Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)111ITD97(Kol.)
1. This appeal is directed against an order dated November 12, 2001 passed by the Director of Income Tax (Exemptions), Kolkata ["DI(E)"] Under Section 12AA of the Income Tax Act, 1961 ("the Act"). The assessee, a society registered under the West Bengal Societies Registration Act, 1961 on October 4, 1999, in its application dated November 5, 2001 had requested for registration Under Section 12AA from its inception but the DI(E) granted such registration with effect from April 1, 2001.2. There is a delay of 4 years 4 months and 12 days in preferring this appeal. A duly sworn affidavit of the assessee's Director has been filed explaining the reasons for the delay. The material contents of the said affidavit may be summarised thus: (a) The assessee was registered as a society with the mission to improve the quality of life of the underprivileged women and children living in difficult circumstances, particularly the families and children living on the pavements of Kolkata. (b) Most of the...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)280ITR117(Kol.)
1. The President, Tribunal, has constituted this Special Bench to decide the following question (in the cases of ABN Amro Bank NV) : "Whether the provision of interest by a permanent establishment of a foreign enterprise payable to head office and/or other branches outside India is allowable deduction and if so, whether the provision of Section 40(a)(i) is attracted in respect of such payment/provision ?" 2. The question in the case of Bank of Tokyo is whether assessee has committed any default in not deducting tax from the payment of interest to its head office or other branches under Section 195 and thereby made itself liable for payment under Section 201 of the Act.3. We shall first take the case of ABN Amro Bank. The assessee-bank in this case is incorporated in Netherlands with a limited liability having its original office at Singapore. It had a branch in India registered in terms of Schedule II of the Reserve Bank of India (RBI) Act, 1934. It carries on banking business in Indi...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD219(Kol.)
1.This appeal has been filed by the Department against the order of the CIT(A) for the asst. yr. 1995-96. "That on the facts and in the circumstances of the case the learned CIT(A)-X, Calcutta, erred in holding that the assessee-company is entitled to depreciation on explosive van @ 40 per cent in place of 25 per cent allowed by the AO at the time of assessment and thereby directing the AO to allow the claim." 3. Briefly stated the facts are that the assessee-company acts as the consignment agent of certain chemical companies and used to transport explosives from such companies to the mines. Since such new explosive vehicles are used for its own business activities, the AO held that depreciation applicable on such vehicles at the rate applicable to plant and machinery, i.e., @ 25 per cent as per IT Rules as against assessee's claimed depreciation @ 40 per cent. During the course of hearing of the proceeding the assessee contended that their claim of depreciation @ 40 per cent is allow...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
1. These two appeals, filed by the assessee, are directed against two separate orders - both dated 15-12-1997 - passed by the learned CIT(A) XI, Calcutta, and, as a matter of convenience, these appeals are being disposed of by way of this consolidated order.2. We will first take up ITA No. 313/Cal./98 i.e. assessee's appeal for the assessment year 1994-95.3. In first ground of appeal, the assessee is aggrieved of CIT(A)'s confirming 'the loss from purchase and sale of shares and securities of Rs. 1,41,60,772 as speculation loss as per Explanation to Section 73' of the Income-tax Act, 1961 (hereinafter referred to as 'the Act').4. Briefly, the facts. During the course of assessment proceedings, Assessing Officer noticed that in the relevant previous year 'the assessee has sold some shares which were held by it as stock in trade' and that the assessee incurred loss of Rs. 1,41,60,772 on such transactions. It is also an admitted position that main source of income for the assessee was un...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)83ITD111(Kol.)
1. This appeal filed by the assessee is directed against the order of the CIT(A) confirming mostly the additions made in the block assessment completed under Sections 143(3)/158BC(c) of the IT Act, 1961.2. The search and seizure operations took place in the premises of the assessee-company on 22nd Jan., 1997 and continued upto 23rd Jan.,1997.On the latter date, the search was temporarily concluded. A prohibitory order was passed under Section 132(3) on one Shri B.P. Agarwal (stated by the assesses to be unconnected with the assessee-company) in respect of the sealed premises comprising the office-room of the assessee-company, its filing cabinet and certain computer rooms. It may be mentioned in this connection that on the same dates simultaneous searches were carried out by the Department in respect of a number of concerns belonging to the same group.On the same date again, certain documents of the nature of two bunches of loose sheets were found from the office premises of the assess...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)76ITD43(Kol.)
