Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD347(Kol.)
..... believe transaction and dubious means cannot be recognised. the hon'ble gujarat high court in the case of banyan & berry (supra) has observed that if the acts are unambiguous and bona fide, but results in reduction of tax liability or expectation of tax benefit in future does not amount to colourable device, dubious method or ..... -company to five sister companies were immediately transferred by the keventer in its share register in spite of the applicability of section 79 of the i.t.act and existence of a restrictive clause in the loan agreement entered into by the keventer with financial institutions whereby the keventer was restrained by financial institution not ..... setting off brought-forward losses as the assessee-company at that time had no holding or interest whatsoever in the keventer by the reason of its own act of selling previously the entire holding in keventer to five companies. the assessee-company's contention, which is mentioned in assessee's written submission filed before the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1997)62ITD225(Kol.)
..... words 'specified date' in second proviso cannot be read as contended by the learned counsel. it was argued by the learned counsel for the assessee that under it act, whenever the legislature wanted to exclude application of provisions of other enactments, it was specifically provided for in those sections such as ss. 179, 230a, etc.and ..... before the 'specified date' and, therefore, it cannot be said that compliance has been made with the requirements of the provisions of s.44ab of the act.5. learned judicial member, dissenting from the order of the learned accountant member, was of the opinion that the delay in obtaining the audit report was supported ..... a "provisional" audit report under s. 44ab on 30th july, 1986, notwithstanding the fact that the accounts were not finalised and the statutory audit under the companies act had not been completed. this shows the bona fide of the assessee. the assessee's conduct cannot, therefore, be considered contumacious or in conscious disregard of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)112ITD57(Kol.)
..... case of cit v.lakshmi machine works reported in 290 itr 667, wherein your lordship held as under: the object of the legislature in enacting section 80hhc of the act was to confer a benefit on profits accruing with reference to export turnover. therefore, "turnover" was the requirement, commission, rent, interest, etc. did not involve ..... the assessee will get the deduction therefor under section 36(1)(va) only if he deposits the sum received from employees before the due date specified under the act, rule, order or notification governing the funds mentioned above. thus the provision of section 43b, which is applicable in respect of employer's contribution, is quite ..... the expression "residential accommodation including any accommodation in the nature of guesthouse" used in sub-sections (3), (4) and (5) of section 37 of the act. while the two expressions can be similarly interpreted, a distinction has been sought to be introduced for the purposes of section 37 by specifying the nature of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)104ITD249Cal
..... the a.o. has added the provisions for doubtful debts after taking into consideration the relevant facts and the legal interpretation as laid down in income tax act and companies act and by following the decision of the hon'ble madras high court in case of beardsell ltd. (supra) and the decision of this tribunal in ..... mentioned. ld. senior counsel has pointed out that the current liabilities and provisions have been defined in a broader way in schedule-vi of the companies act wherein the nature of liabilities and provisions along with the contingent liability has clearly been mentioned and nowhere provision for bad and doubtful debts appeared in such ..... provision for bad and doubtful debts can be held as unascertained liability. he has filed detailed paper book in which he has annexed extract from the companies act and the extract of various publications such as dictionary for accountants, terms used in financial statements, text books on accountancy, accounting standard announced by i.c.a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD135(Kol.)
