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Joint Commissioner of Income Tax Vs. I.T.C. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)115TTJ(Kol.)45

..... a cheque or draft or by any other mode on of before the due date as defined in the explanation below clause (va) of sub-section (1) 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 w.e.f. ..... (b) any sum payable by the assessee as an employer by way of contribution to any pf or superannuating fund or gratuity fund or any other fund for the welfare of employees.the assessment year in question before us is 1997-98 during which the second proviso to section 43b during the relevant period reads as under: provided further that no deduction shall, in respect of any sum referred to in clause (b), be allowed unless such sum has actually been paid in cash or by issue of ..... 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 ..... 4409 of 2005, the above proposition has been accepted by the ao, if so, then excise duty and sales-tax also cannot form part of the total turnover' under section ..... cit(2005) 95 ttj (ahd)(sb) 867 : (2005) .....

Chloride India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1995)53ITD180(Kol.)

..... for this purpose, section 89a was first introduced into the income-tax act by the finance act, 1982. ..... thereafter, the section was omitted and it was replaced by section 80hhc introduced by the finance act. ..... 1 -4-1991 by the finance act, 1990. ..... the deduction under section 80hhc would be reworked by the assessing officer accordingly.11. ..... this decision establishes the proposition that it is necessary to infer the intention of the legislature while interpreting the provisions of a section it also establishes the proposition that even though in respect of the fulfilment of the second condition viz. ..... it also exports batteries and in respect of the export it is entitled to deduction under section 80hhc of the act.the entitlement of the assessee to the deduction is not disputed in the present appeal. ..... the purchase of the new house, the word "mainly" did not find a place, the section should be so interpreted as to project into the second condition the same terms as in the first condition for exemption, viz. ..... there is also another difficulty in adopting the definition of the words 'total turnover' as appearing in the bengal finance (sales-tax) act, 1941 to the provision of section 80hhc. ..... das, the learned departmental representative, was the same as that of the assessing officer and the cit(a). ..... there was no definition of the 'total turnover' for the assessment year 1986-87. ..... this appeal by the assessee is directed against the order ofthecit(a) dated 30-7-1990 for the assessment year 1986-87.2. .....

Hamilton and Co. (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1994)48ITD534(Kol.)

..... the leasehold interest in the land cannot be included in the assessment will have to be accepted having regard to the fact that what is includible under section 40(3) of the finance act, 1983 in the assessment of the closely held company is the different types of assets specified in that sub- section only. ..... liable to wealth-lax by virtue of section 40 of the finance act, 1983 from the assessment year 1984-85. ..... only if the building is found to have been used by the assessee for its business or for any of the purposes mentioned in clause (vi) of section 40(3) of the finance act, 1983, can the assessee be given exemption we therefore direct the wto to examine this question and adjudicate on the issue in accordance with law and after giving adequate, opportunity of being heard to ..... that the contention of the assessee that the standard rent under the delhi rent control act alone has to be the basis of estimating the market value of the property under the rent capitalisation method has to be accepted.under section 7(1) of the it act, the value of any asset, other than cash, shall be estimated to be the price which in the opinion of the assessing officer it would fetch if sold in the open market on the valuation date. ..... on appeal, the cit (appeals) upheld the view of the wto that under section 7(1) of the wt act the market value of the property as on the valuation date has to be found out and while finding out such market value the standard rent cannot be taken as the market rent and it .....

Nu-stores (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1996)59ITD150(Kol.)

..... in our humble opinion, the provisions contained in explanation 1 to section 2(m) of the wt act which have been introduced by the amendment by the finance act, 1987, no doubt embrace the principle of beneficial ownership by way of deemed ownership as contained in section 27(iiia), (iiib), section 269ua (f)(i) of the it act but there having not been any such amendment in section 40 of the finance act, 1983, the said principle of beneficial ownership can hardly be applied in the matter in hand. ..... cwt (a) has held the assessee assessable for the said property for the assessment year 1988-89 on the analogy of the principle of equitable ownership or beneficial ownership as contained in section 53a of the t. p. ..... 61 to 64 in his paper book and he has specifically referred to para 3 of the said assessment order in which at page 62 of the paper book it is clearly observed that the assessee is still now under occupation of the said property by virtue of lease deed dated 20-7-1983. ..... has supported the cwt (appeal)'s order regarding the above four assessment years and has argued that no sale deed having been executed nor registered in favour of the lessee/assessee-company by the lessor/vendor the assessee-company has not legally become the owner of the ..... cwt (a) allowed the assessee's appeal for the assessment years 1984-85 to 1987-88 holding the assessee-company as not assessable to wealth-tax in respect of the property in question but the ld. .....

Khimjee Hunsraj Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1999)69ITD322(Kol.)

..... we have already produced the grounds of appeal, and as may be observed the question involved is common as to whether the 90 per cent of the amount referred to in explanation (baa) of section (4a) of section 80hhc of the act in respect of the items mentioned therein is to be reduced by 90 per cent of the gross amount of or 90 per cent of the net amount and accordingly, we shall deal with both the grounds together.7 ..... the assessee filed a return relating to the assessment year 1992-93 and in computing the total income, it claimed deduction under section 80hhc of the income-tax act (hereinafter referred to as 'the act'). ..... 23,39,883.the assessing officer is directed to recompute the benefit under section 80hhc of the act on the above basis ..... the assessing officer considered that as per explanation (baa) in section 80hhc of the act out of the receipts inter alia of import licence premium or of any receipts by way of brokerage, commission, etc ..... in computing the admissible deduction under section 80hhc, the assessing officer reduced the business income amongst others, the gross brokerage and commission totalling ..... section was lastly amended by the finance (no ..... in providing 10 per cent deduction, the intention is that it is attributable as a part of the common expenses in earning such income, is mentioned in the memorandum explaining to the provisions in finance (no. ..... which do not have an element of turnover are included in the profit & loss a/c.therefore, by way of an amendment by finance (no. .....

