Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)280ITR117(Kol.)
..... or any financial institution wholly owned by that government or by any resident of the other contracting state with respect to debt-claims guaranteed or indirectly financed by the government of that other contracting state, a political sub-division or a local authority thereof, the central bank of that other contracting state ..... which is wholly owned by the government of the kingdom of the netherlands or the local authorities; the netherlands financierings maatshappji voor ontwikkelings landen n.v. (netherlands finance company for developing countries) and the netherlands investerings bank voor ontwikkelingslanden n.v. (netherlands investment bank for developing countries) : all other institutions as may be ..... 16. the income of an assessee carrying on business in india is to be taxed as per the provisions of chapter iv-d consisting of section 28 to 43 and 43 and section 44ba of the act. abn amro bank, a corporate body is the assessee and carrying on banking business in india and, therefore, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD610(Kol.)
..... 1tr 49. it was held in that case that neither the speech of the minister at the time of the introduction of the finance bill nor the instruction issued by the central board of revenue, should be allowed to control the plain words of the section. these ..... a copy whereof appears at pages 23 to 25 of the paper book. the learned members in that case took into account the finance minister's speech while coming to the conclusion that the provisions of section 40a(8) are not aimed at payment of interest to ..... 5,798. a small-scale co-operative unit was formed by some of the workers of the assessee's factory in the year 1970-71. the assessee advanced a sum of rs. 10,550 in 1971-72 to enable the aforesaid co-operative unit to meet ..... ended on 30-6-1977. the ito disallowed interest amounting to rs. 17,744 under section 40a(8) of the income-tax act, 1961 ('the act'). on appeal, the commissioner (appeals) following his decision on the issue for the assessment year 1977-78, sustained the disallowance. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD236(Kol.)
..... the point regarding deduction of expenses from dividend income for allowing relief under section 80m, read with section 80aa as amended by the finance act, 1980. according to him, the ito did consider this issue as could be apparent from the order of assessment itself and in ..... or business. the learned departmental representative further refers to another decision of the hon'ble supreme court in the case of cit. national finance ltd. [1962] 44 itr 788 in which similar view was expressed that the issue has to be decided in the light of ..... during the year and the other incomes were from sources other than share dealings. in another case of investment ltd. v. cit [1970] 77 itr 533, the hon'ble supreme court on the facts of that case held that though it was true that order made ..... 63 and onwards.amongst other things, it is seen that before the tribunal for the assessment years 1966-67 to 1968-69 and 1970-71 in the case of the assessee being it appeal nos. 628 to 631 (cal.) of 1979 dated 28-5-1980 it .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD148(Kol.)
..... referred to in sub-section (4) be accompanied by a fee of one hundred rupees." subsequently, the fee was enhanced to rs. 125 by the taxation laws (amendment) act (1970) finance act,1981 further enhanced the court fee to rs. 200 w.e.f. ist june, 1981. the basis for payment of the fee for filing appeals to the tribunal was the ..... sub-section (2) or a memorandum of cross-objections referred to in sub-section (4)." with effect from ist june, 1999, a new clause, clause (d) was introduced by the finance act, 1999 which reads as under; "(d) where the subject-matter of an appeal relates to any matter, other than those specified in clauses (a), (b) and (c), five ..... judgment the same interpretation should be placed on clauses (a) to(c).14. turning to the addition on clause (d), the residuary clause to the sub-section by the finance act, 1999 w.e.f. 1.6.1999, the dissenting opinion has noted that this became necessary because there are certain penalties which are not linked to the assessed income, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100ITD441Cal
..... as "profits and gains of business or profession", the assessing officer is bound to allow all expenses/deduction under chapter iv d of the i.t.act. since the company has provided various services for the benefits of the tenants in an organized manner, kept a ..... assessee has shown 'rental income' and 'service charges' separately and has claimed expenses as per profit and loss account allowable under the act. he further submits that the assessing officer after examining the books of accounts and the details has accepted the 'rental income' under the ..... decades it is being shown and accepted as such by the revenue except in the in the assessment year 1970-71 in which the claim of the assessee has been accepted by the then aac of income-tax vide order dated 15. ..... 11.1972 for assessment year 1970-71. he further submits that the assessee's accounts are audited and in the annual report of the audited accounts the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD753(Kol.)
