Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD711(Kol.)
..... the learned counsel for the assessee was at pains to point out that the order under section 263 in the present case having been passed on 24-3-1988 the explanation (c) to section 263 inserted by the finance act, 1988 with effect from 1-6-1988 and expanded by the finance act, 1989 with retrospective effect from 1-6-1988 cannot be pressed into service to uphold the order of the commissioner.8. mr. ..... it is therefore all the more necessary that the points on which the cit has initiated proceedings under section 263 of the act have to be re-examined by the assessing officer after eliciting the correct information with regard to the facts from the assessee. ..... as far as the merits are concerned, no serious arguments were raised before us, presumably because of the fact that the cit had set aside the assessment and directed the assessing officer to examine the claims after giving the assessee an opportunity of being heard.however, we have to refer to some papers filed before us at the time of hearing. ..... in the above cited case as authority for the proposition that whenever an assessment order is carried in appeal by the assessee and an order is passed on appeal by the appellate authority, all points, whether decided or considered by the appellate authority or not, merged with the order of the appellate authority and that it is thereafter not possible to initiate proceedings for revision under section 263 of the act in respect of any point even though not covered by the order of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD22(Kol.)
..... section and sections 217 and 273, 'assessed tax', 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 which the regular assessment ..... consequently, section 80wa was omitted by section 40 of the finance act, 1987, and section 115j was introduced by section 43 of the finance act, 1987 ..... case of an assessee being a company, the amount or, as the case may be, the aggregate amount which, but for the provisions of this section, would have been admissible as deduction for any assessment year under any one or more of the provisions of this act specified in sub-section (2) exceeds seventy per cent, of the amount of total income as computed had no deduction been allowed under any of the said provisions (such ..... amendment in section 115j by section 19 of the finance act, 1989 [1989 ..... was introduced by section 32 of the finance act, 1983 [1983] ..... income has resulted on the realisation of investments made and, consequently, no income is to be charged under section 45.thus, in computing the income under the provisions of the income-tax act, the assessing officer herself had excluded the capital gain arising from the transfer of the shares from the total income of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD652(Kol.)
..... submitted that all the applicants were also informed about the allotment of shares to them under certificate of posting and their claims were entered in the register of members as required under section 41 of the companies act.the assessee also submitted that all the cheques were received on account of the application money and were deposited in punjab national bank and american express bank who were especially appointed for the ..... biswas, the learned departmental representative opposed these contentions of the learned counsel for the assessee and submitted that a perusal of the assessment order would show that the assessing officer had made genuine efforts to verify the genuineness of the subscriptions said to have been received by the assessee from 25 persons, that in respect of the first 13, there was no evidence brought in by the assessee to ..... while completing the assessment of the appellant-company for this year on 2-3-1990 under section 143(3) of the income-tax act, 1961, the assessing officer added back a sum ..... this, it is still in the process of setting up its factory at paithan by acquiring necessary land in a backward area and also by entering into the necessary foreign collaboration agreement and also arranging for institutional finance from the ifc. ..... held that had it been a fictitious company it would not have enjoyed the trust of industrial finance corpn. ..... was to put up a plant with foreign collaboration for which it had received term loan' from industrial finance corpn. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD540(Kol.)
..... supreme court held as follows while explaining the scope of the deduction allowable under section 10 (2) (iii) or section 10(2)(xv) and section 12(2) of the indian income-tax act, 1922 corresponding to section 36(l)(iv), section 37(1) and section 57(iv) of the income-tax act, 1961, respectively, at page 208 of the reports : proceeding to consider the claim for deduction made by the assessee under section 10(2)(iii) or section 10(2)(xv), we may point out that under section 10(2)(tii), three conditions are required to be satisfied in order to enable the ..... & sons ltd, 's case (supra) is authority for the proposition that in order to obtain development rebate under section 33 of the income-tax act, 1961, what is required is that the plant or machinery after installation must be used or first put to use for the purpose of the assessee's business and the section does not require that even in the very year of installation or in the year of first user, the assessee ..... the revenue that the cit(a) had not given any concrete reasons for deleting this addition which had been made by the ito in accordance with the provisions of section 40a(3) of the act in the absence of any material placed by the assessee to fulfill the conditions laid down in rule 6dd(j) of the it rules.51. ..... which the revenue objects to the direction given by the cit(a) to allow deduction under section 80m of the act on the gross dividend without making any deduction for expenses as was done by the ito in the assessment order. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD735(Kol.)
