Judgment Search Results Home > Cases Phrase: finance act 1994 chapter 5a advance rulings Sorted by: old Court: kolkata appellate Page 1 of about 13 results (0.056 seconds)

Ellenbarrie Industrial Gases Vs. Joint Commissioner of Income Tax

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), .....

Paharpur Cooling Towers Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... provisions and legal precedents on the issue in appeal before us.6. we find that sub chapter 'set off, or carry forward and set off' in chapter vi of the income tax act begins with section 70 which, as it stood at the material point of time, is reproduced ..... set off or, where he has no income under any other head, the whole loss 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 ..... 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 ..... consolidated order.2. we will first take up ita no. 313/cal./98 i.e. assessee's appeal for the assessment year 1994-95.3. in first ground of appeal, the assessee is aggrieved of cit(a)'s confirming 'the loss from purchase and sale of .....

Paharpur Cooling Towers Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD745(Kol.)

..... authorities below and deliberated upon the applicable legal provisions, and legal precedents on the issue in appeal before us.we find that sub chapter set off, or carry forward and set off in chapter vi of the income tax act beings with section 70 which, as it stood at the material point of time, is reproduced below for ready reference : "save ..... 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 ..... these appeals are being disposed of by way of this consolidated order.we will first take up ita no. 313/cal./98 i.e. assessees appeal for the assessment year 1994-95.in first ground of appeal, the assessee is aggrieved of commissioner (appeals)s confirming the loss from purchase and sale of shares and securities of rs. 1,41 .....

Joint Commissioner of Income-tax Vs. Haldia Investment Co. Ltd.

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 .....

R.P.C. Industries Ltd. Vs. Asstt. Cit

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 .....

Peerless General Finance and Vs. Joint Commissioner of Income Tax

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 .....

Peerless General Finance and Vs. Jt. Cit

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 .....

Birla Tyres Vs. Joint Commissioner of Income-tax

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 .....

Birla Tyres Vs. Joint Commissioner of Income Tax

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 .....

Santosh Kumar Kejriwal (Executor Vs. Acit

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 .....