Array ( [0] => ..... 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. 69,20,855 claimed by the ..... assessee. rival contentions have been heard and records perused.2. the relevant facts briefly stated are that the assessee-company had filed the return of income for assessment year 1997-98 ..... reference to the context. 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 ..... [1] => ..... with the view taken by the learned judicial member.9. we further find that the assessment order does not record the satisfaction as warranted by section 271 of the income tax act for initiating the penalty proceedings. merely because the penalty proceedings have been initiated, it can not be assumed that such satisfaction was arrived at in the absence of ..... 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 above omission has shifted burden of proof from the revenue to the assessee. it has nothing to do with the ..... 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. 1,87,610/- under section 271(1)(c) of the i. t. act. the assessee preferred first appeal before the ld. cit(a). the ld. cit(a) was of the ..... [2] => ..... and itat. hence, the ito's order on this matter got merged with the appellate orders. so, the ito cannot amend his order as per section 154(1a) of the income-tax act, 1961.6. we have considered the matter. the circular of the cbdt no. 378, dated 3-3-1984 was long after the date of the assessment order i.e., 27-8 ..... request for rectification under section 154 had to be upheld. against this order of the cit (appeals) the assessee has come up in appeal before the tribunal.4. at the time of hearing, the assessee's counsel filed the paper book of 8 pages containing ..... reopened because an interpretation had been given in a different way. aggrieved by the order of the ito under section 154, the assessee preferred an appeal before the cit (appeals).3. the cit (appeals) held that as the ito's order on the said point had merged with the orders of the appellate authorities, his action in rejecting the assessee's ..... [3] => ..... 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. then in the case of orient wire industries (p.) ltd. (supra) as there was no evidence to show that the ..... loan was actually given it was held that the amount of rs. 20,000 was assessable as the income of the assessee from undisclosed sources. in the instant case also ..... ) 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. 1,60,000 ..... [4] => ..... a reasonable interpretation can be given to the section as a whole." 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. ..... of rule 1d of the wealth tax rules on the consideration of a latter amendment to the wealth tax act by inserting schedule-iii to the act almost in the same manner, in which rule 1d had earlier been enacted.8. the subsidy on export (cash assistance) is considered to constitute business income under section 28(iiib). similarly ..... operation was not specifically mentioned by the legislature :-- (i) allied motors (p.) ltd. v. cit [1997] 224 itr 677 (sc) at page 686-- "the supreme court held that the first proviso inserted to section 43b by finance act, 1988 with effect from the assessment year 1989-90, should be construed as having been inserted retrospectively ..... [5] => ..... calcutta high court in the case of b.k. roy (p.) ltd. v. 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. the proviso (i) to sub-section (3) of section 10 ..... clearly recognises that capital gain chargeable under section 45 will not come within its ambit. the question whether any amount received on transfer of a capital asset is liable to be taxed ..... 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. according to the counsel of the assessee, the case relied on by the assessing ..... [6] => ..... a third member: "whether, the interest received by the assessee on the fixed deposit made with cesc ltd. is eligible for deduction under section 80p of the income-tax act, 1961?" 2. the assessee is a co-operative society constituted by the employees of the calcutta electric supply corporation (hereinafter called "cesc").the main object of the assessee ..... had 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. in the assessment year 1989-90 the assessing officer under section 154 sought to rectify a mistake occurred in assessment under section 143(1)(a) inasmuch as ..... fixed deposit made with cesc ltd. is eligible for deduction under section 80p of the income-tax act, 1961?" 2. therefore, the hon'ble president, i.t.a.t. may please constitute a bench in terms of section 255(4) of the income-tax act, 1961 to resolve the issue.1. as a result of a point of difference arising between ..... [7] => ..... 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. 35,18,000 and interest thereon of ..... 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. 35,18,000 and interest thereon of rs. 3,38,334 of ..... behalf of both the parties. we 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. it cannot be ruled out that the re-opening of assessment may be legal and proper but at the same time the addition made may not be warranted. ..... [8] => ..... 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. 10,48,895 to shri sanjiv taneja ..... 