Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)48ITD534(Kol.)
..... verified. only if the building is found to have been used by the assessee for its business or for any of the purposes mentioned in clause (vi) of section 40(3) of the finance act, 1983, can the assessee be given exemption we therefore direct the wto to examine this question and adjudicate on the issue in accordance with law and after giving ..... property. it. was let out since 1944. the tenants are stated to use the property for their offices. the assessee became liable to wealth-lax by virtue of section 40 of the finance act, 1983 from the assessment year 1984-85. in the wealth-tax returns the assessee disclosed the value of the property at rs. 5,13,044. the value is ..... co. ltd. v. cit [1993] 199 itr 351. in the judgment of the supreme court, the decision cited by the id. d.r.namely addl cit v. gurjargravures (p.) ltd. [1978] 111 itr 1 has been referred to and explained. the assessee has stated in the statement of facts filed before the first appellate authority that the building is used by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)49ITD412(Kol.)
..... "source rule" in the circular no. 202, dated 5-7-1976 issued by the cbdt explaining the provisions of the finance act, 1976, was introduced in section 9. this simple and comprehensive 'source rule' was incorporated in clause (v) of section 9(1) which was introduced on 1-6-1976. the circular referred to above recognises the fact (see para 14.2 ..... dealt with by the provisions of section 9(1)(i). under that section, as it existed prior to 1-6-1976, income accruing or arising, whether directly or indirectly, through or from any money lent at interest and brought into india in cash or in kind was deemed to accrue or arise in india. the finance act, 1976, omitted the reference in ..... of the circular) that the earlier provision for deeming the interest income as having accrued or arisen in india in section 9(1)(i) of the act has been replaced by section 9(1)(v) of the act. under section 9(1)(v) of the act, only the following types of interest income will be deemed to accrue or arise in india : (ii) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)50ITD118(Kol.)
..... to him, the assessee was free to adopt a different accounting year in respect of a different or separate source of income even under the same head under section 3(3) of the act. he pointed out that the cit has confused the expression "source of income" with the expression "business" which has resulted in the erroneous conclusion that the ..... court held in india sea foods' case [supra] at page 728 that it is possible for income in each head to be derived from various sources. section 3(3) of the act clarifies that an assessee is not precluded from having different previous years in respect of separate sources of income within the same head. it was further held that ..... 'limca' etc. at its manufacturing unit at taratola. the assessee set up only a new unit to manufacture the same item under the same management and with the same finances etc. in the facts, though it could be considered as a separate industrial unit, it cannot be said that the assessee set up a new business. even it is assumed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)50ITD348(Kol.)
..... various operations in india, deployment of men and material and considerable organisation and establishment. for some time such expenditure was regulated by section 44d of the act. only the finance act, 1987 introduced section 44bb with retrospective effect from 1-4-1983. if regard is had to the position and the background set out above, it ..... the assessments for the assessment years 1983-84, 1984-85 and 1986-87 were made prior to the introduction of section 44bb of the i.t. act by the finance act, 1987 which made the said section applicable with retrospective effect from 1-4-1983, i.e., from the assessment year 1983-84 onwards. in the assessments ..... 143 (sc). 3. india woollen textile mills (p.) ltd. v. cit [1978] 111 itr 205 (punj. & har.).according to mr. dastur, the provision was introduced by the finance act, 1987 with retrospective effect from 1-4-1983 and the non-consideration of section 44bb to these assessment years constituted an error apparent from the record. mr. dastur .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)52ITD239(Kol.)
..... between the facts of the present appeals and the decision of the calcutta high court is that whereas we are concerned with a set-off claim under section 70 of the new act, in the case before the calcutta high court the assessee had claimed the set off of the share of loss from an unregistered firm against its ..... the enterprise and efforts of all the three parties in the exploitation of the distribution rights. though the preamble to the agreements recited that the object is for procuring finance for the assessee, an association or combination with the object of producing income can be spelt out by the other terms of the agreements. the fact that in ..... movies and amar jyoti industrial promotion ltd. for exploiting the distribution right of the picture 'bindiya chamkegi'.though the object of entering into the agreements was to secure finance for the purpose of ensuring payment of the huge royalty amounts payable by the assessee in respect of film to the producer m/s. guru dutt films pvt. ltd .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)52ITD166(Kol.)
