Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD44(Kol.)
..... a new section 14a in chapter iv of the income-tax act, 1961 was inserted by the finance act, 2001, with retrospective effect from 1-4-1962. ..... for the purchase of shares and dealing in shares is one of the business activities of the assessee then the interest expenditure incurred on the money borrowed for the purpose of purchase of shares is deductible under section 36(1)(iii) and cannot be apportioned as relatable to dividend income and also taking in view the decision that the interest expenditure incurred in relation to indivisible business activity comprising of dealing in various activities cannot be identified relatable to any independent business activity. ..... 11/2001 dated 23rd july, 2001, a direction was issued by the central board of direct taxes that the assessments where the proceedings have become final before the first day of april, 2001 should not be re-opened under section 147 of the act to disallow expenditure relatable to the exempt income by applying the provisions of section 14a of the act. ..... the present appeal is filed by the revenue against the order dated 08-01-1992 passed by the cit(a) in the matter of an assessment order made under section 143(3) of the i.t.act, 1961 for a.y. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD495(Kol.)
..... therefore, shri sahai urged that since in both these case the court has held that unabsorbed losses and/or depreciation and/or development rebate are required to be set off before granting any deduction under chapter via there is no reason why the current year's losses suffered by the appellant-company in different foreign projects should not be set off against the profits from other foreign projects for the purpose of computing ..... is claimed, (ii) whether any income has accrued or arisen to the appellant-company outside india during the previous year, (iii) whether the appellant-company has paid income-tax by way of deduction or otherwise in foreign countries in accordance with the income-tax laws of those countries having no agreement under section 90 to avoid double taxation, and (iv) whether the appellant-company is entitled to deduction from the indian income-tax payable by it of a sum calculated on such doubly taxed income-tax at the lower rate of tax on that country or the ..... he set aside the assessment made by the ito and directed him to make a fresh assessment by keeping in mind the directions given by him in respect of the claims under section 80hhb and .91 of the income tax act. ..... these are letters of the ministry of finance, department of revenue not accepting audit objections. ..... 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 appeal.25. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD220(Kol.)
..... omitted by the direct tax laws (amendment) act, 1987 ..... 75(1) and (2) are reproduced as under : "75(1) where the assessee is a registered firm, any loss which cannot be set off against any other income of the firm shall be apportioned between the partners of the firm, and they alone shall be entitled to have the amount of the loss set off and carried forward for ..... 182(1) of the act provided that the income of the firm has been determined by the ito the share of each partner in the income of the firm shall be included in its total income and assessed to tax, accordingly, in the year in which such ..... under the general scheme of the it act if the profits and losses under different heads are to be aggregated and if the resultant figure is an income it is liable to tax and if the resultant figure is a loss arising out of the business which cannot be set off against the profit of the year, it is carried forward and set off against business profits ..... by the finance act, 1972 ..... . - submission of return for losses - notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed within the time allowed under ..... (1992) 197 itr 522, 527-28 (cal) (it is a well-settled rule that when two interpretations are possible, in other words, where the provision is capable of two alternative meanings, the one favouring the tax-payer is to be adopted, particularly when such a provision purports to impose penal interest). (9) ..... (iii) ..... (iii) whether proviso (b) to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD105(Kol.)
..... 204, dated 24-7-1976 of the central board of direct taxes as under : "19.1 treatment of losses in speculation business-section 73 section 73 of the income tax act provides that any loss computed in respect of speculation business carried on by an assessee will not be set off except against the ..... has not been wholly set off under sub-section (1), so much of the loss as is not so set off or the whole loss where the assessee had no income from any other speculation business, shall, subject to the other provisions of this chapter, be carried forward to the following assessment year, and (i) it shall be set off against the profits and gains, if any, of any speculation business carried on ..... investment company as defined in section 109(ii); (ii) for and from assessment year 1988-89 a company whose gross total income consists mainly of income which is chargeable under the heads interest on securities" (operative from assessment year 1988-89).income from house property", "capital gains" and "income from other sources"; and (iii) for and from assessment year 1977-78, a company the principal business of which is the business of banking or ..... to section 73 was amended with effect from 1-4-1988 by the finance act, 1987 (11 of 1987). ..... (1992) 193 itr 537 at page 542 (cal), their lordships of the calcutta high court held that in view of the special provisions of section 73 segregating speculation losses from other business losses, the speculation loss cannot be set off against the income disclosed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)93ITD535(Kol.)
..... at this stage, it is pertinent to note that new chapter xiv-b containing section 158b to 158bh was introduced by the finance act'95 w.e.f.1-7-95 laying down special procedure for block assessment for search cases, where a search is initiated under section 132 or books of account or other documents or any assets are requisitioned ..... pursuance of an order under section 250 or 254 or 263 or 264 setting aside or which such order was received by the chief commissioner/commissioner to one year by the finance act'01 w.e.f.1-6-01, and as such the fresh assessment order in the present case should have been made before the expiry of 31.3.02. ..... on certain points and set aside the following points for fresh adjudication by the assessing officer after providing opportunity of being heard to the assessee:- in addition to the aforesaid issues, the tribunal also directed the assessing officer to compute the gross profit by applying the rate of 12% on the undisclosed sales/profit shown by the assessee for the block period as well as on unverifiable vouchers for the block period ..... it proceedings, obligations for the payment of assessment of tax under section 140a before filing the return showing an undisclosed income, recovery proceedings, appellate proceedings, etc. ..... kalianan 261 itr 466 iii) judgment of mp high court in the case of gulabchand motilal 174 itr 117 iv) judgment of allahabad high court in ..... (iii) where, in the case of a firm, an assessment is made on a partner of the firm in consequence of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)3ITD359(Kol.)
