Judgment Search Results Home > Cases Phrase: finance act 2012 central chapter iii direct taxes Court: income tax appellate tribunal itat kolkata Page 2 of about 20 results (0.069 seconds)

Birla Tyres Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD1(Kol.)

..... of the aforesaid sections.according to the counsel, an aop is normally subjected to tax at the rates which are applicable to an individual, huf as specified in the finance act for the relevant assessment year. however, section 167b is a departure from such normal position. under section 167b(1), where the individual shares of the members of an ..... to appreciate the issue involved in this appeal, it would be necessary to consider the scheme of the act for taxation. section 4 of the income-tax act, 1961 is the charging section. it reads as under :- 4(1) where any central act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax ..... at that rate or those rales shall be charged for that year in accordance with, and subject to the provisions (including provisions for the levy of additional income-tax) of this act in respect of the total .....

Birla Tyres Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)267ITR1(Kol.)

..... the aforesaid sections. according to the counsel, an aop is normally subjected to tax at the rates which are applicable to an individual, huf as specified in the finance act for the relevant assessment year. however, section 167b is a departure from such normal position under section 167b(1), where the individual shares of the members of an ..... order to appreciate the issue involved in this appeal, it would be necessary to consider the scheme of the act for taxation. section 4 of the it act, 1961 is the charging section. it reads as under : "4 (1) where any central act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at ..... that rate or those rates shall be charged for that year in accordance with, and subject to the provisions (including provisions for the levy of additional income-tax) of this act in respect of the total .....

Smt. Monmohini Coomer Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1984)8ITD537(Kol.)

..... rates. it was to be part of the total income and was to be assessed in accordance with the procedures of the 1961 act and subjected to tax at the rates prescribed in the respective finance acts. as the declaration merely provided information to the ito and did not suo moto bring into existence an assessment or reassessment proceeding, ..... matter of procedure. the commissioner can do nothing with the return. he has to send it to the wto for necessary action. as all matters regarding voluntary disclosure were centralized with the commissioner, the filing of the return, in the first instance, is also required to be before him. he is, however, merely a channel and is, ..... has the same force as the statute and it also has the sanction of the parliament inasmuch as sub-section (3) of section 20 of the 1976 act specifically requires the central government to place every rule before the parliament and unless it is modified or disapproved by the parliament, the rule has the sanction of the parliament. .....

Coal India Limited Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... position.7. we may first refer to the fact that chapter xii d, consisting of special provisions relating to tax on distributed profits of domestic companies, was inserted vide finance act 1997 and with effect from 1^st june 1997. in this scheme of provisions and as provided by section 115 - o of the ..... a public sector undertaking owned by the government of india, and, as required by hon'ble supreme court's directions set out in the case of ongc v. collector of central excise, it has duly obtained the clearance of the high powered committee (cabinet secretariat) for pursuing this appeal.2. by way of first ground of appeal, the assessee has ..... which the dividends are declared, rather than income of the previous year during which these dividends are declared, distributed or paid - as is the scheme of the income tax act.therefore, the dividends reflected in the profit and loss account of the assessee donot constitute income of that previous year but are relatable to that previous year only in the .....

Wealth-tax Officer Vs. B.K. Chatterjee

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD857(Kol.)

..... does not apply to a case where any order of assessment or levy is passed. the purpose of sub-clause (hi) of section 2(m), as inserted by the finance act, 1959, with retrospective effect from 1-4-1957, is explained by the memorandum explaining the financial proposals as under : ordinarily, debts owing by the assessee have to be ..... assessee for a limited purpose of collecting the tax from the employee for and on behalf of the central government and, thus, treat him as an agent of the central government. according to sub-section (2) of section 201 of the income-tax act, the tax deducted but not paid together with simple interest payable thereon, if any, for delayed ..... that the taxes deducted at source from the salaries of the employees but remaining unpaid to the credit of the central government for more than 12 months, were not covered by section 2(m)(iii) of the wealth-tax act, 1957, and accordingly deductible in the computation of net wealth. the common ground taken by the revenue is that .....

Sutlej Cotton Mills Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)45ITD22(Kol.)

