Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)77ITD198(Kol.)
..... " the supreme court held that clause (iiid) of section 27 of the income-tax act, inserted by the finance act, 1987 with effect from assessment year 1988-89 was merely clarificatory in nature and should thus be construed retrospectively since the inception of the statute.7. ..... cit [1997] 224 itr 677 (sc) at page 686-- "the supreme court held that the first proviso inserted to section 43b by finance act, 1988 with effect from the assessment year 1989-90, should be construed as having been inserted retrospectively from the date on which the section itself came into existence i.e. ..... by the finance (no.2) act, 1991 with retrospective effect from 1-4-1987, which reads as below :-- "(ba) 'total turnover' shall not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962 (52 of 1962): provided that in relation to any assessment year commencing on or after the first day of april, 1991, the expression "total turnover" shall have effect as if it also excluded any sum referred to in clauses (iiia), (iiib) and (me) of section 28." 4. ..... it may be mentioned in this connection that finance act, 1990 introduced clause (bb) to the explanation to section 80hhc, with effect from 1-4-1991 in accordance with which, for the purpose of this section, "total turnover" shall not include any sum referred to in clauses (iiia), (iiib) and (hid) of section 28. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)77ITD405(Kol.)
..... the cit(a) further observed in his impugned order that the assessing officer invoked the provisions of section 10(3) of the act and held that the said receipt was casual and nori-recurring receipt and so was includible in the total income subjec to ..... ] 128 itr 294 : 5 taxman 1 wherein it was held that- where the cost of acquisition of an asset is nil, the capital gain is not chargeable to tax.on this reasoning the assessing officer mentioned in his order that even if the said receipt was a capital gain, that was not a capital gain chargeable under the provisions of section 45 for the simple reason that there was no cost of acquisition. ..... it is precisely for this reason that proviso (i) to clause (3) of section 10 expressly excludes "capital gains chargeable under the provisions of section 45" from the ambit of the said clause.on the basis of the above judgment, the assessing officer observed that it was certainly a receipt of casual and non-recurring nature and it cannot be considered ..... the relevant portion of the judgment was quoted by the assessing officer which is elaborated as under: it may be noted that section 10 deals with exemption of particular types of income from being included in the total income ..... the assessing officer as per provision of section 10(3) of the income-tax act.2. ..... cit [1995] 211 itr 500 wherein it was held that- that section 10 of the income-tax act, 1961, lays down certain categories of income which will not be included in the total ..... made by the finance (no. .....
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 : (2001)77ITD111(Kol.)
..... 19th march, 1964 on which the additional compensation was awarded accrued in the year in which this date falls and interest pertaining to the period after 19-3-1964 is to be taxed on accrual basis in respective assessment years and in that context it was held that interest under section 34 accrues or arises at the time the possession of the land is taken and it accrues from year to year until the payment of interest is so deposited. ..... set out in para 5 of the accountant member's order aforesaid, reads as under : "resolved that pursuant to the provisions of section 293(1)(b) of the companies act, 1956 consent be and is hereby accorded to the company extending the time for repayment of at least the balance principal amount ..... if the assessee-company and its subsidiary would have agreed before the close of the accounting year relevant to the assessment year 1971-72 not to charge interest and/or to waive such interest otherwise chargeable, one could have said that, in view of the substitution or novation by a subsequent agreement, the original liability to pay ..... the years.the matter was discussed at the meeting of the board of directors of the company on 29-3-1983 and the following resolution was passed : "resolved that pursuant to the provisions of section 293(1)(i) of the companies act, 1956 consent be and is hereby accorded to the company extending the time for repayment of at least the balance principal amount of rs. ..... ferozepur finance ..... facts the cases in ferozepur finance (p. ..... finance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)80ITD69(Kol.)
