Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)79TTJ(Kol.)915
..... a return showing loss is to be furnished and treatment of returns below taxable limit 9.1 under the existing provisions of section 139(3) of the it act, as amended by the taxation laws (amendment) act, 1970, the ito, on an application made to him for this purpose, is empowered to extend, in his discretion, the time for furnishing a ..... specified to produce, or cause to be produced, such account or documents as the ito may require, or to furnish in writing and verified in the prescribed manner information in such form and on such points or matters; (including, with the previous approval of the cit, a statement of all assets and liabilities not included in the ..... return showing loss is to be furnished and treatment of returns below taxable limit 9.1 under the existing provisions of section 139(3) of the it act, as amended by the taxation laws (amendment) act, 1970, the ito on an application made to him for this purpose is empowered to extend, in his discretion, the time for furnishing a return .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)267ITR1(Kol.)
..... of aop, boi and their members (refer to items, 5, 7 and 11 of the table given in para 2.3 ante). the combined effect of the amendments made by the amending act, 1987 and the amending act, 1989 in this respect is as follows : (i) a new clause (ba) has been inserted in section 40, which disallows deductions for any interest or ..... the maximum marginal rate. this new section 167a has, however, been omitted by the amending act, 1989, which has withdrawn the new scheme of taxation of firm and partners (refer to item 14 of the table given in para 2.3 ante). 11.2. insertion ..... higher than the maximum marginal rate, then the entire income of the association or body would be taxed at such higher rate. note : it may be clarified that the amending act, 1987, substituted the old section 167a relating to taxation of certain aop at the maximum marginal rate by a new section 167a, which provided for taxation of firms at .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)83ITD87(Kol.)
..... the previous year in which the transfer took place and are chargeable to income-tax under the head 'capital gains'. 9.2. the amending act has inserted a new sub-section (2) in section 45 of the act to provide that the profits and gains arising from the transfer by way of conversion by the owner of a capital asset into, or ..... 1st april, 1985, when an asset is converted by the owner as stock-in-trade of business, such conversion is to be treated as transfer. corresponding amendment was made in section 45 of the act for computing capital gain arising out of such transfer. in the present case the asset was converted into stock-in-trade before 1st april, 1985. even ..... " in relation to a capital asset includes the conversion of capital asset into stock-in-trade only w.e.f. 1st april, 1985, when the amendment came into effect under section 2(47) of the act. in nutshell the submission of mr. singh is that since the conversion took place before 1st april, 1985, the provision of section 45(2) cannot .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)117TTJ(Kol.)121
..... where capital gains accrued over a long period. the cbdt, in circular no. 636, dt. 31st aug., 1992, explained provisions of finance act, 1992 relating to amended scheme of capital gains. in this circular the board explained that in the scheme prior to 1992 a specified percentage was allowed as deduction under ..... this reason section 2(42a) uses the expression "in determining the period for which capital asset is held by the assessee". section 48 of the it act incorporates computation mechanism for qualifying the 'capital gain' and therefore the expressions used in the computation formula should be given schematic interpretation. the scheme of ..... , inter alia, that the departmental authorities have not properly appreciated the materials placed before them and not properly applied the required provisions under the it act in adjudicating the issues before them. both the orders passed by the departmental authorities suffer from misapplication of the provisions as well as misinterpretation of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)80ITD69(Kol.)
..... will be worthwhile to reproduce the relevant legal provision in order to properly appreciate the controversy before us in correct perspective. section 69d, inserted in the it act by the virtue of taxation laws (amendment) act, 1975 w.e.f. 1st april, 1977, reads as follows : "where any amount is borrowed on a hundi form, or any amount due ..... dt. 24th july, 1976, in an effort to elucidate scope and effect of this section, explains that "the term 'hundi', which has not been defined under the it act, denotes, in common commercial parlance, an indigenous instrument in vernacular language which can be used by holder thereof to collect money due thereon without using the medium of currency." ..... facts of this case. as we do so, we have to further bear in mind that section 69d deals with artificial income created by the provisions of the it act and, therefore, this section needs to be strictly construed. as observed by the jurisdictional high court in the case of cit v. bhupender singh atwal (1983) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD135(Kol.)
