Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)19ITD596(Kol.)
..... (appeals) allowed deduction of interest on the amount of rs. 1,31,000 at the rate of 12 per cent under section 24(1 )(vi) of the income-tax act, 1961 ('the act')- the appeals are opposed by the assessee.2. the facts necessary for determination of these appeals are as follows according to the assessee's own representation in its letter ..... were given out of borrowings (75,000+45,000+10,000)-(50,0004-50,000) 30,000 (iv) others 11,400 --------- 3. in the assessments for the assessment years 1968-69 to 1972-73 part of interest payable was allowed by the ito under section 24(1)(vi).subsequently, relying on the case of shewkissen bhatter v. cit [1969] 74 ..... be outstanding during all the years which are under consideration' and, therefore, 'interest on such borrowings should qualify for deduction under section 24(1)(vi) of the income-tax act in all these years'. he accepted the assessee's alternative suggestion that 'the company's own funds may be fixed at one figure only which can be taken as the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)15ITD508(Kol.)
..... . in our opinion, it is significant that these explanations were given effect from specific dates. in short contrast to the above position, we find that section 4 of the finance act, 1983, states that 'the following clause shall be inserted and shall be deemed always to have been inserted. it is, therefore, clear that the intention of the legislature ..... effect from a specific date and not from any earlier or later date. the explanation 2 to section 37(2a) was introduced by section 17 of the finance act, 1973 with retrospective effect from 1-4-1976. the explanation to section 263(1) is introduced by section 47 of the taxation laws (amendment ..... with effect from which the amendment would come into force. alternatively, the legislature sometimes expressly states that the clarification shall be deemed to be existing always in the act right from the beginning. in the absence of any such express legislation, he urged that the amendment will take effect only from the date from which the section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)15ITD212(Kol.)
..... ; it must be viewed in its whole context, the title, the preamble and all the other enacting parts of the statute." vide cet v. darshan surendra parekh [1968] 69 itr 683 (sc).4. thus, the portion of the office premises where the machinery has been installed for industrial purpose was no more office premises and, therefore, ..... on this point.5. while disposing of the second point it appears that the learned commissioner (appeals) overlooked the provisions of sections 80a(2) and 80b(5) of the act. admittedly, the total income of the assessee was nil. the assessee was, therefore, not entitled to deduction of rs. 3,501 under section 80vv. order of the commissioner ..... particular premises. any premises or part thereof initially used for office, residence, guest house or industry may be converted from one use to the other and the act places no restriction for such conversion.a portion in the premises of industry or factory may be used for the office purposes and even for residential purposes. thus, .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Reported in : (1985)(22)ELT601Tri(Kol.)kata
..... below : para 26 : "it is not possible to lay down precisely as to what facts or matters would constitute "sufficient cause" under section 5 of the limitation act. but it may be safely stated that the delay in filing an appeal should not have been for reasons which indicate the party's negligence in not taking necessary steps ..... existence of the tribunal the said revision application was transferred to the tribunal under section 131(b) of the customs act, 1962 to be disposed of as an appeal.2. a notice of hearing dated the 1st march, 1985 was sent by regd. post (a/d) fixing the appeal ..... 1. m/s. hindustan fertilizers corporation ltd., 3, esplanade east, calcutta-700069 has filed a revision application to the joint secretary, govt. of india, ministry of finance, department of revenue, new delhi, being aggrieved from order no. 1085/80, dated 12-6-80 passed by the appellate collector of customs, calcutta. after coming into .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD753(Kol.)
..... has, in its decision in the case of best & co. (p.) ltd. (supra) held, in connection with clause (iii) inserted in section 40(c) of the act by the finance act, 1963 as from 1-3-1963, that the said provision thereunder was not linked to any particular assessment year as such or even the previous year and was to ..... house within the meaning of section 37(3). it is evident that the tribunal has not taken note of the insertion of sub-section (5) in section 37 by the finance act, 1983, with retrospective effect from 1-4-1979.2. subsequently, shri k. subbarao, the senior authorised representative for the department, filed a miscellaneous application dated 10-10- ..... 37 implies that the word 'expenditure' would have to be genuine and that it should be lawful. sub-section (5) of section 37 has been introduced by the finance act, 1983, with retrospective effect from 1-4-1979, for the purpose of removal of doubts. it was declared that any accommodation maintained by the assessee to any person including .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)14ITD176(Kol.)