..... previous year, in which the amount was borrowed or repaid, as the case may be : provided that, if in any case the amount borrowed on hundi has been deemed under the provisions of this section, to be income of any person, such person shall not be liable to be assessed again in respect of such amount under the provisions of this ..... 1978-79) to which one of us, the vice-president, was a party, has added one more reason that (is that) section 69d applies only to instruments which are negotiable without endorsement and the negotiability is the principal test to find out whether a document is ..... by the learned cit(a)-v, calcutta, in the matter of assessment order under section 143(3) for the asst. yr. ..... apart from the fact that an affirmative answer to the question will enlarge, if not completely distort, the provisions of the it act taxing income and not loans, to tax would be a grave error to treat a known amount of loan as income only for the reason that of adopting a particular method of receiving it or paying it, ..... 24th july, 1976, in an effort to elucidate scope and effect of this section, explains that "the term 'hundi', which has not been defined under the it act, denotes, in common commercial parlance, an indigenous instrument in vernacular language which can be used by holder thereof to collect money due thereon without ..... not in dispute that a flat interest of 0.75 per cent on the amount so financed was paid to the moneylender and that during the year such interest charges came to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)80ITD9(Kol.)
..... as clause (va) to section 2(5b) was inserted by finance act, 1992 w.e.f. ..... , whether in cash or kind, or disbursing monies in any other way, to persons from whom monies are collected or to any other person, but does not include any institution, which - (i) is an industrial concern as defined in clause (c) of section 2 of the industrial development bank of india act, 1964, or (b) the purchase or sale of any goods (other than securities) or the providing of any services; or (c) the purchase, construction or sale of immovable property, so, however, that no portion of the income of the institution is derived ..... of deposit or loan or in any other form, but does not include,-- (iii) amounts received from a scheduled bank or a co-operative bank or any other banking company as defined in clause (c) of section 5 of the banking regulation act, 1949 (10 of 1949); (c) any financial institution specified in or under section 6a of the industrial development bank of india act, 1964 (18 of 1964) or, (d) any other institution that may be, specified by the bank in this behalf, (v) amounts received in the ordinary course of business, by way of- (d) advance against orders ..... it provides the levy of tax on every credit institutions for every assessment year commencing on or from 1st april, 1992 and interest-tax in respect of its chargeable interest of the previous year.2. ..... all these appeals are against the orders of the cit(a) for various assessment years. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)83ITD111(Kol.)
..... course of the search in the premises of the assessee and/or any enquiries conducted by the ao pursuant thereto and in that way the disallowance can be considered to have correctly been made in the block assessment (3} whether a disclosure made by a third party under the vdis can be used against the assessee without allowing the assessee an opportunity of cross-examining the other party (4) whether, on the facts ..... only "undisclosed income" shall form the subject-matter of 'block assessments' made under section 158bc/158bd, on the other hand all disclosed income shall be treated only in the 'regular assessment' made under section 143(3)7144 of the it act, 1961 (2) whether the disallowance of the lease rentals of the aggregate ..... the nature and scope of undisclosed income as defined under section 158b of the it act, the learned authorised representative of the assessee referred to decision of bangalore bench of the tribunal in the case of kirlosker investments & finance ltd. v. ..... much less or much higher than what had been charged by the assessee nor that the lease rent fixed was not in the vicinity of the net finance received and interest thereon as per the agreement for 38 months.5. ..... the decision of special bench of tribunal bangalore bench in the case of kirlosker investment & finance ltd. v. ..... and hence the addition made in this regard is invalid, the learned counsel for the assessee has relied on the judgment of the tribunal in the case of kirloskar investments & finance ltd. ..... finance .....
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!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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD85(Kol.)
..... this is fully evidenced by the substitution of the existing section 43a by the finance act, 2002 with effect from 1-4-2003.even in the case of revenue expenditure the question of allowability of such increase or reduction in the fluctuation of foreign exchange came up before special bench of the ..... of the assessee at para 25.1 as follows : "25.1 from the facts of the present case it is seen that the method of accounting adopted by the assessee right from assessment year 1982-83 is mercantile system and it has been consistently claiming the losses suffered by it on account of fluctuation in foreign currency rates only on accrual basis. ..... stated that the learned commissioner (appeals) in the appeal filed by the assessee had deleted the addition made by the assessing officer for the assessment year 1991-92 but the department had filed the appeal against the said order of learned commissioner (appeals) before the tribunal.being aggrieved, the ..... before the regular bench for decision, according to majority opinion.in accordance with the majority view, we hold that the commissioner (appeals) was justified in directing the assessing officer to allow the depreciation on additional liability arising out of the difference in the rate of exchange of rupee. ..... thus, the assessee had changed its method of accounting from assessment year 1982-83 but the bona fides of the change were not doubted or disputed by the department.further, the assessee has been consistent and definite in making entries in .....
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