..... court has, in its decision in the case of best & co. (p.) ltd. (supra) held, in connection with clause (iii) inserted in section 40(c) of the act by the finance act, 1963 as from 1-3-1963, that the said provision thereunder was not linked to any particular assessment year as such or even the previous year and was to ..... house within the meaning of section 37(3). it is evident that the tribunal has not taken note of the insertion of sub-section (5) in section 37 by the finance act, 1983, with retrospective effect from 1-4-1979.2. subsequently, shri k. subbarao, the senior authorised representative for the department, filed a miscellaneous application dated 10-10- ..... provided under sub-section (4). but sub-section (4) itself provides that no allowance shall be made in respect of any expenditure incurred by the assessee after 28-2-1970, on the maintenance of residential accommodation in the nature of a guest-house. thus, from a mere reading of the sub-section, it is clear that no allowance shall .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)28ITD166(Kol.)
..... under sections 194 and 195 is deducted from the income-tax calculated under section 209(1), the advance tax payable would be nil is not tenable. under the finance act, 1981, income-tax is payable by the assessee on interest and dividend income at 70 per cent. further surcharge at 7j per cent is also payable on income ..... dividends received from tata finlay ltd. it was further stated1that, interest and dividends represented income from which tax was required to be deducted at source under chapter xvii of the income-tax act, 1961. it was asserted that under section 209 tax calculated on the estimated income shall be reduced by the amount of tax deductible at source. ..... advance tax nor paid advance tax during the relevant accounting year. the ito initiated penalty proceedings against the assessee under section. 273(2)(c) of the income-tax act, 1961. a notice under section. 274 read with section 273 was accordingly issued and served upon the assessee. in response to the notice served upon it the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)11ITD577(Kol.)
..... unit has not been formed by the splitting up or reconstruction of the existing unit, the building or machinery for the unit are all new and the new unit is financed by additional capital, it would be entitled to relief under section 80j. the gujarat high court in the case of shree digvijay cement co. ltd. (supra) held ..... of aluminum ingots went up by double. on these facts the calcutta high court held that the assessee was entitled to deduction under section 15c of the indian income-tax act, 1922, and the supreme court affirmed that decision of the calcutta high court. then, again the calcutta high court in the case of indian aluminium co. ltd. ( ..... pertains to the allowability of the assessee's claim for relief under section 80j of the income-tax act, 1961 ('the act') in respect of new range relay department. the relay department was established in the year 1970 and production began in 1970-71. up to march 1976, very limited types of relays were manufactured to cover the requirement of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD495(Kol.)
..... foreign accounts and each foreign project is required to be cleared separately under the foreign exchange regulations act, 1973 and the rules made thereunder.15. section 80ab was introduced in 1980 with effect from 1-4-1981 by the finance (no. 2) act, 1980. the purpose and objects of this section are fully explained by the central board ..... of the section with reference to the profits from each foreign project as per the conditions laid down in section 80a(2). the aggregate amount of deduction under chapter via including section 80hhb shall in no case exceed the gross total income. the aggregate deduction under section 80hhb is subject to the gross total income but ..... whether in computing the gross total income unabsorbed business losses should be deducted, or not having regard to the fact that deduction under section 80m falling under chapter via should not exceed such gross total income.this is not the controversy involved in this case. even the figure of gross total income as referred to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD557Cal
..... in the old units.5. the ld.d.r. has submitted that provisions contained in section 80ab has an overriding ^ effect over all other section s contained in chapter vi-a of the act, and as such, the deduction under section 80ia is allowable to the extent of income included in gross total income of the assessee computed before any deduction available ..... (7) shows that section 80-ia(7) enacts provisions of overriding nature. section 80-ia(7) is a part of section 80ia, which was newly inserted in the income tax act by the finance (no. 2) act, 1991 w.e.f. 1.4.1991. it starts with the words "notwithstanding anything contained in any other provisions of this .....
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