Judgment Search Results Home > Cases Phrase: income tax act 1961 section 35cc omitted Court: income tax appellate tribunal itat kolkata Page 1 of about 186 results (0.162 seconds)

Subarna Plantation and Trading Vs. Income-tax Officer

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 .....

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)60SCL59NULL

..... 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 assessee towards development fee and ..... before the bombay high court was as to when a business could be said to have been set up within the meaning of the expression under section 2(11) of the indian income-tax act, 1922. ..... and come to the conclusion whether on a fair appreciation of the whole situation the expenditure incurred in a particular case is of the nature of capital expenditure or revenue expenditure in which latter event only it would be a deductible allowance under section 10(2)(xv) of the income-tax act. ..... and come to the conclusion whether on a fair appreciation of the whole situation the expenditure incurred in a particular case is of the nature of capital expenditure or revenue expenditure in which latter event only it would be a deductible allowance under section 10(2)(xv) of the income-tax act. ..... act, 1961 by kolkata bench "c" to the president, income tax appellate tribunal for constituting a ..... and when any part of the amount is refunded to the assessee on surrender of telephone or otherwise, the refunded amount shall be treated as income of the assessee of the year in which the amount is so refunded and brought to tax by invoking the provisions of section 41(1) of the act. .....

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)104ITD249Cal

..... (supra), wherein their lordships observed as under: 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. ..... 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. ..... for unascertained liabilities, falls within the purview of adjustments under section 115-ja of the income-tax act, 1961 and whether the a.o. ..... (5) in making the computation aforesaid, the following sums shall not be deducted: (b) income tax and super tax payable by the company under the indian income-tax act, 1922 (11 of 1922), or any other tax on the income of the company not falling under clauses (d) and (e) of sub-section (4); (c) any compensation, damages or payments made voluntarily, that is to say, otherwise than in virtue of a liability such as is referred to in clause (m) of sub-section (4); (d) loss of a capital nature including loss on sale of the undertaking or any of the undertakings of the company or of any .....

Ms. Enfield Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... filed its return showing a meagre income but after action and section 152 of the income tax act, 1961 a notice under section 148 was served on him to response to the said notice he filed revised return showing higher income. ..... on available records which 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. ..... 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 sonthalia, ..... is not mandatory under section 271 of the income tax act, 1961, that a penalty must ..... addition made to the undisclosed income in the block assessment in the following manner: 2) while passing the assessment order, your goodself has initiated penalty proceedings under section 158bfa(2) of the income tax act, 1961. ..... subsequently made by the assessee, may be by its own volition, showing further secret/undisclosed income was on the basis of the seized documents which was not reflected in its original return.therefore, there was a clear case of concealment of undisclosed income, inviting thereby penal consequence under section 158bfa(2) of the act.the cit(a), therefore, was perfectly justified in treating the difference between the disclosure made originally .....

Assistant Commissioner of Income Vs. the Champdany Industries Limited

Court : Income Tax Appellate Tribunal ITAT Kolkata

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

..... 203 itr 546), their lordships of the hon'ble supreme court has held and observed 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, which he must record, to believe that, by reason of omission or failure on the ..... part of the assesses to make a true and full disclosure of all material facts necessary for his assessment during the concluded assessment proceedings, any part of his income, profits or gains chargeable to income tax has escaped assessment ..... 10ccac submitted alongwith 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 19611. .....

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

..... . the existing provisions contained in chapter xtv-b of the income tax act provide for a single assessment of undisclosed income of 3 block period of six years in cases of search under section 132 or requisition under section 132a and lay down the manner in which such income is to be computed and the interest or penalty which may be levied in certain circumstances. 6.12 ..... incorporated in the books of accounts and already presented before the 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 ..... 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. ..... basis for the addition in the block assessment keeping in view the fact that all such companies from whom share application money was received and amalgamation reserve was created were existing income tax payee and were filing return of income with the department which were audited and nothing adverse was found during the course of search which could suggest that the above companies were actually benami company of ..... . 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 .....

Pampasar Distillery Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... 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. ..... thus, there is succession of business as provided in section 170 of the income tax act.he further contented that after the date of amalgamation the amalgamating company does not remain in existence and, therefore, cannot be found by the assessing officer. ..... as per provision of sub-section (2) of section 170 of the income tax act. ..... section 170 of the income tax act deals with the succession to the business otherwise than on death. ..... , for which he placed reliance on section 170 of the income tax act.16. ..... once it ceased to exist, there was no question of assessing it for income-tax, as there is no provision in the act to assess a company which is dissolved. ..... (2) notwithstanding anything contained in sub-section (1), when the predecessor cannot be found, the assessment of the income of the previous year in which the succession took place up to the date of succession and of the previous year preceding that year shall be made on the successor in like manner and to the same extent as it would have been made on the predecessor, and all the provisions of this act shall, so far as may be, apply accordingly. .....

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

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

..... 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 ..... bench has been constituted under section 255(3) of the income tax act, 1961 by the hon'ble president ..... . 13,28,09,673/- made under section 40a(2)(a) of the income tax act, 1961 without appreciating that arms length principle had been ..... on the following judgments in support of his contention that since books of accounts being audited in accordance with the provisions of income tax act and has been accepted as true and correct, there is no justification to make any ad hoc or lumpsum disallowance: (i) acit ..... draft or by any other mode on or before the due date as defined in the explanation below clause (va) of sub-section (i) of section 36, and where such payment has been made otherwise than in cash, the sum has been realized within fifteen days from the due date.the above second proviso has been omitted by the finance act, 2003 with effect from 1.04.2004 and the special bench, chennai in the case of kwality food ..... another matter that at a subsequent point of time, the legislature felt it necessary to omit the said provisions, but they were in the statute book at the relevant point ..... facts and in the circumstances of the case, the hon'ble cit(a) has erred in deleting addition of 'repairs' when the order of assessment showed that material evidence to establish the claim had been omitted to be made available for a.o. .....

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

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

..... 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 ..... dated 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. ..... reported in 253 itr 1 held that central board of direct taxes in circular dated 27.03.2000 had asked all officers of the income tax department under their control not to file appeals before the appellate tribunal in cases where the tax effect involved in appeal did not exceed rs. ..... he submitted that from the copy of intimation issued by the assistant registrar, income tax appellate tribunal, kolkata benches to the assessee, it may be seen that the department filed this appeal before the tribunal on 6.2.01 ..... we find that section 255(3) of the act empowers the president of the tribunal to constitute a special bench.the said section reads as under - 255(3) - the president or any other member of the appellate tribunal authorized in this behalf by the central government may, sitting singly, dispose of any case which has been allotted to the bench of which he is a member and which pertains to an assessee whose total income as computed by the [assessing] officer in the case does not .....

Asstt. Cit Vs. Champdany Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

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

..... lal's case (supra), their lordships of the hon'ble supreme court has held and observed 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 reasons, which he must record, to believe that, by reason of omission or failure on the ..... part of the assessee to make a true and full disclosure of all material facts necessary for his assessment during the concluded assessment proceedings, any part of his income, profits or gains chargeable to income-tax has escaped assessment ..... 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. ..... 4,60,93,747.in the report under section 80hhc(4) of the income tax act, 1961 in form no. .....