Court : Kolkata
Reported in : (2001)167CTR(Cal)336,[2001]248ITR562(Cal)
..... as and when they are approached.13. here we have been invited to interpret the explanation inserted by the finance (no. 2) act, 1998, incorporated in section 158ba(2) of the income-tax act, 1961 (hereinafter referred to as 'the said act 1961').14. the said explanation is quoted below :'for the removal of doubts, it is hereby declared that- ..... income relating to the block period shall not include the income assessed in any regular assessment as income of such block period ;(c) the income assessed in this chapter shall not be included in the regular assessment of any previous year included in the block period.' 15. as we have said at the outset that every ..... the block period ; (b) means total undisclosed income relating to the block period cannot be tagged with regular assessment ; (c) states that the income under chapter xiv-b, i.e., block assessment shall not be included in regular assessment and other than undisclosed income is assessable in regular assessment under section 143(3) of 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 : (2003)85ITD105(Kol.)
..... the assessment year 1977-78 and subsequent years." as a result of omission of section 109, explanation to section 73 was amended with effect from 1-4-1988 by the finance act, 1987 (11 of 1987). as per explanation to section 73, where any part of a business of a company other than (i) for assessment years 1977-78 to ..... learned counsel, as already pointed out, relied upon the decision of the supreme court in the case of shahzada nand & sons (supra). on perusal of all the provisions of chapter vi relating to set off and carry forward of losses i am unable to find, either express on implied, intention of the legislature enabling to overrule the principle of generalia ..... in the business of purchase and sale of shares. if the legislature had used the expression in explanation to section 73 for the purposes of this act or for the purposes of this chapter, then it would not be permissible for the assessee to set off the loss suffered in business against the profits derived in the business of purchase .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD44(Kol.)
..... respect of expenditure incurred by the assessee in relationship to income which does not form part of the total income under this act." 9. a new section 14a in chapter iv of the income-tax act, 1961 was inserted by the finance act, 2001, with retrospective effect from 1-4-1962. the circular no. 14 of 2001, dated 22-11-2001 issued by ..... the new section retrospectively was to set the existing controversy on this issue at rest and not to unsettle the cases by raising the issue afresh. 23.2 through finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the assessing officer shall not reassess the cases under section 147 of pass an order ..... to in section 115-o shall not be included in computing the total income of a previous year of any person. section 115-o, which has been inserted by the finance act, 1997 provides the provision relating to tax on distributed profits by way of dividends of domestic companies. sub-section (5) of section 115-o further states that no .....
Tag this Judgment!Court : Kolkata
Reported in : II(2004)BC88,(2003)3CALLT333(HC),[2005]123CompCas764(Cal),[2004]55SCL591(Cal)
..... with the company. the company shall not carry on any business of banking as defined by the banking regulation act, 1949, or any statutory modification thereof. 5. to manage investment pools, mutual funds, syndicates in shares, stocks, securities, finance and real estate.'2. as the said company was a non banking financial company it was to obtain ..... no non-banking financial company shall commence or carry on the business of a non-banking financial institution without - (a) obtaining a certificate of registration issued under this chapter; and (b) having the net owned fund of twenty-five lakh rupees or such other amount, not exceeding two hundred lakh rupees, as the bank may, by ..... an . inspecting authority of the bank; or (v) has been prohibited from accepting deposit by an order made by the bank under the provisions of this chapter and such order has been in force for a period of not less than three months;provided that before canceling a certificate of registration on the ground that the .....
Tag this Judgment!Court : Kolkata
Reported in : (2005)1CALLT575(HC),2005(180)ELT437(Cal),2006[3]STR305
..... year, 1998 praying inter alia declaration that the petitioner club is not a mandap keeper within the meaning of chapter v of the finance act 1994 as amended by the finance act, 1997 and is not liable to pay any service tax under the act along with various writs in the nature of mandamus, prohibition, certiorari with the incidental prayers virtually to restrain ..... service or different from its usual service to the members so that service tax can be imposed. he called upon the court to go through the relevant portions of the finance act, 1994. section 65 sub-section (19) gives the meaning of the word 'mandap' which means :'(19) 'mandap' means any immovable property as defined in section 3 ..... able to raise bill upon the user of the premises along with the service tax. therefore, i cannot hold it good that members' club is covered by the finance act, 1994 for imposition of service tax to use its space as 'mandap'. so far as the other point is concerned whether the ratio of the judgments can be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)93ITD535(Kol.)
