Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD735(Kol.)
..... the same into the government treasury on remuneration of rs. 25,000 per annum as is evident from the letter no. 2052 f.t. dated 22-6-1988 from the government of west bengal, finance department, taxation. thus, the assessee club only acted as a conduit pipe and the betting tax in its hands is not the tax payable by the assessee to ..... for short 'lbms'). the liability under section 15 of the bata to pay and discharge totalisator tax is on the assessee club and the liability as per section 18(2) of the said act to pay the betting tax is on the lbms. the totalisator tax is recoverable under section 21(1) from the assessee club and the betting tax under section ..... by the assessee in this appeal has confirmed the addition of a sum of rs. 77,44,592 being betting tax received by the assessee club from the licensed bookmakers.2. before deciding the correctness or otherwise of the issue involved in the impugned order, few facts require to be noticed.3. the assessee club conducts horse races and for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD400Cal
..... credits on capital account, are 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 whereby every company will have ..... non-recurring transactions or transactions 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 of transfer to reserve comes up ..... the assessment year 1989-90.2. in ground nos. 1 and 2,assessee is aggrieved of cit(a)'s 'not excluding rs. 1,96,28,861 transferred from - reserve to profit & loss account for the purpose of computation of book profit under section 115j' of the income-tax act, 1961 (hereinafter referred to as 'the act').3. this ground of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)99TTJ(Kol.)1
..... in 1997 (wb -25 7552). these lorries were financed by m/s. usha martin finance corporation however, both these lorries were seized by the financer for non - payment of installments. lorry no. wb-25-7552 was seized in february, 1999 and lorry no. wb 19-4060 was seized on 23rd december, 1999 18.2. therefore, the carrying of transport business by shri ..... j.k. carriers in calcutta c) both the said road transport corporation and j.k. carriers are "common carriers" within the meaning the meaning of "the carrier act, 1865." d) the silver was delivered by the said common carrier to the consignee at the destination at delhi. results of verification have already been discussed in ..... and j. k. carriers in calcutta. c) both the said road transport corporation and j. k. carriers are "common carrier" within the meaning of "the carrier act, 1865". d) the silver was delivered by the said common carrier to the consignee at the destination in delhi. e) the consignee has confirmed having received the silver .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)107TTJ(Kol.)186
..... it is stated by the learned counsel that the ao has not appreciated the facts of the case properly. he submitted that the assessee is a residuary non-banking finance company (nbfc). its business consisted of collection of subscriptions from the public in terms of various small saving schemes floated by it. along with its first year's ..... the learned departmental representative, has further stated that in this case the addition has been made by the ao by invoking the powers of rectification under section 154 of the act. any debatable matter is beyond the scope of rectification under section 154. he, therefore, stated that irrespective of the outcome of the decision of the special bench, ..... held that if the p&l a/c is prepared in accordance with the provisions of parts ii and iii of sch. vi to the companies act and such statement is certified by the statutory auditor of the company, the learned ao has no authority to modify and/or recompute the net profit. the ao can only make the adjustment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)50ITD118(Kol.)
1. this appeal is directed against the order of commissioner of lncome-tax, dated 19-3-1990 passed under section 263 of the income-tax act, 1961.2. the assessee is a public limited company. it manufactures aerated drinks, such as thumps up, limca etc. under franchise. the unit was in taratola. the accounts of the company ..... 'limca' etc. at its manufacturing unit at taratola. the assessee set up only a new unit to manufacture the same item under the same management and with the same finances etc. in the facts, though it could be considered as a separate industrial unit, it cannot be said that the assessee set up a new business. even it is assumed ..... : 5. the ld. departmental representative, took a preliminary objection.according to him, the income-tax officer did not examine the question in the proper perspective and there was no application of mind by him on the question of having a different previous year in respect of the dankuni unit. the cit had only directed the income-tax officer to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)57ITD397(Kol.)
..... now deal with that view of the assessing officer that there is not mistake apparent on record upon a failure to grant interest under section 244(1a) of the act. there can be no two opinions now, particularly after the landmark decision of the supreme court in the case of m.k. venkatachalam, ito v. bombay dyeing & mfg. co. ltd. [ ..... assessee in default and can be penalised as provided in section 221 of the act, besides initiation of steps for recovery of such demand through other mode as prescribed in ii and iii schedule to the income-tax act, 1961.under the provisions of the income-tax act, a refund can arise only when tax has been paid earlier by an assessee ..... on which such amount was collected by the assessing officer by garnishee action under sub-section (3) of section 226 of the act, the date on which the refund was granted and to pay the same to the assessee.2. before embarking upon adjudication, the facts, as emerge from the case records, require to be narrated briefly as under : 3. .....
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 : (2007)112TTJ(Kol.)593
..... as unit, if the lands are held by the assessee for a period more than that prescribed under section 2(42a) of the income tax act, 1961, namely 36 months. it is not possible to say that by construction of the building, the land ..... evidences on record, illegal, invalid, unreasonable and/or otherwise perverse in respect of the matters covered by grounds no. 1 to 6 herein above.2. the main issue involved in this appeal filed by the assessee-company relates to the question as to whether the ..... transfer" as defined by chapter xx-c or section 2(47) of the income tax act, 1961.32. from the above clauses of terms and agreement, the fact that emerges is that the assessee at no point of time has relinquished or transferred the right of ..... ownership on such land to the extent of 43.2% land and the assessee always held the ownership of 43.2 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD1(Kol.)
..... it exists for treatment of persons solely for philanthropic purposes.24. in this connection we may also mention that sub-clause (b) of finance act, 1970 introduced a new clause (22a) in section 10 of the it act. the effect of the proposed amendment will be that the income of the hospitals or other medical institutions will be completely exempt from tax ..... clause of the company does not authorise the company to raise any fund for philanthropic purpose; (2) further, nothing has been stated what source it will get money for philanthropic purpose; (3) even it has got the source, there is no restriction in the memorandum that the income from the source shall be utilised only for the philanthropic ..... 27-3-1991, for the assessment year 1986-87 and no. 268/a-ix/90-91 dt. 27-3-1991, for the assessment year 1987-88, are consolidated for the sake of convenience as they relate to the one assessee and points involved are also all common.2. the ito completed assessments for the above mentioned two years .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1998)66ITD39Cal
..... claim of learned departmental representative, vis-a-vis expln. 4a, we are of the opinion that it was never intended to be retrospective in operation. memorandum explaining provisions in finance (no. 2) bill, 1996 (200 itr 270 (statutes) may be usefully extracted hereinbelow : "under the existing provisions, the term "actual cost" means the actual cost of the ..... the decision of the hon'ble supreme court in the case of mcdowell & co. ltd. (supra) and also various explns. to s. 43(1) of the act, learned departmental representative submitted that the disallowance of depreciation by the ao is in order and further submitted that the cit(a) is not justified in directing the ao ..... to claim depreciation and for such colourable transaction, judicial sanction should not be given. drawing our attention to expln. 3 to s. 43(1) of the act, learned departmental representative submitted that apart from applying the mcdowell's case (supra), the order of the ao can be supported by the power vested in him vide .....
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