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 : Kolkata
Reported in : AIR1986Cal132,89CWN700
..... be set up in the state to supplement the work of the industrial financial corporation the intention is that the state corporation will confine their activities to financing the medium and small scale industries and will as far as possible, consider only such cases as are outside the scope of the financial corporation. the ..... an industrial setup and precisely as one of the important means for developing certain types of industrial undertakings is advancement of required finance provisions for advancement of loan have been made in the state act. mr. chunder has submitted that the incorporation of the state financial corporation itself cannot be made under the state list ..... of state of karnataka v: raghunatha reddy, reported in : [1978]1scr641 wherein the aforesaid principle was enunciated by the supreme court. 11. mr. mitter has submitted that if a reference to chapter iii of the state act is made and the provisions of the said state act as contained in section 4 are considered, it will be .....
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 : (2002)82ITD788Cal
..... b and, therefore, the ao rightly assumed jurisdiction. ' 7. we have heard the parties and considered the rival submissions.chapter xiv-b is a special provision for assessment in cases of search and seizure inserted by the finance act, 1995, w.e.f. 1st july, 1995.section 158ba provides for assessment of undisclosed income as a result of ..... search and it is a non obstante clause excluding the applicability of the other provisions of the act. sub-section (1) of this section provides as under : ..... 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 .....
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 : Kolkata
Reported in : (2009)19VST224(NULL)
..... as sealing of their place of business on may 13, 2002 in pendency of the appeal from the said assessment order passed under section 11 of the bengal finance (sales tax) act, 1941 and the said application before the appellate authority and also sought damages from respondent no. 3, cto, esplanade charge and respondent no. 5, certificate ..... unsealing the same were not heeded to by respondent no. 5. this certificate proceeding was directed for recovery of the demand of tax under the bengal finance (sales tax) act, 1941, for the period fourth quarter ending march 31, 1995 and also of a separate demand for additional interest on tax due relating to the same ..... no jurisdiction to try such proceedings.explanation.-for the purpose of this sub-section, proceedings shall include proceedings under chapter xxix and chapter xxx of the code of criminal procedure, 1973.(b) section 8(1) of the wbtt act, 1987 provides that a person aggrieved by any order or action taken pertaining to any 'matter within the .....
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 : (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)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 .....
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