Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)79TTJ(Kol.)915
..... (supra) has taken a view in favour of the assessee by accepting the decision of the tribunal without reference to the relevant provisions of the act, the kerala high court in the case of smt. ..... return of income filed under section 139(4) should be deemed to have been filed under section 139 of the it act and consequently, the business loss determined on the basis of such belated return is required to be carried forward for set off with the business income of the assessee the subsequent assessment year, the learned counsel placed reliance on the judgment of the hon'ble calcutta high court in the case of cit v.bangabasi theatre (p) ltd, (1993) 71 taxman 408 (cal) wherein it has categorically been stated ..... their lordships of the kerala high court have considered the provisions of the 1922 act vis-a-vis the corresponding provisions under the 1961 act. ..... under this act, includes any income from business or profession, before the expiry of four months from the end of the previous year or where there is more than one previous year from the end of the previous year which expired last before the commencement of the assessment year, or before the 30th day of june of the assessment year, whichever is later; (b) in the case of every other person, before the 30th day of june of the assessment year : provided that, on an application made in the prescribed manner, the ito may .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD215(Kol.)
..... gunavathy dharamsy (supra) held that with effect from 1-4-1985 no loss would be allowed to be carried forward or set off unless the return under section 139(1) had been filed within the time allowed under sub-section (1) of section 139 or filing the return or within such further time allowed by the income tax officer.their lordships of the kerala high court have considered the provisions of the 1922 act vis-a-vis the corresponding provisions under the 1961 act. ..... it is thus evident from the decision of the supreme court that the issue was decided in favour of the assessee as the conditions contained in section 24(2) for carry forward and set off of loss, if any, were satisfied or it may be said, there was no condition contained in the substantive provision of the act for the carry forward of the loss to the following year(s) coming in conflict with the provisions of section 22 of the 1922 act.in the light of the principle of law laid down by their lordships of the supreme court in the case of kulu valley transport co. ..... (supra) has taken a view in favour of the assessee by accepting the decision of the tribunal without reference to the relevant provisions of the act, the kerala high court in the case of smt. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)40ITD550(Kol.)
..... the kerala high court has held in this case that when an intangible addition is made to the book profits during an assessment proceeding, it is on the basis that the amount represented by that addition constitutes the undisclosed income of the assessee, that income, although commonly described as "intangible", is as much a part of his real income as that disclosed by his account books, that it has the same concrete existence, that it could be available to the assessee as book profits could be and that it will constitute an asset of the assessee on the ..... relevant valuation date, under the wealth-tax act also. ..... credit and representing the income of the assessee from undisclosed sources under section 68 of the act for the year under ..... (supra) at page 124: from the charging provisions of the act, it is discernible that the words "income" or "profits and gains" should be understood as including losses also, so that, in one sense "profits and gains" represent "plus income" whereas losses represent "minus income" .in other .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)77ITD67(Kol.)
..... by the calcutta bench of the tribunal in the case of sreepati ..... in the said case the hon'ble gujarat high court also referred the decision in the case of cit v.bharat iron & steel industries [1993] 199 itr 67 wherein the full bench of the gujarat high court has held that the ultimate cessation of the liability is on the final decision which culminates the disputes between the revenue and the assesscc and at the intermediary stage even if the amount of refund or part of refund is received in consequence of the court's order, the provision of section 41(1) of the act cannot be invoked.9.5 a similar issue was also considered ..... kerala estate mooriad chulapuram [1986] 161 itr 155. ..... bajpai, ito [1976] 105 itr. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD318(Kol.)
..... the appeal by the revenue is that the commissioner (appeals) erred in accepting the contention of the assessee that at the relevant time, the assessee entertained a bonafide belief that it was not obliged to file the estimate under section 212(3a) of the income-tax act, 1961 ('the act') and that constituted a reasonable cause for failure to furnish the estimate under section 212(3a) and thereby the commissioner (appeals) erred in cancelling the penalty levied by the ito under section 273(c) of the act.2. ..... gujarat travancore agency [1976] 103 itr 149 in which amongst other things and on the facts of that case, it was held that the penalty provisions under the act and not as provisions of a criminal nature which warrant the requirements of mens rea in the sense in which the same is required for an offence by the criminal. ..... on 19-3-1971, the assessee addressed in another letter to the ito pointed out to the validity of the original order under section 210 in the background of the relevant provision of the law and contended that the said order was bad in law and accordingly, the assessee was under no obligation to pay the last instalment which would be due on 15-3-1971.but the assessee assured that as a gesture of goodwill, the last instalment would be paid which was done on 15-3-1971.4. ..... in this connection it would be useful to refer to the decision of the hon'ble kerala high court of the full bench in the case of cit v. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)1SOT205(Kol.)
