Judgment Search Results Home > Cases Phrase: finance act 1987 Court: income tax appellate tribunal itat kolkata Page 11 of about 339 results (0.201 seconds)

inspecting Assistant Vs. Goodricke Group Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1985)12ITD1(Kol.)

..... however, memorandum explaining the provisions in the bill, the board's circular and the extract from the taxes & incentives clearly indicate tha the provisions of section 44c were introduced in the act to get over the following difficulties : it is extremely difficult to scrutinise and verify claims in respect of such expenses, particularly in the absence of account books of the head office which are ..... 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 investors) published by indian investment centre (a government of india organisation) ..... provisions of section 44c being applicable from 1-6-1976 whereas the assessee's previous year is calendar year 1976, and being a tea company its income is liable to be taxed under the act to the extent of 40 per cent only, the assessee claimed that for the purpose of computing disallowance, assuming section 44c is applicable, the expenditure requiring consideration would work out ..... held that goodwill generated in a new business cannot be regarded as an 'asset' within the meaning of section 45 of the act as no cost of it can at all be conceived and section 48 of the act, which provides for computation of income under the head 'capital gains', inter alia, contemplates deduction of cost of acquisition of the capital ..... to the notes on clauses relating to the provisions in the finance bill, 1976, through which section 44c was introduced in the act. .....

Som Datt Builders (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)29ITD495(Kol.)

..... after perusing the assessment order the cit issued a notice dated 29-2-1988 under section 263 of the income tax act and sought to revise the said assessment order on two grounds as follows : (i) according to the"cit, the ito was wrong in allowing deduction of ..... sundardas bhasin air 1963 sc 181 wherein the supreme court has held that section 13 of the general clauses act would not apply because the context in which the word 'building' is used shows that it would not include the plural.the supreme court interpreted the word 'building' as a singular, and not including ..... -company paid income-tax in saudi arabia were assessed and included in its total income in the year under appeal subject to the allowance of depreciation in accordance with the provisions of the income tax act.the appellant-company paid tax in that country daring the previous year under appeal to the tune of rs. ..... these are letters of the ministry of finance, department of revenue not accepting audit ..... in the instant appeal, such assessments were duly completed on 27-11-1987 and pursuant thereto additional taxes had to be paid by the appellant-company in that country over and above the taxes already deducted at source for different projects including the said sum of ..... the department of revenue, ministry of finance, government of india informed the c & ag that relief under section 91 was properly allowed to the appellant-company in the year under ..... 80ab was introduced in 1980 with effect from 1-4-1981 by the finance (no. .....

Tara Finvest Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... the submissions of the learned counsel here wherein the total advance had been made to sister-concerns in which the directors are interested and hence there is no ground that the services or financing had been provided by the assessee as its main principal business. ..... of running a trading business has failed to fulfil the condition as principal business with reference to section 2(5b)(iv) of the act which, inter alia, includes a business of providing finance, whether by making loans or advances or otherwise for the purpose of interest-tax act. ..... , by the cit(a) wherein the assessee is in appeal raising the issue that in the facts and circumstances of the case, the learned cit(a) erred in considering the business of providing finance as its principal business in terms of section 2(5b)(iv) of the interest-tax act, 1974, as assessed by the ao under section 8(3) of the interest -tax act.2. ..... he, therefore, completed the assessment ex parte under section 8(3)of the interest-tax act which the learned cit(a) on examination of assessment record inclined to agree with the ..... the assessee submitted that the learned ao in his order considered the financial statement of the assessee and in view of section 2(5b)(iv) considers the assessee's income as business of providing finance whether by making loans and advances or otherwise.he, therefore, proceeded to consider his own application of mind in applying earning of interest as that of credit instituted as per section 2(5a) of the interest-tax act. .....

Varas International (P) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... were referred for its opinion by the tribunal (a) whether, on the facts and in the circumstances of the case and on a correct interpretation of the amendment made by the finance act, 1988 to the section 43b(a) of the income tax act, 1961 which has been explained as clarificatory of legislative intention by the explanatory notes issued by the government, the tribunal was justified in law in not holding that the said amendment ..... section 43b and submitted that the provision was inserted by the finance act, 1983, with effect from 1-4-1984 and has enacted a deeming fiction whereby certain expenses can be allowed only on payment basis even if allowable under the act on accrual basis in keeping with the mercantile system followed by ..... west bengal (manufacture of country spirit in labelled and capsuled bottles) rules, 1979 (hereinafter referred to as the "rules") issued in exercise of the powers conferred by section 86 of the bengal excise act, 1909, a fee is payable by the manufacturer of country spirit for the privilege of manufacture of the same and a further additional fee is payable on the import of spirits.the assessee-company debited ..... . on scrutiny of register 76 and profit and loss account maintained by them for the period from 13-2-1981 to 6-3-1987, it appears that they have not paid fee as below in terms of the above notification due to an interim order of injunction passed by ..... rectified spirit during the period from 13-2-1981 to 6-3-1987 following withdrawal of writ petition no .....

Wealth-tax Officer Vs. Gokulchand Bangur

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1984)8ITD738(Kol.)

..... arvindbhai chinubhai [1982] 133 itr 800 for the proposition that before an asset could be taken into consideration for computing the net wealth of an assessee under section 2(m) of the wealth-tax act, 1957 ('the act') such asset must belong to the assessee on the relevant valuation date.the mere possibility of getting income-tax refund in future as and when the assessment proceedings are finalized could not be treated to be an asset of ..... 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. ..... high court held that the disclosure envisaged under section 68 was in respect of an amount which was already liable to be assessed as income under the relevant income-tax act and, therefore, the mere fact that the said amount was neither quantified nor assessed nor even returned on the valuation date was not material. ..... not been finalized on the date when the wealth-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. ..... part a deals with general provisions.section 190 of the 1961 act, falling in this part, is clarificatory in nature and underscores the point that this chapter does not create independent liability to pay income-tax de hors the charge created by ..... , referred to above, are contained in chapter xvii of the 1961 act having the title as 'collection and recovery of tax'. .....

