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD260(Kol.)
..... this connection, shri tripathy relied on the amendment brought about by the insertion of 'market fee' in section 43b of the act by the finance act of 1988 with effect from 1-4-1989 and submitted that this amendment clarified the legal position and that, therefore, the market fee in question was nothing but a ..... the assessee on the second issue, namely, that the assessee is entitled to deduction on the mercantile system of accounting of this statutory liability under the bihar agricultural produce markets act, 1960. the learned counsel relied on the decision of the andhra pradesh high court in the case of srikakollu subba rao & co. v. union of india [1988] ..... as forming part of the income of the assessee. shri bajoria further submitted that the cit did not consider or decide about the applicability of section 43b of the act to this amount nor about the admissibility of the assessee's claim for deduction on the method of accounting followed by it, namely, mercantile system of accounting. in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)40ITD528(Kol.)
..... inaccurate particulars and has thereby returned figures below the real amount. in other words, the delhi high court held that under section 22a(1) of the bengal finance (sales tax) act, 1941 (as extended to the union territory of delhi), the phrase 'is satisfied' means simply 'makes up his mind', that the assessing authority has to ..... taken. in fact, such proceedings were also taken and a penalty was levied under section 221 which was also cancelled by the cit under section 264 of the act, as stated above. apparently, it is for this reason that the assessing officer, while completing the present assessment, was satisfied that there was no case for initiating ..... penal action against the assessee for a default under section 273 of the act when he completed the assessment on 28-3-1990. i, therefore, hold that there was no default committed by the assessee within the meaning of section 273( .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)40ITD373(Kol.)
..... of the accounts for the years relevant to the assessment year 1985-86.the main defence, therefore, of the assessee was that at the time when finance act, 1984 was passed bringing section 44ab on the statute book the assessee was already in arrears of finalisation of his accounts for the earlier assessment years and ..... . (supra), referred elsewhere above while dealing with the question of imposition 6i penalty under section 271(1)(a) has held that proceedings under the income-tax act for levying penalty cannot be equated to that of prosecution attracting punishment and the penalty proceedings cannot be said to be criminal in nature. almost identically the madras ..... doubt by assessing the material and evidence placed before the court during the trial which evidence should be strictly in accordance with the prescriptions in the evidence act. we feel that strict principles of adoption of rules of evidence are necessary when the ito in the course of proceedings discovers a failure or default .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1991)37ITD518(Kol.)
..... for the courts to intervene. it is, however, clear that the provision in question did not achieve the desired result and was, therefore, totally omitted from the statute by the finance act, 1985 with effect from 1-4-1986. all the same, the provision is required to be given effect to as long as it remained on the statute book. for all ..... hire charges, etc. were debited in the above account. he was of the view that taxi hire charges were covered by provisions of section 37(3a) of the income-tax act. from the details, the assessing officer estimated taxi hire charges at rs. 6 lacs for purposes of applying the above-said provision. the assessee as per letter dated 28-6 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1991)37ITD370(Kol.)
..... of the -declaration. thus, deposit is taken under special circumstances. shri tulsiyan referred to relevant provisions of the west bengal finance (sales tax) act, 1941 (hereinafter referred to as the 'sales tax act').he further argued that admittedly no sales tax was recovered by the assessee as per bills. shri tulsiyan sought to distinguish ..... refund the deposits even on furnishing of declaration forms. in respect of "collector of customs (party) account", there is no dispute that the assessee acted as forwarding and handling agent and the goods imported always remained the property of the assessee's customers (principal).there is no challenge to the correctness ..... shri tulsiyan explained that the assessee, as a dealer, sold industrial gases to its customers who were registered dealers under the west bengal sales tax act. the dealers gave requisite declaration form in majority of cases and were charged with sales tax accordingly. however some petty customers who were registered dealers were .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1991)38ITD620(Kol.)
..... the same. thus, in the present cases, when the incomes were computed, the status of the assessee was known, the rates of tax were known from the finance act, it was not necessary to give the details of computations for the validity of the assessment orders. the ito did all that he was required to do. even ..... of assessment order. it is not a part of the assessment order. my objection is against the validity of the assessment orders passed under section 143(3) of the act. section 292b does not speak of "assessment order". the subjects covered by that section are return of income, assessment, notice, summons or other proceedings. even assuming that ..... effect is easily understandable vis-a-vis those of statutory forms. as per official languages (use for official purposes of the union) rules, 1976 formed under official languages act, 1963, west bengal falls in "region c" and that official business of the union shall be transacted in english. only in relation to correspondence with any states .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD15(Kol.)
..... hands of the assessee 38. the gujarat high court considered the provisions of section 164 as it stood before the amendment introduced with effect from 1-4-1970 by the finance act, 1970. section 164 which was considered. by the gujarat high court was as follows : 164. where any income in respect of which the persons mentioned in clauses ..... (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an association of persons as specified in the finance act of the relevant year.23. as has already been pointed out above, the assessees' case falls under the main section, i.e., section 164(1). in the ..... tax (including surcharge on incomes, if any) applicable in relation to the highest slab of income in the case of an association of persons as specified in the finance act of the relevant year. in support of the contention that the assessees before us should be assessed in the status of an association of persons, learned departmental representative .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD1(Kol.)
..... original assessments for the assessment years 1977-78 and 1978-79, section 80aa came to be inserted by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 in the income-tax act, 1961 (for brevity the act) which in substance provides that deduction allowable to a company under section 80m should be computed not on the ..... was that the gross dividend was to be allowed as a deduction under section 80m. subsequently, the parliament by enacting section 80aa by finance (no. 2) act of 1980 with retrospective effect from 1-4-1968, provided that: where any deduction is required to be allowed under section 80m in respect of any income by way of dividends from ..... of the rectification order in a writ petition in the high court. the high court set aside the order by holding that whether the retrospectivity given by the finance act would cover completed assessments or would apply to pending assessments was a debatable point and since it was a debatable point, there could not be said to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD495(Kol.)
..... foreign projects.therefore, the project-wise calculation done by the ito was correct and the deduction allowed by the ito was also correct. the department of revenue, ministry of finance, government of india informed the c & ag that relief under section 91 was properly allowed to the appellant-company in the year under appeal.25. as against the ..... two letters dated 24-3-1988 and 5-7-1988 appearing at pages 105 and 104 respectively of paper book no. 1. these are letters of the ministry of finance, department of revenue not accepting audit objections. the central board of direct taxes made it clear to the joint director (ra), office of the c & ag of ..... the foreign accounts and each foreign project is required to be cleared separately under the foreign exchange regulations act, 1973 and the rules made thereunder.15. section 80ab was introduced in 1980 with effect from 1-4-1981 by the finance (no. 2) act, 1980. the purpose and objects of this section are fully explained by the central board of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD293(Kol.)
..... filed on 31-7-1974, for the purpose of penalty under section 271(1)(c), the explanation which was inserted to the finance act, 1964 w.e.f. 1-4-1964 applies. no penalty is leviable even as per that explanation because the income returned was ..... -53 were made on 20-3-1956 and 29-3-1956 and they resulted in interest under section 18a(5) of the it act, 1922. the assessee did not include the interest under section 18a(5) as the income in the return filed for the assessment ..... arrive at the returned income and that the assessee was, therefore, liable to penalty under section 271(1)(c) of the income-tax act, 1961. considering the facts and circumstances of the case, he imposed a penalty of rs. 2,00,000 after obtaining the previous ..... interest under section 214 is exempt from tax is not tenable. interest received under section 214 is an income chargeable to tax under the it act and there is no question of granting any deduction for the said amount while determining the total income of the assessee. (iv) .....
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