Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)101TTJ(Kol.)258
..... . 3,71,98,000 has been confirmed by the bench of the tribunal in para 15 at p. 10 applying the retrospective amendment by the finance act, 2001 to section 36(1)(vii), when amended section has not been made available to the assessee at the time of framing the assessment. the applicability of the amended provision was not discussed by the ..... the assessee and whether any interest is leviable on the addition in respect of bad debts sustained by the bench on the basis of retrospective amendment of section 36(1)(vii) of the finance act, 2001, has not been examined by the bench. the liability for interest on the basis of retrospective amendment is not possible on the principles settled by ..... . in this regard, reliance was placed on the decision of the hon'ble gujarat high court in case of p.v. doshi v. cit 1977 ctr (guj) 683 : (1978) 113 itr 22 (guj) which held as under : held, that as a jurisdictional provision which was mandatory and enacted in public interest could never be waived and the want of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD105(Kol.)
..... will apply in relation to 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 1987-88 an investment company as defined in section 109(ii); (ii) for and from assessment year 1988-89 a company whose gross ..... .3 of circular no. 204, dated 24-7-1976 of the central board of direct taxes as under : "19.1 treatment of losses in speculation business-section 73 section 73 of the income tax act provides that any loss computed in respect of speculation business carried on by an assessee will not be set off except against the profits and gains, if .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100ITD387(Kol.)
..... court in cit v. zam zam tanners [2005] 279 itr 197 : 149 taxman 55 in which it has been held that clause (iii) of explanation 4 to section 271(1)(c) as amended by finance act, 2002, are applicable prospectively and do not apply the relevant assessment year 1985-86 and, therefore, in the absence of positive assessed income penalty under ..... section 271(1)(c) was not leviable. even otherwise it is settled law that one has to adopt that interpretation which favours the assessee as held by the hon ..... -84 and 1984-85 and during the lock out period, the plant and machinery had not been actually used for the purpose of the business, the depreciation under section 32 of the act was not allowable on such plant and machinery, is dated 4-1-1994, i.e., after furnishing of the return which was filed on 31-12-1992, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)76ITD89(Kol.)
..... activity carried on in preparing articles of food from raw materials in a hotel would not constitute "manufacture or processing of goods" within the meaning of section 2(6)(d) of the finance act, 1968. a company which carries on such activity will not fall within the definition of an "industrial company" under that provision. the decisions of ..... turn the business of a hotel into a business of manufacturing or processing articles or things and hence the hotel does not-qualify for the benefit of section 32a of the act. it is, therefore, the case of the assessee that the decision of the tribunal in the assessce's own case for the earlier years requires ..... the help of spirit supplied by rampur distillery blends them and adding essence bottles them. this amounts 'manufacturing' and, therefore, is entitled to deduction under section 80hh of the act. it is the contention of the learned ar of the assessee that production of potable liquor involves dilution of the alcohol which is the raw material with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)94ITD89(Kol.)
..... as 'plant ' within the meaning of section 43(3) of the it act. sec. 43(3) contains an inclusive definition of 'plant'. plant is defined to include a variety of items, very diverse in character such as ships, vehicles, books, scientific apparatus and surgical equipment, used for the purpose of business or profession. the finance act, 1995, amended the definition with retrospective ..... decided that such expenses should be considered as laid out wholly and exclusively for the purposes of the business and, therefore, admissible as business expenditure under section 37(1) of the act.4.2 on the strength of these circulars, mr. s.k. tulsiyan submitted that the expenses in question incurred by the assessee during the year ..... has not to be made periodically. [see m.k. bros. (p) ltd. v. cit (1972) 86 itr 38 (sc) and cit v. india tobacco co. ltd. (1978) 114 itr 182 (cal)]. (xvii) it is the true nature of the expenditure that is relevant and not the name or description given to it by the assessee in his .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD96(Kol.)
