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C.E.S.C. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)87ITD653Cal

..... ao under section 195.the action of the ao was erroneous and prejudicial to the interests of the revenue and, therefore, the learned cit was quite justified in invoking his power under section 263 of the it act, 1961.as there is a difference of opinion between the jm and the am, the matter is being referred to the hon'ble president of the tribunal with a request that the following questions may be referred ..... sponsorors, asian development bank (adb), commonwealth development corporation (cdc) and international finance corporation (ifc), and certain indian investors like industrial credit and investment corporation ..... development bank (hereinafter called 'adb'), commonwealth development corpn (hereinafter called 'cdc'), international finance corpn (hereinafter called 'ifc') and indian investors were to hold equity in the ..... various elements of project to 'provide basis to the financial institutions to assess critical technical, economic, commercial and environmental aspects and risks related to the project, with a view to providing finance or other credit support to finance the construction and start up costs expected to be incurred upto project completion'. ..... the scope of work is to provide a basis for the financial institutions to assess critical technical, economic, commercial and environmental aspects and risks related to the project with a view to providing financing or other credit support to finance the construction and start-up costs expected to be incurred upto project completion. .....

Deputy Commissioner of Income Tax Vs. Venkateswar Investment and

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD177(Kol.)

..... if in any particular year, the assessee has nominal business income and has substantial interest income, it does not imply that the assessee's principal business is of finance or granting of loans and advances.similarly, the assessee, the principal business of which is the granting of loans and advances, may earn a comparatively high income from other activities in any particular year and still the ..... so for the others so that the mere accident of earning higher interest than the turnover of the company or due to temporary lull in the business of the assessee need not attract the provision of the interest-tax act, 1974.the learned counsel emphasized that the deeming provision in a taxing statute has to be strictly construed and explanation below section 73 being a deeming provision has to be construed accordingly. ..... 1997-98, whether the assessee can be said to be having principal business of granting loans and advances and not hit by explanation to section 73 of the it act merely because in the preceding assessment years the assessee was not dealing in shares but was having interest income from loans and advances and rental income from leasing." 2 ..... this decision of the hon'ble high court although relates to the provision of section 104 r/w section 109 of the it act, but being in pari materia with the issue before us, is applicable and overall-view of the function of the assessee-company of the relevant period as well as of the past years has to be taken into account in order to .....

Dy. Commissioner of Income-tax Vs. Venkateswar Investment and

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... if in any particular year, the assessee has nominal business income and has substantial interest income, it does not imply that the assessee's principal business is of finance or granting of loans and advances.similarly the assessee, the principal business of which is the granting of loans and advances, may earn a comparatively high income from activities in any particular year and still ..... income of the assessee from other sources in the assessment year 1997-98, whether the assessee can be said to be having principal business of granting loans and advances and not hit by explanation to section 73 of the i.t.act merely because in the preceding assessment years the assessee was not dealing in shares but was having interest income from loans and advances and rental income from leasing." 2. ..... its inception the company has been engaged in the business of financing by way of granting loans and advances and earning interest income ..... financial year 1995-96 the assessee company started a new line of financing business of leasing and also derived income by way of lease rentals ..... particular year, the manufacturing or trading company has nominal business income and has substantial interest income, it does not imply that the company's principal business is of finance or granting of loans. ..... particular year, the manufacturing or trading company has nominal business income and has substantial interest income, it does not imply that the company's principal business is of finance or granting of loans. .....

Peerless Hotels Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD363Cal

..... the transfer has, in part performance of the contract, taken possession of the property or any part thereof, or the transferee, being already in possession, continues in possession in part performance of the contract and has done some act in furtherance of the contract; and the transferee has performed or is willing to perform his part of the contract, then, notwithstanding that the contract, though required to be registered, has not been registered, or, where there is ..... document a party gets exclusive possession of the property, 'prima facie' he is considered to be a tenant, but circumstances may be established which negates the intention to create a lease.a licence is defined in section 52 of the indian easements act 5 of 1882 as a right to do or continue to do, in or upon the immovable property of the grantor, something which would, in the absence of such right, be unlawful and such right does not amount to an easement or an interest in the property. ..... granted lease of the building for a period of 33 years to the peerless general finance & investment co.ltd. ..... , gone through the agreements between the government of west bengal and peerless general finance & investment co. ..... lease of the building to peerless general finance investment co. ..... finance ..... view that the agreements between the assessee-company and peerless general finance investment co. ..... an agreement with peerless general finance investment co. ..... inn is situated had been leased in favour of peerless general finance investment co. .....

Veena Kanoria Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD95(Kol.)

..... of capital gains on self-generated goodwill and the honble bombay high court has held that in case of the same, there was no transfer or sale of goodwill so as to attract section 12b(1) of the 1922 act.in this case, the honble bombay high court has held the income chargeable to capital gains, tax is to be computed by deducting from the full value of the consideration "the cost of acquisition of the capital assets ..... nature of services to be rendered by the abovementioned two persons to all the five members of the contracting group as below: you will provide services to us and our associates in the field of our business of financing, money lending, investment, leasing, hire purchase, trading, consultancy, agency, broking etc. ..... (iv) to advise and help us in expanding our business area in the field of financing, leasing, hire purchases, investments and for that purpose to bring to us good offers, provide credentials of parties, procure business, ..... must represent the expenditure incurred in acquiring the asset.the learned authorised representative drew our attention to the specific simplified procedure for computation of capital gains on transfer of bonus shares containing in the finance bill, 1995 and published in 212 itr 357 (statute portion). ..... ; and (viii) to render such other services in our business and business of our associates as may be considered necessary and relevant from time to time in the areas of finance, investment, marketing, public relations and related legal matters. .....

