Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD1(Kol.)
..... the institution will be eligible for exemption under section 10(22a). it is not necessary that the surplus should be used for medical purposes only.21. in doon foundation's case (supra), the hon'ble calcutta high court has held on page 216 as follows :- the condition precedent for claiming exemption under section 10(22) is ..... other philanthropic institution. in this connection we may mention that their lordships of the calcutta high court while deciding the issue under section 10(22) of the it act in the case of birla vidhya vihar trust (supra) have referred to the finance bill, 1970 and its memorandum explaining the provisions in the finance bill, ..... , run, aid, hold, maintain, or otherwise support schools, colleges, educational institutions etc., therefore, the institution is entitled for exemption under section 10(22) of the it act. the ratio of the above quoted decisions are applicable to the facts of the present case before us also as the main objects of the assessee before us are also .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1999)68ITD240(Kol.)
..... amount of rs. 15 lacs. on appeal the learned cit(a) set aside the assessment in respect of donation of rs. 15 lacs to lakshmipat singhania medical foundation and restored the same to ao to examine afresh with direction to allow the assessee to adduce evidence. however, regarding the remaining two amounts of rs. 5 lacs ..... , the learned departmental representative of the revenue has contended that the cbdt has withdrawn the earlier circular nos. 523 and 576 vide their letter dt. 30th december, 1993 and so the order of bifr is dt. 25th january, 1994, on which date the power of bifr as consenting party of behalf of the central government had ..... business of the amalgamating company; then, the central government may make a declaration to that effect, and, thereupon, notwithstanding anything contained in any other provision of this act, the accumulated loss and the unabsorbed depreciation of the amalgamating company shall be deemed to be the loss or, as the case may be, allowance for depreciation of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD105(Kol.)
..... loss cannot be set off against the income disclosed even under the voluntary disclosure scheme. in the case of cit v. sun distributors & mining co.ltd. (1993) 68 taxman 223 at page 227 (cal), their lordships of the calcutta high court held that explanation to section 73 is applicable even in the case of a ..... interpretation of the language employed by the legislature. according to the learned counsel, the legislature in its wisdom has not used the words "notwithstanding anything contained in the act or notwithstanding anything contained in sections 70, 71 and 72". the legislature having used the expression "for the purpose of this section", i.e., section 73, ..... loss will indeed not be relevant for the purpose of section 72. in fact, entire arguments proceed on the foundation that application of section 72 will have precedence over application of section 73 and once that basic foundation is found to be unsustainable in law, i see no substance in ingenious, but fallacious, arguments of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD96(Kol.)
..... the learned am has been guided by the commercial names given to the items exported by the assessee. this approach in my view may not be. based on sound foundation. in the case of stonecraft enterprises (supra), their lordships of the supreme court held that granite is a mineral and falls within the ambit of restriction under section 80hhc ..... to revise the order of the assessment, withdrawing the benefit of deduction under section 80hhc granted earlier to the assessee in the order of the assessment passed on 4th feb., 1993." 3. aggrieved by the aforesaid order passed by the cit, the assessee is in appeal before us.4. rival contentions are conscientiously heard, order of the cit as ..... (p) ltd. (2001) 250 itr 523 (mad) and also from the case of cit v. n.c. budharaja & co. (1993) 204 itr 412 (sc)." "the contention of the learned counsel that the amendment inserted by finance (no. 2) act of 1991 w.e.f. 1st april, 1991, should be made applicable even to the years prior to the amendment cannot .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)87ITD129(Kol.)
..... been incurred. the assessee has failed to furnish necessary evidence to support the claim that the expenditure to the tune of rs. 27,68,607 was incurred. the foundation for the claim to be on account of commercial expediency would be the incurring of the expenditure. the ao has disallowed the claim on the ground of the ..... mentioned as p.guha but no address had been given in the account opening form, nor has the account been introduced and the account was opened on 27th aug., 1993 and closed on 11th feb., 1995. the learned departmental representative has, therefore, informed the bench that bank enquiry showed that no genuine business was being carried out ..... the orders of the learned members of the division bench. in order to appreciate the controversy, it would be relevant to consider the scheme of taxation under the it act, 1961. any assessee whose income exceeds the maximum amount not chargeable to tax is required to file the return declaring the income in the prescribed form and verified .....
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