Judgment Search Results Home > Cases Phrase: finance act 2005 section 99 assessment Sorted by: recent Court: income tax appellate tribunal itat kolkata Page 7 of about 235 results (0.167 seconds)

Graphite India Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)86ITD384(Kol.)

..... person making payment in the form of income to a non-resident is required to deduct tax at source, from the said income, at the 'rate in force' which, in turn, has been explained under section 2(37a)(iii) as mows : 'for the purposes of deduction of tax under section 195, the rate or rates of income-tax specified in this behalf in the finance act of the relevant year or the rate or rates of income-tax specified in an agreement entered into by the central government under ..... as a natural corollary to this proposition, when, in terms of the provisions of a dtaa, an income is not exigible to income-tax in india, no tax is required to be deducted under section 195 from the payment of such income to a non-resident...... ..... ' as we have earlier observed, provisions of the dtaa clearly override the provisions of the act to the extent the provisions in such agreements are more favourable to the assessee. ..... therefore, in case a dtaa provides for lower rate, which includes 'nil' rate, of taxes, such a rate will prevail over the rate given in the act. .....

Joint Commissioner of Income-tax Vs. Haldia Investment Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD212Cal

..... as defined in clause (ii) of section 109 was substituted by finance act, 1987 w.e.f. ..... on facts, their lordships of the calcutta high court held that since the business loss exceeded the income computed under the head "income from other sources", as such explanation to section 73 was clearly applicable and loss suffered by the assessee-company in its share trading transactions inclusive of interest paid on borrowed monies attributable to that business was rightly treated by the ..... assessing officer considering the fact that the loss suffered by the assessee was mainly on account of purchase and sale of shares, invoked explanation to section 73 of the act and assessed ..... scrutiny and, accordingly, the assessing officer completed the assessment under section 143(3) vide order dated ..... this appeal by the revenue for the assessment year 1997-98 is directed against the order dated 28-12-2000 of cit(a)-xii, kolkata and the only dispute is relating to application of explanation to section 73 of the income-tax act, 1961 and, accordingly, entitlement of set- ..... the assessee-company had filed the return of income for assessment year 1997-98 on 25-11-1997 declaring a loss of rs. ..... as applicable for assessment year 1985-86 and is, therefore, inapplicable to the facts of this case for assessment year 1997-98.9 ..... , set aside and that of assessing officer restored. ..... applicable for assessment year 1997-98, ..... decision of the cit(a) may be reversed and that of the assessing officer restored.5. ..... assessing officer .....

Joint Commissioner of Income Tax Vs. India Steamship Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)78TTJ(Kol.)154

..... could be carried forward in the way that such unabsorbed depreciation was added to and became the current depreciation for the immediately succeeding assessment year and could thus be adjusted against business income, income under other heads for such succeeding year and could thereafter be carried forward for unlimited period, as such unabsorbed depreciation went on to become ..... 1997-98 and seven subsequent assessment years and further a drafting amendment was also proposed to clause 11 of the finance (no.2) bill in terms of which depreciation for an assessment year can be set off not only against profits and gains of any business carried on by the assessee but also against income under any ..... it was highlighted by the learned counsel that after the amendment unabsorbed depreciation for an assessment year could be adjusted against the income under any other head for the same year and thereafter could be carried forward for 8 succeeding years to be set off against business ..... , counsel, on the other hand, stated that section 32(2) of the it act underwent substantial amendment by the finance (no. ..... that the unabsorbed depreciation cannot be carried forward for more than 8 assessment years immediately succeeding the assessment year in which the aforesaid allowance was first computed. ..... counsel has further stated that as a result of this amendment, the question arose as to whether the unabsorbed depreciation for the assessment years which were more than 8 years prior to the asst. yr. .....

