Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD1(Kol.)
..... then, notwithstanding anything contained in that section, the deductions under that section shall be computed 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 assessment years by deducting from the gross amount of dividends proportionate expenditure.the assessee ..... 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 then section 5(1)(viii) of the wealth-tax act, 1957.no further appeal was filed by either side against the order of the appellate asstt. commissioner. by section 32 of the finance (no. 2) act of 1971, section 5(1)(viii) of the wealth-tax act, 1957 was amended withdrawing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)104ITD249Cal
1. This Special Bench has been constituted under Section 255(3) of the Income Tax Act, 1961 by the Hon'ble President, I.T.A.T. in the case of M/s. Usha Martin Industries Ltd. vide I.T.A. No. 1304 (Cal)/2000 for assessment year 1997-98 to consider the following questions: Whether, the provisions made for doubtful debts, advances & investments, i.e. for unascertained liabilities, falls within the purview of adjustments under Section 115-JA of the Income-tax Act, 1961 and whether the A.O. was justified to make adjust of Rs. l,56,00,000/- in this case in computing the books profits 2. The case was fixed for hearing on 5.5.2006 and on this date the learned A/R of the assessee raised preliminary objection against the question referred for the consideration of the Special Bench. He contended that the question framed has described the provision made for doubtful debts as unascertained liability. The question is referred with a pre-conceived notion that the provision for doubtful debts, ad...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD537(Kol.)
..... income and was to be assessed in accordance with the procedures of the 1961 act and subjected to tax at the rates prescribed in the respective finance acts. as the declaration merely provided information to the ito and did ..... act for that year'. 1. section 16 of the 1976 act provided immunity to the declarant from penalty, prosecution, etc., under the customs act, 1962, and the gold (control) act, 1968, on fulfilment of certain conditions specified therein. 2. section 17 of the said act stipulated that 'the provisions of chapter xv of the income-tax act relating to liability in special cases and of section 189 of that act or of chapter v of the wealth-tax act ..... act no return of wealth could be filed beyond the said period of eight years and, even if filed, the return would not be valid and no assessment on its basis could be made. the learned counsel relied, for the above proposition, on the following decisions--cit v. s. raman chettiar [1965] 55 itr 630 (sc), smt. parbati devi v. c/j [1970 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD857(Kol.)
..... not apply to a case where any order of assessment or levy is passed. the purpose of sub-clause (hi) of section 2(m), as inserted by the finance act, 1959, with retrospective effect from 1-4-1957, is explained by the memorandum explaining the financial proposals as under : ordinarily, debts owing by the assessee ..... m the salaries payable to his employees. ah these provisions are under chapter xvii dealing with collection/recovery of tax. the tax deducted at source under section 192 of the income-tax act is not in consequence of an order passed under or in pursuance of the income-tax act but under the statutory provision holding the person responsible for payment of income ..... 1970-71 to 1975-76 and are directed against the consolidated order of the aac dated 17-9-1980 wherein he held that the taxes deducted at source from the salaries of the employees but remaining unpaid to the credit of the central government for more than 12 months, were not covered by section 2(m)(iii) of the wealth-tax act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)82ITD788Cal
1. This is an appeal by the assessee against the order of the AO under Section 158BC arising out of search and seizure proceedings.2. A preliminary objection about the validity of the assessment under Chapter XIV-B was raised by the assessee by way of the following two questions : "1. That the provisions of Section 158BA of IT Act, 1961 were not applicable in this case because the requisition under Section 132A was made much before 30th June, 1995. The invoking of the provisions of Chapter XIV-B of the IT Act in the facts of this case is ab witio wrong, illegal and without jurisdiction, and the assessment framed under Chapter XIV-B is a nullity and liable to be quashed. 2. That the conditions precedent for initiating action under Section 132 or 132A did not exist and were not satisfied. Therefore, the issuance of Warrant of Authorisation under Section 132A and all proceedings taken and order passed in pursuance thereof are wrong, illegal and bad-in-law." 3. These two grounds were rais...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD220(Kol.)
