Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)6ITD456(Kol.)
..... in the alternative, the appellant had also claimed that depreciation should be allowed on the enhanced cost of plant and machinery in case the increase in the cost was capitalised under section 43a of the income-tax act.in the latter case, the appellant would like to clarify that two consequences should logically follow : (i) for the purpose of calculating depreciation, the cost of the relevant capital assets should be written up ..... since the present order of the tribunal has been passed without verifying the correctness of the figures and without going through the question of its effect on the assessments for the other years, it would be proper that instead of allowing the claim straightaway the matter be referred back to the 1to for allowing it after verification in terms of ..... since the claim was neither considered by the ito nor by the commissioner (appeals) and the assessee had already moved the commissioner (appeals) for reconsideration thereof under section 154, who could consider the same and even the material for adjudicating the ground had not been produced before the authorities below.15. ..... rai bahadur hardutroy motilal chamaria [1967] 66 itr 443 for the proposition that there must be something in the assessment order to show that the ito applied his mind to the particular subject-matter and the particular source of income with a view to consider its taxability or non-taxability and ..... from the interpretation of section 43a as provided by the ministry of finance as per their .....
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 : (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 : (1984)10ITD88(Kol.)
..... but, as we see, section 155(13) was inserted by the finance act, 1975, which took effect from 1-4-1975, but the previous year relevant to the assessment year under appeal ended on 31-3-1974. ..... it was, therefore, urged that on approval to the gratuity fund the provisions contained in section 155(13) became applicable and since the amount was not allowed in the original assessment rectification as provided in the said section could be made, provided the time limit of four years prescribed therein had not run out. ..... the ito negatived that claim of the assessee and on appeal the aac set aside the assessment on this point and directed the ito to reconsider the assessee's claim and allow deduction of the provision for gratuity after being satisfied that the conditions prescribed under section 40a(7)(b) of the income-tax act, 1961 ('the act') are fulfilled. ..... it was also submitted that the initial contribution to an approved gratuity fund was deductible from the total income under section 36(1)(v) of the act read with rule 104 of the income-tax rules, 1962 ('the rules'). ..... according to the ito, under section 154 the assessee can ask for rectification only of that part of the provision for gratuity which was wrongly claimed by the assessee at the time of assessment and disallowed by the ito.3. ..... that being the position, we are of the opinion that there was no patent mistake in the regular assessment which was sought to be rectified by the assessee by tiling an application under section 154. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)10ITD542(Kol.)
..... under the colour of retrospective operation of section 80aa, the learned counsel argued that already completed assessment could not be opened and at any rate such act of the commissioner was beyond his jurisdiction.4. ..... in support of his next argument, namely, that retrospective operation of the newly inserted section 80aa cannot be extended to the extent of reopening of the assessment already completed long before, the learned counsel placed reliance upon cit v. ..... as he then was, speaking for the court observed : it is in the light of this position that the extent of the income-tax officer's power under section 35 to rectify mistakes apparent from the record must be determined ; and in doing so, the scope and effect of the expression 'mistake apparent from the record' has to be ascertained. ..... to any area, or persons or classes of persons, or incomes or classes of income, or cases or classes of cases, references in this act or in any rule made thereunder to the income-tax officer shall be construed as references to the inspecting assistant commissioner and any provision of this act requiring approval or sanction of the inspecting assistant commissioner shall not apply.it is plain from the above sub-section that where the iac exercises the powers or performs the functions of an ito, he shall be taken ..... thereafter, the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)11ITD577(Kol.)
..... [1977] 108 itr 367 for the proposition that where substantial capital expenditure is made on new building and plant and machinery for substantially increasing production, relief under section 80j could not be denied.the commissioner (appeals), after considering the submissions made before him, held as under: i am of the view that the claim ..... advantage of an enduring nature and, accordingly, he submitted that the expenditure incurred by the assessee towards payment of licence fees for both the assessment years under appeal was to be treated as capital expenditure.the decision of the calcutta high court in the case of agarwal hardware works (p. ..... calcutta high court held that the assessee was entitled to deduction under section 15c of the indian income-tax act, 1922, and the supreme court affirmed that decision of the calcutta ..... we would, therefore, hold that the assessee incurred these expenses for the two assessment years under appeal wholly and exclusively for the purpose of its business namely, for the manufacture ..... the commissioner (appeals) deleted the disallowances made by the ito for both the assessment years under appeal by observing as under : the undisputed facts are that the factory and all assets comprised therein, including the trade mark, ..... unit has not been formed by the splitting up or reconstruction of the existing unit, the building or machinery for the unit are all new and the new unit is financed by additional capital, it would be entitled to relief under section 80j. .....
Tag this Judgment!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. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD288(Kol.)
..... their lordships were interpreting in that case sub-section (1) of section 13 of the finance act, 1950 which saved the law relating to income-tax or super tax, which was in force in any part b state before 1-4-1950 for the purposes of the levy, assessment and collection of income-tax and super tax [emphasis supplied]. ..... in the meantime, the state of hyderabad merged with the indian union and the indian legislature by the finance act, 1950, provided that the law existing in the said state would cease to have effect except for the purposes of levy, assessment and collection of income-tax and super tax. ..... it is true that under the hyderabad income-tax act, distinct provisions are made for recovery of tax due and penalty, but that in our judgment does not alter the true character of penalty imposed under the two acts....we are of the view the high court erred in holding that the proceedings for imposing the penalty could not be continued after the enactment of section 13(1) of the finance act, 1950.15. ..... the proceedings for imposing penalty initiated under section 40 of the hyderabad income-tax act could be continued after the enactment of section 13(1) of the finance act, 1950. .....
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. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)12ITD1(Kol.)
..... an order by filing a reference application or by invoking writ jurisdiction of the high court or may be even by filing another miscellaneous application before the tribunal itself for withdrawing the recalling order passed under section 254(2).to challenge the validity of such an order by raising a preliminary objection before the special bench in subsequent proceedings arising out of that order, is certainly not permissible because consideration of the preliminary objection ..... however, memorandum explaining the provisions in the bill, the board's circular and the extract from the taxes & incentives clearly indicate tha the provisions of section 44c were introduced in the act to get over the following difficulties : it is extremely difficult to scrutinise and verify claims in respect of such expenses, particularly in the absence of account books of the ..... circumstances of the case, the learned commissioner (appeals) erred in his finding that provisions of section 44c were not applicable in the instant case and in that view in directing the assessing officer to recompute the total income by excluding disallowance made under section 44c of the income-tax act, 1961.6. ..... 202 dated 5-7-1976 explaining the provisions introduced by the finance act, 1976, relating to direct taxes and extract from taxes & incentives (a guide for investors) published by indian investment centre (a ..... clauses relating to the provisions in the finance bill, 1976, through which section 44c was introduced in the act. .....
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