Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)101TTJ(Kol.)829
..... the above settlement agreement and thereafter upholding the action of ao in first apportioning the payment towards principal amount and thereafter adding the entire balance principal amount and the outstanding interest amount under section 41(1) of the act was not justified, keeping in view of the fact that the assessee has rightly offered the unpaid outstanding interest for taxation by crediting the same in its p&l a/c and by transferring ..... . it is a sine qua non for bringing a remission or cessation of liability to tax under section 41(1), that 'an allowance or deduction has been made in the assessment for any year' for loss, expenditure or trading liability in respect of which such remission or ..... an expenditure, loss or trading liability in the earlier year's assessment and, therefore, the provision of section 41(1) has no application. ..... relied on various decisions of tribunals and courts in support of its contention that the provisions of section 41(1) do not apply where no allowance or deduction has been granted to the assessee in an earlier assessment year. ..... . where an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability incurred by the assessee (hereinafter referred to as the first-mentioned person) and subsequently during any previous year,-- (a) the first-mentioned person ..... cit (2005) 97 ttj (mumbai) 516, wherein it was held that revenue cannot assess more than real income in respect of transaction entered .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)101ITD95Cal
..... five assessees in india for last ten years, which is available at page 1 of the paper book filed by the assessees, which is being re-produced hereunder for the facility of reference:financial year assessment stay inside stay outside remarks year india india1989-90 1990-91 154 days 211 days non-resident1990-91 1991-92 169 days 196 days -do-1991-92 1992-93 210 days 155 days resident but not ordinari1992 ..... has rightly held the above assesses as ordinarily resident in india in view of the plain reading of clause (a) of sub-section (6) of section 6 of income tax act which defines the meaning ..... days or more, is in india for a period or periods amounting in all to sixty days or more in that year.we observe that all the assessees were complying with the provisions as laid down in section 6, sub-section (1) of the act as evident from the chart of stay inside india as re-produced hereinabove elsewhere in the order as in the order and, therefore, the action of a.o. ..... twenty-nine days or less.from the perusal of above definition as laid down in section 6(6)(a), it is apparent that only those individuals can be assessed in the status of not ordinarily resident in india who where non-resident in nine out of ten previous years or has during the seven previous years preceding that year been in india for a ..... 27^th may, 2005 in the cases of these five appellants for the assessment year 2002-03 ..... /2005 filed by the different assessees, we, therefore, decide to dispose of the same by a common consolidated .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)105ITD129(Kol.)
..... draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of five per cent: provided that no deduction shall be made under this section in a case where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the ..... or a hindu undivided family, who is responsible for paying, on or after the 1^st day of june, 2001, to a resident, any income by way of commission (not being insurance commission referred to in section 194d) or brokerage, shall, at (he lime of credit of such income to (he account of the payee or at the time of payment of such income in cash or by the issue of a cheque or ..... assessing officer in tins case has considered the difference between the listed price of coupons and the sell price by the assessee to its franchisees as "commission" payment by the assessee alongwith the commission on new connections for which the assessee is liable to deduct tax at source under section 194h of the act ..... 2005) 98 ttj (jp) 1 has held that when the assessee having sold goods to its distributors to operate in specified territories only and sale of goods at fixed margins is under the supervision and control of the assessee, the transaction between the assessee and the distributors were on principal and agent basis and not on principal to principal basis and therefore, the assessee is liable to deduct tax at source under section ..... 2005 for assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)101ITD229(Kol.)
