Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)101TTJ(Kol.)258
..... the basis of levy of interest is not known to the assessee and whether any interest is leviable on the addition in respect of bad debts sustained by the bench on the basis of retrospective amendment of section 36(1)(vii) of the finance act, 2001, has not been examined by the bench. ..... 10 applying the retrospective amendment by the finance act, 2001 to section 36(1)(vii), when amended section has not been made available to the assessee at the time of framing ..... clause (i) of sub-section (1) of section 142 was amended by finance act, 1990, so that if a person fails to furnish a return of income by the due date mentioned in section 139(1), a notice calling upon him to file the return can be sent to him within the relevant assessment ..... supra), where he has elaborately discussed the provisions of sections 139(1), 142, 148, 153 and also related section 239, vis-a-vis, the provisions of sections 11, 14 of old it act, 1922 and he has come to the conclusion that "where the assessee had not filed the returns suo motu within the time prescribed under section 139(1), the revenue had not issued any notice under section 142(1) before the end of the assessment year and ..... section 142 of it act prior to its amendment, had the title "inquiry ..... has power to assume jurisdiction which in itself is challengeable when he has issued notice under section 142(1) beyond the expiry of time and when no notice under section 148 of the act has been issued, the ao completely overlooked the point of jurisdiction. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100ITD387(Kol.)
..... zam zam tanners [2005] 279 itr 197 : 149 taxman 55 in which it has been held that clause (iii) of explanation 4 to section 271(1)(c) as amended by finance act, 2002, are applicable prospectively and do not apply the relevant assessment year 1985-86 and, therefore, in the absence of positive assessed income penalty under section 271(1)(c) was not leviable. ..... in the mean while, the assessing officer vide order dated 28-7-1999 revised the assessment under section 154 and computed the assessee's income at 'nil' as under:assessed income as per order dated 25-2-1998 rs. ..... , after furnishing of the return which was filed on 31-12-1992, therefore, the depreciation was claimed on the passive use of the plant and machinery following the ratio of the decisions as referred hereinabove. ..... as the accumulated loss of the assessee-company as on 31-3-1992 exceeded the net worth as on that date, and industrial finance corporation of india (ifci), the operating agency appointed by bifr has considered the company unviable, therefore, bifr declared the assessee-company a sick industrial company. ..... we further find that the assessee has filed annual report of the company disclosing complete facts including the financial statement of the company for the year ended 31-3-1992. ..... 46,95,467 was filed on 31-12-1992. ..... cit(a) dated 21-3-2005 for the assessment year 1992-93.2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)76ITD89(Kol.)
..... in preparing articles of food from raw materials in a hotel would not constitute "manufacture or processing of goods" within the meaning of section 2(6)(d) of the finance act, 1968. ..... they are not akin to the language in section 80hh of the income-tax act and, therefore, the cases relied on by the learned ar of the assessee cannot be applied to the facts ..... from section 80hh(2) of the act it is clear that the act has not given any definition of ..... in order to encourage industrial activity in backward areas, this section grants deduction to an assessee, whose total income includes any profits and gains derived from an industrial undertaking (other than a mining undertaking) or the business of a hotel in ..... ) lastly the learned standing counsel while summarising the arguments submitted that the production of whisky, brandy and rum amounts to only processing and not manufacturing and, therefore, the benefits of section 80hh are not available to the assessee.7. ..... treatment, in order to toughen them to the requisite standards so that they could be sold in the market is a manufacturing activity, entitling it to claim the deductions, as contemplated under sections 80hh and 80-i of the income-tax act, 1961. ..... case involving the following important question of law : "whether on the facts and circumstances of the ease, blending and bottling of spirit would amount to manufacture or production process so as to be entitled to deduction under section 80hh of the income-tax act, 1961?" 2. ..... [1992] 196 itr .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)94ITD89(Kol.)
..... the finance act, 1995, amended the definition with retrospective effect from 1st april, 1962 to state that the word '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 circular/notifications, which have already stated above in para 4.1 hereto.7.34 applying the various principles and test as discussed in foregoing paras and in the light of the cumulative effect of ..... , 1970, when collection of fish was to actually start, can be treated to be business expenditure and would get covered under section 37 of the act".7.20 in the case before us, there is no evidence or material on record to show and establish that the expenses in question were incurred before setting up of assessee's business of share ..... (mumbai) 823 : (2002) 82 itd 573 (mumbai) in which it has been held that stock exchange card of bse is not an asset under section 2(e) of wt act, 1957, as also the decision of the tribunal, mumbai bench in the case of videsh sanchar nigam ltd. v. jt. ..... cit (1991) 187 itr 39 (sc), their lordship of supreme court held that where the assessee has an existing right to carry on a business, any expenditure made by it during the course of business for the purpose of removal of any restriction or ..... , 1992-93, 1993-94, the assessee made two types of claims in regard .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)43ITD586(Kol.)
..... or any other matter under this act; and (c) for any advice in connection with tax, penalty, interest or any other matter under this act.the above section was inserted by the finance act, 1985 with ..... (other than an employee of the assessee), -- (a) for services (not being services by way of preparation of return of income) in connection with any proceeding under this act before any income-tax authority or the commission constituted under section 245b or a competent authority within the meaning of clause (b) of section 269a or the appellate tribunal or any court; (b) for services in connection with any other proceeding before any court, being a proceeding relating to tax, penalty, interest ..... that section which was inserted by the taxation laws (amendment) act, 1975 with effect from 1 -4-1976 was in the statute book ..... to note that the provisions of section 37(1) were also correspondingly amended. ..... sums paid by an assessee by way of professional fees to an income-tax adviser for services rendered during and for the conduct of assessment proceedings before the income-tax authorities were deductible under section 10(2)(xv) of the income-tax act, 1922, as amended in 1939, in computing his assessable income. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD96(Kol.)