..... 578) from the commentary of the learned authors, it is clear that deduction under section 57(iii) is in respect of income which is assessable under the head 'income from other sources' and the income from dividend is not excluded and, therefore, if section 80aa, which had been amended retrospectively with effect from 1-4-1968, is taken into consideration, the direction given by the commissioner (appeals) is not correct.consequently, the finding of the commissioner (appeals) is reversed and the deduction allowed ..... cit [1951] 20 itr 1, 4 (sc), where interpreting the corresponding provision in section 12(2) of the indian income-tax act, 1922 which was ipsissima verba in the same terms as section 57(iii), bose j. ..... deduction is required to be allowed under section 80m in respect of any income by way of dividend's from a domestic company which is included in the gross total income of the assessee, then, notwithstanding anything contained in that section, the deduction under that section shall be computed with reference to the income by way of such dividends as computed in accordance with the provisions of this act (before making any deduction under this chapter) and not with reference to the gross amount of such dividends." 57. ..... it has been consciously kept in mind that when the statute is clear, the speech of the finance minister or memorandum explaining the provisions should not be taken into consideration. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD342(Kol.)
..... be deducted therefrom, and on the balance, income-tax shall be calculated at the rates in force in the financial year; (iii) the income-tax so calculated shall be reduced by the amount of income-tax which would be deductible during the 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 ..... it is worthwhile to reproduce the provision of section 209a which has come into effect from 1-6-1978 by virtue of finance act, 1978: 209a. ..... thus, in our view when the assessee was not directed or obliged by law to file a statement or estimate of advance tax under section 209 a be cannot be made liable for any interest under section 215 or for that matter any penalty under section 273. ..... it is a well-settled principle of jurisprudence that no person can be put to sufferance or made liable for any adverse consequences for doing or performing an act which in law he was not obliged or directed to do or perform. ..... we, therefore, direct the ito to delete the interest levied under section 215 and if in the mean time, the same has been paid by the assessee company to refund the same in accordance with law. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)42ITD481(Kol.)
..... 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 be such as to make the provisions capable of being made an instrument of oppression ; (iv) the meaning to be given to the word "owner ..... the ito is directed to bring to tax the income under the head 'income from property' instead of "other sources" as taken by him. ..... this clause was inserted by the finance act, 1987, with effect from 1-4-1988. ..... he lastly submitted that if it is found by the tribunal that the income is not assessable under the head 'other sources' it should be directed by the tribunal to be assessed under the head 'property' following the decision of the calcutta high court in madgul udyog's case (supra). ..... this appeal filed by the assessee relates to the assessment year 1974-75 and is directed against the order of the cit(a) passed on 13-7-1987.2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)79TTJ(Kol.)915
..... or by any other designation) of every political party shall, if the total income in respect of which the political party is assessable (the total income for this purpose being computed under this act without giving effect to the provisions of section 13a) exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed form and verified in the prescribed manner ..... any business, profession or vocation carried on by him in that year; provided that the business, profession or vocation in which the loss was originally sustained continued to be carried on by him in that year; and (iii) if the loss in either case cannot be wholly so set off, the amount of loss not so set off shall be carried forward to the following year and so on, but no loss shall be so carved toward ..... not be out of place to mention that the orders of the tribunal have not become final as the reference has been directed by the hon'ble supreme court to be made to the hon'ble calcutta high court on the questions of law ..... i may also mention that section 80, as it stood at the relevant point of time, provided as follows : "notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed, within the time allowed under sub-section (1) of section 139 or within such further time as ..... bharat saw mill (1992) 198 itr 553 (ori), the tribunal had decided the appeal on noting a divergence of opinion amongst .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD202(Kol.)
..... we cannot ignore the fact that the three laws relating to direct taxes- income-tax act, wealth-tax act and gift-tax act- have been held by the supreme court in k.p. ..... shifting or postponement of the year of taxation by means of the change of accounting period resulted in loss of revenue since the rates of income-tax were lowered by the finance act, 1986 for the assessment year 1986-87. ..... shifting or postponement of the year of taxation by means of the change of accounting period resulted in loss of revenue since the rates of income-tax were lowered by the finance act, 1986 for the assessment year 1986-87. ..... prejudicial to the interests of revenue may be summarised as below : (i) there has been no enquiry by the income-tax officer before accepting the assessee's request and the order is therefore erroneous in law; (ii) there was, as a result of the change of the accounting period, no assessment to income tax for the assessment year 1985-86; (iii) t here was post ponement of the tax due under section 140a of the act, by about 18 months in respect of the assessment year 1986-87 as the return for that year ..... the shifting or postponement of the year of taxation by means of the change of accounting period will result in loss of revenue, since the rates of income-tax were lowered by the finance act, 1986, for the assessment year 1986-87. ..... is certainly not in the public interest or in the interests of the state that such erroeous orders should be left undisturbed at the cost of public finances. .....
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