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Joint Commissioner of Income-tax Vs. Haldia Investment Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD212Cal

..... this appeal by the revenue for the assessment year 1997-98 is directed against the order dated 28-12-2000 of cit(a)-xii, kolkata and the only dispute is relating to application of explanation to section 73 of the income-tax act, 1961 and, accordingly, entitlement of set-off of carry forward loss of rs. ..... one may have a look at any of the income-tax return forms prescribed under the rules and it will not be difficult to appreciate the meaning of the gross total income in the light of the provisions of the income-tax act notwithstanding the fact that it may not be defined specifically for any purposes other than chapter via ..... on facts, their lordships of the calcutta high court held that since the business loss exceeded the income computed under the head "income from other sources", as such explanation to section 73 was clearly applicable and loss suffered by the assessee-company in its share trading transactions inclusive of interest paid on borrowed monies attributable to that business was rightly treated by the tribunal as a loss in speculative business ..... the learned counsel further contended that the definition of "gross total income" in section 80b of the act is confined for the purposes of chapter-via and, therefore, is of no help in determining the issue.similarly, the provision of section 109 which stands deleted is also inapplicable, according to the learned counsel ..... as is evident from the explanation quoted above, the word "investment company" has been omitted w.e.f.1-4-1988. .....

Anandamoy Bhattacharjee Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)105ITD365(Kol.)

..... cases, the asscssee submitted a return and did show in retnrn income which was much less than the assessed income and accordingly it was held that the onus was on the assessee to prove that it was not a case of concealment or of deemed concealment no such situation arises in this case likewise omission of word "deliberate" from section 271(1)(c) of the income tax act, is not relevant to solve the controversy. ..... the assessment order does not record the satisfaction as warranted by section 271 of the income tax act for initiating the penalty proceedings. ..... income-tax appellate tribunal was not in our view justified in canceling the penalty levied upon the petitioners under section ..... did not accept the assessee's explanation and observed that the assessee did not voluntarily file his return of income disclosing the income received from various sources which he was required to do so as per provisions of the act, therefore, he was of the view that the assessee deliberately concealed the particulars of his income and, therefore, considered it to be a lit case for imposition of penalty under section 271(1)(c) and accordingly imposed a penalty amounting to rs. ..... counsel for the assessee that the matter of filing income tax return did not come to the mind of the assessee because for last 20 years since 1976 as a judge, his ..... act was initiated by issuing notice under section 148 which was served on 07.02.2001 but the assessee did not file his return of income in response to notice under section .....

Assistant Commissioner of Vs. A.S. Wardekar

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2001)77ITD405(Kol.)

..... cit [1995] 211 itr 500 wherein it was held that- that section 10 of the income-tax act, 1961, lays down certain categories of income which will not be included in the total income of a person. ..... 158 dated 27-12-1974 has clarified that the amended provisions of section 10(3) will apply only where the receipts of casual and non-recurring nature can properly be characterised as income either in its general connotation or within the extended meaning given to the term by the income-tax act. ..... 1,74,95,000 made by the assessing officer as per provision of section 10(3) of the income-tax act.2. ..... cit(a) can bring in concept of general law while deciding the nature of receipt under the income-tax act when the income-tax act alone is sufficient to decide the nature of the receipt. ..... it was pointed out that accdrding to those circular receipts which were of casual or non-recurring nature were liable to income-tax if those could properly be characterised as income either in its general connotation or within the extended meaning given to the term by the income-tax act. ..... under the income-tax act only those receipts amounting to income are assessable.according to the cit(a), in the instant case the amount of rs. ..... there was no provision under the income-tax act which deemed such receipts as of income nature. .....

Electro Urban Co-operative Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2001)76ITD43(Kol.)