..... incurred by the assessee in providing ordinary meals to outstation customers according to established business practice, was a permissible deduction under section 37(2a), to which the assessees were entitled in the computation of their total income for the purpose of payment of tax under the 1961 act during the relevant period prior to 1.4.1976.5.10 however, sub-section (2) of section 37 was substituted by the finance act, 1992 with effect from 1.4.1993 and later on amended by the finance act, 1994 with retrospective effect from 1.4.1993. ..... counsel for the assessee arc prior to the substitution of sub-section (2) of section 37 of the income-tax act by the finance act, 1992 with effect from 1.4.1993 and later on amended by the finance act, 1994 with retrospective effect from 1.4.1993, therefore, in view of the non obstante clause provided in sub-section (2) of section 37, the decisions relied on by the ld. ..... therefore, taking into consideration the facts and circumstances coupled with the authoritative pronouncements we allow the assessee's ground of appeal in assessment year 1993-94 and reject the ground of appeal taken by the department in assessment year 1991-92.5.19 we further find that the assessing officer in the assessee's own case for the assessment year 1995-96 while passing setting aside order pursuant to the direction of the tribunal has allowed the entertainment expenses amounting to rs. ..... 28,69,679.002004-2005 rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)103ITD349Cal
..... tribunal authorized in this behalf by the central government may, sitting singly, dispose of any case which has been allotted to the bench of which he is a member and which pertains to an assessee whose total income as computed by the [assessing] officer in the case does not exceed five hundred thousand rupees, and the president may, for the disposal of any particular case, constitute a special bench consisting of three or more members, one of whom shall ..... therefore, the revenue cannot blow hot and cold at the same time taxing the expenditure in the assessment year 1997-98 in disallowing the claim for deduction in the assessment year 1996-97 thereby making double addition of the same amount to the income of the assessee.13 ..... we find that section 255(3) of the act empowers the president of the tribunal to constitute a special bench.the said section reads as under - 255 ..... 2/2005, dated 24-10-2005 has further raised the above monetary limit to rs ..... 2/2005, dated 24-10-2005 issues guidelines to the revenue authorities with regard to filing of appeal before the tribunal, high court and supreme court ..... works [2005] 94 itd 164 held that instructions of board prescribing monetary limit for filing appeal before various forums are binding on income-tax ..... 2 of 2005 which provides that where it involves substantial question of law, the issue should be decided irrespective of monetary limit, is also ..... 2 of 2005 are not applicable and the appeal of the revenue cannot be dismissed on that count .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)287ITR153(Kol.)
..... we find that section 255(3) of the act empowers the president of the tribunal to constitute a special bench.the said section reads as under - 255(3) - the president or any other member of the appellate tribunal authorized in this behalf by the central government may, sitting singly, dispose of any case which has been allotted to the bench of which he is a member and which pertains to an assessee whose total income as computed by the [assessing] officer in the case does not exceed five ..... therefore, the revenue cannot blow hot and cold at the same time taxing the expenditure in the assessment year 1997-98 in disallowing the claim for deduction in the assessment year 1996-97 thereby making double addition of the same amount to the income of the assessee.13. ..... thereafter in partial modification of the above instruction, the board vide instruction no.2/2005 dated 24.10.2005 has further raised the above monetary limit to rs. ..... 2/2005 dated 24^th october, 2005 issues guidelines to the revenue authorities with regard to filing of appeal before the tribunal, high court and supreme court.from the above instruction, it is evident that since 1987, the cbdt is instructing its officers ..... works (2005) 94 itd 164 (a.s.r.) (sb. ..... 2 of 2005 which provides that where it involves substantial question of law, the issue should be decided irrespective of monetary limit, is also retrospective. ..... 2 of 2005 are not applicable and the appeal of the revenue cannot be dismissed on that count.11. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)107ITD1(Kol.)
