Judgment Search Results Home > Cases Phrase: finance act 2005 section 99 assessment Sorted by: old Court: income tax appellate tribunal itat kolkata Page 1 of about 235 results (0.224 seconds)

income-tax Officer Vs. Budge Budge Co. Ltd.

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 .....

Pampasar Distillery Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... he further submitted that even as per provision of section 170 sub-section (2) of the income tax act, 1961, the assessment can be made in the hands of the successor ..... already considered the rival submission and for the detailed discussion from paragraphs 11 to 19 of this order, we hold the order passed under section 201 /201 (1a) on the date on which parashakti finance & investment ltd. ..... from 1-7-1988 while the orders under section 201(1)/201(1a) was passed against parashakti finance & investment ltd. ..... /2005 for assessment years 1999-2000 to 2001-02 which is against some relief allowed by commissioner (appeals), does not survive, accordingly the same are ..... of assessment was made on 25-2-2005. ..... /2005 are filed by the revenue for assessment years 1994-95 to ..... /2005 are the appeals filed by the revenue for assessment years 1999-2000 to ..... /2005 are filed by the assessee for assessment years 1999-2000 to 2001-02 respectively.the ..... /2005 are by the revenue for assessment years 1994-95 to 1998-99 in the case of parasakthi finance & ..... equally applicable in the case of parashakti finance & investment ltd. ..... stated that any order passed by the revenue authorities on the date when parashakti finance & investment ltd. ..... 1999 when parashakti finance & investment ltd ..... parashakti finance & ..... parashakti finance & ..... /2005 filed by the assessee, it has raised additional ground which reads as under: the order needs to be vacated as on the date of passing of order the company was non-existent having merged with shah wallace .....

Grindlays Bank Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD1100(Kol.)

..... in such a case there would be no necessity of treating any body as an agent and making an assessment upon him.according to sub-section (2) of section 163 no person shall be treated as the agent of a non-resident unless he has had an opportunity of being heard by the ito as to his liability to be treated as such. ..... for this purpose reliance has been placed upon section 231 of the act, according to which no proceedings for recovery of any sum payable under this act shall be commenced after the expiration of one year from the last day of the financial year in which the demand is made or in the case of a person who is deemed to be an assessee in default under any provision of this act, after the expiration of one year from the last day of the financial year ..... before the money can actually be transmitted to the non-residents some kind of sanction or authorisation is necessary under the foreign exchange regulations act and the reserve bank of india act.therefore, the legislature advisedly used the words "payment" and not "credit" or "payment by issue of a cheque or draft or any other mode" in this section.we are, therefore, of the opinion that prima facie the argument of the representative of the assessee that the liability under ..... the assessee took objection, by its letter dated 1-7-1974, alleging that the obligation to deduct tax under section 195 of the act arose only at the time of payment and not at the time of credit of the interest. .....

Ram Gopal Neotia Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD160(Kol.)

..... the tribunal in the said order has brought out the settlement between the assessee and the department referred to above and then cancelled the ex parte assessment made against the assessee under section 144/147(a) and directed the ito to make fresh assessment in accordance with law after giving the assessee a reasonable opportunity for adducing of evidence in support of his case because the assessee's authorised representative and the ..... to be operative and it was open to the ito to take up the matter at the point at which the illegality supervened and to correct his proceedings the notice under section 28(1)(a) of the 1922 act having remained still to be disposed of, the proceedings started after the order passed by the aac could be described as during the course of the assessment proceedings, because the action would relate back to the time when the first notice was issued. ..... 000 made in the assessment of m/s greekay transport corporation for the year 1961-62 represents bogus loan in the name of m/s jain finance distributors (india) ..... two brothers, disclosed their investments in the shape of loans and pseudonyms appearing in the books of (i) m/s geekay corporation, (2) m/s auco finance corporation, (3) m/s allied finance corporation, and (4) m/s geekay transport corporations (as per rotation statement -marked annexure a). ..... thereupon the appellant approached financiers for financing the project and initiated negotiations with manufacturers for the purchase of machinery for .....

international Woollen Mills Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD654(Kol.)

