Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)58ITD273(Kol.)
..... is fully justified.3. further aggrieved, the assessee is in appeal before us. the ld.counsel for the assessee contended before us that by the finance act, 1988 proviso to section 40 (3) of the finance act, 1983 was inserted by which the motor cars held by a company as stock-in-trade in its business or registered as tax is and used ..... business were never intended to be brought to tax and therefore exceptions were provided thereunder. by the same spirit and intendment, the legislature has inserted proviso to section 40 (3) of the finance act, 1983 with effect from 1-4-1989 whereby motor cars used in a business of running motor cars on hire were excluded from wealth-tax. we ..... is carrying on business of leasing and in the course of its regular business activities the motor cars are leased on hire and hence the proviso to section 40 (3) of the finance act, 1983 is applicable.he therefore submitted that the motor cars which were owned by the assessee and used as stock-in-trade in the business of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD148(Kol.)
..... of this 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 ..... the judgment of the rajasthan high court in moti engg. (p) ltd. v. uoi 218 itr 50, in which the constitutional validity of the amendment made to section 253(6) by the finance act, 1992 was upheld, shows that the filing fee to be paid in respect of a penalty appeal is linked with the quantum of income assessed. in the light ..... 1981. the basis for payment of the fee for filing appeals to the tribunal was the date of initiation of assessment proceedings. section 253(6), as it stood upto 31^st may, 1992, prior to its amendment by finance act, 1992, provided that the memorandum of appeal in form no. 36 was to be accompanied by the specified amount of fee as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)93ITD615(Kol.)
..... house is to be regarded as his agricultural income, and, accordingly, it is to be treated as exempted under section 10(1) of the act. however, in accordance with the provisions contained in the finance act, 1999, the said agricultural income of the assessee shall be taken into account for the rate purposes as provided in ..... purpose of determining the rate of tax applicable to non-agricultural income. the relevant finance act, 1999 applicable for the assessment year commencing on the 1^st day of april, 1999 provides under clause (c) of sub-section (1) of section 2 of the finance act, 1999 that "net agricultural income", in relation to person, means the total ..... for computation of net agricultural income. rule 10 of said part-iv of first schedule to the finance act, 1999 says that the provisions of the income tax act relating to procedure for assessment (including the provisions of section 288a relating to rounding off of income) shall, with necessary modification, apply in relation to the .....
Tag this Judgment!Court : Kolkata
Reported in : [1981]130ITR710(Cal)
..... the said special rebate. 39. it is not in dispute that section 80e of the i.t. act, 1961, is in pari materia with para. f of pt. i of the first schedule to the finance act, 1965, the correct interpretation whereof was laid down by the supreme court in cambay electric supply : [1978]113itr84(sc) and, therefore, the profits and gains is attributable to ..... . of india ltd. : [1978]112itr246(cal) , admittedly, there was divergence of views, on the question whether wealth-tax paid by an assessee was a deductible expenditure in the income-tax assessment or not. as there was no divergence of views on the interpretation of the said relevant provisions of the finance act, 1965, or of section 80e of the i.t. act, 1961, the said .....
Tag this Judgment!Court : Kolkata
Reported in : [1982]136ITR542(Cal)
..... .5. being aggrieved by the order of the aac, the assessee preferred appeals therefrom to the income-tax appellate tribunal. before the tribunal referring to section 68 of the finance act, 1965, and section 24 of the finance (no. 2) act, 1965, it was contended, on behalf of the assessee, that a greater degree of sanctity had been attached to the provisions of ..... assessing-ito of the assessee, informed him (the ito) that the assessee had made a disclosure of rs, 2,28,000 under the voluntary disclosure scheme under section 68 of the finance act, 1965, and paid tax of rs. 1,69,800 on 25th march, 1965. the said ito was also informed that the balance amount of rs. 1, ..... the quantum based on the unilateral and unverified declaration in respect of year-wise income, which the assessee made but might not have at all made under section 68(2)(b) of the finance act, 1965?' 9. according to the tribunal a question of law arose out of its order. the tribunal, however, after reframing questions nos. 1 and 2 .....
