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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat kolkata Year: 2001 Page 1 of about 14 results (0.071 seconds)

Feb 28 2001 (TRI)

Shaw Wallace and Co. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-28-2001

Reported in : (2002)80ITD156(Kol.)

..... of capital gain or in the nature of the revenue receipt. there is no transfer in relation to a capital asset within the meanings of section 2(47) of the income-tax act, 1961 and the amount of rs. 1 lakh also does not confirm to the concept of a capital asset....the hon'ble high court then formed a view that on ..... business or exercise of a profession or occupation or a receipt by way of addition to remuneration. therefore, in learned cit (appeal)'s views, impugned receipt constituted taxable income (minus statutory deduction) within the meanings of section 10(3) of the income-tax act. the learned cit (appeals) also observed that considering the decision of gulab chand's case (supra) it was immaterial whether the receipt ..... 'income' chargeable to tax and a receipt cannot be taxed as income unless it is in the nature of a revenue receipt or is specifically brought within ambit of 'income' by way of specific provisions of the income-tax act.we are, therefore, of the considered view that the receipt in question cannot be ..... taxman 456, observed that, "...we hold that the amounts received by the assessee during the financial years in question have to be regarded as capital receipts and, therefore,are not income within meaning of section 2(24) of the income-tax act." [emphasis supplied]. this clearly implies, as is the settled law, that a capital receipt, in principle, is outside the scope of .....

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Sep 18 2001 (TRI)

Reliance Jute Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Sep-18-2001

Reported in : (2002)80ITD449Cal

..... the learned authorised representative of the assessee and the learned departmental representative. in order to appreciate the rival submissions it is considered necessary to reproduce section 43(5) of the income-tax act, 1961 : 43. in sections 28 to 41 and in this section, unless the context otherwise requires- (5) "speculative transaction" means a transaction in which a contract for the purchase or ..... against the order dated 22-9-1994 passed by the cit (appeals) in respect of the assessment made under section 143(3) of the income-tax act, 1961 (the act, in short). the assessee has raised as many as four grounds in this appeal. ground nos. 1 & 2 read as follows :- (1) for that the cit (appeals) erred in confirming the disallowance of rs. 2 lakhs ..... out of advertisement expenses. (2) for that the cit(a) failed to appreciate that the advertisement ..... advertisements in souvenirs and other types of advertisements. claims in respect of expenditure on advertisements in souvenirs may be allowed if the conditions laid down in rule 6b of the income-tax rules, 1962, are fulfilled and there is evidence that the expenditure has been incurred.in support of the assessee's contentions, reliance was mainly placed on the decision of .....

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Mar 08 2001 (TRI)

Overseas Merchandise Inspection Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Mar-08-2001

Reported in : (2002)80ITD176(Kol.)

..... . the assessee has filed this appeal against the order passed by the cit (appeals) for the assessment year 1992-93 on the following ground :- that the cit (appeals) erred in confirming the disallowance made by the assessing officer of the claim of deduction under section 80-o of the income-tax act, 1961 in respect of certain earnings in convertible foreign exchange for services ..... rendered from india.2. the assessee, the overseas marchandise inspection company (india) pvt. ltd. (in short, omic india) claimed deduction under section 80-o of the act of rs. 4,81,787. according to the assessee omic ..... iii appended to section 80-o of the act, the assessee was inspecting and was issuing certificate in india. there was no element of services rendered outside india or from india. since the services were rendered in india, deduction under section 80-o was not available to the assessee. on appeal, the cit(a) upheld the finding of the assessing officer ..... process, or similar property right, or information concerning industrial, commercial or scientific knowledge, experience or skill of the assessee for use outside india and in that process to receive income to augment the foreign exchange resources of the country. the assessee can also make available to the foreign enterprise, technical and professional services, expertise of which it possesses for .....

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Apr 27 2001 (TRI)

Additional Commissioner of Vs. Dalhousie Investment Trust Co.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Apr-27-2001

Reported in : (2002)80ITD210(Kol.)

