Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)96TTJ(Kol.)1041
..... taking a contrary view overruling the tribunal decision considering the explanation to section 90(2) of the act inserted by the finance act, 2001." 65. our decision in regard to the issue of rate of tax for asst. yrs.1992-93, 1993-94 and 1994-95 shall apply to asst. yrs. 1997-98 and 1998-99 mutatis mutandis.66. the only ..... deduction has not been paid before the expiry of the time prescribed under sub-section (1) of section 200 and in accordance with the other provisions of chapter xvii-b of the act. when a deduction is not allowable because of the statutory provisions, it would make no difference whether the same was claimed or not by the assessee. ..... under this head for that financial year. 195a. where, under an agreement or other arrangement, the tax chargeable on any income referred to in the foregoing provisions of this chapter is to be borne by the person by whom the income is payable, then, for the purposes of deduction of tax under those provisions, such income shall be increased .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD105(Kol.)
..... assessment year 1977-78 and subsequent years." as a 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 1987). as per explanation to section 73, where any part of a business of a company other than (i) for assessment years 1977-78 ..... , as already pointed out, relied upon the decision of the supreme court in the case of shahzada nand & sons (supra). on perusal of all the provisions of chapter vi relating to set off and carry forward of losses i am unable to find, either express on implied, intention of the legislature enabling to overrule the principle of generalia ..... v.arvind investment ltd. (1991) 192 itr 365 (cal) and the decision of the calcutta high court in the case of eastern aviation & industries ltd. v. cit (1994) 208 itr 1023 (cal) and reiterated that the assessing officer is quite justified in considering the loss in share business as speculation loss. the distinguished counsel for the assessee objected .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD212Cal
..... companies other than investment company, as defined in clause (ii) of section 109. the word "other than investment company" as defined in clause (ii) of section 109 was substituted by finance act, 1987 w.e.f. 1-4-1988 by the explanation which has been quoted above. the ld. cit(a) on the basis of facts and figures available in the balance ..... of income, the income from various heads is to be disclosed and the sum total of the income from various sources will constitute the gross total income. thereafter deductions under chapter via are to be reduced in order to find out the total income which is taxable. agricultural income is to be shown separately and, therefore, this may not be ..... assessee is loss of rs. 65,79,600. the loss on sale of shares is rs. 69,20,855. in the case of eastern aviation & industries ltd. v. cit [1994] 208 itr 10231,their lordships of the calcutta high court have held that the words "income or profits and gains" should be understood as including losses also in so far .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)83ITD111(Kol.)
..... added that in the present case also the assessments were already completed could not be reopened to be assessed in view of the provisions under section 158bc of the it act under chapter xiv-b. he reiterated that in the course of search no undisclosed income either in the form of money, bullion, jewellery or other article or thing were found ..... and hence the addition made in this regard is invalid, the learned counsel for the assessee has relied on the judgment of the tribunal in the case of kirloskar investments & finance ltd. (supra) and also on two other judgments viz., in the cases of smt rajrani gupta v. dy. cit (2000) 66 ttj (mumbai) 582 and agarwal motors v. ..... had completed the regular assessment for the asst. yr.1993-94 on 22nd jan., 1996, by accepting the genuineness of the sale-cum-lease agreement. for the asst. yr. 1994-95, the assessment is stated to have been made by way of processing under section 143(1)(a) on 8th sept., 1995, the regular assessment under section 143(3), .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)88ITD1(Kol.)
..... the aforesaid sections.according to the counsel, an aop is normally subjected to tax at the rates which are applicable to an individual, huf as specified in the finance act for the relevant assessment year. however, section 167b is a departure from such normal position. under section 167b(1), where the individual shares of the members of ..... set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on. "80. notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of section 139, shall be ..... the aop? 2. the relevant facts briefly stated are that the appellant, an association of persons (hereinafter referred to as 'aop'), was constituted under an agreement dated 31-3-1994 by four members (all limited companies), as under :-name of member share in aopm/s. century textiles & industries ltd. 60%m/s. kesoram industries ltd. 20%m .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)267ITR1(Kol.)
