Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)6ITD225(Kol.)
..... 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 ..... allowed by the iac on the gross dividend.the commissioner (appeals) took into consideration the supreme court decision in cambay electric supply industrial co. ltd. v. cit [1978] 113 itr 84 and came to the conclusion that deduction under section 80m could not be allowed on the gross amount. he found that the bank charges 12 paise ..... amounts kept in suspense account under the heads interest, commission, etc., would not be assessable to tax. he further urged that the circular of 1952 was withdrawn only in 1978. therefore, the circular was in existence during the assessment years 1972-73 and 1975-76. the kerala high court in cit v. b.m. edward, india sea foods .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD1(Kol.)
..... .2. after completion of the original assessments for the assessment years 1977-78 and 1978-79, section 80aa came to be inserted by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 in the income-tax act, 1961 (for brevity the act) which in substance provides that deduction allowable to a company under section 80m should ..... 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 ..... 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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)60SCL59NULL
..... include 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 that the ..... and has not to be made periodically - m.k. bros. (p.) ltd. v. cit[1972] 86 itr 38, 42-43 (sc) and cit v. india tobacco co. ltd. [1978] 114 itr 182, 196 (cal.). (xvii) it is the true nature of the expenditure that is relevant and not the name or description given to it by the assessee in ..... d.g.m. & company secretary of the assessee-company is quoted as under: mahindra towers, 'a' wing, 1st floor, rbc worli, bombay-400016 r.h. patil the peerless general finance & investment co. ltd., park centre, please refer to your application for trading membership of the wholesale debt market of the nseil. we are pleased to inform you that based on .....
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 ..... 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 ..... the shares were valued in the next year. much was made of the fact that the revaluation was made after the shares have been sold and after the finance act had come into force indicating that the assessee was well aware of the implications of the fresh impost under section 115j. apart from the fact that it is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)83ITD111(Kol.)
..... assessee added that in the present case also the assessments were already completed could not be reopened to be assessed in view of the provisions under section 158bc of the it act under chapter xiv-b. he reiterated that in the course of search no undisclosed income either in the form of money, bullion, jewellery or other article or thing were found ..... and hence the addition made in this regard is invalid, the learned counsel for the assessee has relied on the judgment of the tribunal in the case of kirloskar investments & finance ltd. (supra) and also on two other judgments viz., in the cases of smt rajrani gupta v. dy. cit (2000) 66 ttj (mumbai) 582 and agarwal motors v. ..... cylinders was much less or much higher than what had been charged by the assessee nor that the lease rent fixed was not in the vicinity of the net finance received and interest thereon as per the agreement for 38 months.5. the ao concluded from certain other facts like that the lease transactions in both the cases were .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)107ITD1(Kol.)
..... a matter of fact, these two provisions i.e. sub-section (2) of section 158bfa and the explanation to section 271(1)(c) as inserted by the finance act, 1964, have nothing in common. most importantly, unlike the latter, there is no presumption for concealment in the former. so onus would lie heavily with the department ..... both these provisions, one would notice a presumption for concealment. the learned cit(a) also observed that there was no provision for filing of revised return under chapter xiv-b. so the disclosure petition of the assessee had no legal sanctity. therefore, penalty should have been levied on the difference between the income disclosed in ..... his income while filing his original return is established. referring to hon'ble madras high court judgment in the case of cit v. j.k.a. subramania chettiar 1978 ctr (mad) 35 : (1977) hour 602 (mad), the learned departmental representative submitted that the fact that the assessee furnished the particulars of undisclosed income before any .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)88ITD1(Kol.)
..... effect of the aforesaid sections.according to the counsel, an aop is normally subjected to tax at the rates which are applicable to an individual, huf as specified in the finance act for the relevant assessment year. however, section 167b is a departure from such normal position. under section 167b(1), where the individual shares of the members of an ..... so set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on. "80. notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of section 139, shall be carried forward ..... off only in the hands of the aop and not its members. i have gone through this judgment too. this judgment was rendered in respect of the assessment year 1978-79. their lordship in the aforesaid judgment at page 323 held that "she would not be entitled to claim set-off of the amount of loss determined in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)267ITR1(Kol.)
..... of the aforesaid sections. according to the counsel, an aop is normally subjected to tax at the rates which are applicable to an individual, huf as specified in the finance act for the relevant assessment year. however, section 167b is a departure from such normal position under section 167b(1), where the individual shares of the members of an aop ..... so set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on." "80. notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of section 139, shall be carried forward ..... off only in the hands of the aop and not its members. i have gone through this judgment too. this judgment was rendered in respect of the asst. yr. 1978-79. their lordships in the aforesaid judgment at p. 323 held that "she would not be entitled to claim set off of the amount of loss determined in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD172(Kol.)
..... granted is rendered incorrect on the happening of the crucial event after the coming into force of the sub-section, and by the express terms of s. 28 of the finance act, 1956, the sub-section comes into force on april 1, 1956. we are unable, therefore, to agree with the learned counsel for the respondent that the language of ..... in cesc ltd. v. dcit 263 itr 402, p.416, the hon'ble jurisdictional high court has held: "in the absence of any restrictions provided within the scheme of chapter xv, the court is not supposed to read something, which is otherwise not permissible. while interpreting a provision, the high court is not supposed to legislate indirectly. xxxxxx the court ..... cri) 737: jt (1998) 2 sc 253). it is contrary to all rules of construction to read words into an act unless it is absolutely necessary to do so. (see stock v. frank jones (tipton) ltd. (1978) 1 all er 948: (1978) 1 wlr 231 (hl). rules of interpretation do not permit courts to do so, unless the provision as it stands .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)94ITD89(Kol.)
..... to include 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 1st april, 1962 to state that the word 'plant' does not include tea bushes or live stock. the very fact ..... and has not to be made periodically. [see m.k. bros. (p) ltd. v. cit (1972) 86 itr 38 (sc) and cit v. india tobacco co. ltd. (1978) 114 itr 182 (cal)]. (xvii) it is the true nature of the expenditure that is relevant and not the name or description given to it by the assessee in his ..... business on the relevant date. once the business is set up, expenditure incurred concerned such business can be claimed as business expenditure subject to other applicable conditions of the act being satisfied.prem conductors (p) ltd. v. cit (supra), the hon'ble gujarat high court has held that since selling the goods manufactured by the company is .....
Tag this Judgment!