Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)28ITD166(Kol.)
..... tax deductible under sections 194 and 195 is deducted from the income-tax calculated under section 209(1), the advance tax payable would be nil is not tenable. under the finance act, 1981, income-tax is payable by the assessee on interest and dividend income at 70 per cent. further surcharge at 7j per cent is also payable on income-tax. in ..... ). it was submitted that since the assessee was not required to file an estimate u/s. 209a(4) or u/s. 212(3a), no penalty in this case was imposable u/s. 273(2)(c). it was further submitted that the cit (a) was wholly in error in treating the penalty levied by the ito as one u/s. 273(1)(&).5 ..... required to file an estimate either under section 209a(4) or under section 212(3a) and, therefore, no penalty was imposable in this case under section 273(2)(e). in the assessment order the ito has no doubt stated that penalty proceedings under section 273(2)(c) have been separately initiated. the assessee has filed a copy of the notice issued by the ito .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)84TTJ(Kol.)504
..... rs. 18 lakhs per year and lease rent of rs. 32 lakhs per annum. the ao was of the view that the agreements between the assessee-company and peerless general finance investment co. ltd. dt. 20th july, 1992 and 1st april, 1996, are for managing and running an existing hotel or at least running a hotel in a building, ..... section 80-ia to the extent of rs. 38,12,849. the building where the hotel peerless inn is situated had been leased in favour of peerless general finance investment co. ltd. by the state government of west bengal through the lease deed dt. 26th march, 1992. subsequently, the assessee entered into an agreement with peerless general ..... transfer" has to be reckoned within the meaning of section 2(47)(v) of the it act, r/w section 53a of the transfer of property act is not correct. it was submitted that cbdt in circular no. 495, dt. 22nd sept., 1997, provides that : the existing definition of the word "transfer" in section 2(47) does not include transfer of certain rights accruing to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD288(Kol.)
..... under section 10(1), namely, "the income of the previous year of any person" with the purposes of introduction of sub-section (22a), section 10 by the finance act, 1970.it is not the entirety of the income of the recipient--the trust in this case--but the income of the particular source, namely, the educational institution, ..... that the learned cit(a) failed to appreciate the facts of the appellant trust which had always been allowed exemption under section 10(22) of the act while there was no change of whatsoever nature in the objects of the trust and the subject-matter has been considered favourably by the jurisdictional high court and also by the ..... hon'ble supreme court.2. the brief facts of the case are that the assessee is a society came into being on 5th nov., 1973 and registered under west bengal societies registration act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)84ITD205(Kol.)
..... the business of aircraft operations. its income is assessed under the provisions of section 44bba of the it act, 1961. during the course of assessment proceedings, ao noticed that, in the relevant previous year, the assessee had received hk $ (hong kong dollars) 6,22,62 ..... indian rupees, are required to be excluded, but then, in the instant case, assessee being a foreign company and retaining its foreign exchange earnings abroad, there is no question of any such exclusion. therefore, in view of the specific provisions of rule 115(c) and so far as income under the head 'profits and gains from ..... interpretation of rule 115, of the it rules, 1962, which deals with rate of exchange for conversion, into rupees, of assessee's income expressed in foreign currency.2. the issue in this appeal lies within narrow compass of undisputed facts. the assessee,, a commercial airline, is a hong kong based foreign company which is engaged in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD133(Kol.)
..... the above mentioned extent.i have perused the order written by my learned brother the accountant member. i agree with his findings with regard to ground nos. 2 to 5 relating to taxability of profits and gains derived by the assessee on sale of shares raised before the tribunal. although i agree on principle ..... or various concerns in russel industries ltd. corresponding deductions have been claimed in respective assessments. it was claimed that the aforementioned persons were experts in the field of financing, money lending, investment, leasing, hire purchases, trading, consultancy agency, broking, etc. the assessing officer made local enquiries through the inspector of the income tax ..... then point of difference of opinion was referred to honble vice president (kolkata zone) as third member under section 255(4) of the income tax act.in accordance with the majority view after duly taking into account the opinion expressed by the learned third member, we hold that the payment of service charges .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD857(Kol.)
