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)85ITD133(Kol.)
..... or various concerns in russel industries ltd. corresponding deductions have been claimed in respective assessments. it was claimed that the aforementioned persons were experts in the field of financing, money lending, investment, leasing, hire purchases, trading, consultancy agency, broking, etc. the assessing officer made local enquiries through the inspector of the income tax department ..... bench, then point of difference of opinion was referred to honble vice president (kolkata zone) as third member under section 255(4) of the income tax act.in accordance with the majority view after duly taking into account the opinion expressed by the learned third member, we hold that the payment of service charges ..... constituting the bench in regard to the following issues, i was nominated as third member by the honble president under section 255(4) of the income tax act, 1961 : "whether, on the facts and in the circumstances of the case, the payment of service charges of rs. 10,48,895 to shri sanjiv .....
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 : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Decided on : Jan-14-2003
Reported in : (2003)(155)ELT366Tri(Kol.)kata
..... 1.4. the deputy commissioner vide his order-in-original dated 3.1.2000 sanctioned the refund claims to the appellants accordingly.1.5. thereafter, section 117 of the finance act, 2000 validated the collection of service tax under rule 2(i)(d)(xii) & xvii of the service tax rules, 1994 with retrospective effect, and declared that any ..... refunded in pursuance of any judgment, decree or order of any court striking down the said rules, shall be recoverable within thirty days from the date on which the finance act, 2000 receives the assent of the president. it further clarified that in the event of non-payment, such service tax so refunded with interest @ 24% per month, ..... dispute about the recovery of the refund sanctioned by the deputy commissioner in view of the retrospective validation of the service tax rules, vide section 117 of the finance act, 2000. in terms of the said section, refund of service tax granted in pursuance of any order/judgment is to be recovered within a period of thirty .....
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 .....
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