Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD540(Kol.)
..... supreme court held as follows while explaining the scope of the deduction allowable under section 10 (2) (iii) or section 10(2)(xv) and section 12(2) of the indian income-tax act, 1922 corresponding to section 36(l)(iv), section 37(1) and section 57(iv) of the income-tax act, 1961, respectively, at page 208 of the reports : proceeding to consider the claim for deduction made by the assessee under section 10(2)(iii) or section 10(2)(xv), we may point out that under section 10(2)(tii), three conditions are required to be satisfied in order to enable the ..... & sons ltd, 's case (supra) is authority for the proposition that in order to obtain development rebate under section 33 of the income-tax act, 1961, what is required is that the plant or machinery after installation must be used or first put to use for the purpose of the assessee's business and the section does not require that even in the very year of installation or in the year of first user, the assessee ..... the revenue that the cit(a) had not given any concrete reasons for deleting this addition which had been made by the ito in accordance with the provisions of section 40a(3) of the act in the absence of any material placed by the assessee to fulfill the conditions laid down in rule 6dd(j) of the it rules.51. ..... which the revenue objects to the direction given by the cit(a) to allow deduction under section 80m of the act on the gross dividend without making any deduction for expenses as was done by the ito in the assessment order. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD162Cal
..... this appeal, filed by the revenue, is directed against the order dt.14th april, 1998, passed by the cit(a)-xv, calcutta, in the matter of order under section 195(2) of the it act, 1961 (hereinafter referred to as 'the act'), passed by the ao directing the assessee to deduct tax at source at the rate of 35 per cent from payments made to mr. ..... in our view, there is no doubt about the fundamental legal position that by the virtue of section 90(2) of the act, where the central government has entered into, under section 90(1), an agreement with a foreign country, for granting relief of tax or for avoidance of double taxation, then, in relation to the assessee to whom such agreement applies, the provisions of this act shall apply only to the extent such provisions are more beneficial to the assessee. ..... on 28th may, 1996, the assessee tax deductor moved an application under section 195(2) of the act, seeking the ao's permission to make the remittance to the consultant without any deduction of tax at source. ..... at no stage of the proceedings, the assesses has filed any evidence in support of taxability of this amount in austria. ..... revenue is aggrieved that the cit(a) erred in holding that no tax is required to be deducted under section 195 of the act from the aforesaid payment.2. ..... seeberger in connection with the said rendering of technical services are taxable in india, being income deemed to accrue/arise in india within the meaning of section 9(1)(vii) r/w section 5(2)(b) of the it act, 1961. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)53ITD381(Kol.)
..... the aforesaid reasons we direct the assessing officer to exclude from the assessment the profits assessed under section 41(2) of the act. ..... the entire undertaking together with its assets and liabilities for a slump price and no price was fixed item-by-item in respect of the different assets belonging to the undertaking, no part of the surplus could be assessed under section 41 (2) of the act. ..... therefore, upheld the assessment of the profits under section 41(2). ..... may be clarified that the assessee has no objection to pay the capital gains tax under section 45 of the act in respect of the slump sale.18 to 24. ..... assessee is in further appeal before us questioning the applicability of section 41(2) of the act to what it contends to be a "slump transaction". ..... in this appeal we are concerned with the assessment year 1985-86 for which the previous year ended on 31-5- ..... it was, therefore, contended that the assessment of the profits which represent the depreciation on the machinery allowed earlier should be ..... 9 of the scheme which empowers the assessee-company to stop payment of pension if it is found that the employee acts in a manner prejudicial to the assessee does not detract from the nature of the liability. ..... [1962] 46 itr 144 at page 148, for the purpose of the income-tax act a mere book keeping entry cannot decide the question whether a particular receipt is taxable or whether a particular claim is allowable as a deduction, whatever may be the method of ..... under section 41(2) of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1997)61ITD275Cal
..... angle it is viewed from, it is clear that the expenditure is allowable as business expenditure under section 37(1), having been incurred wholly and exclusively for the purpose of the assessee's business. ..... court held further that in the absence of any oblique motive in advertising the products, it must be held that the expenditure being incurred to promote the business, must be allowed under section 37(1) irrespective of the result because advertisements facilitate the carrying on of the business. ..... in the assessment the cost of the statue was disallowed on the ground that it had no bearing to the business and had no ..... of calcutta for the purpose of sculpting a status for installation of the same at the intersection of the park circus and the eastern metropolitan bypass.there is a traffic island at the inter-section in which the statue was to be installed. ..... above reasons we hold that the expenditure is allowable as deduction under section 37(1) and allow the appeal. ..... [1964] 53 itr 140 as having wide scope, taking in not only the day-to-day running of the business but also rationalisation of the administration and modernisation; it comprehends many other acts incidental to the carrying on of the business. ..... bypass inter-section for the installation of the statue apparently was that people coming from and going to dum dum airport would have a ..... also observed that the statue was installed at the request of "forum one" which was an association registered under the wet bengal societies act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)78TTJ(Kol.)646
..... assessee-company has a one hundred per cent export oriented unit (eou), known as 'instant tea division', in respect of which exemption under section 10b was claimed for this year, even though the assessee had already availed "the benefit of section 10b for five consecutive years and section 10b(3), as it stood in the relevant assessment year and in fact prior to the amendment w.e.f. ..... morton observed that "these heroics are out of place" and pointed of lord tucker "your lordships would be acting in a legislative rather than judicial capacity of the view put forward by denning l.j. ..... a judge should ask himself the question how, if the makers of the act had themselves came across this ruck in the texture of it they would have straightened it out he must do as they would have ..... -99, solitary grievance of the assessee is that the cit(a) erred in rejecting assessee's claim for exemption under section 10b of the it act, 1961. ..... a judge must not alter the material of which the act is woven, but he can and should iron out the ..... 4 seeks to similarly extend the five year tax holiday period to ten years to the export-oriented units under section 10b of the act. ..... hon'ble supreme court referred to, with approval, lord loreburn's observation, "we are not entitled to read words into an act of parliament unless clear reasons for it is to be found , within the four corners of the act itself. ..... in a taxing act one has to look at merely what is clearly ..... "in a taxing act one has to look at merely what is clearly .....
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