Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2005)93TTJCtk245
..... 8 the assessee agitates that the cit(a) should not have held that charging of interest under section 234b is held to be consequential in nature in view of amendment in section 234 by the finance act, 2001, with retrospective effect from 1st april, 1989.nothing is adduced before us to interfere with the decision of the cit(a) and the same is accordingly rejected.30 ..... 1995-96 directing to treat the rental income from gitanjali complex as income from 'house property', the present claim of the assessee for depreciation which was allowed by the cit(a) is not justified and not as per law ..... 1995-96 and 1997-98 and for the reasons stated therein, this ground of the revenue is rejected.20 ..... 1995-96 on this very issue, we allow this ground of the revenue.19 ..... yr.1995-96 in favour of the assessee and for the reasons stated therein, this ground of the revenue is rejected.the first ground urged in this appeal relates to treatment of rental income from gitanjali complex and for the ..... 1995-96 and for the reasons stated therein, this ground of the revenue is rejected.14 ..... yr.1995-96 was decided in favour of the assessee and hence this ground of the revenue is rejected.12 ..... 1995-96 vide paras 2 to 5 above, this ground of the revenue is allowed.11 ..... 1995-96 are general and need no discussion and decision ..... 1995-96 is that the cit(a) was not correct in deleting the addition of rs ..... 1995-96 to 1998-99 and involving common grounds are consolidated and disposed of by this single order for the sake of convenience.2 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2006)101TTJCtk948
..... submitted that the learned cit(a) ignored the amendments made by the finance act, 1995, effective from asst. yr. ..... on a reference : held, that as a result of the amendment to clause (a) of section 43b by the finance act, 1988, section 43b is now applicable not only to tax and duty but also to cess or fee, by whatever name called, payable under any law for the ..... of section 43b was expanded by finance act, ..... the submissions of the appellant that the total generation of power including power transferred to its smeltering unit has to be considered at its market value and the profit generated therefrom will be eligible under section 115ja(2)(iv), was not accepted by the ao who held that neither the provision of 80-ia(9) nor the decision relied upon by the assessee in the case of anil starch products (supra) are applicable to the ..... in its general parlance and under specific statutes, because of its wider coverage in the definitions given thereunder, it has to be given a restrictive meaning while computing the 'export profit' for the purposes of section 80hhc, namely, only that part of the receipt for sale consideration is to be taken as part of the total turnover which has an element of profit therein, and accordingly, the receipts of excise duty ..... contended that the absence of the nomenclature of tax or duty or cess or fee will not make any difference as clause (a) to section 43b covers payment in nature of tax, duty, cess or fee "by whatever name called, under any law for the time being in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1992)42ITD380Ctk
..... a study of the legislative history of section 80c would inform that this provision was first inserted in the act by finance act, 1965 with effect from 1 -4-1965 to provide relief relating ..... finance act, 1967, however, transferred the above mentioned topic to section 80e recasting, at the same time, section 80c ..... would have intended that tax rebate be allowed on investment of past savings it could have used the words "charged to tax" in the language of section 80c(2)(h) as stated above the object behind allowing tax rebate on investments made in long term savings was to encourage savings out of current incomes and not ..... (1) in computing the total income of an assessee, there shall be deducted, in accordance with and subject to the provisions of this section, an amount calculated, with reference to the aggregate of the sums specified in sub-section (2), at the following rates, namely : (2) the sums referred to in sub section (1) shall be the following, namely: (h) where the assessee is an individual or a hindu undivided family or where the assessee is an association of persons or a body of individuals consisting, in either case, only of ..... the purpose of and object behind the various amendments made in section 80c from time to time was elaborately explained by ..... a study of the amended provisions made along with the abovementioned circulars of the cbdt brings it out clearly that the legislative intention in providing incentives for effecting long term savings has been to inculcate and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1996)54TTJCtk644