..... their rival submissions.the privy council in the case of sarangpur cotton mfg. co. ltd. (supra) held that section 13 of the indian income-tax act, 1922 (which is in pari materia with provisions of section 145 of the present act of 1961) relates to a method of accounting regularly employed by the assessee for his own purposes-in that case for the purpose ..... shall only be considered as the method of accounting regularly employed by the assessee company within the meaning of section 145 of the income-tax act, 1961. 2. that on the facts and in the circumstances of the case, the ld. cit(a) erred in fact as well in law in allowing loss to the extent of rs. 61,91,923 (10,19,32 ..... the market rate. this change in the accounts was stated to be because of the change in the provisions of the companies act, 1956 which require every company to value its stock of shares & securities on cost basis. for income-tax purposes, however, the assessee following the earlier method of valuing its closing stock on "cost or market rate whichever is lower", adjusted ..... tuticorin alkali chemicals & fertilizers ltd. (supra), but when the provisions of the taxing statute itself provides for adoption of the system/method of accounting for computing the income chargeable to tax under the act, that itself would be a provision of the taxing statute and the question of overriding the provision of taxing statute by the principle of accounting would not arise. that is what has .....

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Feb 16 2001 (TRI)

Assistant Commissioner of Income Vs. Bissheshwarlal Mannalal and Sons

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-16-2001

Reported in : (2002)80ITD69(Kol.)

..... . apart from the fact that an affirmative answer to the question will enlarge, if not completely distort, the provisions of the it act taxing income and not loans, to tax would be a grave error to treat a known amount of loan as income only for the reason that of adopting a particular method of receiving it or paying it, than for any other reason. certainly ..... . as we do so, we have to further bear in mind that section 69d deals with artificial income created by the provisions of the it act and, therefore, this section needs to be strictly construed. as observed by the jurisdictional high court in the case of cit v. bhupender singh atwal (1983) 140 itr 928 (cal), "in case of doubt (while interpreting provisions relating ..... ", provides that the local usage relating to any instrument in. oriental language is not affected by the provisions of the said act...." the aforesaid judgment of the hon'ble andhra pradesh high court was also followed in the case of cit v. yamuna digital electronics (p) ltd. (1999) 238 itr 717 (ap). in the case of paranjothi salt co. (supra), their lordships ..... to artificial income), the assessee would be entitled to the benefit of doubt." it is not in dispute at .....

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Nov 20 2001 (TRI)

Ellenbarrie Industrial Gases Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Nov-20-2001

Reported in : (2002)83ITD111(Kol.)

..... necessary details relating to those gifts were already there. he referred to the case of agarwal motors v. asstt. cit (2000) 66 ttj (jab) 130. in that case also the cost of construction was computed as undisclosed income under section 158bc of the it act. the tribunal disapproved that assessment also because all the investments were already recorded there in the books of account ..... appeal) was passed by ao. (3) that on the facts and under the circumstances of the case cit(a) has further erred in confirming the computation of undisclosed income at rs. 31,50,000 by ao under section 158bb of the act being lease rent paid in four years as detailed below and which was allowed in original proceeding under section 143(3 ..... apart following are some of the decisions which also go to explain the nature and scope of undisclosed income under section 158b(b) of the it act : 1. microland ltd. v. asstt cit (1999) 63 ttj (bang) 701 : (1998) 67 itd 446 (bang);dr. c. balakrishnan nair and ors. v. cit and anr. (1999) 237 itr 70 (ker); 7. sou. vidya madanlal malini v. asstt ..... property which has not been or would not have been disclosed for the purposes of this act." 22. to understand undisclosed income in a wide perspective perhaps the decision of special bench of tribunal bangalore bench in the case of kirlosker investment & finance ltd. v. asstt. cit (supra) is to be referred to. the special bench has very elaborately explained the nature and .....

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Oct 25 2001 (TRI)

Deputy Commissioner of Vs. Narendra Kumar Mohta

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Oct-25-2001

Reported in : (2003)84ITD495(Kol.)

