Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 section 3 to 72 income tax Court: kolkata Page 1 of about 308 results (0.093 seconds)

Hilltop Holdings India Ltd. Vs. Commissioner of Income Tax and ors.

Court : Kolkata

Reported in : (2005)3CALLT409(HC),(2005)197CTR(Cal)619,[2005]278ITR501(Cal)

..... this is clear from the scheme introduced by the finance act, 1987, which was a deliberate and clear departure from the summary assessment contemplated under section 143(1) brought about with a particular purpose and object as reflected in the explanation to section 143.12.1 in order to attract section 263, the order must be an order passed by the ao in the ..... : [1972]83itr170(sc) .4.5 by reason of the explanation, an intimation or an acknowledgement is a deemed order by fiction created thereunder for the purpose of section 246 providing for an appeal against an intimation under section 143(1) where the assessee objects to the making of adjustments brought about by the finance act, 1994, w.e.f. ..... inasmuch as, while issuing intimation, the ao does not merely discharge a ministerial act since it involves a process to determine the liability to pay tax or refund of the excess tax paid or to accept the self-assessment as submitted, which involves application of mind and taking a ..... act, 1991, to provide that an intimation sent under sub-section (1) or sub-section (1b) shall be deemed to be an order for the purpose of section 264 ..... proceeding can be said to be initiated and conducted only when the ao proceeds to assess the income, but when the return is accepted, there is no assessment nor any process for assessment undertaken by the ao or in other words, the ao does not proceed to assess the income. ..... still then, it is an order made in the proceedings without attempting to assess the income. .....

i.E.L. Ltd. (Successor-in-interest to Crescent Dyes Chemicals Ltd.) Vs ...

Court : Kolkata

Reported in : (1993)112CTR(Cal)144,[1993]204ITR386(Cal)

..... income-tax officer, while computing the inadmissible expenditure under section 40a(5)/40(c) of the income-tax act, 1961, held that medical reimbursement and house rent allowance paid in cash would form part of salary under section ..... section 256(1) of the income-tax act, 1961, atthe instance of the assessee, the tribunal has sought for our opinion on the following question :'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that reimbursements of medical expenses and house rent allowance paid in cash were to be taken as part of salary for purposes of section 40a(5)/40(c) of the act ..... income-tax (appeals) confirmed the order of the income-tax ..... this reference arises out of the income-tax assessment of the assessee for the assessment year ..... to his employee or his family free of charge or reimbursement of such medical expenses to the employee after they are incurred by them are not to be included in the total income of the employee provided that such amount does not in any financial year exceed one month's salary of the employee. ..... the assessee's argument is two-pronged; on the one hand, it has argued that medical reimbursement is perquisite and the central board of direct taxes has consistently understood the medical reimbursement as one of the items of perquisites and described it as perquisite in the series of circulars that it had issued regulating the ..... act, 1991 ..... a proviso below sub-clause (v) of clause (2) of section 17 by the finance (no. .....

Jai Mica Supply Co. Pvt. Ltd. Vs. Commissioner of Income Tax, West Ben ...

Court : Kolkata

..... judicial member, however, was of the view that by virtue of amendment made by finance act, 1991, the appellants products were not covered by section 80hhc during the assessment year 1990-91. ..... the following substantial questions of law: 1) whether on a true and proper interpretation of clause (b) of sub section (2) of section 80hhc of the it act, 1961 prior to its amendment with effect from april 01, 1991, the export of fabricated mica products, namely, fabricated mica electronic components was not eligible for deduction under section 80hhc and the tribunal was justified in upholding the order passed by the commissioner of income tax under section 263 withdrawing the deduction allowed in the assessment? ..... sub-section (3) shall be substituted for the existing subsection (3) by the finance (n0.2) act, 1991, w.e.f ..... bracket added with effect from april 1, 1992) the following explanations shall be inserted by the finance (no.2) act, 1991 w.e.f. ..... act, 1962 (52 of 1962); (ba) total turnover shall not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962 (52 of 1962); provided that in relation to any assessment year commencing on or afte4r the 1st day of april, 1991, the expression total turnover shall have efffect as if it also excluded any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28; the following clause (baa) shall be inserted by the finance (no.2) act, 1991 .....

Chloride India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1995)53ITD180(Kol.)

