Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)6ITD225(Kol.)
..... taken that the amended law stood during the assessment year and the ito did not allow deduction correctly under section 80m. sections 80aa and 80ab were introduced in chapter via by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 and 1-4-1981. it has been stated earlier that for reopening the assessment under section 147(b), ..... be said that two views are possible. when two views are available, one which is favourable to the assessee may be adopted--cit v. kulu valley transport co. (p.) ltd. [1970] 77 itr 518 (sc), cit v. naga hills tea co. ltd. [1973] 89 itr 236 (sc), cit v. vegetable products ltd. [1973] 88 itr 192 (sc) and mahendrakumar ishwarlal & ..... . bombay dyeing & mfg.co. ltd. [1971] 82 itr 892 (sc).7. the direct decision of the supreme court on the issue is available in v. jaganmohan rao v. cit [1970] 75 itr 373. the supreme court in the above decision observed that once the assessment is reopened by issuing a notice under section 34(1)(b) of the indian income .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD1(Kol.)
..... of the rectification order in a writ petition in the high court. the high court set aside the order by holding that whether the retrospectivity given by the finance act would cover completed assessments or would apply to pending assessments was a debatable point and since it was a debatable point, there could not be said to be ..... was assessed to wealth-tax which included, inter alia, the value of jewellery and ornaments. on appeal, the appellate asstt. commissioner by his order dated 28-6-1970 excluded from the net wealth the value of jewellery and ornaments on the ground that they were intended for personal use of the assessee and were exempted under the ..... with reference to the income by way of such dividends as computed in accordance with the provisions of this act (before making any deduction under this chapter) and not with reference to the gross amount of such dividends.acting on the basis of section 80aa, the income-tax officer sought to rectify the assessments made for these two .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD15(Kol.)
..... in the hands of the assessee 38. the gujarat high court considered the provisions of section 164 as it stood before the amendment introduced with effect from 1-4-1970 by the finance act, 1970. section 164 which was considered. by the gujarat high court was as follows : 164. where any income in respect of which the persons mentioned in clauses (iii) and ..... world income" with effect from 1-4-1965, consequent on the deletion of section 113 with effect from 1-4-1965.21. the finance act, 1970 substituted the following section in place of the earlier section with effect from 1-4-1970 : 164. (1) subject to the provisions of sub-sections (2) and (3) where any income in respect of which the ..... thereto are analogous to section 160(1) and 160(4) of the act. their lordships in the case of trustees of h.e.h. nizam's family (supra) have held that section 41 only comes into play after the income has been computed in accordance with chapter iii and then the question of payment of tax arises and it is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD1(Kol.)
..... exists for treatment of persons solely for philanthropic purposes.24. in this connection we may also mention that sub-clause (b) of finance act, 1970 introduced a new clause (22a) in section 10 of the it act. the effect of the proposed amendment will be that the income of the hospitals or other medical institutions will be completely exempt from ..... of the calcutta high court while deciding the issue under section 10(22) of the it act in the case of birla vidhya vihar trust (supra) have referred to the finance bill, 1970 and its memorandum explaining the provisions in the finance bill, 1970 and also referred to the board's circular which was issued under section 10(22a) ..... existing solely for philanthropic purposes and not for purposes of profit.13. in this connection we may refer the finance bill, 1970. the statement of objects and reasons in respect of clause 4, seeks to amend section 10 of the it act, 1961, wherein it has been stated that sub-clause (b) seeks to insert a new clause (22a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)79TTJ(Kol.)915
..... entitled to carry forward the loss even though the loss return was filed within the time prescribed under section 139(3) as amended by the taxation laws (amendment) act, 1970 ?' this court following the decision in presidency medical centre (p) ltd.'s case (supra) answered the said question in the affirmative and in favour of the assessee ..... assessment year.20. i may also mention that section 80, as it stood at the relevant point of time, provided as follows : "notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed, within the time allowed under sub-section (1) of section 139 or within such ..... court in the case of sardar arjun singh ahluwalia (supra). as pointed out earlier, section 139 of it act, 1961, falls under chapter xiv which deals with the procedure for filing of the return. section 80 of 1961 act falls under chapter vi which deals with aggregation of income and set off or carry forward of loss. strict compliance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD215(Kol.)