..... of the aforesaid sections. according to the counsel, an aop is normally subjected to tax at the rates which are applicable to an individual, huf as specified in the finance act for the relevant assessment year. however, section 167b is a departure from such normal position under section 167b(1), where the individual shares of the members of an ..... set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on." "80. notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of section 139, shall be carried ..... hands of the aop?" 2. the relevant facts briefly stated are that the appellant, an aop (hereinafter referred to as 'aop'), was constituted under an agreement dt. 31st march, 1994, by four members (all limited companies), as under : for asst. yr. 1995-96, the return of income was filed by the assessee on 31st oct., 1995, in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD172(Kol.)
..... granted is rendered incorrect on the happening of the crucial event after the coming into force of the sub-section, and by the express terms of s. 28 of the finance act, 1956, the sub-section comes into force on april 1, 1956. we are unable, therefore, to agree with the learned counsel for the respondent that the language of ..... in cesc ltd. v. dcit 263 itr 402, p.416, the hon'ble jurisdictional high court has held: "in the absence of any restrictions provided within the scheme of chapter xv, the court is not supposed to read something, which is otherwise not permissible. while interpreting a provision, the high court is not supposed to legislate indirectly. xxxxxx the court ..... years in the form of free reserves. section 'm (iii)' of the revised guidelines issued by sebi vide rmb (dip series) circular no.2/94-95, dated 15.4.1994 provides: "the bonus issue is made out of free reserves built out of the genuine profits or share premium collected in cash only." the idea behind the issue of bonus .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)79TTJ(Kol.)915
..... supreme court in the case of sardar arjun singh ahluwalia (supra). as pointed out earlier, section 139 of it act, 1961, falls under chapter xiv which deals with the procedure for filing of the return. section 80 of 1961 act falls under chapter vi which deals with aggregation of income and set off or carry forward of loss. strict compliance to ..... 236 (sc) that the view favourable to the assessee should be adopted, their lordships of the bombay high court in the case of cit v. thana electricity supply ltd. (1994) 206 itr 727 at p. 744 (bom) held as under : "we have considered the submissions. we have also carefully considered the decisions of the supreme court. we, ..... taxman 834 (ker). the learned departmental representative has also placed reliance on the decision of the calcutta high court in the case of koppind (p) ltd. v. cit (1994) 207 itr 228 (cal) where their lordships of the high court have dealt with the carry forward of loss in the return filed under section 148. but on analysing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD215(Kol.)
..... in the case of sardar arjun singh ahluwalia (supra). as pointed out earlier. section 139 of income tax act, 1961 falls under chapter-xiv which deals with the procedure for filing of the return.section 80 of 1961 act falls under chapter-vi which deals with aggregation of income and set off or carry forward of loss. strict compliance to the ..... 236 (sc) that the view favourable to the assessee should be adopted, their lordships of the bombay high court in the case of cit v. thana electricity supply ltd. (1994) 206 itr 727 (bom) held as under : we have considered the submission. we have also carefully considered the decisions of the supreme court. we, however, find it ..... taxman 834 (ker). the learned departmental representative has also placed reliance on the decision of the calcutta high court in the case of koppind (p) ltd. v. cit (1994) 207 itr 228 (cal) where their lordships of the high court have dealt with the carry forward of loss in the return filed under section 148.but on analysing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100ITD462(Kol.)
..... other than that of interest on loan, was far more than earnings from interest on advances made. therefore, the "principal business" was not that of financing business. the learned counsel further argued that the ao has tried to assume jurisdiction without application of mind and against the established principle of law. the learned ..... of 'financial company' and clause (iv) of the section clarifies that a company which carries on, as its 'principal business', the business of providing finance, whether by making loans or advances or otherwise shall come under this definition.the learned counsel invited our attention to the audited accounts for three years under ..... advances from different parties amounting to rs, 1,17,14,605 and rs. 1,17,13,969 during financial years 1993-94 and 1994-95, respectively. under the interest-tax act, interest-tax is leviable on the chargeable interest income of credit institution, such credit institution, inter alia, include cooperative societies engaged in the .....
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