Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)117TTJ(Kol.)121
..... other provisions relating to computation of capital gains, period of holding and cost incurred by the previous owner is considered, then it will be improper to apply only the cost inflation index, applicable to the year of inheritance.8.5 the provisions of section 48 prescribing indexed cost of acquisition were enacted by the finance act, 1992. ..... cit and submitted that the person who actually incurs the cost of construction of the building is the "owner" of the house property under section 22 of the act and rental income is assessable in the hands of such owner.8.9 from perusal of the assessment order under section 143(3) for asst.yr. ..... for that on the facts and in the circumstances of the case, the cit(a) was unjustified in law and in fact in upholding the assessment of the rental income derived from property at panchsheel park, new delhi under the head 'other sources' as against 'house property'. 10. ..... in the wealth-tax assessments under section 16(3) of the past years the revenue assessed assessee's 1/3rd share to wealth-tax treating her to be the owner, then it is not open for the department to challenge her ownership only for denying the statutory deduction under section 24 of the act. ..... the ao accordingly assessed the income under "other source" head and denied statutory deduction under section 24 of the act.8.8 the learned representative of the assessee submitted that in the income-tax assessment of sri r.n. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)112ITD57(Kol.)
..... issue of a cheque or draft or by any other mode on or before the due date as defined in the explanation below clause (va) of sub-section (i) of section 36, and where such payment has been made otherwise than in cash, the sum has been realized within fifteen days from the due date.the above second proviso has been omitted by the finance act, 2003 with effect from 1.04.2004 and the special bench, chennai in the case of kwality food ..... reads as under: where the assessee incurs any expenditure in respect of which payment has been or is to be made to any person referred to in clause (b) of this sub-section, and the assessing officer is of opinion that such expenditure is excessive or unreasonable having regard to the fair market value of the goods, services or facilities for which the payment is made or the legitimate needs of the business or profession of the ..... . therefore, we set aside the orders of the authorities below and allow the claim of the assessee with respect to the provisions made for the said sum during the assessment years under consideration.we, therefore, considering the facts and circumstances involved in the case and in the light of above discussion and respectfully following the earlier order of this tribunal in assessee's own case, do not ..... no. 4409 of 2005, the above proposition has been accepted by the assessing officer, if so, then excise duty and sales tax also cannot form part of the "total turnover" under section 80hhc(3), otherwise the formula .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)115TTJ(Kol.)45
..... a cheque or draft or by any other mode on of before the due date as defined in the explanation below clause (va) of sub-section (1) of section 36, and where such payment has been made otherwise than in cash, the sum has been realized within fifteen days from the due date.the above second proviso has been omitted by the finance act, 2003 w.e.f. ..... (b) any sum payable by the assessee as an employer by way of contribution to any pf or superannuating fund or gratuity fund or any other fund for the welfare of employees.the assessment year in question before us is 1997-98 during which the second proviso to section 43b during the relevant period reads as under: provided further that no deduction shall, in respect of any sum referred to in clause (b), be allowed unless such sum has actually been paid in cash or by issue of ..... therefore, we set aside the orders of the authorities below and allow the claim of the assessee with respect to the provisions made for the said sum during the assessment years under consideration.we, therefore, considering the facts and circumstances involved in the case and in the light of above discussion and respectfully following the earlier order of this tribunal in assessee ..... 4409 of 2005, the above proposition has been accepted by the ao, if so, then excise duty and sales-tax also cannot form part of the total turnover' under section ..... cit(2005) 95 ttj (ahd)(sb) 867 : (2005) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)115TTJ(Kol.)390
..... counsel for the assessee has thus argued that firstly the huge discrepancy in the estimations of the value of the constructed area as done by the dvo (at the stage of the assessment) and by the stamp duty valuation authority reflects the lack of reality in the matter of such estimations and secondly since both the authorities included the value of the constructed area ..... the assessment order passed under section 143(3) on 31st march, 2005, however, the consideration amount for the transfer was considered by applying the provisions of section 50c of the act, ..... the consideration received or accruing as a result of the transfer by the assessee of a capital asset, being land or building or both, is less than the value adopted or assessed by any authority of a state government (stamp valuation authority) for the purpose of payment of stamp duty in respect of such transfer, the value as adopted or assessed shall, for the purpose of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer.4. ..... view of this factual position, it has finally been submitted that it would be gross injustice to the assessee if his case be considered to be subject to the provisions of the newly introduced section 50c and the amount of consideration actually received by him and as also considered by the departmental authority to be adequate, be substituted by a highly exaggerated figure adopted by the stamp duty ..... finance act, 2002 introduced a new section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)301ITR171(Kol.)
..... ito have upheld the constitutional validity of section 40a(3) and of rule 6dd after amendment by the finance act, 1995 and the income-tax (fourth amendment) rules, 1995, ..... point out that before its omission by the income-tax (fourteenth amendment) rules, 1995 with effect from july 25, 1995, rule 6dd(j) reads as under: (i) in any other case, where the assessee satisfies the assessing officer that the payment could not be made by a crossed cheque drawn on a bank or by a crossed bank draft: (2) because payment in the manner aforesaid was not practicable, or would have caused genuine difficulty to the payee ..... the total income of the assessee for the previous year in which such liability was incurred and make the necessary amendment, and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned from the end of the assessment year next following the previous year in which the payment was so made: provided further that no disallowance under this sub ..... parlance meaning should be given to the word "producer" and not a very narrow meaning be given to it, as given by the revenue.sri gautam banerjee in the rejoinder stated that the assessing officer has raised the issue of applicability of section 40a(3) at the fag end of march when the assessment was becoming barred by limitation.therefore, there was no time left so as to bring on record the material to prove that the suppliers are producers. .....
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