Judgment Search Results Home > Cases Phrase: income tax act 1961 section 126 omitted Court: income tax appellate tribunal itat kolkata Page 9 of about 459 results (0.184 seconds)

Jokai India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1992)42ITD316(Kol.)

..... the assessee on other items and there is no controversy about the assessee being an "industrial undertaking" duly qualified to claim investment allowance under section 32a of the income-tax act, 1961. ..... the assessee for the assessment year 1984-85 is directed against the order of the commissioner of income-tax (appeals) dated 4-5-1988 and the controversy raised relates to disallowance of carry forward of investment ..... income from sale of tea grown and manufactured is to be computed under sub-rule (1) of rule 8 of the income-tax rules as if it was income derived from business and 40 per cent of such income is deemed to be income liable to tax ..... 8 of the income tax rules, 1962 providing for computation of income derived from sale of tea grown and manufactured as if it was income from business. ..... machinery categorised in appendix i of income-tax rules providing for rates of depreciation. ..... 8(1) makes it clear that under the said rule income from sale of tea grown and manufactured by a seller has to be computed as if it was income derived from business which would imply that deduction allowable under the act in respect of income derived from business would be allowed in the case of income derived from sale of tea grown and manufactured. ..... ; it does not say that having done so, you must cause or permit your imagination to boggle when it comes to the inevitable corollaries of that state of affairs.there is no dispute that the income of the company was computed and charged to tax under rule 8(1). .....

Deputy Commissioner of Vs. Machino Techno Sales Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2001)76ITD113(Kol.)

..... reliance is placed on the following decisions.as there is difference of opinion between the members, we refer the following question to the president under section 255(4) of the income-tax act, 1961 : "whether on the facts and in the circumstances of the case, the assessee is entitled to higher rate of depreciation allowable on motor lorries etc." 1 ..... on account of a difference of opinion between the two members, the following question has been referred to me by the president, itat under section 255(4) of the income-tax act, 1961 ;-- "whether on the fads and in the circumstances of the case, the assessee is entitled to higher rate of depreciation allowable on motor lorries etc.".2 ..... the same is hereby upheld.we, having differed on the points in the above appeal filed by the department, refer the following points of difference to the president under section 255(4) of the income-tax act, 1961 :-- 1. ..... from faridabad to calcutta, the trucks and trailers cannot be considered as having been used by the assessee in the business of running them on hire :-- (iv) income-tax commissioner v. ..... it is thus contended that it is not a fact that the trucks and trailers are actually used in the business of the assessee of acting as a dealer of maruti vehicles, but on the other hand, the said trucks and trailers are fully utilised by the assessee in the course of its business of hiring out vehicles in the capacity of a public ..... both the assessment years, the assessments were made under section 143(3). .....

Peerless Hotels Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD363Cal

..... income-tax act also there is a specific meaning of the word 'previous' which is clear from the wording of section 3 of income-tax act, 1961 ..... sections 80-ia and 80-o of income-tax act, 1961 ..... that findings of the cit(a) that "transfer" has to be reckoned within the meaning of section 2(47)(v) of the income-tax act, read with section 53a of the transfer of property act is not correct. ..... having taken the possession of the building by the appellant, the transfer has taken place and, therefore, the appellant is hit by the restrictive condition of clause (z) of sub-section (4) of section 80-ia of the income-tax act. ..... owner, it is a licence, and (iv) if under the document a party gets exclusive possession of the property, 'prima facie' he is considered to be a tenant, but circumstances may be established which negates the intention to create a lease.a licence is defined in section 52 of the indian easements act 5 of 1882 as a right to do or continue to do, in or upon the immovable property of the grantor, something which would, in the absence of such right, be unlawful and such right does not amount to an easement or an interest in the property ..... our attention was drawn to pages 436-437 of mulla's the transfer of property act, 1882, ninth edition which reads as under: "section 53a : where any person contracts to transfer for consideration any immovable property by writing signed by him or on his behalf from which the terms necessary to constitute the .transfer can be ascertained with .....