..... 44ab was introduced by the finance act, 1984, and while presenting the union budget for 1984-85, the then finance minister observed as under [(1984) 39 ctr (tlt) 34 at page 35 : (1984) 146 itr (st) 65 at page 66] : "with the reduction in rates and expeditious disposal of assessments, i believe there can now be no excuse for any leniency to be ..... , 1989, are not applicable to the present case, inasmuch as, the rules of limitation are the rules of procedure and any amendment in this regard will be retrospective, in the sense that the rules applicable are the rules in force at the time when proceedings ..... operation from 1st april, 1989, initiation of penalty proceedings cannot be deferred unendingly and by taking the spirit of the section as a whole, the initiation of the penalty proceedings should take place within a reasonable period of time. ..... the ao ceased to have jurisdiction to levy penalty and thus the amended provisions cannot be applied to disturb the vested right of the assessee. ..... the act, as it existed prior to its amendment, by the taxation laws (amendment) act, ..... the notes on clauses, appended to the direct tax laws (amendment) bill, 1987 [ (1988) 168 itr (st) 301 at 352] reads as under : "clause (c) incorporates the ..... 275 for initiation of penalty proceedings under the other sections of this chapter and also by respectfully following the judgment of the jurisdictional high court in the case reported in 1990 crlj 1110, maximum of two years from the end of the assessment year .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2007)106ITD45Ctk
..... of a long term capital asset being bond or debenture other than capital indexed bonds issued by the government: provided also that where shares, debentures or warrants referred to in the proviso to clause (iii) of section 47 are transferred under a gift or an irrevocable trust, the market value on the date of such transfer shall be deemed to be the full value of consideration received or accruing as a result of transfer for the purposes ..... other hand, it is undisputed fact that the rough unfinished diamonds were the capital asset which became the property prior to 1.4.81 and in view of the clear provision of section 55(2)(b)(i) of the act, the option is available to either adopt the cost of the acquisition of the asset which was existing or acquired prior to 1.4.81 or the fmv of the said ..... was pleased to constitute special bench of three members to consider the following question: whether on the facts and circumstances of the case and as per provisions of section 55(2)(b)(i) the assessee is entitled to opt for the fair market value of an asset as on 01.04.1981 or the valuation arrived at by the department by applying the cost inflation index method in the reverse direction on the valuation of assets as ..... was not included within the definition of capital asset till 1-4-1970 and it was only by finance act 1970 certain agricultural land in india were included in the definition of capital asset ..... . for that the appellant craves leave to add/amend any of the grounds further at the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2004)90ITD138Ctk
..... interest which is paid for a period prior to asset first being put to use has always necessariloy to be capitalised does not flow from the plain reading of the section, and that the legislature has provided that in a situation where an asset is acquired out of borrowed funds, interest relatable to such borrowings if it is paid or payble after the asset has been first put ..... there is an inherrent indication in the act that any expenditure which is in the nature of capital expenditure could not be allowed as a deduction while computing the income chargeable under the head "profit & gains of business or profession" as laid down in section 37, but in the same section the portion in parenthesis lays down that such expenditure has to be "not being expenditure of the nature described in sections 30 to 36.therefore, there is a specific provision dealing with interest paid/payable in ..... the existing business of the assessee and it did not constitute a new and separate business but the same business as could be seen from the unity, interlacing, inter-dependence, interconnection of management, finance, administration and production aspects, amongst the old and the new units. ..... (2) the facilities so created would be used not only by the parties who have financed them but also by others, and assets so created would belong to the indian railways and would be maintained and used as any other railways ..... on expansion of the same business and when there is unity of control, management, finance, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2005)92TTJCtk464
