Judgment Search Results Home > Cases Phrase: finance act 2005 section 99 assessment Court: income tax appellate tribunal itat kolkata Page 11 of about 235 results (0.216 seconds)

Dy. Commissioner of Income-tax Vs. Venkateswar Investment and

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... loss in share dealing suffered by the assessee is more than the income of the assessee from other sources in the assessment year 1997-98, whether the assessee can be said to be having principal business of granting loans and advances and not hit by explanation to section 73 of the i.t.act merely because in the preceding assessment years the assessee was not dealing in shares but was having interest income from loans and advances and rental income ..... if in any particular year, the assessee has nominal business income and has substantial interest income, it does not imply that the assessee's principal business is of finance or granting of loans and advances.similarly the assessee, the principal business of which is the granting of loans and advances, may earn a comparatively high income from activities in any particular year and ..... inception the company has been engaged in the business of financing by way of granting loans and advances and earning interest ..... financial year 1995-96 the assessee company started a new line of financing business of leasing and also derived income by way of lease ..... year, the manufacturing or trading company has nominal business income and has substantial interest income, it does not imply that the company's principal business is of finance or granting of loans. ..... year, the manufacturing or trading company has nominal business income and has substantial interest income, it does not imply that the company's principal business is of finance or granting of loans. .....

Ellenbarrie Industrial Gases Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2002)83ITD111(Kol.)

..... course of the search in the premises of the assessee and/or any enquiries conducted by the ao pursuant thereto and in that way the disallowance can be considered to have correctly been made in the block assessment (3} whether a disclosure made by a third party under the vdis can be used against the assessee without allowing the assessee an opportunity of cross-examining the other party (4) whether, on the facts ..... only "undisclosed income" shall form the subject-matter of 'block assessments' made under section 158bc/158bd, on the other hand all disclosed income shall be treated only in the 'regular assessment' made under section 143(3)7144 of the it act, 1961 (2) whether the disallowance of the lease rentals of the aggregate ..... the nature and scope of undisclosed income as defined under section 158b of the it act, the learned authorised representative of the assessee referred to decision of bangalore bench of the tribunal in the case of kirlosker investments & finance ltd. v. ..... much less or much higher than what had been charged by the assessee nor that the lease rent fixed was not in the vicinity of the net finance received and interest thereon as per the agreement for 38 months.5. ..... the decision of special bench of tribunal bangalore bench in the case of kirlosker investment & finance ltd. v. ..... 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. ..... finance .....

Peerless Hotels Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD363Cal

..... owner, it is a licence, and (iv) if under the document a party gets exclusive possession of the property, 'prima facie' he is considered to be a tenant, but circumstances may be established which negates the intention to create a lease.a licence is defined in section 52 of the indian easements act 5 of 1882 as a right to do or continue to do, in or upon the immovable property of the grantor, something which would, in the absence of such right, be unlawful and such right does not amount to an easement or an interest in the property. ..... the assessing officer's view that the restrictive clause under section 80-ia applies because the building was at one point of time used as a hotel supported by the cit(a) is incorrect by the expression used under the act. ..... the assessing officer was of the view that the agreements between the assessee-company and peerless general finance investment ..... 26-3-1992 the state government granted lease of the building for a period of 33 years to the peerless general finance & investment co.ltd. ..... have considered the rival submissions, gone through the agreements between the government of west bengal and peerless general finance & investment co. ..... government which had granted lease of the building to peerless general finance investment co. ..... peerless general finance investment ..... the assessee entered into an agreement with peerless general finance investment co. ..... where the hotel peerless inn is situated had been leased in favour of peerless general finance investment co. .....

State Bank of India Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1983)6ITD225(Kol.)

