Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100ITD387(Kol.)
..... zam tanners [2005] 279 itr 197 : 149 taxman 55 in which it has been held that clause (iii) of explanation 4 to section 271(1)(c) as amended by finance act, 2002, are applicable prospectively and do not apply the relevant assessment year 1985-86 and, therefore, in the absence of positive assessed income penalty under section 271(1)(c) was not ..... cit(a) while upholding the disallowance made by the assessing officer directed the assessing officer to allow correct unabsorbed depreciation under section 32 as also the business loss for carry forward as per law and passed a speaking order in respect of levy of interest charged under section 234b of the income-tax act and accordingly, partly allowed the assessee's appeal ..... the factory of the assessee remained under lockout throughout two previous years relevant to assessment years 1983-84 and 1984-85 and during the lock out period, the plant and machinery had not been actually used for the purpose of the business, the depreciation under section 32 of the act was not allowable on such plant and machinery, is dated 4-1-1994, i.e. ..... that from the last para of the impugned assessment order that the assessing officer has merely stated that "penalty under section 271(1)(c) of the income-tax act is initiated for furnishing inaccurate particulars". ..... ) of 2005, dated 8-8-2005] for the assessment year 1998-99, we find that deduction under section 80hhc was claimed by the assessee on the basis of the decision of the itat, mumbai bench in the case of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)76ITD89(Kol.)
..... preparing articles of food from raw materials in a hotel would not constitute "manufacture or processing of goods" within the meaning of section 2(6)(d) of the finance act, 1968. ..... the assessee further contended that the itat, calcutta bench decision in the assessee's own case for the assessment year 1983-84 is distinguishable inasmuch as the judgment of hon'ble high court in the case of apeejay ..... assessment years 1985:86 & 1986-87 the assessee-company claimed deduction under section 80hh of the act ..... but during the course of hearing of the appeals for the assessment years under consideration the learned ar of the assessee brought to our notice the fact that the madras bench of itat in ..... the ar of the assessee further submitted that the assessing officer has relied on the decision of the hon'ble calcutta high ..... the said claim of the assessee for the assessment year 1983-84 the calcutta bench of itat has considered the same issue and decided in favour of ..... they are not akin to the language in section 80hh of the income-tax act and, therefore, the cases relied on by the learned ar of the assessee cannot be applied to ..... the parties, gone through the appellate order in the assessee's own case for the assessment year 1983-84 and the decision a. ..... in order to encourage industrial activity in backward areas, this section grants deduction to an assessee, whose total income includes any profits and gains derived from an industrial undertaking (other than a mining undertaking) or the business of a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)94ITD89(Kol.)
..... 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 circular/notifications, which have already stated above in para 4.1 hereto.7.34 applying the various principles and test as discussed in foregoing paras and in the light of the cumulative ..... 1,19,50,000 was rejected by the ao in the assessment completed under section 143(3) of the act on 15th march, 1999 by stating and observing as under : "the assessee-company is engaged ..... , 1970, when collection of fish was to actually start, can be treated to be business expenditure and would get covered under section 37 of the act".7.20 in the case before us, there is no evidence or material on record to show and establish that the expenses in question were incurred before setting up of assessee ..... : "in the light of the aforesaid settled legal position, therefore, it is easy to visualise that for the setting up of the business of processing marine products, the assessee, during the assessment year in question, had to make all preparations and had also to provide on the spot the necessary infrastructure. ..... the finance act, 1995, amended the definition with retrospective effect from 1st april, 1962 to state that the word 'plant' ..... comply with the guidelines/enactments, notification issued/modified by sebi and ministry of finance from time to time. 8. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)43ITD586(Kol.)
..... or the commission constituted under section 245b or a competent authority within the meaning of clause (b) of section 269a or the appellate tribunal or any court; (b) for services in connection with any other proceeding before any court, being a proceeding relating to tax, penalty, interest or any other matter under this act; and (c) for any advice in connection with tax, penalty, interest or any other matter under this act.the above section was inserted by the finance act, 1985 with effect ..... facts in the decisions of the madhya pradesh high court, calcutta high court and the decision of the supreme court cited above would also show that even if the expenditure relates to more than one assessment year that does not militate against the claim being allowed if it is otherwise established that the expenditure was for the purpose of the business. ..... he further submitted that the interpretation that appealed to the cit (appeals) would mean that even expenditure pertaining to the assessment years covered by the provisions of section 80w will fall for consideration or allowance under section 40a(12) which could not have been the intention of the legislature. mr. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD96(Kol.)
