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Abn Amro Bank Nv Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)96TTJ(Kol.)1041

..... " the following explanation was inserted by the finance act, 2001, with retrospective effect from 1st april, 1962 : "explanation : for the removal of doubts, it is hereby declared that the charge of tax in respect of a foreign company at a rate higher than the rate at which a domestic company is chargeable, shall not be regarded as less favourable charge or levy of tax in respect of such foreign company, where such foreign company has not made the prescribed arrangement for declaration and payment within india, of the ..... before the 1st day of april, 1938), royalty, fees for technical services or other sum chargeable under this act, which is payable outside india, on which tax has not been paid or deducted under chapter xvii-b : provided that where in respect of any such sum, tax has been paid or deducted under chapter xvii-b in any subsequent year, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid or deducted...." 80. ..... 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 to such amount as would, after deduction of tax thereon at the rates in force for the financial year in which such income is payable, be equal to the net amount payable under such agreement or arrangement. .....

Birla Tyres Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD1(Kol.)

..... such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on the total income of the association or body at the maximum marginal rale; (ii) any member or members thereof is or are chargeable to tax at a rate or rates which is or are higher than the maximum marginal rate, tax shall be charged on that portion or portions of the total income of the association or body which is or are relatable to the share or shares of such ..... , 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 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 ..... incidentally, the assessing officer vide order dated 5-7-2001 has given effect to the order of the cit passed under section 263.3. ..... hari prakash air 2001 sc 3302. ..... cce[2001] 247 itr 128 at 130). ..... 2001 sc 1980 wherein it has been laid down that "golden rule is that the words of a statute must primarily be given their ordinary meaning" and "when the words of the statute arc clear, plain and ambiguous, .....

Birla Tyres Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)267ITR1(Kol.)

..... from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on the total income of the association or body at the maximum marginal rate ; (ii) any member or members thereof is or are chargeable to tax at a rate or rates which is or are higher than the maximum marginal rate, tax shall be charged on that portion or portions of the total income of the association or body which is or are relatable to the share or shares of ..... 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 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 ..... state of maharashtra (head-note of air 2001 sc) wherein it has been laid down that "golden rule is that the words of a statute must primarily be given their ordinary meaning" and "when the words of the statute are clear, plain and ambiguous, then ..... 5th july, 2001, has given effect to the order of the cit passed under section 263.3 ..... cce (2001) 247 itr 128 (sc).according to the learned counsel, there are two direct decisions in favour of the assessee, in such circumstances which are ito v .....

Wealth-tax Officer Vs. Gokulchand Bangur

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1984)8ITD738(Kol.)

..... been finalized on the date when the wealth-tax assessment is completed, the liability to income-tax has to be computed on the basis of the return filed and the rates of tax stipulated in the relevant finance act. ..... 800 for the proposition that before an asset could be taken into consideration for computing the net wealth of an assessee under section 2(m) of the wealth-tax act, 1957 ('the act') such asset must belong to the assessee on the relevant valuation date.the mere possibility of getting income-tax refund in future as and when the assessment proceedings are finalized could not be treated to be an asset of the assessee on the valuation date ..... held that the disclosure envisaged under section 68 was in respect of an amount which was already liable to be assessed as income under the relevant income-tax act and, therefore, the mere fact that the said amount was neither quantified nor assessed nor even returned on the valuation date ..... provisions.section 190 of the 1961 act, falling in this part, is clarificatory in nature and underscores the point that this chapter does not create independent liability to pay income-tax de hors the charge created by section ..... respect of any income is to be made in a later assessment year, the tax on such income shall be payable by deduction at source or by advance payment, as the case may be, in accordance with the provisions of this chapter. ..... are contained in chapter xvii of the 1961 act having the title as 'collection and recovery of tax'. ..... chapter .....

Coal India Limited Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... clause shows that in order to be covered by this exclusion clause : - the income should be liable to be excluded from computation of total income under chapter iii of the income tax act, or, in other words, the income should be in the nature of income exempt from tax; as we conduct the exercise of ascertaining whether or not the impugned amount of ..... previous year in respect of which the dividends are declared, rather than income of the previous year during which these dividends are declared, distributed or paid - as is the scheme of the income tax act.therefore, the dividends reflected in the profit and loss account of the assessee donot constitute income of that previous year but are relatable to that previous year only in the sense that the subsidiaries have declared those ..... 539.35 crores can be covered by the above exclusion clause, we must also bear in mind the settled position that in the income tax assessment proceedings each assessment year is a distinct unit and all the above tests must hold good in the context of the particular assessment ..... refer to the fact that chapter xii d, consisting of special provisions relating to tax on distributed profits of domestic companies, was inserted vide finance act 1997 and with effect from ..... and as provided by section 115 - o of the act, any domestic company declaring, distributing or paying dividend after 1^st june 1997 was to pay additional income tax at the rate of twenty percent on such dividends so declared, distributed or .....

