Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1988)26ITD1a(Kol.)
..... the assets referred to in [clauses (xv), (xvi), (xvid), (xvie), (xix), (xxa), (xxii), (xxiii), (xxiv), (xxv), (xxvi), (xxvii), (xxviib), (xxviib), (xxviii) and (xxix)] of sub-section (1) or in sub-section (2) for any assessment year unless the assets are [owned by him]- (b) in the case of other assets, for a period of at least six months ending with the relevant valuation date.the words "owned by him" were substituted for "held by him" by the finance act, 1975. ..... may state that the provisions of section 11(1a) were introduced by the finance act of 1971 with retrospective effect from ..... transfer of a capital asset in fixed deposit with a bank for a period of 6 months or above would be regarded as utilisation of the net consideration for acquiring another capital asset within the meaning of section 11(1a) of the income-tax act, 1961.he stated that the board itself should be considered as having accepted the legal position that investments of net consideration on the transfer of a capital asset in fixed deposits with a bank should be regarded ..... to which we have adverted, the iac referred to the argument of the assessee that the expression "capital asset" as defined in section 2(14) of the act included property of any kind held by an assessee and went on to hold that section 11(1a) was not dealing with the expression "capital asset" in isolation but with the expression "the net consideration is utilised for acquiring another ..... section (1) of section 11 of the income-tax act, 1961 assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)28ITD166(Kol.)
..... we agree with the contentions advanced by shri sanyal that while computing the advance tax under section 209 or determining the 'assessed tax' for the purpose of levying penalty under section 273(1)(&), tax deductible under sections 194 and 195 will have to be taken into account whether the same has been actually deducted or not. ..... we, therefore, direct the ito to recompute the quantum of minimum penalty imposable under section 273(1)(&) by first determining the tax on the basis of the regular assessment and then reducing the tax by the amount of tax deductible in accordance with the provisions of sections 194 and 195 in respect of interest and dividend income from tata finlay ltd. ..... it was further submitted that 'assessed tax', as defined under section 205, means the tax determined on the basis of regular assessment reduced by the amount of tax deductible under sections 192 to 194, sections 194a, sections 194c, sections 194d and sections 195. ..... the assessee has filed a copy of the notice issued by the ito under section 274/273.in this notice it was clearly stated that in course of the proceedings for the assessment year 1981-82 it appeared to the ito that the assessee without reasonable cause failed to furnish an estimate of advance tax payable by it in accordance with the provisions of section 209a of the it act, 1961. ..... under the finance act, 1981, income-tax is payable by the assessee on interest and dividend income at 70 per cent. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1998)67ITD205(Kol.)
..... . by the finance act, 1989 w.e.f.1-4-1989, sub-section (1a) was inserted which reads as under : "every assessee, being a company, shall, for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions of parts ii and iii of schedule vi to the companies act, 1956 ..... . we, therefore, direct the assessing officer to recompute the tax liability under section 115j of the act in the light of the aforesaid observations.15 ..... . it is further interesting to note that section 115j has become in-operative from the assessment year 1992-93 and onwards in view of the fact that this special provision is applicable only where the total income in respect of the previous year falling before the 1st day of april, 1991, is less than 30% of ..... . thus, for the assessment year 1989-90, an assessee, in order to arrive at the 'book profit', has to prepare its profit and loss account for the relevant previous year in accordance with the provisions of parts ii and iii of schedule vi of the companies act ..... copies in respect of the subsequent assessment years to show that this method was consistently followed by the assessee-company for i.t. ..... he, therefore, confirmed the action of the assessing officer in this regard.6. ..... we are concerned with the assessment year 1989-90. ..... assessing officer observed that the assessee is not entitled to maintain two sets of accounts, i.e. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)16ITD637(Kol.)
..... case may be, included in the total income (as computed without applying the provisions of section 64 and before making any deduction under chapter vi-a or section 280-o) in respect of the previous year relevant to an assessment year commencing on or after the 1st day of april, 1967, (not being an assessment year prior to the initial assessment year or subsequent to the fourth assessment year as reckoned from the end of the initial assessment year) falls short of the relevant amount of capital employed during the previous ..... to as deficiency) shall be carried forward and set off against the profits and gains referred to in sub-section (1) as computed after allowing the deductions, if any, admissible under section 80hh and the said sub-section (1) in respect of the previous year relevant to the next following assessment year and, if there are no such profits and gains for that assessment year, or where the deficiency exceeds such profits and gains, the whole or balance of the deficiency, as the ..... in the assessment year 1976-77 the assessee's claim under section 80j was dealt with by the ito in the following manner : the assessee claimed relief under section 80j of the income-tax act, 1961 for unit no. ..... we have examined the provision in the finance (no.2) bill, 1967 by which section 80j was sought to be introduced by deleting section 84 of the act. ..... the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1987)21ITD607(Kol.)
..... is no dispute that sub-sections (v) to (vii) with the explanation were inserted by the finance act, 1976 w.e.f. ..... in this case the supreme court clearly laid down that the levy of interest is part of the process of assessment and as such it is open to an assessee to dispute the levy in appeal provided he limits himself to the ground that he is not liable to the levy at ..... the provisions of paragraph (1) of article xvi are sufficient to show that the provisions of the act are to apply to all assessments and taxation except in case of contrary provisions contained in the agreement. ..... provisions of the agreement and the decisions relied upon on behalf of the assessee.article xvi paragraph (1) of the agreement lays down : the laws in force in either of the territories will continue to govern the assessment and taxation of income in the respective territories except where express provision to the contrary is made in this agreement.so the provisions of the agreement will prevail over the provisions of the act if the former is contrary to the latter. ..... for the accounting year ending on 31-3-1981 relevant to the assessment year 1981-82, the assessee filed a return of income showing 'nil ..... from the assessment order as well as the impugned order it appears that the authorised representative for the assessee as well as the authorities below had some confusion as to the nature of the income under the ..... - one by the department and the other by the assessee - relate to the assessment year 1981-82. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1991)38ITD620(Kol.)
