Court : Kolkata
Reported in : [1991]187ITR568(Cal)
..... relates to the matters considered and decided by the appellate authority. thus, there will be partial merger and not the merger of the whole order.25. by the finance act, 1988, the provisions of section 263 have been amended to clarify that the commissioner would be competent to revise an order of assessment passed by an assessing officer on all matters except those ..... that have been considered and decided in appeal. the explanation which was added to section 263 with effect from june 1, 1988, has been further amended by the finance act, 1989, to clarify that the said explanation incorporated in the finance act, 1988, must be deemed to have always been in existence.26. for the reasons aforesaid, we are of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)94TTJ(Kol.)873
..... orders of the authorities below and the materials on record.7. 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. 1st april, 1997 and it then stood as under: "271f. penalty for failure to furnish return of income--if ..... , he shall be liable to pay by way of penalty, a sum of five hundred rupees." 7.1 the aforesaid section 271f as inserted by the finance act, 1997, w.e.f. 1st april, 1997 was later substituted by the finance (no. 2) act, 1998, w.e.f. 1st april, 1999 as under : 271f. penalty for failure to furnish return of income ..... an answer to this question, one has also to take into consideration the intent and purpose of inserting section 271f in the act and the nature of penalty provided thereunder. 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 .....
Tag this Judgment!Court : Kolkata
Reported in : (1994)118CTR(Cal)236,[1993]203ITR350(Cal)
..... officer, however, brought to charge the value of certain leasehold properties on the ground that the leasehold property excluded from taxable wealth under sub-section (3) of section 40 of the finance act, 1983, which levies wealth-tax in respect of specified assets of closely held companies as the rental income from the leasehold properties had been ..... guided by the consideration that the revenue, having accepted the income from the subletting as income from business, cannot take the inconsistent view that, 'for section 40 of the finance act, 1983, the asset is an unproductive asset and not a business asset used by the assessee as a businessman.10. however, we find that ..... taken to be a commercial asset. it was further submitted that the leasehold interest in a building does not fall within clause (vi) of section 40(3) of the finance act, 1983. when confronted with the question whether this particular issue not raised before the tribunal could be pressed before this court in the reference, .....
Tag this Judgment!Court : Kolkata
Reported in : [1970]76ITR84(Cal)
..... is to take place in the future. the second relevant section is section 19(3) of the finance act, 1959, which provides :'the amendments to the income-tax act made by section 5, section 7, clause (ii) of section 8, section 11, section 12, section 13, section 14 and section 15 shall have effect on and from the 1st day of ..... section 5, section 7, section 9, section 10, section 14, section 15, section 16 and section 18 had not been made.'15. therefore, mr. pal for the revenue argues that the omission to state section 11 in section 19(4) of the finance act, 1959, shows that assessments under section 23a of the income-tax act do not get the benefit mentioned in section 19(4) of the finance act ..... by the company. another argument was advanced by dr. pal, appearing for the assessee, on the basis that the sections mentioned in section 19(4) of the finance act, 1959, are sections which relate more or less to grossing up of dividends and specially dividends which have passed into the hands of the .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1953Cal721,[1953]23ITR471(Cal)
..... lordships of the privy council did not say that it had. they spoke only of 'tax imposed for a particular fiscal year by a finance act', section 3, income-tax act, provides that 'where any central act enacts that income-tax shall be charged for any year at any rate or rates, tax at that rate or those rates shall be ..... provisions which affected tax relief and were intended to apply to the assessment year 1948-49 which they could not do without the assistance of the finance act of 1948, and secondly, because section 34 was intended to reach out to the assessment year 1939-40, the first of the war years.22. in my opinion, the cases cited ..... -3-1948, the date on which the indian finance act of 1948 also came into force, because the income-tax act applied to the earlier years by the relevant finance acts was an act without the new section. according to mr. mitra, the income-tax act, as including the new section 34, was first applied by the finance act of 1948 to the assessment year 1948-49 and .....
