Judgment Search Results Home > Cases Phrase: income tax act 1961 section 126 omitted Court: income tax appellate tribunal itat kolkata Page 5 of about 459 results (0.246 seconds)

income-tax Officer Vs. A.C. Sarkar

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1995)52ITD614(Kol.)

..... . in the case of jamnaprasad kanhaiyalal (supra) the supreme court held that the ito was justified in treating the cash credit appearing in the books of accounts of the assessee as the assessee's income from undisclosed sources since the assessee failed to discharge the burden of proof placed upon it under section 68 of income-tax act, 1961 ..... that on the facts and in the circumstances of the case, the learned commissioner of income tax (appeals) erred in holding that the assessee cannot be held to be the owner of the amount of rs. ..... 1,60,000 received by him from his wife and the income tax officer is at liberty to take action in this respect in the hands of the assessee's wife and in that view deleting the addition of rs. ..... that on the facts and in the circumstances of the case, the order of the learned commissioner of income tax (appeals) be vacated and the order of the income tax officer be restored.2. ..... according to cit(a) the assessee has established the identity of the person from whom he received loan by furnishing the confirmation of loan transaction by the creditor and by proving that the wife is an existing income-tax and wealth-tax assessee as gir no. ..... . we have also perused all the statement of affairs, net wealth statement and demand notice under section 156 and have come to the conclusion that the creditworthiness of the creditor is not proved and on the basis of these evidences it cannot be said that the creditor was having capacity to advance loan to the assessee to .....

Reckitt and Colman of India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2001)77ITD198(Kol.)

..... " the supreme court held that clause (iiid) of section 27 of the income-tax act, inserted by the finance act, 1987 with effect from assessment year 1988-89 was merely clarificatory in nature and should thus be construed retrospectively since the inception of the statute.7. ..... counsel for the assessee argues suggesting that such an interpretation would lead to an absurd result comes out of the consideration that both the numerator as well as the denominator in the computation of the deduction under sub-section (3) of section 80hhc should have parity between themselves and must include the same items.there is no doubt about the fact that that in the instant case, the figure of export turnover has been taken into ..... the arguments put forward by the ld.counsel for the assessee may thus look quite attractive and plausible.at the same time again, we must notice that the computation of the deduction under section 80hhc(3) is required to be done in accordance with the following formula :-- export profits & gains of business x _________________ total turnover.it may be noted that in the expression on the right-hand side of the above-mentioned equation, two quantities ..... d.r.contended that exclusion of these items from "total turnover" was omitted specifically in the statute from first day of april, 1991 and hence, during the year under present appeal, i.e. ..... this particular clause (bb) was, however, omitted by the finance (no. .....

Edith Wilkins Hope Foundation Vs. Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)111ITD97(Kol.)

..... this appeal is directed against an order dated november 12, 2001 passed by the director of income tax (exemptions), kolkata ["di(e)"] under section 12aa of the income tax act, 1961 ("the act"). ..... the assessee, a society registered under the west bengal societies registration act, 1961 on october 4, 1999, in its application dated november 5, 2001 had requested for registration under section 12aa from its inception but the di(e) granted such registration with effect from april 1, 2001.2. ..... it is the assessee's case that its office bearers and members were completely involved in charitable work since its inception and bona fide proceeded on the basis that there was no income tax implication because the assessee merely received funds and spent them for charitable purposes. ..... they bona fide proceeded on the basis that there was no income tax implication since the assessee merely received funds and spent them for charitable purposes. ..... implausible that all the persons who were heavily involved in the charitable work may not have addressed themselves to taxation aspects and bona fide proceeded on the commonsense point of view that there was no tax obligation since no income was being earned and the assessee was only spending contributions received for charitable purposes. .....