..... while making the assessment for this year. interestingly, the department was aware of this position as can be seen from the memorandum explaining the amendment introduced by the finance act, 1989. at para 9.6 above (see page 191 supra), we have set down the amendment providing for the adjustment of amounts transferred from the book profit ..... bench shall consist of one judicial member and one accountant member. (3) the president or any other member of the appellate tribunal authorised in this behalf by the central government may, sitting singly, dispose of any case which has been allotted to the bench of which he is a member and which pertains to an assessee whose ..... on september 8, 1992, to take up the matter, the revenue presented a petition dated september 8, 1992, signed by shri s.halder, appellate assistant commissioner, central circle-xii, calcutta, stating that there was no difference of opinion on the point raised in this case, that the decisions so far rendered by the benches of the .....

State Bank of India Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1983)6ITD225(Kol.)

..... law stood during the assessment year and the ito did not allow deduction correctly under section 80m. sections 80aa and 80ab were introduced in chapter via by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 and 1-4-1981. it has been stated earlier that for reopening the assessment under section 147(b), only ..... than four hundred branches in addition to the branches referred to in sub-section (3) within five years of the appointed day or such extended period as the central government may specify in this behalf, and the places where such additional branches are to be established shall be determined in accordance with any such programme as may ..... be drawn up by the central government from time to time in consultation with the reserve bank and the state bank, and no branch so established shall be closed without the previous approval of .....

Birla Jute and Industries Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD400Cal

..... required to be reflected in the profit and loss account prepared in accordance with schedule vi to the companies act.14. 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 ..... of exceptional nature.we are, therefore, of the considered view that, according to the scheme of the schedule vi to the companies act, profit on revaluation of assets is first required to be taken to the profit and loss account and, only thereafter, the question ..... year as if the provisions of clause (b) of the first proviso to sub-section (1) of section 205 of the companies act, 1956 (1 of 1956), are applicable.the controversy before us is relating to interpretation of proviso to paragraph (i) of explanation to ..... filed by the assessee, is directed against the order dated 25th may, 1995 passed by the learned cit(a) -central ii, calcutta, in the matter of order under section 143(3) for the assessment year 1989-90.2. in .....

Ellenbarrie Industrial Gases Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2002)83ITD111(Kol.)

..... and particularly to understand the nature and scope of undisclosed income as defined under section 158b of the it act, the learned authorised representative of the assessee referred to decision of bangalore bench of the tribunal in the case of kirlosker investments & finance ltd. v. asstt cit (1998) 67 itd 504 (bang). he particularly drew the attention ..... loan from maharashtra apex corpn. ltd., syndicate house, manipur, for the payment of sale consideration to the assessee.the said sales-tax were paid to the central government and to that regard the learned authorised representative of the assessee referred to pp. 52 to 54 of the paper book. it was emphasised by the ..... transactions and agreement duly enforceable in law i do not think that sale-cum-lease-agreements is a bogus transaction. it is to be noted that assessee paid central sales-tax also to the tune of rs. 1,26,000. the entire documents relating to correspondence, challans, certificate from commercial departments are placed at pp. .....

income Tax Officer Vs. Kanchan Oil Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)92ITD557Cal

..... to the provisions of sub-section (7) of section 80ia. in support of his contention, the ld. counsel for the assessee has placed reliance on the following decisions :- ii)cit, central, madras -v.- canara workshop pvt. ltd.(161 itr 320) (sc), iii)cit(wb) -v.- o. belliss and morecom (i) ltd. (136 itr 481)(cal.); 7. we have ..... shows that section 80-ia(7) enacts provisions of overriding nature. section 80-ia(7) is a part of section 80ia, which was newly inserted in the income tax act by the finance (no. 2) act, 1991 w.e.f. 1.4.1991. it starts with the words "notwithstanding anything contained in any other provisions of this ..... for computation of the profits and gains derived from eligible industrial undertaking "under section 80ia. according to section 80ia(7), notwithstanding anything contained in any other provision of the act, the profits and gains of an eligible business to which the provisions of sub-section (1) of section 80ia apply shall, for the purpose of determining the quantum of .....