Judgment Search Results Home > Cases Phrase: finance act 2012 central chapter iii direct taxes Sorted by: recent Court: kolkata appellate Page 4 of about 39 results (0.208 seconds)

R.P.C. Industries Ltd. Vs. Asstt. Cit

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 .....

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. .....

Ms. Enfield Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... 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 ..... and 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 ..... than to approach the settlement commission for a practical and judicious adjudication on the complex issues and for avoiding protracted litigation. the commissioner of income tax, 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 full .....

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 .....

Som Datt Builders (P.) Ltd. Vs. Income-tax Officer

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 .....

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. .....

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 .....

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 .....