..... the assessee was received at a much later period. such a situation is governed by sub-section (3) of section 54e. this sub-section was introduced by the finance act, 1978 with effect from 1-4-1978. the object of the sub-section is clear.since it is common knowledge that where an assessee claims enhanced compensation for the acquisition ..... it takes a lot of time for him to receive the same but in the meantime the period prescribed by the act ..... is in appeal against the order of the cit (appeals). it is contended that the additional compensation is at any rate assessable under section 155(7a) of the act read with section 292b thereof. what the revenue says is that even if it is accepted that the assessing officer cannot include the additional compensation in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)53ITD180(Kol.)
..... modifications and amendments but the substance of the section is the same viz. ..... object of introducing section 80hhc is to encourage the larger export of certain goods. for this purpose, section 89a was first introduced into the income-tax act by the finance act, 1982. thereafter, the section was omitted and it was replaced by section 80hhc introduced by the finance act. 1983. since its introduction, the section has received various ..... , for the first time a definition of the words 'total turnover' was inserted in the section by introduction of explanation (bb) at the end of the section w.e.f. 1 -4-1991 by the finance act, 1990. as per the definition, the total turnover shall not include the cash compensatory support, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)57ITD512(Kol.)
..... has allotted shares to the subscribers is not also doubted. the assessee has also requested, in the course of the penalty proceedings, the ito to issue summons under section 131 of the act to the subscribers, in order to elicit the correct position. it has to be remembered that the assessee's attempt to obtain confirmation from the subscribers failed and this ..... made in cash which showed lack of bona fide on its part. referring to the j udgment of the full bench of the delhi high court in cit v. sophia finance ltd. [1994]205 itr 98 (fb) he contended that the onus on the assessee with regard to the degree of proof to be adduced in support of the share ..... of the subscribers in the course of the assessment proceedings which had not been done. he referred to the judgment of the calcutta high court in shankar industries v. cit[1978] 114 itr 689 where the degree of onus which lay on the assessee was laid down. since the assessee did not discharge the onus, it was liable for penalty, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)53ITD381(Kol.)
..... and no price was fixed item-by-item in respect of the different assets belonging to the undertaking, no part of the surplus could be assessed under section 41 (2) of the act. the learned d.r. pointed out that there was an apportionment of a part of the sale consideration towards the immovable assets and, therefore, it cannot ..... excess received over and above the cost of the undertaking was taxable as capital gains.13. the assessee is in further appeal before us questioning the applicability of section 41(2) of the act to what it contends to be a "slump transaction". the judgment of the supreme court in the case of cit v. mugneeram bangur & co. (land department ..... .68 crores in respect of pension payable in future under the vrs.10. ground no. 2 is directed against the assessment of rs. 52,33,740 under section 41(2) of the act. during the year the assessee disposed of one of their undertakings, namely, rallis chemicals factory. the consideration received was rs. 2.95 crores. while preparing the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)54ITD425(Kol.)
..... 's regular business and therefore, the sale proceeds represented trading receipts and consequently a part of the assessee's income. he also relied on the provisions of section 28(iiia) inserted by the finance act, 1990 with retrospective effect from 1 -4-1962. he, therefore, brought the sum of rs. 7,25,854 to tax as income from business.4. ..... 1. pyrah (inspector of taxes) v. annis & co. ltd. [1958] 33 itr 604 (ca).6. on the other hand, the learned dr., besides strongly relying on section 28(iiia) of the act as well as on the fact that the receipt was incidental to the business, drew our attention to the following authorities : 7. lundhiana central co-operative consumers' stores ..... held that the licence was a valuable asset and a capital asset in the assessee's hands and the sale thereof would give rise to liability under section 12b of the income-tax act, 1922 and the sale proceeds were not assessable to tax as trading receipts. the bombay high court in the case of cit v.automobile products .....
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