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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 .....

M/S. Remahay Stores Pvt. Ltd. Vs. Income Tax officer and Anr.

Court : Kolkata

..... respect of the assessment year 2013-14. (xi) copy of the assessment order dated 23rd october, 2013 passed by the then assessing officer, the respondent no.2 herein, under section 143(2) of the said act, in the case of the writ petitioner, in respect of the assessment year 2011-12. (xii) copy of the notice issued by the commissioner of ..... 8th august, 2013 issued under section 143(2) of the said act in respect of the assessment year 2012-13. (x) copy of the acknowledgement evidencing filing of income tax return by the writ ..... dated 31st july, 2012 issued under section 143(2) of the said act in respect of the assessment year 2011-12. (viii) copy of the requisition under section 142(1) of the said act for the assessment year 2011-12 dated 4th july, 2013 made by the then assessing officer, the respondent no.2 herein. (ix) copy of the notice dated .....

Jayshree Tea and Industries Ltd. and anr. Vs. Union of India (Uoi) and ...

Court : Kolkata

Reported in : 2006(4)CHN45,(2006)205CTR(Cal)370,[2006]285ITR506(Cal)

..... there is any declaration of dividend out of current or accumulated profit by the company. if we read this provision coupled with the speech made by the hon'ble finance minister on the floor quoted (supra) we would find that the intention of the government was to levy additional tax upon the company if they decide not to ..... exempt from payment of income-tax. as such the tea companies are required to pay income-tax on 40 per cent, of their net income.3. by the finance bill 1997-98, the union proposed an additional income-tax on the distributed profits in the corporate sector in case any company decides to declare dividend and thereby distributes ..... additional income-tax (hereafter referred to as tax on distributed profits) at the rate of ten per cent.(2) notwithstanding that no income-tax is payable by a domestic company on its total income computed in accordance with the provisions of this act, the tax on distributed profits under sub-section (1) shall be payable by such company.(3) the .....

Tara Finvest Ltd. Vs. Ito

Court : Kolkata

Reported in : (2003)81TTJ(Cal)631

..... the learned counsel here wherein the total advance had been made to sister-concerns in which the directors are interested and hence there is no ground that the services or financing had been provided by the assessee as its main principal business. in view thereof, we are not inclined with the findings of ..... business has failed to fulfil the condition as principal business with reference to section 2(5b)(iv) of the act which, inter alia, includes a business of providing finance, whether by making loans or advances or otherwise for the purpose of interest tax act. therefore, the learned commissioner (appeals) rightly upheld the decision of the assessing ..... and, therefore, there was never a case where the assessee-company was making available as a principal business, the business of providing finance. he, therefore, submitted that there was no basis before the authorities below to assume that the assessee-company is an investment company which is mainly trading company duly registered with the .....

Commissioiner of Income Tax, Koliv Vs. M/S. Andaman Sea Food Pvt. Ltd.

Court : Kolkata

..... second submission advanced by mr.murarka is not of much significance either. before the explanation was added to sub-section (2) of section 9 of the act by the finance act, 2010, there was already an explanation introduced by the finance act, 2007 with retrospective effect from 1st june, 1976 which provides as follows: (i) explanation.- for the removal of ..... nothing was brought on record by the ao in his impugned order which even suggests that singapore company had any permanent establishment in india. there is also no material on record which in any manner showed that rendering or provision of services took place or had any connection or nexus with gmpl s pe in india ..... dtaa. it is not the ao s case that the services were rendered, performed or provided by the service provider in india. services provided by gmpl had no connection or nexus with any permanent establishment of the said singapore company in india. under article 7 of dtaa; income derived from provision of consultancy services in .....

income-tax Officer Vs. Bharat Roadways

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1985)12ITD647(Kol.)

..... there is an amendment of substantive law, it is normally not retrospective unless the amending act itself makes it retrospective as in the case, for example, sub-section (1a) of section 80j of the act introduced by the finance (no. 2) act, 1980. in the present case, the amendment to item no. 9 in group d in appendix i of part i was made by the notification ..... the bombay high court was approved by their lordships of the hon'ble supreme court, who pointed out, inter alia, that the fourth proviso to section 10(2)(vii), inserted by the amendment act, which came into force in may 1946, was not ..... which held that the fourth proviso to section 10(2)(vii) did not apply to the assessment for the assessment year 1946-47 as the said proviso was not in force on 1-4-1946 and that the liability of the company had to be determined as on 1-4-1946, when the finance act, 1946 came into force.the above finding of .....

Som Datt Builders (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)29ITD495(Kol.)

..... the foreign accounts and each foreign project is required to be cleared separately under the foreign exchange regulations act, 1973 and the rules made thereunder.15. section 80ab was introduced in 1980 with effect from 1-4-1981 by the finance (no. 2) act, 1980. the purpose and objects of this section are fully explained by the central board of ..... direct taxes in paragraph 15 of its circular no. 281, dated 22-9-1980. it is pointed out that both section 80aa and 80ab ..... -wise profit and loss account was drawn from 4 projects in execution in saudi arabia during the relevant previous year. this appears at page 4 of paper book no. 2. the consolidated profit & loss account in respect of indian activities as well as overseas activities is drawn separately for each overseas country accounts. the same has been .....

Paharpur Cooling Towers Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD745(Kol.)

..... heard, orders of the authorities below carefully perused, and applicable legal position duly deliberated upon.in view of the conclusions that we have arrived at, in ita no.313/cal./98, discussed in paragraphs 6 to 21 above, we hold that assessees contentions are not sustainable in law, and, accordingly, we reject the same ..... thus rejected and the assessing officer, relying upon plain provisions of explanation to section 73, as also the contents of the central board of direct taxes circular no.204, the loss on share transaction was treated as speculation loss since assessee companys main income was not from interest on securities, income from house property, ..... the proposition thus canvassed is that the expression speculation business, for purposes other than section 73 of the act, is to be governed by the definition contained in section 43(5), as read with section 28 (explanation 2), of the act. however, this proposition also proceeds on a fallacy i.e., that the definition under section 43(5 .....

Sri Arun Kumar Bagla Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD110(Kol.)

..... of copies of seized documents, he was not in a position to file his return for the block period. it was claimed that since under chapter xiv b of the act, the assessee is not permitted to file revised return, the assessee required inspection & copies of the seized documents for preparing true and correct return of his undisclosed income ..... of the block return. the assessing officer noted this omission subsequent to 24.5.99 and therefore issued notice under section 154 of the act. in the said notice the a.o. stated that since no interest under section 158bfa was charged in the order under section 158bc(c) there was a mistake apparent from record, which needed rectification under ..... 1. this appeal is filed by the assessee against the order of cit (a) central, ii, kolkata upholding the order under section 154/158bc(c) of the i.t. act.2. in this case a search under section 132 of the act was conducted on 11^th march 1997. thereafter by a notice dated 7.11.1997 issued under section 158bc(1) the .....

Pampasar Distillery Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... jurisdiction to the assessing officer to make the assessment prior to the period of amalgamation in the hands of amalgamated company. he further stated that there is no provision in the act which will permit the assessing officer to make the assessment of the dissolved company in the hands of amalgamated company. he further submitted that the decision of ..... on the date when parashakti finance & investment ltd. is not in existence is nullity. he also stated that the detailed argument made in the ..... ltd. on 4-1-1999 when parashakti finance & investment ltd. was not in existence. that the scheme of amalgamation was approved by the hon'ble madras high court vide order dated 9-12-1997 and by hon'ble calcutta high court vide order dated 10-2-1995. therefore, he stated that any order passed by the revenue authorities .....