Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)78TTJ(Kol.)154
..... could be carried forward in the way that such unabsorbed depreciation was added to and became the current depreciation for the immediately succeeding assessment year and could thus be adjusted against business income, income under other heads for such succeeding year and could thereafter be carried forward for unlimited period, as such unabsorbed depreciation went on to become ..... 1997-98 and seven subsequent assessment years and further a drafting amendment was also proposed to clause 11 of the finance (no.2) bill in terms of which depreciation for an assessment year can be set off not only against profits and gains of any business carried on by the assessee but also against income under any ..... it was highlighted by the learned counsel that after the amendment unabsorbed depreciation for an assessment year could be adjusted against the income under any other head for the same year and thereafter could be carried forward for 8 succeeding years to be set off against business ..... , counsel, on the other hand, stated that section 32(2) of the it act underwent substantial amendment by the finance (no. ..... that the unabsorbed depreciation cannot be carried forward for more than 8 assessment years immediately succeeding the assessment year in which the aforesaid allowance was first computed. ..... counsel has further stated that as a result of this amendment, the question arose as to whether the unabsorbed depreciation for the assessment years which were more than 8 years prior to the asst. yr. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD537(Kol.)
..... was admitted by the tribunal and in support of it, it was urged by the learned counsel for the assessee that the statutory period for filing the return of wealth was eight years from the end of the assessment year concerned as laid down in section 17 of the act and that, even under section 15 of the act no return of wealth could be filed beyond the said period of eight years and, even if filed, the return would not be valid and ..... the purposes of the prosecution of the declarant under that act: (i) nothing contained in clause (a) shall apply in relation to the net wealth assessable for any assessment year for which a notice under section 14 or section 17 of that act has been served upon the declarant before the commencement of this act; (ii) nothing contained in clause (b) shall apply in relation to so much of the value of such assets as has been assessed in any assessment for the relevant assessment year made by the wealth-tax officer before the ..... it is no doubt independent of the said acts but in the same sense in which the finance act is. ..... it was to be part of the total income and was to be assessed in accordance with the procedures of the 1961 act and subjected to tax at the rates prescribed in the respective finance acts. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD202(Kol.)
..... of the year of taxation by means of the change of accounting period will result in loss of revenue, since the rates of income-tax were lowered by the finance act, 1986, for the assessment year 1986-87. ..... officer before accepting the assessee's request and the order is therefore erroneous in law; (ii) there was, as a result of the change of the accounting period, no assessment to income tax for the assessment year 1985-86; (iii) t here was post ponement of the tax due under section 140a of the act, by about 18 months in respect of the assessment year 1986-87 as the return for that year was filed only in december 1986; (iv) there would be no wealth-tax ..... appeal against the order of the commissioner of income-tax, the following broad grounds were canvassed : (i) that the impugned order was barred by limitation; (a) that the cit has no power under section 263 to revise an order passed under section 3(4) of the act; (iii) that there was no oblique motive on the part of the assessee, such as evasion of tax, in seeking the change ; and (iv) that there was no prejudice caused to revenue by the ..... 's case (supra) held that the words "prejudicial to the interests of revenue" in section 33b of the 1922 act, which was substantially the same as section 263 of the present act, "must mean that the orders or assessment challenged are such as are not in accordance with law, in consequence whereof the lawful revenue due to the state has not been realised or cannot be realised" and that the words " .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)87ITD88(Kol.)
..... section was deleted by the finance act, ..... the revenue, is directed against the order dt.14th july, 1998, passed by learned cit(a)-xi, kolkata, in the matter of assessment order under section 143(3) of the it act, 1961, for the asst. yr. ..... with the majority view, 1.on a difference of opinion between the learned members constituting this division bench, the following question was referred to a third member for his opinion under section 255(4) of the it act, 1961 : "whether, on the facts and in the circumstances of the case, the addition of rs. ..... filed by the department is allowed for statistical purposes.as there is a difference of opinion between the members, we refer the following question 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 addition of rs. ..... it may be relevant to point out that the legislature had incorporated section 52 for assessment of capital gains in respect of transfer made for a consideration less ..... the premium was paid in the previous year relevant to this assessment year, in our considered view, the same was rightly allowed ..... however, during the assessment year under consideration, the assessee floated a ..... in the assessment order in para ..... what is assessable to tax is on the basis of the consideration received by the assessee and not the market value of the copyrights ..... valuation was done was also duly furnished and the same has been discussed at length in the assessment order. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)86TTJ(Kol.)996
..... (kar), which was upheld by the hon'ble supreme court and reported in (2002) 173 ctr (sc) 475 -(2002) 254 itr 98 (sc) (supra), in which it was held that investment allowance under section 32a of 1964 act, could not be denied to the assessee, whose business consisted of leasing of machinery, on the ground that the machinery had not been used by the assessee and that the assessee was entitled to extra ..... higher rate of 40 per cent as claimed by the assessees.on the other hand, the learned authorised representative submitted that the hon'ble calcutta high court, while deciding the issue in case of soma finance there was nobody on behalf of the assessee before the hon'ble trust in support, of the contention that where the lessee itself used the vehicles for hiring purpose, the lessor is entitled to higher ..... the assessing officer found that the assessees are engaged in the hire purchase and lease financing business and not in the business of running motor lorries and trucks on hire; he, therefore, asked the assessee to explain justification of its claim of depreciation ..... by the revenue against the order of learned commissioner (appeals) dated 16-8-2002, for the assessment year 1999-2000, in the matter of disallowance of depreciation at higher rate of 40 per cent.as common grounds are involved in both the appeals, they are dealt simultaneously for the sake of convenience.the brief facts of the issue are that the assessees are engaged in the business of hire purchase and lease financing. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)19ITD1a(Kol.)
