Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)117TTJ(Kol.)121
..... the ao accordingly assessed the income under "other source" head and denied statutory deduction under section 24 of the act.8.8 the learned representative of the assessee submitted that in the income-tax assessment of sri r.n. ..... for that on the facts and in the circumstances of the case, the assessing authorities having held and treated the appellant as 'owner' of the said 'house property' in the income-tax and wealth-tax assessments for the past 25 years, the authorities below were not justified in assessing the rental income under the head 'other source' as against 'house property' only in asst. yr. ..... cit and submitted that the person who actually incurs the cost of construction of the building is the "owner" of the house property under section 22 of the act and rental income is assessable in the hands of such owner.8.9 from perusal of the assessment order under section 143(3) for asst.yr. ..... in the wealth-tax assessments under section 16(3) of the past years the revenue assessed assessee's 1/3rd share to wealth-tax treating her to be the owner, then it is not open for the department to challenge her ownership only for denying the statutory deduction under section 24 of the act. ..... for that on the facts and in the circumstances of the case, the ao be directed to assess the rental income in respect of property at panchsheel park, new delhi under the head 'house property' and be further directed to allow statutory deductions permissible under section 24 of the it act.3. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD735(Kol.)
..... and the assessee club to settle the matter and the ao cannot step in and invoke the provisions of section 43b and make addition and demand income-tax.if we are to agree with the appellate commissioner in this regard, a very anomalous situation will be created creating undue hardship to the assessee club ..... the liability under section 15 of the bata to pay and discharge totalisator tax is on the assessee club and the liability as per section 18(2) of the said act to pay the betting tax is on the lbms ..... have also taken note of the fact that for the assessment years 1985-86 & 1986-87 no addition was made in respect of this betting tax by resorting to the provisions of section 43b of the act. ..... thus, the assessee club only acted as a conduit pipe and the betting tax in its hands is not the tax payable by the assessee to the government of west ..... have considered the contentions made before us by the representatives of both the parties and also perused the relevant provisions of the bengal amusements tax act, 1922. ..... as per section 15 of the bengal amusements tax act, 1922 (hereafter for short 'bata') there is a charge and levy of 20 per cent tax called 'totalisator tax' on bets made in the totalisator enclosure ..... our view, this is wholly a wrong approach to decide the issue and the applicability of the provisions of section 43b of the act. ..... the liability for betting tax under bata was that of the lbms and the assessee club only acted as an agent of the government on being entitled to a sum of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD352(Kol.)
..... if the amount received is referable to a capital asset and the amount cannot be brought to tax under section 45 of the act, it does not automatically follow, as contended by the revenue before us, that the receipt should be brought to tax as business income, merely because the capital asset is used in the business or has some connection or link with the ..... for the assessee referred to the provisions of section 41(2) and section 32(1)(iii) of the act, to submit that the legislature itself did not intend to bring to tax the receipt from the insurance company on the loss of the capital asset as income under the head 'business'. ..... so notwithstanding the inclusive definition of income in section 2(24) of the act and even if it is assumed that the items enumerated in section 28(i) of the act are merely illustrative. ..... is concerned, the cit (appeals) was of the view that the same was rightly taxed as income under section 41(2) of the act.5. ..... he also drew our attention to section 2(24) of the act which defines the word "income" and pointed out that it is an ..... lahiri referred to the provisions of section 28 of the act and contended that the items of income enumerated thereunder are not exhaustive, but ..... the excess above the income under section 41(2) should be taxed as business income. ..... it is not the intention of the legislature to treat the sale proceeds of the capital asset as income under the head "business", but only to bring the same to assessment as capital gain under section 45 of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)47ITD642(Kol.)
