Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jun-30-1997
Reported in : (1998)65ITD214(Kol.)
..... the income was first assessable, where such assessment year is an assessment year commencing on or after the 1st day of april, 1969; or [substituted by finance act, 1968 (with e.f. 1-4-1968)] (b) the expiry of eight years from the end of the assessment year in which the income was first assessable, in a case falling within clause ..... years from the end of such assessment year; (ii) where the return relates to a previous year relevant to the assessment year commencing on the 1st day of april, 1968, three years from the end of the assessment year; (iii) where the return relates to a previous year relevant to any other assessment year, two years from the ..... -3-1989 and, therefore, the extension of one year period expired on 27-3-1990. according to him, the assessment was finalised within the time prescribed under the act. the learned dr extended his arguments further and submitted that although according to the decision of the supreme court (supra), once the return is filed under section 139(4 .....
Tag this Judgment!Court : Kolkata
Decided on : Dec-17-1997
Reported in : (1998)148CTR(Cal)522
..... v. shivakami co. pvt. ltd. : [1986]159itr71(sc) . we also find support in our view from a division bench judgment of the bombay high court in the case of india finance and construction co. pvt. ltd. v. b.n. panda, dy. cit : [1993]200itr710(bom) .for the reasons above, we answer the question in the affirmative and against the revenue.all ..... and the assessment year involved is 1984-85 for which the previous year ended on 31-3- 1984. the assessment was completed under section 143(3) of the income tax act, 1961 on 27-1-1987.2. during the relevant previous year, the assessee was the proprietor of a concern known as nandini traders in which she made certain share transactions .....
Tag this Judgment!Court : Kolkata
Decided on : Dec-17-1997
Reported in : [1998]230ITR679(Cal)
..... v. shivakami co. pvt. ltd. : [1986]159itr71(sc) . we also find support in our view from a division bench judgment of the bombay high court in the case of india finance and construction co. pvt. ltd. v. b. n. panda, dy. cit : [1993]200itr710(bom) . 10. for the reasons above, we answer the question in the affirmative and against the revenue ..... and the assessment year involved is 1984-85 for which the previous year ended on march 31, 1984. the assessment was completed under section 143(3) of the income-tax act, 1961 on january 27, 1987. 3. during the relevant previous year, the assessee was the proprietor of a concern known as nandini traders in which she made certain share transactions .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Oct-28-1997
Reported in : (1998)66ITD39Cal
..... claim of learned departmental representative, vis-a-vis expln. 4a, we are of the opinion that it was never intended to be retrospective in operation. memorandum explaining provisions in finance (no. 2) bill, 1996 (200 itr 270 (statutes) may be usefully extracted hereinbelow : "under the existing provisions, the term "actual cost" means the actual ..... no. 2 relates to the claim of guest house expenditure.learned departmental representative submitted that in view of the specific provisions of s. 37(4) of the it act, 1961, rates, taxes and repairs of the guest house are not allowable as deduction. first appellate authority decided the issue in favour of the assessee-company by ..... to claim depreciation and for such colourable transaction, judicial sanction should not be given. drawing our attention to expln. 3 to s. 43(1) of the act, learned departmental representative submitted that apart from applying the mcdowell's case (supra), the order of the ao can be supported by the power vested in him .....
Tag this Judgment!Court : Kolkata
Decided on : Oct-28-1997
Reported in : (1998)61TTJ(Cal)576
..... learned departmental representative, vis-a-vis 4a, we are of the opinion that it was never intended to be retrospective in operation. memorandum explaining provisions in finance (no.2) bill, 1996 may be usefully extracted hereinbelow:'under the existing provisions, the terms 'actual cost'means the actual cost of the assets to ..... relates to the claim of guest house expenditure. learned departmental representative submitted that in view of the specific provisions of section 37(4) of the income tax act, 1961, rates, taxes and repairs of the guest house are not allowable as deduction. first appellate authority decided the issue in favour of the assessee-company ..... also to claim depreciation and for such colourable transaction, judicial sanction should not be given. drawing our attention to explanation 3 to section 43(1) of the act, learned departmental representative submitted that apart from applying the mcdowell & co. ltd.'s case (supra), the order of the assessing officer can be supported by .....