..... entitled to carry forward the loss even though the loss return was filed within the time prescribed under section 139(3) as amended by the taxation laws (amendment) act, 1970 this court following the decision in presidency medical centre (p) ltd.s case (supra) answered the said question in the affirmative and in favour of the assessee. ..... the relevant assessment year.i may also mention that section 80, as it stood at the relevant point of time, provided as follows : notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed, within the time allowed under sub-section (1) of section 139 or within such ..... the case of sardar arjun singh ahluwalia (supra). as pointed out earlier. section 139 of income tax act, 1961 falls under chapter-xiv which deals with the procedure for filing of the return.section 80 of 1961 act falls under chapter-vi which deals with aggregation of income and set off or carry forward of loss. strict compliance to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD22(Kol.)
..... per cent, of the profits. this would secure that companies pay a minimum tax, on at least 30 per cent, of their profits." 34. thereupon, chapter vi-b was introduced by section 32 of the finance act, 1983 [1983] 142 itr (st.) 34 as follows : 80wa. restriction on certain deductions in the case of certain companies. --(i) notwithstanding anything ..... less while making the assessment for this year. interestingly, the department was aware of this position as can be seen from the memorandum explaining the amendment introduced by the finance act, 1989. at para 9.6 above (see page 191 supra), we have set down the amendment providing for the adjustment of amounts transferred from the book profit to ..... earlier year 1981-82, a similar issue came up before the tribunal in the assessee's own case and by an order dated february 15, 1985, in ita no. 1970/83, a similar disallowance was upheld, following the decision in the case of cit v. bazpur co-operative sugar factory ltd. [1983] 142 itr 1 (all). in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)60SCL59NULL
..... a variety of items, very diverse in character, such as ships, vehicles, books, scientific apparatus and surgical equipment, used for the purpose of business or profession. the finance act, 1995 amended the definition with retrospective effect from 1-4-1962 to state that the work 'plant' does not include tea bushes or live stock. the very fact ..... with fishermen for collection of fish during the monsoon season may not be taken as a first step towards setting up of business, at least from august 15, 1970, when the assessee acquired a godown where the processing of marine products could start when fish became available after the monsoon, it can be said that that ..... . the tribunal was, therefore, right in concurring with the view of the appellate assistant commissioner that the expenditure incurred by the assessee after august 15, 1970, and before october 6, 1970, when collection of fish was to actually start, can be treated to be business expenditure and would get covered under section 37 of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)96TTJ(Kol.)1041
..... , india of the dividends (including dividends on preference shares) payable out of such income in accordance with the provisions of section 194 of the act." thus, even under the finance act the domestic company is recognized as indian company and any other company having made arrangement for declaration of dividends payable on such income. we, therefore ..... for that financial year. 195a. where, under an agreement or other arrangement, the tax chargeable on any income referred to in the foregoing provisions of this chapter is to be borne by the person by whom the income is payable, then, for the purposes of deduction of tax under those provisions, such income ..... ltd. (1960) 39 tax cases 509, concerning uk anti-avoidance legislation conflicting with the earlier irish double tax avoidance agreement and woodend rubber co. v. cir (1970) 2 wlr 10, concerning discriminatory legislation in ceylon (sri lanka) conflicting with the earlier uk-ceylon treaty." 63. in the light of the above position of law .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD288(Kol.)
..... . on a reference, the high court held that the appeal was competent, but the provisions relating to the imposition of penalty were not saved by the finance act and, therefore, the order imposing the penalty was bad. on an appeal to the supreme court, it was held (reversing the decision of the high ..... of escaped income (section 34), appeal, revision and rectification of assessment (sections 30, 31, 33, 33a, 33b, 35) etc.11. the scope of 'assessment' under chapter iv is, thus, very wide. it may amply computation of total income, computation of tax, imposition of penalty, procedure of assessment, the entire appellate, revisional and rectificatory ..... matter exhaustively and have not followed the conclusion resulting therefrom by referring to the decision of the supreme court in jain bros. v. union of india [1970] 77 itr 107, wherein there are some observations that penalty proceedings are not essentially the continuation of proceedings relating to the assessment. thereafter, their lordships .....
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