Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD468(Kol.)
..... in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head other than the business income, in as much as, the amended provisions of section 32(2)(iii)(a) are very clear and the position existed in the assessment year 1997-98 ..... owing to there being no profits or gains chargeable for that previous year, or owing to the profits or gains chargeable being less than the allowance, then subject to the provisions of sub-section (2) of section 72 and sub-section(3) of section 73, the allowance or the part of the allowance to which effect has not been given, as the case may be, shall be added to the amount of the allowance for depreciation for the ..... owing to there being no profits or gains chargeable for that provious year, or owing to the profits or gains chargeable being less than the allowance, then, subject to the provisions of sub-section (2) of section 72 and sub-section (3) of section 73 the allowance or the part of the allowance to which effect has not been given, as the case may be, shall be added to the amount of the allowance for depreciation for the ..... to amend section 32 of the income tax act, 1961, ..... on record that we have noticed a decision where a similar view has been taken by the income tax appellate tribunal, delhi bench 'a' in the case of income tax officer -v. ..... income tax appellate tribunal, ..... tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD148(Kol.)
..... uoi 218 itr 50, in which the constitutional validity of the amendment made to section 253(6) by the finance act, 1992 was upheld, shows that the filing fee to be paid in respect of a penalty appeal is linked ..... it may be that, as contended by one of the learned representatives appearing before us for the assessee, the penalty is levied only with reference to the tax sought to be evaded on the concealed income, but the concealed income, as rightly pointed out in the dissenting opinion in the case of vinod khatri, does form part of the assessed income as computed by the ..... salarpuria further drew our attention to the expression "tax sought to be evaded" appearing in explanation 4 below section 271(1)(c) and pointed out that a concealment penalty is imposed only with reference to the tax sought to be evaded and has no connection with the ..... to us in the following manner: the tribunal fee on an appeal against the order of penalty levied under section 271(1)(c) of the i.t.act is governed by clauses (a) to (c) of section 253(6) of the income-tax act. ..... guilt of the assessee and it is only that part of the income ultimately assessed, which the assessee concealed from the income-tax department, that would form the basis of the levy of penalty. ..... the legal position is also that it is open to the income-tax authorities and the appellate authorities to make a reappraisal of the entire materials while judging the correctness or justification of the penalty imposed on an assessee for concealment of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)1SOT210(Kol.)
..... 049 + rs.1,075) as contribution to esi, all pertaining to march, 1996 but all paid before due date for furnishing the return of income for the year, is unsustainable in law particularly in view of amendments, introduced by finance act, 2003 in section 43b of income tax act, 1961, which are to be treated as having retrospective effect covering the year under consideration in view of principles laid down by honble supreme court in allied motors pvt. ..... this sense, therefore, the amended 1^st proviso as amended by the finance act, 2003, covering all payments referred to in various clauses of section 43b, is to be treated as retrospective in operation and to be read as forming part of section 43b from its inception as the said amendment made by the finance act, 2003 is creative and remedial in nature and designed to eliminate unintended consequence causing undue hardships to the assessee.the income tax appellate tribuanal, "b" bench, mumbai, in the case of haffkine ..... " in the light of the discussions made above and respectfully, following the decisions of the aforesaid coordinate benches, we are, therefore, of the considered opinion that the amendment brought by the finance act, 2003 in the 1st proviso to section 43b of the act and consequential omission of 2nd proviso to section 43b is to be treated as retrospective in operation, and consequently, any sum payable by the assessee as an employer by way of contribution to any provident fund or superannuation fund or gratuity fund .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)58ITD273(Kol.)
..... in fact, the intendment of the legislature in enacting section 40 of the finance act, 1983 as can be discerned from the budget speech of the then finance minister is that some persons have been trying to avoid personal wealth-tax liability by forming closely-held companies to which they transfer many items of their wealth and with a view to circumventing tax avoidance by such persons, they levy of wealth-tax in the case of closely-held companies is revived in a limited way. ..... the ld.counsel for the assessee contended before us that by the finance act, 1988 proviso to section 40 (3) of the finance act, 1983 was inserted by which the motor cars held by a company as stock-in-trade in its business or registered as tax is and used as such in a business in running motor cars on hire carried on by the company will not be treated as assets liable to tax. ..... contended that as per proviso to section 40 (3) of the finance act, 1983 only those motor cars which were run on hire are excluded from the computation of wealth-tax and since the assessee-company was carrying on leasing business, it cannot be equated to a person running motor cars on hire. ..... as per section 40 of the finance act, 1983, the assets as specified in sub-section (3) are liable to wealth-tax. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)93ITD615(Kol.)
..... rule 10 of said part-iv of first schedule to the finance act, 1999 says that the provisions of the income tax act relating to procedure for assessment (including the provisions of section 288a relating to rounding off of income) shall, with necessary modification, apply in relation to the computation of the net agricultural income of the assessee as they apply in relation to the assessment of the total income. ..... the relevant finance act, 1999 applicable for the assessment year commencing on the 1^st day of april, 1999 provides under clause (c) of sub-section (1) of section 2 of the finance act, 1999 that "net agricultural income", in relation to person, means the total amount of agricultural income, from whatever source derived, of that person computed in accordance with the rules contained in part-iv of the first schedule to the finance act, 1999 containing rules for computation of net agricultural income. ..... , a company or a firm) which in the relevant previous year has either no income chargeable to tax under the income tax act or has total income not exceeding the maximum amount not chargeable to tax, but has any agricultural income, then, the agricultural income or loss of the association of persons or body of individuals shall be computed in accordance with the rules contained in part-iv of first schedule to the finance act, 1999, and the share of the assessee as a member of an association of persons or a body of individuals .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD711(Kol.)
