Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)1SOT210(Kol.)
..... at this stage, we may observe that the 1st proviso to section 43b covering the payments referred to clause (a) or clause (c) or clause (d) or clause (e) or clause (f) was inserted by the finance act, 1987, with effect from 1-4-1988, but the same was held retrospective in operation by the honble apex court in the case of allied motors pvt.ltd. v. ..... " 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 or any other ..... sum of 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. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)42ITD481(Kol.)
..... clause was inserted by the finance act, 1987, with effect from 1-4-1988. ..... he pointed out that the calcutta high court, in the first of the above decisions, held that in order that an assessee can be taxed on the income from property under section 9 of the ft act, 1922, which was the same as section 22 of the it act, 1961 he should be found to be the legal owner of the property and in the absence of a registered sale deed conveying the title to the assessee the income cannot be taxed under the head ' ..... accepted in the light of the decision of the calcutta high court in madgul udyog's case (supra).the answer to this argument is again that the high court has interpreted the word "owner" appearing in section 22 of the act to include persons who have paid the purchase price and are in actual possession or enjoyment of the immovable property awaiting the "husk of title" over the property to be conveyed to them. ..... now, in that case, the supreme court formulated the following guidelines for bringing to tax income under the head "property" under section 9 of the 1922 act:-- (i) section 9 seeks to bring tp tax income of the property in the hands of the owners; (ii) therefore, the focus of that section is on the receipt of the income; (iii) the meaning to be given to the word "owner" in section 9 must not ..... bilas razdan [1987] 22 itd 567, where on identical facts, the tribunal had held that the income from the property was assessable under section 56 of the act under the head "other sources .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)87ITD88(Kol.)
..... the said section was deleted by the finance act, 1987, w.e.f. ..... order in accordance with the majority view, 1.on a difference of opinion between the learned members constituting this division bench, the following question was referred to a third member for his opinion under section 255(4) of the it act, 1961 : "whether, on the facts and in the circumstances of the case, the addition of rs. ..... in the result, the appeal filed by the department is allowed for statistical purposes.as there is a difference of opinion between the members, we refer the following question to the hon'ble president, tribunal, under section 255(4) of the it act, 1961: "whether, on the facts and in the circumstances of the case, the addition of rs. ..... 1.this appeal, filed by the revenue, is directed against the order dt.14th july, 1998, passed by learned cit(a)-xi, kolkata, in the matter of assessment order under section 143(3) of the it act, 1961, for the asst. yr. ..... fact that the market value of the copyrights was more than the value at which the same was transferred to the subsidiary company may not be of any consequence for the purpose of taxation under the it act, 1961. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)56ITD187(Kol.)
..... (182itr 26 - statutes) and contended that the assessments under sections 143(1) and 143(3) have been done away with by the finance act, 1987 and that adjustment under section 143(1)(a) or income-tax charged under section 143(1 a) are appealable through the provisions of section 154 only ..... tax, interest payable and penalty imposable and existing liability under this act and under excess profit tax act, business profit tax act, the indian income-tax act, 1922, wealth-tax act, 1957, expenditure tax act, gift-tax act and company's (profits) surtax act only are to be included and considered for the purpose of retention ..... ), the amount of tax, interest payable and penalty imposable and existing liability under this act and under excess profit tax act, business profit tax act, the indian income tax act, 1922, wealth tax act, 1957, expenditure tax act, gift tax act and company's (profits) surtax act only are to be included and considered for the purpose of retention of seized money. ..... [1976] 102 itr 227 as under : having regard to the extensive powers conferred on the income-tax officer under section 132 of the income-tax act, 1961, and the far-reaching consequences on the individual rights of the citizen, the income-tax officer is expected to deal with the matter of summary ..... having regard to the direct tax laws (amendment) act, 1987 to the effect that no statutory estimate of advance tax is required during the financial year relevant to the assessment year 1989-90 and following the request .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD230(Kol.)
..... of the act, that provision cannot be invoked since it was inserted only with effect from 1-4-1988, by the finance act, 1987. ..... 2.3 with a view to preventing the avoidance of tax on such capital gains through the device of converting a capital asset into a trading asset, the amending act has substituted the definition of "transfer" in section 2(47) of the act by a new definition to provide that, in a case where a capital asset is converted by the owner thereof into, or is treated by him as, stock-in-trade of a business carried on by him, such conversion or treatment shall also be ..... the same is reproduced below :- transfer" to include conversion into or treatment as a trading asset - section 2(47) 2.1 under section 2(47) of the income-tax act, 1961 (hereinafter referred to as "the act") the term "transfer" in relation to a capital asset, has been defined to include the sale, exchange or relinquishment of the asset; or the extinguishment of any rights therein; or the compulsory ..... however, as is clear from the objective sought to be achieved by amending the definition of the word "transfer" in section 2(47) of the act and enlarging the same to include cases of conversion of capital asset into stock-in-trade, the new provisions were introduced to overcome the judgment of the supreme court ..... the assessments were completed under section 143(1), they cannot be revised under section 263 of the act and the order of the calcutta bench of the tribunal reported in puranmall narayan prasad kedia ( .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)80ITD9(Kol.)