..... it was argued by the learned departmental representative that cit(a) has wrongly relied on the orders of the tribunal which are applicable in the case of block assessment proceedings under section 15ba and not to the search cases taking prior to the special procedure for the block assessment brought in the statute book by the finance act, 1995, w.e.f. ..... a search operation under section 132(1) was undertaken in the case of the assessee group including assessee's residence and places of business. ..... 1st july, 1995.16. ..... 8th march, 1995.12. ..... 1995-96.3. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2006)99TTJCtk316
..... even relating to interest paid on outstanding provident fund dues there is no relevance with either section 43b or section 2(24)(x) or section 36(1)(ya) of the it act, 1961 as this is also made by the assessee-corporation on investments made from the fund/fund held by the corporation and utilised for the purpose of financing to the industrial unit. ..... 1,65,35,187 being interest on loan in lieu of share capital according to the assessee-corporation.8.1 in this connection the assessee-corporation has contended that during the years 1983 to 1987, pending amendment to sfcs act and enhancement to the authorised capital of the corporation, both the state government and idbi have contributed to the share capital of the corporation in the shape of loan in lieu of share capital on matching proportion. ..... /ctk/2003 1996-97 4}142/ctk/2000 1990-91 4 epf issue-discussed in para 5 to 5.14 vide order of143 to 147/ctk/2003, 1991-92 to 1995-96, 3 common cit(a) deleted the addition148/ctk/2003 & 1997-98 wrongly under section 43b when205/ctk/2003 1996-97 the ao made the addition on the basis of cash143 to 147/ctk/2003, 1991-92 to 1995-96, 5 common expenses for guarantee148/ctk/2003 & 1997-98 & bond205/ctk/2003 1996-97143 to 147/ctk/2003, 1991 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1992)41ITD227Ctk
..... regarding the submissions made by the learned counsel for the assessee that the cit(a) ought not to have relied upon the speech of the finance minister for interpreting section 80p(2)(a)(ii) are concerned we are of the opinion that no doubt the finance minister's speech cannot be considered as an aid for interpreting the provision of law as held by the supreme court in the case of ..... the ito, however, did not accept this claim and observed that the exemption provided under the aforementioned provision of income-tax act, 1961 was available only to those co-operative societies which earned income through collective disposal of the labour of its members and not to any co-operative society formed by professionals like doctors, lawyers, engineers, chartered ..... but the assessee claimed the entire income as being exempt under section 80p(2)(a)(vi) of the income-tax act, 1961 on the ground that it is entitled to such exemption as a co-operative society being engaged in the collective disposal of labours of its ..... counsel for the assessee submits that as per section 254(4) the order of the tribunal has become final and, therefore, it was binding on the cit(a) and he ought not to have given a finding that the income of the assessee society is not exempt under section 80.p(2)(a)(vi) of the act. ..... available to a co-operative society as laid down under section 80p(2)(c) of the income-tax act. ..... assessee is a co-operative society registered under the orissa cooperative societies act, 1962 on 29-9-1970. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1993)45TTJCtk403
..... the ito, however, did not accept this claim and observed that the exemption provided under the aforementioned provision of it act, 1961, was available only to those co-operative societies which earned income through collective disposal of the labour of its members and not to any co-operative society formed by professionals like doctors, lawyers, engineers, ..... 80p(2)(a)(vi) are concerned we are of the opinion that no doubt the finance ministers speech cannot be considered as an aid for interpreting the provision of law as held by the supreme court in the case ..... the legislature has used the word "labour" and the section has not made any distinction between manual labour and mental labour nor between the labour of ..... that the cit(a) has not exclusively and solely relied on the speech of the finance minister but has not understood the applicability of the provision of s. ..... varghese (supra) but yet the speech made by the finance minister who moved the bill explaining reasons for its introduction can certainly be referred to for the purpose of ascertaining the object and purpose of introduction of a particular provision ..... rotho, the learned counsel for the assessee, it is not permissible to take the aid from the speach of the finance minister particularly if the language of the statutory provision is clear. ..... argument of the learned counsel for the assessee that the cit(a) was not justified in taking the aid from the speech of the finance minister at the time of enacting the provisions of s. .....
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