Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD557Cal
..... (7), notwithstanding anything contained in any other provision of the act, the profits and gains of an eligible business to which the provisions of sub-section (1) of section 80ia apply shall, for the purpose of determining the quantum of deduction under section (5) of section 80ia for the assessment year immediately succeeding the initial assessment year or any subsequent assessment year, be computed as if such eligible business to which the provisions of sub-section (1) of section 80ia apply were the only source of income of the assessee during the previous ..... year relevant to the initial assessment year and to every subsequent assessment year upto and including the ..... section 80-ia(7) is a part of section 80ia, which was newly inserted in the income tax act by the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD468(Kol.)
..... in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head other than the business income, in as much as, the amended provisions of section 32(2)(iii)(a) are very clear and the position existed in the assessment year 1997-98 cannot be equally treated in the assessment year 1998-99.6. ..... specified in sub-clause (b) shall not apply in the case of a company for the assessment year beginning with 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 relevant to the previous year in which the entire net worth of such company becomes equal to or exceeds the accumulated ..... the new sub-section (2) of section 32 as substituted by the finance act, 2001 w.e.f. ..... 1.4.1997 in the matter of set-off of unabsorbed depreciation has been dispensed with by substituting the section 32(2) by the finance act, 2001 w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD148(Kol.)
..... uoi 218 itr 50, in which the constitutional validity of the amendment made to section 253(6) by the finance act, 1992 was upheld, shows that the filing fee to be paid in respect of a penalty appeal is linked with the quantum of income assessed. ..... " with effect from ist october, 1998 another amendment was made to the section by the finance (no.2) act, 1998 enhancing the fees for filing the appeals. ..... filing fee for appeals before tribunal - the finance act has amended section 253 enhancing the fee to be paid for filing appeals before the tribunal. ..... turning to the addition on clause (d), the residuary clause to the sub-section by the finance act, 1999 w.e.f. ..... if the legislature wanted to provide for the filing fee based on the quantum of income assessed only in the case of appeals filed against the assessment orders, then they could have easily used a much simpler phraseology in clauses (a) to (c) as has been done in section 246 of the act which provides for appeals to the cit(appeals).however since the expression "in the case to which the appeal relates" have been coined in clauses (a) to (c), it indicates a clear intention on the part ..... section 253(6), as it stood upto 31^st may, 1992, prior to its amendment by finance act, 1992, provided that the memorandum of appeal in form no. ..... 125; between ist june, 1992 and 30^th september, 1998, as per the amendment made by the finance act, 1992, the fee was increased, in the case of an appeal made on or after ist june, 1992, to rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)1SOT210(Kol.)
..... in the light of the discussions made above and respectfully, following the decisions of the aforesaid coordinate benches, we are, therefore, of the considered opinion that the amendment brought by the finance act, 2003 in the 1st proviso to section 43b of the act and consequential omission of 2nd proviso to section 43b is to be treated as retrospective in operation, and consequently, any sum payable by the assessee as an employer by way of contribution to any provident fund or superannuation fund or ..... made by learned assessing officer of the sum of rs.12,47,522 as provident fund contribution, of the sum of rs.5,61,710 as provident fund contribution (pension scheme) and of the sum of rs.5,14,124 (rs.5,13,049 + rs.1,075) as contribution to esi, all pertaining to march, 1996 but all paid before due date for furnishing the return of income for the year, is unsustainable in law particularly in view of amendments, introduced by finance act, 2003 in section 43b of income tax act, 1961, which ..... in this sense, therefore, the amended 1^st proviso as amended by the finance act, 2003, covering all payments referred to in various clauses of section 43b, is to be treated as retrospective in operation and to be read as forming part of section 43b from its inception as the said amendment made by the finance act, 2003 is creative and remedial in nature and designed to eliminate unintended consequence causing undue hardships to the assessee.the income tax appellate tribuanal, "b" bench, mumbai, in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)1SOT205(Kol.)
..... as we have deleted the addition made on account of unexplained cash credit under section 68 of the act, the disallowance of interest paid on the loans also stands deleted and, accordingly, grounds of appeal are allowed. ..... this appeal by the assessee for the assessment year 1994-95 is directed against the order of the cit (a). ..... 1 lakh received from two loan creditors as unexplained credit under section 68 of the income tax act in the hands of the appellant firm.2. ..... the learned cit (a)-xlx, kolkata erred in confirming the action of the assessing officer in treating of the loans of rs. ..... we find that the assessing officer was informed about the new address of the creditors vide communication of the assessee in writing. ..... the learned counsel argued that the assessing officer had sent summons at the old address, although the new address was furnished by the assessee before the assessing officer. ..... the loan transactions are through bank and the creditors are existing income-tax assessees and their income-tax assessment file nos. ..... the learned counsel has relied on the confirmation of statement of accounts of the creditors wherein the creditors have confirmed the transactions and have also mentioned their income-tax assessment file nos. ..... were also furnished to the assessing officer. ..... he argued that the assessee could not discharge its onus since it could not produce the creditors before the assessing officer. ..... precision finance (p) ltd (1994) 208 itr 465 (cal. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)94TTJ(Kol.)873
