Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)82TTJ(Kol.)517
..... the assessment order.the assessing officer has taken a possible view in this case ..... the learned cit invoked his jurisdiction under section 263 of the act and by passing the impugned order it was held that the assessment was done without proper enquiry and investigation. ..... case, it cannot be said that the order passed by the assessing officer is erroneous or prejudicial to the interests of the revenue, because the assessing officer not only called for the details before making the assessment, but he further verified the materials which were produced before him by the assessee in response to the notice issued under section 142(1).hence, there is no justification to hold that the assessing officer did not investigate into the matter before passing ..... (3) letter from bank/financing company or department regarding sanction of secured loan/cash credit limit/bill discount and purchase mentioning details of securities/hypothecations offered either by the assesses-company or its directors or shareholders or anyone on behalf of the company. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)91ITD153(Kol.)
..... for the assessee contended that the expenditure incurred by the assessee was to facilitate carrying on of the business of the assesse with the help of references and educational material.the expenditure was not for acquisition of any capital asset. ..... would be pertinent to mention that profits and gains of business are required to be computed in accordance with the provisions of sections 30 to 43 d as provided under section 29 of the income-tax act, 1961. ..... during the financial year relevant to the assessment year to which the appeal pertains, the appellant returned a total income ..... section 37 is a residuary section which reads as under: "section 37(1) any expenditure not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee laid out or expended wholly and exclusively for the purposes of the business or professional shall be allowed in computing the income ..... , 1998, the assessing officer has made certain additions to returned income as ..... the assessing officer has commented that as with the said payment the appellants "acquired the right to conduct the commercial activities of another company for an indefinite period, the consideration passing in acquiring such right should be treated ..... intended to eliminate competition between the two companies and promote the business of the appellant company which was incorporated with the specific objective of carrying on training courses on finance. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)116TTJ(Kol.)393
..... of the revenue authorities and the various decisions relied on by the learned counsel.6.1 we find that the amritsar bench of the tribunal in the case of kailash associates (supra) after considering the provisions of section 234c has held as under (short notes): section 234c provides that where in any financial year the advance tax paid by the assessee on his current income: (i) on or before the due date of the first instalment (15th september) is less than ..... in the light of the discussion above, and respectfully following the amritsar bench decision of the tribunal, we accept the assessee's working of interest under section 234c of the act and direct the ao accordingly.6.3 considering the totality of the facts of the case and relying on the decisions of amritsar bench and mumbai benches of the tribunal as cited above and in absence of any contrary decision brought ..... the learned counsel for the assessee while reiterating the same submission as made before the learned cit(a) further submitted that interest under section 234c is compensatory in nature and therefore the same should be charged only for the period of default and not for the entire period of 3 months. ..... section 234b provides for the levy of interest on account of non-payment of advance tax/short payment of advance tax less than 90 per cent of assessed tax @ 2 per cent per month. ..... 8 and 9 of the order has held as under: in the light of the decision of the bombay high court in the case of kotak mahindra finance ltd. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)6ITD456(Kol.)
..... in the alternative, the appellant had also claimed that depreciation should be allowed on the enhanced cost of plant and machinery in case the increase in the cost was capitalised under section 43a of the income-tax act.in the latter case, the appellant would like to clarify that two consequences should logically follow : (i) for the purpose of calculating depreciation, the cost of the relevant capital assets should be written up ..... since the present order of the tribunal has been passed without verifying the correctness of the figures and without going through the question of its effect on the assessments for the other years, it would be proper that instead of allowing the claim straightaway the matter be referred back to the 1to for allowing it after verification in terms of ..... since the claim was neither considered by the ito nor by the commissioner (appeals) and the assessee had already moved the commissioner (appeals) for reconsideration thereof under section 154, who could consider the same and even the material for adjudicating the ground had not been produced before the authorities below.15. ..... rai bahadur hardutroy motilal chamaria [1967] 66 itr 443 for the proposition that there must be something in the assessment order to show that the ito applied his mind to the particular subject-matter and the particular source of income with a view to consider its taxability or non-taxability and ..... from the interpretation of section 43a as provided by the ministry of finance as per their .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)16ITD637(Kol.)
..... case may be, included in the total income (as computed without applying the provisions of section 64 and before making any deduction under chapter vi-a or section 280-o) in respect of the previous year relevant to an assessment year commencing on or after the 1st day of april, 1967, (not being an assessment year prior to the initial assessment year or subsequent to the fourth assessment year as reckoned from the end of the initial assessment year) falls short of the relevant amount of capital employed during the previous ..... to as deficiency) shall be carried forward and set off against the profits and gains referred to in sub-section (1) as computed after allowing the deductions, if any, admissible under section 80hh and the said sub-section (1) in respect of the previous year relevant to the next following assessment year and, if there are no such profits and gains for that assessment year, or where the deficiency exceeds such profits and gains, the whole or balance of the deficiency, as the ..... in the assessment year 1976-77 the assessee's claim under section 80j was dealt with by the ito in the following manner : the assessee claimed relief under section 80j of the income-tax act, 1961 for unit no. ..... we have examined the provision in the finance (no.2) bill, 1967 by which section 80j was sought to be introduced by deleting section 84 of the act. ..... the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1987)21ITD302(Kol.)