..... so far as the contention of the assessee with regard to the loss by confiscation of goods by the customs authorities is concerned, it may be noted that the reference to the judgment of the assistant director under the enforcement act does not carry much weight because any judgment by a collateral authority should not affect the judgment of the collector. ..... way of fines in lieu of confiscation of goods imported without valid licence was held to be expenditure not wholly and exclusively laid out for purposes of the business of an assessee and as such not deductible under section 37(1) of the income-tax act , 1961 by the calcutta high court. ..... year of the assessee relevant to the assessment year under appeal is financial year 1973 ..... books of account on mercantile system of accounting and its previous year is the financial year, which for the assessment year under appeal ended on 31-3-1974. ..... infringement either of import licence or any other law, held that the goods were not of the description for which the import licence had been issued and, therefore, the import contravened section 111(d) of the customs act read with section 3 of the import and export control act. ..... of the goods was during the course of the previous year relevant to the assessment year under appeal.15. ..... during the course of assessment proceedings, the ito found that there was a debit of a ..... the assessee is directed against the order of the commissioner (appeals) dated 30-12-1978 relating to the assessment year 1974-75.2. .....

Wood Craft Products Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD1(Kol.)

..... however, in response to a query from the bench, the learned departmental representative fairly admitted that the trust has qualified for exemption under section 11 of the 1961 act up to and including the assessment year 1979-80 though it was stated that no certificate under section 80g had yet been granted to the trust within his knowledge.11. ..... be the following, namely :- (a) any sums paid by the assessee in the previous year as donation to- (iv) any other fund or any institution to which this section applies ; or (5) this section applies to donation to any institution or fund referred to in sub-clause (iv) of clause (a) of sub-section (2), only if it is established in india for a charitable purpose and if it fulfils the following conditions, namely :- (ii) the instrument under which the institution or fund is constituted does not, or the rules governing the institution or fund do not ..... 1,00,000 to a trust known as "vishwamangal trust" (hereinafter referred to as "the trust").deduction under section 80g of the income tax act, 1961 ("the act"), was claimed in respect thereof and allowed by the ito while completing the assessment under section 143(3), read with section 144b, of the act. ..... the departmental representative then referred to the memo explaining the provisions in the finance (no. .....

Karam Chand Thapar Memorial Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD831(Kol.)

..... , the learned counsel for the assessee has specifically brought to our notice the provisions of section 12, as it existed during the year under consideration, and before amendment by the finance act, 1972, which came into force from 1-4-1973. ..... karam chand thapar memorial charitable trust, calcutta, which is directed against the order of the commissioner (appeals) dated 23-5-1980 wherein he has sustained the assessment of capital gains arising on sale of shares and also the voluntary contributions received from mohini thapar charitable trust. ..... a copy of the assessment order for the assessment year 1972-73 of the said mohini thapar charitable trust was filed in the paper book which shows that exemption under section 11 was denied to it on the basis of the admission of the ground that the investment of the said trust with karamchand ..... voluntary contributions received from mohini thapar charitable trust would be liable for assessment if the income of that trust was exempt under section 11 and not otherwise. ..... the ito has assessed such voluntary contributions on the ground that the exemption under section 11 was not available ..... in the contention of the learned counsel for the assessee and, accordingly, we hold that the authorities were not justified in assessing the voluntary contributions received from mohini thapar charitable trust. ..... this contention but the commissioner (appeals), agreeing with the decision of the ito, confirmed the assessment and rejected the claim of the assessee.4. .....

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 .....

income-tax Officer Vs. Kamsco Industries (P.) Ltd.

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. .....

Bengal Electric Lamp Works Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1984)8ITD349(Kol.)

..... subject to advance tax) falls short of assessed tax.assessed tax has been defined by sub-section (5) of section 215 and means 'the tax determined on the basis of the regular assessment (reduced by the amount of tax deductible in accordance with the provisions of sections 192 to 194, section 194a, section 194c, section 194d and section 195) so far as such tax relates to income subject to advance tax and so far as it is not due to variations in the rates of tax made by the finance act enacted for the year for ..... , charged interest from the assessee for non-payment of advance tax according to its estimate and, therefore, the mere mistake of the ito to mention the section wrongly cannot negate his inherent power, rather it is the duty of the ito to charge interest when it is found on regular assessment that the tax paid by way of advance tax by the assessee as per its own estimate was less than 75 per cent of the tax.the commissioner ..... from a comparative study of the provisions of sub-section (1a) of section 217 and sub-section (1) of section 215, it would be clear that, whereas sub-section (1a) of section 217 deals with the default of not filing the estimate of advance tax in terms of sub-section (3a) of section 212, sub-section (1) of section 215 deals with the situation where even though the estimate has been filed but tax paid in terms of the said estimate is found to be less than 75 per cent of the assessed tax. .....