..... be carried forward under sub-s. (1) of s. 72, or sub-s. (2) of s. 73, or sub-s. (1) or sub-s. (3) of s. 74 inserted by the finance act, 1972, w.e.f. 1st april, 1975, or sub-s. (3) of s. 74a he may furnish, within the time allowed under sub-s. (1) or by the thirty-first ..... , the assessee, which is a registered firm, is not entitled to carry forward and set off the unabsorbed loss of rs. 60,419 of the earlier years against its income computed in the asst. yr. 1970-71 for the purposes of levy of tax on such income." 8. putting the facts of the instant case to the tests laid down by the m. p. high court in the case of kalani udyog (supra) and to the provisions ..... thus has not complied with the provisions of s. 139(1) r/w s. 139(3) of the act.sec. 80 which deals with the return of loss reads as under : "sec. 80. - submission of return for losses - notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed within the time allowed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD160(Kol.)
..... -tax officer shall refer the case to the inspecting assistant commissioner who shall, for the purpose, have all the powers conferred under this chapter... for the imposition of penalty.a perusal of this provision makes it abundantly clear that the iac will have the jurisdiction over the subject ..... product of the appellant's vanaspati factory from the date it gets power connection for commencing production. thereupon the appellant approached financiers for financing the project and initiated negotiations with manufacturers for the purchase of machinery for the factory. in december 1968, the chief secretary to government and advisor to the governor ..... knowing that it would be acted upon by the appellant, and the appellant, relying on that assurance, established the factory by investing a large amount, and, therefore, the state government was bound to honour the assurance and exempt vanaspati manufactured and sold by the appellant for a period of three years from july 2, 1970. the high court .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)6ITD225(Kol.)
..... , therefore, it could be 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), only those materials ..... , it can 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 ..... cbdt's circular dated 16-4-1975 and in ellerman lines ltd. v. cit [1971] 82 itr 913 (sc). the assessee also relied on sirpur paper mill ltd. v. cwt [1970] 77 itr 6 (sc), j.k. synthetics ltd. v.cbdt [1912] 83 itr 335 (sc) and a.l.a. finn v. cit [1976] 102 itr 622 (mad.). the commissioner (appeals .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1999)68ITD148(Kol.)
1. This appeal by the assessee for the block assessment for the block period of previous years 1987-88 to 27th August, 1996 passed under s.158BC of the IT Act, 1961.2. The facts of the case, in brief, relevant for the disposal of this appeal, at present, are that a search under s. 132 of the IT Act, 1961, was conducted at the office premises of the assessee, Shaw Wallace & Co. Ltd. at 4, Bankshall Street, Calcutta-700 001, and at its various premises on 27th August, 1996, and on subsequent dates. During the course of search various assets and documents were found and seized.The AO issued notice under s. 158BC on 31st January, 1997, calling upon the assessee to file its return of undisclosed income for the block period. The return was filed on 17th April, 1997. The AO passed the block assessment order for the block period on 28th November, 1997. On 27th August, 1996, the date on which the search commenced, the assessments for the two assessment years, namely, 1994-95 and 1995-96 we...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)105TTJ(Kol.)543
1. This Special Bench has been constituted under Section 255(3) of the IT Act, 1961 by the Hon'ble President, Tribunal in the case of M/s Usha Martin Industries Ltd. vide ITA No. 1304/Cal/2000 for asst. yr. 1997-98 to consider the following questions: Whether the provisions made for doubtful debts, advances and investments i.e. for unascertained liabilities, falls within the purview of adjustments under Section 115JA of the IT Act, 1961 and whether the AO was justified to make adjustment of Rs. 1,56,00,000 in this case in computing the book profits? 2. The case was fixed for hearing on 5th May, 2006 and on this date the learned Authorised Representative of the assessee raised preliminary objection against the question referred for the consideration of the Special Bench. He contended that the question framed has described the provision made for doubtful debts as unascertained liability. The question is referred with a preconceived notion that the provision for doubtful debts, advances ...
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