Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)267ITR1(Kol.)
..... aop, which is otherwise chargeable to tax at the normal rates as applicable to an individual, huf, boi, etc. falls below the minimum taxable limit specified in the finance act of the relevant assessment this interpretation, in the first proviso to section 86, two situations are envisaged viz., in clause (a), a case where an aop is ..... otherwise chargeable to tax at the normal rates as may be applicable to an individual, huf, boi, etc.falls below the minimum threshold of taxation specified in the finance act of the relevant assessment year. the said clause provides that in such a situation, though the share of the member in the income of an aop as computed ..... the aforesaid sections. according to the counsel, an aop is normally subjected to tax at the rates which are applicable to an individual, huf as specified in the finance act for the relevant assessment year. however, section 167b is a departure from such normal position under section 167b(1), where the individual shares of the members of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD44(Kol.)
..... the new section retrospectively was to set the existing controversy on this issue at rest and not to unsettle the cases by raising the issue afresh. 23.2 through finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the assessing officer shall not reassess the cases under section 147 of pass an ..... given in distributors (baroda) p. ltd. (supra) holding section 80aa, in its retrospective operation, merely declaratory at the law as it always had been since 1st april, 1968, when the provisions of chapter-via were introduced, it must be held that section 14a is enacted to declare the law as it always stood since the inception of the ..... the net dividend income and not gross dividend income was, in this retrospective operation, was held merely declaratory of the law as it always had been since april 1, 1968 by the supreme court in that case of distributors (baroda) p. ltd. and as such no complain can be validly made against the retrospective operation of the section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)88ITD1(Kol.)
..... aop, which is otherwise chargeable to tax at the normal rates as applicable to an individual, huf, boi etc. falls below the minimum taxable limit specified in the finance act of the relevant assessment sic this interpretation. in the first proviso to section 86, two situations are envisaged viz., in clause (a), a case where an aop ..... the normal rates as may be applicable to an individual, hindu undivided family, body of individuals, etc. falls below the minimum threshold of taxation specified in the finance act of the relevant assessment year. the said clause provides that in such a situation, though the share of the member in the income of an aop as ..... the aforesaid sections.according to the counsel, an aop is normally subjected to tax at the rates which are applicable to an individual, huf as specified in the finance act for the relevant assessment year. however, section 167b is a departure from such normal position. under section 167b(1), where the individual shares of the members of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)87ITD88(Kol.)
..... had incorporated section 52 for assessment of capital gains in respect of transfer made for a consideration less than the fair market value. the said section was deleted by the finance act, 1987, w.e.f. 1st april, 1988. their lordships of supreme court in the case of k.p. varghese v.ito (1981) ito 131 itr 597 (sc) ..... a difference of opinion between the learned members constituting this division bench, the following question was referred to a third member for his opinion under section 255(4) of the it act, 1961 : "whether, on the facts and in the circumstances of the case, the addition of rs. 4 crores pertaining to the sale consideration of the copyrights of ..... statistical purposes.as there is a difference of opinion between the members, we refer the following question to the hon'ble president, tribunal, under section 255(4) of the it act, 1961: "whether, on the facts and in the circumstances of the case, the addition of rs. 4 crores pertaining to the sale consideration of the copyrights of 91 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD96(Kol.)
..... reason that during the assessment year under consideration (1990-91) the benefit of section 80hhc was not available on minerals and ores which includes mica.13. it was only the finance act, 1991, when section 80hhc(2)(b) was amended and the said items were benefited (specified in schedule 12) only w.e.f. 1st april, 1991 (i.e., asst. yr ..... of april, 1991, and will accordingly apply in relation to the asst. yr. 1991-92 and subsequent years." 15. it is observed from the notes on clauses of finance (no. 2) act, 1991, that by the amendment of section 80hhc(2)(b) the legislature sought to extend the benefit of deduction under section 80hhc in respect of profits derived from export ..... ) and also from the case of cit v. n.c. budharaja & co. (1993) 204 itr 412 (sc)." "the contention of the learned counsel that the amendment inserted by finance (no. 2) act of 1991 w.e.f. 1st april, 1991, should be made applicable even to the years prior to the amendment cannot be accepted for the simple reason that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD135(Kol.)