..... cases, when the incomes were computed, the status of the assessee was known, the rates of tax were known from the finance act, it was not necessary to give the details of computations for the validity of the assessment orders. ..... cases the cit(a) concluded that the assessee was entitled some relief.accordingly, he reduced the disallowance made under motor car expenses to l/4th of the expenses claimed in both the assessments under appeal.regarding the ground raised by the assessee against non-granting of interest under section 214 for the assessment year 1981-82, the ctt(a) held that the said aspect was not an appealable issue. ..... all the decisions cited by the assessee were decided prior to introduction of section 292b with effect from 1-10-75 and hence those decisions are wholly inapplicable to the assessee's cases, where the assessment orders were passed after the introduction of section 292b of the act.the only authority available on facts obtaining in the present case, after the introduction of section 292b, is the decision in r.giridhar's case (supra). ..... may produce and such other evidence as it income-tax officer may require on specified points and after taking into account all relevant material which he has gathered,- (a) in a case where no assessment has been made under sub-section (1), the income-tax officer shall, by an order in writing, make an assessment of the total income or loss of the assessee and determine the sum payable by him or refundable to him on the basis of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)42ITD481(Kol.)
..... :-- he pointed out that the calcutta high court, in the first of the above decisions, held that in order that an assessee can be taxed on the income from property under section 9 of the ft act, 1922, which was the same as section 22 of the it act, 1961 he should be found to be the legal owner of the property and in the absence of a registered sale deed conveying the title to the assessee the income cannot be ..... the decision of the calcutta high court in madgul udyog's case (supra).the answer to this argument is again that the high court has interpreted the word "owner" appearing in section 22 of the act to include persons who have paid the purchase price and are in actual possession or enjoyment of the immovable property awaiting the "husk of title" over the property to be conveyed to them. ..... question arose as to whether the assessee, the builder of the flats, was assessable under section 22 of the act in respect of the notional income from the property even after the flats had ..... case, the supreme court formulated the following guidelines for bringing to tax income under the head "property" under section 9 of the 1922 act:-- (i) section 9 seeks to bring tp tax income of the property in the hands of the owners; (ii) therefore, the focus of that section is on the receipt of the income; (iii) the meaning to be given to the word "owner" in section 9 must not be such as to make the provisions capable of being made an instrument of oppression ; (iv) ..... inserted by the finance act, 1987, with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)52ITD166(Kol.)
..... this sub-section was introduced by the finance act, 1978 with effect ..... assuming that the order dated 18-5-1987, insofar as it relates to the assessment of the additional compensation, is construed as an exercise of the power of the assessing officer under section 155(7a) of the act, the power has not been exercised after following the procedure prescribed by section 154(3) and, therefore, cannot be upheld. ..... is to be remembered that the circular advisedly and significantly does not stipulate that sub-section (3) will be applicable from the assessment year 1978-79, which is normally done in such circulars explaining the newly introduced statutory ..... it also extends the period of limitation prescribed by section 154(7) for rectifying the assessment by enabling the assessing officer to reckon the time limit of four years prescribed in section 154(7) from the end of the previous year in which the additional ..... says is that even if it is accepted that the assessing officer cannot include the additional compensation in the order dated 18-5-1987 which was passed to give effect to the tribunal's order, the power to assess the additional compensation must be held referable to section 155(7a) and should be upheld on that basis. ..... received by the assessee in respect of the land compulsorily acquired by the government under the land acquisition act, 1976 was not brought to assessment under the head 'capital gains' because the additional compensation itself was received only in the year 1983 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD220(Kol.)
..... radha devi poddar (1990) 185 itr 544, 554 (cal) (if there is any doubt about the meaning of the phrase "regular assessment" or if two equally good interpretations are possible, then the interpretation which is favourable to the assessee must be preferred). ..... . 74 inserted by the finance act, 1972, w.e.f ..... although business loss has been allowed to be carried forward by the ito the business loss cannot be automatically carried forward and absorbed in the case of the partners, firstly because there is no such scheme or provisions in the act and secondly, carry forward of business loss was wrongly allowed by the ito in the case of the firm.our answer to question no. ..... there are two distinct sections dealing with these two items. ..... . where the language of a section is plain, it is not open to the court to adopt a liberal construction ..... . the acceptance of the claim of the assessee to carry forward and set off the unabsorbed loss of previous years would do violence to the language of the section ..... 74a shall entitle a registered firm to have its loss carried forward or set off under the provisions of the aforesaid sections. ..... (3) of 74a shall entitle any assessee, being a registered firm, to have its loss carried forward and set off under the provisions of the aforesaid sections. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)82ITD239(Kol.)
..... of income to a non-resident 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 follows : "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 ..... a rate lower or a scope more restricted than that provided in the convention between india and france on the said items of income; now, therefore, in exercise of the powers conferred under section 90 of the it act, 1961 (43 of 1961), the central government hereby directs that the following modifications shall be made in the convention notified by the said notification which are necessary for implementing the aforesaid convention between india ..... in fact the dtaa which have been entered into by the central government under section 90 of the it act, 1961, also provide that the laws in force in either country will continue to govern the assessment and taxation of income in the respective country except where provisions to the contrary ..... it is difficult to comprehend as to how the central government can unilaterally amend, in exercise of the powers under section 90 of the it act, a bilateral agreement that a dtaa inherently is, but, for the present purposes and for the reasons we shall now state, it is not even necessary to be drawn into that .....
Tag this Judgment!