..... constitute a bench in terms of section 255(4) of the income-tax act, 1961 to resolve the issue.1 ..... , i agree with the views expressed by the brother accountant member that the income by way of receipt as interest by the assessee on the fixed deposits made with cesc would be eligible for deduction under section 80p of the income-tax act, 1961 ..... for deduction under section 80p of the income-tax act, 1961?" 2 ..... for deduction under section 80p of the income-tax act, 1961?" 2 ..... been rendering banking services to its members for the past 50 years and filing its returns claiming deduction under section 80p(2)(a)(i) of the income-tax act, 1961. ..... society claimed the interest earned on the fixed deposits with cesc also to be eligible for deduction under section 80p of the income-lax act, 1961, on the ground that the said interest income constituted a part and parcel of its regular income from banking business ..... of assessment years 1990-91, 1991-92 and 1992-93 the assessments had been framed under section 143(3) wherein the amount of interest earned from fixed deposit with cesc were brought to tax as income from other sources which again were appealed against before the cit (a) and were confirmed ..... counsel for the assessee submits that the issue as to whether the interest income is liable to be treated as income from banking business or not, is debatable issue and hence, it falls outside the purview of section 154 of the act and in this regard he relied upon the decision of the hon'ble supreme court in the case of volkart .....

Assistant Commissioner of Vs. Govind Ram Agarwal

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2001)76ITD120(Kol.)

..... as a result of difference of opinion between the two members constituting the bench, the following two questions have been referred to me for decision, by the hon'ble president, itat in accordance with the provisions of section 255(4) of the income-tax act, 1961 for both these years :- (i) "whether in the facts, circumstances and evidence on record, the deletion of loan of rs. ..... cit [1984] 19 taxman 160/[1985] 152 itr 507 wherein it is held that section 68 of the income-tax act, 1961, makes it clear that a cash credit entry in the assessee's books of account can be rejected by the ito on cogent grounds ..... we have differed in our opinion, hence we have prepared the following points of difference of opinion for consideration of the third member to decide it according to the opinion of the majority under section 255(4) of the income-tax act, 1961 : whether in the facts, circumstances and evidence on record, the deletion of loan of rs. ..... have also carefully considered the legal aspects of the matter, particularly the re-opening of assessment under section 147(a) of the income-tax act, 1961. ..... is the duty of the ito to enforce the attendance of the witness if his evidence is material, in exercise of his powers under section 37(1) of the income-tax act read with order xvi rule 10 of the civil procedure code. ..... contention is that the assessee had not challenged the re-opening of the assessment under section 147(a) of the income-tax act and, therefore, the re-opening should be held as correct. .....

Parasmani Investment Co. (P) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD133(Kol.)

..... of opinion amongst the members constituting the bench in regard to the following issues, i was nominated as third member by the honble president under section 255(4) of the income tax act, 1961 : "whether, on the facts and in the circumstances of the case, the payment of service charges of rs. ..... with majority view.on a difference of opinion between the members originally constituting this bench, then point of difference of opinion was referred to honble vice president (kolkata zone) as third member under section 255(4) of the income tax act.in accordance with the majority view after duly taking into account the opinion expressed by the learned third member, we hold that the payment of service charges of rs. ..... an agreement in existence and the payments might have been made, it is still open to the income tax officer to consider the relevant facts and determine for himself whether the commission said to have been paid to the selling agents or any part thereof is properly deductible under section 37 of the act." (p. ..... therefore, by virtue of the provisions of section 255(4), we refer the above points of difference to the honble president of the income tax appellate tribunal for necessary action.the appeal of the assessee for the assessment year 1992-93 had come up for hearing before the ..... of the calcutta high court held that it cannot be said that the tribunal had misdirected itself or omitted to consider any evidence or had relied on any irrelevant material in arriving at its conclusion. .....

Dcit, Spl. Range-6 Vs. A. Tosh and Sons Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)89ITD138(Kol.)

..... dated 7-7-64 read with explanation (b) to section 9(1)(i) of the act, the refund of central excise rebate and duty drawback clearly goes to reduce the cost of the two overseas buyers and the same, therefore, are not chargeable as income under income-tax act, 1961 has no merit and is fit to ..... under section 163 or the income-tax act, 1961 (for short, the act) pertaining ..... main question to be considered is whether the amounts received by way of excise duty rebated and custom duty drawback is chargeable to tax in the hands of the non-resident foreign buyers within the ambit of income-tax act, 1961. ..... on sales made outside india is apportioned to the purchasing activity and is treated as deemed to have accrued or arisen to the non-resident so as to be liable to be taxed under section 9(1)(i) of the act, the legislature has thought it fit to exempt non-resident from the effects and hardships of section 9(1)(i) by providing, in explanation (b), that no income shall be deemed to accrue or arise in india to a non-resident through or from operation which are confined to the purchase of goods in india for the purpose of export. ..... of section 9 of the act, only income accruing or arising outside india is sought to be brought within the net of the income-tax law. ..... ) 24 itr 442 the bombay high court held that in view of provisions of section 42(1) of 1922 act (corresponding to section 9 of 1961 act) the agent was liable to be charged only on income accruing to non-resident through dealings with him. .....