..... section 6 of the gift-tax act, as it stood prior to 1-4-1989 ..... the bombay high court in seth hemant bhagubhai mafatlal's case (supra), to which we have already adverted, the valuation in such case is to be made under subsection (i) itself of section 6 and that is the way in which the bombay high court has understood the judgment of the supreme court in smt. ..... of the alove decisions, the high court noticed that even after taking note of the provisions of rule 10(2) of the gift-tax rules, the supreme court had held that the profit-earning method was the appropriate basis of valuing the unquoted shares of a non ..... (1) the value of any property other than cash transferred by way of gift shall, subject to the provisions of sub-sections (2) and (3) be estimated to be the price which in the opinion of the assessing officer it would fetch if sold in the open market on the date ..... gift which is not revocable for a specified period, the value of the property gifted shall be the capitalised value of the income from the property gifted during the period for which the gift is not revocable. ..... only ground, the revenue in this appeal questions the order of the cit (a) directing the gift-tax officer to apply the profit earning method in valuing the shares that were the subject matter of gift ..... bombay high court on the ground that the supreme court had clearly laid down that the valuation of the shares can be validly made under sub-section (1) of section 6 and therefore the break-up method was ruled out. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD240(Kol.)
..... opined that section 17(2)(iv) should be construed no literally and merely should not be construed as authorising a tax on pure humanitarianism and in the present day medical facilities and reimbursement of medical expenses should be treated as pure humanitarianism of which the income-tax law takes ..... for not taxing such payments as perquisites has been made by the learned authors, kanga and palkhivala in the 8th edition of their treatise, the law and practice on income-tax, at page ..... the conclusions of the income-tax authorities are seriously disputed before us ..... so far as the income-tax appellate tribunal is concerned, it appears that there is one decision ..... authority to show that both in england and in india the view taken was that the terms of employment should provide for the payment of the amount that has been subjected to tax as perquisite and as a corollary to that, the employee should have a vested right to claim the same from the employer.8. ..... some arguments were made as to how the payment cannot be taxed even under section 17(2)(iii) as deemed perquisite but this argument need not be considered since none of the departmental authorities has ..... the resolution thereafter authorised the secretary to make a formal application to the central government under section 310 of the companies act for approval.for the sake of completeness of the record, we may observe that initially the approval was refused but later ..... it is difficult to omit a reference to the decision of the house of ..... [1961] .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1997)61ITD60(Kol.)
..... is situate within the area, or where his business or profession is carried on in more places than one, if the principle place of his business or profession is situate within the area, and (4) where a question arises under this section as to whether an income-tax officer has jurisdiction to assess any person, the question shall be determined by the commissioner, or where the question is one relating to areas within the jurisdiction of different commissioners, by the commissioners concerned or if they are not in ..... . (7) notwithstanding anything contained in this section or in section 130a, every income-tax officer shall have all the powers conferred by or under this act on an income-tax officer in respect of any income accruing or arising or received within the area for which he ..... . while commenting on the sub-section (6) of section 124 of the act, the hon'ble high court has observed as under at page 299 :- "this sub-section contemplates that an income-tax officer where he is satisfied with the correctness of the claim will himself refuse to proceed with ..... & 2 we find that the main grievance or main objection of the assessee is that the assessment made is a nullity in view of the violation of the provisions of section 124, as the assessment is completed notwithstanding the assessee's objection filed within a period of one month from the date of filing the return.for the sake of convenience section 124 of the it act, 1961 as existing at the relevant time is reproduced as under :- "s .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)82ITD798(Kol.)