Tag this Judgment!Court : Kolkata
Decided on : Oct-03-1997
Reported in : 1998(59)ECC479
..... a single transaction, no order of detention should have been passed. reliance in this connection has been placed on m. mohamed sultan v. joint secretary to government of india, finance department and ors., reported in 1991(1) scc 144.6. mr. b.r. ghosal, the learned senior counsel appearing on behalf of the respondents on the other hand, ..... to a person from the basis for reaching a satisfaction that he might repeat such acts in future and in order to prevent him from doing so it is necessary to detain him.in m. mohamed sultan v. joint secretary to government of india, finance department and ors. reported in 1991(1) scc 144 almost in a similar situation ..... the apex court held:--an order for preventive detention is founded on a reasonable prognosis of the future behaviour of a person, based on his past conduct judged in the light of the surrounding circumstances. such past conduct may consist of one single act .....
Tag this Judgment!Court : Kolkata
Decided on : Sep-25-1997
Reported in : 1998CriLJ2281
..... regard to the sale and distribution of commodities in packaged form within the state'. sub-section (1) of section 33 provides that the provisions of the standards act as well as the rules made thereunder relating to commodities in packaged form shall, as far as may be, apply to every commodity in packaged form which is ..... other goods which are sold or distributed by weight, measure or number and to provide for matters connected therewith or incidental thereto. the preamble itself suggests that this act was enacted for the purposes of (i) establishing standards of weights and measures, (ii) regulating inter-state trade or commerce in weights, measures and other goods ..... commodity is connected with the coursel of inter-state trade or commerce, there could not be any violation of section 39 for attracting section 63 of the act of 1976 and as such, the learned magistrate was not justified in taking cognizance or issuing process against the accused petitioners. mr. ghosh relief in this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Sep-18-1997
Reported in : (1998)65ITD169(Kol.)
..... practice was followed even in respect of period after the commencement of the production so much so that the legislature were called upon to introduce expln. 8 by the finance act, 1986, with retrospective effect from 1st april, 1974.25. on consideration of the matter, it appears to us that there is no basis to hold that ..... mentioned that in the notice under s. 263, the learned cit did not rely upon expln. 8 to s. 43(1) which had been inserted by the finance act, 1986, with retrospective effect from 1st april, 1974. the same was not referred to by the parties during the course of their submissions before the hon'ble ..... be capitalised. "interest incurred" means actual interest paid or payable in respect of borrowings which are used to finance capital expenditure .... interest on capital during construction paid in accordance with the provisions of s. 208 of the companies act, 1956, may, however, be capitalised as permitted by that section. interest on monies which are specifically borrowed .....
Tag this Judgment!Court : Kolkata
Decided on : Sep-18-1997
Reported in : (1998)61TTJ(Cal)206
..... practice was followed even in respect of period after the commencement of the production so much so that the legislature were called upon to introduce expln. 8 by the finance act, 1986, with retrospective effect from 1st april, 1974.25. on consideration of the matter, it appears to us that there is no basis to hold that ..... mentioned that in the notice under s. 263, the learned cit did not rely upon expln. 8 to s. 43(1) which had been inserted by the finance act, 1986, with retrospective effect from 1st april, 1974. the same was not referred to by the parties during the course of their submissions before the honble single bench ..... be capitalised.'interest incurred' means actual interest paid or payable in respect of borrowings which are used to finance capital expenditure .... interest on capital during construction paid in accordance with the provisions of s. 208 of the companies act, 1956, may, however, be capitalised as permitted by that section. interest on monies which are specifically .....
Tag this Judgment!Court : Kolkata
Decided on : Sep-01-1997
Reported in : [1998]232ITR467(Cal)
..... accordingly, the petitioner filed the same. on a query made by the desk officer, ministry of finance, department of revenue, central board of direct taxes (foreign tax division), government of india, the petitioner replied annexing thereto an opinion of a tax consultant opining, ..... per cent. per annum. the said rate of interest of 8.1 per cent. per annum was fixed in consultation with the government of india, ministry of finance, department of economic affairs, new delhi.2. it is the contention of the petitioner that the interest so payable by petitioner no. 1-company is exempted ..... accordance with the provisions of sub-clause (iv)(c) of clause (15) of section 10 of the income-tax act, 1961, and claiming such exemption, the petitioner wrote to the government of india, ministry of finance, department of revenue, for approval. the petitioner thereafter was advised to file a formal application on the prescribed form. .....
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