..... reasons recorded by the wto in the order sheet vide entry dated 26-11-1967 he reopened the assessments for all the four assessment years under section 17 of the act, as according to him, because of non-disclosure of the material facts of deriving capital ..... words "whether the assets referred to in any of the sub-clauses aforesaid are held in the form in which they were transferred or otherwise" occurring before the proviso at the end of section 4(1) make it clear that even if there is a conversion of the assets transferred into some other form of assets, still the value of the transferred assets would be includible in the net ..... clause which required disclosure of the income of any person other than the income of the assessee which was liable to be included in his total income nor was the assessee required under section 22(5) of the indian income-tax act, 1922 to disclose in the return that any income was received by his wife or minor child admitted to the benefits of partnership in a firm of which he was a partner. ..... be included in the gifted asset for the purpose of section 4(1)(a)(ii).for the assessment years 1969-70 to 1972-73, the assessee, an individual, filed returns under section 14 of the wealth-tax act, 1957 ('the act') on 29-11-1969, 28-10-1970, 27-7-1971 and 1-8-1973, ..... on the facts of the case, therefore, the wto had no jurisdiction to reopen assessments under section 17(1)(a).it is not necessary for us to discuss the authorities cited on behalf of the ..... by the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD574(Kol.)
..... a question now arises: cannot the receipt, in the present case, be assessed as "income from other sources" but even under section 56, the amount received should be 'income' and a mere receipt which docs not possess any of the attributes of 'income ..... : i may say at once that i do not think that the taxing authorities were right in assessing the value of the shares under section 7 of the act. ..... the delhi high court decision was relied on for the purpose of showing that payments, other than those expressly referred to in section 17(3)(ii), made by an employer to his employee on personal considerations and without any reference to the terms of employment or to the services rendered by the latter, would not be treated as "profits in lieu of salary" within the meaning ..... dated 30-11 -1983, issued by mr signed by its joint managing director was furnished before the assessing officer.this certificate is reproduced below: this is to certify that the sum of 35,000 was paid ..... on the "gentlemen's agreement" was raised by the assessee before the ito only in support of his alternative contention that the amount, if at all, could be assessed only in the assessment year 1985-86 when the period of one year would expire on 24-5-1984. ..... he referred to the following decisions in support of the assessee's claim that the receipt was not taxable under section 17(3)(i7): a paper book was also filed on behalf of the assessee containing the relevant documents, such as, the terms of ..... jakes, finance director of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)50ITD118(Kol.)
..... the cit later took proceedings under section 263 of the income-tax act, 1961.according to him, the assessment order was erroneous and prejudicial to the interests of revenue inasmuch as the loss of the dankuni unit as set off against the profits of the taratola ..... view of the matter, he came to the conclusion that the income-tax officer was in error in allowing the assessee to make up its accounts in respect of dankuni unit up to 30-9-1984 for the assessment year 1985-86 and thereby permitting the assessee to adjust the loss from the dunkuni unit against the profits of taratola unit. ..... is assumed only for the purpose of argument that the assessee set up a new business even then the provisions of section 3(1)(d) will apply and the previous year could have been ending with the said financial year i.e. ..... the dankuni unit of the assessee, the profits from which are also assessable under the head "business", nevertheless, constitutes a separate source of income for the assessee in respect of which the assessee is free to opt for a previous year different from the previous year adopted in respect of ..... not appear to be necessary for us to cite any decisions in support of our view because the language used in section 2(11) is itself clear and quite distinct from the language used in section 6 and a clear distinction is made between a 'source' of income and 'head' of income.8. ..... set up only a new unit to manufacture the same item under the same management and with the same finances etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)57ITD512(Kol.)
..... the effect that the assessee had concealed its income or had furnished inaccurate particulars thereof.it is pointed out that the penalty has been levied merely for the reasons given in the assessment order which is not permissible in law.the learned counsel for the assessee further contended that the addition was made merely because of the inability of the assessee to prove the creditworthiness ..... proceedings, the assessee has pointed out to the list of shareholders furnished at the time of the assessment and has also invited the ito to issue summons to them under section 131 of the act or to obtain relevant information under section 133(6) of the act in order to elicit the true position regarding the cash subscription. ..... his total income have been disclosed by him, then, the amount added or disallowed in computing the total income of such person as a result thereof shall, for the purposes of clause (c) of the sub-section, be deemed to represent the income in respect of which particulars have been concealed.what we thus find is that the only substantial change that has been effected by the amendment is that whereas prior to ..... while upholding the contention of the revenue that under the explanation the burden was shifted to the assessee to show that the difference between the returned income and the assessed income was not due to fraud or gross or wilful neglect on the assessee's part, the supreme court laid down the following further propositions : (1) the onus placed on the ..... finance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD400Cal
..... (i) and reducing the net profit by the amounts referred to in clauses (i) and (ii)] attributable to the business, the profits from which are eligible for deduction under section 80hhc or section 80hhd; so, however, that such amounts are computed in the manner specified in sub-section (3) or sub-section (3a) of section 80hhc or sub-section (3) of section 80hhd, as the case may be; or (iv) the amount of the loss or the amount of depreciation which would be required to be set off against the profit ..... "if the reserves have been created or provisions have been made after 1st day of april, 1988, and have gone to increase the book profits in any year when the provisions of section 115j of the income-tax act were applicable", was to take care of a situation in which, on one hand assessees reduced the book profit by creating the reserves, but not adding the same to the net ..... on account of transfers to and from the reserves, then, since the revaluation reserve was not created by any debit to the profit & loss account, in the previous year relevant to the assessment year under appeal, then by virtue of the explanation rendered at the time of amendment, as reproduced earlier, then, the amount withdrawn from the revaluation reserve account, is to be, reduced to give the figure ..... while introducing the section 115j, hon'ble finance minister, on the floor of the house, inter alia stated that: i now purpose to introduce a provision whereby every company will have to pay a minimum 'corporate tax' on .....
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