Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD468(Kol.)
..... 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 other than the business income, in as much as, the amended provisions of section 32(2)(iii)(a) are very clear and the position existed in the assessment year 1997-98 cannot be equally treated in the ..... seen that provision of section 32(2) as amended by finance (no. ..... section 32(2) as amended by the finance ..... the depreciation allowance owing to there being no profits or gains chargeable for that previous year, or owing to the profits or gains chargeable being less than the allowance, then subject to the provisions of sub-section (2) of section 72 and sub-section(3) of section 73, the allowance or the part of the allowance to which effect has not been given, as the case may be, shall be added to the amount of the allowance for depreciation for the following previous year ..... previous year, owing to there being no profits or gains chargeable for that provious year, or owing to the profits or gains chargeable being less than the allowance, then, subject to the provisions of sub-section (2) of section 72 and sub-section (3) of section 73 the allowance or the part of the allowance to which effect has not been given, as the case may be, shall be added to the amount of the allowance for depreciation for the following previous year ..... - ito (1981) 131 itr .....
Tag this Judgment!Court : Kolkata
Reported in : (1985)48CTR(Cal)146,[1985]153ITR488(Cal)
..... : [1977]107itr168(mad) , the question before the madras high court was whether under the provisions of section 2(5)(a) of the finance act, 1966, the cash subsidy and the income derived from the sale of import entitlements would form part of the profits and gains derived from the export of any goods or merchandise. ..... section 113 of the income-tax act, 1961, corresponded to section 17(1) of the indian income-tax act, 1922, but that section has now been omitted with effect from april 1, 1965, as a result of the finance act, 1965. ..... cit : [1982]137itr616(guj) , construed the provisions of section 2(5)(a) of the finance act, 1964, regarding the profits derived from exports and held that cash subsidy or allowance given on export of goods is directly connected with the export of goods and rebate under section 2(5) can be claimed in respect of it. ..... act, 1961, the tribunal has referred the following question to this court at the instance of the commissioner :'whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that there was no mistake apparent from the record with the meaning of section 154 of the income-tax act, 1961, and in that view cancelling the amendment order made by the income-tax officer under the said section ?'2. ..... it is a matter for consideration whether the definition contained in section 2(31) of the income-tax act, 1961, is an amendment of the law or is merely declaratory of the law that was in force earlier. .....
Tag this Judgment!Court : Kolkata
Reported in : (1989)77CTR(Cal)112,[1989]176ITR473(Cal)
..... section 40(c)(iii) was introduced by section 6 of the finance act,1963, with effect from ..... by the said finance act, section 40(a)(v) was inserted with effect from ..... by the finance act of 1968, sub-clause (iii) of section 40(c) and explanation 2 thereof stood omitted with effect from april 1, 1969, and explanation 1 remains ..... by the finance act of 1965, the second proviso was inserted in section 40(c)(iii) which runs as follows :'provided further that nothing in this sub-clause shall apply to any expenditure which results directly or indirectly in the provision of any benefit or amenity or perquisite to an employee ..... west bengal iii, calcutta, the following question of law has been referred to this court for the assessment year 1972-73 under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case and on a correct interpretation of section 40(c) and section 40a(5) of the income-tax act, 1961, the tribunal was correct in holding that an expenditure incurred by the assessee-company in respect of its employee-directors did ..... section 40(c)(iii) was subsequently amended and the provisions are contained in section 40(a)(v) and in section 40a(5) so far as ..... of such a person, as the case may be, on the one hand, and the expenses which resulted directly or indirectly in the provision of any benefit or amenity or perquisite to an employee of the company remained intact even after the amendments made from time to time, which we have already extracted. .....
