Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD745(Kol.)
..... loss as per explanation to section 73, of the income tax act, 1961 (hereinafter referred to as the act).briefly, the facts. ..... find that sub chapter set off, or carry forward and set off in chapter vi of the income tax act beings with section 70 which, as it stood at the material point of time, is reproduced below for ready reference : "save as otherwise provided in this act, where the net result for any assessment year in respect of any source falling under any head of income is a loss, the assessee shall be entitled to have the amount of such loss set off ..... that the provisions of section 70 are subject to the provisions of inter alia section 73 and that under the provisions of section 73(1) losses in speculation business, within meanings of explanation to section 73, can only be set off against another speculation business, it admits no controversy that in case a loss is in the nature of speculation loss, within meanings of explanation to section 73, it cannot be set off against any other nature of income under any other head.we further find that section 72 of the act, which deals with ..... the assessee were 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, capital gains or income from other sources. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD199Cal
..... there was, however, an amendment in section 27(iii) of the income-tax act, 1961 by the finance act, 1937 with effect from 1-4-88 by virtue of which clause (iiia) and clause (iiib) have been inserted. ..... the assessing officer had issued intimations for the respective assessment years under section 143(1)(a) of the income-tax act, 1961. ..... kurban hussain ibrahmiji mithiborwala (82 itr 821), it was held by the hon'ble supreme court that: "it is well-settled that the income-tax officer's jurisdiction to reopen an assessment under section 34 of the income-tax act, 1922, depends upon the issuance of a valid notice. ..... for the purpose of this section, the following shall also be deemed to be cases where income chargeable to tax has escaped assessment, namely- (c) where such income has been made the subject of excessive relief under this act or under the indian income-tax act, 1922 (11 of 1922); or explanation 2. ..... " a perusal of sections 27(iii)(b) and 269ua(f) quoted above does not leave rom for any doubt that where the period of lease is more than 12 years the lessee is deemed to be the owner of the property for the purpose of assessment under the provisions of the income-tax act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)1SOT202(Kol.)
..... is against the order of the learned cit (a) in upholding the assessment order where the partner's salary has been disallowed although the amended deed of partnership was produced before him at the time of rectification under section 154 of the income tax act. ..... shall participate in the management and conducting of the business and if so decided, both the partners shall be entitled to draw monthly salary at the rate as will mutually be settled from time to time subject to the provisions of the income tax act. ..... they have also made provision vide clause 13 of the deed of partnership regarding remuneration to be paid in accordance with the provisions of the income-tax law at the end of the accounting year. ..... but the assessing officer disallowed the remuneration on the ground that there was no specific mention in the deed about the quantification.the revenue's stand is that in consonance with the provisions of section 40(b) and as per the cbdt circular, salary and remuneration cannot be allowed in this case as because there is no quantification in the deed of partnership. ..... it is also a fact that they cannot go beyond the tax laws and they are to make payment within the permissible limit. ..... connection, the learned counsel on behalf of the assessee filed a copy of the partnership deed before us, trading and p & l account of the firm for the relevant assessment year and one article written by him and published in tax literature on the heading circular no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD468(Kol.)
..... clause 11 of the bill seeks to amend section 32 of the income tax act, 1961, relating to depreciation. ..... not apply in the case of a company for the assessment year beginning with the assessment year relevant to the previous year in which the said company has become a sick industrial company under sub-section (1) of section 17 of the sick industrial companies (special provisions) act, 1985 (1 of 1986) and ending with the assessment year relevant to the previous year in which the entire net worth of such company becomes equal to or exceeds the accumulated losses. ..... upto and inclusive assessment year 1996-97 which remained unabsorbed and is brought forward to the assessment year 1997-98 and subsequent assessment years upto assessment year 2004-05 can be set-off as per pre-amended section 32(2) and, consequently, it can, be set-off against taxable business profits or income under any other head for assessment year 1997-98 and seven subsequent assessment years. ..... in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head other than the business income, in as much as, the amended provisions of section 32(2)(iii)(a) are very clear and the position existed in the assessment year 1997-98 cannot be equally treated in the assessment year 1998-99.6. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD1(Kol.)
..... 1,00,000 to a trust known as "vishwamangal trust" (hereinafter referred to as "the trust").deduction under section 80g of the income tax act, 1961 ("the act"), was claimed in respect thereof and allowed by the ito while completing the assessment under section 143(3), read with section 144b, of the act. ..... because all the religion also place emphasis on these aspects of life it will not be possible to say that such objects or purposes are of religious nature in the sense the word "religion" or "religious" are used in the income-tax act.moreover, explanation 3, in our view, does not cover a case of an object which is of a religious nature in the technical sense. ..... the explanation uses the expression "religious nature" which has not been defined in the income-tax act, nor the word "religion" defined. ..... the one under clause (d) enjoined upon every state bar council under section 6(1) of the act, it is clear that the primary or dominant purpose of an institution like the assessee-council is the advancement of the object of general public utility within the meaning of section 2(75) of the act, and as such the income from securities held by the assessee-council would be exempt from any tax liability under section 11 of the act.reliance is also placed on the observations of their lordships of the supreme court .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)19ITD26(Kol.)
