Judgment Search Results Home > Cases Phrase: finance act 2005 section 99 assessment Court: income tax appellate tribunal itat kolkata Page 16 of about 235 results (0.211 seconds)

Unique InvIn Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2000)74ITD43(Kol.)

..... as regards the submission of the authorised representative that the profit on the same transaction was accounted for in the hands of other sister concern and was assessed as such, the cit(a) observed that it does not dislodge the ao's finding in this case insofar as the genuineness of the loss on share dealings is concerned. ..... it was also stated that the points made out by the ao in the assessment as well as in the subsequent report were not properly met and explained by the assessee. ..... 1990-91 was accepted by the same ao, in an order passed under s.143(3) of the act and this proves the genuineness of the transaction and the department cannot play hot and cold i.e. ..... in the case of the assessee, but for these transactions, the assessable income, as could be seen from the assessment order, is rs. ..... results of transactions disclosed by other parties to the purchase and sales were accepted in their assessments by the same ao. ..... thus assessment was made on total income of rs. ..... assessing officer found that the alleged transactions of purchase and sale of shares were peculiar enough, with reference to the dates of purchase and sale and the persons with whom transacted, etc. ..... it is well settled that strict rules of evidence act are not applicable to it proceedings. ..... it is well settled that under the it act, the ao is not bound by the rigours of evidence act. ..... 234a, 234b and 234c of the act. .....

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 .....

C.E.S.C. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)87ITD653Cal

..... made in the double taxation avoidance agreement, that provision will prevail over the general provisions contained in the it act, 1961, in fact, the double taxation avoidance agreements which have been entered into by the central government under section 90 of the it act, 1961, also provide that the laws in force in either country will continue to govern the assessment and taxation of income in the respective country where provisions to the contrary have been made in the ..... referred to as 'the independent engineer' and 'engineer' in the agreement), mep was to give expert opinion on various elements of project to 'provide basis to the financial institutions to assess critical technical, economic, commercial and environmental aspects and risks related to the project, with a view to providing finance or other credit support to finance the construction and start up costs expected to be incurred upto project completion'. as to the precise scope of work in phase one, which is relevant for our ..... 1 to 17 of the assessee's paper book : (c) the purpose of obtaining mep's expert opinion on various elements of the project as specified by the scope of work is to provide a basis for the financial institutions to assess critical technical, economic, commercial and environmental aspects and risks related to the project with a view to providing financing or other credit support to finance the construction and start-up costs expected to be incurred upto project completion. .....

Sagar Bose Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1996)56ITD561(Kol.)

..... in his order about the bogus purchases in earlier years, he has deliberately avoided the concept of possession of concealed stock on the part of the assessee, as wrongly presumed by the assessing officer.then we observe that the assessing officer has admitted that there were undisputed purchased and opening stock and the assessee could consume the same and could sell the goods. ..... is equally clear that in making the assessment under sub-section 3 of section 143 of the act, the income-tax officer is not entitled to make a pure guess and make an assessment without reference to any evidence or any ..... the account books of an assessee cannot therefore be rejected and an assessment made under section 13 of the income-tax act, 1922, merely on the ground that the addresses of the assessees are not mentioned in the case of cash transactions.in that case addresses of purchasers were not shown in the case of cash ..... and date along with purchase bills and has submitted that the assessing officer could have exercised his power under section 13 to enforce attendance of bank authorities in order to verify the genuineness of the transaction and ..... we presume (although not accept) that inflated expenses are in the shape of bogus purchases and concealed stock as presumed by the assessing officer is added to them and if the principles of accountancy are followed, fantastic and abnormal results, which cannot be believed, will ..... the calcutta high court decision in the case of precision finance (p. ..... finance ..... finance .....

Parasmani Investment Co. (P) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD133(Kol.)

..... to satisfy himself about the genuineness of the claim and since on being given opportunity the assessee having failed to establish the rendering of the services to the satisfaction of the assessing officer, the disallowance, according to him, is justified.whereas the learned counsel for the assessee sought to support the order proposed by the learned accountant member, the learned departmental ..... of opinion between the members originally constituting this bench, then point of difference of opinion was referred to honble vice president (kolkata zone) as third member under section 255(4) of the income tax act.in accordance with the majority view after duly taking into account the opinion expressed by the learned third member, we hold that the payment of service charges of rs. ..... the assessee contended that it should reconsider its decision in earlier years in so far as the sole selling agent had been assessed to tax on the receipt of the commission from the assessee and that the agreement between the assessee and its selling agent ..... could not persuade myself to agree with the views taken by my learned brother because no documentary evidence could be furnished at the assessment stage by the assessee relating to services rendered by the two persons, namely sri vijay kumar and sri sanjeeb taneja.regarding ground no. ..... by the assessing officer.before the commissioner (appeals), the assessee-company submitted that as per its memorandum of association, its business included "financing, money- .....

