Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD44(Kol.)
..... inserting the new section retrospectively was to set the existing controversy on this issue at rest and not to unsettle the cases by raising the issue afresh. 23.2 through finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the assessing officer shall not reassess the cases under section 147 of pass an order ..... payable by such company. (3) the principal officer of the domestic company and the company shall be liable to pay the tax on distributed profits to the credit of the central government within fourteen days from the date of - (4) the tax on distributed profits so paid by the company shall be treated as the final payment of tax in ..... incurred by the assessee in relation to income which does not form part of the total income under the income-tax act. 25.3 vide circular no. 11/2001 dated 23rd july, 2001, a direction was issued by the central board of direct taxes that the assessments where the proceedings have become final before the first day of april, 2001 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD105(Kol.)
..... the assessment year 1977-78 and subsequent years." as a result of omission of section 109, explanation to section 73 was amended with effect from 1-4-1988 by the finance act, 1987 (11 of 1987). as per explanation to section 73, where any part of a business of a company other than (i) for assessment years 1977-78 to 1987-88 ..... provisions of section 43(5) and of explanation to section 73. as far as scope of explanation to section 73 is concerned, it may be relevant to quote from the central board of direct taxes circular no. 204, dated 24-7-1976 which inter alia states as follows : "section 73 provides that any loss computed in respect of speculation business carried ..... elaborated in para nos. 19.1 to 19.3 of circular no. 204, dated 24-7-1976 of the central board of direct taxes as under : "19.1 treatment of losses in speculation business-section 73 section 73 of the income tax act provides that any loss computed in respect of speculation business carried on by an assessee will not be set .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD495(Kol.)
..... and the rules made thereunder.15. section 80ab was introduced in 1980 with effect from 1-4-1981 by the finance (no. 2) act, 1980. the purpose and objects of this section are fully explained by the central board of direct taxes in paragraph 15 of its circular no. 281, dated 22-9-1980. it is pointed out that both ..... -3-1988 and 5-7-1988 appearing at pages 105 and 104 respectively of paper book no. 1. these are letters of the ministry of finance, department of revenue not accepting audit objections. the central board of direct taxes made it clear to the joint director (ra), office of the c & ag of india that section 80hhb speaks of ..... the ito fully applied his mind and took into consideration all necessary statements, details and particulars furnished by the appellant-company to him. he has reiterated that even the central board of direct taxes in its two letters clearly agreed that the ito had properly granted the reliefs in the appellant-company's case. he has distinguished the judgment .....
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 : 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 : 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 : (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 : (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 : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD172(Kol.)
..... granted is rendered incorrect on the happening of the crucial event after the coming into force of the sub-section, and by the express terms of s. 28 of the finance act, 1956, the sub-section comes into force on april 1, 1956. we are unable, therefore, to agree with the learned counsel for the respondent that the language ..... is the date of issue of the government order. but it certainly looks backward and takes into consideration the past event that is the period of service under the central government for purposes of computing qualifying service because such additional service can only be the service rendered prior to the date of issue of the government order. by doing ..... be avoided. this aspect of the matter has also been clarified in para 30.4 of the departmental circular no. 717 dated 14^th august 1995 issued by the central board of direct taxes (reproduced in paragraph 21 below) which provides: "these amendments will take effect from 1^st april 1996 and will, accordingly, apply to the .....
Tag this Judgment!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 .....
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