Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2006)101TTJCtk948
..... the assessee. the tribunal affirmed the order of the cit(a). on a reference : held, that as a result of the amendment to clause (a) of section 43b by the finance act, 1988, section 43b is now applicable not only to tax and duty but also to cess or fee, by whatever name called, payable under any law for the time being ..... the case of shree warna sahakari... (supra), the issue was audit fees and in the case of vardhari plantation , the issue was vending fee. the ambit of section 43b was expanded by finance act, 1988 w.e.f. 1st april, 1989. the replaced clause went beyond 'tax or duty' and added 'cess or fee by whatever name called'. there is ..... in force. this amendment is clarificatory in nature, and, therefore, has retrospective operation. therefore, the provisions of section 43b were applicable to the water cess payable by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1992)42ITD380Ctk
..... finance act, 1967, however, transferred the above mentioned topic to section 80e recasting, at the same time, section 80c in the present form w.e.f. 1-4-1968. ever since thereafter section 80c has undergone frequent changes with a view to widening its scope and encouraging ..... i am concerned in these appeals, i feel inclined to agree with the views expressed by the ito.7. a study of the legislative history of section 80c would inform that this provision was first inserted in the act by finance act, 1965 with effect from 1 -4-1965 to provide relief relating to payment for securing retiring annuities. the ..... of their total incomes for their previous year ending 31-3-1988 relevant to the assessment year 1988-89 which is under consideration, they claimed deductions under section 80c of it act, 1961 in respect of the sums of rs. 10,000 each paid by them on 5-8-1987 as contribution to the security of central govt. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1996)54TTJCtk644
..... liable to be quashed. the learned counsel has also submitted before us that s. 44ab was introduced by the finance act, 1984, and while presenting the union budget for 1984-85, the then finance minister observed as under [(1984) 39 ctr (tlt) 34 at page 35 : (1984) 146 itr (st) 65 at page 66] : "with the reduction ..... subsequent incumbent ao has initiated the penalty proceedings. to our mind, taking the limitation period prescribed in s. 275 for initiation of penalty proceedings under the other sections of this chapter and also by respectfully following the judgment of the jurisdictional high court in the case reported in 1990 crlj 1110, maximum of two years from ..... of s. 275, which comes into operation from 1st april, 1989, initiation of penalty proceedings cannot be deferred unendingly and by taking the spirit of the section as a whole, the initiation of the penalty proceedings should take place within a reasonable period of time. the learned counsel for the assessee placed before us .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2005)93TTJCtk245
..... 29. in ground no. 8 the assessee agitates that the cit(a) should not have held that charging of interest under section 234b is held to be consequential in nature in view of amendment in section 234 by the finance act, 2001, with retrospective effect from 1st april, 1989.nothing is adduced before us to interfere with the decision of the ..... property whether by itself or by giving the use of it to another on rent. where this happens the appropriate head to apply his income from property is section 9 of it act, 1922 even though the company may be doing extensive business otherwise." the ao also relied on the decision of the hon'ble calcutta high court in the ..... the view that the assessee's treatment of rent receipts from a building in its ownership as business receipts was not justified in view of the provisions of section 22 of the it act which reads as under : "the annual value of property consisting of any building or lands appurtenant thereto of which the assessee is the owner, other than .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2007)106ITD45Ctk
..... the owner of the land by devolution. the agricultural land was not included within the definition of capital asset till 1-4-1970 and it was only by finance act 1970 certain agricultural land in india were included in the definition of capital asset. the assessee transferred the agricultural land during the previous year relevant to assessment year ..... one point of time and as a capital asset at another point of time. the date of acquisition of the land for the purposes of section 48 read with section 49(2) of the act was the date when the land in question was acquired by the grandfather of the assessee prior to 1941. the assessee, therefore, had the ..... less : fair market value as on 1.4.81 calculated by resorting to declared value of defective accordingly, the assessment was completed vide order dated 06.02.2001 passed under section 143(3)/144a as under:iii) interest income as shown : rs. 27,479/- ------------------ 8. the assessee preferred first appeal before the ld. cit(a). before the cit .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2005)92TTJCtk464