..... made in spite of the fact that the appellate commissioner in the appeal for the assessment year 1984-85 in the assessee's own case has held that the provisions of section 43b are inapplicable for non-remittance of betting tax to the government treasury. ..... brought to our notice by shri bajoria that even for the two earlier assessment years 1985-86 & 1986-87, no addition was made under section 43b on the basis of the order of the appellate commissioner for the assessment year 1984-85.therefore, according to shri bajoria. ..... taken note of the fact that for the assessment years 1985-86 & 1986-87 no addition was made in respect of this betting tax by resorting to the provisions of section 43b of the act. ..... and the assessee club to settle the matter and the ao cannot step in and invoke the provisions of section 43b and make addition and demand income-tax.if we are to agree with the appellate commissioner in this regard, a very anomalous situation will be created creating undue hardship to ..... this very issue, submitted shri bajoria, had earlier cropped up for consideration in the assessment year 1984-85 in the assessee's own case and the learned appellate commissioner had held that betting tax of lbms paid over to the assessee club for being remitted ..... we also note of the fact that an identical controversy arose in the earlier assessment year 1984-85 in the assessee's own case and the appellate commissioner as per his order dated 14-3- ..... the government of west bengal, finance department, taxation. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD1(Kol.)
..... this connection we may also mention that sub-clause (b) of finance act, 1970 introduced a new clause (22a) in section 10 of the it act. ..... the assessing officer considered the case of the assessee and rejected the claim of the assessee under section 10(22a) of the it act on the ground that-(i) the main clause of the company does not authorise the company to raise any fund for philanthropic purpose; (2) further, nothing has been stated what source it will get money ..... authorities have also not granted exemption under section 10(22a) on the ground that this is the first year of the company's existence and hospital buildings are under construction and no philanthropic purpose is served by the company during the accounting year relevant to the assessment years under appeal. ..... in view of these facts, the cit(a) agreed with the assessing officer that the assessee is not entitled for the exemption under section 10(22a) of the it act and rejected the assessee's claim and hence, the present two appeals are by the assessee to the appellate ..... the end of accounting year relevant to the assessment year 1986-87, it had already spent rs. ..... the ito completed assessments for the above mentioned two years on 31-3-1989 and ..... 27-3-1991, for the assessment year 1987-88, are consolidated for the sake of convenience as they relate to the one assessee and points involved are also all ..... appeals are by the assessee against the cit(a)'s order no.236a/a-11/89-90 dated 27-3-1991, for the assessment year 1986-87 and no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)47ITD536(Kol.)
..... 1-4-1988 was applicable with retrospective effect from 1-4-1984 (1984-85 assessment), it should be held that the substitution of clause (a) of section 43b by finance act, 1988 w.e.f.1-4-1989 took retrospective effect from 1-4-1984 and therefore must be held applicable for the assessment year in appeal. ..... ito [1976] 103 itr 123, the supreme court, while dealing with the provisions of section 171(6) of the income-tax act and while holding that the said sub-section was not applicable to an assessment made on a hindu undivided family for any assessment year prior to 1-4-1962, when the act came into force, held as under : now, it is a well-settled rule of interpretation hallowed by time and sanctified by judicial decisions that, unless the terms of a statute expressly so provide ..... it has been held that 'cess' is different in nature and character from "tax or duty" and therefore it cannot be disallowed under section 43b as it stood prior to the amendment to the section made by finance act, 1988 w.e.f. ..... here is the present case, the assessments of the hindu undivided family for the assessment years 1950-51 to 1956-57 were completed in accordance with the provisions of the old act which included section 25a and the income-tax officer was, therefore, not entitled to avail of the provision enacted in sub-section (6) read with sub-section (7) of section 171 of the new act for the purposes of recovering the tax or any part thereof personally from any members of the joint family .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)48ITD534(Kol.)