Vinod Kothari Consultants Ltd. Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)91ITD153(Kol.)

..... and gains of business are required to be computed in accordance with the provisions of sections 30 to 43 d as provided under section 29 of the income-tax act, 1961. ..... commissioner of income-tax, cc 1 (1), kolkata.as there is a difference of opinion between the judicial member and the accountant member, the matter is ..... section 37 is a residuary section which reads as under: "section 37(1) any expenditure not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee laid out or expended wholly and exclusively for the purposes of the business or professional shall be allowed in computing the income chargeable under the ..... is immaterial whether the price for it is paid once and for all, or periodically, or whether it is paid out of capital or income, or liked up with net sales, the outgoing, in such as case, would be of the nature of capital expenditure. ..... in support of the contention that any payment made for increasing the volume of business of the assessee was on revenue account and allowable as deduction in computing income from business.reliance was also placed on the decision of allahabad high court in the case of r. s. ..... in a rough way i think it is not a bad criterion of what is capital expenditure - as against what is revenue expenditure - to say that capital expenditure is a thing that is going to be spent once for all, and income expenditure, is a thing that is going to incur every year. .....

ici India Ltd. Vs. Dcit, Sr-15

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)90ITD258(Kol.)

..... is whether the cit(a) is justified in confirming the action of the assessing officer ("ao" in short) in withdrawing the investment allowance already granted, in terms of the provisions of section 32a(5) and section 155(4a) of the income-tax act, 1961 ("act" in short).another issue arising in the appeal for a y 1992-93 is whether the cit(a) is justified in confirming the action of the ao in revising the amount of interest as a result of the increase in the total income of the assessee consequent upon the aforesaid order of the ao passed in terms ..... " the fiction created by section 32a(5) thus extends to and is available for all the purposes of the income-tax act as if no such allowance was made ..... 2002 (a y 1992-93), the appellant-assessee has taken the following grounds of appeal: "(1) that the learned commissioner of income-tax (appeals) has wrongly concluded that the transfer of fertilizer and fibres undertakings as a going concern falls within the purview of section 32a(5) of the it act for withdrawal of investment allowance granted for plant and machinery purchased in the earlier years. ..... 2002 (a y 1989-90), the appellant-assessee has taken the following grounds of appeal: "(1) that the learned commissioner of income-tax (appeals) has wrongly concluded that the transfer of fertilizer and fibres undertakings as a going concern falls within the purview of section 32a(5) of the it act for withdrawal of investment allowance granted for plant and machinery purchased during a y 1989-90. .....

V.T.R Marketing Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)1SOT205(Kol.)

..... 1 lakh received from two loan creditors as unexplained credit under section 68 of the income tax act in the hands of the appellant firm.2. ..... the loan transactions are through bank and the creditors are existing income-tax assessees and their income-tax assessment file nos. ..... the learned counsel has relied on the confirmation of statement of accounts of the creditors wherein the creditors have confirmed the transactions and have also mentioned their income-tax assessment file nos. ..... as we have deleted the addition made on account of unexplained cash credit under section 68 of the act, the disallowance of interest paid on the loans also stands deleted and, accordingly, grounds of appeal are allowed. ..... " the learned counsel for the assessee stated that the assessee had discharged its onus by filing loan confirmations from the two creditors who are existing income-tax assessees. .....

Asstt. Cit Vs. Smt. Uma Badhia

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)1SOT159(Kol.)

..... on perusal of section 54 of the income tax act, it is seen that section 54 of the act provides that the long term capital gains arising from transfer of a residential house are exempt from income tax if the assessee, within a period of one year before or after the date of transfer purchases, or within a period of three years after the ..... the transfer of original asset took place, or is not utilised by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139, it shall be deposited by him on or before the due date of furnishing return of income under section 139(1) in an account with a bank or institution or utilised in accordance with a scheme framed by the central government in this regard. ..... the amount is utilised by the assessee for the purchase or construction of the new asset before the date of furnishing of return of income under section 139(1), it is immaterial as to whether these amounts were deposited in any bank or utilised for some other purposes during the intervening ..... asset took place, and the amount of capital gain has been utilized for the purchase or construction of the new asset before the date of furnishing the return of income under section 139(1), the assessee is entitled to get exemption under section 54(1) of the act. ..... capital gain till the date of its utilisation for the purchase or construction of the new asset before the date of furnishing of return of income under section 139(1) of the act. .....