..... he shall be liable to pay, by way of penalty, a sum of five hundred rupees.7.2 the amount of penalty of a sum of one thousand rupees and a sum of five hundred rupees as provided for failure to furnish return of income as required under sub-section (1) of section 139 or as required by the proviso to sub-section (1) of section 139 before the end of the relevant assessment year or before the end of due date respectively has been increased to a sum of five thousand rupees by the finance act, 2001, w.e.f. ..... at this stage, we find it useful to set out the relevant provisions of the it act, 1961, the section 271f was inserted in the act by the finance act, 1997, w.e.f. ..... as already observed above herein, new section 271f was inserted by the finance act, 1997 providing for levy of penalty for failure to furnish return of income within due date only on those persons or assessee's who were covered by the first proviso to section 139(1), i.e. ..... " 7.1 the aforesaid section 271f as inserted by the finance act, 1997, w.e.f. ..... to having income exceeding maximum amount not liable to tax, is required to file return but does not have any amount of tax payable because of tax rebates admissible under the act and if such person fails to file return before the end of the relevant assessment year but files the same within the time allowed under section 139(4) of the act, then, under such circumstances, he shall also be made liable for the same penalty of rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)90TTJ(Kol.)483
..... stipulated that the vehicles shall be registered as public transport vehicles and shall be maintained as per the relevant rules of the motor vehicle department of the relevant states.in its returns for assessment years 1993-94 and 1994-95, the assessee claimed higher rate of depreciation on the ground that the vehicles were used for public/ commercial hiring and all statements with requisite information for claiming ..... the condition precedent for reopening the assessment under section 147(b) of the act was not fulfilled in the case and accordingly, the reassessment proceedings would not be said to have been validly initiated.the learned authorised representative, appearing on behalf of the assessee, also referred to the ..... 1994-95 was, however, completed under section 143(l)(a) by issuing the intimation.later on, the assessing officer reopened both the assessments on the ground that depreciation was wrongly allowed at a higher rate since the assessee itself was not using the vehicles for commercial hiring but was realising only lease rent whereas as per the assessing officer, for the purpose of claiming higher rate of depreciation, the assessee should ..... copy of lease agreement and certificate from the motor vehicle department showing that the vehicles were registered with the registrar as public transport vehicles.the assessing officer appears to have reopened the assessment on the basis of a finding of hon'ble calcutta high court in the case reported in soma finance & leasing co. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD172(Kol.)
..... to tax in the hands of the assessee by taking the cost of acquisition as nil in terms of the following provisions of sub-clause (iiia) of clause (aa) of sub-section (2) of section 55 of the income-tax act, 1961 which has been inserted, by the finance act, 1995 with effect from the assessment year 1996-97 (sub-clause (iiia) in short). ..... the finance act, 1956, the sub-section comes ..... till 31st march, 1993, it could not be said that the trust had invested its funds contrary to the provisions of section 11(5) of the act, since the legislature had allowed time till 31st march, 1993, to reinvest such investments in accordance with the provisions of section 11(5) of the act by inserting the proviso (iia)." 37. as evident from the above, the facts before the hon'ble madras high court ..... (aa) in a case where, by virtue of holding a capital asset, being a share or any other security, within the meaning of clause (h) of section 2 of the securities contracts (regulation) act, 1956 (42 of 1956) (hereinafter in this clause referred to as the financial asset), the assessee - (a) becomes entitled to subscribe to any additional financial asset; or then, subject to the provisions of sub-clauses (i) and (ii) of clause (b) ..... during the assessment year 1986-87 with which the court was concerned, the law was that the charitable trust could hold investments contrary to the provisions of section 11(5) of the act, but, was under an obligation to disinvest on or before 31st march, 1993, and; thereafter, hold .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)87TTJ(Kol.)1114
..... establish that the goods were not transported from calcutta to delhi when there is overwhelming evidence to the contrary on record.as regards the enquiries in the case of purchasers of silver utensils made by the assessing officer, we have noticed that the purchasers of the silver utensils disclosed large turnover during the period 1997-98 as compared to the earlier year or the subsequent year. ..... also categorically mentioned that the assessing officer was wrong in holding that even on merit the silver utensils were personal effects and in view of section 2(14) of the act, no capital loss or gain could be claimed in respect of personal effects and as such the loss claimed was wrongly disallowed.the learned distinguished counsel strongly contended that the whole approach of the assessing officer is biased and vitiated. ..... on sale of silver utensils on the ground that the same were personal effects.being aggrieved by the order of the assessing officer the assessee carried the matter in appeal before the commissioner (appeals) who after perusal of the record and considering the submissions of the assessee confirmed the order of the assessing officer.the learned distinguished counsel strongly contended that various assets including silver utensils were disclosed under vdis ..... stated that he had purchased two carriers in 1996 and 1997 for the purpose of his transport business and had given the lorry numbers to the assessing officer which was also financed by usha martin finance corporation. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)86TTJ(Kol.)996
..... (kar), which was upheld by the hon'ble supreme court and reported in (2002) 173 ctr (sc) 475 -(2002) 254 itr 98 (sc) (supra), in which it was held that investment allowance under section 32a of 1964 act, could not be denied to the assessee, whose business consisted of leasing of machinery, on the ground that the machinery had not been used by the assessee and that the assessee was entitled to extra ..... higher rate of 40 per cent as claimed by the assessees.on the other hand, the learned authorised representative submitted that the hon'ble calcutta high court, while deciding the issue in case of soma finance there was nobody on behalf of the assessee before the hon'ble trust in support, of the contention that where the lessee itself used the vehicles for hiring purpose, the lessor is entitled to higher ..... the assessing officer found that the assessees are engaged in the hire purchase and lease financing business and not in the business of running motor lorries and trucks on hire; he, therefore, asked the assessee to explain justification of its claim of depreciation ..... by the revenue against the order of learned commissioner (appeals) dated 16-8-2002, for the assessment year 1999-2000, in the matter of disallowance of depreciation at higher rate of 40 per cent.as common grounds are involved in both the appeals, they are dealt simultaneously for the sake of convenience.the brief facts of the issue are that the assessees are engaged in the business of hire purchase and lease financing. .....
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