..... ) and certain other reported judgments in support of the proposition that unless the revenue is able to prove that the surrendered amount is really concealed income of the assessee, imposition of penalty is not justified. learned cit(a), in the light of these submissions, came to the conclusion that no penalty could be levied on the facts of the present case. it ..... the assessee then drew our attention to the judgment of this court in sir shadilal sugar and general mills ltd. v. cit (1987) 168 itr 705 (sc). he submitted that the assessee had agreed to the addition to his income referred to hereinabove to buy peace and it did not follow therefrom that the amount that was agreed to be added was ..... itself. it was submitted that the addition has been made, under section 69 of the act, on account of unexplained investment detected during the scrutiny proceedings and not as income from undisclosed sources on account of disclosure made by the assessee. it is thus argued that the cit(a) has clearly erred, on facts, by proceeding on the basis of the addition having ..... not follow that the amount that was agreed to be added was concealed income. that it did not follow that the amount agreed to be added was concealed income is undoubtedly what was laid down by this court in the case of sir shadilal sugar and general mills ltd. v. cit (supra) and that, therefore, the revenue was required to prove the mens .....

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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

..... both the parties at the time of hearing. admittedly, in the instant case, the assessee deducted income-tax at source amounting to rs. 38,79,749 and rs. 98,94,225 on the amount of the income paid by way of interest on securities and interest other than interest on securities as required under the ..... (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 30(3) of the it ..... to pay the aforesaid deducted amount to the credit of the central government in the manner prescribed under section 200 of the act which enacts that any person making any deduction of tax at source is to pay the amount so deducted to the credit of the central government in the manner and time prescribed ..... being passed for the sake of convenience.3. the ground taken by the department in these two appeals is that the cit(a) erred in cancelling the penalty under section 221 of the act on the ground that interest was paid by the assessee.4. briefly stated, the facts of the case are that ..... under section 221 of the act. this is so held by the hon'ble calcutta high court in the case of jubilee investments & industries ltd. (supra). in this case it was held as under: "the asstt. cit has rightly pointed out that once the tds is deducted from the income of somebody, the assessee is .....

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Dec 28 2001 (TRI)

Deputy Commissioner of Income Tax Vs. Itc Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-28-2001

Reported in : (2002)82ITD239(Kol.)

..... or the rate or rates of income-tax specified in an agreement entered into by the central government under section 90 whichever is applicable by virtue ..... in the finance act of the relevant year ..... , 195(1) of the act, any person making payment in the form of income to a non-resident required to deduct tax at source, from the said income, at the 'rate in force' which, in turn, has been explained under section 2(37a)(iii) as follows : "for the purposes of deduction of tax under section 195, the rate or rates of income-tax specified in this behalf ..... of the provisions of s. 90".as we have earlier observed, provisions of the dtaa clearly override the provisions of the act to the extent the provisions in such agreement are more favourable to .....

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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.)

..... evident from the following extract from memorandum explaining the budget:-- "when the interest-tax act was received last year, the intention was to cover non-banking financial companies, it has, however, been found that there are a number of finance and investment companies which earn substantial income from interest on loans and advances and are yet not covered by the definition ..... residuary non-banking financial company and, consequently, a credit institution within the meaning of section 2(5a), r/w sub-section (5b)(va) of the act and, therefore, liable to tax on their interest income earned on loans and advances given. in some of the cases, the deposits have been received from the employees of the assessee-company and on that ..... construction or sale of immovable property, so, however, that no portion of the income of the institution is derived from the financing of purchases, constructions or sales or immovable property by other persons;" clause (vi) has been bodily lifted and placed in clause (va) of the interest-tax act. mark the underlined words (italicised in print) "institution which carries on as ..... this common order for the sake of convenience. 1a. this act after two eclipses was reintroduced by the finance (no. 2) act, 1991 as an anti-inflationary measure.originally it provided for levy of tax on chargeable interest accruing or arising to scheduled banks. the tax is levied on gross interest income of credit institutions, that is banks including co-operative societies engaged .....

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