..... pursuance thereof. this clause consequently does not apply to a case where any order of assessment or levy is passed. the purpose of sub-clause (hi) of section 2(m), as inserted by the finance act, 1959, with retrospective effect from 1-4-1957, is explained by the memorandum explaining the financial proposals as under : ordinarily, debts owing by the assessee have ..... claim of tax arrears as a debt owed the clause has been inserted. the purpose of the said clause has also been spelt out by the board in a circular no. 2(wt) of 1959 dated 29-5-1959. in common parlance, the phrase "tax arrears" would always mean the tax determined in consequence of any order passed in respect of ..... not the tax on some one else's income was not correct inasmuch as what has been deducted at source under section 192 is nonetheless income-tax and there is no distinction between the income-tax payable by the assessee and on behalf of others. he further argued that the view of the aac that the tax payable should arise .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD199Cal
..... 'income from other sources' right from the assessment year 1965-66 onwards. 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 relevant section 27(iiib) ..... the contentions advanced before the revenue authorities. it is vehemently contended that proceedings initiated under section 147 are without jurisdiction. he also contended that there was no change in facts right from the year 1965, and the revenue has consistently accepted the assessable source of income under the head 'income from other source ..... tax (appeals)-xviii, kolkata. the issue involved being common, a consolidated order is passed for the sake of convenience. parties have been heard and record perused.2. the relevant facts, briefly stated, are that one shri harishankar prasad jayaswal son of bindeshwari prasad jayaswal created a trust styled "yagyawant jayaswal family trust" .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89TTJ(Kol.)917
..... .d. paul and he accordingly, treated the,loan of rs. 50,80,000 as income of the assessee from undisclosed soxirces under section 69a of the act.besides, additions of rs. 2,70,000 and rs, 5,75,670 were made on account of entries in rough hand exercise book maintained by the cashier on account of sales and ..... ) that adl/10 is relating to the advances reflected in the books of account of aparna distributors (p) itd. as far as the assessee is concerned, there is no adverse report of the inspector. therefore, we do not find any justification for sustaining the addition when the evidence on record supports the claim of the assessee. the trade ..... justified and the commissioner (appeals) has rightly deleted the same.on consideration of the rival contentions and the material on record, we are of the view that there is no infirmity in the order of the commissioner (appeals). the fact that the assessee is supplying goods of various companies to several retailers and wholesalers is not disputed. as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD896(Kol.)
..... was substantially altered or improved or reconstructed. thus, the assessee though contemplated enhancement of municipal tax on account of increase in rent but in the calcutta municipal act, there is no such provision for enhancement of tax on that account. on the other hand, the annual value of building for purpose of levy of tax once determined normally remains ..... force and be deemed to be the valuation for the purpose of assessment of consolidated rate on such land or building under this act until a fresh valuation is made under this act. (2) a general valuation under this act shall be made by the commissioner or, if the state government so directs, by such agency as the state government may, ..... order of the aac arising out of the assessment for the year 1981-82 (accounting period from 1-4-1980 to 31-3-1981) has these relevant facts.2. the ito while determining the annual value of the house property deducted rs. 8,808 on account of municipal tax levied and paid for that year from the gross .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1990)34ITD190(Kol.)
..... filed both these appeals against separate orders of the cit (appeals), calcutta both dated 11-7-88 on seven grounds in ita no. 2546 (cal.) of 1988 and only one ground in ita no.2547/cal/1988.2. the issue involved in all these grounds is common. that issue is in respect of incurring losses in the trading of shares ..... of them amounts to speculative transactions and the loss resulting in them is inadmissible against other income. the definition of 'speculative transaction' at section 43(5) of the it act, 1961 is as under:- speculative transaction means a transaction in which a contract for the purchase or sell of any commodity, including stock and shares, is periodically or ..... arrangement between the assessee and the brokers from whom purchases are made and the brokers to whom sales were made to meet any legal obligation of the assessee under any act. in the case of associated rubber industry ltd. (supra) anil holdings ltd. was set up and created by it. the shares were transferred to it and the .....
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