Judgment Search Results Home > Cases Phrase: finance act 2005 section 99 assessment Sorted by: recent Court: income tax appellate tribunal itat kolkata Page 9 of about 235 results (0.120 seconds)

Ms. Enfield Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... the decision of the gauhati high court is based on the applicability of the explanation to section 271(1)(c) which was inserted by section 40 of the finance act, 1964 with effect from 1-4-1964. ..... the explanation reads as under: explanation : where the total income returned by any person is less than eighty per cent of the total income (hereinafter in this explanation referred to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced by the expenditure incurred bona fide by him for the purpose of making or earning any income included in the total income but which has been disallowed as a deduction), such person shall, unless he proves ..... sub-section (2) of section 158bfa and the explanation to section 271(1)(c) as inserted by the finance act, 1964, have nothing in common. ..... factors must co-exist: (i) there must be some material or circumstances leading to the reasonable conclusion that the amount does represent the income of the assessee, and, (ii) the mere fact that the amount has been assessed as income is not sufficient for the purpose of levying penalty but the circumstances must show that there was conscious and deliberate concealment of income or conseious furnishing of inaccurate particular thereof on the part of the assessee ..... suresh kumar, reported in (2005) 97 itd 527 (cal-trib) also held identical view. .....

Gkw Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2000)74ITD161(Kol.)

..... 2) act of 1996 with effect from 1-4-1997 and is said to be in pari materia with earlier section 115j which has been rendered inoperative with effect from the assessment year 1991-92 by an amendment made to sub-section (1) by the finance act, 1990 with effect ..... provisions were again reintroduced by the finance act, 1987 by introduction of a new section 115j and these provisions remained in force from assessment year 1988-89 to 1990-91 i ..... offered by the government for the introduction of section 115ja remains the same as was given when somewhat similar provisions were introduced for the first time by the finance act, 1983 with effect from 1-4-1984. ..... to be made by the assessee should be so apparent from the evidence placed before the assessing officer under section 143(1) that he would immediately agree to the stand taken by the assessee, but no such evidence was ever placed before the assessing officer and, therefore, we cannot find fault with the assessing officer whose order is confirmed by the cit (appeals). ..... moreover, it is further held, when section 115j was brought in, the object was to introduce the provision whereby every company will have to pay minimum tax on the profits declared by it in its own accounts and these profits could only be those which are assessable as income under the act and not the profit on realization of ..... as stated earlier, the jurisdiction of the assessing officer under section 141 (1)(a) to make adjustment and to issue an intimation is limited to .....

Unique InvIn Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2000)74ITD43(Kol.)

..... as regards the submission of the authorised representative that the profit on the same transaction was accounted for in the hands of other sister concern and was assessed as such, the cit(a) observed that it does not dislodge the ao's finding in this case insofar as the genuineness of the loss on share dealings is concerned. ..... it was also stated that the points made out by the ao in the assessment as well as in the subsequent report were not properly met and explained by the assessee. ..... 1990-91 was accepted by the same ao, in an order passed under s.143(3) of the act and this proves the genuineness of the transaction and the department cannot play hot and cold i.e. ..... in the case of the assessee, but for these transactions, the assessable income, as could be seen from the assessment order, is rs. ..... results of transactions disclosed by other parties to the purchase and sales were accepted in their assessments by the same ao. ..... thus assessment was made on total income of rs. ..... assessing officer found that the alleged transactions of purchase and sale of shares were peculiar enough, with reference to the dates of purchase and sale and the persons with whom transacted, etc. ..... it is well settled that strict rules of evidence act are not applicable to it proceedings. ..... it is well settled that under the it act, the ao is not bound by the rigours of evidence act. ..... 234a, 234b and 234c of the act. .....

T.P. Roy Chowdhury and Co. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1999)69ITD135(Kol.)

