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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat kolkata Page 1 of about 602 results (0.080 seconds)

Feb 08 2005 (TRI)

Peerless Securities Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)60SCL59NULL

..... on payment of the development charges. that would render the expenditure as a capital one. moreover, we are quite unaware of any authority given in the income-tax act, for carrying forward revenue expenditure, after dividing it, as per the assessee's own wish, into subsequent assessment years. in this view of the matter ..... as to when a business could be said to have been set up within the meaning of the expression under section 2(11) of the indian income-tax act, 1922. the bombay high court pointed out that there was a clear distinction between a person commencing a business and a person setting up a ..... latter event only it would be a deductible allowance under section 10(2)(xv) of the income-tax act. the question has all along been considered to be a question of fact to be determined by the income tax authorities on an application of the broad principles laid down above and the courts of law ..... latter event only it would be a deductible allowance under section 10(2)(xv) of the income-tax act. the question has all along been considered to be a question of fact to be determined by the income tax authorities on an application of the broad principles laid down above and the courts of law ..... a special bench for the following reasons recorded in the referreal order :- "reference under section 255(3) of the i.t. act, 1961 by kolkata bench "c" to the president, income tax appellate tribunal for constituting a special bench. we, the members of "c" bench at kolkata are of the view that the appeal .....

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Oct 06 2006 (TRI)

Joint Commissioner of Income Tax, Vs. Usha Martine Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)104ITD249Cal

..... or adjusted during the year of account. (5) in making the computation aforesaid, the following sums shall not be deducted: (b) income tax and super tax payable by the company under the indian income-tax act, 1922 (11 of 1922), or any other tax on the income of the company not falling under clauses (d) and (e) of sub-section (4); (c) any compensation, damages or payments made ..... m.w. haque that the a.o. has added the provisions for doubtful debts after taking into consideration the relevant facts and the legal interpretation as laid down in income tax act and companies act and by following the decision of the hon'ble madras high court in case of beardsell ltd. (supra) and the decision of this tribunal in ici india ltd. the ..... provision for bad and doubtful debt in the case of the assessee, viz., usha martin industries ltd. would fall within clause (b) of the explanation to section 115ja of the income-tax act. accordingly, we uphold the order of the c.i.t.(a) deleting the addition of rs. 1.56 crores made by the a.o. in respect of provision for bad ..... consider the following questions: whether, the provisions made for doubtful debts, advances & investments, i.e. for unascertained liabilities, falls within the purview of adjustments under section 115-ja of the income-tax act, 1961 and whether the a.o. was justified to make adjust of rs. l,56,00,000/- in this case in computing the books profits 2. the case was fixed .....

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Jan 28 2005 (TRI)

Assistant Commissioner of Income Vs. the Champdany Industries Limited

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)97TTJ(Kol.)41

..... has also reproduced the said audit objection in his order. perusal of the said audit observation shows that the audit party has not interpreted any law or provision of the income tax act. it has simply invited the attention of the ao to a factual error, i.e., irregular deduction allowed to the assessee which is not consistent with the mode of calculation ..... held and observed as under (page 477) :- "from a combined review of the judgments of this court, it follows that an income tax officer acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income tax act, 1961, only if on the basin of specific, reliable and relevant information coming to his possession subsequently, he has reasons, which he ..... to be taken note of.the calculation given by the chartered accountant in form no. 10ccac submitted alongwith the return of income is as under :- "details relating to the claim by the exporter for deduction under section 80hhc of the income tax act 19611. name of the assessee the champdany industries limited6. export turnover n respect of rs. 26,97,49,503/- trading goods7 ..... is not a case of mere change of opinion or the drawing of a different inference from the some facts as were earlier available but acting on fresh information. since the belief is that of the income tax officer, the sufficiency of reasons for fanning the belief is not for the court to judge but it is open to an assessee to establish .....