Coal India Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD514Cal

..... a careful analysis of this clause shows that in order to be covered by this exclusion clause : - the income should be liable to be excluded from computation of total income under chapter iii of the income-tax act, or, in other words, the income should be in the nature of income exempt from tax; as we conduct the exercise of ascertaining whether or not the impugned amount of rs. ..... previous year in respect of which the dividends are declared, rather than income of the previous year during which these dividends are declared, distributed or paid - as is the scheme of the income-tax act.therefore, the dividends reflected in the profit and loss account of the assessee do not constitute income of that previous year but are relatable to that previous year only in the sense that the subsidiaries have declared those dividends out of profits of that ..... we may first refer to the fact that chapter xiid, consisting of special provisions relating to tax on distributed profits of domestic companies, was inserted vide finance act, 1997 and with effect from 1st june, ..... this scheme of provisions and as provided by section 115-o of the act, any domestic company declaring, distributing or paying dividend after 1st june, 1997 was to pay additional income-tax at the rate of twenty per cent on such dividends so declared, distributed or paid. ..... (item no 10 of hpc minutes dated 10-5-2001, at page 7 of compilation filed before us) it was in the backdrop of the above observations that the matter was cleared for .....

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD212Cal

..... one may have a look at any of the income-tax return forms prescribed under the rules and it will not be difficult to appreciate the meaning of the gross total income in the light of the provisions of the income-tax act notwithstanding the fact that it may not be defined specifically for any purposes other than chapter via. ..... thus, taking the definition of the total income into consideration read with the income-tax returns forms as per the rules, it will not be difficult to appreciate that the meaning of the gross total income is not different than what is specifically defined for purposes of chapter via. ..... this appeal by 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. ..... the companies which are excluded from the operation of explanation to section 73 with effect from 1-4-1988 are as under :- company whose gross total income consists mainly of income which is chargeable under the head- (v) a company the principal business of which is the business of banking; and (vi) a company principal business of which is of granting of loans and advances.in order to determine as to whether the company falls within the ..... the word "other than investment company" as defined in clause (ii) of section 109 was substituted by finance act, 1987 w.e.f. .....

income-tax Officer Vs. Shri Krishna Bhandar Trust

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)29ITD15(Kol.)

..... the expression "maximum marginal rate" is defined under explanation 2 to mean the rate of income-tax (including the surcharge on income-tax, if any) applicable in relation to a highest slab of income in the case of an association of persons as is specified in the finance act of the relevant year. ..... explanation 2 reads as under : in this section, 'maximum marginal rate' means the rate of income-tax (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an association of persons as specified in the finance act of the relevant year.23. ..... in this connection our attention was also invited to explanation 2 to section 164 which defines the expression "maximum marginal rate" as the rate of income-tax (including surcharge on incomes, if any) applicable in relation to the highest slab of income in the case of an association of persons as specified in the finance act of the relevant year. ..... nizam's family (supra) have held that section 41 only comes into play after the income has been computed in accordance with chapter iii and then the question of payment of tax arises and it is at that stage that section 41 issues a mandate to the taxing department that when they are dealing with the income of a trustee they must levy the tax and recover it in the manner laid down in section 41 (at page 593 of the report). .....

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD105(Kol.)

..... are conscientiously heard, orders of the authorities below carefully perused, and applicable legal position duly deliberated upon.i 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 below for ready reference : save as otherwise provided in this act, where the net result for any assessment year in respect of any source falling under any head ..... " 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). ..... executors of the estate of bhagwan devi sarogi (2001) 79 itd 539 (kol), wherein honble vice-president shri garg has inter alia observed that "to solve such a conflict (of competing claims of sections), one has to resort to interpretation of law and the famous dictum is where ..... (2001) 79 itd 532 (kol) wherein while articulating the views of kolkata c bench, i had observed as follows : "it is fairly well settled in law that general provisions do not override specific provisions, as aptly described by the maxim generalia specialibus .....

Sutlej Cotton Mills Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)45ITD22(Kol.)

..... (5) in this section and sections 217 and 273, 'assessed tax', means the tax determined on the basis of the regular assessment (reduced by the amount of tax deductible in accordance with the provisions of sections 192 to 194, section 194a, section 194c, section 194d and section 195) so far as such tax relates to income subject to advance tax and so far as it is not due to variations in the rates of tax made by the finance act enacted for the year for which the regular assessment is made. ..... however, the expenditure relating to incomes as well as the receipts relating to incomes to which the provisions of chapter iii of the income-tax act apply, will be excluded from the computation of the 'book profit'. ..... as a consequential amendment, chapter vib of the income-tax act relating to restriction on certain deductions in the case of companies, is proposed to be omitted. ..... with a view to making the tax system more progressive, a new chapter xiib is proposed to be inserted in the income-tax act. ..... , if any such amount is debited to the profit and loss account, and as reduced by,-- (i) the amount withdrawn from reserves or provisions, if any such amount is credited to the profit and loss account ; or (ii) the amount of income to which any of the provisions of chapter iii applies, if any such amount is credited to the profit and loss account ; and (iii) the amount of the loss or the amount of depreciation which would be required to be set off against the profit .....