..... the finding of the ao that return of the assessee was invalid on the ground that the acknowledgement sheet was signed by a person other than the person who has signed or authorised to sign the return under section 140 of the act is not in accordance with law as, in our opinion, the two documents are not one but are different and serve different purposes.15. ..... learned counsel of the assessee, on the other hand, supporting the order of cit(a) submitted that the acknowledgement sheet is not a part of the return of income as prescribed as per rule 12 of the it rules.it is only an internal form devised by the department for the purpose of keeping record of filing the return. ..... therefore, that computation of loss is a part of the assessment will be evident from the provisions of section 143 of the it act which enjoins that computation can be made both of the profits as well as of the loss which permits computation of the said total income or loss of the assessee. ..... it was thus a computation of loss at nil for the purpose of section 24(2) of the act or section 72(1) of the 1961 act. ..... in this view of the matter, it cannot be said that the order was not expressly appealable either under section 30 of the act or section 246(c) of the 1961 act." 10. ..... , 1998, wherein it was stated that the defect "has occurred due to a bona fide mistake on the part of the official looking after the income-tax matters in the company. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)40ITD242(Kol.)
..... above reasons, we vacate the order of the commissioner of income-tax passed under section 263 of the act.7. ..... accounted for in the books of account on the basis of net amount and disclosure of the total amount of the commission/trade discount was made in the account only to meet the requirement under section 211 of the companies act, 1956 and the schedule vi thereto.such commission/trade discount to these agents are not peculiar to the assessee but usual practice in this line of business. ..... respectfully following the above decisions we hold that the provisions of section 37(3a) of the act were not at all applicable to the expenses in question and, therefore, the order of the assessing officer cannot be said to be erroneous and prejudicial to the ..... the name suggests, is deriving income from business of printing and publishing of daily newspaper by the name of "sanmarg".the original assessment was completed by the assessing officer under section 143(3) of the act on 28-1-1986. ..... this assessment year 1985-86, it was noticed by the cit that the assessing officer had not properly taken into account the above expenses which would otherwise be disallowable under the provisions of section 37(3a) of the act.omission to do so on the part of the assessing officer resulted into the under-assessment of income by rs. ..... short levy of tax and interest and, therefore, the cit was of the view that the order was erroneous and prejudicial to the interest of the revenue in terms of section 263 of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD390(Kol.)
..... it is found that the assessment order passed by the inspecting assistant commissioner of income-tax (assessment), range-i, under section 143(3) on 25-2-1985 is erroneous and prejudicial to the interest of revenue. ..... order to appreciate the grounds on which the notice under section 263 was issued, or in other words, in order to appreciate the grounds on which the cit came to the conclusion that the assessment made on the assessee on 20-2-1985 was erroneous and prejudicial to the interests of revenue, it is necessary to reproduce the notice itself which reads as under: on perusal of the income-tax record of the abovenamed assessee for the assessment year 1981-82 ..... act, 1961 as the circumstances of the case may justify including an order enhancing or modifying the said order or cancelling the said assessment order and/or directing the income-tax officer to ..... the assessee on 4-7-1985 that since the assessee's claim with regard to the loan was not verifiable, an adverse conclusion "may be drawn on the proposal for action under section 263".it is not known from this letter as to what conclusions were drawn by the cit in respect of the other explanations given by the assessee regarding the assets seized at .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)42ITD270(Kol.)
..... section 45 provides that any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to income-tax under the head "capital gains" ..... this is precisely what the assessee wanted the ito to do under section 71(3) of the act while making the assessments as the assessee had sufficient income under the other heads, such as, salary and other sources, which would absorb in full this short-term capital loss suffered by him in both these years, leaving in tact the long-term capital gains ..... commissioner (appeals) was right in accepting the assessee's contentions and in directing the ito to allow relief to the assessee under sections 80t of the act in respect of the entire amount of long-term capital gains made by the assessee from the sale of shares without making any adjustment of the short-term capital loss against the same ..... the assessee was, therefore, right in his submission that he is entitled to the relief under sections 80t of the act in respect of the entire amount of long-term capital gains of rs. ..... chatterjee, the learned departmental representative argued that under section 70(2)(i) of the act as it stood during the assessment years in question, the short-term capital loss has to be set off first against long-term capital gains and this was what the ito had done while completing ..... on a perusal of the provisions contained in section 70(2)(i) and (ii) and section 71(3) of the act, i am inclined to agree with the assessee's .....
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