..... ) of 1980] in which penalty was imposed under section 271(1)(a) of the income-tax act, 1961 ('the act') for the assessment year 1974-75 was not sustained by the tribunal keeping in view the facts of the case, which was not the case of an ordinary assessee and the official liquidator has been appointed to ..... in course of his arguments, the assessee's learned counsel refers to the provision of section 176(3a) of the act in which it is proved that wherein business is discontinued, any sum received after such discontinuance shall be deemed to be the income of the recipients and be taxed accordingly in the year of receipt, if such income would have been included in the total income of the person who carried on business at such some point received before such discontinuance (sic.). ..... the hon'ble accountant member after considering the fact that the official liquidator had no efficient staff who could assist in the preparation of income-tax return, came to the conclusion that the assessee was prevented from sufficient cause and he condoned the delay. ..... it is also submitted that the purpose of section 176 was to prevent avoidance of tax of professional income receipts, etc. ..... the commissioner (appeals) further noted that it cannot be denied that the income earned by the assessee was taxable under the head 'income from other sources' and hence, deduction of the expenses would be governed by section 57 of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)28ITD177(Kol.)
..... however, a penalty notice issued under section 221 of the income-tax act, 1961 would not be wholly bad merely because it related in part to interest in respect of an assessment completed before the commencement of the act of 1961.a similar view was expressed by the hon'ble calcutta high court in the ..... , the time limit laid down by section 231 of the income-tax act, 1961 would not also apply to a proceeding ..... charging of interest under section 201(1a) of the income-tax act, 1961. ..... under the income-tax act, 1961 though there was no such provision under the indian income-tax act, 1922 ..... there was no provision for levy of interest on outstanding tax in the indian income-tax act, 1922 and, therefore, no penalty could be levied for ..... therefore, the income-tax officer passed orders under section 20k1a) for the respective years and charged interest @ 12 per cent from 30-9-1984 and thereafter @ 15 per ..... being aggrieved, the assessee came up in appeal before the commissioner of income-tax (appeals) and contended that the amounts payable to the government had all along been shown in the ..... of some decisions of the hon'ble high courts.the counsel referring to, those decisions and the statement at pages 1 and 2 of the paper-book indicated that the limitation under section 231 for the years under consideration expired on 31-3-1980, 31-3-1981, 31-3-1982, 31-3-1983 and 31-3-1984 respectively. ..... ito assessing the assessee was aware of this fact, he omitted to inform the assessee of its obligation to remit sums .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)40ITD521(Kol.)
..... the main issue involved relates to computation of deduction under section 80-o of the income-tax act, 1961 thereinafter referred to as ('the act')].2. ..... there is no gainsaying that difference between income in foreign exchange and indian income is not only maintained but accepted under the income-tax act. ..... into india, by or on behalf of the assessee in accordance with any law for the time being in force or regulating payments and dealings in foreign exchange, there shall be allowed, in accordance with and subject to the provisions of this section, a deduction of the whole of the income so received in, or brought into, india in computing the total income of the assessee: it is evident from the above that the provisions ..... these two cross appeals one by the assessee and the other by the department are directed against the order of the commissioner of income-tax (appeals) for the assessment year 1985-86. ..... sarkar, the learned representative for the department, on the other hand, argued that deduction under section 80-o of the act was to be allowed "on income" and not on "gross foreign receipts". ..... but all the same, the income does not become "such income", as is referred to in section 80-o of the act. ..... it is true that "such income" referred to in section 80-o must be a part of "gross total income" computed in accordance with the provisions of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)42ITD23(Kol.)
..... in our opinion, therefore, there is no mistake apparent on record which can be rectified or amended under section 254(2) of the income-tax act, 1961 as prayed for by the petitioner-company in the present application. ..... petitioner-company, a mistake has crept in our order dated 22-1-1992 because there has been non-application of mind and non-consideration of the grounds taken in the appeal and, therefore, the mistake is rectificable under section 254(2) of the income-tax act.the learned counsel to support his contentions has relied on two judgments of the allahabad high court reported in ito v. ..... thus, according to the petitioner-company the order has been passed by the cit contrary to the mandatory provisions of rules of natural justice as laid down under section 263(1) of the income-tax act. ..... what the petitioner-company now wants through this petition is to review our order dated 22-1-1992 and it is unfortunate for the assessee that we do not possess such power under any provision of the income-tax act nor we can derive such power by virtue of any authoritative judgment of supreme court or any high court. ..... it is not essential nor obligatory or mandatory for any appellant/assessee under the income-tax act to appear in person or through an authorised representative but yet the petitioner-company at least should have filed written submissions with reliable, cogent and positive evidence to support its ground taken in the appeal and which is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)77ITD326(Kol.)
..... referred to the provisions of section 2(24) of the income-tax act, 1961 and discussed that the definition of "income" as given therein was merely ..... received for termination of office would be revenue in nature in a case where the agency/office was one of the many which the assessee held and its termination did not impair income earning structure of the assessee.the assessing officer thereafter discussed that it was very clear that the assessee had not sold or transferred any asset, tangible or intangible, in any form ..... therefore, the assessing officer came to the conclusion that it could not be said that the receipt under consideration was a compensation towards loss of source of income.the assessing officer furthermore stated in this connection that the assessee could not produce any evidence that he had received any offer from any other company engaged in ..... for agreeing to refrain from carrying on competitive business constituted capital receipt not liable to income-tax.the supreme court's decision in the case of cit v. ..... the authorities there is little room for it that if compensation is paid to an agent on consideration of an undertaking not to engage in any rival business the same would be treated as a capital receipt not liable to income-tax. ..... claim that the definition of income as finding place in section 2(24) is merely inclusive and not exhaustive and hence, receipt not falling within the ambit of any specific clause under that subsection may still be income of the assessee.8. .....
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