..... the copies of the balance sheets of the creditors show the balance in the name of the assessee-firm and the figures therein tally with those of the account books of the assessee ..... the learned counsel argued that copies of balance sheets of the creditors were also filed wherein the amount shown in the account of the assessee tallies with that of the balance in the account of the assessee-firm ..... as we have deleted the addition made on account of unexplained cash credit under section 68 of the act, the disallowance of interest paid on the loans also stands deleted and, accordingly, grounds of appeal are allowed ..... in these circumstances, we hold that the assessee has discharged its onus to prove the identity and the creditworthiness of the creditors and also that the loan transactions are genuine. ..... 1 lakh received from two loan creditors as unexplained credit under section 68 of the income tax act in the hands of the appellant firm.2. ..... the learned counsel argued that the assessing officer had sent summons at the old address, although the new address was furnished by the assessee before the assessing ..... in the absence of any material to disbelieve the evidence filed by the assessee, we hold that no case of addition for unexplained credit is made out by the revenue and hence the addition of ..... the learned counsel has relied on the confirmation of statement of accounts of the creditors wherein the creditors have confirmed the transactions and have also mentioned their income-tax assessment file .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD480(Kol.)
..... before the commissioner (appeals), the assessee placed a copy of the statement which was also filed before the ito at the assessment stage in which it has been stated that the accounting year of the assessee was calendar year and the change in the shareholding occurred on 10-1-1976 relevant to the assessment year 1977-78 and not 1978-79 which was under appeal. ..... from a simple reading of the section, it is apparently clear that in spite of any thing contained in chapter vi of the act where a change has taken place in shareholding in the case of a company in which the public are not substantially interested, no loss incurred in the earlier year shall be carried forward and set off against the income of the relevant previous year. ..... the appeal is by the revenue in which it is contended that the commissioner (appeals) erred in holding that both the conditions of section mentioned in section 79 of the income-tax act, 1961 ('the act') must be cumulatively satisfied before the benefits of set off of losses of the earlier years can be denied to the assessee-company. ..... , page 2015, it was commented that the word'or' between clauses (a) and (b) shows that either of the two circumstances is enough to bring the case under the mischief of section 70 of the act so as to bar a carry forward and set off. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)11ITD375(Kol.)
..... under this scheme, any company may make deposit with bank in lieu of payment of surcharge on income-tax under sub-section (6) of section 2 of the finance act, 1976, at any time before the last instalment of advance tax is due in its case. ..... on appeal, the commissioner (appeals) confirmed the action of the ito by observing as under: since the language of the law is very clear that the deposit is to be made before the due date of last instalment of advance tax and since the appellant has not complied with this provision of law, the ito committed a mistake in allowing the credit for the amount paid on 15-12-1976. ..... he further urged that in the case of the assessee, advance tax was payable in three instalments on 15-6-1976, 15-9-1976 and 15-12-1976 as per section 211(1)(i) of the act. ..... this appeal by the assessee is directed against the order of the commissioner (appeals) dated 16-12-1982, by which he confirmed the order passed by the ito under section 154 of the income-tax act, 1961 ('the act').2. ..... he, therefore, urged that since the assessee deposited the amount on 15-12-1976, it was to be treated that payment of advance tax was made before the due date was over. ..... subsequently, the ito was of the opinion that he had committed a mistake in allowing such credit inasmuch as per provisions of the aforesaid scheme, the assessee was required to deposit the amount on or before 14-12-1976. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)77ITD405(Kol.)
..... cit [1993] 201 itr 800 : 68 taxman 45 wherein it was held that- where payment is made to compensate any loss of the use of any goods in which the assessee does not carry on any business or the payment is a test equivalent to the cost incurred by the assessee but excess accrues due to fortuitous circumstances or is a windfall than the accrual may be a receipt but it would not be an income arising from business and therefore not taxable under the act.our attention was also drawn by the ld. ..... cit(a) can bring in concept of general law while deciding the nature of receipt under the income-tax act when the income-tax act alone is sufficient to decide the nature of the receipt. ..... the cit(a) further observed in his impugned order that the assessing officer invoked the provisions of section 10(3) of the act and held that the said receipt was casual and nori-recurring receipt and so was includible in the total income subjec to exemption of rs. ..... 175 lakhs did not fall under the inclusive definition of income appearing in section 2(24) of the act and was not synonymous with the term "income" and also the receipt was neither casual nor non-recurring and, therefore, was not covered by provisions of section 10(3) of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)112ITD57(Kol.)
..... or any fund set up under the provisions of the employees' state insurance act, 1948 (34 of 1948), or any other fund for the welfare of such employees; as per section 36(1)(va), the assessee will get the deduction for the payment of the employees' contribution made on or before the due date.this section reads as under: (va) any sum received by the assessee from any of his employees to which the provisions of sub-clause (x) of clause (24) of section 2 apply, if such sum is credited by the assessee to the employee's account in the relevant fund or funds on or before ..... as an - economic being concerned only to protect and advance his self-interest but in the context of current socio-economic thinking which places the general interest of the community above the personal interest of the individual and believes that a business or undertaking is the product of the combined efforts of the employer and the employees and where there is sufficiently large profit, after providing for the salary or remuneration of the employer and the employees and other prior charges such as interest on capital, depreciation, reserves, etc. ..... there is no dispute with regard to the legal proposition laid down by their lordships of kerala high court that the onus is upon the asscsscc to prove that the expenditure was incurred for the purpose of business. ..... 200 dated 28.06.1976 issued by the cbdt. .....
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