Judgment Search Results Home > Cases Phrase: interest tax act 1974 section 10 interest escaping assessment Sorted by: recent Court: income tax appellate tribunal itat kolkata Page 1 of about 185 results (0.172 seconds)

Kanoi Industries (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)100ITD462(Kol.)

..... 1993-94 has escaped from assessment, a notice under section 10 of the interest-tax act, 1974, was issued on ..... ao has, in consequence of information in his possession, reason to believe that chargeable interest assessable for any assessment year has escaped assessment or has been underassessed or has been the subject of excessive relief under this act.from the analysis of the above provisions, it is clear that it is pre-requisite that the ao should record the reasons to the effect that interest income has escaped assessment under interest-tax act, 1974.while recording the reasons the ao must have reasons to believe on the basis of material ..... the ao passed the orders under section 8(2)/10 of the interest-tax act, 1974 (the act), reopening and reassessing the interest-tax chargeable on the assessee and thereby imposing liability on the assessee ..... interest-tax act, 1974, the charging section is section ..... assessee falls in the category of 'credit institution' falling within the ambit of section 2(5a) and 2(5b) of interest-tax act, 1974? ..... of audit party, it is seen that it has raised an issue which is purely legal issue and it is almost settled proposition that an opinion of audit party on any point of law cannot be regarded as "information" occurring in relevant section 10 of the interest-tax act, 1974. ..... learned ao erred in having entertained this belief without holding that assessee is a credit institution falling within the ambit of section 2(5a) or 2(5b) of the interest-tax act, 1974. .....

Shyamsunder Musahib Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1994)48ITD109(Kol.)

..... reopening of the assessment proceedings for the assessment years 1973-74 and 1974-75 were on the basis of a mere change of opinion on the part of the wto.the assessee had duly shown the value of his interest in the firm m/s.durga trading corporation on the basis of valuation by an approved valuer which was duly accepted when the original assessment was made.there was no basis or material with the wto to hold that the provisions of section 17(1)(a) of the wealth-tax act, 1957 are ..... it may be mentioned and useful to reproduce the reasons for reopening the assessment proceedings under section 17{l)(a) of the wealth-tax act, 1957 recorded by the wto for the two assessment years as below: on perusal of records it appears that the shares of partnership interest of the assessee in the value of house property owned by the firm m/s. ..... the assessing officer also should properly apply his mind to such material and he must draw an inference based on reason, that the wealth has escaped assessment. ..... on going through section 17(1) of the wealth-tax act, 1957, we find that the assessing officer must have "reason to believe that the net wealth chargeable to tax has escaped assessment" etc. ..... the wto, therefore, acted under a genuine belief that in the return of net wealth the assessee had not disclosed the true value of the property which had resulted in escapement of net wealth. ..... there has also to be a nexus between such material and formation: of belief of escapement of wealth. .....

Kusum Products Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)29ITD293(Kol.)

..... while filing the return of income for the assessment year 1974-75 on 31-7-1974, the assessee in the statement of details of interest received showed this amount as under : interest under section 214 allowed in asst. ..... 1,14,212 either on the ground that it was not assessable being an interest received from the income-tax department or on the ground that the interest having accrued in february 1972 at the time of passing of the assessment order for the assessment year 1967-68, that admittedly the interest payable to the assessee-company for the assessment year 1967-68 became payable in february 1972 and so it was assessable in the assessment year 1972-73. ..... 1,14,212 became the income of the assessee.admittedly, the amount of interest under section 214 related to the assessment year 1967-68, the assessment of which was made on 25-2-1972.the assessee's accounting year ends on 31st march every year. ..... 1,14,212 is not assessable to tax for the assessment year 1974-75 is not acceptable, as the interest arose in the financial year 1973-74 and as such it is assessable in the assessment year 1974-75. ..... 1,14,212 would have escaped assessment altogether. ..... 1,14,212 to arrive at the returned income and that the assessee was, therefore, liable to penalty under section 271(1)(c) of the income-tax act, 1961. ..... (ii) if the return filed by the assessee was accepted without any examination or scrutiny the assessee could have escaped the tax on the income of rs. .....

Deputy Commissioner of Vs. I.O.L. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1994)50ITD214(Kol.)

..... that calcutta high court has no occasion to discuss this matter in the context of interest chargeable under section 139(8) we noticed that while taking the definition of month' as calendar month for the purpose of penalty under section 271(1)(a) the calcutta high court has mentioned that this definition will apply to the term 'month' occurring in the income-tax act, 1961 unless there is something in the context which will exclude such application ..... scheme of imposition of penalty under section 271(1)(a) and scheme of levying interest under section 139(8) for the same default, is that while penalty is imposed @ 2% of assessed tax per month, the interest is levied @ 15% per annum on amount of tax payable.thus, there is nothing common between the scheme of penalty and the scheme of interest except the period of default which is reckoned from the day immediately following specified date to the date of furnishing of return or date of assessment under section 144 with only ..... . [1974] 97itr 285 wherein it was held that the word 'month' occurring in section 271 (1)(a) must be taken to mean a period of 30 ..... if the english calendar month is adopted, it may in some cases lead to a defaulting assessee escaping penalty altogether.8 ..... 811 dated 11-12-1974 issued by the central board of direct taxes, new delhi and submitted that according to the board's instruction actual date of filing the return, should also be included in computing the period for which the interest is chargeable under section 139(8) .....

income-tax Officer Vs. Kenaram Saha and Subhash Saha and

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)301ITR171(Kol.)

