Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)95ITD169(Kol.)
..... and truly disclosed by the assessee at the original stage and has now changed his opinion on same set of facts disclosed fully and truly by the assessee at the original stage, which were necessary for assessment.on reading the true intent and meaning of the reasons as a whole given by the assessing officer for re-opening the assessment under section 147 of the act, we find that the assessing officer has pointed out the factual as well as legal omission on the part of the assessee in making the claim of deduction under ..... .besides, it is not the case of the assessee before us that (i) the reasons recorded by the assessing officer were irrelevant or not germane to the formation of the requisite belief, or (ii) excessive relief was not allowed to it with reference to the statutory mode of calculation provided under section 80hhc at the original assessment stage; or (iii) the re-opening was based on interpretation of law as given by the audit; or (iv) the assessing officer had considered or examined the claim of the assessee on merits in the original assessment order on the basis of which it could be inferred that the re-assessment was ..... lakhmani mewal das (1976) 103 itr 437 (sc). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)60SCL59NULL
..... that these expenditures may be considered as laid out wholly and exclusively for the purposes of the business and are as such allowable as business expenditure under section 37(1) of the act as stated in the board's circulars/notifications, which have already stated above in paragraph 4.1 hereto.7.34 applying the various principles and test as discussed in foregoing paras and in the light of the cumulative effect of all the decisions, we are of the considered view that the payment of admission fee to become a dealer on otc exchange of india and to operate ..... the counter, and the payment for imparting training to assessee's employees so as to make them qualified as per guidelines ..... ) dated 10-5-1976 containing a board's reply to the letter from secretary general of the ficci to the chairman, c.b.d.t. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)94ITD89(Kol.)
..... 10th may, 1976 containing board's reply to the letter from secretary general of the ficci to the chairman, cbdt in the matter of allowing deduction of deposit for obtaining new telephone connection, in the year of payment and if money is paid back it will be charged to tax under section 41(1) of the act. ..... that these expenditures may be considered as laid out wholly and exclusively for the purposes of the business and, are as such, allowable as business expenditure under section 37(1) of the act as stated in the board's circular/notifications, which have already stated above in para 4.1 hereto.7.34 applying the various principles and test as discussed in foregoing paras and in the light of the cumulative effect of all the decisions, we are of the considered view that the payment of admission fee to become a dealer on otc exchange of india and to operate ..... the counter, and the payment for imparting training to assessee's employees so as to make them qualified as per guidelines .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)96TTJ(Kol.)1041
..... 2nd april, 1982, by virtue of which the cbdt has clarified that in the event of conflict between the provisions of the it act, 1961, and the provisions of dtaa, the provisions of dtaa would prevail over the provisions of the it act.according to the learned counsel for the assesses, explanation to section 90 incorporated by the finance act, 2001, with retrospective effect from 1st april, 1962, is inapplicable in view of the clarification of the cbdt relating to the rate of tax chargeable in the case of the appellant.43. ..... , no allowance shall be made, in computing the income chargeable under the head "profits and gains of business or profession", in respect of so much of the expenditure in the nature of head office expenditure as is in excess of the amount computed as hereunder, namely : (a) an amount equal to five per cent of the adjusted total income; or (c) the amount of so much of the expenditure in the nature of head office expenditure incurred by the assessee as is attributable to the business or profession of the assessee in india, once the ao is satisfied that the assessee is entitled to deduction in respect of remuneration, the claim of the assessee shall have to be dealt ..... reliance has been placed on the decision of the supreme court in the case of kerala financial corporation v. ..... , 1974, and 26th april, 1976. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)280ITR117(Kol.)
..... sub-sectiom (2) of section 90 provides that in relation to the assessees to whom such agreement applies, the provisions of this act shall apply to the extent they are more beneficial to that assessee.sub-section (3) of section 90 provides that any term used but not defined in the act or in the agreement referred to in sub-section (1) shall, unless the context otherwise requires, and is not inconsistent, with the provisions of the act or the agreement, have the same meaning as assigned to it in the notification issued by the central government in the official gazette in that behalf. ..... ? how can it make any difference whether the bags are shifted directly from the godown to the kitchen or from the godown to the shop and from the shop to the kitchen, or from the shop back to the godown and from there, to the kitchen and yet, when the reasoning of the learned attorney-general is pushed to its logical conclusion, the form of the transaction is of its essence and it is taxable or not according to the route the rice takes from the godown to the wedding feast ..... . 1976-77 and others dt ..... 1976-77 and others dt. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)105ITD365(Kol.)
..... departmental representative, it has been held by the hon'ble supreme court at page 2 (short notes) as under: held, affirming the decision of the high court, that, even in a case where a return filed in respones to a notice under section 148 involved an element of concealment, the law applicable would be the law as it stood at the time when the original return was tiled for the assessment year in question and not the law as it stood on the hate on which the return was filed in response to the notice under section 148 ..... however, the assessing officer did not accept the assessee's explanation and observed that the assessee did not voluntarily file his return of income disclosing the income received from various sources which he was required to do so as per provisions of the act, therefore, he was of the view that the assessee deliberately concealed the particulars of his income and, therefore, considered it to be a lit case for imposition of penalty under section 271(1)(c) and accordingly imposed a penalty amounting to rs. ..... counsel for the assessee that the matter of filing income tax return did not come to the mind of the assessee because for last 20 years since 1976 as a judge, his form no. 16, i. t. ..... . departmental representative, it has been held by the hon'bie kerala high court at page 822 as under: .. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)99TTJ(Kol.)1
..... and the persons who carried the silver utensils and the jewellers have small ..... has been deposited on or just before the date of issue of the cheque, bank accounts were opened during the operation of vdis to accommodate the dalmia group, the turnover during the period was found to be unrealistically high, the jewellers could not furnish the particulars of parties to whom the silver were sold and the sale proceeds were received in cash and no details could be furnished as to the names and addresses of the purchasers of such silver utensils, the jewellers could not explain the mode of receipt of silver utensils ..... under section 68 of the act if any sum is found credited in the books of account of the assesee and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not in the opinion of the assessing officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year. ..... state of kerala and anr. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)110TTJ(Kol.)152
..... that on the facts and in the circumstances of the case the cit(a) erred in upholding the action of the ao in coming to the conclusion that the appellant did not contribute to the formation of the ornamental fishes whereas the various process adopted with the plant and machinery resulted in the production of the ornamental fishes by the appellant and the claim was erroneously or wrongly disallowed under section 10b of the it act. 6. ..... that on the facts and in the circumstances of the case and evidences on records the cit(a) erred in upholding the action of the ao in coming to the conclusion that the appellant was not engaged in the manufacture or produce of an article or thing and/or no new article or thing emerged which are distinctive in character or identity and thereby disallowing the claim of the appellant under section 10b of the it act though it was demonstrated with evidence that the appellant was engaged in the business of ornamental fishes which was produced by them and new ornamental fishes ..... hon'ble kerala high court in the case of cit v. .....
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. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)115TTJ(Kol.)45
..... fund 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 ..... man 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, ..... 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 assessee to prove that the expenditure was incurred for the purpose of business. ..... . 28th june, 1976 [1976 ctr (joam) 460} issued by the cbdt .....
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