Judgment Search Results Home > Cases Phrase: interest tax act 1974 section 10 interest escaping assessment Court: income tax appellate tribunal itat kolkata Page 2 of about 185 results (0.226 seconds)

Sudipto Sarkar Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)101ITD229(Kol.)

..... paid for furtherance of appellant's professional activities in terms of the provisions contained in section 37 of the income-tax act, 1961 and erred in upholding the arbitrary and unlawful disallowances made by the assessing officer, wrongly in flagrant violation of statutory provisions, which should and ought to be deleted in the interest of justice.7.1 the brief facts of the sustenance of disallowance of donation and subscription ..... prior to the substitution of sub-section (2) of section 37 of the income-tax act by the finance act, 1992 with effect from 1.4.1993 and later on amended by the finance act, 1994 with retrospective effect from 1.4.1993, therefore, in view of the non obstante clause provided in sub-section (2) of section 37, the decisions relied on by ..... assessees in providing ordinary meals to outstation customers according to established business practice, was a permissible deduction in spite of sub-section (2a) of section 37, in the computation of total income for the purpose of payment of tax under the income-tax act, 1961, during the relevant period prior to 1.4.1976.5.16 in navabharat enterprises (p. ..... 151 of 1974, the tribunal agreed with the appellate assistant commissioner who had found that it was customary for the assessee and a very long-established tradition that farmers ..... 64 of 1974, it was found by the appellate tribunal that it was not in dispute that up-country constituents of the assessee came to ahmedabad for the purpose of the business with the assessee .....

Dinabandhu Pal Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)293ITR199(Kol.)

..... held as under: the satisfaction as to the assessee having concealed the particulars of his income or furnished inaccurate particulars of such income is to be arrived at by the assessing officer during the course of any proceedings under the act, which would mean the assessment proceedings, without which, the very jurisdiction to initiate the penalty proceedings is not conferred on the assessing authority by reference to clause (c) of sub-clause (1) of section 271 of the income-tax act 1961. ..... fide and honestly in returning the correct income originally, (ii) the filing of the revised return offering additional income by adding interest expenditure could not be considered a bona fide act, and (iii) the assessing officer was fully justified in initiating and thereafter levying penalty under section 271(1)(c) of the act, after calling for explanation from the assessee, as the assessee failed to offer any convincing explanation and unless it was demonstrated that ..... it is also interesting to note that the hon'ble delhi high court in the case of ..... important to re-produce the same which reads as under: counsel contended that in any event, penalty for the assessment year 1949-50 could not be imposed upon the assessee firm because there was no evidence that the income-tax officer was satisfied in the course of any assessment proceedings under the income-tax act that the firm had concealed the particulars of its income or had deliberately furnished inaccurate particulars of the income .....

Sarita Devi Kajaria Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)276ITR34(Kol.)

..... in the interest of justice, therefore, the cit(a) who was absolved of a duty of setting aside the order by amendment effective from 1.6.01 who in the interest of justice should verify the basis of holding and bringing to tax capital and not disallowing sales-tax paid under section 43b to justify the framing of assessment as per the provisions of the income-tax act.he should have filed the fir with police ..... the assessing officer issued notice under section 148 of the act on 13^th february, 1996 based on certain information in his possession and stated that the assessing officer had reason to believe that there was escapement of income within the meaning of section 147 of the act the case was re-opened on the basis of a cash book ledger and loose sheets containing the details ..... the members constituting this division, the following question was referred to the hon'ble president of itat as third member for his opinion under section 255(4) of the income tax act, 1961 "whether on the facts and circumstances of the case, the ld. ..... received by the department from an ex accountant of the assessee, we are of the considered view that the action of the assessing officer to re-open the assessment and to initiate the proceedings under section 147/148 of the act is in accordance with law as the assessing officer had prima facie reason to believe that there was an escapement of income therefore, we do not find any reason to interfere with the orders of the authorities below by confirming the action .....

