Judgment Search Results Home > Cases Phrase: finance act 2005 section 99 assessment Court: income tax appellate tribunal itat kolkata Page 1 of about 235 results (0.122 seconds)

income-tax Officer Vs. Budge Budge Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)100ITD387(Kol.)

..... 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 ..... cit(a) while upholding the disallowance made by the assessing officer directed the assessing officer to allow correct unabsorbed depreciation under section 32 as also the business loss for carry forward as per law and passed a speaking order in respect of levy of interest charged under section 234b of the income-tax act and accordingly, partly allowed the assessee's appeal ..... the factory of the assessee remained under lockout throughout two previous years relevant to assessment years 1983-84 and 1984-85 and during the lock out period, the plant and machinery had not been actually used for the purpose of the business, the depreciation under section 32 of the act was not allowable on such plant and machinery, is dated 4-1-1994, i.e. ..... that from the last para of the impugned assessment order that the assessing officer has merely stated that "penalty under section 271(1)(c) of the income-tax act is initiated for furnishing inaccurate particulars". ..... ) of 2005, dated 8-8-2005] for the assessment year 1998-99, we find that deduction under section 80hhc was claimed by the assessee on the basis of the decision of the itat, mumbai bench in the case of .....

Pampasar Distillery Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... he further submitted that even as per provision of section 170 sub-section (2) of the income tax act, 1961, the assessment can be made in the hands of the successor ..... already considered the rival submission and for the detailed discussion from paragraphs 11 to 19 of this order, we hold the order passed under section 201 /201 (1a) on the date on which parashakti finance & investment ltd. ..... from 1-7-1988 while the orders under section 201(1)/201(1a) was passed against parashakti finance & investment ltd. ..... /2005 for assessment years 1999-2000 to 2001-02 which is against some relief allowed by commissioner (appeals), does not survive, accordingly the same are ..... of assessment was made on 25-2-2005. ..... /2005 are filed by the revenue for assessment years 1994-95 to ..... /2005 are the appeals filed by the revenue for assessment years 1999-2000 to ..... /2005 are filed by the assessee for assessment years 1999-2000 to 2001-02 respectively.the ..... /2005 are by the revenue for assessment years 1994-95 to 1998-99 in the case of parasakthi finance & ..... equally applicable in the case of parashakti finance & investment ltd. ..... stated that any order passed by the revenue authorities on the date when parashakti finance & investment ltd. ..... 1999 when parashakti finance & investment ltd ..... parashakti finance & ..... parashakti finance & ..... /2005 filed by the assessee, it has raised additional ground which reads as under: the order needs to be vacated as on the date of passing of order the company was non-existent having merged with shah wallace .....

Asstt. Commissioner of Income Tax Vs. Poddar Projects Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)92ITD468(Kol.)

..... in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head other than the business income, in as much as, the amended provisions of section 32(2)(iii)(a) are very clear and the position existed in the assessment year 1997-98 cannot be equally treated in the assessment year 1998-99.6. ..... specified in sub-clause (b) shall not apply in the case of a company for the assessment year beginning with the assessment year relevant to the previous year in which the said company has become a sick industrial company under sub-section (1) of section 17 of the sick industrial companies (special provisions) act, 1985 (1 of 1986) and ending with the assessment year relevant to the previous year in which the entire net worth of such company becomes equal to or exceeds the accumulated ..... the new sub-section (2) of section 32 as substituted by the finance act, 2001 w.e.f. ..... 1.4.1997 in the matter of set-off of unabsorbed depreciation has been dispensed with by substituting the section 32(2) by the finance act, 2001 w.e.f. .....

Sri Bidyut Kumar Sett Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)92ITD148(Kol.)