..... the learned counsel for the assessee was at pains to point out that the order under section 263 in the present case having been passed on 24-3-1988 the explanation (c) to section 263 inserted by the finance act, 1988 with effect from 1-6-1988 and expanded by the finance act, 1989 with retrospective effect from 1-6-1988 cannot be pressed into service to uphold the order of the commissioner.8. ..... the assessee submitted that the amendment made to section 263 of the act by inserting a new explanation with effect from 1-6-1988 by the finance act, 1988 and the further amendment made by the finance act, 1989 extending the scope of the explanation with retrospective effect from 1-6-1988 applied only in respect of the orders passed by the commissioner on or after 1-6-1988 and the present order passed by the commissioner under section 263 having been passed on 24-3-1988, the ..... , prior to the amendments made by the finance act, 1988 as well as the finance act, 1989 to section 263 of the act, the doctrine of merger must be held to be ..... only way in which an erroneous order insofar as it is prejudicial to the interests of the revenue as made by the income-tax officer either in not charging interest or by not including some income, which ought, to have been included or by allowing deductions or reliefs which ought not to have been allowed can be set right by the commissioner of income-tax by resorting to his revisional power. ..... cit [1991] 187 itr ..... cit (1991) 187 itr 568 (cal) followed.revision under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2000)74ITD161(Kol.)
..... 2) act of 1996 with effect from 1-4-1997 and is said to be in pari materia with earlier section 115j which has been rendered inoperative with effect from the assessment year 1991-92 by an amendment made to sub-section (1) by the finance act, 1990 with effect from 1-4-1990. ..... it was held by the high court that the assessee was fully justified in making the claim when the return was filed and no adjustment on account of cash compensatory support could be made under section 143(1)(a), so as to attract additional tax.9.3 the cit (appeals) has also fallen into the error in not keeping in mind the fact that the assessee was required to file return of loss on the basis of legal position as prevailed at the time ..... were required to be credited to block of assets and the same was done so as to reduce the written down value of the block of assets.consequently, the assessee was not entitled to higher depreciation allowance and accordingly higher tax would be paid by the assessee.6.3 with regard to the import entitlement, placing reliance on [1997] 225 itr 746/91 taxman 341 (sc) in the case of godhra electricity co.ltd. v. ..... moreover, it is further held, when section 115j was brought in, the object was to introduce the provision whereby every company will have to pay minimum tax on the profits declared by it in its own accounts and these profits could only be those which are assessable as income under the act and not the profit on realization of capital asset. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)46ITD273(Kol.)
..... order has been passed even without touching on the matter where the assessee did not prefer an appeal, the intention of the legislature in enacting section 263 would be frustrated.their lordships also referred to the amendment made by the finance act, 1988 with effect from 1-6-1988 and also by the finance act 1989 with retrospective effect from 1-6-1988 in support of their conclusion that there will be only partial merger of the assessment order with the ..... in view of the aforesaid principles of law laid down by the supreme court and also having regard to the scheme of the income-tax act, i am unable to uphold the first contention advanced on behalf of the assessee in this case.referring to the amendment proposed by the finance bill, 1988 by which an explanation was sought to be substituted with effect from 1-6-1988, the court held that the proposed amendment was only clarificatory in nature and it has made explicit what ..... (supra) as under: the question, whether the interest that was liable to be charged had been properly waived or not, is a question which was not the subject matter of appeal before the appellate assistant commissioner. ..... cit [1991] 187 itr 568 the matter was no longer open to question and the doctrine of total merger was not applicable to orders passed under section 263. .....
Tag this Judgment!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. ..... 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. ..... establishes the proposition that it is necessary to infer the intention of the legislature while interpreting the provisions of a section it also establishes the proposition that even though in respect of the fulfilment of the second condition viz. ..... was consequential to the amendment made to section 28 of the income-tax act treating the above three items as business ..... also exports batteries and in respect of the export it is entitled to deduction under section 80hhc of the act.the entitlement of the assessee to the deduction is not disputed in the present appeal ..... 2) act, 1991 with retrospective effect from 1-4-1987 defined total turnover to exclude freight and insurance thereby bringing uniformity in ..... 2) act, 1991, the aforesaid explanation (bb) ..... -4-1991 by the finance act, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)301ITR171(Kol.)
..... after the amendment in section 40a(3) by the finance act, 1995 with effect from april 1, 1996, and the amendment in rule 6dd of the income-tax rules by the income-tax (fourteenth amendment) rules, 1995, again the constitutional validity of section 40a(3) was challenged.however, the hon'ble andhra pradesh high court in the case of smt. ..... ito have upheld the constitutional validity of section 40a(3) and of rule 6dd after amendment by the finance act, 1995 and the income-tax (fourth amendment) rules, 1995, respectively.11. ..... after the amendment by the finance act, 1995, again the validity of section 40a(3) was challenged and the hon'ble high courts have upheld its constitutional validity in the following cases: 29. ..... business' means the profits of the business as computed under the head 'profits and gains of business or profession as reduced by: (1) ninety per cent, of any sum referred to in clauses (iiia), (iiib), (iiic), (iiid) and (iiie) of section 28 or of any receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature included in such profits; and (2) the profits of any branch, office, warehouse or any other establishment of the assessee situate outside india; 106. ..... as under: (h) where the payment is made in a village or town, which on the date of such payment is not served by any bank, to any person who ordinarily resides, or is carrying on any business, profession or vocation, in any such village or town; 112. .....
Tag this Judgment!