Til Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... (2004) (assessment year 2001 -02).6.13 lastly, the commissioner (appeals) has also confirmed the disallowance on the ground that no tds was deducted by the appellant under section 195 of the income tax act, 1961 and therefore the payment of commission was even otherwise not allowable as per the provisions of section 40(a)(i). ..... in this regard, our attention has firstly been drawn to the provisions of section 195, in accordance with which any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest or any other sum chargeable under the provisions of this act (not being income chargeable under the head "salaries") shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque ..... furthermore, as far as our knowledge goes, the voiker commission report, so far as the same is offending to the interests of india, is mainly concerned about doling out permits to various parties including some indian parties as well to procure oil from iraqi oil fields at controlled/subsidized rates and have no direct connection with supply of tractors ..... no such restriction applies in the case of payment made by a private party for furthering its business interests.there is nothing on record to show that the payment was made to any mafia group or to other for any illegal purpose or against public policy. .....

Ram Gopal Neotia Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD160(Kol.)

..... v, calcutta, dated 20-3-1974 minimum penalty under section 271(1)(c) of the income-tax act, 1961 will be imposable at the rate of 20 per cent of the tax sought to be avoided, in terms and conditions for agreed assessments laid down in paragraph 8 of the aforesaid settlement.it is a fact that the iac before levying penalty did not give a hearing to the assessee.9. ..... of the facts which have transpired since the making of the promise, public interest would be prejudiced if the government were required to carry out the promise, the court would have to balance the public interest in the government carry out the promise made to a citizen which has induced the citizen to act upon it and alter his position and the public interest likely to suffer if the promise were required to be carried out by the government and ..... on 2-8-1962, the commissioner issued a notice to show cause to the assessee-respondent as to why the said assessments should not be cancelled under section 33b of the act as he felt that the completed assessments were erroneous as being prejudicial to the interests of the revenue and that the ito concerned had no territorial jurisdiction over the case. ..... 33,110) will be assessable in the following assessment years :------------------------------------------------------------------------------------assessment amount of interest total year loans------------------------------------------------------------------------------------ rs. rs. .....

R.P.C. Industries Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD105(Kol.)

..... legal position duly deliberated upon.i find that sub chapter set off, or carry forward and set off in chapter vi of the income tax act begins with section 70 which, as it stood at the material point of time, is reproduced below for ready reference : save as otherwise provided in this act, where the net result for any assessment year in respect of any source falling under any head of income is a loss, the assessee shall be entitled to have the amount of such ..... it was pointed out that the said explanation does not apply to any company whose gross total income consists mainly of income which is chargeable under the heads "interest on securities", "income from house property", "capital gains" and "income from other sources" or a company the principle business of which is the business of banking or granting of loans and advances. ..... any part of a business of a company other than (i) for assessment years 1977-78 to 1987-88 an investment company as defined in section 109(ii); (ii) for and from assessment year 1988-89 a company whose gross total income consists mainly of income which is chargeable under the heads interest on securities" (operative from assessment year 1988-89).income from house property", "capital gains" and "income from other sources"; and (iii) for and from assessment year 1977-78, a company the principal business of which .....

Anandamoy Bhattacharjee Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)105ITD365(Kol.)

..... cases, the asscssee submitted a return and did show in retnrn income which was much less than the assessed income and accordingly it was held that the onus was on the assessee to prove that it was not a case of concealment or of deemed concealment no such situation arises in this case likewise omission of word "deliberate" from section 271(1)(c) of the income tax act, is not relevant to solve the controversy. ..... find that the assessment order does not record the satisfaction as warranted by section 271 of the income tax act for initiating the ..... short notes) as under: held, affirming the decision of the high court, that, even in a case where a return filed in respones to a notice under section 148 involved an element of concealment, the law applicable would be the law as it stood at the time when the original return was tiled for the assessment year in question and not the law as it stood on the hate on which the return was filed in response to the notice under ..... counsel for the assessee also submits that in this case no satisfaction was recorded by the assessing officer while initiating proceedings under section 271(1)(c), therefore, on this account also the penalty under section 271(1)(c) is not leviable and for this proposition the reliance was placed on the decisions reported in ..... income and alter adjusting the same the balance amount of 'rs.2039/- along with interest under section 234a rs. ..... dated 10.7.2002 deleted the addition of undisclosed interest income of rs. ..... bank interest rs. .....

income-tax Officer Vs. Budge Budge Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)100ITD387(Kol.)