..... this purpose, section 89a was first introduced into the income-tax act by the finance act, 1982. ..... before the court was regarding the interpretation of section 54 of the income-tax act which confers exemption from capital gains tax subject to certain conditions. ..... out that the expression "total turnover" as understood in the commercial world and as defined in the bengal finance (sales-tax) act included these elements and there is no reason why the same interpretation cannoc be given to the expression under the income-tax act. ..... consequential to the amendment made to section 28 of the income-tax act treating the above three items as business income. ..... the section was omitted and it was replaced by section 80hhc introduced by the finance act. ..... also another difficulty in adopting the definition of the words 'total turnover' as appearing in the bengal finance (sales-tax) act, 1941 to the provision of section 80hhc. ..... that there has to be a harmonious and liberal interpretation of the provisions of a section conferring exemption and if such harmony is to be achieved in the appeal before us, it would be achieved only by interpreting the expression 'total turnover' as excluding sales-tax, octroi and excise duty since the expression "export turnover" excluded the same. ..... 2) act, 1991 with retrospective effect from 1-4-1987 defined total turnover to exclude freight and insurance thereby bringing uniformity in the ..... 2) act, 1991, the aforesaid explanation (bb) was ..... -4-1991 by the finance act, 1990 .....

income Tax Officer Vs. Kanchan Oil Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)92ITD557Cal

..... section 80-ia(7) is a part of section 80ia, which was newly inserted in the income tax act by the finance (no. ..... section 80ab of the income tax act, as it stood in the assessment year 1996-97, reads as under :- "where any deduction is required to he made or allowed under any section except section 80m included in this chapter under the heading "c" - deductions in respect of certain incomes" in respect of any income of the nature specified in that section which is included in the gross total income of the assessee, then, notwithstanding anything contained in that section , for the purpose of computing the deduction under that section , the amount of income of that nature as computed in accordance with ..... the section 80ia(7) has been given by the legislature an overriding effect to any other provisions of income tax act, and it is not subject to section 80a, 80ab, 80b(5) or any other provisions of i.t.act. ..... 1.4.1991 when section 80a, 80ab and 80b(5) were already part of i.t.act, and even then the legislature in all its wisdom has enacted the special provision of section 80a(7) giving the same an overriding effect over any other provisions of the act meaning thereby that the legislature in all clear terms has given to special provisions of section 80ia(7) an overriding effect over section 80a, 80ab and 80b(5) to the extent of its scope.here, in inserting section 80-ia(7) what the legislature ..... 2) act, 1991 w.e.f. ..... 1.4.1991. .....

Duncans Industries Limited Vs. Commissioner of Income Tax, W.B.

Court : Kolkata

..... this appeal under section 260a of the income-tax act, 1961 is at the instance of an assessee and is directed against an order dated 23rd june, 2004, passed by the income-tax appellate tribunal, c bench, kolkata in income-tax appeal bearing ita no.1220 (kol) of 1997 for the assessment year 1991-92 and thereby dismissing the appeal filed by the assessee. ..... of law for decision in this appeal: i) whether on a true and proper interpretation of section 80hhc of the income tax act, 1961 and in view of the undisputed position that the garden tea business and purchased tea which separate accounts are maintained and profits are separately computed, the tribunal was justified in law in holding tha the deduction under the said section was required to be computed by aggregating the profits, export, turn over and total ..... the substitution of the language of sub-section (3) of section 80hhc by the finance act, 1990 w.e.f. ..... to substitution of the language of sub-section (3) of section 80hhc by the finance act, 1990 w.e.f. ..... arriving at such findings, the tribunal by the order impugned held that the purchased tea business was required to be considered on its own for the purpose of computing the deduction under section 80hhc having regard to the provisions of sub-section (3) as in force during that year and in view of the amendment in sub-section (3) of the 80hhc by the finance act, 1990 with effect from april 1, 1991, the tribunal declined to grant relief to the assessee for the assessment year .....

Commissioner of Income-tax Vs. Deoria Public Charitable Trust

Court : Kolkata

Reported in : [1992]196ITR110(Cal)

..... section 13(1)(d) of the income-tax act, before its amendment by the finance act, 1983, provided that the exemption under section 11 shall not operate for the assessment year 1983-84 or any subsequent year, if any funds of the trust or institution are invested or deposited or continue to remain invested or deposited for any period during any previous year commencing on or after april 1, 1982, otherwise than in any of the forms or modes specified in sub-section (5) of section 13. ..... clause (d) of sub-section (1) of section 13 of the income-tax act-was substituted by the finance act, 1983, with effect from april 1, 1983. ..... section 13(1)(d), as amended by the finance act, 1983, provides that the income of any charitable or religious trust or institution will not be entitled to exemption under section 11 or section 12 if, for any period during the previous year--(i) any funds of the trust or institution are invested or deposited after the 28th february, 1983, otherwise than in any one or more of the forms or modes specified above ;(ii) ..... 596, dated march 15, 1991 (see [1991] 188 itr 115) of the board where the board decided that the provisions of section 13(1)(d) would be applicable from the assessment year 1984-85 and not from the assessment year 1983-84.6. ..... 596, dated march 15, 1991, (see [1991] 188 itr 115) which provides as follows :'1. .....