Borhat Tea Co. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)28ITD166(Kol.)

..... under the finance act, 1981, income-tax is payable by the assessee on interest and dividend income at 70 per cent. ..... in course of the proceedings for the assessment year 1981-82 it appeared to the ito that the assessee without reasonable cause failed to furnish an estimate of advance tax payable by it in accordance with the provisions of section 209a of the it act, 1961. ..... it was further stated1that, interest and dividends represented income from which tax was required to be deducted at source under chapter xvii of the income-tax act, 1961. ..... 273(2)(c) of the income-tax act, 1961. .....

Shree Baidyanath Ayurved Bhawan Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)83TTJ(Kol.)409

..... the expression 'commission or brokerage', for the purpose of section 194h, has been defined as follows : "'commission or brokerage" includes any payment received or receivable, directly or indirectly, by a person acting on behalf of another person for services rendered (not being professional services) or for any services in the course of buying or selling of goods or in relation to any transaction relating to any asset, valuable article or thing not being securities. ..... we find that section 194h, which was reintroduced by the finance act, 2001, w.e.f. ..... it was further submitted that the assessee has engaged no agents, brokers or factors who sell the company's products by acting on behalf of the company and, therefore, there is no de facto payment of commission in terms of connotations of that expression in commercial parlance. ..... , 2000, passed by the cit(a)-v, kolkata, in the matter of order under section 154 r/w section 143(3) of the it act, 1961, passed by the jt cit, special range 15, kolkata, for the asst yr 1992-93.2. ..... in view of the above discussion, we are of the considered view that the cit(a) indeed erred in sustaining the impugned order under section 154 of the act. .....

Larence Traders Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)82TTJ(Kol.)517

..... the learned cit invoked his jurisdiction under section 263 of the act and by passing the impugned order it was held that the assessment was done without proper ..... (7) give details of statutory liabilities, within the meaning of section 43b of it act, 1961, debited in p&l a/c but not paid within the due date or paid before filing of ..... (3) letter from bank/financing company or department regarding sanction of secured loan/cash credit limit/bill discount and purchase mentioning details of securities/hypothecations offered either by the assesses-company or its directors or shareholders or anyone on behalf ..... of the matter, we hold that the order of the learned cit passed under section 263 of the act cannot be sustained. ..... 1999 is at p, 20 of the paper book and the contents thereof are quoted below : "sub: requisition under section 142(1) of the it act, 1961, asst. yr. ..... framed under section 143(3) of the act on 31st dec. ..... called for the details before making the assessment, but he further verified the materials which were produced before him by the assessee in response to the notice issued under section 142(1) of the act. ..... , the original return was processed under section 143(1)(a).thereafter the case was selected for scrutiny and the assessment was framed under section 143(3) of the act. ..... submitted that since no enquiry was made by the ao while framing the assessment, the learned cit was justified in setting aside the order of assessment by exercising power under section 263 of the act. .....

income-tax Officer Vs. Kanorta Chemicals and Industries

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1983)6ITD456(Kol.)

..... the alternative, the appellant had also claimed that depreciation should be allowed on the enhanced cost of plant and machinery in case the increase in the cost was capitalised under section 43a of the income-tax act.in the latter case, the appellant would like to clarify that two consequences should logically follow : (i) for the purpose of calculating depreciation, the cost of the relevant capital assets should be written up ..... [1979] 116 itr 778 wherein it was held that the tribunal disposing of an appeal under the act has got the power to allow the assessee to put forward a new claim, notwithstanding the fact that such a claim was not raised by him before the ito or the aac ..... is a person duly authorised by the assessee under section 288 of the income-tax act, 1961 ('the act'), to attend before the tribunal but in relation to an income-tax authority who is a party to any proceeding before the tribunal, the authorised representative is a person duly appointed by the central government by notification in the official gazette as authorised representative to appear, plead and act for such authority in any such proceeding and any other person ..... case and have often been appearing in different cases before different benches without any distinction.since all of them are authorised not only to attend but to appear, plead and act on behalf of the income-tax authorities, the application signed by shri n.k. ..... interpretation of section 43a as provided by the ministry of finance as per their d.o. .....

S.P. Jaiswal Estates (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1992)41ITD342(Kol.)

..... said financial year in accordance with the provisions of sections 192 to 194, section 194a, section 194c, section 194d and section 195 on any income (as computed before allowing any deductions admissible under this act) on which tax is required to be deducted under the said sections and which has been taken into account in computing the said total income; (iv) the net amount of income-tax calculated in accordance ..... by way of regular assessment under this act, an estimate of- (ii) the advance tax payable by him on the current income calculated in the manner laid down in section 209, (i) in a case falling under clause (a) as accords with the statement in equal instalments on the dates applicable in ..... -section (1) of section 211, if his current income is likely to exceed the amount specified in sub-section (2) of section 208, send to the income-tax officer- (a) where he has been previously assessed by way of regular assessment under this act, a statement of advance tax payable by him computed in the manner laid down in clause (a) or, as the case may be, sub-clause (i) of clause (d) of sub-section (1) of section 209, or (b) where he has not previously been assessed ..... reproduce the provision of section 209a which has come into effect from 1-6-1978 by virtue of finance act, 1978: 209a. ..... it0 [1987] 165 itr .....