Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)80ITD9(Kol.)
..... as clause (va) to section 2(5b) was inserted by finance act, 1992 w.e.f. ..... , whether in cash or kind, or disbursing monies in any other way, to persons from whom monies are collected or to any other person, but does not include any institution, which - (i) is an industrial concern as defined in clause (c) of section 2 of the industrial development bank of india act, 1964, or (b) the purchase or sale of any goods (other than securities) or the providing of any services; or (c) the purchase, construction or sale of immovable property, so, however, that no portion of the income of the institution is derived ..... of deposit or loan or in any other form, but does not include,-- (iii) amounts received from a scheduled bank or a co-operative bank or any other banking company as defined in clause (c) of section 5 of the banking regulation act, 1949 (10 of 1949); (c) any financial institution specified in or under section 6a of the industrial development bank of india act, 1964 (18 of 1964) or, (d) any other institution that may be, specified by the bank in this behalf, (v) amounts received in the ordinary course of business, by way of- (d) advance against orders ..... it provides the levy of tax on every credit institutions for every assessment year commencing on or from 1st april, 1992 and interest-tax in respect of its chargeable interest of the previous year.2. ..... all these appeals are against the orders of the cit(a) for various assessment years. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1998)65ITD169(Kol.)
..... " from the above decided case, it is clear that an assessee after having made entries in the books of accounts consistent with the method of accounting followed by him cannot be permitted to seek assessment of his income for income-tax purposes on a different basis on the ground that another basis may also be permissible under the method of accounting followed by the assessee or has been upheld in certain judgments of ..... has correctly treated the amounts in question as capital expenditure in the books of accounts and whether the assessee is entitled to claim in his income-tax assessment deduction of these amounts as revenue expenditure in spite of the fact that the amounts have been correctly treated as capital expenditure in the books of accounts ..... which had been inserted by the finance act, 1986, with retrospective effect from 1st ..... the conclusions that the treatment given by the assessee to these amounts as integral part of cost of assets is in accordance with accepted principles of accountancy and that being so, the assessee is not entitled to claim in his assessment deduction of these amounts as revenue expenditure for the reason only that it was otherwise permissible to do so. ..... : "their lordships are clearly of opinion that the section relates to a method of accounting regularly employed by the assessee for his own purposes - in this case for the purpose of the company's business - and does not relate to a method of making up the statutory return for assessment to income-tax. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)117TTJ(Kol.)121
..... other provisions relating to computation of capital gains, period of holding and cost incurred by the previous owner is considered, then it will be improper to apply only the cost inflation index, applicable to the year of inheritance.8.5 the provisions of section 48 prescribing indexed cost of acquisition were enacted by the finance act, 1992. ..... cit and submitted that the person who actually incurs the cost of construction of the building is the "owner" of the house property under section 22 of the act and rental income is assessable in the hands of such owner.8.9 from perusal of the assessment order under section 143(3) for asst.yr. ..... for that on the facts and in the circumstances of the case, the cit(a) was unjustified in law and in fact in upholding the assessment of the rental income derived from property at panchsheel park, new delhi under the head 'other sources' as against 'house property'. 10. ..... in the wealth-tax assessments under section 16(3) of the past years the revenue assessed assessee's 1/3rd share to wealth-tax treating her to be the owner, then it is not open for the department to challenge her ownership only for denying the statutory deduction under section 24 of the act. ..... the ao accordingly assessed the income under "other source" head and denied statutory deduction under section 24 of the act.8.8 the learned representative of the assessee submitted that in the income-tax assessment of sri r.n. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)60SCL59NULL