..... ; clause (iv) defines a loan company as a company which carries on as its principal business, the business of providing finance, whether by making loans or advances or otherwise; clause (v) defines a mutual benefit finance company as a company which carries on, as its principal business, the business of acceptance of deposits from its members and which is declared by the central government under section 620a of the companies act, 1956, to be a nidihi or mutual benefit society; clause (va) defines a residuary non-banking company as a company which ..... 1st april, 1993 by referring to rbi's guidelines, 1987 as is evident from the following extract from memorandum explaining the budget:-- "when the interest-tax act was received last year, the intention was to cover non-banking financial companies, it has, however, been found that there are a number of finance and investment companies which earn substantial income from interest on loans and advances and are yet not covered by the definition given in section ..... . as clause (va) to section 2(5b) was inserted by finance act, 1992 w.e.f ..... this clause (va) is inserted by the finance act, 1999 w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)53ITD180(Kol.)
..... purpose, section 89a was first introduced into the income-tax act by the finance act, 1982. ..... 1991 by the finance act, 1990. ..... the section was omitted and it was replaced by section 80hhc introduced by the finance act. ..... is a primary rule of interpretation that words defined in one statute have to be understood with reference to the objective of the act and in the context in which they occur and the definition of the same words in another statute cannot be automatically imported (see ..... also another difficulty in adopting the definition of the words 'total turnover' as appearing in the bengal finance (sales-tax) act, 1941 to the provision of section 80hhc. ..... a new explanation (ba) was introduced below section 80hhc with retrospective effect from 1-4-1987.as per this explanation, total turnover shall not include freight or insurance attributable to the transport of the goods or merchandise beyond the ..... exports batteries and in respect of the export it is entitled to deduction under section 80hhc of the act.the entitlement of the assessee to the deduction is not disputed in the present appeal. ..... out that the expression "total turnover" as understood in the commercial world and as defined in the bengal finance (sales-tax) act included these elements and there is no reason why the same interpretation cannoc be given to the expression under the income-tax act. ..... 2) act, 1991 with retrospective effect from 1-4-1987 defined total turnover to exclude freight and insurance thereby bringing uniformity in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD212Cal
..... other than investment company" as defined in clause (ii) of section 109 was substituted by finance act, 1987 w.e.f. ..... gross total income is defined under section 80(b) which reads as under :- (5) 'gross total income' means the total income computed in accordance with the provisions of this act, before making any deduction under this chapter.the learned counsel for the assessee as pointed out earlier contended that the above definition is applicable for the limited purpose of ..... at any of the income-tax return forms prescribed under the rules and it will not be difficult to appreciate the meaning of the gross total income in the light of the provisions of the income-tax act notwithstanding the fact that it may not be defined specifically for any purposes other than chapter via. ..... the learned counsel further contended that the definition of "gross total income" in section 80b of the act is confined for the purposes of chapter-via and, therefore, is of no help in determining the issue.similarly, the provision of section 109 which stands deleted is also inapplicable, according to ..... the revenue for the assessment year 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. ..... since the gross total income is not defined anywhere in the act, therefore, the definition under section 80b would be relevant. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)93ITD144(Kol.)
..... but is under the new scheme of limited scrutiny assessment provided under section 143(3)(i) as introduced by the finance act, 2002 w.e.f.1.6.2002, which was in force at the time when the impugned assessment order was made by ..... income or has not computed excessive loss or has not under-paid the tax in any manner, he is free to issue and serve on assessee, a notice under clause (ii) of sub-section (2) of section 143 of the act requiring him, on a date specified in the said notice, either to attend his office or to produce, or cause to be produced, any evidence on which the assessee may rely in support of the return and then, as ..... (2)(i) has already been issued or an assessment has been made under section 143(3)(i) provided the same is served within the period specified in the proviso to sub-section (2) of section 143 of the act, it is provided in section 143(2)(ii) that notwithstanding anything contained in clause (i) of sub-section (2) of section 143, notice under section 143(2)(ii) can be issued for comprehensive scrutiny and assessment under section ..... shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this act shall apply accordingly, and if any refund is due on the basis of such return, it shall be granted to the assessee and intimation to this effect shall be sent to the assessee. ..... new delhi, f.no.rai/86-87/it dated 26.8.1987 is out of context inasmuch as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)88ITD1(Kol.)
..... total income of any member thereof for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on the total income of the association or body at the maximum marginal rale; (ii) any member or members thereof is or are chargeable to tax at a rate or rates which is or are higher than the ..... . since the instrumentality of the association of persons and body of individuals had been widely used in the past for tax evasion, the amending act, 1987, introduced a new scheme for their taxation by inserting section 167b in the income-tax act, which provided that in the case of an association of persons or body of individuals, tax shall be charged at the maximum marginal rate in the following circumstances : (i) where the shares of the association or body are indeterminate or unknown ( ..... . the combined effect of the amendments made by the amending act, 1987, and the amending act, 1989 in this respect is as follows : (i) a new clause (ba) has been inserted in section 40, which disallows deductions for any interest or salary, etc ..... . note : it may be clarified that the amending act, 1987, substituted the old section 167a relating to taxation of certain association of persons at the maximum marginal rate by a new section 167a, which provided for taxation of firms at the maximum marginal rate .....
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