Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2001)71TTJCtk323
..... reliance was also placed on section 9 of the income tax act, 1961, which lays down that if any income of the assessee, being a foreign company, includes royalties or fees for technical services from an indian concern, the same will be deemed to accrue or arise in india. ..... it was observed by the assessing officer that a foreign company is liable to indian income-tax in every case in respect of interest, royalty and technical fees received abroad from an indian resident for services or other consideration rendered wholly abroad, the only exception being the case where payment is made to the purpose of indian residents business, profession or source of income abroad. ..... , took note of the fact that the assessee is 100 per cent eou, and that clauses (vi)(b) and (vii)(b) of section 9 provide exception for payments for royalties and fees for technical services payable by a resident for services utilized in a business carried on by such person outside india or for making or earning of any income from any source outside india.in this background the learned commissioner (appeals) concluded that, "in the present case the royalty and fees for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1987)21ITD4Ctk
..... 918 under section 43b of the income-tax act, 1961 ('the act') was ..... the regular practice cannot be upset merely because section 43b which relates to deduction of expenses while computing the income under section 28 of the act has been enacted. ..... he explained that the assessee was collecting sales tax and paying the same quarter after quarter in accordance with the provisions of the sales tax act.the amount collected in one quarter is payable within the first half of the ..... assessee appealed to the commissioner (appeals) who confirmed the action of the ito on the ground that the sales tax collected by the assessee represented a part of its sale proceeds and so the same had to be included in ..... commissioner (appeals) held that it became taxable because of the provision of section 43b which prohibits deductions of unpaid amount of expenses.5. ..... that the amount under consideration was not claimed as a deduction and so section 43b did not come into play.6. ..... 23,918 deserves to be deleted from the total income of the assessee and the assessment deserves to ..... following the mercantile system of accounting but so far as the sales tax collections are concerned, they have been kept in a separate account. ..... [1973] 87 itr 542 (sc), the assessee collected sales tax but did not pay the same to the government for ..... ) 31 also shows that section 43b is not intended to be applied against assessees like the instant one who do not indulge in the practice of withholding payment of legitimate dues to the government beyond .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1992)42ITD320Ctk
..... the appeal by the revenue and the cross objection by the assessee are directed against the order of the deputy commissioner of income-tax (appeals), berhampur dated 23-6-1989 and they involve question of justification of the direction of the dc (appeals) to the assessing officer not to charge interest under sections 139(8) and 217 of the income-tax act, 1961 ('the act'). ..... the above discussion leads me to the conclusion that the instant case was a case of levy of interest under sections 139(8) and 217 of the act in view of clear position of law as brought about by the amended provisions of explanation 2 to section 139(8), and section 215(6) of the act which were clearly applicable to the case under consideration.12. ..... the learned departmental representative urged before me that explanation 2 to section 139(8) of the act as substituted and sub-section (6) of section 215 as inserted by the taxation laws (amendment) act, 1984 with effect from 1-4-1985 justify the charge of interest under sections 139(8) and 217 in the present case. ..... the assessing officer, therefore, initiated proceedings under section 147(a) of the act and by his notice under section 148 of the act required the assessee to file return of his income. ..... in the course of special survey conducted by the department under section 133a of the act at the business premises of the assessee at berhampur on 20-9-1985, it was known that the assessee derived taxable income. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2007)106ITD45Ctk
..... under section 255(3) of the income tax act, 1961 for consideration of special bench. ..... every reinvestment thereafter in, and sale of, shares in, or debentures of, an indian company: provided further that where long term capital gain arises from the transfer of a long term capital asset, other than capital gain arising to a non-resident from the transfer of shares in, or debentures of, an indian company referred to in the first proviso, the provisions of clause (ii) shall have effect as if for the words "cost of acquisition" and "cost of any improvement", the words "indexed ..... arising from the transfer of a long term capital asset being bond or debenture other than capital indexed bonds issued by the government: provided also that where shares, debentures or warrants referred to in the proviso to clause (iii) of section 47 are transferred under a gift or an irrevocable trust, the market value on the date of such transfer shall be deemed to be the full value of consideration received or accruing as a result of transfer for the purposes of ..... . the agricultural land was not included within the definition of capital asset till 1-4-1970 and it was only by finance act 1970 certain agricultural land in india were included in the definition of capital asset ..... . gem india manufacturing co ..... . application of the cost inflation index in such a reversed manner for computation of land value is arbitrary, unreasonable and in violation of the mandates of article 14 of the constitution of india.19 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2001)71TTJCtk662
..... itr 552 (mp), their lordships of hon'ble madhya pradesh high court, respectfully following judgment of hon'ble bombay high court in mehboob productions's case, (supra) held as follows : "section 37 of the income tax act provides that any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenses or personal expenses of the assessee), laid out or expended wholly or exclusively for the purposes of business or profession shall ..... (bom-hc) : (1998) 231 itr 1 (bom), it is incumbent on the commissioner (appeals) to exercise its powers under section 250(4) where the facts and circumstances so justify and such powers cannot be fettered by rule 46a of the income tax rules. ..... the company for the benefit of its managing director who also happens to be a beneficial owner of the company and as such the incurring of such expenditure must be construed as application of income rather than expenditure to earn income, we may quote a passage from the judgment of house of lords in the case of atherton v. ..... the order, dated 6-8-1996, passed by the learned commissioner (appeals) orissa, in the matter of assessment order under section 143(3) for the assessee-company for the assessment year 1990-91. ..... samal being whole-time director and having no other source of income, the resolution passed by the board of directors should be considered bona fide and the expenditure approved by the resolutions cannot but be treated as business expenditure. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1992)41ITD227Ctk