Bimal Kumar Singhania Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)100TTJ(Kol.)790

..... and subsequent purchases of land had been duly disclosed in the regular balance sheets of hufs, the logic behind receiving such advances prior to completion of purchase of land can only be questioned in course of regular assessments of the hufs and not in the case of the assessee-individuals.8.4 we further find that even the ao did not feel the need to conduct any further enquiry into the matter by summoning the representatives of ..... learned departmental representative, on the other hand, contended that it was against the general trend of the business the assesse'e does that the goods were primarily sent for approval of the intending customer and on their approval, the sale took ..... showing undisclosed income as under : block assessments under section 158bc of the act. ..... the basis of unsigned mou, we, therefore, affirm the finding of the cit(a) in this regard.13.4 in the instant case also, as stated above, sri jai prakash singhania has led ample evidence to rebut the presumption under section 132(4a) of the act and to prove that what was apparent from the seized books was not true. ..... the assesses's learned counsel submitted that the said books do not portray the real transactions of the singhania grouo (except the bank transactions and part of regular transactions), which he has corroborated by mentioning the facts and surrounding circumstances.according to him, in course of search in the office premises of m/s vinimay leasing & finance ..... 70 and 72/pat/2005 are allowed and ..... 71/pat/2005 is .....

Nopany Education Trust Vs. Additional Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD152(Kol.)

..... be appropriate to examine the question in the year where there is no violation of section 11(5) of the it act, particularly when their lordships of the supreme court have held that activities of the institution for the assessment year under consideration are relevant and are to be evaluated. ..... a profit motive; (ii) if the school has invested the amount either in the past or in the current year for purpose other than education, whether the school can be exempt under section 10(22); and (iii) in the case of the trust, whether the trust can be exempted in spite of the fact that the trust received surplus income of the school and made investment in violation ..... a profit motive; (ii) if the school has invested the amount either in the past or in the current year for purpose other than education, whether the school can be exempt under section 10(22); and (iii) in the case of the trust, whether the trust can be exempted in spite of the fact that the trust received surplus income of the school and made investment in violation ..... the learned am in his order has also suggested that a larger bench should examine the question of exemption under section 10(22) as also the question, whether trust has made investments in violation of section 11(5) and can be allowed exemption under section 11 of the act.however, in the body of the proposed, order he has stated that the revenue authorities did not come to a finding of fact whether these investments were made with companies by the ..... financing ..... finance .....

Veena Kanoria Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD95(Kol.)

..... : this case-law relates to attractability of capital gains on self-generated goodwill and the honble bombay high court has held that in case of the same, there was no transfer or sale of goodwill so as to attract section 12b(1) of the 1922 act.in this case, the honble bombay high court has held the income chargeable to capital gains, tax is to be computed by deducting from the full value of the consideration "the cost of acquisition of the capital assets ..... since no documentary evidence in support of the services rendered by the persons concerned has been filed at the assessment stage, i totally agree with the learned commissioner (appeals) in confirming the disallowance.the 4th ground relates to disallowance of travelling expenses. ..... clearly spells out the nature of services to be rendered by the abovementioned two persons to all the five members of the contracting group as below: you will provide services to us and our associates in the field of our business of financing, money lending, investment, leasing, hire purchase, trading, consultancy, agency, broking etc. .....

itc Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)95TTJ(Kol.)1017

..... it is pertinent to note that the case before the hon'ble bombay high court related to the assessment year prior to the amendment made in 1939, when the prerequisite for allowability of the expenditure under the residuary provision of section 10(2)(ix) of the indian it act, 1922, was that the same should have been incurred solely for the purpose of earning profits or gains, a term, which obviously was much narrower than ..... whether the loss incurred by the assessee on export of trading goods should be set off against profits derived from the export of manufactured goods for the purposes of computing the deduction under section 80hhc of the act.we find that the issue is covered in favour of the revenue by the judgment of the hon'ble supreme court rendered in the case of ipca laboratory ltd v. dy. ..... thus, even if itc classic had benefited from the expenditure incurred by the assessee, the same could still be allowed as deduction under section 37(1) of the act in the hands of the assessee if it can be established that the same was incurred with a view to promote the business needs of the assessee, which, as per the submissions of the learned authorised ..... he further submits that the absence of legal obligation to incur the relevant expenditure is not a deterrent to the deductibility of the same under section 37(1) of the act, if the same was otherwise laid out to promote the assessee's business and again it is immaterial if itc classic had also benefited from the said ..... finance ..... finance .....

Boyd Smiths (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1985)13ITD610(Kol.)

..... a company (other than a banking company or a financial company), incurs any expenditure by way of interest in respect of any deposit received by it, fifteen per cent of such expenditure shall not be allowed as a deduction.explanation (b) to section 40a(8) defines the word 'deposit' as any deposit of money with, and includes any money borrowed by a company, but does not include any amount received by the company as enumerated in clauses (i) to (ix) of explanation (b). ..... , the language of explanation (b) clearly shows that any money entrusted to a company including money borrowed by it would fall within the meaning of explanation (b) with the result that the provision contained in section 40a(8) would be called into play in such a case.if the intention of the legislature was to assign a restrictive meaning to the word 'deposit' the language of explanation (b) would have been quite ..... the learned members in that case took into account the finance minister's speech while coming to the conclusion that the provisions of section 40a(8) are not aimed at payment of interest to private accounts ..... (appeals) following his decision on the issue for the assessment year 1977-78, sustained the disallowance. ..... section 40a(8) of the income-tax act, 1961 ('the act ..... their lordships while interpreting the provisions contained in section 52 of the act. ..... here it would be relevant to point out that in section 269t of the act, the word 'deposit' is defined as any deposit of money which is repayable after notice .....