Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)6ITD456(Kol.)
..... full amount of the additional rupee liability incurred on account of the difference in exchange rate. this is quite clear from the interpretation of section 43a as provided by the ministry of finance as per their d.o. letter dated 4-1-1967 to the federation of indian chambers of commerce and industrya copy of which is ..... considered for purposes of depreciation thereon as per the income-tax act and rules. (ii) development rebate should also be allowed on the aforesaid amount of rs. 23,61,713 in view of the decision of the gujarat high court in arvincl mills ltd. v. cit [1978] 112 itr 64.the appellant, therefore, respectfully requests that the ..... entitled to depreciation on the additional rupee liability incurred on account of exchange rate difference in respect of loan in foreign exchange currency in terms of section 43a of the act. according to the commissioner (appeals), such additional rupee liability would include not only the actual additional payment made in respect of loan but also the .....
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 : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD537(Kol.)
..... not to form a separate block, as under section 3, nor was it subject to special rates. it was to be part of the total income and was to be assessed in accordance with the procedures of the 1961 act and subjected to tax at the rates prescribed in the respective finance acts. as the declaration merely provided information to the ito ..... respect of such declaration immunity from penalty and prosecution will be available to the extent indicated in proviso (ii) to sub-section (1) of section 15.27. section 15 of the 1976 act like section 14 of the said act and unlike section 3 thereof did not modify the provisions of the existing statute in any respect, except that in cases of the declarants ..... not a piece of legislation as noted earlier de hors the 1961 act and the 1957 act. it is no doubt independent of the said acts but in the same sense in which the finance act is. its main purpose is to effectuate the 1961 act and the 1957 act and not to supplant them and to create a separate charge or a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)10ITD88(Kol.)
..... the commissioner (appeals) decided the issue in favour of the assessee by following the provisions of section 155(13). much reliance was placed by the learned counsel for the assessee on section 155(13). but, as we see, section 155(13) was inserted by the finance act, 1975, which took effect from 1-4-1975, but the previous year relevant to the ..... assessment year under appeal ended on 31-3-1974. we are, therefore, of the opinion that the provisions of section 155(13) had no application ..... 1980] 122 itr 168 (ap) (fb). it was also submitted that the initial contribution to an approved gratuity fund was deductible from the total income under section 36(1)(v) of the act read with rule 104 of the income-tax rules, 1962 ('the rules'). it was pointed out that the gratuity fund was approved by the commissioner, by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)10ITD542(Kol.)
..... asian signal industry (p.) ltd. for the year 1978-79 was also framed by the same officer on 30-1-1980. thereafter, the finance (no. 2) act, 1980 came into force and by that act section 80aa of the act was inserted in the act with retrospective effect from 1-4-1968. according to section 80aa, net amount and not the gross amount of ..... the dividends is allowed to be deducted under section 80m of the act. since there was no such ..... structural works (p.) ltd. for the assessment years 1977-78 and 1978-79 and one by asian signal industry (p.) ltd. for the assessment year 1978-79-against the order of the commissioner of even date 8-1-1982 under section 263 of the income-tax act, 1961 ('the act'), common issues are involved and, therefore, they are disposed of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)11ITD577(Kol.)
..... by the splitting up or reconstruction of the existing unit, the building or machinery for the unit are all new and the new unit is financed by additional capital, it would be entitled to relief under section 80j. the gujarat high court in the case of shree digvijay cement co. ltd. (supra) held that in order to be entitled to ..... undertaking. the licence granted by the government of india was for effecting substantial expansion. copies of the letter of intent dated 14-5-1976 and licence dated 27-2-1978, which had been filed before the ito, were also referred to at the time of hearing of appeal by the commissioner (appeals). it was pointed out that the ..... orders of the commissioner (appeals) on this point.6. the next common ground pertains to the allowability of the assessee's claim for relief under section 80j of the income-tax act, 1961 ('the act') in respect of new range relay department. the relay department was established in the year 1970 and production began in 1970-71. up to march 1976 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)11ITD375(Kol.)
..... provided certain amenities to all the companies. under this scheme, any company may make deposit with bank in lieu of payment of surcharge on income-tax under sub-section (6) of section 2 of the finance act, 1976, at any time before the last instalment of advance tax is due in its case. in the case of the assessee, the last instalment for payment ..... by the assessee is directed against the order of the commissioner (appeals) dated 16-12-1982, by which he confirmed the order passed by the ito under section 154 of the income-tax act, 1961 ('the act').2. while making the original assessment, the ito had given credit for the deposit of rs. 26,638 made on 15-12-1976 under the companies ..... urged that in the case of the assessee, advance tax was payable in three instalments on 15-6-1976, 15-9-1976 and 15-12-1976 as per section 211(1)(i) of the act. he, therefore, urged that since the assessee deposited the amount on 15-12-1976, it was to be treated that payment of advance tax was made before .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD288(Kol.)
..... again reiterated by their lordships of the hon'ble supreme court in bhikaji dababhai's case (supra). their lordships were interpreting in that case sub-section (1) of section 13 of the finance act, 1950 which saved the law relating to income-tax or super tax, which was in force in any part b state before 1-4-1950 for the ..... due and penalty did not alter the true character of penalty imposed under the income-tax acts of india and hyderabad. the proceedings for imposing penalty initiated under section 40 of the hyderabad income-tax act could be continued after the enactment of section 13(1) of the finance act, 1950. the order levying penalty was, therefore, valid. (p. 124) 8. yet ..... erred in holding that the proceedings for imposing the penalty could not be continued after the enactment of section 13(1) of the finance act, 1950.15. in this view of the law, and taking into account the scheme of the 1922 act, it has to be held that the procedure of assessment of tax in the case of a deceased .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)12ITD647(Kol.)
..... of the bombay high court was approved by their lordships of the hon'ble supreme court, who pointed out, inter alia, that the fourth proviso to section 10(2)(vii), inserted by the amendment act, which came into force in may 1946, was not retrospective ..... in its nature.7. where there is an amendment of substantive law, it is normally not retrospective unless the amending act itself makes it retrospective as in the case, for example, sub-section (1a) of section 80j of the act introduced by the finance (no. 2) act, 1980. in the present case, the amendment to item no. 9 in group d in appendix i of ..... , which held that the fourth proviso to section 10(2)(vii) did not apply to the assessment for the assessment year 1946-47 as the said proviso was not in force on 1-4-1946 and that the liability of the company had to be determined as on 1-4-1946, when the finance act, 1946 came into force.the above finding .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)12ITD1(Kol.)
..... considered it necessary to go through the notes on clauses of the bill through which section 44c was introduced, memorandum explaining the provisions in the bill, the board's circular no. 202 dated 5-7-1976 explaining the provisions introduced by the finance act, 1976, relating to direct taxes and extract from taxes & incentives (a guide for ..... an assessee has business in a number of countries. reference was made to the notes on clauses relating to the provisions in the finance bill, 1976, through which section 44c was introduced in the act. the commissioner (appeals) has accepted the assessee's submissions and has directed the iac to recompute the total income by excluding ..... review its order. however, according to him, the tribunal has not reviewed its order. it has exercised its power of rectification under section 254(2) of the income-tax act, 1961 ('the act'), judicially. it is pointed out that it is shri bagchi, who is asking the special bench to review the rectifying order dated 29 .....
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