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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat west bengal Page 2 of about 58 results (0.048 seconds)

Nov 27 1998 (TRI)

Britannia Industries Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... 's grounds of appeal in this behalf.9. during the course of hearing before us the assessee placed reliance on para 3.3 of "guidance note on tax audit under s. 44ab of the income-tax act". this para 3.3 is as reproduced below : "in the statement on auditing practices issued by the institute the following note appears under the heading "sales" (para ..... ,000. we direct accordingly.7. grounds of appeal nos. 2 and 3 are directed against the authorities below including the amount of sales-tax in "total turnover" for the purpose of computing the deduction under s. 80hhc of the act. the assessee claimed deduction under s. 80hhc at rs. 1,36,36,523. the ao noticed that this amount had been worked ..... in the books of account for the purpose of whether the same should be subjected to tax audit or not may make some sense, it is difficult to accept the position that the computation of "total turnover" for the purpose of substantive deduction from the total income, such as under s. 80hhc should be a matter only of the entries made by ..... , reduced the assessee's claim of deduction accordingly.8. during the course of hearing before the learned cit(a)-xi, calcutta, the assessee disputed the action of the ao in this behalf on the basis of guidance note on tax audit under s. 44ab of the it act, 1961, issued by the institute of chartered accountants of india. the learned counsel also stated that .....

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Aug 28 2000 (TRI)

Yarn Syndicate Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... ) is distinguishable because in that case it was held by the hon'ble apex court that in computing the profits for the purpose of deduction under section 80e of the income-tax act, 1961 the loss incurred by the assessee in the manufacture of alloy steel could not be set off against the profits of manufactured automobile ancillaries. from the above, it is ..... ) considered the arguments of the assessee as unreasonable and agreed with the assessing officer that profit referred to in section 80hhc(3) included loss as in any other section of income-tax act. he was of the view that profit computed under any head of "business or profession" which resulted in a loss was not to be taken at nit as rightly pointed ..... ) of the sub-section shall be further increased by this amount which bore 90% of any sum referred to in clauses (iiia), (iiib) and (iiid) of section 28 of the income-tax act. it was also submitted that computation of profit under the head "profit and gains of business or profession" and calculation of deduction under section 80hhc were totally two different aspects ..... the assessing officer in accordance with sub-section (3) of section 80hhc. the assessing officer was of the view that profit also means loss as in any other section of income-tax act.4. in the first appeal, it was submitted that section 80hhc(3) did not state that profit also included loss and proviso to section stated that the profits computed under .....

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Dec 31 1996 (TRI)

Deputy Commissioner of Vs. Machino Techno Sales Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2000)242ITR17Cal

..... assessee doubted by the assessing officer.29. let me consider the issue from another angle. for the purpose of obtaining an audit report, either under the company law or (tax audit) under the income-tax act, the bank statements should be made available to the auditors failing which, it may not be possible to complete the audit. admittedly, the audit commenced before the "specified ..... the explanation, the words "specified date" in the second proviso cannot be read as contended by learned counsel. it was argued by learned counsel for the assessee that under the income-tax act, whenever the legislature wanted to exclude application of provisions of other enactments, it was specifically provided for in those sections such as sections 179, 230a, etc., and in the absence ..... out by the division bench reads as under : "whether, on the facts and in the circumstances of the case, the assessee is liable to penalty under section 271b of the income-tax act, 1961 2. the facts in brief are as follows : for the assessment year 1986-87, the specified date" for obtaining the audit report ended on july 31, 1986, whereas the ..... a show-cause notice was issued to the assessee. in response to that, the assessee submitted that they have obtained the audit report as required under section 44ab of the income-tax act, 1961, on july 30, 1986, i.e., within the time limit. it was also explained that the statutory audit could not be completed within the time as voluminous work was .....

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Jul 17 1997 (TRI)

Abhay Kumar Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (1997)63ITD15Cal

..... 9-1995. thereupon, the following two points of difference were referred to the president for appointing a third member under section 255(4) of the income-tax act, 1961 :- "1. whether, on the facts and circumstances of the case and in law, the assessing officer was justified in imposing penalties for ..... sufferance and punishment undergone.7. it is for these reasons i am of the considered opinion that protective penalties under any penal provisions of the income-tax act, 1961 cannot be imposed. this is the essence and ratio decidendi of the calcutta and gauhati high courts and also calcutta bench 'd' ..... the assessee who has been assessed protectively cannot be penalised protectively.4. there is no statutory authorisation or sanction for imposing protective penalties under the income-tax act and the same cannot be derived from the judgment of the apex court rendered in the case of lalji haridas (supra) relied by my ..... miss vasudha bajoria's case (supra) to which i have been a party. there is no sanction or authority under any provisions of the income-tax act, 1961 to make protective assessments. but nonetheless on the basis of the judicial sanction given by the hon'ble supreme court in the case of ..... this case because the controversy is common, that is to say; whether or not protective penalties can be levied under the penal provisions of income-tax act, 1961. it is elementary and almost universally accepted that it is not the conclusion arrived at of an earlier case which is binding precedent .....

