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 : (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 : (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 : (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 : (1982)1ITD160(Kol.)
..... agarwalla, the iac did not have the jurisdiction to levy the penalties under section 27l(1)(c) for the assessment years 1958-59, 1960-61 and 1961-62 inasmuch as assuming, without admitting that section 274(2) deleted with effect from 1-4-1976 by the taxation laws (amendment) act, 1975 was to be considered to decide the jurisdiction of the iac to levy the impugned penalties for the years under consideration, the jurisdiction to so act was absent as the amount of the income (as determined by the ito on reassessment as detailed in paragraph 7 above) on reassessments for the said three years ..... uthasnagar municipal council air 1971 sc 1021, state of kerala v. ..... , which vitiated the proceedings after they were lawfully initiated, the notice issued under section 28(1)(a) of the 1922 act did not cease to be operative and it was open to the ito to take up the matter at the point at which the illegality supervened and to correct his proceedings the notice under section 28(1)(a) of the 1922 act having remained still to be disposed of, the proceedings started after the order passed by the aac could be described as during the course of the assessment proceedings, because the action would relate back to the time when the first notice .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)7ITD913(Kol.)
..... through these appeals the assessee has challenged the combined order of the commissioner passed in terms of sub-section (2) of section 25 of the wealth-tax act, 1957 ('the act') in respect of the assessment years 1973-74 and 1974-75 setting aside the assessment orders passed by the wto in respect of these years and directing him to frame them afresh in accordance with the facts of the case and the law after giving due opportunity to the assessee for representing his case.2 ..... further details of the properties in question were given by the wto in the above letter wherein it was, inter alia, pointed out that the property at 1 a, gurusaday road had an area of 30 cottahs and 9 chataks, that it had an old building on it which was otherwise well maintained, that with effect from 28-9-1976 the said building stood leased out to aarkay investment centre ltd ..... for a period of 5 years commencing from 1-7-1976 with option on the part of the lessee to renew the lease agreement for a further period of 5 years and that the lease rent had been fixed at rs. ..... the area leased out in 1976 was only 30 cottahs and 4 cottahs were to be handed back to the lessor within 90 days of the execution of the lease ..... cwt [1976] 104 itr 83, (iv) that method which the valuation officer had followed was in any case not correct inasmuch as he had added reversionary value to the value worked out on yield basis and this procedure has been disapproved by the hon'ble calcutta high court in several decisions as follows : .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)4ITD212(Kol.)
..... where a part of the income, profits and gains of a company is not includible in its total income as computed under the income-tax act, its capital shall be the sum ascertained in accordance with rules 1, 2 and 3, diminished by an amount which bears to that sum the same proportion as the amount of the aforesaid income, profits and gains bears to the total amount of its income, profits and gains.the learned counsel points out that the sense of rule 4 is clarified by the form of return under the surtax act. ..... it is created under a statute and it, therefore, in our opinion, constitutes 'reserve' and as such it will have to be treated as part of capital in accordance with rule 1 of the second schedule.while taking the above view, we are supported by the ratio of the following decisions of the supreme court: first national city bank v.cit [1961] 42 itr 17 and vazir sultan tobacco co. ..... 7 given at the foot of the return form gives the instances of incomes, profits and gains not includible in the total income, referred to in rule 4 as follows: instances of income profits and gains not includible in the total income as computed under the income-tax act, 1961 are agricultural income in india, and in the case of a non-resident company, its income accruing or arising outside india.on the basis of the aforesaid form and note no. ..... both these appeals are in respect of the assessment year 1976-77, whereas st appeal no. ..... v.second ito [1976] 102 itr 320 (kar. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)3ITD162(Kol.)
..... the income of the present year.there is certainly force in this argument because according to the proviso to sub-section (3) of section 5 of the indian electricity act, 1910, the purchaser has to pay to the licensee interest at the reserve bank rate ruling at the time of the delivery of the undertaking plus 1 per cent interest on the purchase price for the period from the date of delivery of the undertaking up to the date of payment of the purchase price and since the assessee's system of accounting is mercantile, the interest for the previous years could not be included in the income of the ..... kind and to carry on any other business (manufacturing or otherwise) which may seem to the company capable of being conveniently carried on in connection with the above or otherwise calculated directly or indirectly to enhance the value of any of the company's property and rights for the time being.no doubt, one can argue that money-lending cannot be strictly considered to be the business of the assessee more particularly receipt of interest from the state electricity board itself cannot be said to be business income. ..... lending licence had also been obtained by the assessee and actually some money had been lent and interest was received thereon by the assessee as would be apparent from the statement of accounts for the various years ending 31-3-1973, 31-3-1974, 31-3-1975, 31-3-1976 and 31-3-1977 respectively.therefore, it could not be said that the assessee was not carrying on any business. .....
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