Judgment Search Results Home > Cases Phrase: finance no 2 act 2009 chapter iii direct taxes Court: kolkata appellate Page 5 of about 295 results (0.251 seconds)

income-tax Officer Vs. Kamsco Industries (P.) Ltd.

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 .....

income-tax Officer Vs. General Investment Co. Ltd.

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. .....

Peerless Hotels Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD363Cal

..... 18 lakhs per year and lease rent of rs. 32 lakh per annum. the assessing officer was of the view that the agreements between the assessee-company and peerless general finance investment co. ltd. dated 20-7-1992 and 1-4-1996 are for managing and running an existing hotel or at least running a hotel in a building, plant and ..... under 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 dated 26-3-1992. subsequently, the assessee entered into an agreement with peerless general ..... submitted that findings of the cit(a) that "transfer" has to be reckoned within the meaning of section 2(47)(v) of the income-tax act, read with section 53a of the transfer of property act is not correct. it was submitted that cbdt in circular no. 495, dated 22-9-1997 provides that: the existing definition of the word "transfer" in section .....

Birla Tyres Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD1(Kol.)

..... body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on the total income of the association or body at the maximum marginal rale; (ii) any member or members thereof is or are chargeable to tax at a rate or rates which is or ..... cbdt is binding upon the officers of the it department. it is true that in para 11.6 of the said circular it has been opined that there arc no provisions in the act for the set off or carry forward of the share of loss of a member in an association or body in his own assessment. in the case of ..... reliance on the decision of the supreme court in the case of ch. atchaiah (supra).in that supreme court decision it has been specifically held that under the 1961 act, there is no option to assess either the aop or its members individually. the contention of ld. departmental representative appears to be not correct in view of the aforesaid decisions.16. with .....

Birla Tyres Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)267ITR1(Kol.)

..... body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on the total income of the association or body at the maximum marginal rate ; (ii) any member or members thereof is or are chargeable to tax at a rate or rates which is or ..... member was taxable in his respective assessment, as explained in the said circular. that in para 16.6 of the circular it has been explained that there are no provisions in the it act for the set off or carry forward of the share of loss of a member in the aop in his own assessment. it was contended by the learned ..... decision of the supreme court in the case of ito v. ch. atchaiah (supra). in that supreme court decision it has been specifically held that under the 1961 act, there is no option to assess either the aop or its members individually. the contention of learned departmental representative appears to be not correct in view of the aforesaid decisions.16. with .....

Dy. Commissioner of Income-tax Vs. Venkateswar Investment and

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... particular year, the manufacturing or trading company has nominal business income and has substantial interest income, it does not imply that the company's principal business is of finance or granting of loans. similarly the company, the principal business of which is granting of loans and advances, may earn a comparatively high income from other activities ..... the income of the year under consideration for the purpose of determining whether the assessee company was an "investment company" within the meaning of clause (ii) of section 109 of the act and on a consideration of the same in holding that it was not an investment company. in the said case, the dispute before the hon' ..... does not mean that the business of advancement of loans and advances is not the principal business of the assessee. in the past years the assessee has no share dealings whatsoever and clearly the principal business of the assessee in the preceding years was that of advancement of loans and advances.10. we hold that to .....

Grindlays Bank Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD1100(Kol.)

..... this behalf was that the recovery in question is time barred. for this purpose reliance has been placed upon section 231 of the act, according to which no proceedings for recovery of any sum payable under this act shall be commenced after the expiration of one year from the last day of the financial year in which the demand is made or ..... subject to the observations made in para 6 above.1. i agree with the conclusions reached by my learned brother, but i would like to make a few observations.2. the assessee contended that section 195 is not applicable to persons who are liable to pay income-tax as an agent. the learned counsel for the assessee then referred ..... per detailed calculations in the chart annexed to the order, he computed the amount of such interest at rs. 4,06,013 for which he issued a demand notice accordingly.2. the assessee went up in appeal to the commissioner (appeals) and raised a number of legal issues. we need not repeat all of them, inasmuch as the commissioner (appeals) .....

income-tax Officer Vs. Shri Krishna Bhandar Trust

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)29ITD15(Kol.)

..... case. all the four cases before us undeniably fall within the main part of section 164(1) which after the amendment introduced with effect from 1-4-1980 by the finance (no. 2) act, 1980 did not contain the deeming provision. section 164(1) as it stood at the material time after the amendment introduced with effect from 1-4-1980 was as ..... charged as if the relevant income (as reduced by the income, if any, which is exempt under section 11) were the total income of an association of persons.22. the finance (no. 2) act, 1980 effected, inter alia, the following further charges in the section with effect from 1-4-1980 : '(1) the words 'tax shall be charged on the relevant income or ..... first proviso to section 164(1) was not attracted in this case. it was pointed out that as a result of the amendment introduced in section 164(1) by the finance (no. 2) act, 1980 with effect from 1-4-1980 the words "tax shall be charged - (i) as if the relevant income or part of relevant income were the total income .....

Coal India Limited Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... of this grievance and merely submitted that he leaves it to this issue to the bench. in these circumstances, we treat this grievance as not pressed, and, accordingly, dismiss ground no. 2 and 3 of the assessee.17. in any event, we are in considered agreement with the learned cit(a) that the controversy regarding applicability of section 234 b and 234 ..... that.13. we now move on to second grievance of the assessee, covered by ground nos. 2 and 3, which is directed against charging of interest under section 234 b and 234 c of the act.14. the relevant material facts are that even though the assessee had no taxable income, but only deemed income on book profits computed under section 115 ja of ..... legal position.7. we may first refer to the fact that chapter xii d, consisting of special provisions relating to tax on distributed profits of domestic companies, was inserted vide finance act 1997 and with effect from 1^st june 1997. in this scheme of provisions and as provided by section 115 - o of the .....

Coal India Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD514Cal

..... this grievance and merely submitted that he leaves it to this issue to the bench. in these circumstances, we treat this grievance as not pressed, and, accordingly, dismiss ground nos. 2 and 3 of the assessee.17. in any event, we are in considered agreement with the learned cit(a) that the controversy regarding applicability of sections 234b and 234c ..... at that.13. we now move on to second grievance of the assessee, covered by ground nos. 2 and 3, which is directed against charging of interest under sections 234b and 234c of the act.14. the relevant material facts are that even though the assessee had no taxable income, but only deemed income on book profits computed under section 115ja of the ..... position.7. we may first refer to the fact that chapter xiid, consisting of special provisions relating to tax on distributed profits of domestic companies, was inserted vide finance act, 1997 and with effect from 1st june, 1997. in this scheme of provisions and as provided by section 115-o of the .....