..... relied on the orders of the tribunal which are applicable in the case of block assessment proceedings under section 15ba and not to the search cases taking prior to the special procedure for the block assessment brought in the statute book by the finance act, 1995, w.e.f. 1st july, 1995.16. we have considered the rival contentions and agree with the ..... the assessee is a managing director of m/s lotus chemicals (p) ltd. and also partners of m/s kamal transport and m/s ores india. a search operation under section 132(1) was undertaken in the case of the assessee group including assessee's residence and places of business. a paper was found marked as pa-5 at the residence .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2006)99TTJCtk316
..... connection with raising of such capital can only be treated as capital expenditure. (iii) the maximum deduction can only be permitted in accordance with the provisions of section 35d of it act, 1961. (iv) that the expenditure cannot be allowed lawfully as per the decision of the hon'ble calcutta high court in the case of woodcrafts ltd. ..... state of orissa as osfc like other sfcs are excluded from the purview of the general provident fund and miscellaneous provisions act, 1952 (under section 16 of the said act) and under section 48(2) of the sfcs act, 1951. the assessee-corporation with prior approval of rbi and the state government has formulated its regulations for establishment ..... (24)(x) or section 36(1)(ya) of the it act, 1961 as this is also made by the assessee-corporation on investments made from the fund/fund held by the corporation and utilised for the purpose of financing to the industrial unit. on this backdrop of the case both factually and legally the assessee-corporation appears .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2004)90ITD138Ctk
..... is in accordance with the accepted principle of accountancy and the assessee is not entitled to claim in its assessment, deduction of these amounts under section 36(1)(iii) of the income tax act. in the course of assessment, the a.o. has referred to the decision of the hon'ble supreme court in the case of challapalli ..... an income or deductibility or otherwise of any item of expenditure. the interest expenditure incurred on expansion of the same business and when there is unity of control, management, finance, etc., the court have unilaterally held that such expenditure is to be allowed as revenue expenditure. in this regard, the judgments of hmt limited (175 itr 212), ..... or operationally unsustainable at some stage by giving notice of 90 days. (2) the facilities so created would be used not only by the parties who have financed them but also by others, and assets so created would belong to the indian railways and would be maintained and used as any other railways assets with absolute .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1992)41ITD227Ctk
..... by the learned counsel for the assessee that the cit(a) ought not to have relied upon the speech of the finance minister for interpreting section 80p(2)(a)(ii) are concerned we are of the opinion that no doubt the finance minister's speech cannot be considered as an aid for interpreting the provision of law as held by the supreme court ..... is exigible to tax as per its return worked out to rs. 1,91,221. but the assessee claimed the entire income as being exempt under section 80p(2)(a)(vi) of the income-tax act, 1961 on the ground that it is entitled to such exemption as a co-operative society being engaged in the collective disposal of labours of its ..... )(vi) of the act. though the principle of res judicata is not applicable to income-tax proceedings yet as a matter of consistency the cit(a) ought to have followed the order dated 12-3-1982 of the smc bench of this tribunal. the cit(a) also has relied upon the speech of the finance minister while enacting section 80p(2)(a)(vi .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1993)45TTJCtk403
..... operative society through the collective disposal of the labour of its member shall not be assessed to tax. the legislature has used the word "labour" and the section has not made any distinction between manual labour and mental labour nor between the labour of elite and rustic. according to shri rotho the unemployed diploma holders and ..... in the impugned order. according to shri rotho, the learned counsel for the assessee, it is not permissible to take the aid from the speach of the finance minister particularly if the language of the statutory provision is clear. to support his argument he relied on the decision of the supreme court rendered in the ..... the collective disposal of labours of its members. the ito, however, did not accept this claim and observed that the exemption provided under the aforementioned provision of it act, 1961, was available only to those co-operative societies which earned income through collective disposal of the labour of its members and not to any co-operative .....
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