..... of the order for the reason that during the assessment year under consideration (1990-91) the benefit of section 80hhc was not available on minerals and ores which includes mica.13. it was only the finance act, 1991, when section 80hhc(2)(b) was amended and the said items were benefited (specified in schedule 12) only w.e ..... gravity separation, bleaching, floatation or filtration.13. it may be useful to refer to the relevant notes on clauses of the finance (no. 2) act, 1991, as under : "clause 28 seeks to amend section 80hhc of the it act, relating to deduction in respect of profits retained for export business. sub-clause (a) seeks to extend the benefit of ..... yr. 1991-92 and subsequent years." 15. it is observed from the notes on clauses of finance (no. 2) act, 1991, that by the amendment of section 80hhc(2)(b) the legislature sought to extend the benefit of deduction under section 80hhc in respect of profits derived from export of processed minerals and ores specified in xiith schedule. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)43ITD586(Kol.)
..... act.the above section was inserted by the finance act, 1985 with effect from 1-4-1986. before the insertion of this section the expenditure incurred in connection with the proceedings under the it act was governed by the provisions of section 80w of the act. that section which was inserted by the taxation laws (amendment) act ..... year". having regard to the position governing the allowability of such expenditure obtaining prior to the insertion of section 80w of the it act, it appears clear that the intention of the legislature was to restore the allowance of the expenditure in more ..... hc 1975-76 4,920re: withdrawal of writ 1975-76 1,860 section 256(2) 1976-77 3,949re: withdrawal of writ 1976-77 1,860 -do- 1977-78 2,657 -do- 1978-79 1,978 -do- 1979-80 1,923 -do- 1981-82 ..... 1,860 writ petn. 1982-83 28,513 out of the above expenditure of rs. 56,770, the ito allowed only rs. 10,000 and disallowed the balance. apparently the ito thought that section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD212Cal
..... prior to 1-4-1988, the explanation was applicable to companies other than investment company, as defined in clause (ii) of section 109. the word "other than investment company" as defined in clause (ii) of section 109 was substituted by finance act, 1987 w.e.f. 1-4-1988 by the explanation which has been quoted above. the ld. cit(a) on ..... year. the assessing officer considering the fact that the loss suffered by the assessee was mainly on account of purchase and sale of shares, invoked explanation to section 73 of the act and assessed speculation loss at rs. 69,20,855 which was allowed to be carried forward and set off against speculation profit in the subsequent years.3. ..... 1997-98 is directed against the order dated 28-12-2000 of cit(a)-xii, kolkata and the only dispute is relating to application of explanation to section 73 of the income-tax act, 1961 and, accordingly, entitlement of set-off of carry forward loss of rs. 69,20,855 claimed by the assessee. rival contentions have been heard .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)28ITD177(Kol.)
..... has charged interest on the* amount of tax deducted at source by the assessee which it failed to deposit to the credit of the central government. section 201 (1a) of the act was introduced by the finance act, 1966 with effect from 1-4-1966. the rate of interest at 6 per cent was substituted for 9 per cent by the taxation laws ( ..... when the demand for interest was raised. this position becomes clear from the decision of the hon'ble calcutta high court in the case of b.d. khaitan v. 1to [1978] 113 itr 556. the tribunal in the case of kedia textiles (p.) ltd. (supra) did not take* into consideration the decision of the hon'ble calcutta high court (supra) ..... the case of cit v. shyam sunder tea co. (p.) ltd. [1978] 114 itr 116. in these cases, the hon'ble high courts have made distinction between the recovery of penalty and interest and tax deducted at source within the meaning of sections 192 to 195 of the act, 11. after considering all the facts, the various decisions cited by the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)3ITD359(Kol.)
..... 1-4-1968 was correct.5. the department disputes the direction of the commissioner (appeals) regarding deduction allowed by him under section 80m. a new section 80aa was introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968. section 80aa shall be quoted later on. the supreme court pronounced a judgment in the case of cloth traders (supra). the decision ..... gross dividend income. it was indicated by sri guha that the provisions relating to dividend income are sections 8, 2(22), 194, 198, 199, 203, 56(2)(i) and 57(0 of the act. after referring to the decisions in cit v. raghunandan prasad moody [1978] 115 itr 519 (sc), cit v. cotton fabrics ltd. [1981] 131 itr 99 (guj.), cit.bagyalakshmi & co .....
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