Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD342(Kol.)
..... -tax and either increased or decreased the quantum of advance-tax during the financial year. it is worthwhile to reproduce the provision of section 209a which has come into effect from 1-6-1978 by virtue of finance act, 1978: 209a. computation and payment of advance lax by assessee.- (1) every person shall, in each financial year [on or before ..... the date] on which the first instalment, or where he has not previously been assessed by way of regular assessment under this act [on or before the date ..... assessee, that is to say, being previously assessed by way of regular assessment under the provisions of the income-tax act. in terms of section 209a it voluntarily filed statement of advance-tax on 14-6-1978 estimating the income at rs. 2,00,000 for the year under consideration and the tax payable thereon was at rs .....
Tag this Judgment!Court : Kolkata
Reported in : (1983)32CTR(Cal)318,[1984]145ITR387(Cal)
..... the tribunal was in error in basing its conclusion on the facts found by it indetermining whether the assessee was an industrial company in terms of section 2(7)(c) of the finance act, 1978. we would, therefore, answer the question in the affirmative and in favour of the assessee. in the facts and circumstances of the case, the ..... the assessee in the course of its assessment had claimed that by carrying on the above business it was an 'industrial company' in terms of section 2(7)(c) of the finance act, 1978, and so it was entitled to the concessional rate of tax allowed to such a company. in order to appreciate the contentions, it would be ..... . the assessee relied on certain decisions in support of this contention and the meaning of the expression used in the act and contended that it was an 'industrial company' in terms of the relevant section of the finance act, 1978. these contentions were repelled on behalf of the revenue. the tribunal had referred to the definition of 'industrial company' .....
Tag this Judgment!Court : Kolkata
Reported in : [1992]194ITR132(Cal)
..... voluntary disclosure under section 68 of the finance act, 1965, on may 25, 1965. the amount disclosed was rs. 2 lakhs with interest accrued thereon ..... income-tax and wealth-tax liabilities constituted a debt under section 2(m) of the wealth-tax act, 1957.4. a similar question has been considered by a division bench of this court under the voluntary disclosure scheme introduced by section 68 of the finance act, 1965, in the case of cwt v. bansidhar poddar : [1978]112itr957(cal) . in that case, the assessee had made a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD738(Kol.)
..... (m). for example, there is the decision of the calcutta high court in cwt v. bansidhar poddar [1978] 112 itr 957 in which the assessee had made a voluntary disclosure under section 68 of the finance act, 1965, and paid the tax on 26-5-1965. he claimed deduction from the net wealth for the assessment year 1965-66, the ..... relevant valuation date whereof had already expired before making the disclosure. the high court held that the disclosure envisaged under section 68 was in respect of ..... tax assessment is completed, the liability to income-tax has to be computed on the basis of the return filed and the rates of tax stipulated in the relevant finance act. but if the income-tax assessments, in question, have already been completed, the tax quantified through such assessment orders would be the debt. this logic has been .....
Tag this Judgment!Court : Kolkata
Reported in : [1988]174ITR672(Cal)
..... in its letter dated february 8, 1979. the commissioner of income-tax (appeals), however, rejected this claim on the ground that by the finance (no. 2) act, 1980, a new section 80aa had been inserted with retrospective effect from april 1, 1968, according to which, for the purpose of computing the deductions under chapter vi ..... the precise computation of the profit attributable to the new industrial undertaking lose their importance after the supreme courts decision in rajapalayam mills ltd. v. cit : [1978]115itr777(sc) , namely, that the deficiency in the new business can be set off against profit from the old business and that no separate recomputation with retrospective ..... be restored to the income-tax officer for making all necessary deductions in view of the principles laid down in the case of rajapalayam mills ltd. : [1978]115itr777(sc) with the following observations :'there is no discussion in the order of the income-tax officer in this behalf and the commissioner of income-tax .....
Tag this Judgment!Court : Kolkata
Reported in : [1991]191ITR139(Cal)
..... bombay high court in the case of cit v. estate and finance ltd. : [1978]111itr119(bom) , where the division bench observed that when enacting the provision regarding carry forward and set off of unabsorbed depreciation under section 52(2) of the income-tax act, 1961, the legislature could have imposed a condition that unabsorbed ..... supreme court clearly creates an infirmity in the view which is taken by the division bench in estate and finance ltd.'s case : [1978]111itr119(bom) , inasmuch as the relevant provisions of the 1922 act and the 1961 act have been held to be in pari materia. further, the supreme court, in mother india refrigeration industries ..... section 32(2) of the 1961 act and with this decision of the supreme court, it would be difficult to carry the fiction beyond what according to the supreme court was the limit to which such fiction can be carried. therefore, with great respect to the learned judges who delivered the decision in estate and finance ltd.'s case : [1978 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD1(Kol.)
..... and rectified the order under section 35 withdrawing the exemption granted in the earlier order. the assessee challenged the validity of 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 ..... 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 be computed not on the ..... made by the income-tax officer, the law as interpreted was that the gross dividend was to be allowed as a deduction under section 80m. subsequently, the parliament by enacting section 80aa by finance (no. 2) act of 1980 with retrospective effect from 1-4-1968, provided that: where any deduction is required to be allowed under .....
Tag this Judgment!Court : Kolkata
Reported in : (1994)121CTR(Cal)20,[1994]208ITR465(Cal)
..... ended on june 30, 1977, and june 30, 1978, respectively. the business of the assessee-company is loan financing. in the assessment for the assessment year 1978-79, there were two assessments under section 144 due to non-compliance by the assessee but both the ex parte assessments were reopened under section 146 of the income-tax act, 1961. the present assessment was a third assessment ..... made under section 143(3)/146 on march 11, 1986 .....
Tag this Judgment!Court : Kolkata
Reported in : (1992)103CTR(Cal)360,[1992]194ITR114(Cal)
..... the construction of houses particularly for persons in the low and middle income groups, the finance act, 1978, has liberalised the 'tax holiday' for newly constructed residential units. the finance act, 1978, has inserted a new clause (c) in the second proviso to section 23(1) to provide that in the case of a house property comprising one or more ..... residential units, the erection of which is completed after march 31, 1978, the annual letting value of the house property ..... a second appeal before the tribunal. for the following reasons, the tribunal held that the assessee was entitled to deduction under the second proviso to section 23(1) of the act :'we have considered the contentions of both the parties as well as the facts on record. in our opinion, the contentions raised for the .....
Tag this Judgment!Court : Kolkata
Reported in : (1986)55CTR(Cal)409,[1986]161ITR756(Cal)
..... was, however, reduced from 8 per cent. to 5 per cent. section 80-i was deleted with effect from april 1, 1973. it may be mentioned that the 1961 act, as originally enacted, did not contain chapter vi-a. this chapter was first inserted by the finance act, 1965, with effect from april 1, 1965. chapter vi-a as ..... before making any deduction under chapter vi-a or under section 280-o. section 80e substantially reproduces section 80-i. so also section 80j. the supreme court in the case of rajapalayam mills ltd. v. cit : [1978]115itr777(sc) , observed that section 84 of the act and section 15c of the indian income-tax act, 1922, for all material purposes, are in the ..... the said decision of the gujarat high court in cambay electric supply industrial co. ltd. : [1976]104itr744(guj) . the judgment of the supreme court is reported in : [1978]113itr84(sc) (cambay electric supply industrial company v. cit). this court also in the case of oil india co. ltd. v. cit : [1982]137itr156(cal) , following .....
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