Singh Alloys and Steel Ltd. Vs. Deputy Commissioner of Income-tax.

Court : Kolkata

Reported in : [1995]55ITD13(Cal)

..... section 115j was introduced as a separate chapter (chapter xii-b) of the income-tax act by the finance act, 1987, with effect from 1-4-1988. ..... it may be added here that in any case the investment allowance relating to the assessment year 1990-91, to the extent to which it remains unabsorbed has to be absorbed against the income for the assessment year 1991-92, in accordance with section 115j(2). ..... the provisions of section 115j were omitted with effect from 1-4-1991, that is from the assessment year 1991-92, which is the year under appeal. ..... it ceased to have effect from 1-4-1991 as per amendment made by the finance act, 1990. ..... 72,560 which represented unabsorbed investment allowance against the income for the assessment year 1991-92. ..... 15,78,210 was available to it as unabsorbed investment allowance and unabsorbed business loss/depreciation for being set off against the income for the assessment year 1991-92. ..... thus, according to the assessee, it is eligible to carry forward the following two amounts to the assessment year 1991-92 :unabsorbed losses/depreciation*rs. ..... - this appeal filed by the assessee relates to the assessment year 1991-92, for which the accounting year ended on 31-3-1991. ..... it is only with regard to the balance that the assessee claims set off in the assessment year 1991-92. .....

Yagyawati Jayswal Family Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)89ITD199Cal

..... there was, however, an amendment in section 27(iii) of the income-tax act, 1961 by the finance act, 1937 with effect from 1-4-88 by virtue of which clause (iiia) and clause (iiib) have been inserted. ..... the appeals of the assessee for the assessment years 1991-92 to 1997-98 are directed against the consolidated order dated 11-11-02 of the commissioner of income-tax (appeals)-xviii, kolkata. ..... " for the assessment years 1991-92 to 1994-95 the notices under section 148 having been issued after the expiry of four years, there is a material defect in the initiation of proceedings under section 147 for the said assessment years. ..... for the assessment years 1991-92 to 1997-98 the returns filed by the assessee had been processed under section 143(1)(a) and the ao had no jurisdiction to make enquiry. ..... for the assessment years 1991-92 to 1997-98 the assessee continued to disclose the income derived from the property in question under the head 'income from other sources'. ..... since the period of four years was available to the ao for issuance of notice under section 148 for the respective assessment years, the notices issued for the assessment years 1991-92 to 1994-95 are beyond the period of four years limitation provided in section 149. ..... in the result, the appeals of the assessee for the assessment years 1991-92 to 1994-95 are allowed while the appeals for the assessment years 1995-96 to 1997-98 are partly allowed. .....

Timken India Ltd. Vs. Commissioner of Income-tax and ors.

Court : Kolkata

Reported in : [2002]256ITR460(Cal)

..... for the purposes of deduction of tax under section 195, the rate or rates of income-tax specified in section 115a or the rate or rates of income-tax specified in this behalf in the finance act of the relevant year, whichever is ..... 1991]190itr626(cal) , has explained the object of entering into the double taxation avoidance agreement and it has been held amongst others as follows (headnote) :'in determining the liability of a non-resident company, if there is any agreement for avoidance of double taxation entered into under section 90 of the income-tax act, 1961, the said agreement must prevail over the provisions of the income-tax act.'20 ..... the necessary logical conclusion will be that the obligation of the petitioner company to deduct income-tax in relation to payment of the second instalment of the technical collaboration agreement arises after may, 1991.therefore, i hold that both the revenue officials have not applied the correct position of ..... 2) act of 1991, the effect thereof has been given on and from ..... in this case, this was delivered in may, 1991, after the double taxation avoidance agreement came into ..... right to receive the said second instalment in other words, the liability to pay the same had arisen within 60 days after may, 1991, being the date of transfer. ..... dispute that the double taxation avoidance agreement came into force between the republic of india and the united states of america dated december 18, 1990, with effect from april 1, 1991, by virtue of a notification. .....