Paharpur Cooling Towers Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... we find that sub chapter 'set off, or carry forward and set off' in chapter vi of the income tax act begins with section 70 which, as it stood at the material point of time, is reproduced below for ready reference : "save as otherwise provided in this act, where the net result for any assessment year in respect of any source falling under any head of income is a loss, the assessee shall be entitled to have the amount of such loss set off against his ..... off, the amount of loss not so set off shall be carried forward to the following assessment year and so on : provided that where the whole or any part of such loss is sustained in any such business as is referred to in section 33b which is discontinued in the circumstances specified in that section, and, thereafter, at any time before the expiry of the period of three years referred to in that section, such business is re-established, reconstructed or revived by the assessee, so much of the loss as is attributable to such ..... it was in this background that assessing officer issued notice requiring the assessee to show cause as to why this mistake should not be rectified under section 154 of the act.37. .....

Paharpur Cooling Towers Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD745(Kol.)

..... on the issue in appeal before us.we find that sub chapter set off, or carry forward and set off in chapter vi of the income tax act beings with section 70 which, as it stood at the material point of time, is reproduced below for ready reference : "save as otherwise provided in this act, where the net result for any assessment year in respect of any source falling under any head of income is a loss, the assessee shall be entitled to have the amount of such ..... it was in this background that assessing officer issued notice requiring the assessee to show cause as to why this mistake should not be rectified under section 154 of the act.in reply, the assessee invited assessing officers attention to the provisions of section 43(5) which define the speculative transactions and the fact that the present case is admittedly not covered by the provisions of section 43(5). ..... 233.83 lakhs, incurred by the assessee in business of sale and purchase of shares, as ,speculation loss was a mistake apparent from record and that this mistake was liable to be rectified under section 154 of the act.briefly, the material facts are that after the assessment under section 143(3) was completed assessing total income at rs. .....

Tara Finvest Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... the cit(a) wherein the assessee is in appeal raising the issue that in the facts and circumstances of the case, the learned cit(a) erred in considering the business of providing finance as its principal business in terms of section 2(5b)(iv) of the interest-tax act, 1974, as assessed by the ao under section 8(3) of the interest -tax act.2. ..... he, therefore, completed the assessment ex parte under section 8(3)of the interest-tax act which the learned cit(a) on examination of assessment record inclined to agree with ..... a trading business has failed to fulfil the condition as principal business with reference to section 2(5b)(iv) of the act which, inter alia, includes a business of providing finance, whether by making loans or advances or otherwise for the purpose of interest-tax act. ..... assessee submitted that the learned ao in his order considered the financial statement of the assessee and in view of section 2(5b)(iv) considers the assessee's income as business of providing finance whether by making loans and advances or otherwise.he, therefore, proceeded to consider his own application of mind in applying earning of interest as that of credit instituted as per section 2(5a) of the interest-tax act. ..... base his observation read with section 2(58)(iv) of the interest-tax act by considering the capital against ..... assessee is trading in paper and the loans and advances have been advanced to companies or firms in which the directions are interested under section 301 of the companies act. .....

Birla Jute and Industries Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD400Cal

..... (i) and reducing the net profit by the amounts referred to in clauses (i) and (ii)] attributable to the business, the profits from which are eligible for deduction under section 80hhc or section 80hhd; so, however, that such amounts are computed in the manner specified in sub-section (3) or sub-section (3a) of section 80hhc or sub-section (3) of section 80hhd, as the case may be; or (iv) the amount of the loss or the amount of depreciation which would be required to be set off against the profit ..... "if the reserves have been created or provisions have been made after 1st day of april, 1988, and have gone to increase the book profits in any year when the provisions of section 115j of the income-tax act were applicable", was to take care of a situation in which, on one hand assessees reduced the book profit by creating the reserves, but not adding the same to the net ..... on account of transfers to and from the reserves, then, since the revaluation reserve was not created by any debit to the profit & loss account, in the previous year relevant to the assessment year under appeal, then by virtue of the explanation rendered at the time of amendment, as reproduced earlier, then, the amount withdrawn from the revaluation reserve account, is to be, reduced to give the figure ..... while introducing the section 115j, hon'ble finance minister, on the floor of the house, inter alia stated that: i now purpose to introduce a provision whereby every company will have to pay a minimum 'corporate tax' on .....