..... section (2) of section 158bfa and the explanation to section 271(1)(c) as inserted by the finance act ..... reads as under: explanationwhere the total income returned by any person is less than eighty per cent of the total income (hereinafter in this explanation referred to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced by the expenditure incurred bona fide by him for the purpose of making or earning any income included in the total income but which has been disallowed as a deduction), such ..... (1) there must be some material or circumstances leading to the reasonable conclusion that the amount does represent the income of the assessee, and, (ii) the mere fact that the amount has been assessed as income is not sufficient for the purpose of levying penalty but the circumstances must show that there was conscious and deliberate concealment of income or conscious furnishing of inaccurate particulars thereof on the ..... based on the applicability of the explanation to section 271(1)(c) which was inserted by section 40 of the finance act, 1964 w.e.f. ..... thoroughly all the seized documents and ultimately with a view to remove the defects occurred for the said reasons in its return under section 158bc and to make the block return as also block assessment error-free, filed additional information by way of a declaration showing resultant positive income replacing loss originally declared in the block return. ..... suresh kumai (2005) 95 ttj (kol) 926 : (2005) 97 ttd .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)104ITD249Cal
..... -section (12) of section 80-ia, and subject to fulfilling the conditions laid down in sub-section (4a) of section 80-ia; or (vii)the amount of profits of sick industrial company for the assessment year commencing from the assessment year relevant to the previous year in which the said company has become a sick industrial company under sub-section (1) of section 17 of the sick industrial companies (special provisions) act, 1985 (1 of 1986) and ending with the assessment year during ..... ; or (v)the amount of profits derived by an industrial undertaking located in an industrially backward state or district as referred to in sub-clause (b) or sub-clause (c) of clause (iv) of sub-section (2) of section 80-ia, for the assessment years such industrial undertaking is eligible to claim a deduction of hundred per cent of the profits and gains under sub-section (5) of section 80-ia; or (vi) the amount of profits derived by an industrial undertaking from the business of developing, maintaining and operating any infrastructure facility as defined under sub ..... /2005 and in case of indian containers placed his reliance and endorsement on the arguments advanced by shri rahul mitra, and he further submitted that from the perusal of schedule-vi of companies act, it is evident that by no stretch of imagination, the provision for bad and ..... 2449 (kol)/2005, the only ground which is permitted by the cod to be proceeded with is ..... 2437 (kol)/2005.the only ground raised in this appeal by ..... 2005 ..... 2005 ..... 2005 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)105TTJ(Kol.)543
..... power; or (v) the amount of profits derived by an industrial undertaking located in an industrially backward state or district as referred to in sub-clause (b) or sub-clause (c) of clause (iv) of sub-section (2) of section 80ia, for the assessment years such industrial undertaking is eligible to claim a deduction of hundred per cent of the profits and gains under sub-section (5) of section 80ia; or (vi) the amount of profits derived by an industrial undertaking from the business of developing, maintaining and operating any infrastructure facility as defined under sub ..... -section (12) of section 80ia, and subject to fulfilling the conditions laid down in sub-section (4a) of section 80ia; or (vii) the amount of profits of sick industrial company for the assessment year commencing from the assessment year relevant to the previous year in which the said company has become a sick industrial company under sub-section (1) of section 17 of the sick industrial companies (special provisions) act, 1985 (1 of 1986) and ending with the assessment year during which the ..... 2437 and 2449/kol/2005 and in case of indian containers placed his reliance and endorsement on the arguments advanced by shri rahul mitra, and he further submitted that from the perusal ..... . 2449/kol/2005, the only ground which is permitted by the cod to be proceeded with is against the deletion of the ..... 2449/kol/2005.at the time of hearing, it was pointed out by the learned counsel, ..... /kol/2005 and ..... / ..... kol/ .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)107TTJ(Kol.)186
..... in the case of an assessee, being a company, the total income, as computed under this act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of april, 1997 but before the 1st day of april, 2001 (hereafter in this section referred to as the relevant previous year) is less than thirty per cent of its book profit, the total income of such assessee chargeable to tax for ..... hon'ble apex court, the ao cannot modify the profit shown in the p&l a/c except to the extent provided in the explanation.explanation to section 115ja reads as under: explanation- for the purposes of this section, 'book profit' means the net profit as shown in the p&l a/c for the relevant previous year prepared under sub-section (2), as increased by- (a) the amount of income-tax paid or payable, and the provision therefor; or (c) the amount or amounts set ..... while so looking into the accounts of the company, the ao has to accept the authenticity of the accounts with reference to the provisions of the companies act, which obligate the company to maintain its accounts in a manner provided by that act and the same to be scrutinized and certified by statutory auditors and approved by the company in general meeting and thereafter to be filed before the roc who has a statutory obligation also to examine ..... , 2005 to apply provision of section 115ja by disallowing ..... assessee is a residuary non-banking finance company (nbfc). ..... 15th july, 2005 should be upheld and the assessee's ..... 2005 .....
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