..... made by the assessing officer under section 40a(3) of the income-tax act 1961 was not ..... year in which such liability was incurred and make the necessary amendment, and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned from the end of the assessment year next following the previous year in which the payment was so made: provided further that ..... 'bank' means any bank, banking company or society referred to in sub-clauses (i) to (iv) of clause (a) and includes any bank [not being a banking company as defined in clause (c) of section 5 of the banking regulation act, 1949 (10 of 1949)], whether incorporated or not, which is established outside india ; (e) where the payment is made by way of adjustment against the amount of any liability incurred by the payee for ..... head 'profits and gains of business or profession as reduced by: (1) ninety per cent, of any sum referred to in clauses (iiia), (iiib), (iiic), (iiid) and (iiie) of section 28 or of any receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature included in such profits; and (2) the profits of any branch, office, warehouse or any other establishment of the assessee situate outside ..... there is payment of any expenditure in violation of section 40a(3), the assessee can escape the disallowance under the said section only if the assessee's case falls within the ambit ..... assessment year 1974 .....

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 made by assessing officer.2. ..... must be judged not in the light of the 19th century laissez faire doctrine which regarded man as an - economic being concerned only to protect and advance his self-interest but in the context of current socio-economic thinking which places the general interest of the community above the personal interest of the individual and believes that a business or undertaking is the product of the combined efforts of the employer and the employees and where there is sufficiently ..... ltd. decided the issue in favour of assessee by holding as under: from the above discussion, we find in relation to each assessment years involved in this appeal that the recipient of interest-free loan was not a firm of relatives; the advance was made for the purpose of business within the meaning of section 36(1)(iii); that there was regular course of business between the assessee and the firm; and that the advances were made to mcap in the regular ..... v. cit reported in 288 itr page 1 has held as under: to consider whether one should allow deduction under section 36(1)(iii) of interest paid by the assessee on amounts borrowed by it for advancing to a sister concern, the authorities and the courts should examine the purpose for which the assessee advanced the money and what the sister .....

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)115TTJ(Kol.)45

..... . decided the issue in favour of assessee by holding as under: from the above discussion, we find in relation to each assessment years involved in this appeal that the recipient of interest-free loan was not a firm of relatives; the advance was made for the purpose of business within the meaning of section 36(1)(iii); that there was regular course of business between the assessee and the firm; and that the advances were made to mcap in the regular ..... it has been submitted by shri bajoria that this is not a case of revenue that the assessee is either claiming double deduction or of such provision made by the assessee has resulted into any diversion of tax to the immediately following year.it has been submitted that the assessee is following such system of making provision since long and, therefore, the action of ao in making disallowance without considering the merit of the provision by the ..... , 'due date' means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any act, rule, order or notification issued there under or under any standing order, award, contract of service or otherwise: 55.1 from the combined reading of sections 2(24)(x) and 36(1)(va), the position emerges that any contribution made by the employees to any pf, superannuation fund, esi fund or any other fund for the welfare .....

B.V. Van Oord Atlanta Vs. Asstt. Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... the apex court said: in proceedings under section 147 of the income tax act, 1961, the income tax officer may bring to charge items of income which had escaped assessment other than or in addition to the item or items which led to the issuance of a notice under section 148 and where reassessment is made under section 147 in respect of income which had escaped tax, the income tax officer's jurisdiction is confined only to such income which has escaped tax or has been underassessed and does not extend ..... to revising, reopening or reconsidering the whole assessment or permitting the ..... as a quasi-judicial authority, he is to safeguard the interest of law in the right perspective, even if a wrong return has.been filed or no claim has been made due to the assessee. .....

Hutchison Telecom East Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... 1 above, the levy of interest under section 201(1a) of the income tax act, 1961 (hereinafter referred to as 'the act') on the alleged non-deduction of tax under section 194j of the act ought to be also disapproved. 2. ..... the assessee has further narrated the services taken by it from other telecom companies and has contended that the services received by it did not come under the purview of section 194 j and therefore the action of the assessing officer for levying tax and interest under section 201(1) and 201(1a) is incorrect and is liable to be deleted.3.2 the id. ..... bsnl are in the nature of payments of carrying out work as understood within the meaning of section 194c of the act and he has accordingly partly confirmed the demand raised by the assessing officer to this extent.3.3 both the assessee as well as the department are aggrieved with the order of the id. ..... in law, the commissioner (appeals) erred in suo motu adjudicating that the roaming charges, pass through charges, inter operator charges and port charges ("interconnect charges") are liable for- tds under section 194c even though the assessing officer has not held so in the order passed under section 201(1)/201 (1a) read with section 194.1 of the act and the applicability of section 194c was not the subject-matter of appeal before the commissioner (appeals). 2. .....

Pfh Mall and Retail Management Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)110ITD337(Kol.)

..... the court observed : a bare reading of section 263 of the income tax act, 1961, makes it clear that the prerequisite for the exercise of jurisdiction by the commissioner suo motu under it, is that the order of the income tax officer is erroneous insofar as it is prejudicial to the interests of the revenue. ..... this was an afterthought designed to establish that the appellant was deriving commission income.since the first reason has been dealt with at length while deciding the appeal for the assessment year 2001-02, here we shall consider only the second reason, ie,, the commission agency income arose pursuant to agreements that were signed after the closure of the relevant previous year suggesting that this was an ..... the learned senior departmental representative, on the other hand, strongly supported the order under section 263 passed by the learned cit, cancelling the assessment made under section 143(3) and directing the assessing officer to assess the income from shopping malls/business centres under the head of 'income from house property'. ..... the reasons why prima facieit appeared to the learned commissioner that the assessment made under section 143(3) was erroneous and prejudicial to the interest of revenue necessitating action under section 263, are as under: (a) the mall management and business centre charges were assessed as business income against which business expenditure of rs. .....