Judgment Search Results Home > Cases Phrase: finance act 2005 section 99 assessment Court: income tax appellate tribunal itat kolkata Page 9 of about 235 results (0.210 seconds)

Wealth-tax Officer Vs. B.K. Chatterjee

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD857(Kol.)

..... the purpose of sub-clause (hi) of section 2(m), as inserted by the finance act, 1959, with retrospective effect from 1-4-1957, is explained by the memorandum explaining the financial proposals as under : ordinarily, debts owing by the assessee have to be deducted in computing its net wealth for the purpose of wealth-tax ..... these appeals relate to the assessment years 1970-71 to 1975-76 and are directed against the consolidated order of the aac dated 17-9-1980 wherein he held that the taxes deducted at source from the salaries of the employees but remaining unpaid to the credit of the central government for more than 12 months, were not covered by section 2(m)(iii) of the wealth-tax act, 1957, and accordingly deductible in the computation of net ..... certain circumstances the tax can be determined as payable by the assessee, if not by way of a regular assessment but in pursuance of certain provisions of the act for taxation of income ; for example, the penal tax or additional income-tax levied under section 104 for none or inadequate payment of dividend vis-a-vis the statutory percentage of the distributable income. ..... there is no scope for extending the deeming provision contained in section 201 of the act for the purpose of section 2(m)(iii) of the wealth-tax act.in this view of the matter, the decision of the aac is quite justified and consequently does not call for any ..... clause consequently does not apply to a case where any order of assessment or levy is passed. ..... the assesses is an .....

Sandwell and Co. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1983)6ITD183(Kol.)

..... the tax liability of the non-resident company was in the nature of a benefit or perquisite contemplated by clause (iv) of section 28 of the act introduced by section 7 of the finance act, 1964 and that, for the period prior to the amendment, the benefit or perquisite was not liable to be charged to tax under the head 'profits and gains of business or profession'.clause (iv) of section 28 was applicable to the assessment year under consideration and, therefore, the arguments on the basis of which the tribunal had given ..... , for whom approval under section 10(6)(vii)(a) of the income-tax act, 1961 ('the act') was obtained by the indian company. ..... the assessee-company returned its income for the assessment year 1977-78 showing the aforesaid gross income and deducting therefrom 9,040 dollars by way of expenses. ..... with the services rendered by the technicians in india and, therefore, it has to be held that the said income was earned in india and it accrued and arose on account of the services rendered by the technicians in india.their assessment was, in the circumstances, entirely justified.6. ..... is assessable to tax in india. .....

Power Tools and Appliances Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1985)11ITD375(Kol.)

..... under this scheme, any company may make deposit with bank in lieu of payment of surcharge on income-tax under sub-section (6) of section 2 of the finance act, 1976, at any time before the last instalment of advance tax is due in its case. ..... submitted that the ito committed a clear mistake in the original assessment and, therefore, the lower authorities were justified in applying the provisions of section 154.5. ..... therefore, invoked the provisions of section 154 and withdrew the benefit of credit that was given in the original assessment.3. ..... the learned departmental representative, on the other hand, contended that as per section 211(1)(i), the last instalment of advance tax was due on or before 15-12- ..... while making the original assessment, the ito had given credit for the deposit of ..... learned counsel for the assessee, therefore, contended that the provisions of section 154 had no application to the facts of the case. ..... 638, being the last instalment of advance tax for the assessment year 1977-78. ..... appeal by the assessee is directed against the order of the commissioner (appeals) dated 16-12-1982, by which he confirmed the order passed by the ito under section 154 of the income-tax act, 1961 ('the act').2. ..... , it has to be held that the provisions of section 154 had no application in this case. ..... 638 in the original assessment. ..... further urged that in the case of the assessee, advance tax was payable in three instalments on 15-6-1976, 15-9-1976 and 15-12-1976 as per section 211(1)(i) of the act. .....

Brooke Bond India Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1986)15ITD508(Kol.)

