Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)80ITD9(Kol.)
..... as clause (va) to section 2(5b) was inserted by finance act, 1992 w.e.f. ..... therewith; 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 ..... or part of its business any of the following activities, namely ; (i) the financing whether by way of making loans or advances or otherwise, any activity other than its own; (ii) the acquisition of shares, stock, bonds, debentures or securities issued by government or local authority or other marketable securities of a like nature; (iii) letting or delivering of any goods to a hirer under a hire purchase agreement as defined in clause (c) of section 2 of the hire purchase act, 1972; (v) managing, conducting or supervising, as foreman, agent or in any other .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1998)65ITD169(Kol.)
..... 43(1) which had been inserted by the finance act, 1986, with retrospective effect from 1st april, ..... 8 by the finance act, 1986, with retrospective effect from 1st april, 1974 ..... 40 the judgment records : "their lordships are clearly of opinion that the section relates to a method of accounting regularly employed by the assessee for his own purposes - in this case for the purpose of the company's business - and does not relate to a method of making up the statutory return for assessment ..... an existing business, the only interest which may be capitalised is interest paid for financing a completely new unit or a substantial expansion undertaken by the company. ..... 5 seeks leave to supplement, amend, cancel or otherwise modify the grounds of appeal at the time of ..... 145 of 1961 act was compulsory on the it authorities and imposed upon them an obligation to accept the mode of accounting regularly adopted by the assessee except in cases when the proviso to that section came into operation ..... placed reliance on the memorandum explaining provisions in the finance bill, 1986, pertaining to introduction of expln. ..... of the companies act, 1956, may, however, be capitalised as permitted by that section. ..... 4 which is the charging section levy of income-tax has been envisaged as an annual tax "in respect of the total income of the previous year of every ..... 13 of 1992 act corresponding to ..... cit (1992) 196 itr 845 (cal ..... (1992) 196 itr 917 (cal), the assessee-company had been carrying on shipping business for a long .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)117TTJ(Kol.)121
..... , 1992, explained provisions of finance act, 1992 relating to amended scheme of capital gains. ..... other provisions relating to computation of capital gains, period of holding and cost incurred by the previous owner is considered, then it will be improper to apply only the cost inflation index, applicable to the year of inheritance.8.5 the provisions of section 48 prescribing indexed cost of acquisition were enacted by the finance act, 1992. ..... value estimated by the dvo then the increase in value is 30 times over 1981 prices which appears too high and excessive.if during 1981 and 2003 the cost inflation index announced by the government under section 48 recorded increase of 4.6 times then in comparison the increase of 18 times in real estate prices appears reasonable and therefore in our considered opinion the value estimated by the registered valuer does not appear to be excessive, unreasonable or incorrect ..... purpose of determining the period of holding of the capital asset by an assessee, the period for which the previous owner has held the capital asset is to be included, then different consideration cannot be applied for the purpose of section 48.8.4 if sections 2(42a), 47(iii), 49(1)(ii)(iii) and section 55(2)(b)(ii) are read co-jointly then it appears that in law no "transfer" of a "capital asset" is considered to take place on inheritance and succession. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD551(Kol.)
..... contain detailed provisions in regard to the admissibility of advertisement expenses were introduced with effect from 1-4-1979 by the finance act, 1978.sub-section (3d) reads as under : in a case where an assessee has set up an industrial undertaking for the manufacture or production of any articles, nothing in sub-section (3a) shall apply in respect of any expenditure on advertisement, publicity or sales promotion incurred by the assessee, for the purposes of the business of such undertaking, in the previous year in which such ..... the intention of the legislature in introducing the new sub-sections (3a) to (3d) to section 37 may be found from the finance minister's budget speech for 1978-79, the relevant portion of which reads as follows : extravagant and socially wasteful expenditure is often incurred on advertisement, publicity and sales ..... assessee contended before the iac that no part of the advertisement and publicity expenditure incurred by it could be disallowed under section 37(3a) in view of the provisions contained in section 37(3d) of the income-tax act, 1961 ('the act'). ..... has been pointed out that the words 'industrial undertaking' have not been defined either under the 1922 act or under the 1961 act and, consequently, the interpretation of the calcutta high court as aforesaid must be taken into consideration in judging the assessee's claim that it had set up an industrial undertaking for the manufacture or production of an article within the meaning of section 37(3d). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)60SCL59NULL
..... the finance act, 1995 amended the definition with retrospective effect from 1-4-1962 to state that the work 'plant' does not include tea ..... a stock exchange, the board has taken a view that these expenditures may be considered as laid out wholly and exclusively for the purposes of the business and are as such allowable as business expenditure under section 37(1) of the act as stated in the board's circulars/notifications, which have already stated above in paragraph 4.1 hereto.7.34 applying the various principles and test as discussed in foregoing paras and in the light of the cumulative effect ..... the payment was found inextricably bound up with very business of assessee and directly related to actual utilization of net work facilities and, therefore, the same was held as an allowable expenditure under section 37(1) of the act by the itat, mumbai bench 'd' in the case of videsh sanchar nigam ltd. ..... fee can be said to be wholly and exclusively incurred for the purpose of business of the members, and thus the board have decided that such expenditure may be allowed as admissible deduction under section 37(1) of the act in the hands of the payers in computing their total income from business. ..... 1,19,50,000 was rejected by the assessing officer in the assessment completed under section 143(3) of the act on 15-3-1999 by stating and observing as under :- "the assessee-company is engaged in the business ..... cit [1991] 187 itr 39, 49, [ ..... , 1992-93, 1993-94 the assessee made two types of claims in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100TTJ(Kol.)613
..... - the undisclosed-income of the block period shall be the aggregate of the total income of the previous years falling within the block period computed, in accordance with the provisions of this act, on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as are available with the assessing ..... the undisclosed income of the block period shall be the aggregate of the total income of the previous years falling within the block period computed in accordance with the provisions of this act, on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as are available with the assessing ..... edition, the word "discover " (occurring in memorandum explaining the provisions of finance act, 2002) indicates a detection as result of uncovering, revealing and laying ..... finance ..... amended provisions of section 158b(b) read as under :- (b) "undisclosed income " includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account or other documents or transactions, where such money, bullion, jewellery, valuable article, thing, entry in the books of account or other document or transaction represents wholly or partly income or properly which has not been or would not have been disclosed for the purpose of this ..... in the case of kirloskar investments finance ltd. v .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)110ITD337(Kol.)
