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 .....
Tag this Judgment!Court : Kolkata
Reported in : [2005]128CompCas618(Cal),(2005)197CTR(Cal)633,2006[4]STR3
..... a 'company'. therefore, according to dr. pal, the firm since not been defined in finance act, 1994, or in the central excise and salt act, 1944, the definition of the word 'firm' as defined in section 4 of the indian partnership act, 1932, is to be adopted, namely, a firm is a compendious method of describing ..... to the clear legislative provision defining 'consulting engineer', under section 65(13) and as such the said circulars are ultra vires the provisions of the finance act, 1994, and without authority of law. the said circular having been issued by the executive, amounts to subordinate legislation. if a subordinate legislation crosses ..... appellants :2. dr. pal pointed out from the definitions defined in section 65 that, while defining various categories of assessees liable to pay service tax under the finance act, 1994, chapter v, the legislature has employed the expression 'person', 'concern' or 'commercial concern' except in section 65(13) while defining 'consulting engineer'. .....
Tag this Judgment!Court : Kolkata
Reported in : (2005)197CTR(Cal)563,[2005]277ITR128(Cal)
..... itself in law and adopted a wholly erroneous approach in reversing the appellate order dated february 21, 2003 passed by the commissioner of income-tax (appeals), central ii, kolkata, in relation to the alleged deemed dividend of rs. 5,99,00,000 assessed as the appellant-assessee's alleged undisclosed income with reference to ..... pages 127 to 134). the ledger account (pages 103 to 109) shows that mki had regular transactions with scpl and that mki, carrying on business of financing, advanced money to scpl and it was a current account transacting payment and receipt. the statement made therein clearly shows that these amounts were never paid by way ..... relevant tests for treating those amounts as deemed dividend. the question is dependent simply on the interpretation of the provisions of section 2(22)(e) of the 1961 act and its applicability in the given facts available in this case.deemed dividend : definition : when applies :5. the definition of 'deemed dividend' defined in section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)96TTJ(Kol.)1041
..... india of the dividends (including dividends on preference shares) payable out of such income in accordance with the provisions of section 194 of the act." thus, even under the finance act the domestic company is recognized as indian company and any other company having made arrangement for declaration of dividends payable on such income. we, therefore ..... its contents altogether, and used the bottom portion, i.e., the cheque, for affording credit to the account of one hiten dalal, one of the central characters in several cases of security scams in this country. this exercise, in our considered view, is nothing short of a fraud within meanings of section 17 ..... comity of nations or the well established principles of international law. but if conflict is inevitable, the latter must yield," 50. section 90 of the it act empowers the central government to enter into an agreement with the government of any country outside india for granting of relief or for avoidance of double taxation of income, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)280ITR117(Kol.)
..... the purposes of the business or profession carried on by such person in india.12. by virtue of provisions of section 90 of the it act, the central government may enter into an agreement with the government of any other country outside india for granting relief in respect of income on which have ..... is wholly owned by the government of the kingdom of the netherlands or the local authorities; the netherlands financierings maatshappji voor ontwikkelings landen n.v. (netherlands finance company for developing countries) and the netherlands investerings bank voor ontwikkelingslanden n.v. (netherlands investment bank for developing countries) : all other institutions as may ..... by any resident of the other contracting state with respect to debt-claims guaranteed or indirectly financed by the government of that other contracting state, a political sub-division or a local authority thereof, the central bank of that other contracting state or any financial institution wholly owned by that government .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100TTJ(Kol.)613
..... unexpectedly or in the course of search. as per law lexicon 13l edition, the word "discover " (occurring in memorandum explaining the provisions of finance act, 2002) indicates a detection as result of uncovering, revealing and laying of open to view that was hidden, concealed or unknown. now, we ..... to cover any expense, deduction or allowance claimed by the assessee and found to be false. 26.3. the memorandum explaining the provisions of finance act, 2002 is contained in cbdt circular no. 8 of 2002 dated 27^th august, 2002, reported in 258 itr 13 - 57. the ..... deduction or allowance. this view was taken by various benches of itat in different cases like bangalore bench in the case of kirloskar investments finance ltd. v. acit 67 itd 504, bombay itat in the case of david dhawan v. acit 71 itd 1, jabalpur bench in ..... this appeal preferred by the revenue is directed against the order passed by the ld. cit.(a), central-ii, kolkata dated 20^th february, 2003 for the block period 1.4.90 to 20.7. .....