Tag this Judgment!Court : Kolkata
Reported in : [1981]129ITR829(Cal)
..... revenue went up in appeal before the tribunal. the tribunal, after discussing the facts, referred to the relevant finance act, being the finance act of 1964, which provided for the charge of super-tax under the provisions of section 95 of the i.t. act, 1961, and prescribed the rates at which supertax was to be levied on different classes of assessees. the ..... to the proviso to the paragraph providing for the rebate and had immediately come to the application of section 101 and section 110 read with sections 84 and 99(1)(iv) of the i.t. act, 1961. having done this, he then reverted to the finance act and invoked prov. (iii)(b) to para. d and then arrived at the figure of ..... method and manner of computation of super-tax, according to the finance act of 1964 read with the i.t. act, 1961, in order to appreciate this question. section 2(1)(b) of the finance act, 1964, laid down that super-tax, for the purpose of section 95 of the i.t. act, 1961, should be charged at rates specified in part ii of .....
Tag this Judgment!Court : Kolkata
Reported in : [2002]258ITR29(Cal)
..... rs. 50 lakhs received in advance or any investment made therefrom could not be assessed as they were not one of the specified assets under sub-section (3) of section 40 of the finance act, 1983, was not at all relevant. there is no doubt however that the wealth-tax was being levied only in respect of specified non-productive ..... of rs. 50 lakhs as received was not to be included in the net wealth, since it was not one of the specified assets under sub-section (3) of section 40 of the finance act, 1983.29. mr. bajoria submitted that the assessee on the date of the valuation was the owner of the property in question. the conveyance of ..... falls within the assets specified under sub-section (3) of section 40 of the finance act, 1983. the real issue in this reference, i think, is the scope and ambit of sub-section (2) of section 40 of the finance act, 1983. thus section 40 (sub-section (2)) of the finance act, 1983, provides :'40. (2) for the purposes of sub-section (1), the net wealth of a .....
Tag this Judgment!Court : Kolkata
Reported in : [1994]209ITR298(Cal)
..... manufacture or processing of goods and the assessee-company running a restaurant in that case was held to be an industrial company within the meaning of section 2(7)(c) of the finance act, 1978. there the court held that the word 'processing' was broad enough to take in the activity of processing of goods and rendering the eatables ..... tea of different qualities and blending the same by mixing one type with another, claimed that it was an industrial company within the meaning of section 2(7)(c) of the finance act, 1978, and was entitled to concessional rate of tax. this court held that the assessee was an industrial company entitled to this benefit. there, this ..... was engaged in processing of goods and accordingly, the court held that the sky room private limited was an industrial company within the meaning of section 2(7)(c) of the finance act, 1978. there the court held that the word 'processing' is broad enough to take in the activity of purchasing of goods and rendering them edible .....
Tag this Judgment!Court : Kolkata
Reported in : [1991]191ITR676(Cal)
..... appreciate the contentions, it is necessary to consider the relevant provisions and the objects and intention behind the introduction of the provisions.6. by the finance act, 1983, section 43b of the income-tax act, 1961, was inserted and the provisions came into force with effect from april 1, 1984. the relevant provision as it stood before the amendment ..... dispute the liability and do not discharge the same. for some reason or the other, undisputed liabilities also are not paid. to curb this practice, the finance act, 1983, inserted section 43b to provide that the deduction for any sum payable by the assessee by way of tax or duty under any law for the time being in ..... year has been discharged before the filing of the return relating to that previous year.23. our attention has also been drawn to explanation 2 to section 43b, inserted by the finance act, 1989, with retrospective effect from april 1, 1984, which is to the following effect:'explanation 2.--for the purposes of clause (a) as in .....
Tag this Judgment!Court : Kolkata
Reported in : 1989(25)LC398(Calcutta),1989(43)ELT41(Cal)
..... falling under different items within the same factory as removal within the meaning and scope of rules 9 and 49 of the said rules. further, by section 51 of the said finance act, 1982 the provisions of the aforesaid notification was given retrospective effect from the date on which central excise rules, 1944 came into force. the respondents ..... the writ petition was allowed. from the amended writ petition it also appears that the writ petitioner has further prayed for a declaration that the provisions of section 51 of the finance act, 1982 and the notification being no. 20/82-c.e., dated february 20, 1982 are illegal, void, unconstitutional and of no effect and has further ..... ) for use as adhesive for manufacture of plywood falling under tariff 16(b) and that the change made in tariff description of item no. 15a(1) in finance act, 1982 as per clause (a) of explanation iii the liquid or pasty emulsion, dispersion or solution of artificial or synthetic resin as manufactured by the petitioner for .....
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