..... uoi 218 itr 50, in which the constitutional validity of the amendment made to section 253(6) by the finance act, 1992 was upheld, shows that the filing fee to be paid in respect of a penalty appeal is linked with the quantum of income assessed. ..... " with effect from ist october, 1998 another amendment was made to the section by the finance (no.2) act, 1998 enhancing the fees for filing the appeals. ..... filing fee for appeals before tribunal - the finance act has amended section 253 enhancing the fee to be paid for filing appeals before the tribunal. ..... turning to the addition on clause (d), the residuary clause to the sub-section by the finance act, 1999 w.e.f. ..... if the legislature wanted to provide for the filing fee based on the quantum of income assessed only in the case of appeals filed against the assessment orders, then they could have easily used a much simpler phraseology in clauses (a) to (c) as has been done in section 246 of the act which provides for appeals to the cit(appeals).however since the expression "in the case to which the appeal relates" have been coined in clauses (a) to (c), it indicates a clear intention on the part ..... section 253(6), as it stood upto 31^st may, 1992, prior to its amendment by finance act, 1992, provided that the memorandum of appeal in form no. ..... 125; between ist june, 1992 and 30^th september, 1998, as per the amendment made by the finance act, 1992, the fee was increased, in the case of an appeal made on or after ist june, 1992, to rs. .....

Shroff Leasing (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1996)58ITD273(Kol.)

..... has further submitted that the assessee is carrying on business of leasing and in the course of its regular business activities the motor cars are leased on hire and hence the proviso to section 40 (3) of the finance act, 1983 is applicable.he therefore submitted that the motor cars which were owned by the assessee and used as stock-in-trade in the business of leasing carried on by the assessee, is not ..... the ld.counsel for the assessee contended before us that by the finance act, 1988 proviso to section 40 (3) of the finance act, 1983 was inserted by which the motor cars held by a company as stock-in-trade in its business or registered as tax is and used as such in a business in running motor cars on hire carried on by the company ..... by the same spirit and intendment, the legislature has inserted proviso to section 40 (3) of the finance act, 1983 with effect from 1-4-1989 whereby motor cars used in a business of running motor cars on ..... in fact, the intendment of the legislature in enacting section 40 of the finance act, 1983 as can be discerned from the budget speech of the then finance minister is that some persons have been trying to avoid personal wealth-tax liability by forming closely-held companies to which they transfer many items of their wealth and with a view ..... the assessing officer completed the assessments under section 16 ..... appellate authority confirmed the assessment order by holding that ..... we therefore direct the assessing officer to exclude the value of motor cars from .....

Murlidhar Kanoi Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD615(Kol.)

..... the relevant finance act, 1999 applicable for the assessment year commencing on the 1^st day of april, 1999 provides under clause (c) of sub-section (1) of section 2 of the finance act, 1999 that "net agricultural income", in relation to person, means the total amount of agricultural income, from whatever source derived, of that person computed in accordance with the rules contained in part-iv of the first schedule to the finance act, 1999 containing rules for computation of net agricultural income. ..... rule 10 of said part-iv of first schedule to the finance act, 1999 says that the provisions of the income tax act relating to procedure for assessment (including the provisions of section 288a relating to rounding off of income) shall, with necessary modification, apply in relation to the computation of the net agricultural income of the assessee as they apply in relation to the assessment of the total income. ..... it is thus clear that provisions of section 184 and 185 of the act relating to the assessment of firm as a firm and assessment of a firm where section 184 is not complied with, are to be applied while computing the net agricultural income in accordance with rules contained in part-iv of the first schedule to finance act, 1999. .....

Peico Electronics and Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)44ITD711(Kol.)

..... the learned counsel for the assessee was at pains to point out that the order under section 263 in the present case having been passed on 24-3-1988 the explanation (c) to section 263 inserted by the finance act, 1988 with effect from 1-6-1988 and expanded by the finance act, 1989 with retrospective effect from 1-6-1988 cannot be pressed into service to uphold the order of the commissioner.8. mr. ..... it is therefore all the more necessary that the points on which the cit has initiated proceedings under section 263 of the act have to be re-examined by the assessing officer after eliciting the correct information with regard to the facts from the assessee. ..... as far as the merits are concerned, no serious arguments were raised before us, presumably because of the fact that the cit had set aside the assessment and directed the assessing officer to examine the claims after giving the assessee an opportunity of being heard.however, we have to refer to some papers filed before us at the time of hearing. ..... in the above cited case as authority for the proposition that whenever an assessment order is carried in appeal by the assessee and an order is passed on appeal by the appellate authority, all points, whether decided or considered by the appellate authority or not, merged with the order of the appellate authority and that it is thereafter not possible to initiate proceedings for revision under section 263 of the act in respect of any point even though not covered by the order of the .....

