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Mr. M. Damodaran Nair Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2004)90ITD758(Coch.)

..... on lease and was sub-letting them.therefore, the income received from such an activity is assessee's business income. he further submitted that it was by finance act, 1987 that the meaning of the expression "ownership" was extended for the purpose of adding income under the head "income from property". the expression "ownership" ..... or more will not constitute the change of ownership. further, coming back again to the section (section 269u), it is clear that the provisions of this chapter (chapter xxc) shall come into force on such date as the central government may, by notification in the official gazette appoint, and different dates may be appointed ..... on lease for more than 12 years by virtue of consecutive lease agreements. section 269ub explains who are the appropriate authorities for the purpose of this chapter. section 269uc puts some restrictions on transfer of immovable property. section 269ud provides the modes by which the central government purchases the immovable property.9. .....

Paul John, Delicious Cashew Co. Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2005)94ITD131(Coch.)

..... , the assessee is in appeal before the tribunal.4. assailing the order of the commissioner, , the assessee's representative submitted that section 14a was introduced by finance act, 2001 with retrospective effect from 1-4-1962. section 14a deals with certain expenditure incurred in relation to income not includible in the total income. section introduced ..... . the view taken by the commissioner does not stand legal scrutiny. as rightly contended by the learned representative of the assessee, section 14a was introduced by finance act, 2001 with retrospective effect from 1-4-1962. it will have far reaching consequences. the settled cases of almost half a century will unsettle by this retrospective ..... the proviso was already in the state book. section 14a reads as under:- "14a. for the purpose of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under .....

K.R. Syamkumar Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2006)100ITD500(Coch.)

..... further allowances or deductions are admissible against the gross winnings from lottery, is beside the point, since it is contrary to the basic minimum taxable prescribed in finance act and the condition stipulated in the circular could be made applicable only in the case of taxable income.4. on the contrary, the learned departmental representative submitted ..... the intention of the legislature to have different standards in respect of different type of income especially since both these sections come under the same. chapter in the income-tax act. 3.5 it is also relevant to state that in the case of dividend income, interest income, income earned by contractors etc. the tax ..... horse races, card games and other games of any sort or gambling or betting of any form or nature are included in 115bb of the income-tax act in the chapter xii for determining the tax in certain special cases. the relevant section 115bb reads as under: 115bb. tax on winnings from lotteries, crossword puzzles, races .....

S. Gopakumar Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Cochin

..... could not be accepted. it may be mentioned here that by way of explanation in section 158ba, it is clarified by finance (no. 2) act, 1998, with effect from 1-7-1998, that an assessment made under chapter xiv-b is in addition to the regular assessment in respect of each previous year included in the block period. but that ..... cit (supra) the tribunal, patna bench held that the provisions of section 145 for estimating the income could be applied in regular assessment and not in block assessment under chapter xiv-b. we notice that in the present case, though in para 5(1) of the assessment order, the assessing officer has stated that applying the provisions of ..... assessee (huf) apart from what had already been considered in the assessment of the assessee (individual), there was actually no undisclosed income for the purpose of assessment under chapter xiv-b. the entire assessment was based on the declaration of income by the assessee itself in the returns filed by it. in the face of such facts .....

S. Gopakumar Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2001)79ITD285(Coch.)

..... ) could not be accepted. it may be mentioned here that by way of explanation in section 158ba, it is clarified by finance (no. 2) act, 1998, w.e.f. 1st july, 1998, that an assessment made under chapter xiv-b is in addition to the regular assessment in respect of each previous year included in the block period. but that ..... assessee (huf) apart from what had already been considered in the assessment of the assessee (individual), there was actually no undisclosed income for the purpose of assessment under chapter xiv-b. the entire assessment was based on the declaration of income by the assessee itself in the returns filed by it. in the face of such facts it ..... in the above case the tribunal (madras bench) annulled the block assessment for the reason that there could be no undisclosed income 'for the purpose of assessment .under chapter xiv-b even though the return had been filed belatedly. our attention was also drawn to the decisions of the tribunal reported in jaya s. shetty v. asstt. cit .....

Escapade Resorts (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2008)303ITR118(Coch.)