..... listed on a stock exchange, the board has taken a view that these expenditures may be considered as laid out wholly and exclusively for the purposes of the business and are as such allowable as business expenditure under section 37(1) of the act as stated in the board's circulars/notifications, which have already stated above in paragraph 4.1 hereto.7.34 applying the various principles and test as discussed in foregoing paras and in the light of the cumulative effect of all the ..... -dealing and share-broker age was not set up or was not ready to commence before the expenditure were incurred.7.21 in this view of the matter and having regard to the fact that it was not the assessing officer's case that the assessee had incurred the expenditures in question before the business was set up, we find no force in this contention advanced by the learned cit(d.r. ..... 1,19,50,000 was rejected by the assessing officer in the assessment completed under section 143(3) of the act on 15-3-1999 by stating and observing as under :- "the assessee-company is engaged in the business of share & stock brokerage. ..... the finance act, 1995 amended the definition with retrospective effect from 1-4-1962 to state that the work 'plant' does not include tea bushes or live stock. ..... in addition you will also be required to comply with the guidelines/enactments, notification issued/modified by sebi & ministry of finance from time to time. 8. ..... patil the peerless general finance & investment co. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100TTJ(Kol.)613
..... books of accounts are not genuine, the credit under consideration could not be said to be undisclosed income detected as a result of search and hence the same were out of the purview of the assessment under chapter xiv-b.we find that facts in the present case is almost identical to the facts of the above case decided by the jabalpur bench as in the present case also all the above ..... . the existing provisions contained in chapter xtv-b of the income tax act provide for a single assessment of undisclosed income of 3 block period of six years in cases of search under section 132 or requisition under section 132a and lay down the manner in which such income is to be computed and the interest or penalty ..... be the aggregate of the total income of the previous years falling within the block period computed, in accordance with the provisions of this act, on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as are available with the assessing officer and relatable to such evidence, as reduced by the aggregate of the total income, or as the case may be, as increased ..... per law lexicon 13l edition, the word "discover " (occurring in memorandum explaining the provisions of finance act, 2002) indicates a detection as result of uncovering, revealing and laying of open to view ..... the provisions of finance act, 2002 is ..... itat in different cases like bangalore bench in the case of kirloskar investments finance ltd. v .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)110ITD337(Kol.)
..... cit (2005) 275 itr (at) 101' he submitted that section 263 of the act does not visualise a case of substitution of judgment of the commissioner for that of the assessing officer who passed the order, unless the decision is held to be ..... has been submitted by the learned counsel of the appellant that perusal of details of finance charges given in schedule 15 of the profit & loss a/c would show that the assessing officer did not allow interest on car loan amounting to rs, 13,728. ..... (3) for that the learned cit, kolkata-iii erred in holding that the finance charges paid in respect of loan taken for acquiring the property at ahmedabad should have been considered under the head "income from house property" and not as "business expenditure ..... it cannot be denied that right from the planning stage and arranging finance for its investments, every subsequent activity of the assessee has been geared towards taking up mall and business centre management as a viable business proposition for earning ..... the instant case, on the other hand, the assessee had taken bank loans to finance his projects like any other businessman. ..... from the planning stage and arranging finance for its investments, every subsequent activity of the assessee has been directed towards developing the properties as shopping malls/business centres and taking up the business of the management of the ..... therefore, the entire amount of finance charges, including the interest on car loan, is allowable f as business expenditure .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD135(Kol.)
..... that the insertion of sub-clause (ii) in section 55(2)(aa), by the virtue of finance act, 1994, was effective 1st april, 1995, and, therefore, it the assessment year before us was not covered by the amended ..... that the insertion of sub-clause (ii) in section 55(2)(aa), by the virtue of finance act, 1994, was effective from 1st april, 1995, and, therefore, it the assessment year before us was not covered by the amended ..... clause (ii) to section 55(2)(aa) of the act by the finance act, 1994, is effective only from 1st april, 1995, and is not applicable to the present assessment year. ..... the learned authorised representative to plug this loophole by the insertion of sub-clause (ii) to section 55(2)(aa) of the act by the finance act, 1994, which provides that the cost of acquisition of right entitlement would mandatorily be ..... the learned authorised representative to plug this loophole by the insertion of sub-clause (ii) to section 55(2)(aa) of the act by the finance act, 1994 which provides that the cost of acquisition of right entitlement would mandatorily be taken ..... the facts and in the circumstances of the case, the learned cit(a) erred in confirming the action of the ao in rejecting the appellant's claim for being allowed deduction under section 36(1)(iii) of it act, 1961, while computing the income chargeable under the head "profits and gains of business or profession for the relevant assessment year, for interest paid by the appellant during the relevant previous year amounting to rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)93ITD535(Kol.)