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 financing, money lending, investment, leasing, hire purchases, trading, consultancy agency, broking, etc. the assessing officer made local enquiries through the inspector of the income tax department, but the above mentioned parties could not be traced. the assessee was informed about the outcome of the enquiry, and had been asked to produce them for ..... [9] => ..... 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 reading the provisions of section 5 of the act, we find that section 5, both for residents in sub-section (1) and for non-residents in sub- ..... 97 have been filed by the assessee-company against the consolidated order dated 29-11-96 passed by the cit(a) arising out of the order dated 19-3-91 passed by the a.o. under section 163 or the income-tax act, 1961 (for short, the act) pertaining to the asst. year 1988-89.1.1 the other appeal bearing ita no. 811(cal)/97 ..... 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 be rejected. in this view of the matter and considering the reasons given above, the order of the cit(a) is set aside and that of the a.o. is restored.18. in the result, ..... [10] => ..... would have had to file a loss return of more than rs. 20 lakh, as against which m/s. iswar prasad dewkinandan ltd. filed a return declaring total income of rs. 23,410; the tax payable by the company is negligible. in the case of poddar gourepore ltd., share dealings resulted in a net loss of rs. 2,58,500; but for ..... date if transacted shares with a third party also. this proves the genuineness of the rate as well as the transactions. it is well settled that strict rules of evidence act are not applicable to it proceedings. in the absence of any corroborative evidence, in the case before us, the ao refused to solely rely upon the self-serving documents in ..... shares and the return filed by that company for the asst.yr. 1990-91 was accepted by the same ao, in an order passed under s.143(3) of the act and this proves the genuineness of the transaction and the department cannot play hot and cold i.e., accepting the transaction as genuine in the case of the seller and ..... [11] => ..... appeals filed by the revenue against three different orders of the cit(a) dt. 14th feb., 1995, 15th feb., 1995 and 14th feb., 1995 in respect of three different assessees involved common issues arising out of the assessment order made under section 143(3) of the it act, 1961 and related to issue of determination of sale consideration for the ..... ., 1988.22. further, it is an admitted position that none of the assessees is anyway interested in premium estate, which is separately assessed to income-tax vide gir no. p-17 by asstt. cit, comp. circle 3(5), new delhi. it is also found that the transaction for purchase and resale of the property in question were duly reflected ..... at the source by an overriding title before it started following into the channel which was to reach the assessee concerned that it could be excluded from his assessable income. in order that a payment should be treated as a diversion at source, it is necessary that it should have been made under some legal obligation. such ..... [12] => ..... for the relevant assessment year and also the income-tax payable thereon. the appellant places reliance on the principles laid down by the hon'ble delhi court in the case of addl. cit v. j.k. d'costa ." 5. sri s. guha, the learned departmental representative, appeared for the revenue. he relied on the order passed by the cit under section 263 of the it act ..... act for the relevant assessment year may not be set aside or restored to the file of the ao for fresh verification, since the cit had not found any error with respect to the several other issues contained in the assessment order, vis-a-vis computing the total income of the appellant chargeable to income-tax ..... allowed as deduction while computing business profits under the act. in fact, even the act recognises crediting of liability in the suspense account of the balance sheet of an assessee as constituting accrual of liability and accordingly income, necessitating withholding of tax at source. thus, crediting of the aggregate ..... [13] => ..... -4/2003-04, dt. 24th nov., 2003. (1)(a) that neither the learned ao was justified in disallowing the appellant's claim under section 80-ib of the it act, 1961, to the extent of rs. 1,82,10,073 nor the learned cit(a) was justified in confirming the disallowance. (b) that there is no basis for the observation made by the learned ..... before the ao.7.16 similar view was taken by the hon'ble delhi high court in the case of cit v. neo poly pack (p) ltd. wherein it was held as under : the doctrine of res judicata does not apply to income-tax proceedings since each assessment year is independent of the other but where an issue had been decided consistently in ..... view is further fortified by the direct authority of the hon'ble supreme court in the case of radhasoami satsang v. cit . held as under : we are aware of the fact that, strictly speaking, res judicata does not apply to income-tax proceedings. again, each assessment year being a unit, what is decided in one year may not apply in the following ..... [14] => ..... books of account are certified by the authorities under the companies act as having been properly maintained in accordance with the companies act. the ao, thereafter, has the limited power of making increases and reductions as ..... ii and iii of sch. vi to the companies act, 1956. hon'ble apex court in the case of apollo tyres ltd. (supra), while