Tag this Judgment!Court : Kolkata
Reported in : (2006)3CALLT645(HC)
..... purchase of the property by the central government for rs. 11,10,000/-. feeling aggrieved the petitioner moved this court by filing writ petition no. 5508 of 1987; a stay order was made.3. challenging the validity of the provisions of chapter xxc, inserted in the income-tax act, 1961 by the finance act, 1986, civil writ petition no. ..... narayanan v. mrs. margret kathleen gandhi and ors. : [1993]201itr681(sc) , they are entitled to get interest from either of the parties, that is, the central government or the petitioner whoever purchased the property. he says that in the facts and circumstances of the case his clients are entitled to get interest at the rate of ..... writ petitioner is aggrieved by the order of the appropriate authority, under section 269ud(1) of the income-tax act, 1961, dated may 13th, 2004 directing that the property in question would be deemed to be purchased by the central government for rs. 11,10,000/-, being the amount equal to the amount of apparent consideration.2. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)107ITD1(Kol.)
..... matter of fact, these two provisions i.e. 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. most importantly, unlike the latter, there is no presumption for concealment in the former. so onus would lie heavily with the ..... papers in time), the assessee on its own volition approached the settlement commission, disclosing its true income, and subsequently, at the behest of the cit, central-i, kolkata, filed a disclosure petition before the department declaring the same income. as discussed earlier, clearly the assessee was prevented by circumstances beyond its control ..... no other alternative than to approach the settlement commission for a practical and judicious adjudication on the complex issues and for avoiding protracted litigation. the cit, central-i, kolkata, then suggested that the appellant-group could make a full and true disclosure of their income before the department itself, consequent on which .....
Tag this Judgment!Court : Kolkata
Reported in : 2007(3)CHN625
..... is pending immediately before the commencement of section 40 of the finance act, 1984, before the appellate tribunal and any matter arising out of or concerned with such appeal and which is so pending shall stand transferred on such commencement to the central government and the central government shall deal with such appeal or matter under section 129dd ..... for the purposes of this sub-section, 'order passed under section 128a includes an order passed under that section before the commencement of section 40 of the finance act, 1984, against when an appeal has not been preferred before such commencement and could have been, if the said section had not come into force, preferred ..... 226 of the constitution of india preferred against an order of the tribunal passing a direction for deposit some amount in terms of section 35f of the central excise act, 1944. by relying upon the said decision, mr. basu wanted to impress upon us that a writ application is really maintainable against such order and .....
Tag this Judgment!Court : Kolkata
Reported in : (2007)3CALLT43(HC)
..... a suit. the averments contained in paragraphs 5, 6, 7, 8, 9 and 14 of the petition are not central to the petitioner's cause. that leaves the petitioner with the averments contained in paragraphs 2 and in paragraph 11 ..... pvt. ltd. and anr. v. a.p. agencies, salem), the respondent referred to the decisions reported at : (2002)9scc613 (shriram city union finance corporation ltd. v. rama mishra); : air2006mad205 (andhra pradesh state trading corporation v. auro logistic limited and anr.); : 124(2005)dlt506 (nariman films ..... to contend that it had a right to continue in possession at least up to the end of january, 2012 and the proposed reference would involve no question of title or possession. the respondent presses clause 15 into service and ..... and mechanically refer the parties to an arbitration. similarly, section 9 enables a court, obviously, as defined in the act, when approached by a party before the commencement of an arbitral proceeding, to grant interim relief as contemplated by the .....
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