Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Apr-07-2003
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
Decided on : Mar-25-2003
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
Decided on : Jan-31-2003
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
Decided on : Jan-18-2003
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
Decided on : Jan-16-2003
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
Decided on : Jan-14-2003
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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-14-2003
Reported in : (2004)88ITD363Cal
..... from such building at any material time.5. on 26-3-1992 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 empowered ..... lakhs per year and lease rent of rs. 32 lakh per annum. the assessing officer was of the view that the agreements between the assessee-company and peerless general finance investment co. ltd. dated 20-7-1992 and 1-4-1996 are for managing and running an existing hotel or at least running a hotel in a building, plant ..... 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 .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Decided on : Sep-17-2003
Reported in : (2003)(158)ELT297Tri(Kol.)kata
..... the show cause notice was december, 1998.as such the entire demand would be hit by limitation.6. we also note that the provisions of section 110 of the finance act, 2000 are not applicable to the facts and circumstances of the case when the commissioner has himself recorded that there was no suppression or misstatement on the part of ..... in the case of borosil glass works ltd., v. cce 2002 (147) e.l.t. 396 (tribunal) = 2002 (48) rlt 201 has held that section 110 of the finance act, 2000 does not empower the department to raise demand beyond the normal period of six months in the absence of any fraud, collusion etc. for identical reasons he challenges the ..... (17) e.l.t. 331 and has since been followed by the tribunal in a number of decisions.similarly he submits that the provisions of section 110 of the finance act, 2000 have been wrongly made applicable by the adjudicating authority to the facts of the instant case. the said section nowhere raises the normal period of limitation for pending .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Decided on : Aug-19-2003
Reported in : (2003)(89)ECC861
..... the respondents, which stands duly paid by them. however, he has set aside the personal penalty imposed upon the appellants by observing that the explanation to section 117 of the finance act, 2000, vide which the levy of service tax for the clearing and forwarding agents, was re-validated with retrospective effect. while dropping the penalty, the commissioner (appeals) has observed that ..... in the case of anil chemicals and industries ltd. v. commissioner of central excise, raipur, 2002 (51) rlt 1037, has held that in view of the retrospective amendment in the finance act, 2000, the demand of service tax is sustainable against the assessees, but no penalty can be imposed, inasmuch as the retrospective amendment cannot bring about penal consequences. inasmuch as the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Aug-14-2003
Reported in : (2004)267ITR61(Kol.)
..... as promised the appellant filed a suit for specific performance against the vendor, the suit was ultimately decreed by the supreme court by its judgment dt. 22nd april, 1968. in terms of this decree, the appellant was required to deposit a sum of rs. 85,000 within 30 days of the decree and thereupon the title in ..... challenged and subsequently a settlement was arrived at, under the terms of the settlement, the property in question was to be acquired by the state under the land acquisition act, 1894 and the compensation for such acquisition was to be paid to the assessee. apart from the compensation for acquisition of the said premises, the assessee received a ..... into a leave & licence agreement in respect of the said premises on 1st sept., 1989, with m/s imkemex india ltd., a company registered under the indian companies act, 1956 (hereinafter referred to as 'the licensee'). under the said agreement, the licensee agreed to make interest-free deposit of rs. 24,40,000 within seven days from .....
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