examining the provisions of section 115j held as under: the ao, while computing the book profits of a company under section 115j of the it act, 1961, has only the power of examining whether the ..... act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of april, 1997 but before the 1st day of april, 2001 (hereafter in this section referred to as the relevant previous year) is less than thirty per cent of its book profit, the total income of such assessee chargeable to tax ..... [15] => ..... in rejecting the claim of the assessee in this regard. we direct the wto to verify and allow deduction of interest under sections 139, 215 and 220(2) of the income-tax act, 1961 in the light of our above findings.9. regarding issue no. (v) we find from the impugned order that the cwt(a) has restored the matter to the ..... return within the time allowed under section 139. such interest is to run from the date of failure till the date of completion of assessment. no doubt under the income-tax act the assessee has been given a right for reduction or waiver of interest charged by the assessing officer.therefore, until there is a waiver or reduction the liability of ..... in this regard.7. regarding issue no. (iv) the counsel for the assessee, sri g.p.agarwal submits that interest under sections 139, 215 and 220(2) of the income-tax act are debts and are, therefore, to be deducted in computing the net wealth. the revenue's representative, sri s.c. sen, contends that those interests are not debts on ..... [16] => ..... itr 116 (gau) wherein, at p. 118, it was held as under : "the above excuse is thoroughly unconvincing and unacceptable. section 200 of the it act, 1961, casts responsibility on any person deducting tax at source to pay within the prescribed time, the sum so deducted to the credit of the central government. rule 30(3) of the it rules, 1962 ..... the instant case, the assessee deducted income-tax at source amounting to rs. 38,79,749 and rs. 98,94,225 on the amount of the income paid by way of interest on securities and interest other than interest on securities as required under the provisions of section 193 and 194a of the it act, 1961 respectively. it is also apparent that ..... the assessee was required to pay the aforesaid deducted amount to the credit of the central government in the manner prescribed under section 200 of the act which enacts that any person making any deduction of tax at source is to pay the ..... [17] => ..... would not be satisfied in respect of any liability of the assessee for payment of tax of some other persons within the meaning of section 199 of the income-tax act, 1961. consequently, he rejected the contention of the wto that the timely deposit of the tax deducted at source was a duty cast on the assessee in pursuance of the relevant ..... provisions of the act and, therefore, the liability was hit by section 2(m). however, the ..... behalf of the central government and, thus, treat him as an agent of the central government. according to sub-section (2) of section 201 of the income-tax act, the tax deducted but not paid together with simple interest payable thereon, if any, for delayed payment shall be a charge upon all the assets of the person or the ..... [18] => ..... and find out the real meaning of the word "rent" which has to be adopted in law. we have gone through the relevant provisions of the income-tax act, 1961 and of the wealth-tax act, 1957 to find any meaning or definition attached to the word "rent" if the same is so used in those two enactments. but we are ..... get any assistance in this regard from the relevant provisions of the a forestated two enactments. the term "rent" not having been defined either in the income-tax act or in the wealth-tax act or rules we have to fall upon the dictionary meaning of the word "rent" or the interpretation or definition given by various courts through judicial analysis ..... court in that case was considering whether the service charges received by the assessee from the tenants for providing lift service, lighting, power house, etc. were business income or rental income. the supreme court was not concerned about the definition of the word "rent" which we are concerned in this appeal.9. we are, therefore, of the ..... [19] => ..... inaccurate valuation of assets by an assessee in the return of net wealth does not justify the reopening of the assessment proceedings under section 17(1)(a) of the wealth-tax act, 1957.7. on the other hand, shri r.p. rajesh, learned departmental representative supports the order of the deputy commissioner (appeals).learned departmental representative has submitted that ..... during the course of hearing the appeal. as regards the contention that the assessee had duly disclosed all material facts truly and correctly in the original return of income and the wto had no materials to justify in reopening the assessment proceedings, we have already stated earlier, the assessee had 12.5 per cent interest-in the ..... bring it to the notice of the assessing officer. it was also held by the supreme court in the case of calcutta discount co.ltd. v. ito [1961] 41 itr 191 that the disclosure of primary and material facts must be full and true and the duty of the assessee is not merely to make full disclosure ..... ) Income Tax Act 1961 Section 155 Other Amendments - Court Income Tax Appellate Tribunal Itat Kolkata - Page 4 - Judgments | SooperKanoon Skip to content