..... a person can hold the land and another person can be owner of the building or superstructure constructed thereon. this is fully recognized under the it act. section 32 of the it act provides for depreciation on buildings, etc. while considering the question whether building includes the land, it was held that from its very nature, ..... any conclusion. surprisingly, at the time of hearing nothing about the adjudication by the enforcement directorate has been said by either party. since, foreign exchange regulation act, 1973 is rib more in force and even its sunset period of two years is over on 31st may, .2002, this matter would have definitely ..... year based on allegations on altogether different aspects contained in show-cause notices issued by the authorities under the provisions of the erstwhile foreign exchange regulation act, 1973.1. the enforcement directorate conducted search and seizure operations in 1996 at the various offices and factories premises of the assessee and the residence .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)105TTJ(Kol.)543
..... haque that the ao has added the provisions for doubtful debts after taking into consideration the relevant facts and the legal interpretation as laid down in it act and companies act and by following the decision of the hon'ble madras high court in case of beardsell ltd. (supra) and the decision of this tribunal in ..... provision for bad and doubtful debts can be held as unascertained liability. he has filed detailed paper book in which he has annexed extract from the companies act and the extract of various publications such as dictionary for accountants, terms used in financial statements, text books on accountancy, accounting standard announced by icai, etc ..... mentioned. learned senior counsel has pointed out that the current liabilities and provisions have been defined in a broader way in schedule vi of the companies act wherein the nature of liabilities and provisions along with the contingent liability has clearly been mentioned and nowhere provision for bad and doubtful debts appeared in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)110ITD337(Kol.)
..... the order of the id. commissioner (appeals) and direct that the income from mall management/agency commission be assessed as business income under section 28 of the act. since the assessing officer did not find the claim for allowance of any of the expenses as inadmissible, he is directed to allow deductions of the said ..... gauhati high court, in the case of bongaigaon refinery & petrochemicals ltd v.union of india he contended that the jurisdiction exercisable under section 263 of the act being supervisory in nature, permitting suo motu review of any assessment already made, the statutorily enjoined sanctions circumscribing it have to be rigorously construed. the learned ..... the relevant judicial pronouncements, the court held that the rental income derived from the lease is assessable as business income under section 10 of the 1922 act. the learned counsel argued that the main consideration of the court in the said case was whether the lease rent received was from commercial utilisation of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)115TTJ(Kol.)45
..... supreme court in the case of cit v.lakshmi machine works , wherein your lordship held as under: the object of the legislature in enacting section 80hhc of the act was to confer a benefit on profits accruing with reference to export turnover. therefore, 'turnover' was the requirement, commission, rent, interest, etc. did not involve ..... incurred by the factories in connection with the movement of the idle machinery for their efficient utilisation and hence the same is allowable under the provisions of the it act. we have heard the parties and perused the material placed before us. the jurisdictional high court in the case of cit v.karanpura development co. ltd. ..... the assessee will get the deduction therefor under section 36(l)(va) only if he deposits the sum received from employees before the due date specified under the act, rule, order or notification governing the funds mentioned above. thus the provision of section 43b, which is applicable in respect of employer's contribution, is quite .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2000)74ITD43(Kol.)
..... date if transacted shares with a third party also. this proves the genuineness of the rate as well as the transactions. it is well settled that strict rules of evidence act are not applicable to it proceedings. in the absence of any corroborative evidence, in the case before us, the ao refused to solely rely upon the self-serving documents in ..... shares and the return filed by that company for the asst.yr. 1990-91 was accepted by the same ao, in an order passed under s.143(3) of the act and this proves the genuineness of the transaction and the department cannot play hot and cold i.e., accepting the transaction as genuine in the case of the seller and ..... doubt on the actual delivery of the shares, if not the very genuineness of the transactions itself.13. it is well settled that under the it act, the ao is not bound by the rigours of evidence act. this share transactions appeared to the ao to be sham and, therefore, be called upon the assessee to corroborate the transactions by producing third .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)87ITD653Cal
..... by the recipient or consideration which would be income of the recipient chargeable under the head "salaries"." 11. it is evident form the aforementioned provisions of the it act, 1961 that as per the explanation to section 9, the amount paid to mep falls within the ambit of 'fee for technical services' and, accordingly, ..... 1989, wherein this departure from traditional definition was made for the first time, india has entered into several dtaas wherein traditional definition, on the lines of definition in indian it act, 1961, continues to find the place, such as in india australia dtaa, dt. 25th july, 1991, india belgium dtaa, dt.26th april, 1993, india france ..... to providing financing or other credit support to finance the construction and start-up costs expected to be incurred upto project completion. (d) mep will act as representative of the financial institutions and on instructions from the co-ordinator and/or from time to time the other financial institution: its responsibility will .....
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