..... would be relevant to mention at this stage that during the year under appeal, section 2(42a) of the income-tax act, 1961 ('the act') was inserted with effect from 1-4-1974 defining 'short-term capital asset'.the definition indicates that the short-term capital ..... was issued by the ito under section 148 or the assessment was completed by the ito under section 143/147(6) of the 1961 act on 15-3-1978, the decision of the supreme court in kalyanji mavji & co.'s case (supra) which was delivered on 10- ..... 287, urged that the supreme court in this decision indicated that section 34(1)(b) of the indian income-tax act, 1922 ('the 1922 act')/147(a) of the 1961 act is applicable where in the original assessment the income liable to tax has escaped assessment due to oversight, inadvertence or ..... is a limited company. the assessee acquired a house property known as 'sedgomore cottage at ootacamund' on 19-10-1968 for rs. 1,05,000. the assessee further spent an amount on the acquisition of the property at rs. .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Reported in : (1985)(21)ELT510Tri(Kol.)kata
..... after the coming into existence of the tribunal, the said revision application stands transferred to the tribunal under section 131b of the customs act, 1962 to be disposed of us an appeal.2. briefly the facts of the case are that agfa-gevaert india ltd. had imported a consignment of 8 cases ..... customs found that there was no report of shed appraiser on the reverse of the duplicate bill of entry about damage and deterioration under section 22 of the customs act, 1962 prior to clearance for home consumption and had rejected the appellant's claim for refund. being aggrieved from the aforesaid order, the appellant had filed an appeal ..... 1. agfa-gevaert india ltd. had filed a revision application to the additional joint secretary (revision application), government of india, ministry of finance, dept. of revenue, new delhi being aggrieved from the order no. cal/cus-46/1981, dated 17th june, 1981 passed by the appellate collector of customs, calcutta. .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Reported in : (1985)(5)LC1595Tri(Kol.)kata
..... of finance, dept. of revenue, new delhi being aggrieved from order no. 26 (gold) 79/6 of 1980, dated 20th may, 1980 passed by the collector of central excise, calcutta. after the coming into existence of the tribunal, the said revision application stands transferred to the tribunal under section 82 of the gold (control) act, 1968 to be ..... to observe that the maintenance of the g.s. 13 register is a mandatory requirement. non-maintenance of the same will defeat the provisions of the gold (control) act, 1968.private 'panama' book maintained by the appellant, cannot be treated as a substitute for the g.s. 13 register. undoubtedly, the 'panama' book was maintained in ..... . keeping in view the totality of the circumstances, i uphold the findings of, the lower authorities for the violation of the provisions of the gold (control) act, 1968. the learned collector had been very harsh in imposing a penalty of rs, 2,00,000/-. the broad principle that punishment must be proportioned to the offence .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Reported in : (1985)(21)ELT515Tri(Kol.)kata
..... my client, therefore, prays that the aforesaid penalty may kindly be remitted. in regard to the parallel proceedings under the provisions of the gold (control) act, 1968 my client submits that in the circumstances of the case the order of absolute confiscation of the seized gold together with the personal penalty of rs. 5 ..... agarwala, p.o. fakiragram, dist. goalpara assam, had filed a revision application to the additional joint secretary (revision application), govt. of india, ministry of finance (dept. of revenue), jeewan deep buildings, parliament street, new delhi being aggrieved from order no. 621 and 622/79 dated 28th february, 1979 passed by the ..... new delhi. the learned j.d.r. has stated that there was separate unit in the finance ministry which was dealing with the revision application filed under the customs act whereas revision application under the gold (control) act was to be filed before the gold control administrator. revision application wing of the government for dealing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD610(Kol.)
..... .p. varghese [1973] 91 1tr 49. it was held in that case that neither the speech of the minister at the time of the introduction of the finance bill nor the instruction issued by the central board of revenue, should be allowed to control the plain words of the section. these observations were made by their ..... for which the accounting year ended on 30-6-1977. the ito disallowed interest amounting to rs. 17,744 under section 40a(8) of the income-tax act, 1961 ('the act'). on appeal, the commissioner (appeals) following his decision on the issue for the assessment year 1977-78, sustained the disallowance. the first ground raised in this ..... lordships while interpreting the provisions contained in section 52 of the act. while defining the word 'deposit' in explanation (b) the legislature has used the expression 'any deposit'. the word 'deposit' used in the definition part of explanation .....
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