..... but the assessee claimed the entire income as being exempt under section 80p(2)(a)(vi) of the income-tax act, 1961 on the ground that it is entitled to such exemption as a co-operative society being engaged in the collective disposal of labours of its members. ..... the ito, however, did not accept this claim and observed that the exemption provided under the aforementioned provision of income-tax act, 1961 was available only to those co-operative societies which earned income through collective disposal of the labour of its members and not to any co-operative society formed by professionals like doctors, lawyers, engineers, chartered accountants, contractors, etc.the ito further observed that in the case of the ..... the assessee also placed before the cit(a) assessment orders for three subsequent years in which the ito accepted the assessee's plea and treated the entire income as exempt under the above provision of income-tax act, 1961. ..... 20,000 available to a co-operative society as laid down under section 80p(2)(c) of the income-tax act. ..... the counsel for the assessee submits that as per section 254(4) the order of the tribunal has become final and, therefore, it was binding on the cit(a) and he ought not to have given a finding that the income of the assessee society is not exempt under section 80.p(2)(a)(vi) of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2001)77ITD358Ctk
..... where there is an agreement for sell there being no element of agency, the payment cannot be deemed to be commission as envisaged in section 194h of the income-tax act. ..... learned dr vehemently opposed the order passed by the cit(a) and submitted that section 194h came into operation from 1-10-1992 and accordingly tax should have been deducted from the payments of commission by the assessee for payments upto 31-3-1992 and for payments for april and may, 1992. ..... commissioner of agricultural income-tax and sales-tax v. ..... an agent has been defined in section 182 of the indian contract act as a person employed to do any act for another or to represent another in dealings with third pereons. ..... it was brought to our notice that the assessee had not effected any such tds and therefore total tax liability under section 194h was asked to be paid. ..... the assessing officer has objected to such transactions on the ground that there had been no deduction of tds under section 194h, which was on the statute from 1-10-1991 to 30-6-1992. ..... in view of the same section 194h is clearly applicable in this case. ..... he further submitted that section 204 clearly indicates the meaning of 'person responsible for paying' and there is no ambiguity. ..... the person for whom such act is done, or who is so represented, is called the 'principal'. ..... the arrangement so made between the assessee and the agents would in our view be governed by the provisions of sales of goods act and not by the laws of agency.5. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1986)17ITD100Ctk
..... rotho, accountant member - this appeal has been filed by the assessee against the order under section 263 of the income-tax act, 1961, (the act) passed by the commissioner, orissa, bhubaneswar for the assessment year 1979-80.2. ..... 1,31,885, and (2) has allowed excess interest under section 214 of income-tax act, 1961, to the tune of rs. ..... point, it was urged by the assessee that the ito had merely directed the charging of interest as per rules and the subsequent interest found payable to the assessee because of the excess payment of advance tax was a ministerial work and even if there is any mistake in such clerical work, it would not make the order of assessment passed by the ito erroneous in any way. ..... regarding the second point, he stated that the assessee paid the amount on 15-9-1978 as advance tax under section 209 as no other amount was due to be paid by the assessee on the said date ..... is also force in the contention raised for the assessee that this point is not made a ground for passing of the order under section 263 by the commissioner either in the show-cause notice or in the body of the order itself. ..... to him, the assessee did not file any statement or estimate of advance tax under section 209 and so, the payment made on 15-9-1978 was not an instalment of advance tax and, consequently, no interest was allowed thereon. ..... he also referred to the decision in the case of oil india ltd. v. ..... this conclusion is supported by the decision in the case of traub (india) (p. ..... traub (india) (p. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2004)269ITR20Ctk
..... circumstances of the case, the view of the accountant member is correct in holding that the authorities are not justified in straightaway estimating the value of stock without physically weighing them during the operation under section 132 of the income-tax act particularly when the assessee maintains regular books of account which are checked by the central excise authorities time to time, or the view of the judicial member is correct in holding that in the ..... of the case, the view of the accountant member is correct in holding that the authorities are not justified in straightaway estimating the value of stock without physically weighing them during the operation under section 132 of the income-tax act particularly when the assessee maintains regular books of account which are checked by the central excise authorities from time to time, or the view of the judicial member is correct in holding that in ..... sri mathuram agrawal has also stated that he was busy with the searching party in his residence and factory premises and, therefore, he was visiting the searching party as and when he ..... but the principal of the assessee, namely, the food corporation of india, through its officer made a physical verification and found the shortfall in the stock of the ..... were engraved by the markings of steel authority of india limited from whom these materials were purchased. ..... headnote) : "in 1969-70 the assessee, a rice miller, was the purchasing agent of the food corporation of india for paddy. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2005)273ITR1Ctk
..... the deduction under section 801a of the income-tax act.3. ..... in these cases, hon'ble supreme court held that rather than charging interest income to tax under the head "income from other sources," it shall be deducted from the cost of capital asset as it was inextricably linked ..... 'ble supreme court in the case of velors electric corporation reported in 227 itr 557, while considering the assessee's claim under section 80i in respect of interest income earned on the investment in securities, held that there is a direct and proximate connection between the carrying on of business of generation and distribution of electricity by the assessee as a licensee under the electricity supply act and the income derived by way of interest from the investment in the securities. ..... was justified in allowing the assessee's claim for deduction after recording his finding that interest income and other miscellaneous income was having direct and proximate connection with the business of industrial undertaking so as to entitle the assessee for deduction under section 80ia and that there was no positive income on account of interest after setting of the interest paid by the assessee company.7. ..... other hand, the assessee company was under business compulsion to have deposit with dabur india and its associate concern. ..... , the assessee company was to give deposit as security money to dabur india and its associate concern. ..... india ..... india ..... india ..... india ..... india ..... dabur india ltd ..... india ..... dabur india ..... india ..... india ..... india .....
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