..... considered the objections of the appellant. the levy of surcharge for any assessment year has to be as per the provisions of the finance act of that assessment year. the finance act, 1997, provides in section 2(1) of that act that for the assessment year commencing on the first day of april, 1997, income tax shall be charged at the rate specified in ..... surcharge is additional levy that cannot be levied when the total income is determined by invoking the deeming provisions of section 115ja of the act. he also referred to para e of the first schedule to the finance act, 1997.23. on the other hand, the learned departmental representative supported the orders of the ao as well as cit(a). she ..... ) the amount by way of provision for losses of subsidiary companies; or (f) the amount or amounts of expenditure relatable to any income to which any of the provisions of chapter iii applies; if any amount referred to in els. (a) to (f) is debited to the p&l a/c, and as reduced by, (3) nothing contained in .....

indo Marine Agencies (Kerala) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1995)51TTJ(Coch.)18

..... by the assessee falls under item (g) of the explanation to sub-s. (1a) of s. 115 of the it act. sub-s. (1a) was inserted by the finance act, 1989 w.e.f. 1st april, 1989. item (g) in the explanation thereto was also inserted by the direct tax ..... if any, such amount is credited to the p&l a/c (ii) the amount of income to which any of the provisions of chapter iii applies, if any such amount is credited to the p&l a/c, and (iii) the amount of any brought forward losses or ..... is no justification to start the computation from the asst. yr. 1975-76. the actual computation should start from the asst. yr. 1970-71 onwards; and (b) the authorities erred in adjusting the loss or depreciation whichever is less against the profits in relation to the ..... passing an order of assessment, he relied on the decision of the supreme court in cit vs. m.k.k.r. muthukaruppan chettiar (1970) 78 itr 69 (sc).8. sri c. abraham, the learned senior departmental representative took us through the facts of the case and .....

Mamatha Motels Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2003)84ITD582(Coch.)

..... shall apply to a case where the firm is dissolved on the death of any of its partners.there was a proviso to section 187, which was omitted by finance act, 1992 w.e.f. 1-4-1993 which read as under : (i) the income of the previous year shall, for the purposes of inclusion in the ..... : 103 taxman 181.7. the learned departmental representative, on the other hand, mentioned that there are so many provisions in the income-tax act outside chapter xivb like the provisions of chapter xv relating to liability in special cases like that of legal representatives referred to in section 159, which have an application even in the framing ..... includes an assessment under section 158bc, it automatically includes an assessment framed under section 158bc read with section 158bd, as the later provision stipulates that the provisions of chapter xivb apply to any assessment framed under section 158bd. a related question is what is meant by a "regular assessment", because this expression figures in section 158ba( .....

Deputy Commissioner of Income Tax Vs. Catholic Syrian Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2004)267ITR52(Coch.)

..... to rural advances. that has been made clear by the circular of the board (supra) explaining the provisions of the said clause while introducing the same by the. finance act, 1979. it has further been clarified by the circular of the board (supra) while explaining the position with reference to the foreign banks in the context of the ..... under that clause". (a) a scheduled bank............ an amount not exceeding five per cent of the total income (computed before making any deduction under this clause and chapter vi-a) and an amount not exceeding two per cent of the aggregate average advances made by the rural branches of such bank computed in the prescribed manner." ..... , a nationalized bank as specified in section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970, or any other bank included in the second schedule to the reserve bank of india act, 1934. it may be mentioned that all co-operative banks have been excluded from the purview of this provision in view of .....

P. A. Chandran Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

..... the respective assessment year. in respect of undisclosed income of the block period, tax is levied not in accordance with the finance act, but as provided under s. 112 of the it act. there is no provision either in chapter xiv or in s. 112 providing for basic exemption and restricting the levy of tax on the excess amount alone. the contention of the learned ..... inspector in the kerala state excise department. on 12th december, 1996, the it department conducted a search in the residence of the assessee under s.132 of the it act. in response to a notice issued under s. 158bc, the assessee filed the return of income in form no. 2b on 17th june, 1997.in the course of the assessment ..... 1. this is an appeal arising out of the order passed by the asst. cit, (inv) circle-1, dvn. 1, trichur, under s. 158bc of the it act on the assessee, shri p. a. chandran, trichur, for the block period from 1st april, 1986, to 12th december, 1996.2. the assessee is a government servant employed as excise .....