Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD44(Kol.)
..... is inserted to clarify that no re-assessment under section 147 or rectification ..... further, in section 14a of the act, the following proviso was inserted by the finance act, 2002 with effect from the 11th day of may, 2001, namely:- "provided that nothing contained in this section shall empower the assessing officer either to reassess under section 147 or pass on order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154 for any assessment year beginning on or before the 1st day of april, 2001" this proviso to section 14a ..... 23.2 through finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the assessing officer shall not reassess the cases under section 147 of pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of april, 2001. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)101ITD229(Kol.)
..... incurred by the assessee in providing ordinary meals to outstation customers according to established business practice, was a permissible deduction under section 37(2a), to which the assessees were entitled in the computation of their total income for the purpose of payment of tax under the 1961 act during the relevant period prior to 1.4.1976.5.10 however, sub-section (2) of section 37 was substituted by the finance act, 1992 with effect from 1.4.1993 and later on amended by the finance act, 1994 with retrospective effect from 1.4.1993. ..... counsel for the assessee arc prior to the substitution of sub-section (2) of section 37 of the income-tax act by the finance act, 1992 with effect from 1.4.1993 and later on amended by the finance act, 1994 with retrospective effect from 1.4.1993, therefore, in view of the non obstante clause provided in sub-section (2) of section 37, the decisions relied on by the ld. ..... therefore, taking into consideration the facts and circumstances coupled with the authoritative pronouncements we allow the assessee's ground of appeal in assessment year 1993-94 and reject the ground of appeal taken by the department in assessment year 1991-92.5.19 we further find that the assessing officer in the assessee's own case for the assessment year 1995-96 while passing setting aside order pursuant to the direction of the tribunal has allowed the entertainment expenses amounting to rs. ..... 28,69,679.002004-2005 rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)301ITR171(Kol.)
..... ito have upheld the constitutional validity of section 40a(3) and of rule 6dd after amendment by the finance act, 1995 and the income-tax (fourth amendment) rules, 1995, ..... point out that before its omission by the income-tax (fourteenth amendment) rules, 1995 with effect from july 25, 1995, rule 6dd(j) reads as under: (i) in any other case, where the assessee satisfies the assessing officer that the payment could not be made by a crossed cheque drawn on a bank or by a crossed bank draft: (2) because payment in the manner aforesaid was not practicable, or would have caused genuine difficulty to the payee ..... the total income of the assessee for the previous year in which such liability was incurred and make the necessary amendment, and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned from the end of the assessment year next following the previous year in which the payment was so made: provided further that no disallowance under this sub ..... parlance meaning should be given to the word "producer" and not a very narrow meaning be given to it, as given by the revenue.sri gautam banerjee in the rejoinder stated that the assessing officer has raised the issue of applicability of section 40a(3) at the fag end of march when the assessment was becoming barred by limitation.therefore, there was no time left so as to bring on record the material to prove that the suppliers are producers. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1997)60ITD348(Kol.)
..... so as to be taxable and not the incomplete portions of the buildings or for that matter the building in progress.accordingly, we hold that the portion shown by the assessee as building in progress is not a taxable asset within s. 40(3)(vi) of the finance act, 1983, and so the impugned order of the learned cit(a) (sic) in upholding the assessment order of the wto in bringing the said building in progress to wealth-tax is not legally tenable.9 ..... he has contended that the object of bringing the company to wealth-tax under the finance act, 1983, was to defeat the avoidance of personal wealth-tax by forming closely-held companies to which the tax avoider assessees transferred their unproductive assets but in this case the assessee's assets are not ..... 40(3) of the finance act, 1983, it is "building" which is a ..... 40(3) of the finance act, 1983, to the let out portion of the property which is the business assets of the ..... 6 and further elaborated for the purposes of computation in following sections of the it act, 1922, are intended merely to indicate the classes of income and that the heads do not exhaustively delimit sources from which income ..... and elaborated in the following sections do not exhaustively define sources for the purpose of computation of total income and the break up thereby indicated should not be income and the break-up thereby indicated should not be regarded as rigidly delimiting the source of income under different heads for the purpose of other provisions of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD303(Kol.)
..... in the assessment made under section 143(3) on 30-3-1990, the ito assessed the total income @ 55%, which was the rate applicable in the case of an industrial company as defined in the relevant finance act.on 16-7-1991, the assessment was amended under section 154 of the act and in this order, after a some what elaborate discussion, the ito held that the assessee cannot be treated as an industrial company. ..... but it is contended that the interpretation placed on the provisions of the relevant finance act by the tribunal for the assessment year 1981-82 is in respectful conformity with the interpretation placed on the provisions by the kerala high court and andhra pradesh high court in the decisions cited supra and, therefore, in the interest of judicial discipline and ..... in the assessment year 1981-82, a controversy arose as to whether the assessee should be treated as an industrial company within the meaning of the relevant finance act, so that it would be assessed at a lesser rate of tax compared to a trading company. ..... for that purpose, he has placed reliance upon the explanation to the clause (c) of section 2(7) of the finance act, 1981 which is reproduced above. 4. ..... the correct rate of tax in this case for the assessment year 1986-87 should be 60 per cent instead of 50 per cent originally charged by the assessing officer and also subsequently charged by him in terms of his orders under section 154 of the it act dated 17-12-1991. 5. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)47ITD536(Kol.)