..... the leasehold interest in the land cannot be included in the assessment will have to be accepted having regard to the fact that what is includible under section 40(3) of the finance act, 1983 in the assessment of the closely held company is the different types of assets specified in that sub- section only. ..... liable to wealth-lax by virtue of section 40 of the finance act, 1983 from the assessment year 1984-85. ..... only if the building is found to have been used by the assessee for its business or for any of the purposes mentioned in clause (vi) of section 40(3) of the finance act, 1983, can the assessee be given exemption we therefore direct the wto to examine this question and adjudicate on the issue in accordance with law and after giving adequate, opportunity of being heard to ..... that the contention of the assessee that the standard rent under the delhi rent control act alone has to be the basis of estimating the market value of the property under the rent capitalisation method has to be accepted.under section 7(1) of the it act, the value of any asset, other than cash, shall be estimated to be the price which in the opinion of the assessing officer it would fetch if sold in the open market on the valuation date. ..... on appeal, the cit (appeals) upheld the view of the wto that under section 7(1) of the wt act the market value of the property as on the valuation date has to be found out and while finding out such market value the standard rent cannot be taken as the market rent and it .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)49ITD412(Kol.)
..... dated 5-7-1976 issued by the cbdt explaining the provisions of the finance act, 1976, was introduced in section 9. ..... further pointed out that the assessee in the present case has not proved the source and nature of the deposit in the bank, and, therefore it was not possible to invoke the provisions of section 9(1)(v) and construe the same in its favour.besides this argument, the departmental representative also placed reliance on the order of the cit(a).5. ..... according to him, there was no question of treating the bank in england as a non-resident within the meaning of sub-clause (c) of that section, since as far as the income-tax department was concerned, the bank in england had no focus standi in the present case and the bank had no activities in india to the knowledge of the income- ..... it may be noticed that though the cit(a) took the view that the interest income arose out of the assessee's business connection in india, he confirmed the assessment of the interest under the head 'other sources'.3. ..... took the view that the interest was includible in the assessment under the head "other sources". ..... while completing the assessment, it was noticed by the income-tax officer that the assessee had not included the interest income of ..... provisions came into effect from the assessment year 1977-78. ..... appeal filed by the assessee is directed against the order of the cit(a) dated 19-3-1990 for the assessment year 1977-78. ..... must be excluded from the assessment. ..... he brought the same to tax in the assessment. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)50ITD118(Kol.)
..... the cit later took proceedings under section 263 of the income-tax act, 1961.according to him, the assessment order was erroneous and prejudicial to the interests of revenue inasmuch as the loss of the dankuni unit as set off against the profits of the taratola ..... view of the matter, he came to the conclusion that the income-tax officer was in error in allowing the assessee to make up its accounts in respect of dankuni unit up to 30-9-1984 for the assessment year 1985-86 and thereby permitting the assessee to adjust the loss from the dunkuni unit against the profits of taratola unit. ..... is assumed only for the purpose of argument that the assessee set up a new business even then the provisions of section 3(1)(d) will apply and the previous year could have been ending with the said financial year i.e. ..... the dankuni unit of the assessee, the profits from which are also assessable under the head "business", nevertheless, constitutes a separate source of income for the assessee in respect of which the assessee is free to opt for a previous year different from the previous year adopted in respect of ..... not appear to be necessary for us to cite any decisions in support of our view because the language used in section 2(11) is itself clear and quite distinct from the language used in section 6 and a clear distinction is made between a 'source' of income and 'head' of income.8. ..... set up only a new unit to manufacture the same item under the same management and with the same finances etc. .....
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