Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD215(Kol.)
..... of the income tax act, 1922 to the corresponding provision of section 139 and section 80 of the income tax act, 1961, it cannot be disputed that section 139 of the income tax act, 1961 is a procedural statutory provision of the income tax act, 1961 and section 80, which is part of chapter-vi, is a substantive provision of the income tax act, 1961.their lordships ..... in order to appreciate the above decision of the supreme court, i consider it necessary to refer to the relevant provisions of the income tax act, 1922 and the corresponding provisions under the income tax act, 1961. the relevant provisions considered by their lordships of the supreme court in the case of kulu valley transport co. (p) ltd. ..... appellate orders, the assessing officer denied the benefit of carry forward of loss on the ground of late submission of the income-tax returns. section 80 of the income tax act, 1961 has been invoked.it may not be out of place to mention that the orders of the tribunal have not become final .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD199Cal
..... of the act had been amended by the finance act, 1987 with effect from 1-4-88 and the transactions covered under section 269ua incorporated with effect ..... other sources' right from the assessment year 1965-66 onwards. 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 relevant section 27(iiib) reads ..... years 1991-92 to 1997-98 the assessee continued to disclose the income derived from the property in question under the head 'income from other sources'. the assessing officer had issued intimations for the respective assessment years under section 143(1)(a) of the income-tax act, 1961. subsequently, it was discovered by the ao that section 27(iii) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)91ITD153(Kol.)
..... that profits 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. sections 30 to 36 deal with specific deductions. it is nobody's case that the expenditure in dispute falls within the ambit of any of these sections viz. ..... the matter be place before the regular bench for passing a consequential order in accordance with the majority view.vinod kothari consultants pvt. ltd. v. dy. 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 being referred to the hon'ble ..... 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. radha kishan kapoor v. cit (47 itr 938) wherein the payment made for acquisition of monopoly right was held to be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)88ITD35Cal
..... consider as to whether the compensation paid by m/s. imkemex india ltd. to the appellant is mesne profit.16. the term 'mesne profit' is not defined under the income-tax act, 1961. the said term is defined under civil procedure code. section 2(12) of c.p.c. as under:- 'mesne profits' of property means those profits which the person in wrongful ..... not fall within the definition of 'mesne profit' as defined under section 2(12) of c.p.c. and that the amount received is in the nature of income liable to tax as revenue receipt.8. in regard to the terms of 'mesne profit' used in the consent decree, the ld. departmental representative contended that it is settled law ..... the assessee for the period during which the government department was in occupation of the land and hence it was rightly treated as bearing the character of income liable to be taxed in the hands of the assessee. having regard to these considerations, our answer to the question raised by the assessee in this case must be rendered .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)5SOT17(Kol.)
..... assessment year 2000-01 was either erroneous or prejudicial to the interest of the revenue, he erred in cancelling the said order in terms of section 263 of the income tax act.4. that, on the facts and in the circumstances of the case, since no real opportunity of being heard was given to the appellant as required under section ..... (1982) 133 itr 71 (del).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 income tax act.we have heard the rival contentions of the parties and also perused the records in detail. we are of the opinion that the assessee should succeed with ..... in issuing any direction to the learned assessing officer in respect of the said amount.5. that, while passing his order under section 263 of the income tax act, the learned cit, kol-i erred in observing that at the assessment stage the learned assessing officer did not examine the appellant's liability of rs. 657 crores under the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)96TTJ(Kol.)834
..... 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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100ITD441Cal
..... his order passed under section 263 dated 2.12.2004 observed that in my opinion, once the deduction under section 24 of the income tax act is fully allowed to the assessee company from the rental income, the extra expenses for repairs and maintenance etc. are not allowable. from the fair reading of the above, we find that in ..... being claimed to be exempt had actually been earned by him or not and further, whether the entire amount of income from agriculture and poultry farming was exempt from tax. the cit had rightly initiated proceeding under section 263 of the i.t. act, 1961 as exemption had been granted without application of mind.13. in karnani properties ltd. v ..... returned income of rs. 35,79,440/-. he further submits that the ld. cit in exercise of his power under section 263 found that the assessing officer has allowed excess expenses of rs. 17,54,266/- on account of repairs and maintenance in addition to statutory deduction allowed under section 24 of the i.t. act, 1961 resulting loss .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)109ITD69(Kol.)
..... thereof. however, the question before us is not of the practical difficulties to the a.o. but is of the period of limitation as per the provisions of income-tax act. section 275 provides period of limitation within which the a.o. has to impose the penalty. if the a.o. has not been able to impose the penalty ..... next deal with the point whether the commission is now competent in law to assume jurisdiction over other proceedings e.g. various penalty proceedings, proceedings before the commissioner of income tax under section 273a etc. relating to these years.at page-68, para-113 of the order, the settlement commission observed as under: in view of what has ..... 1970-71 to 1974-75 also. it was submitted by the assessee before the settlement commission that the assessee is desirous of having complete settlement of all pending income-tax problems including penalty proceedings which are pending before the i.t.o. for assessment years 1970-71 to 1974-75. the settlement commission vide order dated 1.3 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)5ITD285(Kol.)
..... result into an enduring advantage and, therefore, the expenditure would be a capital expenditure not deductible under section 37 of the income-tax act, 1961, in view of the decision of the calcutta high court in the case of cit v. india tobacco co. ltd. [1978] 114 itr 182 and of the allahabad high court in the case of sam ..... incurred by the assessee for the construction of the stadium was for the purpose of commercial expediency and, therefore, this was an admissible deduction in computing the income of the assessee.however, for deduction to be allowed under section 37 it is necessary, that such expenditure should not be capital in character. admittedly, the ..... to come. it will not be correct to say that by avoiding certain business expenditure, the company can be said to have acquired enduring benefits or acquired any income yielding asset. (p. 554) in short, the learned counsel for the assessee contended that if the advantage consists merely of facilitating the assessee's trading business .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1988)27ITD451(Kol.)
..... of 3,100 preference shares of rs. 100 each purchased in the earlier years. however, the donation as required under section 11(1)(a) of the income-tax act, 1961 was given by the assessee at rs. 87,500. the income-tax officer accordingly took into consideration the application of rs. 87,500 for charitable purposes out of the ..... that, on the facts and in the circumstances of the case, the learned commissioner of income-tax (appeals) erred in directing the income-tax officer that the amount of rs. 3,10,000 should be treated as application of income for the purpose of section 11 of the income-tax act; 2. that, on the facts and in the circumstances of the case, the learned ..... commissioner of income-tax (appeals) erred in computing the total income to a minus figure from total income of rs. 1,53,515; 3. that, the order .....
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