..... it was only the finance act, 1991, when section 80hhc(2)(b) was amended and the said items were benefited (specified in schedule 12) only w.e.f ..... the assessee.as there is a difference of opinion between the members, we refer the following point 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 assessee was eligible for deduction under section 80hhc of the it act, 1961, for the assessment year under consideration (1990-91) in respect of export of fabricated mica products, particularly as amendment in section 80hhc(2)(b) was effective from 1st april, 1991 (asst. yr. ..... . 1990-91 minerals and ores were one of the items mentioned under sub-section (2) of section 80hhc on the export of which deduction under section 80hhc was not permissible.with effect from 1st april, 1991, section 80hhc(2)(b) was amended to read as under : (ii) minerals and ores (other than processed minerals and ores specified in the twelfth ..... april, 1991, and, therefore, the interpretation that the deduction under the said section was permissible even before the amendment is logically not acceptable.reference has been made to the following statement of the finance minister while proposing the amendment in the parliament--"i also propose to extend the concession under section 80hhc to the export of processed minerals. ..... . 1992-93, 1993-94 and 1994-95, ..... (1992) 195 itr 763 (cal) was dissented from by the hon'ble high court .....
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. ..... on facts, their lordships of the calcutta high court held that since the business loss exceeded the income computed under the head "income from other sources", as such explanation to section 73 was clearly applicable and loss suffered by the assessee-company in its share trading transactions inclusive of interest paid on borrowed monies attributable to that business was rightly treated by the tribunal as a loss ..... a company the principal business of which is the business of banking or the granting of loans and advances consists in the purchase and sale of shares of other companies, such company shall, for the purposes of this section, be deemed to be carrying on a speculation business to the extent to which the business consists of the purchase and sale of such shares.7. ..... 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 learned ..... 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. ..... ito [1992] 41 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD288(Kol.)
..... their lordships were interpreting in that case sub-section (1) of section 13 of the finance act, 1950 which saved the law relating to income-tax or super tax, which was in force in any part b state before 1-4-1950 for the purposes of the levy, assessment ..... income-tax act, distinct provisions are made for recovery of tax due and penalty, but that in our judgment does not alter the true character of penalty imposed under the two acts....we are of the view the high court erred in holding that the proceedings for imposing the penalty could not be continued after the enactment of section 13(1) of the finance act, 1950.15. ..... under section 40 of the hyderabad income-tax act could be continued after the enactment of section 13(1) of the finance act, ..... to which, when the process if sought to be enforced against the legal representative in respect of an asset inherited from a dead person only the provisions of sections 14, 15 and 17 of the 1957 act are to apply qua the legal representatives.it is because of the absence of section 18 of the 1957 act in sub-section (3) of section 19 that probably influenced their lordships to hold that the legal representative of an assessee could not be liable for penalty in respect of a default committed by the ..... in the meantime, the state of hyderabad merged with the indian union and the indian legislature by the finance act, 1950, provided that the law existing in the said state would cease to have effect except for the purposes of levy, assessment and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)28ITD177(Kol.)
..... of interest was again enhanced from 9 per cent to 12 per cent by the finance act, 1972 with effect from 1-4-1972 and the 12 per cent was substituted for 15 per cent by the taxation laws (amendment) act, 1984 with effect from 1-10-1984. ..... section 201 (1a) of the act was introduced by the finance act, 1966 with effect ..... supra) and citation of some decisions of the hon'ble high courts.the counsel referring to, those decisions and the statement at pages 1 and 2 of the paper-book indicated that the limitation under section 231 for the years under consideration expired on 31-3-1980, 31-3-1981, 31-3-1982, 31-3-1983 and 31-3-1984 respectively. ..... the reason thereof is that there is an obligation upon the assessee to deduct tax under sections 192 to 195 and to pay the same, according to law, to the credit of the ..... by the ito for all the years under consideration was in accordance with the provisions of section 201 (1a) of the act.consequently, the consolidated order of the cit(a) is maintained. ..... however, a penalty notice issued under section 221 of the income-tax act, 1961 would not be wholly bad merely because it related in part to interest in respect of an assessment completed before the commencement of the act of 1961.a similar view was expressed by the hon'ble calcutta high court in the case of anandram ..... the assessee has not clearly made the distinction between recovery of the amount payable by the assessee under sections 192 to 195 and the amount payable by way of penalty and interest. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD1(Kol.)
..... to arrive at the expenditure to set off against the gross dividend income was involved, that process of rectification was not a rectification of a mistake apparent from the record, while the department contended that in view of the amendment to section 80aa with retrospective effect, there was a glaring mistake in the order of the income-tax officer in granting relief to the assessee on the gross amount of dividends and that mistake needed to be rectified because no one had ..... for the purpose of earning that dividend income and since it is also an undisputed fact that under section 80aa the expenditure relatable to the earning of dividend income must be allowed under section 80m and since the rectifications were made within the period available to the income-tax officer under section 154 and since the power of rectification was traceable to section 154 and not to the amending act as pointed out by the supreme court in the case of j.m. ..... the high court set aside the order by holding that whether the retrospectivity given by the finance act would cover completed assessments or would apply to pending assessments was a debatable point and since it was a debatable point, there could not be said to be an error on the face of the record. ..... by section 32 of the finance (no. ..... subsequently, the parliament by enacting section 80aa by finance (no. ..... after completion of the original assessments for the assessment years 1977-78 and 1978-79, section 80aa came to be inserted by the finance (no. .....
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