Judgment Search Results Home > Cases Phrase: finance no 2 act 2009 chapter iii direct taxes Court: kolkata appellate Page 28 of about 295 results (0.101 seconds)

M.N. Dastur and Co. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1992)40ITD521(Kol.)

..... for the assessment year 1985-86. the main issue involved relates to computation of deduction under section 80-o of the income-tax act, 1961 thereinafter referred to as ('the act')].2. the assessee, a resident company carried on consultancy work for various industrial concerns in india and abroad. on foreign exchange brought into ..... is to be computed with reference to convertible foreign exchange received or brought into india. the requirement of section ends there. there is no provision in the income-lax act which would change indian expenses into convertible foreign exchange. thus, even when included in the total income "such income" is discernible, floats ..... self-contained provisions of section 80-o and its structure, language and contents make section 80ab totally inapplicable for computing the deduction. even in cbdt circular no. 281, dated september 22, 1980 explaining the scope and effect of newly inserted section 80 ab providing that deduction specified will be calculated with reference .....

Machino Techno Sales (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1996)59ITD303(Kol.)

..... manufacturing goods it could not be 'industrial company'. for that purpose, he has placed reliance upon the explanation to the clause (c) of section 2(7) of the finance act, 1981 which is reproduced above. 4. we find no merit in such contention of learned departmental representatives. such provision has already been interpreted by the kerala high court and andhra pradesh high court in ..... as to whether the assessee should be treated as an industrial company within the meaning of the relevant finance act, so that it would be assessed at a lesser rate of tax compared to a trading company. the controversy reached the tribunal and in ita no. 1001/cal/1984, it was held, following the judgment of the kerala high court in cochin co .....

Veena Kanoria Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD95(Kol.)

..... two persons to all the five members of the contracting group as below: you will provide services to us and our associates in the field of our business of financing, money lending, investment, leasing, hire purchase, trading, consultancy, agency, broking etc. as may be required from time to time. within our various business matters ..... ). further admission of additional evidence by commissioner (appeals) without affording opportunity to assessing officer to verify the same will amount to violation of rule 46(a).ground nos. 7 & 8 being consequential in nature o not require any specific consideration.i have perused the order written by my learned brother, the judicial member. i ..... that excess of sale proceeds over purchase price or adjusted purchase price of shares was taxable capital gains under section 45 of the income tax act, 1961".(ii) "for that learned commissioner (appeals) was wrong in holding that sale of bonus shares resulted into taxable capital gains under section 45 of the income .....

Vesuvius India Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)116TTJ(Kol.)393

..... . (supra) at pp. 8 and 9 of the order has held as under: in the light of the decision of the bombay high court in the case of kotak mahindra finance ltd. (supra), and also the decision of the karnataka high court in the case of dr. section reddappa and ors. (supra), we agree with the reasoning given by the amritsar ..... . the learned departmental representative, on the other hand, relied on the orders of the revenue authorities. referring to the provisions of section 234c, he submitted that the act is very clear and there is no provision for calculation of interest for the period of default. it is for a period of 3 months even if the default is for a single day ..... tax. section 234b provides for the levy of interest on account of non-payment of advance tax/short payment of advance tax less than 90 per cent of assessed tax @ 2 per cent per month. section 234 takes over after the expiry of the financial year. that explains the reason for limiting the levy of interest in respect of second instalment .....

Assistant Commissioner of Vs. Anupam Pictures (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1997)60ITD640(Kol.)

..... different person and this legal position had been recognised in the judgment of hon'ble chief justice sir owen beasly in the case of cit v. madras cricket club [1934] 2 itr 209 (mad.) and the principle has been reiterated and affirmed by the calcutta high court in the case of ballygunge bank ltd. v. cit [1946] 14 itr 409 ..... of the assessee in support of the above contentions : 1. cit v. mumbadevi mansion co-owners housing co-operative (p.) ltd. [1983] 143 itr 150 (bom.), 2. melluish (inspector of taxes) v. b.m.i. (no. 3) ltd. [1996] 218 itr 547 (hl),shankar construction co. (p.) ltd. v. union of india air 1984 cal. 317,hari prasad agarwal v. abdul ..... appeals is a closely-held company liable to wealth-tax under section 40 of the finance act, 1983. on 17th july, 1984 it entered into a document styled as 'memorandum of agreement for lease' with one kanhaiyalal mehrotra in respect of the roof portion of the premises at no. 22 x 92, elliot road, calcutta, of which mehrotra was the absolute owner. .....