..... ble supreme court in the case of ms dhun dadabhoy kapadia v. cit (supra) as the insertion of sub-clause (ii) to section 55(2)(aa) of the act by the finance act, 1994, is effective only from 1st april, 1995, and is not applicable to the present assessment year. he accordingly directed that the matter should go back to the ..... . 1995-96 as pointed out by the learned authorised representative to plug this loophole by the insertion of sub-clause (ii) to section 55(2)(aa) of the act by the finance act, 1994, which provides that the cost of acquisition of right entitlement would mandatorily be taken at nil. in the light of these facts and circumstances of the case, ..... 1995-96 as pointed out by the learned authorised representative to plug this loophole by the insertion of sub-clause (ii) to section 55(2)(aa) of the act by the finance act, 1994 which provides that the cost of acquisition of right entitlement would mandatorily be taken at nil. in the light of the these facts and circumstances of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)83TTJ(Kol.)409
..... are thus urged to uphold the orders of the authorities below and decline to interfere in the matter.4. we find that section 194h, which was reintroduced by the finance act, 2001, w.e.f. 1st june, 2001, imposes certain tax deduction obligations on persons, other than individuals and huf, paying commission or brokerage to a resident. ..... for the purpose of section 194h, has been defined as follows : "'commission or brokerage" includes any payment received or receivable, directly or indirectly, by a person acting on behalf of another person for services rendered (not being professional services) or for any services in the course of buying or selling of goods or in relation to ..... extra supplies of assessee's products. it was further submitted that the assessee has engaged no agents, brokers or factors who sell the company's products by acting on behalf of the company and, therefore, there is no de facto payment of commission in terms of connotations of that expression in commercial parlance. it is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD347(Kol.)
..... was also transferred to keventer and moreover the assessee-company had also entered into an agreement with the financial institution to stood as a guarantor and to part finance the fruit juice manufacturing project of the keventer. it is to be noticed that because of selling the total holding of the assessee in the keventer the ..... -company to five sister companies were immediately transferred by the keventer in its share register in spite of the applicability of section 79 of the i.t.act and existence of a restrictive clause in the loan agreement entered into by the keventer with financial institutions whereby the keventer was restrained by financial institution not ..... believe transaction and dubious means cannot be recognised. the hon'ble gujarat high court in the case of banyan & berry (supra) has observed that if the acts are unambiguous and bona fide, but results in reduction of tax liability or expectation of tax benefit in future does not amount to colourable device, dubious method or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD95(Kol.)
..... two persons to all the five members of the contracting group as below: you will provide services to us and our associates in the field of our business of financing, money lending, investment, leasing, hire purchase, trading, consultancy, agency, broking etc. as may be required from time to time. within our various business matters ..... lok nath & co. v. cwt (1996) 217 itr 310 (sc), wherein the honble supreme court has held that an erroneous citation of provision of the act in the assessment order will not invalidate or itself.according to the learned departmental representative, since the demand notice is an accompanying statement of the assessment order, it ..... rs. 55,044".(v) "for that learned commissioner (appeals) was wrong in confirming levy of interest under sections 234a, 234b and 234c of the income tax act".(vi) "for that learned commissioner (appeals) was wrong in not admitting additional grounds and confirming the assessment order and demand notice which were not in accordance with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)84TTJ(Kol.)504
..... from such building at any material time.5. on 26th march, 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 ..... rs. 18 lakhs per year and lease rent of rs. 32 lakhs per annum. the ao was of the view that the agreements between the assessee-company and peerless general finance investment co. ltd. dt. 20th july, 1992 and 1st april, 1996, are for managing and running an existing hotel or at least running a hotel in a building, ..... 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 .....
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