Judgment Search Results Home > Cases Phrase: finance act 2010 section 14 amendment of section 44ab Court: income tax appellate tribunal itat west bengal Page 1 of about 1 results (0.082 seconds)

Gkw Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... provisions were again reintroduced by the finance act, 1987 by introduction of a ..... as was given when somewhat similar provisions were introduced for the first time by the finance act, 1983 w.e.f. ..... the finance act, ..... held that reliance on the tribunal's decisions was found to be misplaced and claim made by the assessee was not permitted by the express language of the act and, therefore, such issue could not be made debatable merely because such claim is couched in a legal language.6. ..... the successive finance ministers at various stages stated that it seemed reasonable that profitable and prosperous companies should contribute at least a small proportion of their profits to the national exchequer at a time when other and less better off sections of the society ..... section was brought into the statute book vide finance ..... far as the ao is concerned, is final, except these few differences, the effect of adjustment in both the sections would be same, that is to say, apparent adjustment. ..... this is clear from the language of section and is supported by the authority as well as by the circular issued by the ..... by an amendment made to ..... assessee claimed in the return that the cash compensatory support was not taxable (this was made taxable by subsequent amendment to s. ..... 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 capital asset. .....

Assistant Commissioner of Vs. Anup (India) Ltd.

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... assesses, who carried on the business of purchasing tea of different qualities, blending the same by mixing one type with another and selling it, claimed that it was an industrial company, within the meaning of section 2(7)(c) of the finance act, 1978 entitled to concessional rate of tax. ..... ) wherein it was observed that-- "merc blending of different kinds of tea for the purpose of export does not constitute manufacture of articles within the meaning of section 2(5)(a)(ii) of the finance acts, 1966 and 1967. ..... ) discussed the word "process" used in the definition of the industrial company in section 2(7)(c) of the finance act, 1978. ..... " from this judgment it is clear that the hon'ble high court never discussed section 80-i which is involved in the present case.subsequently, the bombay high court specifically dealt with the similar issue in the case of ..... is an appeal fifed by the department against the cit(a)'s order dated 10-5-1994 for the assessment year 1988-89 passed under section 251 /143(3) of the income-tax act, 1961.2. ..... , it is defined in section 2(m) of oil industries development act. ..... the jurisdictional calcutta high court dealt with section 80-i(4) specifically in the case of appeejay ..... " the benefit under section 80-i is available where the industrial undertaking manufactures or produces articles or things, the undertaking employs ten or more workers in a manufacturing process carried on with the aid of power, or employs twenty or more workers in a manufacturing process carried on .....

Deputy Commissioner of Income Tax Vs. Stone India Ltd.

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... with respect, we may observe that the order of the tribunal is cryptic and without answering the requirement of the section, merely because an expenditure was incurred wholly and exclusively for the purpose of business, it cannot be taken out of sweep ..... as under : "no deduction shall be allowed in respect of any sum paid by the assessee as an employer towards the setting up or formation of, or as contribution to any fund, trust, company, aop, boi, society registered under the societies registration act, 1860 (21 of 1860), or other institution for any purpose, except where such sum is so paid, for the purposes and to the extent provided by or under cl. (iv) or cl. ..... onwards [due to amendment by the finance (no. ..... on the other hand, learned counsel, appearing on behalf of the assessee submitted that under the excise act, the liability to pay excise duty arose soon after manufacture of the goods but the requirement of paying the excise duty is deferred till the date of clearance of finished goods from ..... (ii) of explanation to the section specifically mentioned that rent paid in respect of such guest house falls under the expression 'expenditure incurred on the maintenance of a guest house'.cit(a) however, set aside the disallowance by following his predecessor's ..... the duty of the court to iron out the creases by taking the text and context into consideration in interpreting a legislation and by considering the provision in the backdrop of the purpose for which the section is introduced. .....

Sibonarayan Patro and Bros. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... 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) 146 itr (st) 65 at page 66] : "with the reduction in rates and expeditious disposal of assessments, i believe there can now be no excuse for any leniency to be shown to those ..... april, 1989, are not applicable to the present case, inasmuch as, the rules of limitation are the rules of procedure and any amendment in this regard will be retrospective, in the sense that the rules applicable are the rules in force at the time when proceedings ..... 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 ao ceased to have jurisdiction to levy penalty and thus the amended provisions cannot be applied to disturb the vested right of the assessee. ..... the act, as it existed prior to its amendment, by the taxation laws (amendment) act, 1987 ..... the notes on clauses, appended to the direct tax laws (amendment) bill, 1987 [(1988) 168 itr (st) 301 at 352] reads as under : "clause (c) incorporates the provisions of ..... 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 the end of the assessment year .....

Badridas Keshawprasad Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... in this connection the explanation to section 271(1)(c) of the income tax act inserted by the finance act, 1964 which reads as follows : "explanationwhere 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 ..... he then referred to the provisions of explanation as inserted by, the finance act, 1964 and thereafter the decision of the supreme court in the case of mcdowell & co. ..... hence the assessees claim for deduction of interest paid is not allowable under section 36(1)(iii) of the income tax act, 1961.the assessees counsel raised an alternate contention that since the borrowals were at the interest rate of 12 per cent and the lending was given at the interest rate of 12 per cent disallowance should be restricted to ..... case and imposition of the penalty is justified and the same is accordingly confirmed.we, having differed on the following point in the above appeal filed by the assessee, refer the following point of difference to the president under section 255(4) of the income tax act, 1961 : "whether in the circumstances of the present case, levy of penalty under section 271(1)(c) of the income tax act, 1961 was justified ? .....