Tag this Judgment!Court : Kolkata
Reported in : [1970]76ITR656(Cal)
..... used the expression'distributed' in clause (b) of the second proviso to paragraph d of part iiof the finance act, 1956, it intended to include 'paid' or 'payment'.by enacting clause (e) of section 2(6a) of the indian income-tax act, 1922,the legislature has created a fiction and has made the payments referred toin clause (e) 'dividend' ..... clause (b) of the second proviso to paragraph d of part ii of the finance act, 1956, is so construed as to include payment of a loan made to a shareholder as contemplated under section 2(6a)(e) of the indian income-tax act 1922, privately controlled companies would get a rebate which the legislature did not intend to ..... , explanations have been provided. explanation (ii) to paragraph u of part ii of the finance act, 1956, states that the expression 'dividend' shall be deemed to include any distribution included in the expression 'dividend' in clause (6a) of section 2 of the income-tax act.8. mr. b. l. pal, learned counsel for the revenue, contended before us .....
Tag this Judgment!Court : Kolkata
Reported in : [1970]77ITR949(Cal)
..... interest yielded by the property and on such term as the commissioners may think fit and proper. therefore, in order to attract the provision of section 8(9) of the said finance act of 1894, the commissioners must be satisfied that the estate duty leviable in respect of the property cannot be raised at once without excessive sacrifice ..... without excessive sacrifice. the only difference between section 8, sub-section (9), of the finance act of 1894, and section 70 of the estate duty act is that whereas in the finance act the authority is a commissioner, in the estate duty act of 1953 the authority is a controller. the finance act of 1894 makes a provision in section 6(6) that the interest shall ..... interest on the property on which the estate duty is leviable at the rate of 3% per annum in section 6(6) of the finance act of 1894. it is provided in section 8(9) of the said act that the commissioners may allow payment to be postponed for such period and on payment of interest not exceeding 4 .....
Tag this Judgment!Court : Kolkata
Reported in : [1980]124ITR711(Cal)
..... be dealt with as assessable income and that is the meaning of the expression used. this, in our opinion, follows logically from the language used in sub-section (14) of section 11 of the finance act, 1946. but quite apart from this, the matter, in our opinion, is concluded by the decision of this court which has been affirmed by the supreme ..... purposes of income-tax and super-tax the profits and gains of any business, the amount of any repayment under sub-section (1) of section 28 of the finance act, 1941 (4 & 5 geo 6 c. 30), as amended by section 37 of the finance act, 1942 (5 & 6 geo 6 c. 21), in respect of those profits, shall be deemed to be income for ..... t. refund received by the assessee in the united kingdom was not liable to be included in the assessable income of the assessee by reference to section 11 of the finance act, 1946, or the income-tax act, 1961, for the assessment year 1963-64 ?'7. it is apparent that the aac had considered the question of assess-ability of the amount .....
Tag this Judgment!Court : Kolkata
Reported in : [1987]165ITR264(Cal)
..... things as specified in part iv of the first schedule to the finance act, 1964.3. on march 28, 1969, the petitioner-company through its constituted attorney, m/s. price waterhouse peat & co., made an application before the income-tax officer under section 237 of the said act claiming refund of a sum of rs. 18,17,291.83 paid ..... income assessed in the assessment was received from the company to which section 108 of the said act did not apply and the said companywas engaged in the production of mineral oil, an article specified in the list in part iv of the first schedule to the finance act, 1964.9. by a letter dated july 16, 1976, the ..... interested within the meaning of section 2(18) of the act. however, the appellate assistant commissioner held that the business carried on by the said company can be attributed to the business of manufacture and production of mineral oil and accordingly it would be eligible for the higher rebate of tax under the finance act, 1964, provided other conditions .....
Tag this Judgment!Court : Kolkata
Reported in : (1994)119CTR(Cal)25,[1994]206ITR36(Cal)
..... as such is not the subject-matter of appeal.54. in the said decision, it was further emphasised that the explanation inserted below section 263 by the finance act, 1988, as modified by the finance act, 1989, clarifies that the effect of the appeal order is only that of partial merger of the matters dealt with in appeal. the ..... matters considered and decided by the appellate authority. thus, there will be partial merger and not merger of the whole order.28. by the finance act, 1988, the provisions of section 263 have been amended to clarify that the commissioner would be competent to revise an order of assessment passed by an assessing officer on all matters ..... the matters considered and decided by the appellate authority. thus, there will be partial merger and not merger of the whole order. by the finance act, 1988, the provisions of section 263 have been amended to clarify that the commissioner would be competent to revise an order of assessment passed by an assessing officer on all matters .....
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