Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)19ITD611(Kol.)
..... assessee's claim for deduction of rs. 1,72,500 under an award dated 16-5-1980. it is opposed by the assessee-company.2. the assessee-company manufactures and sells different types of wires. during the previous year relevant to the assessment year under consideration the assessee-company entered into a contract with the haryana state electricity ..... of the said amount of rs. 1,72,500. the iac also confirmed the opinion of the ito in his direction under section 144b of the income-tax act, 1961 ('the act'). on appeal, the commissioner (appeals) was of the opinion that 'as soon as the award under the contract was made by the arbitrator, it had become ..... baldeo prasad {supra) and satish kumar (supra). he made a passing reference to the case of kedarnath jute mfg. co. ltd. v. cit [1971] 82 itr 363 (sc).4. we have carefully examined the provisions of the arbitration act and the decisions relied upon by the authorised representatives for the parties. we have also carefully examined the materials .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)87ITD457(Kol.)
..... is imposed under the special provision of the cess act. in this case the cess has been levied under the west bengal rural employment production act, 1976 and the west bengal primary education act, 1973. that the payment of cess is incidental and ancillary to the carrying on of the business (of tea grown and manufactured) by the assessee. that supreme court ..... are imposed annually. such expenditure is allowable as a revenue expenditure. reliance has been placed on the ratio of the decision of the supreme court in the case of empire jute co. ltd v. cit [1980] 124 itr 1 : 3 taxman 69. that the supreme court in the case of jaipuria samla amalgamated collieries ltd. v. cit ..... before the supreme court that in view of the provisions of section 10(4) of the income-tax act, 1922, deduction on account of cess under the bengal cess act, 1980 and the education cess under the west bengal primary education act, 1973 in relation to the coal mines which the assessee had taken on lease was not allowable as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)91ITD153(Kol.)
..... the manner in which the payment is made, or the source of such payment. (8) if the expenditure is recurring and is incurred during the course of business or manufacturer, it would be revenue expenditure. (9) an asset or advantage of an enduring nature dos not mean that it should last for ever. if the capital asset is, ..... in-trade is capital expenditure. this view has been followed by the calcutta high court in cit v. rishabh investment ltd (117 itr 962, 967.in the case of empire jute co. ltd. v. cit (1980) 124 itr 10 (sc), their lordships of the supreme court held" there may be cases where expenditure, even if incurred for obtaining ..... agreement:- "this agreement made this 24th day of may one thousand nine hundred and ninety (1995) between wise mens consultancy co. p. ltd., a company incorporated under the companies act, 1956 and having its registered officer at 9/12 lal bazar street, e. block 4th floor, calcutta-7000001 (hereinafter called "the first party") and vinod kothari consultants p. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)84TTJ(Kol.)1058
..... capital on the basis whereof he was entitled to procure his stock-in-trade which was a circulating capital.this principle was followed in the case of j.k. cotton manufacturers ltd. v. cit (supra).in southern v. borax consolidated ltd. (1942) 10 itr (supp) 1, 5 (kb) justice lawrence laid down that "where a sum of money ..... is capital expenditure. this view has been followed by the calcutta high court in cit v. rishabh investment ltd. (1979) 117 itr 962 (cal).in the case of empire jute co. ltd. v. cit (1980) 124 itr 1 (sc), their lordships of the supreme court held "there may be cases where expenditure, even if incurred for obtaining advantage ..... : this agreement made this 24th day of may one thousand nine hundred and ninety (1995) between wise men's consultancy co. (p) ltd., a company incorporated under the companies act, 1956 and having its registered office at 9/12 lal bazar street, e, block 4th floor, calcutta-700 001 (hereinafter called "the first party") and vinod kothari consultants (p .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)94ITD89(Kol.)
..... such business can be claimed as business expenditure subject to other applicable conditions of the act being satisfied.prem conductors (p) ltd. v. cit (supra), the hon'ble gujarat high court has held that since selling the goods manufactured by the company is an important part of its business activity, it could be said ..... fixed capital, is nevertheless, allowable as revenue expenditure, e.g., an expenditure for preserving and maintaining capital asset as pointed out in the case of empire jute co. ltd. v. cit (supra). similarly, interest paid on the unpaid purchase price of a capital asset after the commencement of business is allowable as ..... . 12th dec, 1974) that admission fee for membership of east india hessian exchanges ltd. constitutes revenue expenditure. a stock exchange stands pari materia with a jute and hessian. exchange and hence the abovementioned judgment of calcutta high court can be considered to support the proposition that expenses incurred for acquisition of membership of .....
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