Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD468(Kol.)
..... 's income under the head "income from house property". the assessee's this claim was rejected by the a.o. in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head ..... . the new sub-section (2) of section 32 as substituted by the finance act, 2001 w.e.f. 1.4.2002 has restored the sub-section (2) of section 32 as it stood in the assessment year 1996-97, in other words, the restrictions imposed by the ..... (2(iii) as substituted w.e.f. 1.4.97. in this context, it may be observed that amended section 32(2) as substituted by the finance (no. 2) act, 1996 (w.e.f. 1.4.1997) has been substituted by the finance act, 2001, w.e.f. 1.4.2002 and status quo ante has been restored with effect from a.y. 2002-2003 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)1SOT210(Kol.)
..... paid before due date for furnishing the return of income for the year, is unsustainable in law particularly in view of amendments, introduced by finance act, 2003 in section 43b of income tax act, 1961, which are to be treated as having retrospective effect covering the year under consideration in view of principles laid down by honble supreme ..... decisions of the aforesaid coordinate benches, we are, therefore, of the considered opinion that the amendment brought by the finance act, 2003 in the 1st proviso to section 43b of the act and consequential omission of 2nd proviso to section 43b is to be treated as retrospective in operation, and consequently, any sum payable by the assessee as an ..... incurred and evidence of such payment is furnished by the assessee along with such return. on reading the 1st proviso to section 43b of the act, as it stood prior to the amendment made by the finance act, 2003, with effect from 1-4-2004, it is clear that this proviso was applicable only to the sums .....
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 : (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)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 : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)46ITD273(Kol.)
..... held in hindustan aluminium corporation ltd. v. cit [1989] 178 itr 74 with reference to the explanation inserted by the finance act, 1988 to section 263(1) of the act, that the said explanation made explicit what was implicit in the provisions of section 263. he also submitted that after the decision of the calcutta high court in hamilton & co. (p.) ltd. ..... before the cit. the ld. d.r. drew our attention to the amendment made to section 263 by insertion of the explanation (c) with effect from 1-6-1988 by the finance act, 1988 and also the further amendment to the section by the finance act, 1989, with retrospective effect from 1-6-1988 and submitted that the doctrine of total merger ..... the court that though there was an apparent conflict between the decision of the calcutta high court in an earlier decision in singho mica mining co. ltd. v. cit [1978] 111 itr 231 and the decision in general beopar co. (p.) ltd.'s case (supra), in fact there was no such conflict and that even in the decision .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD711(Kol.)
..... of his stand that the order of the commissioner having been passed before 1-6-1988, i.e., prior to the amendments made by the finance act, 1988 as well as the finance act, 1989 to section 263 of the act, the doctrine of merger must be held to be applicable. he also drew our attention to the decision of the kerala high court in the ..... objection to the revision, the learned counsel for the assessee referred to the decision of the calcutta high court in the case of singho mica mining co. ltd. v. cit [1978] 111 itr 231 and also the decision in general beopar co.(p.) ltd. 's case (supra). he also drew our attention to the decision of the bombay high court in ..... the assessee. therefore, it cannot be said that it is only an aspect of the deductions under section 80hhc and section 32a that was sought to be interfered with by the commissioner by resorting to the provisions of section 263.singh mica mining co. ltd. v. cit (1978) 111 itr 231 (cal) and hamilton & co. (p) ltd. v. cit (1991) 187 itr 568 ( .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2000)74ITD161(Kol.)
..... were again reintroduced by the finance act, 1987 by introduction of a new section 115j and these provisions remained in force from assessment year 1988-89 to 1990-91 i e., for a period of three assessment years. the ..... provisions were contained in section 80vva and remained on the statute book from assessment year 1984-85 to assessment year 1987-88 i.e., for a period of 4 years. the provisions ..... year 1991-92 by an amendment made to sub-section (1) by the finance act, 1990 with effect from 1-4-1990. the rationale offered by the government for the introduction of section 115ja remains the same as was given when somewhat similar provisions were introduced for the first time by the finance act, 1983 with effect from 1-4-1984. these .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD132(Kol.)
..... industry'.the issue before the kerala high court in the case of casino (p.) ltd. (supra) also related to the expression 'industrial company' under section 2(6)(d) of the finance act, 1968. it was held that a hotel was primarily a trading company and preparation of food was not manufacture or processing of goods.in the english case ..... citv. farrukhabad cold storage (p.) ltd. [1977] 107 itr 816 (all.) has been whether a cold storage is an 'industrial company' as defined in section 2(1)(d) of the finance acts of 1966 and 1967. while accepting the claim that the assessee is an 'industrial company' the court has specifically observed that processing of goods need not lead ..... decision in usha prints india (p.) ltd.'s case (supra) deals with the word 'power' as used in clause (g) of section 2 of the finance act. the clause has a specific definition in that act.in the supreme court decision in the case of h. anraj (supra) the question involved was whether the lottery tickets were goods liable to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD501(Kol.)
..... apply the provisions of section 2(e) of the wealth-tax act which would be against the mandate contained in sub-section (5) of section 40 of the finance act, 1983. he further submitted that sub-section (1) of section 40 of the finance act, 1983 itself was the charging section and when section 40 of the finance act, 1983 has itself provided ..... with the provisions of section 40 of the finance act, 1983. dr. pal submitted that sub-section (2) of section 40 of the finance act, 1983 itself defined what "net wealth" was. sub-section (3) enumerated the assets that were referred to in sub-section (2). when sub-section (3) of section 40 of the finance act, 1983 itself enumerated the ..... assessments. dr. pal, the learned counsel for the assessee, however, contested the above submission of the learned departmental representative. he submitted that section 40 of the finance act, 1983 revived the levy of wealth-tax only in a limited way in respect of companies. he further submitted that the said provision .....
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