Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)9ITD750(Kol.)
..... )(c)/274(2). according to the assessee's learned counsel, the iac lost his jurisdiction to pass order on the present case in view of the amendment brought about by the taxation laws (amendment) act, 1975, which was made effective from 1-4-1976 affecting section 274(2). according to the assessee's learned counsel, the ito had jurisdiction to ..... continental commercial corpn, (supra) it was held on the facts of that case that section 274(2) relates to the jurisdiction of the ito and the amendment to that section by the taxation laws (amendment) act, 1970, enlarged the jurisdiction of the ito with effect from 1-4-1971 and as it dealt with the jurisdiction of an officer, the ..... not take away the jurisdiction of the iac in respect of the case referred to him. it also noted that the provision of the taxation laws (amendment) act, 1970, did not indicate that amendment of section 274 is retrospective. it was observed by the hon'ble high court that if during the time when the matter of penalty had .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)79TTJ(Kol.)915
..... return showing loss is to be furnished and treatment of returns below taxable limit 9.1 under the existing provisions of section 139(3) of the it act, as amended by the taxation laws (amendment) act, 1970, the ito, on an application made to him for this purpose, is empowered to extend, in his discretion, the time for furnishing a ..... return showing loss is to be furnished and treatment of returns below taxable limit 9.1 under the existing provisions of section 139(3) of the it act, as amended by the taxation laws (amendment) act, 1970, the ito on an application made to him for this purpose is empowered to extend, in his discretion, the time for furnishing a ..... that the assessee was entitled to carry forward the loss even though the loss return was filed within the time prescribed under section 139(3) as amended by the taxation laws (amendment) act, 1970 ?' this court following the decision in presidency medical centre (p) ltd.'s case (supra) answered the said question in the affirmative and in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD160(Kol.)
..... section 274(2) (assuming without admitting at this stage whether the said provision can be made use of by the revenue because the said provision stand omitted by the taxation laws (amendment) act, 1975, with effect from 1-4-1976 prior to the passing of the impugned penalty orders by the iac for the assessment years 1958-59, 1960-61 and 1961 ..... when he passed the impugned penalty orders, i.e., 31-3-1977, in view of the omission of section 274(2) with effect from 1-4-1976 by the taxation laws (amendment) act, 1975, he had ceased to have jurisdiction or requisite power to pass the penalty orders. in support of this argument, the representative for the assessee mr. g.p. ..... where he has validly assumed the jurisdiction prior to 1-4-1976 merely because the provisions of section 274(2) stand omitted with effect from 1-4-1976 by the taxation laws (amendment) act, 1975 : 1. the calcutta bench 'a' in it appeal no. 1010 (cal.) of 1977-78 in the case of shri bhabesh chandra mukherjee decided on 16-9- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD105(Kol.)
..... with other business losses. section 73 corresponds to 1st proviso to section 24(1) and section 24(2)(1) and (iii) of the 1922 act. explanation to section 73 was inserted by the taxation laws (amendment) act, 1975 which treats the business of purchase and sale of shares by companies (other than excluded companies) as speculation business. as a result of ..... order to curb the tendency of some tax payers to reduce the tax burden by manipulation, explanation to section 73 was added by taxation laws (amendment act), 1975. circular no. 204 dated 24-7-1976 explains the reasons for incorporating explanation to section 73. it was contended that the jurisdictional high court ..... allowed, to be carried forward to the following assessment year and set off against the speculation profits, if any, in that year, and so on. the amending act has added an explanation to section 73 to provide that the business of purchase and sale of shares by companies which are not investment or banking companies or companies .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD215(Kol.)
..... return showing loss is to be furnished and treatment of returns below taxable limit under the existing provisions of section 139(3) of the income tax act, as amended by the taxation laws (amendment) act, 1970, the income tax officer, on an application made to him for this purpose, is empowered to extend, in his discretion, the time for ..... loss is to be furnished and treatment of returns below taxable limit.9.1 under the existing provisions of section 139(3) of the income tax act, as amended by the taxation laws (amendment) act, 1970, the income tax officer on an application made to him for this purpose is empowered to extend, in his discretion, the time for ..... that the assessee was entitled to carry forward the loss even though the loss return was filed within the time prescribed under section 139(3) as amended by the taxation laws (amendment) act, 1970 this court following the decision in presidency medical centre (p) ltd.s case (supra) answered the said question in the affirmative and in .....
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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)28ITD177(Kol.)
..... act and it failed to pay the deducted amounts to the credit of the central government. under the said circumstances, the ..... 9 per cent to 12 per cent by the finance act, 1972 with effect from 1-4-1972 and the 12 per cent was substituted for 15 per cent by the taxation laws (amendment) act, 1984 with effect from 1-10-1984. the assessee admittedly deducted tax under sections 192 to 194 of the ..... failed to deposit to the credit of the central government. section 201 (1a) of the act was introduced by the finance act, 1966 with effect from 1-4-1966. the rate of interest at 6 per cent was substituted for 9 per cent by the taxation laws (amendment) act, 1967 with effect from 1-10-1967. the rate of interest was again enhanced from .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)86TTJ(Kol.)579
..... s case (supra) but the point of departure was made in the following context : "upon taking into consideration the explanation appended to section 23(1) as inserted by reason of taxation laws (amendment) act, 1975, as also upon consideration of the circulars issued by the board, it was further held : 'but the legal position is that such arrears of rent are the annual ..... of the sum for which the property might reasonably, be expected to be let from year to year. to our mind, this clause (b), a later insertion by the taxation laws (amendment) act, 1976, is meant to cover a case where the rent for a year actually received by the owner is in excess of the ..... the additional extra rent attributable to preceding years of account which could not be taxed under section 22 of the act should, instead, be taxed under the head 'income from other sources" it is now a well settled principle of law that a decision is an authority for what it decides and not what can logically be deduced therefrom. the main .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)86ITD90(Kol.)
..... court, in the case of presidency medical centre (p) ltd. (supra), were dealing with the legal provisions which are not in pari materia with the legal position, after amendment in section 80 of 1961 act by taxation laws (amendment) act, 1984 with effect from 1-4-1985, and, accordingly, these judgments have no application on the issue in appeal before -us.while dealing with the pre ..... ) of section 139 or within such further time as may be allowed by the income tax officer" was brought on the statute book with effect from 1-4-1985, vide taxation laws (amendment) act, 1984, and it substitute the expression 'return filed under section 139. the legal provisions applicable with effect from 1-4-1985 were, thus, neither in pari materia with the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD537(Kol.)
..... for making a false verification in the return filed under section 14 [section 36(2)]. section 36, however, stood deleted with effect from 1-10-1975 by the taxation laws (amendment) act, 1975, and in its place new provisions were brought in with erfect from 1-10-1975 as per sections 35a to 35n of the ..... return of net wealth; for, in such a case, reopening of the assessment is necessary for making use of the information contained in the declaration as the 1976 act makes no amendment to the procedure of assessment or reassessment. rule 5(2), therefore, does not require filing of a return of net wealth in such cases. it requires filing ..... of such declared incomes and wealth. the immunity granted by the 1976 act is, may it be noted, not from taxation and payment of tax but from penalties and prosecutions under the 1961 act and the 1957 act and confiscations, prosecutions and penalties under the customs act and the gold (control) act. the payment of tax is, in fact, condition precedent to earning .....
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