..... it was only the finance act, 1991, when section 80hhc(2)(b) was amended and the said items were benefited ( ..... difference of opinion between the members, we refer the following point to the hon'ble president, tribunal, under section 255(4) of the it act, 1961 : "whether, on the facts and in the circumstances of the case, the assessee was eligible for deduction under section 80hhc of the it act, 1961, for the assessment year under consideration (1990-91) in respect of export of fabricated mica products, particularly as amendment in section 80hhc(2)(b) was effective from 1st april, 1991 (asst. yr. ..... formulated : "whether; on the facts and in the circumstances of the case, the assessee was eligible for deduction under section 80hhc of the it act, 1961, for the assessment year under consideration (1990-91) in respect of export of fabricated mica products, particularly as amendment in section 80hhc(2)(b) was effective from 1st april, 1991 (asst. yr. ..... case is as to whether the cit was right in law in invoking his powers under section 263 and in setting aside the assessment order on the ground that the action of the ao in allowing deduction under section 80hhc in respect of minerals was erroneous and prejudicial to the interests of the revenue. ..... as follows : "whether, on the facts and in the circumstances of the case, the assessee was eligible for deduction under section 80hhc of the it act, 1961, for the assessment year under consideration (1990-91) in respect of export of fabricated mica .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD212Cal
..... as defined in clause (ii) of section 109 was substituted by finance act, 1987 w.e.f. ..... on facts, their lordships of the calcutta high court held that since the business loss exceeded the income computed under the head "income from other sources", as such explanation to section 73 was clearly applicable and loss suffered by the assessee-company in its share trading transactions inclusive of interest paid on borrowed monies attributable to that business was rightly treated by the ..... assessing officer considering the fact that the loss suffered by the assessee was mainly on account of purchase and sale of shares, invoked explanation to section 73 of the act and assessed ..... scrutiny and, accordingly, the assessing officer completed the assessment under section 143(3) vide order dated ..... this appeal by the revenue for the assessment year 1997-98 is directed against the order dated 28-12-2000 of cit(a)-xii, kolkata and the only dispute is relating to application of explanation to section 73 of the income-tax act, 1961 and, accordingly, entitlement of set- ..... the assessee-company had filed the return of income for assessment year 1997-98 on 25-11-1997 declaring a loss of rs. ..... as applicable for assessment year 1985-86 and is, therefore, inapplicable to the facts of this case for assessment year 1997-98.9 ..... , set aside and that of assessing officer restored. ..... applicable for assessment year 1997-98, ..... decision of the cit(a) may be reversed and that of the assessing officer restored.5. ..... assessing officer .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD288(Kol.)
..... their lordships were interpreting in that case sub-section (1) of section 13 of the finance act, 1950 which saved the law relating to income-tax or super tax, which was in force in any part b state before 1-4-1950 for the purposes of the levy, assessment and collection of income-tax and super tax [emphasis supplied]. ..... in the meantime, the state of hyderabad merged with the indian union and the indian legislature by the finance act, 1950, provided that the law existing in the said state would cease to have effect except for the purposes of levy, assessment and collection of income-tax and super tax. ..... it is true that under the hyderabad income-tax act, distinct provisions are made for recovery of tax due and penalty, but that in our judgment does not alter the true character of penalty imposed under the two acts....we are of the view the high court erred in holding that the proceedings for imposing the penalty could not be continued after the enactment of section 13(1) of the finance act, 1950.15. ..... the proceedings for imposing penalty initiated under section 40 of the hyderabad income-tax act could be continued after the enactment of section 13(1) of the finance act, 1950. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)28ITD177(Kol.)
..... section 201 (1a) of the act was introduced by the finance act, 1966 with effect from 1-4-1966. ..... 's case (supra) and held that the proceedings initiated by the assessing officer under section 201(1) and 2o1(1a) were barred by limitation.10. ..... however, a penalty notice issued under section 221 of the income-tax act, 1961 would not be wholly bad merely because it related in part to interest in respect of an assessment completed before the commencement of the act of 1961.a similar view was expressed by the hon'ble calcutta high court in the case of anandram gajadhar v. ..... 1,345 from salary during the assessment year 1979-80 but did not pay the same to the credit of the govt. ..... 13,945 on various dates during the assessment years 1979-80, 1980-81, 1981-82, 1982-83 and 1983-84 respectively. ..... 2,881 were deducted from salary and interest respectively during the assessment year 1982-83 and rs. ..... 12,950 during the assessment year 1980-81 but the same was not paid to the credit of the government. ..... though the ito assessing the assessee was aware of this fact, he omitted to inform the assessee of its obligation to remit sums to the government. ..... 13,945 was deducted from interest during the assessment year 1983-84. ..... during the assessment year 1981-82, a sum of rs. ..... ) of 1985], assessment years 1978-79 to 1980-81 and contended that the decision supports the appellant's case that the levy of interest and penalty is time-barred. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD1(Kol.)
..... the high court set aside the order by holding that whether the retrospectivity given by the finance act would cover completed assessments or would apply to pending assessments was a debatable point and since it was a debatable point, there could not be said to be an error on the face of the record. ..... at the expenditure to set off against the gross dividend income was involved, that process of rectification was not a rectification of a mistake apparent from the record, while the department contended that in view of the amendment to section 80aa with retrospective effect, there was a glaring mistake in the order of the income-tax officer in granting relief to the assessee on the gross amount of dividends and that mistake needed to be rectified because no one had ..... of such dividends as computed in accordance with the provisions of this act (before making any deduction under this chapter) and not with reference to the gross amount of such dividends.acting on the basis of section 80aa, the income-tax officer sought to rectify the assessments made for these two assessment years by deducting from the gross amount of dividends proportionate expenditure.the assessee objected to the rectification of these assessments by relying on the decision of the gujarat high court .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)3ITD359(Kol.)
..... 578) from the commentary of the learned authors, it is clear that deduction under section 57(iii) is in respect of income which is assessable under the head 'income from other sources' and the income from dividend is not excluded and, therefore, if section 80aa, which had been amended retrospectively with effect from 1-4-1968, is taken into consideration, the direction given by the commissioner (appeals) is not correct.consequently, the finding of the commissioner (appeals) is reversed ..... note of the assessee containing several judicial pronouncements was looked into and it was found that income from other sources which includes income from dividend is assessable under section 56 of the act. ..... on the facts and in the circumstances of the case, the learned commissioner of income-tax (appeals) erred in law and in fact in holding that deduction under section 80m should be on gross dividend and not on net dividend.shri bajoria, the learned departmental representative, referred to section 80aa and stated that the section was introduced by the finance (no. ..... has been consciously kept in mind that when the statute is clear, the speech of the finance minister or memorandum explaining the provisions should not be taken into consideration. ..... section 80aa, quoted above, was newly introduced by the finance ..... new section 80aa was introduced by the finance (no. ..... further clear from the speech of the finance minister in clauses 77 to 84 of the finance (no. ..... 'ble finance minister introduced the finance (no. .....
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