..... ) mentioned that if the property taken on long lease by a company for business purpose, the assessing officer (wto) has to see whether the lease amounted to commercial exploitation of the assets in the light of the object and purpose of section 40 of the finance act, 1983. ..... the learned authorised representative mentioned that section 40(3)(vi) of the finance act, 1983 specifies that building and land appurtenant thereto used by the assessee as a factory, godown or warehouse for the purpose of its business shall be excluded for the purpose of computing net wealth ..... of object of section 40 introduced by the finance act, 1983, the budget speech of the then finance minister is relevant. ..... the subsequent years, section 40 of the finance act, 1983 was ..... it is true that for income-tax assessment the said income was accepted by the department as a business income but the department has already taken step under section 263 of the income-tax act, for revision of the earlier assessment orders. ..... the cwt after providing an opportunity, set aside the assessment order with a direction to reframe the assessment order by taking into consideration that the rental income is the income from the house property, and same may be included in the total wealth of the assessee as per rule 1 bb of the ..... moreover, it is relevant to mention that the assessment for the previous assessment year was set aside on the same ground and the assessee did not ..... the action of the cwt under section 25(2) of the wealth-tax act. .....

Khimjee Hunsraj Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1999)69ITD322(Kol.)

..... we have already produced the grounds of appeal, and as may be observed the question involved is common as to whether the 90 per cent of the amount referred to in explanation (baa) of section (4a) of section 80hhc of the act in respect of the items mentioned therein is to be reduced by 90 per cent of the gross amount of or 90 per cent of the net amount and accordingly, we shall deal with both the grounds together.7 ..... the assessee filed a return relating to the assessment year 1992-93 and in computing the total income, it claimed deduction under section 80hhc of the income-tax act (hereinafter referred to as 'the act'). ..... 23,39,883.the assessing officer is directed to recompute the benefit under section 80hhc of the act on the above basis ..... the assessing officer considered that as per explanation (baa) in section 80hhc of the act out of the receipts inter alia of import licence premium or of any receipts by way of brokerage, commission, etc ..... in computing the admissible deduction under section 80hhc, the assessing officer reduced the business income amongst others, the gross brokerage and commission totalling ..... section was lastly amended by the finance (no ..... in providing 10 per cent deduction, the intention is that it is attributable as a part of the common expenses in earning such income, is mentioned in the memorandum explaining to the provisions in finance (no. ..... which do not have an element of turnover are included in the profit & loss a/c.therefore, by way of an amendment by finance (no. .....

J. K. Corporation Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1999)68ITD240(Kol.)

..... be approved by the central government to enable the amalgamated company to carry on such business more economically or more efficiently; (ii) the amalgamated company furnishes, along with its return of income for the said assessment year, a certificate from the specified authority to the effect that adequate steps have been taken by that company for the rehabilitation or revival of the business of the amalgamating company," from the perusal of ..... viable by reason of its liabilities, losses and other relevant factors; (c) such other conditions as the central government may, by notification in the official gazette, specify, to ensure that the benefit under this section is restricted to amalgamations which would facilitate the rehabilitation or revival of the business of the amalgamating company; then, the central government may make a declaration to that effect, and, thereupon, notwithstanding anything contained ..... 72a of the it act, 1961 (43 of 1961), shall, subject to the modifications that the power of the central government under that section may be exercised by the board without any recommendation by the specified authority referred to in that section, apply in relation to such amalgamation as they apply in relation to the amalgamation of a company owning an industrial undertaking ..... 72a of it act was taken into consideration as one of the means of finance for rehabilitation ..... from foreign country for which it took foreign currency loan from industrial finance corporation of india ltd. .....

Smithkline Beecham Consumer Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1999)68ITD163(Kol.)

..... the learned counsel further pointed out that the ao arrived at a conclusion on the basis of the facts on record as well as the submissions made during the assessment proceedings that expenditure incurred for earning the dividend income would be estimated @ 5 per cent of such income and accordingly an amount of rs. ..... where the cit comes to the conclusion that there is a defect in the assessment order insofar as deduction under s.80m has not been correctly arrived at, all that the cit has to do is to direct the ao to consider the question on merits after giving the assessee an opportunity of being heard. ..... in the result, the order of the cit setting aside the assessment is modified with the direction that the ao would pass a fresh order confining himself to considering the deduction under s. ..... their lordships further observed that even if such income was assessed under the head "other sources", the expenditure incurred for the purpose of business including interest paid for purchase of shares would be allowable as business expenditure. ..... 263 of the it act proposing to revise the assessment and calling upon the assessee to show cause against such proposal. ..... this packing credit was utilised exclusively to finance the export commitments of contracts and as such no portion of interest on packing credit can be said to be related to the investment in the purchase of units. ..... 80aa inserted by the finance (no. .....