1. All these appeals relate to one assessee and as the issues involved herein are common, we propose to dispose of the appeals by a common order for the sake of convenience.2. The appeals filed by the assessee relate to the assessment years 1989-90 to 1992-93 whereas the appeals of the revenue relate to the assessment years 1990-91 to 1992-93.3. The assessee is a co-operative society constituted with the main object of lending the money to its members. Out of membership funds and the deposits collected by the assessee. The society made fixed deposits of a portion of the sum which was not immediately with the CESC Ltd. The members of the assessee-society arc employees of CESC. The interest earned on the fixed deposit made with the CESC was claimed by the assessee as an amount eligible for deduction under section 80-P of the Act on the ground that the interest constituted income from banking business. Moreover, it is the case of the assessee that the interest earned on the aforesaid fix...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2000)75ITD484(Kol.)
1. This is an appeal filed by the Department against the CIT(A) order dt. 30th August, 1996 for the asst. yr. 1990-91 where the CIT(A) has deleted the penalty imposed by the AO under ss. 201(1) and 201(1A) of the IT Act.2. The brief facts of the case are that the assessee is running a hospital-cum-nursing home in Calcutta. The assessee has two types of doctors engaged in the Institute. The first category of the doctors are the regular employees of the Institute and their service conditions are governed by the appointment order and instructions as mentioned at pp.67 and 68 of the paper book. Another category of doctors are called visiting doctors and they are specialists in their fields and have their own practice/engagement. These doctors applied and were selected after interview. Their appointment is governed by a separate order mentioned at pp. 14 and 15 of the paper book for a period of one year.Accordingly, they are called as honorary visiting doctors and were entitled for the hon...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)48ITD428(Kol.)
1. Mr. C.R. Datta, the assessee herein, is a Barrister of Lincoln's Inn practising in the Calcutta High Court. He wrote a book on Company Law.In the year 1970 he entered into an agreement with M/s. Eastern Law House (ELH), Calcutta by which he granted permission to the publishers (i.e., ELH) to publish the book, subject to payment of royalty. The book itself came to be written later. The first edition was published in 1973 and the second edition in 1976. There was no further edition of the book brought out by ELH and the agreement with ELH was terminated on 21-2-1982 by a written agreement.2. The assessee thereafter entered into an agreement with M/s. Orient Law House, publishers (OLH, for short). This was on 25-5-1982, By the agreement, the assessee purported to sell the 'copyright' as well as 'the goodwill' in the book for a sum of Rs. 5 lakhs, bifurcated into Rs. 4 lakhs for goodwill and Rs. 1 lakh for the copyright. The amount of Rs. 5 lakhs was received as below: In the financial...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD1(Kol.)
1. The two appeals are by the assessee against the CIT(A)'s order No.236A/A-11/89-90 dated 27-3-1991, for the assessment year 1986-87 and No. 268/A-IX/90-91 dt. 27-3-1991, for the assessment year 1987-88, are consolidated for the sake of convenience as they relate to the one assessee and points involved are also all common.2. The ITO completed assessments for the above mentioned two years on 31-3-1989 and 24-3-1990. The assessee claimed exemption Section 10(22A) of the IT Act of its income from interest on the ground that it is an institution fulfilling the condition laid down in Section 10(22A) of the IT Act. The Assessing Officer considered the case of the assessee and rejected the claim of the assessee under Section 10(22A) of the IT Act on the ground that-(i) the main clause of the company does not authorise the company to raise any fund for philanthropic purpose; (2) further, nothing has been stated what source it will get money for philanthropic purpose; (3) even it has got the ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)43ITD32(Kol.)
1. The present appeals have been filed on 26-11-1990 by the Deputy Commissioner of Wealth-tax, Special Range-8, Calcutta against the order of CWT (Appeals), Range-X, Calcutta.2. The impugned order of the CWT(Appeals) was communicated to the Commissioner on 17-9-1990 as is mentioned in clause 9 of Form No. 'F' being form of appeal to the Tribunal under Section 24(1) of the Wealth-tax Act, 1957. According to the provisions of Sub-section (2) of Section 24 the appeals should have been filed before the Appellate Tribunal on or before 16-11-1990 which is within 60 days from the date of communication of the order of the Appellate Commissioner to the CIT.The appeals are, therefore, barred by time by 10 days. By virtue of Sub-section (3) of Section 24 of the Act the Appellate Tribunal is empowered to admit an appeal after the expiry of the relevant period referred to in Sub-Section (1) or Sub-section (2) of Section 24 if it is satisfied that there was sufficient cause for not presenting the s...
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