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 .....
Tag this Judgment!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, .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD172(Kol.)
..... granted is rendered incorrect on the happening of the crucial event after the coming into force of the sub-section, and by the express terms of s. 28 of the finance act, 1956, the sub-section comes into force on april 1, 1956. we are unable, therefore, to agree with the learned counsel for the respondent that the language of ..... union of india v. madan gopal kabra 25 itr 58 (sc), the hon'ble court held: "nor can it be said, in strictness, that the finance act, 1950, is retroactive legislation. that act, as already noticed, purports by section 2 to charge income-tax and super-tax at specified rates "for the year beginning on the 1st day of april, ..... acquisition as nil in terms of the following provisions of sub-clause (iiia) of clause (aa) of sub-section (2) of section 55 of the income-tax act, 1961 which has been inserted, by the finance act, 1995 with effect from the assessment year 1996-97 (sub-clause (iiia) in short). "meaning of "adjusted", "cost of improvement" and "cost of acquisition". .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)87TTJ(Kol.)1114
..... two carriers in 1996 and 1997 for the purpose of his transport business and had given the lorry numbers to the assessing officer which was also financed by usha martin finance corporation. it is conclusively proved that j.k.carriers did carry on the business of common carrier and the allegation of the assessing officer was motivated ..... in his favour if there is no other evidence.the hon'ble calcutta high court in the case of northern bengal jute trading co. ltd. v. cit (1968) 70 itr 407 (cal) has observed that each case has got to be decided on the facts and circumstances of the case.the surrounding circumstances to be considered ..... such the loss claimed was wrongly disallowed.the learned distinguished counsel strongly contended that the whole approach of the assessing officer is biased and vitiated. the assessing officer acted in an arbitrary and illegal manner and in gross violation of natural justice and fair play. no reasonable, proper or adequate opportunity was given to the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)86TTJ(Kol.)996
..... lorries and trucks in its lease business and claimed depreciation at 40 per cent thereon. the assessing officer found that the assessees are engaged in the hire purchase and lease financing business and not in the business of running motor lorries and trucks on hire; he, therefore, asked the assessee to explain justification of its claim of depreciation at ..... court and reported in (2002) 173 ctr (sc) 475 -(2002) 254 itr 98 (sc) (supra), in which it was held that investment allowance under section 32a of 1964 act, could not be denied to the assessee, whose business consisted of leasing of machinery, on the ground that the machinery had not been used by the assessee and that the ..... is the specified machinery 'which is owned by the assessee is wholly used "for the purposes of the business carried on by him", whereas in section 32 of the act, the words "carried on by him" are missing. in our opinion, the ratio of the said decision clinches the issue is favour of the assessees and the view .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)87ITD653Cal
..... and risks related to the project with a view to providing financing or other credit support to finance the construction and start-up costs expected to be incurred upto project completion. (d) mep will act as representative of the financial institutions and on instructions from the ..... ) will review the project documentation with respect to technical feasibility and economic viability on behalf of the asian development bank, commonwealth development corporation, international finance corporation ecgd and icici (india) (the "senior lenders"). this engineering review will encompass the proposed design, procurement, construction, startup and testing, ..... review the project documentation with respect to technical feasibility and economic viability on behalf of the asian development bank, commonwealth development corporation, international finance corporation, ecgd and icici (india) the "senior lenders"). this engineering review will encompass the proposed design, procurement, construction, start-up .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD199Cal
..... assessed under the head 'income from other sources' right from the assessment year 1965-66 onwards. there was, however, an amendment in section 27(iii) of the income-tax act, 1961 by the finance act, 1937 with effect from 1-4-88 by virtue of which clause (iiia) and clause (iiib) have been inserted. the relevant section 27(iiib) reads as under: ( ..... the assessing officer had issued intimations for the respective assessment years under section 143(1)(a) of the income-tax act, 1961. subsequently, it was discovered by the ao that section 27(iii) of the act had been amended by the finance act, 1987 with effect from 1-4-88 and the transactions covered under section 269ua incorporated with effect from 1-10- ..... 86 by the finance act, 1986 had been made applicable and that by virtue of the said amended provisions the income of the assessee was to be assessed under the head 'income from house .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)82TTJ(Kol.)517
..... loan creditors along with loan confirmation with name, address and it file no. of loan creditors in duplicate for unsecured loan. (3) letter from bank/financing company or department regarding sanction of secured loan/cash credit limit/bill discount and purchase mentioning details of securities/hypothecations offered either by the assesses-company or ..... date of payment. give xerox copies/evidences. (10) name, present postal address, it file no. of persons concerned covered under section 40a(2)(b) of the it act. (12) produce books of accounts, bills/vouchers, bank statement along with bank reconciliation, etc." 7. apart from the said notice, another notice under section 143(2 ..... by the ito is unsustainable in law. this decision has been referred by different high courts and tribunals while deciding, similar issue under section 263 of the act. further, the jurisdictional high court in the case of subhas projects & marketing ltd. (supra) has held as follows : "in exercise of power under section .....
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