B.V. Van Oord Atlanta Vs. Asstt. Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... exactly what the apex court said: in proceedings under section 147 of the income tax act, 1961, the income tax officer may bring to charge items of income which had escaped assessment other than or in addition to the item or items which led to the issuance of a notice under section 148 and where reassessment is made under section 147 in respect of income which had escaped tax, the income tax officer's jurisdiction is confined only to such income which has escaped tax or has been underassessed and does not extend to revising, reopening ..... the case of the appellant is that there being no pe of the appellant in india, in terms of article 5 read with article 7 of the double taxation avoidance agreement, the beneficial provision, which in absence of pe does not provide for charging of tax on a non-resident foreign company in india due to section 90 sub-section (2) of the income tax act. ..... in the rejoinder, the learned counsel stated that taxes under the income tax act are imposed by the union under the constitution as per articles 265 and 265 of the constitution says"no tax shall be levied or collected except by authority of law". ..... supreme court in the case of cit v.nkbheram daluram , in which the hon'ble court relied on the jute corporation case (supra) and held that "the appellate powers conferred on the appellate assistant commissioner under section 251 of the act were not confined to the matters considered by the income tax officer. .....

Bharat General and Textile Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1988)27ITD375(Kol.)

..... ito cannot amend his order as per section 154(1a) of the income-tax act, 1961.6. ..... by an application dated 16-7-1984 the assessee wrote to the ito that during the year ended 31-3-1979 relevant to the assessment year 1979-80 it had been allowed deduction under section 80j in respect of its new unit-extraction division at malkapur for half year and that it was entitled to relief for the entire years as per the decisions of the karnataka and madras high courts in ..... in respect of extraction division at malkapur in the assessment order dated 27-8-1982 the ito has allowed the relief under section 80j for a period of 5 months and in calculating the said relief deducted the liabilities from the value of assets for the purposes of arriving at ..... decisions of the karnataka and madras high courts (supra) were not brought to the notice of the ito for claiming section 80j relief for the entire year when the assessment proceedings were pending before the ito. ..... the arguments of the departmental representative were to the following effect: the computation of relief under section 80j was considered in its entirety by the ito as well as the appellate authorities, namely, the cit (appeals ..... therefore, the assessee by its petition dated 16-7-1984 claimed relief under section 80j for the entire year on the basis of the decisions of the karnataka high court in mysore ..... the assessee has not agitated the matter of computation of relief under section 80j on the basis of the period of working of the extraction .....

Kusum Products Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)29ITD293(Kol.)

..... arrive at the returned income and that the assessee was, therefore, liable to penalty under section 271(1)(c) of the income-tax act, 1961. ..... section 214 of the income-tax act, 1961. ..... will be seen that the right to receive the interest under section 214 from the income-tax department in respect of the assessment year 1967-68 of rs. ..... when proceedings under section 147(a) of the it act, 1961 were initiated, the high court held that as both these ..... 1,14,212 either on the ground that it was not assessable being an interest received from the income-tax department or on the ground that the interest having accrued in february 1972 at the time of passing of the assessment order for the assessment year 1967-68, that admittedly the interest payable to the ..... ito passed another order on 20-4-1974 for giving effect to the income-tax appellate tribunal's order dated 28-2-1974 in respect of assessment year ..... received under section 214 is an income chargeable to tax under the it act and there is no question of granting any deduction for the said amount while determining the total income of the ..... 1,14,212 being "interest on income-tax for assessment year 1967-68 (assessed in earlier year)".during the course of the assessment proceedings on 28-12-1976, the assessee was asked to inform with the help of adequate evidence that the said ..... return of income for 1974-75 was filed on 31-7-1974, for the purpose of penalty under section 271(1)(c), the explanation which was inserted to the finance act, 1964 w.e.f .....

Dunlop India Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1992)41ITD582(Kol.)