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Oct 07 2005 (TRI)

Deputy Commissioner of Income Tax Vs. M.L. Dalmiya and Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)100TTJ(Kol.)613

..... business of execution of civil engineering and construction job throughout the country on a very large scale for a long time. a search & seizure operation under section 132 of the income tax act was conducted on 20.7.2000 and on subsequent dates, wherein its office, work sites, godowns and other premises were covered. in response to notice dated 5.2.01 under ..... the department and assessments have been completed then the same will be outside the scope of block assessment to be computed under special provisions of chapter-xiv-b of the income tax act, 1961.22. concluding his argument, it has been submitted by the ld. counsel that the entire addition made by the a.o. was based on presumption and assumption and without ..... of chapter xiv-b relating to block assessments in cases of search and requisition. 6.11. the existing provisions contained in chapter xtv-b of the income tax act provide for a single assessment of undisclosed income of 3 block period of six years in cases of search under section 132 or requisition under section 132a and lay down the manner in which such ..... respective years prior to the date of search.34. the case law relied by the ld. cit(a) in case of cit v. ravi kant jain reported in 250 itr 141 clearly says that block assessment under chapter xiv-b of the income tax act, 1961 is not intended to be a substitute for regular assessment. its scope and ambit is limited in that sense .....

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Feb 28 2007 (TRI)

Pampasar Distillery Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... ltd. the same should be made in the hands of amalgamated company, i.e., shaw wallace distilleries ltd., for which he placed reliance on section 170 of the income tax act.16. section 170 of the income tax act deals with the succession to the business otherwise than on death. it reads as under : 170. succession to business otherwise than on death. (1) where a person ..... distillery ltd. in the hands of successor company that is amalgamated company which is shaw wallace distilleries ltd. as per provision of sub-section (2) of section 170 of the income tax act. now it is for the revenue to initiate appropriate proceedings against the right person i.e. shaw wallace distilleries ltd. in accordance with law. at present the assessment framed against ..... of the amalgamating company is taken over as a going concern by the amalgamated company. thus, there is succession of business as provided in section 170 of the income tax act.he further contented that after the date of amalgamation the amalgamating company does not remain in existence and, therefore, cannot be found by the assessing officer. in such circumstances as ..... this contention, he has relied upon the decision itat, mumbai bench in the case of century enka ltd. v. dy. cit (2006) 101 itd 489. he further submitted that even as per provision of section 170 sub-section (2) of the income tax act, 1961, the assessment can be made in the hands of the successor company. in the scheme of amalgamation, the business .....

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Sep 07 2007 (TRI)

Joint Commissioner of Income Tax, Vs. I.T.C. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)112ITD57(Kol.)

..... of the case, the ld. cat {a) has erred in deleting the addition of rs. 13,28,09,673/- made under section 40a(2)(a) of the income tax act, 1961 without appreciating that arms length principle had been violated in this transaction.82. the ld. senior counsel for the assessee has not pressed any serious objection on such ..... respectfully following the same hold that employer's contribution are to be allowed, if paid, on or before the due date of filing of return as prescribed in the income tax act.55. coming to the employees' contribution, we find that it is governed by section 2(24)(x) read with section 36(1)(va) and not by section 43b ..... to make ad hoc disallowance. he has relied on the following judgments in support of his contention that since books of accounts being audited in accordance with the provisions of income tax act and has been accepted as true and correct, there is no justification to make any ad hoc or lumpsum disallowance: (i) acit v. perfect project ltd. 253 ..... directly contradicts the law. (16) that, on the facts and in the circumstances of the case, the hon'ble cit(a) has erred in directing the a.o. top allow deduction under section 80hhc of the income tax act, 1961 as per computation made by the assessee's auditor without pointing out any defect in the computation made by assessing ..... 1. this special bench has been constituted under section 255(3) of the income tax act, 1961 by the hon'ble president, i.t.a.t. in the case of m/s. i.t.c. ltd. vide i.t.a. no. 1541 (cal .....

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Dec 14 1999 (TRI)

Ms. Enfield Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... the honble settlement commission for a practical and judicious adjudication of the complex case(s) and avoiding protracted litigations. accordingly, an application for settlement under section 245c(1) of the income tax act, 1961 was already filed by enfield industries limited for the block period as well as for the assessment year 2000-01 and the individuals, namely, sri satyadeo sonthalia, sri ..... on available records which gave incomplete information, the appellant subsequently filed an application before the settlement commission under section 245c(1) of the income tax act, 1961 on 21-11-2001 disclosing its modified income for the block period. the same income rs. 14,25,052 was also disclosed to the i.t. authorities by a disclosure petition dated 20-12-2000 substituting the ..... the incorrect return, which was initially filed, was sought to be rectified by its subsequent disclosure, which was noted and acted upon by the income tax officer. it is not mandatory under section 271 of the income tax act, 1961, that a penalty must be imposed in every case.6.15. it is thus established without any ambiguity that in the instant case the ..... the case of the appellant company to fully covered by this decision of the apex court . in this particular case, the assessee originally filed its return showing a meagre income but after action and section 152 of the income tax act, 1961 a notice under section 148 was served on him to response to the said notice he filed revised return showing higher .....