..... it was held that an undertaking engaged in processing of seeds is an industrial undertaking and the income derived by it is entitled to relief under section 80j because item 28 of the fifth schedule of the act refers to processing of seeds and section 33(1 )(b)(b) of the act refers to manufacture or production of any one or more of the articles or things specified in the fifth schedule. dr.d. ..... all that it was decided in that reported case is that the act of cold storage is an act of processing of goods and so a cold storage can be regarded as an industrial company engaged in the processing of goods and is entitled to be taxed at the lower rate of tax under the relevant finance act. ..... of purchasing tea of different qualities, blending the same by mixing one type with another and selling it is an operation of processing and so it was entitled to the lower rate of tax under the relevant finance act which speaks of processing in addition to manufacture or production. ..... the commissioner (appeals) had observed that it was not necessary because section 80j speaks of the computation period and not the first day of ..... admittedly, the interest amount was assessed under the head 'income from other sources' which clearly indicates that the amount was a loan and so it was an investment on the capital account.thus, the loss, if any, has occurred ..... ) of 1984, dated 10-2-1986 for the assessment year 1979-80, the tribunal has considered the issue and has set aside the matter for fresh consideration and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1987)23ITD69(Kol.)
..... he referred to the finance act of 1981 and section 2(18) of the income-tax act and so also sections 104 & 108 of the income-tax act and contended that these provisions do not envisage the company in liquidation. ..... from these premises the learned counsel has further developed an argument that having regard to the combined effect of sections 560(4), 520 & 518 of the companies act, 1956 the ito is left with no jurisdiction to compute the deductions under section 57 of the income-tax act and as such the machinery provision fails and, therefore, there cannot be assessment of income under section 56 of the income-tax act. ..... thus when leave of the court is not necessary under section 446(1) of the companies act the ito has complete jurisdiction to frame assessment and re-assessment in accordance with the provisions of the income-tax act and his jurisdiction is not at all controlled by the companies act, 1956.21. ..... on the other hand, section 178 of the income-tax act clearly indicates, to my mind, that a company in liquidation is liable to assessment, as otherwise, there cannot be any question of setting apart any sum of money which may be payable by the company at a later date. ..... in the light of this reasoning also, the learned counsel contended, no income of the company in liquidation can be assessed.alternatively, his contention is that deduction of the entire cost of liquidation should be allowed from the income.18. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD384(Kol.)
..... person making payment in the form of income to a non-resident is required to deduct tax at source, from the said income, at the 'rate in force' which, in turn, has been explained under section 2(37a)(iii) as mows : 'for the purposes of deduction of tax under section 195, the rate or rates of income-tax specified in this behalf in the finance act of the relevant year or the rate or rates of income-tax specified in an agreement entered into by the central government under ..... as a natural corollary to this proposition, when, in terms of the provisions of a dtaa, an income is not exigible to income-tax in india, no tax is required to be deducted under section 195 from the payment of such income to a non-resident...... ..... ' as we have earlier observed, provisions of the dtaa clearly override the provisions of the act to the extent the provisions in such agreements are more favourable to the assessee. ..... therefore, in case a dtaa provides for lower rate, which includes 'nil' rate, of taxes, such a rate will prevail over the rate given in the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD738(Kol.)
..... if, however, such assessments have not been finalized on the date when the wealth-tax assessment is completed, the liability to income-tax has to be computed on the basis of the return filed and the rates of tax stipulated in the relevant finance act. ..... bansidhar poddar [1978] 112 itr 957 in which the assessee had made a voluntary disclosure under section 68 of the finance act, 1965, and paid the tax on 26-5-1965. ..... the high court held that the disclosure envisaged under section 68 was in respect of an amount which was already liable to be assessed as income under the relevant income-tax act and, therefore, the mere fact that the said amount was neither quantified nor assessed nor even returned on the valuation date was not material. ..... for the proposition that before an asset could be taken into consideration for computing the net wealth of an assessee under section 2(m) of the wealth-tax act, 1957 ('the act') such asset must belong to the assessee on the relevant valuation date.the mere possibility of getting income-tax refund in future as and when the assessment proceedings are finalized could not be treated to be an asset of the assessee on the valuation date because at that time it did not ..... section 141a of the 1961 act provides for 'provisional assessment of refund', if there is no reasonable prospect of the regular assessment being completed within six months from the date of the filing of the return. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)12ITD647(Kol.)
..... the above contention was negatived by the bombay high court, which held that the fourth proviso to section 10(2)(vii) did not apply to the assessment for the assessment year 1946-47 as the said proviso was not in force on 1-4-1946 and that the liability of the company had to be determined as on 1-4-1946, when the finance act, 1946 came into force.the above finding of the bombay high court was approved by their lordships ..... came into force in may 1946, was not retrospective and was not in force on 1-4-1946 and, therefore, did not apply to the assessment for the assessment year 1946-47 ..... of the hon'ble supreme court, who pointed out, inter alia, that the fourth proviso to section 10(2)(vii), inserted by the amendment act, which ..... amendment of substantive law, it is normally not retrospective unless the amending act itself makes it retrospective as in the case, for example, sub-section (1a) of section 80j of the act introduced by the finance (no. .....
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