..... to and/or taking any steps and/or from applying the provisions of section 43b of the income-tax act, 1961, in the case of the petitioner's assessment till disposal of the rules; (g) that an interim order may be passed restraining the petitioner from submitting any estimate of advance tax or return for the assessment year 1984-85 and onwards under the income-tax act, 1961 on the basis of and in accordance with section 43b of the act until further orders.the ad interim order was modified on march 7,1988 ..... with regard to prayer (f) above and the income-tax authorities were permitted to complete the assessment taking into account the provisions ..... is not so under section 215 of the income-tax act, 1961, as the discretion is vested in the assessing officer to waive or reduce the interest in cases and circumstances mentioned in rule 40 of the income-tax rules, 1962. ..... .77 lakhs disallowed and added back in the income of the assessee under the provisions of section 43b of the income-tax act, 1961 (hereinafter referred to as the 'act'). ..... 6,25,00,000 was omitted to be added back under section 43b in computing your total income for the assessment year 1984 .....

Deputy Commissioner of Vs. Bengal Rowing Club

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1994)48ITD512(Kol.)

..... section 28f (iii) of the income-tax act, 1961, income derived by a trade, professional or similar association from specific services performed for its members are taxable as income ..... 117 of the report, the high court held as under: the learned counsel for the revenue had referred to section 10(6) of the indian income-tax act, 1922, but this has no application to the present case. ..... of income-tax (appeals) has not considered the provisions of section 28(iii) of the income-tax act. 4 ..... or the sales were made, but that it was not possible to identify the persons to whom sales or services were rendered by the club against sale of coupons.from this fact, the income-tax officer inferred that the assessee was not able to establish the complete identity of the contributors so far as the coupons sales are concerned. ..... assessment proceedings pursuant to the notice under section 143(2)(b), the assessee produced its books of account and other relevant details as required by the income-tax officer. ..... departmental representative contended that the assessee's claim that its income was exempt from income-tax on the principle of mutuality cannot hold good on the facts of the case, since according to him the presence of non-members as guests of the members ..... services, which are not privileges of membership.it is, therefore, not possible to countenance the proposition that the subscription paid by the members for the privileges and services enjoyed by them can be taxed under section 28 (iii) of the act.19. .....

Amrit Bottlers (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1994)49ITD1(Kol.)

..... proportionate capitalisation of the pre-operative expenses.as we have differed in our opinion, hence we have prepared the following point 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, on the facts and in the circumstances of the case, there was mistake rectifiable under section 254(2) of the income-tax act, 1961, in the order dated 30th april, 1991, of the ..... this matter came before me as a third member under section 255(4) of the income-tax act to express my opinion on the following point of difference of opinion that arose between the members, who heard this matter in calcutta: whether, on the facts and in the circumstances of the case, there was mistake rectifiable under section 254(2) of the income-tax act, 1961, in the order dated 30th april, 1991, of the income-tax appellate tribunal? 2. ..... application the assessee has required the tribunal to amend its order dated 30-4-1991 under the provisions of section 254(2) of the income-tax act, 1961.2. ..... reasons i am of the opinion that the view expressed by the learned judicial member is proper and correct and i agree with it though for different reasons as i enumerated above and hold that there is a mistake rectifiable under section 254(2) of the income-tax act in the order dated 30-4-1991 of the income-tax appellate tribunal.18. .....

Hooghly Mills Co. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2000)74ITD309(Kol.)

..... the only issue in this appeal filed by the assessee relates to the question of allowing interest under section 244a of the income-tax act, 1961 in respect of refund arising to theassessee.2. ..... counsel for the assessee has drawn our notice to clause (1) of sub-section (1) of section tion 143 which reads as under : if any tax or interest is found due on the basis of such return, after adjustment of any tax deducted at source, any advance tax paid, any tax paid on self-assessment and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable and such intimation shall ..... be deemed to be a notice of demand issued under section 156 and all the provisions of this act shall apply ..... the cit(a) states thereafter that the return was processed under section 143(l)(a) of the act and the income disclosed by the assessee was also accepted by the assessing officer. .....