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... in exercise of the powers vested under section 255(3) of the income-tax act, 1961 (the act), the president of the income-tax appellate tribunal (i.t.a.t. ..... this decision of the hon'ble high court although relates to the provision of section 104 read with section 109 of the income-tax act, but being in pari materia with the issue before us, is applicable and overall view of the function of the assessee company of the relevant period as well as of the past years has to be taken into account in order to find ..... the loss claimed by the assessee on purchase and sale of shares is more man the income of the assessee under the head "income from other sources" and, therefore, the case of the assessee is covered by the explanation below section 73 of the income-tax act. ..... 51,28,005/- to be speculative loss in accordance with the provisions of explanation to section 73 of the income-tax act. ..... question arising in the case of the present assessee :- "when the loss in share dealing suffered by the assessee is more than the income of the assessee from other sources in the assessment year 1997-98, whether the assessee can be said to be having principal business of granting loans and advances and not hit by explanation to section 73 of the i.t.act merely because in the preceding assessment years the assessee was not dealing in shares but was having interest .....

income-tax Officer Vs. Kenaram Saha and Subhash Saha and

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)301ITR171(Kol.)

..... uoi upheld the constitutional validity of section 4()a(3) and held as under (headnote): the main object of section 40a(3) of the income-tax act, 1961, is to regulate financial transactions and to prevent the use of unaccounted money or reduce the chances of use of black money ..... , of the opinion that the addition made by the assessing officer under section 40a(3) of the income-tax act 1961 was not justified in the instant case.67. ..... ) and hence the provisions of section 40a(3) of the income-tax act, 1961, will not be applicable for ..... this case, their lordships held as under section 40a(3) of the income-tax act, 1961, which provides that expenditure in excess of ..... section 295 of the act empowers the central board of direct taxes to make rules by notification in the gazette of india for carrying out the purposes of the income-tax act, 1961. ..... mentioned 5 cases, the hon'ble president, the income-tax appellate tribunal, constituted a special bench under section 255(3) of the income-tax act, 1961. ..... and the transactions were genuine but there was a time-lag between the dates of the bills and the dates of the payments: held, that the disallowance of the payments in terms of section 40a(3) of the income-tax act, 1961, was not justified.65. ..... of rule 6dd was also omitted with effect from july 25,1995 ..... deleting rule 6dd(j) has only considered the availability of banking facilities in the rural areas and having satisfied about the banking facilities available in the rural areas, omitted rule 6dd(j). .....

Sibnath Pramanick Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)44ITD724(Kol.)

..... the court held that the powers conferred on the income-tax appellate tribunal by the income-tax act must be so construed as to grant all powers incidental to or necessary for the purpose of that power, provided that the incidental powers are not in conflict with any specific powers granted to that authority ..... merely for the reason that there is no specific provision in rule 25 of the rules enabling the tribunal to set aside the ex parte order passed on merits, it cannot be said that the power of the tribunal under section 254(1) of the act would not carry with it the power to make available a reasonable opportunity of being heard to the aggrieved party when it has subsequently realised that the ex parte order happened to be passed virtually without the aggrieved ..... aside ex parte order has been shown to us, and that being the position, it must be presumed that the power under section 254(1) of the act extends to the power for setting aside an ex parte order in the interest of justice when the tribunal is clear in its mind that the provision under the sub-section in its true spirit had not been complied with while passing the ex parte order.we cannot therefore, accept the objection ..... sarda [1975] 99 itr 485.the division bench held that for the reasons of the provisions of sub-section (1) of section 254 of the act itself, the opportunity of being heard, spoken of in that provision of the act, was essentially part of the jurisdiction which the tribunal has been given by the statute. .....