Judgment Search Results Home > Cases Phrase: finance act 2005 section 99 assessment Sorted by: recent Court: income tax appellate tribunal itat kolkata Page 1 of about 235 results (0.206 seconds)

income-tax Officer Vs. Budge Budge Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)100ITD387(Kol.)

..... zam tanners [2005] 279 itr 197 : 149 taxman 55 in which it has been held that clause (iii) of explanation 4 to section 271(1)(c) as amended by finance act, 2002, are applicable prospectively and do not apply the relevant assessment year 1985-86 and, therefore, in the absence of positive assessed income penalty under section 271(1)(c) was not ..... cit(a) while upholding the disallowance made by the assessing officer directed the assessing officer to allow correct unabsorbed depreciation under section 32 as also the business loss for carry forward as per law and passed a speaking order in respect of levy of interest charged under section 234b of the income-tax act and accordingly, partly allowed the assessee's appeal ..... the factory of the assessee remained under lockout throughout two previous years relevant to assessment years 1983-84 and 1984-85 and during the lock out period, the plant and machinery had not been actually used for the purpose of the business, the depreciation under section 32 of the act was not allowable on such plant and machinery, is dated 4-1-1994, i.e. ..... that from the last para of the impugned assessment order that the assessing officer has merely stated that "penalty under section 271(1)(c) of the income-tax act is initiated for furnishing inaccurate particulars". ..... ) of 2005, dated 8-8-2005] for the assessment year 1998-99, we find that deduction under section 80hhc was claimed by the assessee on the basis of the decision of the itat, mumbai bench in the case of .....

Pampasar Distillery Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... he further submitted that even as per provision of section 170 sub-section (2) of the income tax act, 1961, the assessment can be made in the hands of the successor ..... already considered the rival submission and for the detailed discussion from paragraphs 11 to 19 of this order, we hold the order passed under section 201 /201 (1a) on the date on which parashakti finance & investment ltd. ..... from 1-7-1988 while the orders under section 201(1)/201(1a) was passed against parashakti finance & investment ltd. ..... /2005 for assessment years 1999-2000 to 2001-02 which is against some relief allowed by commissioner (appeals), does not survive, accordingly the same are ..... of assessment was made on 25-2-2005. ..... /2005 are filed by the revenue for assessment years 1994-95 to ..... /2005 are the appeals filed by the revenue for assessment years 1999-2000 to ..... /2005 are filed by the assessee for assessment years 1999-2000 to 2001-02 respectively.the ..... /2005 are by the revenue for assessment years 1994-95 to 1998-99 in the case of parasakthi finance & ..... equally applicable in the case of parashakti finance & investment ltd. ..... stated that any order passed by the revenue authorities on the date when parashakti finance & investment ltd. ..... 1999 when parashakti finance & investment ltd ..... parashakti finance & ..... parashakti finance & ..... /2005 filed by the assessee, it has raised additional ground which reads as under: the order needs to be vacated as on the date of passing of order the company was non-existent having merged with shah wallace .....

income-tax Officer Vs. Kenaram Saha and Subhash Saha and

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. .....

Neville De Noranha Vs. Assistant Commissioner of Income

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 .....

Joint Commissioner of Income Tax, Vs. I.T.C. Ltd.

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 .....

Joint Commissioner of Income Tax Vs. I.T.C. Ltd.

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) .....

Smt. Mina Deogun Vs. Income Tax Officer

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. .....

Varas International (P) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... were referred for its opinion by the tribunal (a) whether, on the facts and in the circumstances of the case and on a correct interpretation of the amendment made by the finance act, 1988 to the section 43b(a) of the income tax act, 1961 which has been explained as clarificatory of legislative intention by the explanatory notes issued by the government, the tribunal was justified in law in not holding that the said ..... of the assessee holding that the privilege and specified fee as mentioned in rules 2 and 6 of the excise rules cannot be construed as fee used in section 43b, the word "fee" was not there in section 43b before 1-4-1989 and ..... assume the character of "fee" as contemplated under section 43b.3.4 secondly, it was submitted that even otherwise, the provisions of section 43b were not applicable to the claim of the assessee for the reason that the word "fee" was included in section 43b with effect from 1-4-1989,while assessee's cases related to assessment years 1984-85 and 1985-86.the tribunal allowed the appeals ..... 1,63,000 in respect of fee payable to the government of west bengal, excise directorate in its accounts for the assessment year 1984-1985 and assessment year 1985-86 respectively under the nomenclature "excise duty" and carried the same in its liability side as the payment was outstanding due to filing of .....

Hutchison Telecom East Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... in law, the commissioner (appeals) erred in suo motu adjudicating that the roaming charges, pass through charges, inter operator charges and port charges ("interconnect charges") are liable for- tds under section 194c even though the assessing officer has not held so in the order passed under section 201(1)/201 (1a) read with section 194.1 of the act and the applicability of section 194c was not the subject-matter of appeal before the commissioner (appeals). 2. ..... . bsnl are in the nature of payments of carrying out work as understood within the meaning of section 194c of the act and he has accordingly partly confirmed the demand raised by the assessing officer to this extent.3.3 both the assessee as well as the department are aggrieved with the order of the ..... the other atelecom operators would have already disclosed their income in respect of the interconnect charges paid by the appellant and already paid taxes due thereon and hence deduction of tax at source under section 194c of the act by the appellant once again would amount to taxing the same amount of income twice, i.e., once by way of regular taxes (advance tax, ..... by the assessee and the above two appeals preferred by the revenue and the two cross objections filed by the assessee are directed against the order passed by the learned cit-xl, kolkata dated 23-3-2005 for the assessment years 2002-03 and 2003-04 respectively on the following grounds: ground 1: adjudication of issues not raised by the asstt. ..... . finance ltd. .....

Pfh Mall and Retail Management Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)110ITD337(Kol.)

..... cit (2005) 275 itr (at) 101' he submitted that section 263 of the act does not visualise a case of substitution of judgment of the commissioner for that of the assessing officer who passed the order, unless the decision is held to be ..... has been submitted by the learned counsel of the appellant that perusal of details of finance charges given in schedule 15 of the profit & loss a/c would show that the assessing officer did not allow interest on car loan amounting to rs, 13,728. ..... (3) for that the learned cit, kolkata-iii erred in holding that the finance charges paid in respect of loan taken for acquiring the property at ahmedabad should have been considered under the head "income from house property" and not as "business expenditure ..... it cannot be denied that right from the planning stage and arranging finance for its investments, every subsequent activity of the assessee has been geared towards taking up mall and business centre management as a viable business proposition for earning ..... the instant case, on the other hand, the assessee had taken bank loans to finance his projects like any other businessman. ..... from the planning stage and arranging finance for its investments, every subsequent activity of the assessee has been directed towards developing the properties as shopping malls/business centres and taking up the business of the management of the ..... therefore, the entire amount of finance charges, including the interest on car loan, is allowable f as business expenditure .....