Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD132(Kol.)
..... industry'.the issue before the kerala high court in the case of casino (p.) ltd. (supra) also related to the expression 'industrial company' under section 2(6)(d) of the finance act, 1968. it was held that a hotel was primarily a trading company and preparation of food was not manufacture or processing of goods.in the english case ..... because the issue for consideration therein was quite different. processing of seeds is different from the keeping of potatoes in the cold storage. in that case there was no evidence to show that the potatoes stored in the cold storage of the assessee were used entirely for seed purposes after they came out of the cold storage. ..... court held that the building of a cold storage is entitled to depreciation at rates applicable to a factory building. according to the commissioner, the aforesaid case was no authority for granting investment allowance under section 32a to a person engaged in cold storage business. he also referred to the decisions in the cases of cit v. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)28ITD177(Kol.)
..... interest on the* amount of tax deducted at source by the assessee which it failed to deposit to the credit of the central government. section 201 (1a) of the act was introduced by the finance act, 1966 with effect from 1-4-1966. the rate of interest at 6 per cent was substituted for 9 per cent by the taxation laws (amendment ..... clear that the ratio of these decisions will not apply to the appellant's case. the appellant admitted its default, though very belatedly and paid the taxes deducted at source. no recovery proceeding of any sort is involved in any of the impugned orders. therefore, the ratio of the decision of the calcutta high court relied on by the learned representative ..... (p.) ltd.'s case (supra) and citation of some decisions of the hon'ble high courts.the counsel referring to, those decisions and the statement at pages 1 and 2 of the paper-book indicated that the limitation under section 231 for the years under consideration expired on 31-3-1980, 31-3-1981, 31-3-1982, 31-3-1983 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1997)61ITD119Cal
..... avoid wealth-tax by transferring the amount to its subsidiary. the write off was made in december 1982 and at that time there was no wealth-tax on companies. it was introduced only by the finance act, 1983 and that too with effect from the assessment year 1984-85 only. surely it cannot be the suggestion that the assessee company anticipated ..... 1. the appeal is directed against the assessment of a sum of rs. 1 crore to gift-tax by invoking section 4(1)(c) of the gift-tax act, 1958.2. the assessee is a public limited company. it is engaged in business as consulting engineers having its business spread all over the country and abroad. its business grew ..... limited.by letter dated 4th december, 1981, addressed to d.c. properties, the allotment of the land was changed in favour of the subsidiary company.5. thereafter on 2-1-1982 an agreement was entered into between the assessee-company and d.c. properties, the subsidiary. after narrating the reasons which led to the formation of the subsidiary .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2000)74ITD161(Kol.)
..... to the capital profits, vis-a-vis, provisions of section 115ja concerning deemed income relating to certain companies. this section was brought into the statute book vide finance (no. 2) act of 1996 with effect from 1-4-1997 and is said to be in pari materia with earlier section 115j which has been rendered inoperative with effect from ..... similar provisions were introduced for the first time by the finance act, 1983 with effect from 1-4-1984. these provisions were contained in section 80vva and remained on the statute book from assessment year 1984-85 to assessment ..... the assessment year 1991-92 by an amendment made to sub-section (1) by the finance act, 1990 with effect from 1-4-1990. the rationale offered by the government for the introduction of section 115ja remains the same as was given when somewhat .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)60SCL59NULL
..... a variety of items, very diverse in character, such as ships, vehicles, books, scientific apparatus and surgical equipment, used for the purpose of business or profession. the finance act, 1995 amended the definition with retrospective effect from 1-4-1962 to state that the work 'plant' does not include tea bushes or live stock. the very fact that ..... account or other documents - minoo f. mehta v. cit[1996] 217 itr 578, 581 (bom.). (xviii) in the case of cit v. berger paints (india) ltd. (no. 2) [2002] 254 itr 503, the hon'ble calcutta high court has held that it is now settled law that if according to the revenue laws the assessee is entitled to ..... relates to the questions referred to this special bench. the other grounds are not before us. the alternative claim of the assessee raised in ground no. 2 that if the expenses specified in ground no. 1 are treated as capital expenditure, depreciation applicable to plant & machinery (general) at the rate of 25% should have been allowed is also not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1987)20ITD470(Kol.)