Badridas Keshawprasad Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... act was inserted by the finance act, 1964 which reads as follows : "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 ..... he then referred to the provisions of explanation as inserted by the finance act, 1964 and thereafter the decision of the supreme court in the case of mcdowell & co ..... 3,78,000 by the assessee and the balance by associate concerns and others connected with goenka group.he, therefore, issued a notice under section 251(2) of the act to the assessee to show cause why the disallowance be not enhanced to rs. ..... we, having differed on the following point in the above appeal filed by the assessee, refer the following point of difference to the president under section 255(4) of the income-tax act, 1961: "whether in the circumstances of the present case, levy of penalty under section 271(1)(c) of the i.t. ..... 2,59,000 towards interest before him was not a bona fide claim and hence penalty under section 271(1)(c) of the income-tax act, 1961 was exigible. ..... 45,000 disallowed by the ito towards interest for the acquisition of shares by the assessee in bne should be allowed under section 57(iii) of the income-tax act, 1961. .....

A. Sadasivam Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2002)255ITR1Cal

..... the last issue is regarding relief under section 80l of the act.the assessing officer disallowed deduction under section 80l from the undisclosed income computed by him on the ground that such relief is not allowable in respect of the block assessment.27 ..... to the assessment order at paras 62 and 63, thereafter on september 15, 1997, the assessing officer served a notice on the assessee under section 142(1) of the act in relation to the query raised by him regarding share transaction. ..... further, the computation of undisclosed income of the block period under section 158bb is to be based on the evidence found as a result of search or requisition of the books of account or documents and such other materials or information as are available with the assessing officer.admittedly, the present addition is not based on ..... 000 was found but not seized by the department.pursuant to the notice under section 158bc, the assessee filed return showing undisclosed income of rs. ..... at the relevant point of time, the assessee was working as vice president (finance), liquor division in shaw wallace and co. ..... regarding the persons who re-financed by letter dated september 2, 1997, the assessee had given the names and addresses of the persons to the assessing officer ..... from the said letter we find that initially the amount was financed by four persons, viz. ..... sadasivam, as vice president (finance), came in place of sri ..... that the assessee failed to produce any confirmation from the persons who had arranged finance. .....

Assistant Commissioner of Vs. Executors of the Estate of Bhagwan

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... (2) where, in the case of an association of persons or body of individuals as aforesaid [not being a case falling under sub-section (1)]- (i) the total income of any member thereof for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on the total income of the association or body at the maximum marginal rate ..... there is another provision inserted by way of section 167b introduced in the act by the finance act, 1992 w.e.f. ..... (supra), the supreme court was dealing with the case of unsecured creditors in the liquidation proceedings whereunder the department claimed by exercising the right under section 49e of the indian income-tax act, 1922 priority over the other unsecured creditors, whereas sections 228 and 229 of the companies act, 1913 provided that an unsecured creditor must prove his debts and all unsecured debts are to be paid paripassn. ..... whose shares are specified in the deed itself being 1/5th of the undivided share of each member in the income as well as in the property and the income being income from house property, the provisions of section 26 will apply dealing with the specific case of income from house property and not the provisions of section 167b of the act, the former being a special provision and is to be given precedence over the latter being a general provision.3. .....

Asstt. Cit Vs. Executors of the Estate of Bhagwan

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2001)79ITD539Cal

..... association of persons or body of individuals as aforesaid (not being a case falling under sub-section (1)) (i) the total income of any member thereof for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on the total income of the association or ..... there is another provision inserted by way of section 167b introduced in the act by the finance act, 1992 with effect from 1-4-1993, whereby an association of persons is to be charged to tax at the maximum marginal rate or at the higher rate if any ..... , the shares of whose members are definite and ascertainable; and (ii) whether an association of persons whose members shares are definite and ascertainable, is to be assessed under section 167b(2) or the individual members are to be assessed under section 26 of the act.five co-owners acquired a property consisting of 8 storeyed buildingthe ground floor is used as godown and all the upper floors consisting of four flats space in each floor ..... each member in the income as well as in the property and the income being income from house property, the provisions of section 26 will apply dealing with the specific case of income from house property and not the provisions of section 167b of the act, the former being a special provision and is to be given precedence over the latter being a general provision.the commissioner (appeals .....

Assistant Commissioner of Income Vs. Executors of the Estate of Bhagwa ...

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... (2) where, in the case of an aop or boi as aforesaid (not being a case falling under sub-section (1))-- (i) the total income of any member thereof for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on the total income of the association or body at the maximum marginal rate; (ii) any member ..... there is another provision inserted by way of section 167b introduced in the act by the finance act, 1992 w.e.f. ..... (supra), the supreme court was dealing with the case of unsecured creditors in the liquidation proceedings whereunder the department claimed by exercising the right under section 49e of the indian it act, 1922 priority over the other unsecured creditors, whereas sections 228 and 229 of the companies act, 193 provided that an unsecured creditor must prove his debts and all unsecured debts are to be paid pan passu. ..... whose shares are specified in the deed itself being 1/5th of the undivided share of each member in the income as well as in the property and the income being income from house property, the provisions of section 26 will apply dealing with the specific case of income from house property and not the provisions of section 167b of the act, the former being a special provision and is to be given precedence over the latter being a general provision.3. .....