Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)57ITD512(Kol.)
..... caught within the deeming provision of the explanation. there was some debate before us as to whether explanation 1(b) as it stood prior to the amendment made by the taxation laws (amendment and miscellaneous provisions) act, 1986, with effect from 10-9-1986 should govern the case or whether the explanation as it stands after the ..... amendment should apply. in our opinion it is not necessary to decide this question.prior to the amendment explanation 1(b) provided for deemed concealment of income if the assessee offers an ..... prove the same. in fact, sub-paragraph (c) of paragraph 12.4 of the circular no. 469 dated 23-9-1986 containing the explanatory note to the amending act makes this position clear. it is therefore incumbent upon the assessee, on the basis of the explanation as it stands after 10-9-1986, to prove that the .....
Tag this Judgment!Court : Kolkata
Reported in : 92CWN345,[1989]175ITR422(Cal),[1988]69STC347(Cal)
..... of cit v. b.n. bhattacharjee : [1979]118itr461(sc) , the supreme court held in clear terms that the settlement commission under the income-tax act, as amended by the taxation laws (amendment) act, 1975, are tribunals within the meaning of article 136(1) of the constitution of india.6. even the initial authority, namely, the commercial tax officer ..... stc 309 (ap), as he was found to be exercising quasi-judicial functions and determining the rights of the parties in making the assessment under the sales tax laws. the gujarat high court in the case of saurashtra cement and chemical industries ltd. v, cit : [1978]115itr27(guj) , clearly held, intei alia, that ..... the different authorities like the income-tax officer, the appellate assistant commissioner, the commissioner and the appellate tribunal functioning under the provisions of the income-tax act are all quasi-judicial tribunals. in the case of sreemany optician v. commercial tax officer [1977-79] sales tax digest 179, mrs. jyotir-moyee nag .....
Tag this Judgment!Court : Kolkata
Reported in : (1992)103CTR(Cal)360,[1992]194ITR114(Cal)
..... concession will be available for a period of three years only from the date of completion.'9. the substitution of the new proviso for the former second proviso by the taxation laws (amendment) act, 1970, with effect from april 1, 1971, i.e., for and from the assessment year 1971-72, has the effect of a two-pronged enlargement in the extent ..... to section 23(1) of the income-tax act, 1961, in respect of the portion of property used by the bank ?'2. the facts in brief are ..... 1. in this reference under section 256(1) of the income-tax act, 1961, the following question of law has been referred to this court for the assessment year 1982-83 :'whether, on the facts and in the circumstances of the case, the tribunal was justified in law in directing the income-tax officer to allow deduction under the second proviso .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]113ITR252(Cal)
..... any deduction under section 80m before computation of the total income of the assessee.12. it appears to us that before the introduction of section 80v under the taxation laws (amendment) act, 1975, with effect from 1st april, 1976, the assessee had no right to claim deduction for interest paid by him on any money borrowed for the ..... total income of the assessee.' '80b. definitions.--in this chapter--..... (5) 'gross total income' means the total income computed in accordance with the provisions of this act, before making any deduction under this chapter or under section 280-0.' '80m. deduction in respect of certain intercorporate dividends.--(1) where the gross total income of an ..... payment of tax could not be claimed as deduction in computing the total income of the business of the assessee, under the law as it stood before the introduction of section 80v of the income-tax act, 1961.9. mr. ajit sengupta, learned counsel for the revenue, supported the case of the revenue and cited another .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)15ITD287(Kol.)
..... the penalty on the ground that section 140a(3) is unworkable. the issue that arises in this appeal is as to whether section 140a(3) as introduced by the taxation laws (amendment) act, 1975, with effect from 1-4-1976 is workable or is a case of casus omissus.7. before we consider the basic question raised in this appeal, we feel ..... there was no provision in the statute to meet the second contingency. it was to avoid this mischief that section 140a was enacted on 1-4-1964 and was later amended with effect from 1-4-1976. thus, it is clear that the legislature intended to prevent the second mischief stated above. in other words, section 140a takes over when ..... commissioner (appeals). since he has not considered the appeal of the assessee on merits, we restore the appeal to his file for deciding the same afresh in accordance with law and our observations made above after giving a reasonable opportunity of being heard both to the assessee as well as the ito.9. coming to the cross-objection filed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD15(Kol.)