..... in short contrast to the above position, we find that section 4 of the finance act, 1983, states that 'the following clause shall be inserted and shall be deemed always to ..... argument of the learned counsel for the assessee has got force and supports the above conclusion of ours.hence, we come to the conclusion that the assumption of jurisdiction under section 263 by the commissioner on 11-11-1983 against an order of assessment passed by the iac was bad in law and is not sustainable.hence, we cancel the said order.8. ..... that is raised in this ground is whether section 125a(4) empowers the commissioner to assume jurisdiction under section 263 and revise an assessment order made by the iac under section 125a(1) even before 1-10-1984 there is no doubt that he can do so after 1-10-1984 because of the coining into force of the explanation to section 263 with effect from that date. ..... learned representative for the assessee, took us through the first of the 10 grounds taken in this appeal which reads as below ; that the order under section 263 passed by the learned commissioner of income-tax, in respect of the assessment order dated 19-11-1981 is bad and without jurisdiction since the said assessment order was passed by the inspecting assistant commissioner of income-tax and not by an income-tax officer.shri p.t. ..... been filed by the assessee against the order dated 11-11-1983 of the commissioner passed under section 263 of the income-tax act, 1961 ('the act') for the assessment year 1978-79.2. .....

inspecting Assistant Vs. Black Diamond Beverages Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1986)18ITD551(Kol.)

..... contain detailed provisions in regard to the admissibility of advertisement expenses were introduced with effect from 1-4-1979 by the finance act, 1978.sub-section (3d) reads as under : in a case where an assessee has set up an industrial undertaking for the manufacture or production of any articles, nothing in sub-section (3a) shall apply in respect of any expenditure on advertisement, publicity or sales promotion incurred by the assessee, for the purposes of the business of such undertaking, in the previous ..... it has been pointed out that the existing industrial undertaking started manufacture of soft drinks since long and during the assessment year 1979-80 it only increased its capacity for manufacture of the article produced by it by adding certain new machinery items to the existing plant for the manufacture of its ..... in order to entitle the assessee the exemption provided under section 37(3d) it has to establish that the assessee by setting up a separate industrial undertaking started manufacture of its new brand of soft drinks during the previous year relevant for the assessment year 1979-80. ..... assessee did not set up an industrial undertaking for the manufacture or production of any article in the previous year relevant for the assessment year 1979-80 as erroneously held by the commissioner (appeals). ..... the commissioner (appeals)'s order restore the iac's addition of rs.33,481 and rs.43,219 out of advertisement and publicity expenses for the assessment years 1979-80 and 1980-81. .....

Assistant Commissioner of Vs. Jamuna Flour and Oil Mills (P.)

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1992)41ITD260(Kol.)

..... in this connection, shri tripathy relied on the amendment brought about by the insertion of 'market fee' in section 43b of the act by the finance act of 1988 with effect from 1-4-1989 and submitted that this amendment clarified the legal position and that, therefore, the market fee in question was nothing ..... that the cit was not right in his conclusion that the assessment order in question was erroneous insofar as it was prejudicial to the interests of the revenue and that, therefore, his order passed under section 263 of the act deserved to be cancelled.21. ..... he pointed out that the demand notice filed by the assessee did not relate to the assessment year under consideration and that the date of payment shown by the assessee was also a subsequent ..... that the assessment order sought to be revised by the cit was not erroneous insofar as it was prejudicial to the interests of the revenue and the cit erred in revising the said order under section 263 of the act. ..... by this order, the cit considered the assessment order passed by the ito on 27-3-1987 as erroneous insofar as it was prejudicial to the interests of the revenue, since the assessing officer had omitted to bring to charge a ..... accordingly, the cit directed the assessing officer to give effect to his order by issuing a proper demand notice and challan in respect of the income of the assessee which he had ..... the assessment order sought to be revised by the commissioner was not erroneous insofar as it was prejudicial to the interests .....

Assistant Commissioner of Vs. Anupam Pictures (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1997)60ITD640(Kol.)

