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Asstt. Cit Vs. Balarampur Chini Mills Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)109ITD146(Kol.)

..... 8-2005 issued by the cbdt makes it clear that fringe benefit tax is an allowable deduction in the computation of book profit under section 115jb of the act while dealing in question no. 103, a copy of which is also available on record, in our considered opinion, the learned commissioner (appeals) has rightly treated the tax on profit ..... is basically provision for income-tax payable arising out of timing difference and, therefore, same is very much within the scope of explanation to sub-section (2) of section 115jb of the act and, therefore, deferred tax charge is based on the line of income-tax payable, and is required to be adjusted for arriving at the book profit ..... tax act, 1961 citing cbdt's circular no. 8 dated 29-8-2005 without considering the fact that tax on fringe benefit is a charge on business expense and tax on dividend under section 115-o is not a charge on business expense, and, therefore, not allowable to determine book profit under section 115jb of the income tax act, 1961.2. .....

Joint Commissioner of Income Tax, Vs. I.T.C. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)112ITD57(Kol.)

..... payment has been made otherwise than in cash, the sum has been realized within fifteen days from the due date.the above second proviso has been omitted by the finance act, 2003 with effect from 1.04.2004 and the special bench, chennai in the case of kwality food products reported in 100 itd 198 has held that such amendment ..... by the finance act, 2003 is retrospective in nature. however, the hon'ble chennai high court in the case of cit v. synergy financial exchange ltd. (supra) has held that deletion of ..... of the payment were made beyond the due date (including grace period) as prescribed in those act and, therefore, there was no question of any disallowance either under section 43b(b) or under section 36(1)(va) read with section 2(24)(10) of the act. however, he was unable to state that whether such details of payments, which are available at .....

Wood Craft Products Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD1(Kol.)

..... for exemption under section 11 of the 1961 act up to and including the assessment year 1979-80 though it was stated that no certificate under section 80g had yet been granted to the trust within his knowledge.11. the departmental representative then referred to the memo explaining the provisions in the finance (no. 2) bill, 1965, as a result of ..... which explanation 3 was added to the provisions to show that each one of the objects of the trust has to be charitable in nature and that the object was to nullify the high court's decision under the gift-tax act where it was held ..... five conditions laid down in section 80g(5) have to be satisfied before such a donation will qualify for relief under section 80g(1). there being no dispute that all conditions except condition no. (ii) are satisfied, it becomes necessary to examine what exactly is the nature and scope of that condition. here again, it is common ground that .....

Hindusthan Welfare Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1988)26ITD1a(Kol.)

..... of other assets, for a period of at least six months ending with the relevant valuation date.the words "owned by him" were substituted for "held by him" by the finance act, 1975. the "bank deposits" are the "assets" referred to in section 5(1)(xxvi). for getting the exemption, the fixed deposit should have been "owned" by the ..... "net consideration". at this juncture, we may state that the provisions of section 11(1a) were introduced by the finance act of 1971 with retrospective effect from 1-4-1962, i.e., the date of commencing of the income-tax act, 1961 to embody in the statute certain concessions which were given by administrative circulars, from time to time. (see ..... in this regard explanatory notes contained in circular no. 52 dated 30-12-1970 in direct taxes circulars vol. ii, from paras 73 to 78 at pages 424 to 426.) .....

income Tax Officer Vs. Chloride India Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2000)75ITD69(Kol.)

..... has been specifically made clear that the discharged certificate of deposit will not be accepted for renewal unless an application in the prescribed form of the housing development finance corporation filed in properly and completed in all respects is submitted along with the old certificate of deposit. thus it is only on the fresh application that ..... assessment year commencing on the 1st day of april, 1977, or the assessment year in respect of which such income first becomes chargeable to tax under this act, whichever assessment year is later, the company exercises an option by furnishing a declaration in writing to the ao (such option being final for that assessment year ..... the impugned agreement dt.10th december, 1981 was an extension of the earlier agreement and could not be termed as a new agreement; and (ii) in the case of the assessee under ita no. 1601 (cal)/1987, order dt. 28th december, 1993, wherein it was held that there was a basic difference between the earlier two agreements .....