..... if it is not done, then partial original assessment will stand and partial another assessment will be made pursuant to section 148 which is not permissible under the act.therefore, the decision will have to be read that once the assessment is set aside, the previous assessment becomes non est. ..... it could not even be said that the ito committed any error when he completed the assessment in allowing deduction under section 80m when three decisions were in favour of the assessee and only one decision was against it which was subsequently reversed in cloth traders ..... 207/10/73 it(a-ii), dated 16-4-1973 written by the under secretary of the board to the income-tax adviser and ex-officio deputy secretary, finance department, haryana civil secretariat in which it had been indicated that the board is of the view that the amounts kept in suspense account under the heads interest, commission, etc ..... sections 80aa and 80ab were introduced in chapter via by the finance (no ..... 207/10/1973 it (a-ii), dated 16-4-1973 which was addressed to the income-tax adviser and ex-officio deputy secretary, finance department, haryana civil secretariat. ..... is the same point that has been decided in favour of the assessee, on the same facts, in the cases of ferozepur finance (p. ..... with reference to commercial and business realities of the situation in which the assessee has been placed and not with reference to his system of accounting.the conclusion is supported by the decision in the case of cit v.ferozepur finance (p. .....

Shaw Wallace and Co. Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)86ITD315(Kol.)

..... sake of convenience, they are being disposed of by this common order.the first ground raised in assessee's appeal is that the commissioner (appeals) erred in holding the view that the separate assessment can be made under the provisions of section 143(3) of the act in respect of an assessment year falling within the block period after the search is made under section 132 of the act. ..... themselves.in view of the above facts and circumstances and upon consideration of the terms and conditions of the agreements and the submissions of the parties, we are of the opinion that the transaction was a mere finance transaction and the assessee did not become the owner of the assets in reality and, therefore, not entitled to deduction for depreciation. ..... we, however, see force in the observation of the assessing officer that it was a case of receiving lesser amount for a liability and to pay higher amount over a period of 6 years and in these circumstances, in our opinion, in view of the supreme court decision in the case of mangalam finance the expenditure has the effect for the period of loan which is stated to be for seven years in the alternate contention of ..... lease rental received by the assessee in instalment consists of recoupment or the repayment of the finance provided by the assessee and interest thereon, the portion which relates to the recoupment of loan has to be excluded from the income of the assessee shown and declared from lease rentals and assessed by the assessing officer. .....

Assistant Commissioner of Vs. A.S. Wardekar

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2001)77ITD405(Kol.)

..... the cit(a) further observed in his impugned order that the assessing officer invoked the provisions of section 10(3) of the act and held that the said receipt was casual and nori-recurring receipt and so was includible in the total income subjec to ..... ] 128 itr 294 : 5 taxman 1 wherein it was held that- where the cost of acquisition of an asset is nil, the capital gain is not chargeable to tax.on this reasoning the assessing officer mentioned in his order that even if the said receipt was a capital gain, that was not a capital gain chargeable under the provisions of section 45 for the simple reason that there was no cost of acquisition. ..... it is precisely for this reason that proviso (i) to clause (3) of section 10 expressly excludes "capital gains chargeable under the provisions of section 45" from the ambit of the said clause.on the basis of the above judgment, the assessing officer observed that it was certainly a receipt of casual and non-recurring nature and it cannot be considered ..... the relevant portion of the judgment was quoted by the assessing officer which is elaborated as under: it may be noted that section 10 deals with exemption of particular types of income from being included in the total income ..... the assessing officer as per provision of section 10(3) of the income-tax act.2. ..... cit [1995] 211 itr 500 wherein it was held that- that section 10 of the income-tax act, 1961, lays down certain categories of income which will not be included in the total ..... made by the finance (no. .....

Kusum Products Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)29ITD293(Kol.)

..... for 1974-75 was filed on 31-7-1974, for the purpose of penalty under section 271(1)(c), the explanation which was inserted to the finance act, 1964 w.e.f. ..... 212 became the income of the assessee.admittedly, the amount of interest under section 214 related to the assessment year 1967-68, the assessment of which was made on 25-2-1972.the assessee's accounting year ends on ..... tax and it was not business profit, that complete details and particulars of the said interest have been furnished in the return that the ito proceeded on a mis-interpretation of the remark "assessed in earlier year", that the said remark meant and related to the tax assessed for the assessment year 1967-68 and that the said remark could not be reasonably read to mean that the interest had been ..... 1,14,212 that it had accrued in february 1972 was not acceptable as the same was never mentioned during the assessment proceedings, that the contention that the words "assessed to tax" in earlier year can be subject-matter of different interpretations was not acceptable and that the contention ..... assessments of that assessee for the assessment years 1951-52 and 1952-53 were made on 20-3-1956 and 29-3-1956 and they resulted in interest under section 18a(5) of the it act ..... counsel were to the following effect: the assessee-company is a manufacturer of vanaspati.for the assessment year 1974-75 the previous year ended on 31-3-1974.in the return for the assessment year 1974-75 the net profit as per profit and loss a/c was shown at rs. .....