..... in the assessments to wealth-tax, the wto was of the view that the assessee was the owner of the building constructed on the roof of the premises and was, accordingly, assessable to wealth-tax under section 40 of the finance act, 1983. ..... the assessee in these appeals is a closely-held company liable to wealth-tax under section 40 of the finance act, 1983. ..... it is not disputed that the memorandum of agreement for lease was not registered.as per section 107 of the transfer of property act, a lease of immovable property from year to year or for any term exceeding one year can be made only by a registered instruments. ..... thirdly, the agreement was for lease for a period of 30 years and any lease of immovable property for a term exceeding one year can be made only by a registered document as per section 107 of the transfer of property act and the document in question admittedly not having been registered, was invalid as a lease. ..... when for these reasons the lease itself was void, the assessee's occupation of the same was at best only as a monthly tenant under section 106 of the transfer of property act, liable for eviction by 15 days' notice. ..... act, the condition for assessability under the wealth-tax, namely, ownership of the property, as expounded in the judgment of the supreme court in the case of (late) nawab sir mir osman ali khan (supra) cited on behalf of the assessee, stands satisfied. .....

Nirmal Ghosh Bag Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2002)82ITD788Cal

..... we have heard the parties and considered the rival submissions.chapter xiv-b is a special provision for assessment in cases of search and seizure inserted by the finance act, 1995, w.e.f. ..... (1) notwithstanding anything contained in any other provisions of this act, where after the 30th june, 1995 a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132a in the case of any person, then, the ao shall proceed to assess the undisclosed income in accordance with the provisions of this chapter." 8. ..... it is the contention of the assessee that such proceedings were initiated on that day and that day being prior to 1st july, 1995, the provision of section 158ba would not come into play.the alternative contention of the assessee was that the condition for initiating action under sections 132 and 132a did exist and, therefore, the second warrant of authorisation was not valid because the information about the existence of the ..... under these circumstances, the contention of the departmental representative that the warrant of authorisation under section 132a was actually executed in 1995 and that being a date after 30th june, 1995, the provision of section 158ba of the act would apply has no force.what is material for invoking the special provision is initiation of the search or requisition of books of account or other assets and it would be immaterial whether it was executed action or dropped or not executed for .....

Coal India Limited Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... in appeal before the cit(a) who confirmed the action of the assessing officer by observing that he is unable to agree with the contentions of the assessee 'because section 115ja(4) clearly specifies that all other provisions of the income tax act shall apply to an assessee being a company for the purpose of section 115ja of the act' and that 'all other provisions include sections 234 b and 234 c of the act'. ..... year in respect of which the dividends are declared, rather than income of the previous year during which these dividends are declared, distributed or paid - as is the scheme of the income tax act.therefore, the dividends reflected in the profit and loss account of the assessee donot constitute income of that previous year but are relatable to that previous year only in the sense that the subsidiaries have ..... even though the assessee had no taxable income, but only deemed income on book profits computed under section 115 ja of the act, and the assessing officer levied interest under section 234 b and 234 c in respect of the same. ..... were in fact declared and received in the subsequent previous year and, accordingly, constituted income of that year, and the assessing officer duly reduced this amount from net profit, as per profit and loss account, for the computation of taxable income for ..... fact that chapter xii d, consisting of special provisions relating to tax on distributed profits of domestic companies, was inserted vide finance act 1997 and with effect from 1^st june 1997. .....

Coal India Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD514Cal

..... is not applicable in respect of the same.aggrieved, assessee carried the matter in appeal before the cit(a) who confirmed the action of the assessing officer by observing that he is unable to agree with the contentions of the assessee 'because section 115ja(4) clearly specifies that all other provisions of the income-tax act shall apply to an assessee being a company for the purpose of section 115ja of the act' and that 'all other provisions include sections 234b and 234c of the ..... included as income of the previous year in respect of which the dividends are declared, rather than income of the previous year during which these dividends are declared, distributed or paid - as is the scheme of the income-tax act.therefore, the dividends reflected in the profit and loss account of the assessee do not constitute income of that previous year but are relatable to that previous year only in the sense that the subsidiaries have ..... we may first refer to the fact that chapter xiid, consisting of special provisions relating to tax on distributed profits of domestic companies, was inserted vide finance act, 1997 and with effect from 1st june, 1997. .....