..... from the aggregate value of the asset of the undertaking as on 1-3-1978 in view of the provision contained in section 80j(1a)(iii) as introduced by the finance (no. 2) act, 1980 with retrospective effect from 1-4-1972. the ito by analysing the head office balance sheet as on 1-3-1978 found that 'investment in the plant ..... the industrial undertakings set up by the assessee. the assessee's learned counsel did not dispute the fact found by the ito that the head office had no surplus funds and it financed the industrial undertakings out of borrowed funds and debts owed to third parties. in fairness he conceded that the current liabilities and provision shown of rs. 16 ..... from the assessee's capital representing share capital and reserves.5. in the assessment year 1980-81 the assessee set up another industrial unit at korba (korba unit no. 2). it claimed deduction under section 80j of rs. 16,33,790 [wrongly mentioned at rs. 30,10,464 in the commissioner (appeals) order], in respect of korba unit .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)42ITD312(Kol.)
..... decision of the calcutta high court in cit v. birla charity trust [ 1988] 170 itr 1502. i may further point out that the finance (no. 2) act, 1991 has inserted the following clause (iia) in section 13(1)(d) of the act with retrospective effect from 1-4-1983 : (iia) any asset, not being an investment or deposit in any of the forms or ..... the provisions of section 13(1)(d) by investing the fund of the trust in modes otherwise than as laid down in section 11(5) of the income-tax act, 1961.2. these appeals arise out of the income-tax assessments of m/s.ramlalji dhapidevi golchha charity trust, the assessee herein. the assessment years under appeal are 1986-87 and ..... assessee-trust had either made this investment or allowed the investment to continue as such. the dy. commissioner, therefore, held that there was no violation of the provisions of section 13(1)(d) of the act by the assessee. he further relied on the fact that even for the assessment year 1985-86, the ito had accepted the assessee's .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)42ITD546(Kol.)
..... escalating effect of paying excise duty on both paints, viz., at the point of purchase of inputs and at the point of manufacture of the final product, were explored. the finance minister had introduced a system called modvat system whose basic object was the shifting of the effective burden of excise taxation away from the inputs and on the final products ..... -12-1989 but it was filed on 9-4-1990. the return of income was filed on 24-6-1988.the assessment was completed under section 143(3) of the act on 25-3-1991. it will be seen from the above that the audit reports both under section 32ab and section 80hhc were furnished before the assessment was completed. the ..... these reasons we delete the addition of rs. 35.11 lakhs made to the value of the closing stock.22. ground no. 16 is against the disallowance of rs. 30,000 out of the total law charges of rs. 2,64,204. the disallowance is seen to have been made on a routine manner without any specific reason. the assessee has furnished .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1999)68ITD163(Kol.)
..... reducing the amount of interest paid by the assessee on loans for the purpose of purchase of units. in view of the provisions of s. 80aa inserted by the finance (no. 2) act, 1980, the contention is stated to be rejected. the reliance placed by the learned counsel on a string of decisions in support of the contention is entirely misplaced ..... the banks directly to the suppliers and in any case the same cannot be related to the investments made by the company for earning dividend from units. regarding item no. 2 it is stated that the sum of rs. 37,77,844 represents interest paid to various banks on day-to-day overdrafts for working capital requirement of the ..... interest paid to bank of america on export packing credit obtained from them on 10th january, 1991. this packing credit was utilised exclusively to finance the export commitments of contracts and as such no portion of interest on packing credit can be said to be related to the investment in the purchase of units. the next item i.e .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)82ITD798(Kol.)
..... he accepted the validity of the return filed by the assessee which was held by the ao to be invalid by invoking the provisions of section 139(9) of the act.2. the facts in brief are that the assessee is a public limited company. it filed its return for asst. yr. 1996-97 on 30th nov., 1996, declaring a loss of ..... was given to the assessee to rectify the said defects, if permissible by the act within a period of 15 days from the date of such intimation. 4. on 10th dec., 1998, sri r.k. ram, senior manager (finance) and a/r of the assessee appeared and filed letter no. fin. it ref. dt. 10th dec., 1998, wherein it was stated that the ..... directed the ao to make a fresh assessment thereon by treating the order under section 139(9) of the act as an order of assessment and by holding that, therefore, an appeal thereagainst lies under section 246(1)(a)/246(2)(b) of the act.5. learned departmental representative submitted that acknowledgement sheet is a part of the return and requires the signature .....
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