..... derived may be of the nature of business or trading operations and the income derived may be income not from exercise of property rights properly so-called so as to fall under section but income from operations of a trading nature falling under section 10 of the act; the facts in the instant case undoubtedly show that the income obtained is not merely because of the bare letting of the premises but also because of the facilities and services ..... it has been submitted by the learned counsel of the appellant that perusal of details of finance charges given in schedule 15 of the profit & loss a/c would show that the assessing officer did not allow interest on car loan amounting ..... (3) for that the learned cit, kolkata-iii erred in holding that the finance charges paid in respect of loan taken for acquiring the property at ahmedabad should have been considered under the head "income from house property" and not as ..... it cannot be denied that right from the planning stage and arranging finance for its investments, every subsequent activity of the assessee has been geared towards taking up mall and business centre management as a viable business proposition ..... , on the other hand, the assessee had taken bank loans to finance his projects like any other businessman. ..... from the planning stage and arranging finance for its investments, every subsequent activity of the assessee has been directed towards developing the properties as shopping malls/business centres and taking up the business of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD135(Kol.)
..... not in dispute that the insertion of sub-clause (ii) in section 55(2)(aa), by the virtue of finance act, 1994, was effective from 1st april, 1995, and, therefore, it the assessment year before us was not covered by the amended legal provisions. ..... not in dispute that the insertion of sub-clause (ii) in section 55(2)(aa), by the virtue of finance act, 1994, was effective 1st april, 1995, and, therefore, it the assessment year before us was not covered by the amended legal provisions. ..... out by the learned authorised representative to plug this loophole by the insertion of sub-clause (ii) to section 55(2)(aa) of the act by the finance act, 1994, which provides that the cost of acquisition of right entitlement would mandatorily be taken at nil. ..... pointed out by the learned authorised representative to plug this loophole by the insertion of sub-clause (ii) to section 55(2)(aa) of the act by the finance act, 1994 which provides that the cost of acquisition of right entitlement would mandatorily be taken at nil. ..... cit (supra) as the insertion of sub-clause (ii) to section 55(2)(aa) of the act by the finance act, 1994, is effective only from 1st april, 1995, and is not applicable to the ..... during the financial years 1992-93, 1993-94 and 1994-95 the assessee-company use to (sic-extend) credit to these companies for 120 to 180 days and sometimes ..... 31st july, 1992, the assessee sold the 9th floor and basement for car packing ..... iac (1992) 196 itr 610 (cal) and cit v.alembic ..... iac (1992) 196 itr 610 (cal) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)93ITD535(Kol.)
..... it was further contended that the period for completing the fresh assessment in 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 ..... 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 under section 132 on or after 1st july, 1995. ..... aforesaid three issues, which are related to the unrecorded credit notes, sundry creditors and cash payment made outside the ledger, having been made on 28.03.03 is beyond the prescribed period as provided under section 153(2a) of the act and as such the fresh assessment order on those issues remitted back to the assessing officer by the tribunal for his fresh adjudication are beyond the limitation and are to be struck down as ab ..... officer, on 28.03.03, under section 143(3)/154/158bc, for the aforesaid block period, in reassessment proceedings is barred by limitation, as per the amended provisions of section 153(2a) of the i.t.act'61, and hence liable to ..... 2001 of the cbdt with regard to the amendment in section 153(2a) and section 251, reported in 252 itr (st) 115, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD105(Kol.)
..... result of omission of section 109, explanation to section 73 was amended with effect from 1-4-1988 by the finance act, 1987 (11 of ..... with the conclusion of the accountant member that the loss suffered by the assessee in the purchase and sale of shares falls within the category of speculative business loss as per explanation to section 73 of the act and, therefore, can be set off and carried forward only against profits and gains from speculation business.therefore, in the esteemed views of the honble vice-president (kz), the loss of rs. ..... profession" is a loss to the assessee, not being a loss sustained in a speculation business, and such loss cannot be or is not wholly set off against income under any head of income in accordance with the provisions of section 71, so much of the loss as has not been so set off or where he had no income under any other head, the whole loss shall, subject to the other provisions of this chapter, be carried for-ward to the ..... sumati kumar sunil kumar (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 even ..... 587 dated 11-12-1991 in 187 itr (st) 481 explaining the set off and carry forward of losses in share trading business, which also indicates the intention of the legislature.the learned departmental representative further contended .....
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