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 ..... that suspense account interest was not taxable was subsequently confirmed by the cbdt in its letter f. no. 207/10/1973 it (a-ii), dated 16-4-1973 which was addressed to the income-tax adviser and ex-officio deputy secretary, finance department, haryana civil secretariat. even if the decision of the kerala high court is considered along ..... that this enhancement application cannot be accepted. section 36(4) of the state bank of india act has specifically stated that no amount applied for any of the purposes specified in sub-section (2) shall for the purposes of the indian income-tax act, 1922, be treated as income, profits or gains of the state bank. if the amount .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD1(Kol.)
..... the law as interpreted was that the gross dividend was to be allowed as a deduction under section 80m. subsequently, the parliament by enacting section 80aa by finance (no. 2) act of 1980 with retrospective effect from 1-4-1968, provided that: where any deduction is required to be allowed under section 80m in respect of any income ..... original assessments for the assessment years 1977-78 and 1978-79, section 80aa came to be inserted by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 in the income-tax act, 1961 (for brevity the act) which in substance provides that deduction allowable to a company under section 80m should be computed not on the ..... appeal was filed by either side against the order of the appellate asstt. commissioner. by section 32 of the finance (no. 2) act of 1971, section 5(1)(viii) of the wealth-tax act, 1957 was amended withdrawing the exemption on the jewellery with retrospective effect from 1-4-1963. in view of this amendment the appellate asstt. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)3ITD359(Kol.)
..... case of cloth traders (supra), allowed deduction at 60 per cent on the gross dividend income. section 80aa, quoted above, was newly introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968.the department has challenged the finding of the commissioner (appeals) on the ground that deduction allowed by the ..... . the department disputes the direction of the commissioner (appeals) regarding deduction allowed by him under section 80m. a new section 80aa was introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968. section 80aa shall be quoted later on. the supreme court pronounced a judgment in the case of ..... dividend and not on net dividend.shri bajoria, the learned departmental representative, referred to section 80aa and stated that the section was introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968. under the circumstances, deduction under section 80m cannot be allowed on the gross dividend of the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD220(Kol.)
..... should be carried forward under sub-s. (1) of s. 72, or sub-s. (2) of s. 73, or sub-s. (1) or sub-s. (3) of s. 74 inserted by the finance act, 1972, w.e.f. 1st april, 1975, or sub-s. (3) of s. 74a ..... relied on r. 11 of the income-tax (appellate tribunal) rules, 1963, and submitted that if it is felt that the ground no. 2 before the cit(a) that loss ought to have been carried forward as the firm has filed the return within statutory time, remains undecided ..... decisions on which reliance has been placed by the assessee are not applicable to the instant case at all and, therefore, there is no question of favouring the assessee with the interpretation being in favour of the assessee. our view gets full support from the m. p ..... r. n. sinha on the other hand vehemently argued and strongly supported the orders of the revenue authorities. according to him there is no ambiguity in taxing provisions and they are not capable of more than one interpretations and, therefore, the orders of the ao and the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)93ITD535(Kol.)
..... , in reassessment proceedings is barred by limitation, as per the amended provisions of section 153(2a) of the i.t.act'61, and hence liable to be quashed." 4. to appreciate the controversy raised by the assessee in this ground no. 2, it is necessary to state the facts of the case leading to the impugned fresh assessment order made by the assessing ..... of an order under section 250 or 254 or 263 or 264 setting aside or which such order was received by the chief commissioner/commissioner to one year by the finance act'01 w.e.f.1-6-01, and as such the fresh assessment order in the present case should have been made before the expiry of 31.3.02. he ..... as to whether the present fresh assessment made by the ao is within the time limit provided under section 153(2a) of the act.15. on reading sub-section (2a) of section 153 of the act substituted by the finance act,01 w.e.f. 1.6.01, it is seen that fresh assessment in pursuance of an order under section 250 or section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD105(Kol.)
..... 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 ..... defect can be remedied only by legislation and not by judicial interpretation. reliance was also placed on the decision of the supreme court in the case of cit v. shaan finance (p) ltd. (1998) 231 itr 308 (sc) at page 317 for the proposition that in ineterpreting a fiscal statute, the court cannot proceed to make good deficiencies ..... corresponds to section 24(2) read with proviso under the 1922 act. in order to curb the tendency of some tax payers to reduce the tax burden by manipulation, explanation to section 73 was added by taxation laws (amendment act), 1975. circular no. 204 dated 24-7-1976 explains the reasons for incorporating explanation to section 73. it was contended that .....
Tag this Judgment!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 ..... and the purpose for which section 14a was inserted is on the similar line as given in aforesaid circular no. 14 of 2001, dated 22-11-2001. further, in section 14a of the act, the following proviso was inserted by the finance act, 2002 with effect from the 11th day of may, 2001, namely:- "provided that nothing contained in ..... do, the entire expenditure will be a permissible deduction but if they do not, the principle of apportionment of the expenditure will apply because there will be no nexus between the expenditure attributable to the venture not forming an integral part of the business and the expenditure sought to be deducted as the business expenditure of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)115TTJ(Kol.)390
..... constructions & colonizers (p) ltd., for an apparent consideration of rs. 2,34,00,000, by an agreement dt. 20th sept., 2001, which was registered on 28th nov., 2001. the implementation of the said agreement required "no objection certificate" (noc) from the appropriate authority under the it act, 1961, in terms of section 269uc(1), contained in chapter xx-c ..... assessee, having 25 per cent ownership of the property, offered long-term capital gain on the aforesaid sale of the property at rs. 12,06,169.3. finance act, 2002 introduced a new section viz. section 50c, w.e.f.1st april, 2003, which reads as below: where the consideration received or accruing as a ..... on that very date or immediately thereafter, had the legal requirements of getting the sanction (permission) of the appropriate authority in terms of chapter xx-c of the it act, 1961, not been there. thus, the assessee was debarred from entering into the transaction (of actual sale of the property) under a legal compulsion. at that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD495(Kol.)
..... the foreign accounts and each foreign project is required to be cleared separately under the foreign exchange regulations act, 1973 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 section 80aa and 80ab ..... -wise profit and loss account was drawn from 4 projects in execution in saudi arabia during the relevant previous year. this appears at page 4 of paper book no. 2. the consolidated profit & loss account in respect of indian activities as well as overseas activities is drawn separately for each overseas country accounts. the same has been .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD148(Kol.)
..... include cases where the total income computed by the ao is a negative figure." with effect from ist october, 1998 another amendment was made to the section by the finance (no.2) act, 1998 enhancing the fees for filing the appeals. sub-section (6) to section 253 was amended to read as under: "(6) an appeal to the tribunal ..... of the above clause, which may be called hereinafter as the residuary clause was explained by central board of direct taxes circular no. 779 dated 14^th september, 1999 in the following words: "(i) the finance (no. 2) act, 1998, introduced a scale of fees for filing appeals before the cit(a) and also enhanced the existing scale of fee ..... payable before the tribunal under various direct tax acts. the fee payable under the it act both before the cit(a) and the tribunal is relatable to .....
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