..... order under section 250/254/263 or 264, we have to refer to the relevant provisions provided elsewhere in the it act. at this stage, it is pertinent to note that new chapter xiv-b containing section 158b to 158bh was introduced by the finance act'95 w.e.f.1-7-95 laying down special procedure for block assessment for search cases, where a ..... of an order under section 250 or 254 or 263 or 264 setting aside or which such order was received by the chief commissioner/commissioner to one year by the finance act'01 w.e.f.1-6-01, and as such the fresh assessment order in the present case should have been made before the expiry of 31.3.02. he ..... search is initiated under section 132 or books of account or other documents or any assets are requisitioned under section 132 on or after 1st july, 1995. the scope and effect of chapter xiv-b (containing section .....
Tag this Judgment!Court : Kolkata
Reported in : (2006)3CALLT645(HC)
..... moved this court by filing writ petition no. 5508 of 1987; a stay order was made.3. challenging the validity of the provisions of chapter xxc, inserted in the income-tax act, 1961 by the finance act, 1986, civil writ petition no. 2821 of 1986 (c.b. gautam v. union of india and ors.) was filed before the delhi ..... [2001]251itr197(sc) . counsel for the revenue, in his turn, has given me the decisions in c.b. gautam v. union of india and ors. : [1993]199itr530(sc) ; bhoruka finance corporation v. union of india and ors. : [1993]202itr723(kar) ; union of india and ors. v. smt. vidya r. bijur and ors. : [1994]209itr803(kar) ; associated cement companies ..... calling upon the petitioner and the private respondents to explain why the property should not be purchased in terms of provisions in section 269ud(1) of the income-tax act, 1961. the petitioner submitted his explanations on january 2nd, 2004. the appropriate authority fixed the hearing of the matter for february 5th, 2004. hearing did not take .....
Tag this Judgment!Court : Kolkata
Reported in : 2007(3)CHN625
..... explanation.-for the purposes of this sub-section, 'order passed under section 128a includes an order passed under that section before the commencement of section 40 of the finance act, 1984, against when an appeal has not been preferred before such commencement and could have been, if the said section had not come into force, preferred after ..... the time limit specified in section 28.section 129e. deposit, pending appeal, of duty and interest demanded or penalty levied.-where in any appeal under this chapter, the decision or order appealed against relates to any duty and interest demanded in respect of goods which are not under the control of the customs authorities ..... such destination if goods unloaded at such destination are short of the quantity required to be unloaded at that destination;(c) payment of drawback as provided in chapter x, and the rules made thereunder:-provided further that the appellate tribunal may, in its discretion, refuse to admit an appeal in respect of an order .....
Tag this Judgment!Court : Kolkata
Reported in : (2007)3CALLT606(HC)
..... mr. mitra there is no obligation left to be discharged, as provision of section 230a of the income tax act has been omitted by the finance act, 2001 with effect from 1st june, 2001. similarly provisions of chapter xx (269 uc of income tax act) shall not apply in relation to transfer of any immovable property with effect on or after 1st july, ..... jurisdiction must be taken at the first available opportunity and if such plea is not taken by a litigant, on contrary the person concerned has accepted and/or acquiesced by act and conduct, decree on all earlier occasions, at later stage he or she cannot turn round taking different and contradictory stand. the fairness on the part of the ..... with regard to the subject matter of the suit, and thus it did not require a written document to be signed by the parties themselves before it could be acted upon. this decision has clearly pointed out the distinction between the first part and the second part of rule 3 or order xxiii, civil p.c. the first .....
Tag this Judgment!