..... 1-4-1988 was applicable with retrospective effect from 1-4-1984 (1984-85 assessment), it should be held that the substitution of clause (a) of section 43b by finance act, 1988 w.e.f.1-4-1989 took retrospective effect from 1-4-1984 and therefore must be held applicable for the assessment year in appeal. ..... ito [1976] 103 itr 123, the supreme court, while dealing with the provisions of section 171(6) of the income-tax act and while holding that the said sub-section was not applicable to an assessment made on a hindu undivided family for any assessment year prior to 1-4-1962, when the act came into force, held as under : now, it is a well-settled rule of interpretation hallowed by time and sanctified by judicial decisions that, unless the terms of a statute expressly so provide ..... it has been held that 'cess' is different in nature and character from "tax or duty" and therefore it cannot be disallowed under section 43b as it stood prior to the amendment to the section made by finance act, 1988 w.e.f. ..... here is the present case, the assessments of the hindu undivided family for the assessment years 1950-51 to 1956-57 were completed in accordance with the provisions of the old act which included section 25a and the income-tax officer was, therefore, not entitled to avail of the provision enacted in sub-section (6) read with sub-section (7) of section 171 of the new act for the purposes of recovering the tax or any part thereof personally from any members of the joint family .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD132(Kol.)
..... has been whether a cold storage is an 'industrial company' as defined in section 2(1)(d) of the finance acts of 1966 and 1967. ..... ) also related to the expression 'industrial company' under section 2(6)(d) of the finance act, 1968. ..... (supra) deals with the word 'power' as used in clause (g) of section 2 of the finance act. ..... in course of assessment proceedings, it claimed under section 32a of the act, investment allowance on a sum of ..... , the commissioner scrutinised the records of the assessee and came to hold the view that the investment allowance under section 32a has been wrongly allowed by the ito in the assessment.according to the commissioner, the plant and machinery used by the assessee in its cold storage plant did not qualify for relief under section 32a. ..... thus, he came to the conclusion that the assessment order passed by the ito was erroneous so far as it was prejudicial to the interests of the ..... appeal has been filed by the assessee against the order dated 31-12-1981 of the commissioner passed under section 263 of the income-tax act, 1961 ('the act') relating to the assessment year 1980-81.2. ..... in that case, the assesses was engaged in extracting crude mica from the mines and breaking them into small ..... , he passed the impugned order dated 31-12-1981, directing the ito to withdraw the investment allowance allowed in the original assessment and modify the assessment accordingly.4. ..... in the assessment done on 11-5-1981, the ito allowed the investment allowance as claimed by the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD22(Kol.)
..... 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 ..... consequently, section 80wa was omitted by section 40 of the finance act, 1987, and section 115j was introduced by section 43 of the finance act, 1987 ..... case of an assessee being a company, the amount or, as the case may be, the aggregate amount which, but for the provisions of this section, would have been admissible as deduction for any assessment year under any one or more of the provisions of this act specified in sub-section (2) exceeds seventy per cent, of the amount of total income as computed had no deduction been allowed under any of the said provisions (such ..... amendment in section 115j by section 19 of the finance act, 1989 [1989 ..... was introduced by section 32 of the finance act, 1983 [1983] ..... income has resulted on the realisation of investments made and, consequently, no income is to be charged under section 45.thus, in computing the income under the provisions of the income-tax act, the assessing officer herself had excluded the capital gain arising from the transfer of the shares from the total income of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)112ITD57(Kol.)
..... issue of a cheque or draft or by any other mode on or before the due date as defined in the explanation below clause (va) of sub-section (i) of section 36, and where such payment has been made otherwise than in cash, the sum has been realized within fifteen days from the due date.the above second proviso has been omitted by the finance act, 2003 with effect from 1.04.2004 and the special bench, chennai in the case of kwality food ..... reads as under: where the assessee incurs any expenditure in respect of which payment has been or is to be made to any person referred to in clause (b) of this sub-section, and the assessing officer is of opinion that such expenditure is excessive or unreasonable having regard to the fair market value of the goods, services or facilities for which the payment is made or the legitimate needs of the business or profession of the ..... . therefore, we set aside the orders of the authorities below and allow the claim of the assessee with respect to the provisions made for the said sum during the assessment years under consideration.we, therefore, considering the facts and circumstances involved in the case and in the light of above discussion and respectfully following the earlier order of this tribunal in assessee's own case, do not ..... no. 4409 of 2005, the above proposition has been accepted by the assessing officer, if so, then excise duty and sales tax also cannot form part of the "total turnover" under section 80hhc(3), otherwise the formula .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)96TTJ(Kol.)1041
..... . 2nd april, 1982, by virtue of which the cbdt has clarified that in the event of conflict between the provisions of the it act, 1961, and the provisions of dtaa, the provisions of dtaa would prevail over the provisions of the it act.according to the learned counsel for the assesses, explanation to section 90 incorporated by the finance act, 2001, with retrospective effect from 1st april, 1962, is inapplicable in view of the clarification of the cbdt relating to the rate of tax chargeable in the ..... . we would have no difficulty in following the elaborate decision of our co-ordinate bench, but for the amendment in section 90 of the it act, 1961, by the finance act, 2001, with retrospective effect from 1st april, 1962 ..... . the learned departmental representative, on the other hand, contended that the issue relating to the rate of tax is to be decided in the light of the explanation to section 90(2) inserted by finance act, 2001, with retrospective effect from 1st april, 1962 ..... the cit(a) has referred to the decision of the tribunal in favour of the assessee, but has pointed out that after the decision of the tribunal, there has been amendment by the finance act of 2001, in section 90 of the it act, 1961, by virtue of which an explanation to section 90(2) was added. ..... . 1996-97 and on consideration of the explanation to section 90(2) of the it act as discussed above, i direct the ao to recalculate the tax in accordance with the provisions of finance act relating to the asst. yr .....
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