Shree Education Society Vs. Assistant Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD288(Kol.)

..... this view would also be corroborated by expression used under section 10(1), namely, "the income of the previous year of any person" with the purposes of introduction of sub-section (22a), section 10 by the finance act, 1970.it is not the entirety of the income of the recipient--the trust in this case--but the income of the particular source, namely, the educational institution, that comes within the purview of sub-section (22) of section 10. ..... in the course of the assessment the ao observed that the assessee is a registered trust under section 12a, and that it is claiming exemption under section 10(22) and not under section 11. ..... if such income falls under the clause specified in clause (22) of section 10, then it would be exempt and would not be liable to be included in the total income of that person while framing his assessment for the relevant assessment year.29. ..... yr, 1995-96, being the assessment year under consideration in which the assessee's claim under section 10(22) was denied. ..... 1,64,383 during the relevant assessment year, since the object of the society was solely educational in nature and its activities were confined to running of the two sanskrit mahavidyalas, it was claimed that it fell within the four corners of section 10(22). ..... our attention was drawn to the earlier assessment orders of the assessee-society for the assessment years ranging from 1976-77 to 1997-98 in which the assessee-society was granted exemption under section 10(22), except the asst. .....

Shaw Wallace and Co. Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)86ITD315(Kol.)

..... sake of convenience, they are being disposed of by this common order.the first ground raised in assessee's appeal is that the commissioner (appeals) erred in holding the view that the separate assessment can be made under the provisions of section 143(3) of the act in respect of an assessment year falling within the block period after the search is made under section 132 of the act. ..... themselves.in view of the above facts and circumstances and upon consideration of the terms and conditions of the agreements and the submissions of the parties, we are of the opinion that the transaction was a mere finance transaction and the assessee did not become the owner of the assets in reality and, therefore, not entitled to deduction for depreciation. ..... we, however, see force in the observation of the assessing officer that it was a case of receiving lesser amount for a liability and to pay higher amount over a period of 6 years and in these circumstances, in our opinion, in view of the supreme court decision in the case of mangalam finance the expenditure has the effect for the period of loan which is stated to be for seven years in the alternate contention of ..... lease rental received by the assessee in instalment consists of recoupment or the repayment of the finance provided by the assessee and interest thereon, the portion which relates to the recoupment of loan has to be excluded from the income of the assessee shown and declared from lease rentals and assessed by the assessing officer. .....

Dy. Cit Vs. I.C.i. (India) Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD85(Kol.)

..... this is fully evidenced by the substitution of the existing section 43a by the finance act, 2002 with effect from 1-4-2003.even in the case of revenue expenditure the question of allowability of such increase or reduction in the fluctuation of foreign exchange came up before special bench of the ..... of the assessee at para 25.1 as follows : "25.1 from the facts of the present case it is seen that the method of accounting adopted by the assessee right from assessment year 1982-83 is mercantile system and it has been consistently claiming the losses suffered by it on account of fluctuation in foreign currency rates only on accrual basis. ..... stated that the learned commissioner (appeals) in the appeal filed by the assessee had deleted the addition made by the assessing officer for the assessment year 1991-92 but the department had filed the appeal against the said order of learned commissioner (appeals) before the tribunal.being aggrieved, the ..... before the regular bench for decision, according to majority opinion.in accordance with the majority view, we hold that the commissioner (appeals) was justified in directing the assessing officer to allow the depreciation on additional liability arising out of the difference in the rate of exchange of rupee. ..... thus, the assessee had changed its method of accounting from assessment year 1982-83 but the bona fides of the change were not doubted or disputed by the department.further, the assessee has been consistent and definite in making entries in .....