Judgment Search Results Home > Cases Phrase: income tax act 1961 section 280z tax credit certificates to certain equity shareholders omitted Court: income tax appellate tribunal itat kolkata

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)60SCL59NULL

1. under section 255(3) of the income-tax act, 1961 (hereinafter called the act), the hon'ble president of the income-tax appellate tribunal has constituted this special bench to consider the following question:- "whether, on the facts and in the circumstances of the case, the expenditure incurred by the ..... considered and decided by a special bench for the following reasons recorded in the referreal order :- "reference under section 255(3) of the i.t. act, 1961 by kolkata bench "c" to the president, income tax appellate tribunal for constituting a special bench. we, the members of "c" bench at kolkata are of the view that the appeal of m/s. ..... to the assessee on payment of the development charges. that would render the expenditure as a capital one. moreover, we are quite unaware of any authority given in the income-tax act, for carrying forward revenue expenditure, after dividing it, as per the assessee's own wish, into subsequent assessment years. in this view of the matter no point of .....

Assistant Commissioner of Income Vs. the Champdany Industries Limited

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)97TTJ(Kol.)41

..... as under (page 477) :- "from a combined review of the judgments of this court, it follows that an income tax officer acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income tax act, 1961, only if on the basin of specific, reliable and relevant information coming to his possession subsequently, he has reasons, ..... the said audit objection in his order. perusal of the said audit observation shows that the audit party has not interpreted any law or provision of the income tax act. it has simply invited the attention of the ao to a factual error, i.e., irregular deduction allowed to the assessee which is not consistent with ..... reason to believe that income chargeable to tax has escaped assessment for a.y. 94-95, on account of under assessment of the income due to excessive relief under section 80hhc allowed to the assessee. income escaping assessment is estimated at rs. 4,60,93,747/-. issue notice under section 148 of the i.t. act, 1961 for a.y. 1994 .....

Joint Commissioner of Income Tax, Vs. Usha Martine Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)104ITD249Cal

..... the following questions: whether, the provisions made for doubtful debts, advances & investments, i.e. for unascertained liabilities, falls within the purview of adjustments under section 115-ja of the income-tax act, 1961 and whether the a.o. was justified to make adjust of rs. l,56,00,000/- in this case in computing the books profits 2. the case was fixed for ..... the assessing officer, while computing the book profits of a company under section 115j of the income-tax act, 1961, has only the power of examining whether the books of account are certified by the authorities under the companies act as having been properly maintained in accordance with the companies act. the assessing officer, thereafter, has the limited power of making increases and reductions as provided ..... 1. this special bench has been constituted under section 255(3) of the income tax act, 1961 by the hon'ble president, i.t.a.t. in the case of m/s. usha martin industries ltd. vide i.t.a. no. 1304 (cal)/2000 for assessment .....

Pampasar Distillery Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... has relied upon the decision itat, mumbai bench in the case of century enka ltd. v. dy. cit (2006) 101 itd 489. he further submitted that even as per provision of section 170 sub-section (2) of the income tax act, 1961, the assessment can be made in the hands of the successor company. in the scheme of amalgamation, ..... the business of the amalgamating company is taken over as a going concern by the amalgamated company. thus, there is succession of business as provided in section 170 of the income tax act.he further contented that ..... should be made in the hands of amalgamated company, i.e., shaw wallace distilleries ltd., for which he placed reliance on section 170 of the income tax act.16. section 170 of the income tax act deals with the succession to the business otherwise than on death. it reads as under : 170. succession to business otherwise than on death. (1 .....

Ms. Enfield Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... a practical and judicious adjudication of the complex case(s) and avoiding protracted litigations. accordingly, an application for settlement under section 245c(1) of the income tax act, 1961 was already filed by enfield industries limited for the block period as well as for the assessment year 2000-01 and the individuals, namely, sri satyadeo ..... gave incomplete information, the appellant subsequently filed an application before the settlement commission under section 245c(1) of the income tax act, 1961 on 21-11-2001 disclosing its modified income for the block period. the same income rs. 14,25,052 was also disclosed to the i.t. authorities by a disclosure petition dated 20-12 ..... return, which was initially filed, was sought to be rectified by its subsequent disclosure, which was noted and acted upon by the income tax officer. it is not mandatory under section 271 of the income tax act, 1961, that a penalty must be imposed in every case.6.15. it is thus established without any ambiguity that .....