Tag this Judgment!Court : Kolkata
Reported in : [1980]46STC35(Cal)
..... were duly accepted by the commissioner of income-tax and a certificate under section 68(7) of the finance act, 1965, has been given to the partners and taxes on such disclosures ..... 1971, individually to the said narayandas phumra, as also daulal phumra and ramanlal phumra, two other partners of the petitioner, under section 14(1) of the bengal finance (sales tax) act, 1941, stating, inter alia, as follows :you are hereby directed under section 14(1) read with section 21a of the bengal finance (sales tax) act, 1941, to produce all the relevant records of your personal business since 1st january, 1964, to the date of production on ..... declarations made under the provisions of section 68 of the finance act, 1965, and the proceedings thereunder are confidential and no public servant including the commissioner of income-tax before whom the declaration might be made would be entitled to disclose the particulars contained in such declaration and the same would not be admissible as evidence against the petitioner for the purpose of assessment under the bengal finance (sales tax) act. ..... to the said three partners of the petitioner, namely, narayandas phumra, daulal phumra and ramanlal phumra, all dated 13th january, 1972, as follows :you are hereby directed under section 14(1) read with section 21a of the bengal finance (sales tax) act, 1941, to produce all the relevant records of your personal business since 1st january, 1964, to the date of production on 3rd february, 1972, at 11 a.m. .....
Tag this Judgment!Court : Kolkata
Reported in : [1967]20STC528(Cal)
..... the assessee-dealer moved this court under section 21(3) of the act and obtained an order calling upon the board to make a statement of case on the following questions of law :(i) whether the defects in the declaration in form xxiv furnished are vital to justify the disallowance of the deduction claimed under section 5(2)(a)(ii) of the bengal finance (sales tax) act, 1941, in respect of sales of ..... messrs diana distributors ;(xi) whether there are admissible evidence and vital defects in the declaration in form xxiv furnished to justify disallowance of the deduction claimed under section 5(2)(a)(ii) of the bengal finance (sales tax) act, 1941, in respect of sales of rs. ..... messrs rabindra & company ;(ix) whether there are admissible evidence and vital defects in the declarations in form xxiv furnished to justify disallowance of the deductions claimed under section 5(2)(a)(ii) of the bengal finance (sales tax) act, 1941, in respect of sales of rs. ..... messrs lakhi stores;(viii) whether there are admissible evidence and vital defects in the declaration in form xxiv furnished to justify disallowance of the deduction claimed under section 5(2)(a)(ii) of the bengal finance (sales tax) act, 1941, in respect of sales of rs. ..... messrs biswanath choudhury;(vii) whether there are admissible evidence and vital defects in the declaration in form xxiv furnished to justify disallowance of the deduction claimed under section 5(2)(a)(ii) of the bengal finance (sales tax) act, 1941, in respect of sales of rs. .....
Tag this Judgment!Court : Kolkata
Reported in : [1971]80ITR408(Cal)
..... to the amount or the aggregate of the amounts, as the case may be, computed as hereunder : --(a)on that part of the aggregate of the sums arrived at in accordance with clause (i) of the second provisoto paragraph d of part ii of the first schedule to the finance act, 1958 (xi of1958), as has not been deemed to have been taken into account, in accordance withclause (ii) of the said proviso, for the purpose of reducing the rebate mentioned in clause (i) of thesaid proviso to nil ;........... ..... the close connection between the income-tax act and finance act is further evident from the provisions of section 294 of the income-tax act of 1961 corresponding to section 67b of the act of 1922. ..... there is no levy, as such, according to the madras high court, of any super-tax on the excess dividend : super-tax is levied only on the total income of the previous year; that levy is authorised by section 55 of the income-tax act : and the rate is authorised by part ii-d of the first schedule to the finance act of 1956. ..... it should be remembered that the indian income-tax act, 1922, as amended from time to time, forms a code, which has no operative effect except so far as it is rendered applicable for the recovery of tax imposed for a particular fiscal year by a finace act.'13. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)1SOT210(Kol.)