Nippon Denro Ispat Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1998)67ITD205(Kol.)

..... . by the finance act, 1989 w.e.f.1-4-1989, sub-section (1a) was inserted which reads as under : "every assessee, being a company, shall, for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions of parts ii and iii of schedule vi to the companies act, 1956 ..... . we, therefore, direct the assessing officer to recompute the tax liability under section 115j of the act in the light of the aforesaid observations.15 ..... . it is further interesting to note that section 115j has become in-operative from the assessment year 1992-93 and onwards in view of the fact that this special provision is applicable only where the total income in respect of the previous year falling before the 1st day of april, 1991, is less than 30% of ..... . thus, for the assessment year 1989-90, an assessee, in order to arrive at the 'book profit', has to prepare its profit and loss account for the relevant previous year in accordance with the provisions of parts ii and iii of schedule vi of the companies act ..... copies in respect of the subsequent assessment years to show that this method was consistently followed by the assessee-company for i.t. ..... he, therefore, confirmed the action of the assessing officer in this regard.6. ..... we are concerned with the assessment year 1989-90. ..... assessing officer observed that the assessee is not entitled to maintain two sets of accounts, i.e. .....

Karam Chand Thapar and Bros. (Coal Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1998)66ITD39Cal

..... (1935) 3 itr 384 (pc) and learned counsel further submitted that there is no room for doubting the transaction as the transaction is bona fide for the following reasons : (c) financing the companies by this method is a commercially convenient procedure; and (d) in the hands of the vendor-company, the sale price was already subjected to capital gains tax.learned counsel further submitted that the transaction is plain ..... , aluminium cops were purchased in the month of march and during the accounting year, relevant to the assessment year under consideration, the assessee-company enjoyed ownership for less than 180 days and hence, only 50 per cent ..... the sub-section contains a proviso and eight explanations, which explain this term in various ..... 3 to s.43(1) of the act, the ao has to prove that main purpose of the purchase of the assets is with a view to reduce the tax liability by claiming depreciation on the enhanced ..... 43(1) of the act wherein it was stated that the wdv in the hands of the vendor should be taken as the actual cost of the ..... 43(1) of the act, learned departmental representative submitted that the disallowance of depreciation by the ao is in order and further submitted that the cit(a) is not justified in directing the ao to allow depreciation on the wdv in respect of 8,76,400 cops ..... 43(1) of the act, learned departmental representative submitted that apart from applying the mcdowell's case (supra), the order of the ao can be supported by the power vested in him vide expln. .....

J.C.T. Limited Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1998)65ITD169(Kol.)

..... " from the above decided case, it is clear that an assessee after having made entries in the books of accounts consistent with the method of accounting followed by him cannot be permitted to seek assessment of his income for income-tax purposes on a different basis on the ground that another basis may also be permissible under the method of accounting followed by the assessee or has been upheld in certain judgments of ..... has correctly treated the amounts in question as capital expenditure in the books of accounts and whether the assessee is entitled to claim in his income-tax assessment deduction of these amounts as revenue expenditure in spite of the fact that the amounts have been correctly treated as capital expenditure in the books of accounts ..... which had been inserted by the finance act, 1986, with retrospective effect from 1st ..... the conclusions that the treatment given by the assessee to these amounts as integral part of cost of assets is in accordance with accepted principles of accountancy and that being so, the assessee is not entitled to claim in his assessment deduction of these amounts as revenue expenditure for the reason only that it was otherwise permissible to do so. ..... : "their lordships are clearly of opinion that the section relates to a method of accounting regularly employed by the assessee for his own purposes - in this case for the purpose of the company's business - and does not relate to a method of making up the statutory return for assessment to income-tax. .....