Reckitt and Colman (i) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)46ITD273(Kol.)

..... support of their conclusion that there will be only partial merger of the assessment order with the appellate order and not a merger of the entire ..... commissioner loses his jurisdiction to revise the assessment simply because an appellate order has been passed even without touching on the matter where the assessee did not prefer an appeal, the intention of the legislature in enacting section 263 would be frustrated.their lordships also referred to the amendment made by the finance act, 1988 with effect from 1-6-1988 and also by the finance act 1989 with retrospective effect from 1-6-1988 in ..... to section 263 by insertion of the explanation (c) with effect from 1-6-1988 by the finance act, 1988 and also the further amendment to the section by the finance act, 1989, with retrospective effect from 1-6-1988 and submitted that the doctrine of total merger was no longer applicable in the case of orders of the cit passed under section 263. ..... on the question of merger be relied on the explanation (c) incorporated in section 263(1) by the finance act, 1988 with effect from 1-6-1988 under which the power of the commissioner under section 263 was extended to such matters as had not been considered and decided .....

Gkw Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2000)74ITD161(Kol.)

..... 2) act of 1996 with effect from 1-4-1997 and is said to be in pari materia with earlier section 115j which has been rendered inoperative with effect from the assessment year 1991-92 by an amendment made to sub-section (1) by the finance act, 1990 with effect ..... provisions were again reintroduced by the finance act, 1987 by introduction of a new section 115j and these provisions remained in force from assessment year 1988-89 to 1990-91 i ..... offered by the government for the introduction of section 115ja remains the same as was given when somewhat similar provisions were introduced for the first time by the finance act, 1983 with effect from 1-4-1984. ..... to be made by the assessee should be so apparent from the evidence placed before the assessing officer under section 143(1) that he would immediately agree to the stand taken by the assessee, but no such evidence was ever placed before the assessing officer and, therefore, we cannot find fault with the assessing officer whose order is confirmed by the cit (appeals). ..... moreover, it is further held, when section 115j was brought in, the object was to introduce the provision whereby every company will have to pay minimum tax on the profits declared by it in its own accounts and these profits could only be those which are assessable as income under the act and not the profit on realization of ..... as stated earlier, the jurisdiction of the assessing officer under section 141 (1)(a) to make adjustment and to issue an intimation is limited to .....

Jagatdal Jute and Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)1SOT210(Kol.)

..... in the light of the discussions made above and respectfully, following the decisions of the aforesaid coordinate benches, we are, therefore, of the considered opinion that the amendment brought by the finance act, 2003 in the 1st proviso to section 43b of the act and consequential omission of 2nd proviso to section 43b is to be treated as retrospective in operation, and consequently, any sum payable by the assessee as an employer by way of contribution to any provident fund or superannuation fund or ..... made by learned assessing officer of the sum of rs.12,47,522 as provident fund contribution, of the sum of rs.5,61,710 as provident fund contribution (pension scheme) and of the sum of rs.5,14,124 (rs.5,13,049 + rs.1,075) as contribution to esi, all pertaining to march, 1996 but all paid before due date for furnishing the return of income for the year, is unsustainable in law particularly in view of amendments, introduced by finance act, 2003 in section 43b of income tax act, 1961, which ..... in this sense, therefore, the amended 1^st proviso as amended by the finance act, 2003, covering all payments referred to in various clauses of section 43b, is to be treated as retrospective in operation and to be read as forming part of section 43b from its inception as the said amendment made by the finance act, 2003 is creative and remedial in nature and designed to eliminate unintended consequence causing undue hardships to the assessee.the income tax appellate tribuanal, "b" bench, mumbai, in .....