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Jan 28 2005 (TRI)

Asstt. Cit Vs. Champdany Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)95ITD169(Kol.)

..... has also reproduced the said audit objection in his order. perusal of the said audit observation shows that the audit party has not interpreted any law or provision of the income tax act. it has simply invited the attention of the assessing officer to a factual error, i.e., irregular deduction allowed to the assessee which is not consistent with the mode of ..... -1997 the assessee has been allowed deduction under section 80hhc at rs. 4,60,93,747.in the report under section 80hhc(4) of the income tax act, 1961 in form no. 10ccac submitted along with the return of income, the assessee has shown profit from export of trading goods at nil and profit from export of manufactured goods at rs. 3,54,97 ..... has held and observed as under (page 477):- "from a combined review of the judgments of this court, it follows that an income tax officer acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income tax act, 1961, only if on the basis of specific, reliable and relevant information coming to his possession subsequently, he has reasons, which ..... be taken note of. the calculation given by the chartered accountant in form no. 1occac submitted along with the return of income is as under: "details relating to the claim by the exporter for deduction under section 80hhc of the income tax act, 1961 14. profits derived by assessee from export of goods or merchandise to which section 80hhc applies, computed under sub-section .....

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Jul 10 2006 (TRI)

Joint Commissioner of Income Tax, Vs. Peerless Developers Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)287ITR153(Kol.)

..... of appeal despite such an instruction. the appeal is clearly maintainable before the tribunal on behalf of the department under section 253(2) of the income tax act, and this right to file an appeal is a statutory right and cannot be taken away or prohibited by executive instructions.10. the 4^th ..... , 2000 and submitted that in the said instruction the cbdt has directed the departmental officers to file appeal before the income tax appellate tribunal in income tax matter only in cases where the tax effect exceeds the revised monetary limit i.e. rs. 1,00,000/-. he submitted that from the copy of ..... 1903 dated 28^th october, 1992, the monetary limit was revised upward and the officers were directed not file the appeal before the income tax appellate tribunal where the tax effect was below rs. 25,000/-. the above monetary limit was further revised upward by instruction no. 1979 dated 27^th march, ..... appeal contrary to the circulars.16. the other contention of the ld. d.r. following the decision of the chandigarh bench of the tribunal in income tax officer v. dharamvir (supra) is that the present appeal is maintainable. however, as we found above that the revenue involved in the present ..... ) 94 itd 164 (a.s.r.) (sb.) held that instructions of board prescribing monetary limit for filing appeal before various forums arc binding on income tax authorities. we find that recently the apex court has considered the effect of circular issued by the cbdt in the case of commissioner of customs v. .....

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Jan 31 2007 (TRI)

The Statesman Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)112TTJ(Kol.)593

..... even if they are sold as unit, if the lands are held by the assessee for a period more than that prescribed under section 2(42a) of the income tax act, 1961, namely 36 months. it is not possible to say that by construction of the building, the land which was a long term capital asset, has ..... 79 and 89 of the paper book and is being reproduced for the facility of reference hereunder: 4. the "transfer" as defined by chapter xx-c of the income tax act, 1961 contemplated by this agreement comprised the following: (a) the right .of the developers to build upon the land aforesaid in accordance with the terms of this ..... for land and rs. 4,68,42,991/- for the building by bifurcating the sale consideration received purely on imaginary & hypothetical ratios. this is not admissible under the income -tax act. obviously, the land in question is not capable of being sold for rs. 12,31,42,645/-. in fact, if the appellant wants to sell the land ..... the basis of the valuation report by shri g.c.mahendirata and after claiming the benefit of indexation in terms of the second proviso to section 48 of the income tax act computed the indexed cost of acquisition of such 56.8 % land at rs. 48,62,15,339/- (rs. 11,41,35,056 x 426/100).6. ..... is it intended to be nor will it be construed to be "transfer" as defined by chapter xx-c or section 2(47) of the income tax act, 1961.32. from the above clauses of terms and agreement, the fact that emerges is that the assessee at no point of time has relinquished .....

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