..... of gordhandas govindram family charity trust v. cit [1973] 88 itr 47. considering the language of clause (c) of section 80l(1) as it stood before the amendment inserted by the taxation laws (amendment) act, 1984, the tribunal in that case further held that the assessee was entitled to relief even as an aop under section 80l(1)(c). in the case of radhasaran ..... to be taxed in the hands of the assessee 38. the gujarat high court considered the provisions of section 164 as it stood before the amendment introduced with effect from 1-4-1970 by the finance act, 1970. section 164 which was considered. by the gujarat high court was as follows : 164. where any income in respect of which the ..... and that the first proviso to section 164(1) was not attracted in this case. it was pointed out that as a result of the amendment introduced in section 164(1) by the finance (no. 2) act, 1980 with effect from 1-4-1980 the words "tax shall be charged - (i) as if the relevant income or part of relevant income .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)40ITD365(Kol.)
..... decision of the supreme court by pointing out that it dealt with a case under the old explanation to section 271(1)(c) of the act before the present explanations were inserted by the taxation laws (amendment) act, 1975 with effect from 1-4-1976. this contention of the revenue is also untenable as the principles to be applied are the same ..... in any way mean to suggest that any part of the subscribers to the shareholding of the company was not genuine and that they were offering the amounts for taxation with a view to buy peace and avoid litigation and multiplicity of proceedings. it was further understood that no proceedings would be taken against any of the shareholders ..... lordships of the supreme court have held in this decision that the burden placed upon the assessee is not discharged by any fantastic explanation, that it is not the law that any and every explanation by the assessee must be accepted and that it must be an explanation acceptable to the fact-finding body. in our view, the .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]183ITR493(Cal)
..... the said loss should be allowed under section 32(1a)(ii) as revenue loss. the income-tax officer, however, held that as sub-section (1a) has been inserted by the taxation laws (amendment) act, 1970, with effect from april 1, 1971, the present assessment year being 1970-71, the said sub-section has no application in this case. subsequently, he pointed out that ..... transfer but as a result of some natural calamity. the asset in question also was there in the valley and the assessee's rights therein continue in the eye of law. from the commercial point of view, there might be a loss but it cannot be said that there has been a transfer within the meaning of section 2(47) ..... ajit k. sengupta, j. 1. at the instance of the assessee, the following question of law has been referred to this court under section 256(1) ofthe income-tax act, 1961, for the assessment year 1970-71 :'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the loss on account .....
Tag this Judgment!Court : Kolkata
Reported in : (2002)74TTJ(Cal)994
..... worthwhile to reproduce the relevant legal provision in order to properly appreciate the controversy before us in correct perspective. section 69d, inserted in the income tax act by the virtue of taxation laws (amendment) act, 1975 with effect from 1-4-1977, reads as follows :'where any amount is borrowed on a hundi form, or any amount due thereon is ..... amount of loan as income only for the reason that of adopting a particular method of receiving it or paying it, than for any other reason. certainly, intention of law cannot be so crude...'while articulating views of hyderabad b bench of this tribunal, in the case of intraven pharmaceuticals (p) ltd. v. ito , shri t.v. ..... assessee and the moneylender. in dexan pharmaceuticals (p) ltd.'s case (supra), it is held that 'the drawer cannot himself be the drawee'. it is also settled in law that when drawer and drawee are the same person, that person is not entitled to treat the instrument as a 'bill of exchange'. if, therefore, an instrument, like .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)43ITD586(Kol.)
..... from 1-4-1986. before the insertion of this section the expenditure incurred in connection with the proceedings under the it act was governed by the provisions of section 80w of the act. that section which was inserted by the taxation laws (amendment) act, 1975 with effect from 1 -4-1976 was in the statute book up to 31-3-1985. after the ..... for services rendered during and for the conduct of assessment proceedings before the income-tax authorities were deductible under section 10(2)(xv) of the income-tax act, 1922, as amended in 1939, in computing his assessable income. it was further held that a sum of money so paid in a particular year can be allowed in that ..... in section 40a(12). it is significant to note that the provisions of section 37(1) were also correspondingly amended. when section 40a(12) was inserted, the reference to section 80w in section 3.7(1) of the act was also omitted. the result would be that expenditure incurred by an assessee in connection with the income-tax .....
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