..... it was further contended that the period for completing the fresh assessment in pursuance of an order under section 250 or 254 or 263 or 264 setting aside or which such order was received by the chief commissioner/commissioner to one year by the finance act'01 w.e.f.1-6-01, and as such the fresh assessment order in the present case should have been made before the expiry of 31.3.02. ..... at this stage, it is pertinent to note that new chapter xiv-b containing section 158b to 158bh was introduced by the finance act'95 w.e.f.1-7-95 laying down special procedure for block assessment for search cases, where a search is initiated under section 132 or books of account or other documents or any assets are requisitioned under section 132 on or after 1st july, 1995. ..... aforesaid three issues, which are related to the unrecorded credit notes, sundry creditors and cash payment made outside the ledger, having been made on 28.03.03 is beyond the prescribed period as provided under section 153(2a) of the act and as such the fresh assessment order on those issues remitted back to the assessing officer by the tribunal for his fresh adjudication are beyond the limitation and are to be struck down as ab initio void and barred by limitation. ..... on reading sub-section (2a) of section 153 of the act substituted by the finance act,01 w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD105(Kol.)
..... position duly deliberated upon.i find that sub chapter set off, or carry forward and set off in chapter vi of the income tax act begins with section 70 which, as it stood at the material point of time, is reproduced below for ready reference : save as otherwise provided in this act, where the net result for any assessment year in respect of any source falling under any head of income is a loss, the assessee shall be entitled to have the amount ..... it admits no controversy that in case a loss is in the nature of speculation loss, within meanings of explanation to section 73, it cannot be set off against any other nature of income under any other head.i further find that section 72 of the act, which deals with carry forward and set off of business losses provides as follows : (1) where for any assessment year, the net result of the computation under the head "profits and gains of business or profession" is a loss ..... order, concurred with the conclusion of the accountant member that the loss suffered by the assessee in the purchase and sale of shares falls within the category of speculative business loss as per explanation to section 73 of the act and, therefore, can be set off and carried forward only against profits and gains from speculation business.therefore, in the esteemed views of the honble vice-president (kz), the loss of rs. ..... a result of omission of section 109, explanation to section 73 was amended with effect from 1-4-1988 by the finance act, 1987 (11 of 1987) ..... shaan finance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)101TTJ(Kol.)258
..... clause (i) of sub-section (1) of section 142 was amended by finance act, 1990, so that if a person fails to furnish a return of income by the due date mentioned in section 139(1), a notice calling upon him to file the return can be sent to him within the relevant assessment year itself. ..... applying the retrospective amendment by the finance act, 2001 to section 36(1)(vii), when amended section has not been made available to the assessee at the time of framing the assessment. ..... , the basis of levy of interest is not known to the assessee and whether any interest is leviable on the addition in respect of bad debts sustained by the bench on the basis of retrospective amendment of section 36(1)(vii) of the finance act, 2001, has not been examined by the bench. ..... has elaborately discussed the provisions of sections 139(1), 142, 148, 153 and also related section 239, vis-a-vis, the provisions of sections 11, 14 of old it act, 1922 and he has come to the conclusion that "where the assessee had not filed the returns suo motu within the time prescribed under section 139(1), the revenue had not issued any notice under section 142(1) before the end of the assessment year and the returns furnished by the ..... it act of 1939, it act of 1922, 1948 and 1961 have been compared and exhaustively dealt both in (1996) 58 itd 339 (hyd) (supra) and by tribunal, delhi special bench in (2005) 96 ttj (del)(sb) 1 : (2005) 95 itd 269 (del)(sb) (supra) mentioned ..... cit (2005) 96 ttj (del) i : (2005) 95 itd 269 (del .....
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