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Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat kolkata Year: 2001 Page 1 of about 3 results (0.050 seconds)

Jun 26 2001 (TRI)

National Engineering Industries Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Jun-26-2001

Reported in : (2002)80ITD9(Kol.)

..... the companies act, 1956 deals with deposits, whereas the debentures are dealt within part iv of the companies act covering sections 82 to 123. they are, therefore, understood as different connotations under the ..... companies act. we are, therefore, of the view that the observation of the ..... deposit for the purposes of interest-tax act as well.10. we are dealing with a case of a company and, therefore, the terms used in the interest-tax act have to be understood the way they are understood under the companies act, 1956 or by the people dealing with the companies. under the companies act, the issues of deposit and debenture are dealt with separately. section 58a of .....

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Jan 30 2001 (TRI)

ici India Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Jan-30-2001

Reported in : (2002)80ITD58(Kol.)

..... the asst. yr.1992-93.13. in the asst. yr. 1992-93, another ground has been taken to the effect that the debenture redemption premium paid by the assessee-company amounting to rs. 75 lakhs has wrongly been disallowed.the ao discusses in this connection that the assessee paid rs. 75 lakhs as ..... of property or any part thereof, or the transferee, being already in possession, continues in possession in part-performance of the contract and has done some act in furtherance of the contract, and the transferee has performed or is willing to perform his part of the contract, then, notwithstanding that the contract, though ..... property, would come within the ambit of "part-performance" of the original agreement as per the provisions of section 53a of the transfer of property act and hence also within the ambit of section 2(47)(v). in this connection, he relies on the judgment of the supreme court in the case ..... that extent, in accordance with the extended definition of 'transfer' in relation to a capital asset as provided in section 2(47)(v) of the it act, 1961 in its return of income for the asst. yr. 1991-92 and also wanted to be assessed to capital gains in respect of the aforesaid ..... before proceeding on with the issue any further, it would first of all be required by us to examine the relevant provisions of the two acts under consideration. so far as the it act, 1961 is concerned, the following are the relevant provisions : "section 2(47)--'transfer', in relation to a capital asset, includes- (v .....

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Aug 24 2001 (TRI)

Assistant Commissioner of Income Vs. Kangra Valley Investment and

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Aug-24-2001

Reported in : (2002)80ITD25Cal

..... case of the assessee as the assessee was required to follow the mercantile system of accounting under which the assessee had to provide interest on the debentures and loans by crediting the accounts of the payees on 31st march, 1997. the due date for making the payment of tax deducted was 31st ..... ) 114 itr 116 (gau) wherein, at p. 118, it was held as under : "the above excuse is thoroughly unconvincing and unacceptable. section 200 of the it act, 1961, casts responsibility on any person deducting tax at source to pay within the prescribed time, the sum so deducted to the credit of the central government. rule ..... respect of the amount deducted at source under sections 193 and 194a and had, therefore, made itself liable to penalty under section 221 of the act unless good and sufficient reasons for delay in depositing the tax deducted by it was shown by the assessee.13. as regards the existence of good ..... making the payment of the sum deducted at source to the credit of the central government in the manner as prescribed in section 200 of the act/r. 30 of the rules.firstly, without prejudice to any other consequences which the assessee may incur, the assessee shall be deemed to be an ..... paid by way of interest on securities and interest other than interest on securities as required under the provisions of section 193 and 194a of the it act, 1961 respectively. it is also apparent that the assessee was required to pay the aforesaid deducted amount to the credit of the central government in .....

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