Ms. Enfield Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... the decision of the gauhati high court is based on the applicability of the explanation to section 271(1)(c) which was inserted by section 40 of the finance act, 1964 with effect from 1-4-1964. ..... the explanation reads as under: explanation : where the total income returned by any person is less than eighty per cent of the total income (hereinafter in this explanation referred to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced by the expenditure incurred bona fide by him for the purpose of making or earning any income included in the total income but which has been disallowed as a deduction), such person shall, unless he proves ..... sub-section (2) of section 158bfa and the explanation to section 271(1)(c) as inserted by the finance act, 1964, have nothing in common. ..... factors must co-exist: (i) there must be some material or circumstances leading to the reasonable conclusion that the amount does represent the income of the assessee, and, (ii) the mere fact that the amount has been assessed as income is not sufficient for the purpose of levying penalty but the circumstances must show that there was conscious and deliberate concealment of income or conseious furnishing of inaccurate particular thereof on the part of the assessee ..... suresh kumar, reported in (2005) 97 itd 527 (cal-trib) also held identical view. .....

Dunlop India Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1992)41ITD582(Kol.)

..... the "assessed tax" is defined under section 215(5) of the act as under: 215(5) in this 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, section 195 and section 196 a 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 is made.it is clear from the definition that "assessed tax", for the purpose of sub-section (5) of section 215, is not the tax determined on the basis of regular .....

Enfield Industries Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)107ITD1(Kol.)

..... section (2) of section 158bfa and the explanation to section 271(1)(c) as inserted by the finance act ..... reads as under: explanationwhere the total income returned by any person is less than eighty per cent of the total income (hereinafter in this explanation referred to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced by the expenditure incurred bona fide by him for the purpose of making or earning any income included in the total income but which has been disallowed as a deduction), such ..... (1) there must be some material or circumstances leading to the reasonable conclusion that the amount does represent the income of the assessee, and, (ii) the mere fact that the amount has been assessed as income is not sufficient for the purpose of levying penalty but the circumstances must show that there was conscious and deliberate concealment of income or conscious furnishing of inaccurate particulars thereof on the ..... based on the applicability of the explanation to section 271(1)(c) which was inserted by section 40 of the finance act, 1964 w.e.f. ..... thoroughly all the seized documents and ultimately with a view to remove the defects occurred for the said reasons in its return under section 158bc and to make the block return as also block assessment error-free, filed additional information by way of a declaration showing resultant positive income replacing loss originally declared in the block return. ..... suresh kumai (2005) 95 ttj (kol) 926 : (2005) 97 ttd .....

Assam Fronter Tea Co. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1994)49ITD412(Kol.)

..... dated 5-7-1976 issued by the cbdt explaining the provisions of the finance act, 1976, was introduced in section 9. ..... further pointed out that the assessee in the present case has not proved the source and nature of the deposit in the bank, and, therefore it was not possible to invoke the provisions of section 9(1)(v) and construe the same in its favour.besides this argument, the departmental representative also placed reliance on the order of the cit(a).5. ..... according to him, there was no question of treating the bank in england as a non-resident within the meaning of sub-clause (c) of that section, since as far as the income-tax department was concerned, the bank in england had no focus standi in the present case and the bank had no activities in india to the knowledge of the income- ..... it may be noticed that though the cit(a) took the view that the interest income arose out of the assessee's business connection in india, he confirmed the assessment of the interest under the head 'other sources'.3. ..... took the view that the interest was includible in the assessment under the head "other sources". ..... while completing the assessment, it was noticed by the income-tax officer that the assessee had not included the interest income of ..... provisions came into effect from the assessment year 1977-78. ..... appeal filed by the assessee is directed against the order of the cit(a) dated 19-3-1990 for the assessment year 1977-78. ..... must be excluded from the assessment. ..... he brought the same to tax in the assessment. .....

Kanoi Industries (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)100ITD462(Kol.)

..... to believe that by reason of the omission or failure on the part of the assessee to make a return under section 7 for any assessment year or to disclose fully and truly all material facts necessary for his assessment for any assessment year, chargeable interest for that year has escaped assessment or has been underassessed or has been made the subject of excessive relief under this act, or (b) notwithstanding that there has been no omission or failure as mentioned in clause (a) on the part of the ..... sub-section (2) of this section provides that there shall be charged on every credit institution/finance company for every assessment year commencing on and from 1st day of april, 1992, interest-tax in respect of its chargeable interest of the previous year @ 3 per cent of such chargeable interest. ..... defines the meaning of 'financial company' and clause (iv) of the section clarifies that a company which carries on, as its 'principal business', the business of providing finance, whether by making loans or advances or otherwise shall come under this definition.the learned counsel invited our attention to the audited accounts for three years under appeal to strengthen his arguments that the principal .....