..... the ld.cit(a) while upholding the disallowance made by the assessing officer directed the assessing officer to allow correct unabsorbed depreciation under section 32 as also the business loss for carry forward as per law and passed a speaking order in respect of levy of interest charged under section 234b of the income-tax act and accordingly, partly allowed the assessee's appeal. ..... we also find that from the last para of the impugned assessment order that the assessing officer has merely stated that "penalty under section 271(1)(c) of the income-tax act is initiated for furnishing inaccurate particulars". ..... 1,69,782 vide order dated 25-2-1998 passed under section 143(3)/251 of the income-tax act.the assessee preferred first appeal before the ld. ..... on second appeal before the tribunal, the tribunal held that it is a fit case for imposing penalty under section 271(1)(c) of the income-tax act but reduced to the minimum.11. ..... holding that where the factory of the assessee remained under lockout throughout two previous years relevant to assessment years 1983-84 and 1984-85 and during the lock out period, the plant and machinery had not been actually used for the purpose of the business, the depreciation under section 32 of the act was not allowable on such plant and machinery, is dated 4-1-1994, i.e. .....

Electro Urban Co-operative Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2001)76ITD43(Kol.)

..... hence, ultimately, i agree with the views expressed by the brother accountant member that the income by way of receipt as interest by the assessee on the fixed deposits made with cesc would be eligible for deduction under section 80p of the income-tax act, 1961 ..... . brother judicial member has thus come to the ultimate conclusion that the assessee is not entitled to deduction under section 80p in respect of interest earned on the fixed deposits made with cesc.sofar as the assessment year 1989-90 is concerned, he has been of the opinion that in view of the judgment of the supreme court in the case of madhya pradesh co-operative bank ..... it was also brought to the notice of the assessing officer that the aforesaid interest income on fixed deposits with cesc had never been subjected to tax in past and that even in the assessment made for the assessment year 1989-90 also the claim of the assessee towards exemptability of such interest income under section 80p was allowed by the assessing officer ..... as the premature repayment is at the absolute discretion of the company an per terms and conditions as discussed earlier and hence it is not part of circulating capital (emphasis supplied) the terms of repayment, as given in page 2 of assessment order for the assessment year 1990-91, is extracted hereunder for the sake of convenience : "deposit will be repaid only on maturity but the company reserves the right to allow repayment before maturity at its absolute discretion in which event the .....

Assistant Commissioner of Vs. Govind Ram Agarwal

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2001)76ITD120(Kol.)

..... his contention is that the assessee had not challenged the re-opening of the assessment under section 147(a) of the income-tax act and, therefore, the re-opening should be held as correct. ..... cit(a) also discusses about the disallowance of claims of interest on the same loans for assessment year 1976-77 and refers to the order of the ld ..... so far as the assessment year 1975-76 is concerned, in the re-assessment, the assessing officer disallowed the claim of interest payment on the above-mentioned loan to the extent of rs ..... jethmull bhojraj and subsequently denied by m/s.jethmull bhojraj on the strength of the affidavit filed by shri sukhani, was also challenged by the assessing officer along with the genuineness of the interest payment of the amount of rs. ..... so far as the assessment year 1975-76 is again concerned, the cit(a) deleted the disallowance in respect of the claim of interest payment.41. ..... 000 during the period from 4-4-1973 to 28-9-1973 corresponding to assessment year 1974-75 and furthermore that a fresh loan of rs. ..... jethmull bhojraj between 13-4-1973 to 6-3-1974 and interest amounting to rs. ..... 20,18,000 between 13-4-1973 and 6-3-1974 and repayment of the interest thereon. ..... 20,12,000 was taken from m/s.jethmull bhojraj between 13-4-1973 to 6-3-1974 and interest amounting to rs. ..... 20,18,000 shown to have been taken during the period from 13-4-1973 to 6-3-1974 stood unexplained and the interest of rs. ..... 20,18,000 taken during the period from 13-4-1973 to 6-4-1974 including interest of rs. .....