..... assessee's claim for short-term capital loss of rs. 13,99,48,746 afresh, in the light of the legal position discussed above and after obtaining such further information, or conducting such further enquiries, as may be deemed necessary. in coming to this conclusion. i have taken particular note of the fact that the details about ..... ignored the letter of calcutta stock exchange since the shares of m/s bpl are traded in the calcutta stock exchange and that is the only authentic source of information regarding the prices of such shares. he also argued that in the absence of any finding by the lower authorities that assessee has understated the sales consideration, there ..... in dispute that the insertion of sub-clause (ii) in section 55(2)(aa), by the virtue of finance act, 1994, was effective 1st april, 1995, and, therefore, it the assessment year before us was not covered by the amended legal provisions. it is fairly well settled that the general rule is that all statutes, other than those which .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)96TTJ(Kol.)1041
..... company law board, northern region, new delhi, placed on record. these bonds had been lodged with irfc. it was in june, 1992, that the assessee was informed that the original bonds had already been transferred in favour of the standard chartered bank. so, if at all the assessee can be said to have lost the ..... which have been reiterated before us. we would have no difficulty in following the elaborate decision of our co-ordinate bench, but for the amendment in section 90 of the it act, 1961, by the finance act, 2001, with retrospective effect from 1st april, 1962. we, therefore, do not consider it necessary to deal with the contentions advanced on ..... net salary allowance and benefits to which the employees is entitled are determined by head office. both the expatriate staff member and the local management will be duly informed by international human resources of the actual amounts to be paid. gross up : once an employee's net salary, allowance and benefits are determined, his/her gross .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)101TTJ(Kol.)258
..... a return suo motu under section 139(1) or by issuance of a valid notice under section 142(1). clause (i) of sub-section (1) of section 142 was amended by finance act, 1990, so that if a person fails to furnish a return of income by the due date mentioned in section 139(1), a notice calling upon him to file ..... ao to call for a return from the assessee. other clauses empowered the ao to ask the assessee to produce or cause to be produced accounts and documents and give information in writing and verified in the prescribed manner. in the present appeal, there is no quarrel that as far as powers given to the ao in the provisions other than ..... under: 38.1 on a careful consideration of the rival submissions, we are of the view that the arguments advanced for the assessees are well taken. section 142 of it act prior to its amendment, had the title "inquiry before assessment". it started with the words "for the purpose of making an assessment". it then did not have clause (i) of sub-section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)43ITD586(Kol.)
..... 1-4-1986. before the insertion of this section the expenditure incurred in connection with the proceedings under the it act was governed by the provisions of section 80w of the act. that section which was inserted by the taxation laws (amendment) act, 1975 with effect from 1 -4-1976 was in the statute book up to 31-3-1985. after ..... adviser for services rendered during and for the conduct of assessment proceedings before the income-tax authorities were deductible under section 10(2)(xv) of the income-tax act, 1922, as amended in 1939, in computing his assessable income. it was further held that a sum of money so paid in a particular year can be allowed in that ..... in section 40a(12). it is significant to note that the provisions of section 37(1) were also correspondingly amended. when section 40a(12) was inserted, the reference to section 80w in section 3.7(1) of the act was also omitted. the result would be that expenditure incurred by an assessee in connection with the income-tax proceedings .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)94ITD89(Kol.)
..... items, very diverse in character such as ships, vehicles, books, scientific apparatus and surgical equipment, used for the purpose of business or profession. the finance act, 1995, amended the definition with retrospective effect from 1st april, 1962 to state that the word 'plant' does not include tea bushes or live stock. the very ..... a dealer on the otc exchange of india are enumerated as under: "1. your appointment as a dealer and continuation thereof is subject to all information furnished and statements/representations made by you in your application for dealership being found valid and true. 2. only the applicant or the authorised signatories on ..... operation of the institution and such training was necessary for the assessee-company in order to become familiar with the operation of otcei. hence, the said technology cost has been treated as revenue expenditure. in connection with the aforementioned items included in deferred revenue expenditure, reliance was placed upon the decisions of .....
Tag this Judgment!