Deputy Commissioner of Income Tax Vs. M.L. Dalmiya and Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)100TTJ(Kol.)613

..... department and assessments have been completed then the same will be outside the scope of block assessment to be computed under special provisions of chapter-xiv-b of the income tax act, 1961.22. concluding his argument, it has been submitted by the ld. counsel that the entire addition made by the a.o. was based on presumption and assumption ..... respective years prior to the date of search.34. the case law relied by the ld. cit(a) in case of cit v. ravi kant jain reported in 250 itr 141 clearly says that block assessment under chapter xiv-b of the income tax act, 1961 is not intended to be a substitute for regular assessment. its scope and ambit is limited ..... execution of civil engineering and construction job throughout the country on a very large scale for a long time. a search & seizure operation under section 132 of the income tax act was conducted on 20.7.2000 and on subsequent dates, wherein its office, work sites, godowns and other premises were covered. in response to notice dated 5.2 .....

Joint Commissioner of Income Tax, Vs. I.T.C. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)112ITD57(Kol.)

..... in the circumstances of the case, the ld. cat {a) has erred in deleting the addition of rs. 13,28,09,673/- made under section 40a(2)(a) of the income tax act, 1961 without appreciating that arms length principle had been violated in this transaction.82. the ld. senior counsel for the assessee has not pressed any serious objection on such modified ground ..... section 80hhc which directly contradicts the law. (16) that, on the facts and in the circumstances of the case, the hon'ble cit(a) has erred in directing the a.o. top allow deduction under section 80hhc of the income tax act, 1961 as per computation made by the assessee's auditor without pointing out any defect in the computation made by assessing officer.2 ..... 1. this special bench has been constituted under section 255(3) of the income tax act, 1961 by the hon'ble president, i.t.a.t. in the case of m/s. i.t.c. ltd. vide i.t.a. no. 1541 (cal)/2000 for assessment year .....

Joint Commissioner of Income Tax, Vs. Peerless Developers Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)287ITR153(Kol.)

..... object for filing of appeal despite such an instruction. the appeal is clearly maintainable before the tribunal on behalf of the department under section 253(2) of the income tax act, and this right to file an appeal is a statutory right and cannot be taken away or prohibited by executive instructions.10. the 4^th & last ..... 27^th march, 2000 and submitted that in the said instruction the cbdt has directed the departmental officers to file appeal before the income tax appellate tribunal in income tax matter only in cases where the tax effect exceeds the revised monetary limit i.e. rs. 1,00,000/-. he submitted that from the copy of intimation issued by ..... vide instruction no. 1903 dated 28^th october, 1992, the monetary limit was revised upward and the officers were directed not file the appeal before the income tax appellate tribunal where the tax effect was below rs. 25,000/-. the above monetary limit was further revised upward by instruction no. 1979 dated 27^th march, 2000 and the .....

Asstt. Cit Vs. Champdany Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)95ITD169(Kol.)

..... been allowed deduction under section 80hhc at rs. 4,60,93,747.in the report under section 80hhc(4) of the income tax act, 1961 in form no. 10ccac submitted along with the return of income, the assessee has shown profit from export of trading goods at nil and profit from export of manufactured goods at rs. ..... as under (page 477):- "from a combined review of the judgments of this court, it follows that an income tax officer acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income tax act, 1961, only if on the basis of specific, reliable and relevant information coming to his possession subsequently, he has ..... . the calculation given by the chartered accountant in form no. 1occac submitted along with the return of income is as under: "details relating to the claim by the exporter for deduction under section 80hhc of the income tax act, 1961 14. profits derived by assessee from export of goods or merchandise to which section 80hhc applies, computed .....

Sankar Narayan Das Vs. Assistant Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)101ITD95Cal

..... .o. in treating the above assessees as resident in india was well justified in view of the provisions as laid down in sub-section (1) of section (6) of the income tax act, which is re-produced hereunder for the sake of clarity: (1) an individual is said to be resident in india in any previous year, if he - (a) is in ..... than 182 days since none of the five assessees fulfilled one of the above two conditions as laid down in clause (a) of sub-section(6) of section 6 of income tax act, in our considered opinion the a.o. has rightly treated these assessees as ordinarily resident in india in lieu of non-ordinarily resident in india as claimed by the assessees ..... has rightly held the above assesses as ordinarily resident in india in view of the plain reading of clause (a) of sub-section (6) of section 6 of income tax act which defines the meaning of not ordinarily resident in india. the ld. cit(a) has accordingly upheld the action of a.o.7. all the assessees are aggrieved with such order of ld .....