Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)6ITD225(Kol.)
..... argument of the assessee. he observed as follows: the first four grounds of appeal relate to the reopening of the assessment under section 147(b) of the income-tax act, 1961. it is claimed that the reopening is not justified. the reopening has been done in consequence of information received from the revenue audit. it has been held ..... by a common order. the assessment for the assessment year 1972-73 was completed on 25-7-1974. a notice under section 148 of the income-tax act, 1961 ('the act') was issued upon the assessee on 7-3-1977 indicating that the ito had reason to believe, in consequence of information in his possession, that ..... . however proper observations of the statutory auditors may be so far as accountancy is concerned, the determination of the total income has to be based on the provisions of the income-tax act. under the provisions of the income-tax act, the assessee can maintain his accounts either on mercantile basis or on cash basis. in either case, the guarantee commission .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1998)65ITD11(Kol.)
..... iv and, hence, no other deduction or allowance mentioned in any other chapter of the income-tax act can be allowed.4. we have carefully considered the rival submissions. chapter xiv-b of the income-tax act, 1961 provides for special procedure for computation of total income. section 158bb(1) states that undisclosed income of the 'block period' shall be computed in accordance with the provisions of chapter iv ..... to be not indulgent to allow deduction under chapter vi-a or rebate under section 88 against the undisclosed income of the block period. in view of the specific exclusion of the other chapters of the income-tax act, 1961, for the purpose of computing the undisclosed income, in our opinion, deductions contemplated under chapter vi-a cannot be allowed to the assessee. ld. counsel further .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD495(Kol.)
..... . section 2(45) of the income tax act, 1961 defines "total income" to mean the total amount of income, profits and gains referred to in section 5 as computed in the manner laid down in the income tax act.section 4 captioned "charge of income tax" emphasises that income-tax shall be charged in respect of the total income of the previous year of every ..... certain conditions. those conditions are as follows : (i) the appellant-company has to fulfil certain conditions to ejaim relief under section 91 of the income tax act, 1961. we have to see and consider whether the appellant-company has satisfied those conditions as contemplated under the said section. those conditions are that (i) ..... that they did not prepare the profit & loss account in respect of any of these projects. (iv) according to the cit, under section 80hhb(3)(i) of the income tax act, 1961 deduction is admissible only when the assessee maintains separate accounts in respect of profits and gains derived from the execution of foreign .....
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