Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)48ITD534(Kol.)
..... on a consideration of the above, we are of the view that the contention of the assessee that the standard rent under the delhi rent control act alone has to be the basis of estimating the market value of the property under the rent capitalisation method has to be accepted.under section 7(1) of the it act, the value of any asset, other than cash, shall be estimated to be the price which in the opinion of the assessing officer it would fetch if sold in the open market on the valuation date. ..... that the ratio of the above supreme court decisions is not applicable since the legislature had amended the provisions of the income-tax act with effect from 1-4-1976 and also because rule 1bb, even as originally introduced with effect from 1-4-1979, contained a provision that if the actual rent is more than the standard rent the actual rent alone should be taken as the basis. ..... on appeal, the cit (appeals) upheld the view of the wto that under section 7(1) of the wt act the market value of the property as on the valuation date has to be found out and while finding out such market value the standard rent cannot be taken as the market rent and it was only the actual rent received by the assessee that should be taken as reflective of the market rent. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)50ITD348(Kol.)
..... be income chargeable to tax under the provisions of section 44bb of the income-tax act, 1961 and not under the special provisions for the taxation of fees for technical services contained in section 115a read with section 44d of the income-tax act, 1961.after the above circular based on the opinion of the attorney general the matter is clearly put beyond doubt and any assessment made without giving effect to the provisions of section 44bb in the case of the assessees, such as the present one, would be against ..... the emphasis in that provision introduced by the finance act, 1976 with effect from 1-6-1976 is on the source of the income by way of fees for technical services. ..... 16.4 the aforesaid amendment has come into force with effect from the 1 st june, 1976 and will apply in relation to the assessment year 1977-78 and subsequent years [section 4(b) (part) of the finance act].from the above circular it will be clear that the legislature while introducing explanation 2 to section 9(1)(vii) had in mind only those nonresidents who did not carry on any business as such in india but were merely in receipt of the income by way of fees for technical services. ..... the cit (a) to whom the appeals are preferred by the assessee, accepted the assessee's contention and directed the computation of the income for all the years under section 44bb of the act.4. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)53ITD60(Kol.)
..... it is, therefore, not possible to countenance the view taken by the assessing officer in the present case that acting under section 143(1) of the act, he could set at naught the results of the past assessments by refusing to carry forward the past losses' and allowances to the subsequent years and defeat the vested right conferred upon the assessee to have those losses carried forward to the succeeding years. ..... under section 157 of the act, when it is established in the course of the assessment that a loss has taken place which the assessee is entitled to have carried forward to the subsequent years, the assessing officer is under an obligation to notify the assessee by an order in writing the amount of the loss computed by him. ..... the cit(a) was of the view that the assessing officer did not have the power to refuse to carry forward the losses which were already determined in the assessments for the earlier years on the ground that the return for the year had not been filed in time.he further took the view that the loss of rs. ..... that on the facts and in the circumstances of the case, the learned commissioner of income tax (appeals) erred in directing the assessing officer to allow carry forward of assessed losses as per law in respect of the assessment years 1976-77, 1977-78, 1981-82, 1982-83, 1984-85, 1985-86 and 1986-87 (aggregating in all to rs. ..... years 1976-77 to 1986-87 rs. ..... years 1976-77 to 1986-87 rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)52ITD239(Kol.)
..... the other distinction between the facts of the present appeals and the decision of the calcutta high court is that whereas we are concerned with a set-off claim under section 70 of the new act, in the case before the calcutta high court the assessee had claimed the set off of the share of loss from an unregistered firm against its income under another head in accordance with section 24(1) of the old act. ..... as per clause 6 of the agreements after meeting all proportionate expenses arising out of the exploitation of the films, the balance of profit or loss would be shared in the following proportion, reading the agreements together : as per clause 7 of the agreement, the assessee had no right to surrender the distribution rights to the producers or any other person without the consent of the other two parties. ..... complete details have been given with regard to the expenditure and no specific inflation or unvouched expenditure has been pointed out by the income-tax officer who has made the disallowance only on estimate, we delete the disallowance and direct the income-tax officer to accept the loss as claimed by the assessee for the assessment year 1985-86.16. ..... since the income-tax officer had set off the loss brought forward from the assessment year 1985-86 against the income under the head 'business' for the assessment year 1986-87 which set off was also against the provisions of section 77(2), the assessment for the assessment year 1986-87 also required ..... ito [1976] 103 itr 688.12 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)57ITD309(Kol.)