Sri Arun Kumar Bagla Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD110(Kol.)

..... authorities below he submitted that provisions of the fiscal statutes particularly taxation laws should be construed strictly and there is no scope for beneficial interpretation or liberal interpretation according to him there was no equity in taxation laws and income tax act has to be interpreted strictly in accordance with the language used in the enactment. ..... since there was no provision in section 158bfa(1) for giving credit to taxes paid even on the admitted undisclosed income, the a o was perfectly justified in levying interest on the entire amount of tax even though such tax was paid by the assessee prior to the issue of notice under section 158bc(1) of the act he, therefore, submitted that the a.o. ..... it was pointed out that section 158bc(c) used the expression "determine tax payable" in contra distinction to the term "determine sum payable" as used in section 143(3) of the act and on the strength of the same it was argued that by not determining the interest payable under section 158bfa no mistake was committed by the ao in the order passed under section 158bc. ..... the assessee, therefore, submitted before the a o that the whole of the tax due on returned income was paid by the assessee on or before 29lh december 1997 and therefore no interest under section 158bfa was levied by the a.o. .....

Deputy Commissioner Of Income Tax Vs. Hon'Ble Justice Dilip Kr. Seth

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)98ITD241(Kol.)

..... has also held that so far as taxability of the above receipt is concerned, the same was taxable in view of the provision contained in section 56 of the income tax act.the id cit(a), however, so far as the taxability of the amount is concerned as held that the above receipt could not be taxed in the hands of the assessee either under section 28 or under section 56 of the act in view of the decision by the hon'ble calcutta high court in case of justice r.n. ..... section 10 of the income tax act, 1922, an income received by an assessee, who kept his accounts on the cash basis, in an accounting year in which the profession had not been carried on at all was not chargeable to tax. ..... datta (supra) has held that sum received by an assessee by way of receipts of professional fees for professional services rendered before he was appointed as a judge, were not taxable under section 28 or under section 56 or under section 176(4) of the income tax act. ..... , the department had to follow the law laid down by the court, and if that was not done then an obvious and glaring mistake of law have been committed and such mistake can be rectified under section 154 of the income tax act. ..... act 1961.2. ..... act, 1961. ..... the ratio in favour of assessee as laid down by the hon'ble calcutta high court vide para 5 of its order which reads as under : it is well settled that an obvious glaring mistake can be corrected under the provisions of section 154 of the it act, 1961. ..... 1961. .....

Hutchison Telecom East Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... 1 above, the levy of interest under section 201(1a) of the income tax act, 1961 (hereinafter referred to as 'the act') on the alleged non-deduction of tax under section 194j of the act ought to be also disapproved. 2. ..... made the payment to other service provider is not of a service contract but against technical services as defined under section 9(l)(vii) explanation 2 of the income- tax act. 1. ..... 1001/14-2-2002/2002 in reply made to the query made by bsnl opined that such payment being against technical services should undergo tds under section 194j of the income tax act. ..... case and in law, if the department's appeal is held allowable, then in view of the fact that the telecom operators would have already disclosed their income in respect of the roaming charges, pass through charges, inter operator charges and port charges ('interconnect charges') paid by a the cross objector and already paid taxes due thereon and hence deduction of tax at source under section 194j of the act (if applicable) by the cross objector once again would amount ..... prejudice to grounds i and ii above, the appellant submits that the commissioner (appeals) erred in not considering the fact that the other atelecom operators would have already disclosed their income in respect of the interconnect charges paid by the appellant and already paid taxes due thereon and hence deduction of tax at source under section 194c of the act by the appellant once again would amount to taxing the same amount of income twice, i.e. .....