Asstt. Cit Vs. M.K. Chatterjee

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)86ITD90(Kol.)

..... of section 72 of 1961 act are undisputedly in pari materia with section 24(2) of 1922 act and, as observed in sampath lyengar's law on income-tax (9th edition; volume 3; page 3609) "the change in phraseology in the provisions of the section is essentially of a clarificatory nature". therefore, in our considered view, there is no doubt that these observations also ..... forward and there is no provision in section 22 under which losses have to be determined for the purpose of section 24(2). the question which immediately arises is, whether section 22(2a) places any limitation on that right. (emphasis here italicised in print supplied to highlight its contrast with the applicable legal position under section 80 of 1961 act whereby right to .....

Varas International (P) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... tribunal (a) whether, on the facts and in the circumstances of the case and on a correct interpretation of the amendment made by the finance act, 1988 to the section 43b(a) of the income tax act, 1961 which has been explained as clarificatory of legislative intention by the explanatory notes issued by the government, the tribunal was justified in law ..... of country liquor after importing the same from outside the west bengal. he invited our attention to section 43b and submitted that the provision was inserted by the finance act, 1983, with effect from 1-4-1984 and has enacted a deeming fiction whereby certain expenses can be allowed only on payment basis even if allowable under the ..... 6 of the excise rules cannot be construed as the fee used in section 43b(a) of the income tax act, 1961? (c) whether prejudice to question nos. (l) and (2) above, whether onthe facts and in the circumstances of the case and a correct interpretation of the income-tax law and the state excise law, the tribunal was .....

Star Paper Mills Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1992)42ITD172(Kol.)

..... 's learned counsel.the amount of penalty levied is the minimum amount of penalty of 10 per cent of the tax as specified in section 273(2)(a) of the act and there is no dispute about the quantum of penalty levied. in the absence of any materials placed by the appellant either before the departmental authorities or even before us ..... that the assessee-company had filed estimates of advance tax which it knew or had reason to believe to be untrue within the meaning of section 273(2)(a) of the act was not justified and that they ought to have accepted the assessee's explanation and dropped the penalty proceedings having regard to the declared facts pleaded by ..... came to have jurisdiction over this case, in the meanwhile considered these objections of the appellant and held as follows to impose a penalty of rs. 2,25,544 under section 273(2)(a) of the act :-- the assessee's submission in the replies have been considered. the assessee's submission that the delay in finalisation of a/c. till august .....

K. Ray Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1991)38ITD620(Kol.)

..... the tribunal.7. the assessee himself appeared and argued. at the time of hearing the assessee modified the ground no. 4 originally filed before the tribunal. the modified ground no, 4 reads as under : the commissioner also acted illegally in not entertaining ground no. 2 of the appeal before him.he filed a copy of the written submission dated 27 ..... the same. thus, in the present cases, when the incomes were computed, the status of the assessee was known, the rates of tax were known from the finance act, it was not necessary to give the details of computations for the validity of the assessment orders. the ito did all that he was required to do. even ..... of assessment order. it is not a part of the assessment order. my objection is against the validity of the assessment orders passed under section 143(3) of the act. section 292b does not speak of "assessment order". the subjects covered by that section are return of income, assessment, notice, summons or other proceedings. even assuming that .....

M/S. Indian Oil Corporation Ltd.(Md) Vs. Commissioner of Customs (Port ...

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Kolkata

..... restricting the benefit of notification only to any quota allotted by the central/state government. in this regard, it is noticed that the exemption notification no.02/99-cus. and the other notifications exempt kerosene imported by indian oil corporation ltd. for ultimate sale through the public distribution system. these notifications ..... system approved by the central or state government. it is evident from the definition of the expression, public distribution system stated above, that there is no limit or restriction placed therein, of any sale of distribution or marketing of kerosene through a dealer at declared price and through a distribution system, inter ..... distribution system. however, in exercise of the powers conferred by section 3 of the essential commodities act, 1955, the central government has framed, kerosene (restriction on use and fixation of ceiling price) order, 1993. section 2(j) of this order defines the public distribution system so as to mean, the system of .....