..... refers to order vi, rule 14 of the cpc and proceeds to refer to the various aspects of the issue such as the effect of omission to sign the plaint, defective signature in the plaint, etc.the position was ultimately summarised at page 602 to the effect that "the rule as to the signature of a plaint or a memorandum of appeal by the plaintiff or the appellant, although expressed in the relevant statute in the language of a mandatory provision has never been regarded as mandatory, but the rule being a procedural rule has been treated as only directory, non-compliance or defective compliance ..... ajanta electricals [1995] 215 itr 114.while interpreting the powers of the ito to extend the time for filing the return, the supreme court held that though the cpc by itself does not apply to the proceedings under the income-tax act, there is no reason why a principle o procedure evolved for doing justice cannot be called in aid while interpreting the procedural provisions contained in the act. ..... 204, dated 24-7-1976 [see 110 itr (statutes) 38] the object of this provision was stated to be to ensure that the returns of income are signed by the persons mainly responsible for the affairs of the company and that such persons are not able to avoid the penal consequences of tax fraud. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1997)61ITD1(Kol.)
..... in my opinion, it does happen that when one deals with one person, he may be having several concerns for tax and other purposes but the dealings will be with only that person and when that person is requested to issue the certificate of royalty for the income-tax purpose and if that person issues only one certificate without any further clarification, then mistake is likely to creep in without any intention. ..... 1979-80 to 1985-86 on the common grounds that the cit(a) erred in confirming the imposition of penalty under s.271(1)(c) of the it act, 1961 without going through the facts of the case when the assessee did not have any mens rea to conceal the income and, therefore, the imposition of penalty is bad in law. ..... now if it is true that the assessee prepared the returns himself without any professional assistance and if it is also true that he returned the royalty income on the basis of the certificate issued by book syndicate on the assumption that it included the royalty from cbh also, both being connected firms, it is also reasonable to expect that the assessee would not have bothered to check his bank statements in detail which alone could have revealed to him that the royalty from cbh has been left ..... cit (1976) 103 itr 634 (mad) at page 645) and in the case of cit vs. j. k. a. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1999)68ITD61(Kol.)
..... he has specifically drawn our attention to the said finding of dcwt(a) wherein he has observed that in his opinion the assessing officer was not having scope to invoke the provisions of section 17 of the act and that the assessing officer while taking the valuation at rs 11,41,550 as against the disclosed valuation of property in question at ..... act giving reasons of failure on the part of the assessee to disclose income truly and fully but the hon'ble high court found that the acts were mentioned by the assessee and there were detailed discussions regarding the subject-matter in the ..... has also conceded that the assessing officer issued notice for rectification under section 35 but the assessee submitted his reply to the notice objecting to the rectification whereupon the assessing officer dropped the proceedings though no specific order in respect of the dropping of the proceedings as well was ..... bhanji lavji's case (supra) (583 - last part) also deals with the provising requiring full and true disclosure of facts.it has been held therein that when the primary facts necessary for assessment are fully and truly disclosed at the stage of oil assessment, the ito is not entitled on change of opinion to commence re-assessment proceedings under section 34(1)(a) ..... further held that there was no specific finding by the tribunal that the assessee had not properly accounted for the recovery out of wastage account and that even if there was a finding it was confined to the assessment year 1976-77. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1999)68ITD240(Kol.)
..... "(1) the provisions of the act and of any rules or schemes made thereunder shall have effect notwithstanding anything inconsistent therewith contained in any other law except the provisions of the foreign exchange regulation act, 1973 (46 of 1973) and the urban land (ceiling and regulation) act, 1976 (33 of 1976), for the time being in force or in the memorandum or articles of association of an industrial company or any other instrument having effect by virtue of any law other than this act. ..... is restricted to amalgamations which would facilitate the rehabilitation or revival of the business of the amalgamating company; then, the central government may make a declaration to that effect, and, thereupon, notwithstanding anything contained in any other provision of this act, the accumulated loss and the unabsorbed depreciation of the amalgamating company shall be deemed to be the loss or, as the case may be, allowance for depreciation of the amalgamated company for the previous year in which the amalgamation was effected, and the other provisions of this act relating to set off and carry .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2000)73ITD230(Kol.)
..... on a careful consideration of the relevant provisions of coal and coking act and the decisions of the supreme court [cited before cit(a)] and also considering the fact that the balance of credits as on the date of acquisition is 306.45 per cent higher than the amount of compensation and nothing has been received by the company from the commissioner of payments in the form of disbursement of surplus after meeting the debts and liabilities of the company, it was held that the creditors of the assessee-company have an overriding title to the interest of rs. ..... 9(2) of the act though for the sake of convenience, the amount is placed in the hands of the commissioner of payments for disbursement to the creditors.learned departmental representative further submits that the direction of the tribunal was not adhered to in word and spirit by the cit(a) and, at any rate, the evidence adduced before the cit(a) and considered by him was fresh evidence and, therefore, he should have given a reasonable opportunity to the ao which was lacking in the instant case.elaborating further, learned departmental representative submits that the two acts and ..... 1976-77 to 1983-84 and a separate order passed by him in the asst. yr. ..... 1976-77 to 1983-84 on accrual basis and again in 1984-85 on receipt basis which is not in accordance with law.15. ..... 1976-77 to 1983-84 also.7. .....
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. .....
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