Karam Chand Thapar and Bros. (Coal Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1998)66ITD39Cal

..... (1935) 3 itr 384 (pc) and learned counsel further submitted that there is no room for doubting the transaction as the transaction is bona fide for the following reasons : (c) financing the companies by this method is a commercially convenient procedure; and (d) in the hands of the vendor-company, the sale price was already subjected to capital gains tax.learned counsel further submitted that the transaction is plain ..... , aluminium cops were purchased in the month of march and during the accounting year, relevant to the assessment year under consideration, the assessee-company enjoyed ownership for less than 180 days and hence, only 50 per cent ..... the sub-section contains a proviso and eight explanations, which explain this term in various ..... 3 to s.43(1) of the act, the ao has to prove that main purpose of the purchase of the assets is with a view to reduce the tax liability by claiming depreciation on the enhanced ..... 43(1) of the act wherein it was stated that the wdv in the hands of the vendor should be taken as the actual cost of the ..... 43(1) of the act, learned departmental representative submitted that the disallowance of depreciation by the ao is in order and further submitted that the cit(a) is not justified in directing the ao to allow depreciation on the wdv in respect of 8,76,400 cops ..... 43(1) of the act, learned departmental representative submitted that apart from applying the mcdowell's case (supra), the order of the ao can be supported by the power vested in him vide expln. .....

Peerless Hotels Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)84TTJ(Kol.)504

..... instrument is not registered, the corollary is that no lease exceeding one year is created at all.such an instrument, if not registered, cannot be admitted as evidence in view of section 17 of the registration act, either for providing the terms of the lease or otherwise.11. ..... the representative of the assessee further submitted that all the conditions prescribed under clauses (ii), (v) and (iv) of section 80-ia have been fulfilled and the dispute relates only to compliance of conditions prescribed under clause (i) which provides that: the business of the hotel is not formed by the splitting-up, or the reconstruction, of a business already in existence ..... the facts of the case as stated in the assessment order are that the assessee company is engaged in the business of running hotel in kolkata, port blair ..... considered the rival submissions, gone through the agreements between the government of west bengal and peerless general finance & investment co. ..... march, 1992 the state government granted lease of the building for a period of 33 years to the peerless general finance & investment co. ..... which had granted lease of the building to peerless general finance investment co. ..... general finance investment ..... was of the view that the agreements between the assessee-company and peerless general finance investment co. ..... assessee entered into an agreement with peerless general finance investment co. ..... where the hotel peerless inn is situated had been leased in favour of peerless general finance investment co. .....

Assistant Commissioner of Income Vs. the Champdany Industries Limited

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)97TTJ(Kol.)41

..... hon'ble supreme court has held and observed as under (page 477) :- "from a combined review of the judgments of this court, it follows that an income tax officer acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income tax act, 1961, only if on the basin of specific, reliable and relevant information coming to his possession subsequently, he has reasons, which he must record, to believe that, by reason of omission or failure on the part of the ..... it is, therefore, not a case of mere change of opinion, but it is a case where all material facts or particulars were not fully and truly furnished by the assessee in the course of original assessment proceedings with regard to the claim under section 80hhc and consequently the assessee's claim was allowed without examining and deliberating upon all the material and complete facts necessary for that purpose. ..... or material which may led him to have reasons to believe that income has escaped assessment and a mere change of opinion on the same facts and law does not justify a re-assessment, and for an action initiated after expiry of the four years from the end of the relevant assessment year where the original assessment was completed under section 143(3) or 147 of the act, it must further be established that the escapement of income was by reason of assessee's failure to disclose ..... cit (2001) 247 itr 818 (sc)peerless general finance & investment co. .....