..... " in the light of the discussions made above and respectfully, following the 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 employer by way of contribution to any provident fund or superannuation fund or gratuity fund ..... rs.5,14,124 (rs.5,13,049 + rs.1,075) as contribution to esi, all pertaining to march, 1996 but all 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 court in allied motors pvt. ..... in this sense, therefore, the amended 1^st proviso as amended by the finance act, 2003, covering all payments referred to in various clauses of section 43b, is to be treated as retrospective in operation and to be read as forming part of section 43b from its inception as the said amendment made by the finance act, 2003 is creative and remedial in nature and designed to eliminate unintended consequence causing undue hardships to the assessee.the income tax appellate tribuanal, "b" bench, mumbai, in the .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]119ITR145(Cal)
..... section 2(7) of the finance act, 1966, inter alia, reads as follows:' for the purposes of this section and the first schedule,--... ..... to section 2(7)(d) of the finance act, 1966, inasmuch as the income attributable to the aforesaid activity included in its total income for the accounting year 1965 was less than 51 per cent. ..... now, briefly speaking, the finance act, 1965, provides that the concessional rate of tax is payable by a company which is wholly or mainly engaged in the manufacture or processing of certain types of goods and the finance act, 1966, provides that the concessional rate of tax is payable by an industrial company. ..... in the assessment proceedings, the assessee was treated as a manufacturing concern and was taxed at concessional rates under the finance acts of 1965 and 1966, respectively. ..... of the case, the tribunal was justified in holding that the assessee was not a company engaged in the manufacture or processing of goods and was, therefore, not entitled to the concessional rates of tax under the respective finance acts ' 2. ..... act, 1961, we are concerned with the following questions of law :' 1, whether, on the facts and circumstances of the case, the tribunal was justified in upholding the reopening of the assessment under section 147(b)? 2. ..... in this reference under section 256(1) of the i.t. .....
Tag this Judgment!Court : Kolkata
Reported in : [1958]34ITR379(Cal)
..... for the purpose of this appeal none of the statutory provisions is relevant until the finance act, 1947.in substance this appeal turns on the meaning, in the proper context of the other relevant sections, of section 35 of the act of 1947, and of section 31 of the later finance act, 1951, which in certain respects amended or supplemented the provisions of the act of 1947.i must, however, make a brief reference to certain other sections of the act of 1947. ..... section 31 of the finance act, 1951, in effect amends that section by providing that if certain conditions are fulfilled a reduction of capita; is for the purposes of section 35 to be a distribution not be it noted, to be a gross relevant distribution. ..... is whether for the purposes of profits tax the payment by he liquidator of the sum of pounds 15, 030 to the members of the company constituted a distribution which was a 'gross relevant distribution within the meaning of section 35(1) of the finance act, 1947, while having regard to the provisions of section 31 of the finance act, 1951.it is said by the crown that the effect of section 31 of the finance act, 1951, as applied to the facts of this case is that an amount equal to the sum of pounds 15,030 is deemed for the purposes .....
Tag this Judgment!Court : Kolkata
Reported in : [1981]127ITR210(Cal)
..... f of part i of the first schedule of the finance act, 1965, and similar is the position under section 80e of the i.t. ..... f of the first schedule to the finance act, 1965, for the assessment year 1965-66 and its claim for deduction in the computation of its total income under section 80e of the i.t. ..... ' while the articles and things specified in item (21) thereof were 'automobile ancillaries', in the assessment for the assessment year 1965-66, the assessee claimed the higher development rebate of 35% under the aforesaid provisions of the finance act, 1965, in respect of its profits and gains attributable to its manufacture of production of automobile ancillaries. ..... f read with items (10) and (21) of part iii of the first schedule to the finance act, 1965, the tribunal was right in holding that the assessee is entitled to rebate of tax at the higher rate of 35% on its profits and gains attributable to the manufacture or production of all the automobile ancillaries including those utilised by it in ..... f of the first schedule to the finance act, 1965, provided for rebate of tax at a certain percentage. ..... f of the first schedule to the said finance act, a company was entitled to a higher rebate of 35% of the tax on so much of its profits and gains as could be attributed to the manufacture or production of any one or more of the articles or things specified in the list in part iii of the first schedule to the said finance act. .....
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