Paharpur Cooling Towers Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... passed by the learned cit(a) xi, calcutta, and, as a matter of convenience, these appeals are being disposed of by way of this consolidated order.2. we will first take up ita no. 313/cal./98 i.e. assessee's appeal for the assessment year 1994-95.3. in first ground of appeal, the assessee is aggrieved of cit(a ..... as defined in section 43(5)', and in support of this proposition a reference was also made to the definition of 'speculative transactions' under section 43(5) of the act. referring to the wordings of explanation to section 73, it was further submitted that speculative transaction carried on by the assessee should be such as to constitute a 'business ..... section 72 will take precedence over the application of section 73. learned counsel's proposition is that since business loss is already carried forward under section 72 of the act, by the time it comes to application of section 73, there is nothing left to which this section can be applied.however, the very basis of this proposition is .....

Pfh Mall and Retail Management Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)110ITD337(Kol.)

..... counsel of the assessee submitted that the said judgment only stated that the court g saw no reason to interfere with the conclusion arrived by the high court on the question as framed under section 256(2) of the act. even the question framed has not been quoted in the judgment of the hon'ble supreme ..... properties, i.e. shopping malls/business centres, by engaging in complex commercial activities. it cannot be denied that right from the planning stage and arranging finance for its investments, every subsequent activity of the assessee has been geared towards taking up mall and business centre management as a viable business proposition for earning ..... in the instant case the primary object of the assessee is to earn income by commercial exploitation of the property. from the planning stage and arranging finance for its investments, every subsequent activity of the assessee has been directed towards developing the properties as shopping malls/business centres and taking up the business .....

Sencorp India Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)44ITD652(Kol.)

..... setting up its factory at paithan by acquiring necessary land in a backward area and also by entering into the necessary foreign collaboration agreement and also arranging for institutional finance from the ifc. the mere fact that the assessee-company was unable to produce 25 shareholders whose names are mentioned in the assessment order would not necessarily lead ..... against a company limited by shares to buy its own shares. what the department assumes is some thing illegal against the assessee-company under the companies act for which there is no material. we, therefore, accept the contentions of the appellant-company and hold that the addition of rs. 17,87,500 as the income of the appellant-company ..... stock exchange and that the entire addition made by the ao was based on mere suspicion.4. the cit (a), after perusing the facts narrated in paras 2.1 to 2.5 of his appellate order, held that it was true that the ao had summoned some of the share applicants but it was found that none of the .....

Sudipto Sarkar Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)101ITD229(Kol.)

..... does not include expenditure on food or beverages provided by the assessee to his employees in office, factory or other place of their work.the finance act, 1992 has substituted sub-section (2) for sub-sections (2) and (2a) with effect from 1.4.1993 provides a quantum of disallowance. the new provision provides that deduction on account of entertainment ..... of fees to clubs. the amount and year of dispute can be noticed as under: assessment year 1991-92; rs. 10,800; ground no. (2): department's appeal. assessment year 1993-94: rs. 5,00,000: ground no. (ii) : assessee's appeal. 43. the hon'ble bombay high court has considered this issue in otis elevator co. india ltd. v. ..... 497 (mum.). the reliance was also placed on the following decisions: (i) sri venkata satyanarayana rice mill contractors co. v. cit .cit v. navabharat enterprises (p.) ltd. (no. 2) .he, therefore, submits that the disallowance of rs. 59,280 made by the and sustained by the ld. cit(a) be deleted.5.6 on the other hand, the ld .....

Assistant Commissioner of Vs. Upper Ganges Sugar and Industries

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1992)40ITD614(Kol.)

..... factory where production during all the years of the base period was nil.4. on 11-6-1982 the government of india, through the ministry of finance (department of revenue), issued another notification no. 193 of 1982. this notification substituted a new paragraph 4 for paragraph 4 of the earlier notification dated 21-4-1982. this paragraph provided that ..... and, therefore, it could not be said that the assessee had not received the income during the year of account. he also contended that under the income-tax act, income was taxable on accrual basis or on receipt basis and even if the rebate of excise duty cannot be said to have accrued or arisen to the ..... hindusthan housing & land development trust ltd. 108 itr 380, at page 394.] 19. against the decision of the calcutta high court the commissioner of income-tax, west bengal-ii, calcutta, filed an appeal to the supreme court. the supreme court upheld the judgment of the high court and dismissed the appeal. in course of its judgment the supreme .....