Judgment Search Results Home > Cases Phrase: income tax act 1961 section 155 other amendments Court: income tax appellate tribunal itat kolkata Page 4 of about 461 results (0.160 seconds)

Sep 02 2002 (TRI)

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD212Cal

..... 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. 69,20,855 claimed by the ..... assessee. rival contentions have been heard and records perused.2. the relevant facts briefly stated are that the assessee-company had filed the return of income for assessment year 1997-98 ..... reference to the context. 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 .....

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Sep 02 2005 (TRI)

Anandamoy Bhattacharjee Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

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

..... with the view taken by the learned judicial member.9. we further find that the assessment order does not record the satisfaction as warranted by section 271 of the income tax act for initiating the penalty proceedings. merely because the penalty proceedings have been initiated, it can not be assumed that such satisfaction was arrived at in the absence of ..... 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 above omission has shifted burden of proof from the revenue to the assessee. it has nothing to do with the ..... 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. 1,87,610/- under section 271(1)(c) of the i. t. act. the assessee preferred first appeal before the ld. cit(a). the ld. cit(a) was of the .....

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Dec 28 1987 (TRI)

Bharat General and Textile Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

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

..... and itat. hence, the ito's order on this matter got merged with the appellate orders. so, the ito cannot amend his order as per section 154(1a) of the income-tax act, 1961.6. we have considered the matter. the circular of the cbdt no. 378, dated 3-3-1984 was long after the date of the assessment order i.e., 27-8 ..... request for rectification under section 154 had to be upheld. against this order of the cit (appeals) the assessee has come up in appeal before the tribunal.4. at the time of hearing, the assessee's counsel filed the paper book of 8 pages containing ..... reopened because an interpretation had been given in a different way. aggrieved by the order of the ito under section 154, the assessee preferred an appeal before the cit (appeals).3. the cit (appeals) held that as the ito's order on the said point had merged with the orders of the appellate authorities, his action in rejecting the assessee's .....

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Nov 29 1994 (TRI)

income-tax Officer Vs. A.C. Sarkar

Court : Income Tax Appellate Tribunal ITAT Kolkata

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

..... 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. then in the case of orient wire industries (p.) ltd. (supra) as there was no evidence to show that the ..... loan was actually given it was held that the amount of rs. 20,000 was assessable as the income of the assessee from undisclosed sources. in the instant case also ..... ) 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. 1,60,000 .....

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Feb 18 2000 (TRI)

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

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

..... a reasonable interpretation can be given to the section as a whole." 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. ..... of rule 1d of the wealth tax rules on the consideration of a latter amendment to the wealth tax act by inserting schedule-iii to the act almost in the same manner, in which rule 1d had earlier been enacted.8. the subsidy on export (cash assistance) is considered to constitute business income under section 28(iiib). similarly ..... operation was not specifically mentioned by the legislature :-- (i) allied motors (p.) ltd. v. cit [1997] 224 itr 677 (sc) at page 686-- "the supreme court held that the first proviso inserted to section 43b by finance act, 1988 with effect from the assessment year 1989-90, should be construed as having been inserted retrospectively .....

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Mar 31 2000 (TRI)

Assistant Commissioner of Vs. A.S. Wardekar

Court : Income Tax Appellate Tribunal ITAT Kolkata

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

..... calcutta high court in the case of b.k. roy (p.) ltd. v. 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. the proviso (i) to sub-section (3) of section 10 ..... clearly recognises that capital gain chargeable under section 45 will not come within its ambit. the question whether any amount received on transfer of a capital asset is liable to be taxed ..... 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. according to the counsel of the assessee, the case relied on by the assessing .....

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Sep 26 2000 (TRI)

Electro Urban Co-operative Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

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

..... a third member: "whether, the interest received by the assessee on the fixed deposit made with cesc ltd. is eligible for deduction under section 80p of the income-tax act, 1961?" 2. the assessee is a co-operative society constituted by the employees of the calcutta electric supply corporation (hereinafter called "cesc").the main object of the assessee ..... had 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. in the assessment year 1989-90 the assessing officer under section 154 sought to rectify a mistake occurred in assessment under section 143(1)(a) inasmuch as ..... fixed deposit made with cesc ltd. is eligible for deduction under section 80p of the income-tax act, 1961?" 2. therefore, the hon'ble president, i.t.a.t. may please constitute a bench in terms of section 255(4) of the income-tax act, 1961 to resolve the issue.1. as a result of a point of difference arising between .....

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Oct 17 2000 (TRI)

Assistant Commissioner of Vs. Govind Ram Agarwal

Court : Income Tax Appellate Tribunal ITAT Kolkata

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

..... 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. 35,18,000 and interest thereon of ..... 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. 35,18,000 and interest thereon of rs. 3,38,334 of ..... behalf of both the parties. we 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. it cannot be ruled out that the re-opening of assessment may be legal and proper but at the same time the addition made may not be warranted. .....

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Jan 16 2003 (TRI)

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

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

..... 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. 10,48,895 to shri sanjiv taneja ..... 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 financing, money lending, investment, leasing, hire purchases, trading, consultancy agency, broking, etc. the assessing officer made local enquiries through the inspector of the income tax department, but the above mentioned parties could not be traced. the assessee was informed about the outcome of the enquiry, and had been asked to produce them for .....

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Apr 30 2003 (TRI)

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

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

..... 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 reading the provisions of section 5 of the act, we find that section 5, both for residents in sub-section (1) and for non-residents in sub- ..... 97 have been filed by the assessee-company against the consolidated order dated 29-11-96 passed by the cit(a) arising out of the order dated 19-3-91 passed by the a.o. under section 163 or the income-tax act, 1961 (for short, the act) pertaining to the asst. year 1988-89.1.1 the other appeal bearing ita no. 811(cal)/97 ..... 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 be rejected. in this view of the matter and considering the reasons given above, the order of the cit(a) is set aside and that of the a.o. is restored.18. in the result, .....

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