Peerless Hotels Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)84TTJ(Kol.)504

..... , and the transfer has, in part performance of the contract, taken possession of the property or any part thereof, or the transferee, being already in possession, continues in possession in part performance of the contract and has done some act in furtherance of the contract; and the transferee has performed or is willing to perform his part of the contract, then, notwithstanding that the contract, though required to be registered, has not been registered, or, where there is an instrument of ..... the authorised representative submitted that in pursuance of section 107 of the transfer of property act, it is mandatory that if a lease is to be created for any terms exceeding one year, it can be made only by a registered ..... we have considered the rival submissions, gone through the agreements between the government of west bengal and peerless general finance & investment co. ..... on 26th march, 1992 the state government granted lease of the building for a period of 33 years to the peerless general finance & investment co. ..... the state government which had granted lease of the building to peerless general finance investment co. ..... peerless general finance investment co. ..... the ao was of the view that the agreements between the assessee-company and peerless general finance investment co. ..... subsequently, the assessee entered into an agreement with peerless general finance investment co. ..... the building where the hotel peerless inn is situated had been leased in favour of peerless general finance investment co. .....

itc Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)95TTJ(Kol.)1017

..... bombay high court related to the assessment year prior to the amendment made in 1939, when the prerequisite for allowability of the expenditure under the residuary provision of section 10(2)(ix) of the indian it act, 1922, was that the same should have been incurred solely for the purpose of earning profits or gains, a term, which obviously was much narrower than the wide amplitude of the present section ..... the only point which falls for consideration before us is whether the purpose of incurring the said expenditure has the strength to place the same within the ambit of section 37(1) of the act, or in other words, whether the said expenditure can be held to be revenue in nature and further as having been laid out wholly and exclusively for the purposes of the assessee's business so ..... assessee on export of trading goods should be set off against profits derived from the export of manufactured goods for the purposes of computing the deduction under section 80hhc of the act.we find that the issue is covered in favour of the revenue by the judgment of the hon'ble supreme court rendered in the case of ipca laboratory ltd v. dy. ..... thus, even if itc classic had benefited from the expenditure incurred by the assessee, the same could still be allowed as deduction under section 37(1) of the act in the hands of the assessee if it can be established that the same was incurred with a view to promote the business needs of the assessee, which, as per the submissions of the learned ..... finance ..... finance .....

Boyd Smiths (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1985)13ITD610(Kol.)

..... it was held in that case that neither the speech of the minister at the time of the introduction of the finance bill nor the instruction issued by the central board of revenue, should be allowed to control the plain words of the section. ..... the learned members in that case took into account the finance minister's speech while coming to the conclusion that the provisions of section 40a(8) are not aimed at payment of interest to private accounts of a purely domestic nature. ..... here it would be relevant to point out that in section 269t of the act, the word 'deposit' is defined as any deposit of money which is repayable after notice or repayable after a period. ..... when the language is plain and admits of but one meaning recourse to extraneous matters like the speech of the finance minister at the time of introduction of the finance bill is not permissible. ..... 17,744 under section 40a(8) of the income-tax act, 1961 ('the act'). ..... these observations were made by their lordships while interpreting the provisions contained in section 52 of the act. .....

Bank of China Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1986)19ITD26(Kol.)

..... regard to the fact that the liquidation proceedings were for the beneficial winding up of the company and the expenses were incurred by the official liquidator in the discharge of his statutory duties specified in the companies act, 1956 and the companies (court) rules, 1959 and under the supervision of the court, the same should have been allowed in computing the income of the company'.5 ..... within the meaning of section 271 cannot be sufficient cause under section 253(5).since we differ in opinion on the following point, the case be placed before the president for appropriate orders under section 255(4) of the act : whether, under the facts and circumstances of the case, there was sufficient cause for filing the appeal 67 days after expiry of the period of limitation 1 ..... in course of his arguments, the assessee's learned counsel refers to the provision of section 176(3a) of the act in which it is proved that wherein business is discontinued, any sum received after such discontinuance shall be deemed to be the income of the recipients and be taxed accordingly in the year of receipt, if such income would have been included ..... ) of 1980] in which penalty was imposed under section 271(1)(a) of the income-tax act, 1961 ('the act') for the assessment year 1974-75 was not sustained by the tribunal keeping in view the facts of the case, which was not the case of an ordinary assessee and the official liquidator has been appointed ..... and by the commissioner (appeals) in the case of r.r.finances (p .....

income-tax Officer Vs. I.B.P. Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1987)20ITD470(Kol.)

..... it has been pointed out that the ito by analysing the balance sheet figures of the assessee's undertakings and its head office found that the entire finances of the assessee in its industrial undertakings as reflected in the balance sheets drawn up for each undertaking have been made out of borrowed fund and/or debts owed ..... in other words, according to the learned counsel even though the head office financed the undertakings out of borrowed funds and/or debts owed by it to third parties, the same need not be taken into consideration in computing the capital of the assessee's undertakings ..... counsel did not dispute the fact found by the ito that the head office had no surplus funds and it financed the industrial undertakings out of borrowed funds and debts owed to third parties. ..... the undertaking as on 1-3-1978, the ito held that the same were to be deducted from the aggregate value of the asset of the undertaking as on 1-3-1978 in view of the provision contained in section 80j(1a)(iii) as introduced by the finance (no. ..... parties, is to be deducted from the aggregate amounts representing the values of the assets of the respective undertakings for the purpose of determining the qualifying amount deductible under section 80j (1) of the income-tax act, 1961 ('the ..... and reserve) employed by the assessee in the industrial explosive plant at korba during the relevant previous year the assessee's case does not come within the purview of section 80j of the act'. ..... 2) act, 1980 with retrospective .....