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Jul 26 1999 (TRI)

Deputy Commissioner of Vs. Central Concrete and Allied

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... , erred in deleting the disallowance of rs. 3,07,000 for the assessment year 1986-87 under section 30a(3) of the income-tax act." 3. so far as the assessment year 1985-86 is concerned, the assessment was originally completed by the assessing officer on 11-3 ..... salaries etc. paid to the wives of the directors; 2. that, on the facts and in the circumstances of the case, the learned commissioner of income-tax (appeals)-i, calcutta, erred in the directing the deputy commissioner to delete the following disallowances of the payment of gratuity for the assessment years 1986-87 ..... taken up by the department in all the appeals : "1. that, on the facts and in the circumstances of the case, the learned commissioner of income-tax (appeals)-i, calcutta, erred in deleting the following disallowances made by the assessing officer for assessment year 1985-86 : (i) rs. 35,000 out of ..... or the assessment order of the income-tax officer with a view to find out new sources of income and the power of enhancement under section 31(3) of the (1922) act is restricted to the sources of income which have been the subject-matter of consideration by the income-tax officer from the point of view ..... of the taxability. in this context 'consideration' does not mean 'incidental' or 'collateral' examination of any matter by the income-tax officer in the process of .....

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Jul 31 2000 (TRI)

Assistant Commissioner of Vs. Pioneer Tubewell Industries Pvt.

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2002)254ITR107Cal

..... of the interest. the order of the commissioner of income-tax (appeals) is in order and so we uphold it".6. the penalty order passed by the deputy commissioner of income-tax, special range-7, calcutta, under section 271(1)(c) of the income-tax act, for assessment year 1987-88 is quoted below : ..... assessee-company and the sister concern the interest was waived by the asses-see-company unilaterally, hence, the order passed by the commissioner of income-tax (appeals) was confirmed by the tribunal. under the aforesaid situation now let me consider the order of penalty passed by the assessing officer ..... levied for both the years. against the said finding, the assessee moved before the first appellate authority and by the impugned orders the commissioner of income-tax (appeals) cancelled the orders of penalty.3. sri l. d. mahalik, the learned departmental representative, has submitted that the contention of the ..... . merely, addition made by the assessing officer and confirmed by the commissioner of income-tax (appeals) is not a ground for levying penalty by the assessing officer under section 271(1)(c) of the act. considering the circumstances involved in the present case i am of the view that ..... , of the aforesaid amount was disallowed and added to the income of the assessee. the commissioner of income-tax (appeals) upheld the order passed by the assessing officer.thereafter the penalty proceeding under section 271(1)(c) of the act was initiated against the assessee for both the years. according .....

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Aug 02 2000 (TRI)

Assistant Commissioner of Vs. Sekhar Gupta

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... they are sold as one 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, 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 ..... capital gains pertaining to land and short-term capital gains pertaining to the superstructure was upheld.7. further, the karnataka high court in the case of cit v. c.r.subramanian observed that the capital gains arising out of the land are long-term capital gain while capital gains arising out of building ..... relied on the order of the cit (appeals) and submitted that it is true that both the land and building were transferred by the assessee. he said that it was done for getting ..... submitted that the structure cannot be separated from the land and both are the same unit. he said that the assessee made an attempt to avoid the tax by bifurcating the land from the building. lastly, he justified the order of the assessing officer.5. on the other hand, the learned authorised representative ..... rs. 7,50,000). but the claim of the assessee was not accepted by the assessing officer who made the addition accordingly. in first appeal, the cit (appeals) has deleted the said addition by observing that there is no provision in the law which prohibits two deeds for the land and building separately. .....

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Nov 29 1996 (TRI)

Ashoke Kumar Parasramka Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... reference with regard to what the assessee claimed as speculative transaction in shares. the assessment was finally completed on a total income of rs. 85,980.3. by notice dt. 14th march, 1996, the cit took proceedings under s.263 of the act for the following reasons : "(a) the ao has accepted the claim of the assessee in respect of share dealing to ..... conclusion derived by the ito from the enquiries made. the revisionary jurisdiction exercised by the cit under s. 263 has been held by the madras high court in venkatakrishna rice co. vs. cit (1987) 163 itr 129 (mad), was in the nature of a supervisory power and the cit acting under s. 263 was not "however", an appellate authority, by any means ... sec. 263 ..... manner, be equated to, or regarded as approaching in anyway the appellate jurisdiction or even the ordinary revisional power conferred on the cit under s. 264 of the act".a similar view has been taken by the bombay high court in cit vs.gabriel indian ltd. (1993) 203 itr 108 (bom), in the conspectus of facts which are more or less similar to ..... by the ito was on the lower side and that left to himself he would have estimated the income at a higher figure. according to the bombay high court that would not vest the cit with power to reexamine the accounts and determine the income himself at a higher figure. it was held that "it is because the ito has exercised the quasi .....

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Feb 28 1997 (TRI)

Modern Construction Development Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... obtaining an expert opinion of the dist. valuation cell for determining the cost of construction by issuing summons under section 131(1)(d) of the income-tax act, 1961.however, the assessing officer was of the opinion that the reference to the valuation officer is proper as it helps the assessing officer ..... determining the actual cost of construction by issuing commission under section 131(1)(d) of the income-tax act, 1961. this act on the part of the assessing officer may be termed as proper, legal and justified. such act rather helps the assessing officer in framing the assessment order on sound reasoning and without any bias ..... substance, relate to only one issue i.e., with regard to the justification in adding a sum of rs. 3,51,877 under the head 'income from other sources'.3. brief facts in this regard are as under : by virtue of an agreement between burdwan municipality and the assessee, construction of ..... cost of construction. it was at that point of time that he could rely upon the report of the valuation officer." 10. in the case of cit v. pratapsingh amrosingh rajendra singh and deepak kumar [1993] 200 itr 788 (raj.), their lordships observed as under : "simply because the valuation report ..... .admittedly, there is huge difference in the estimate of cost of construction as per the registered valuer and the value as per the dvo.cit(a) further observed that both the registered valuer as well as the valuation officer have admitted that no detailed vouchers of the building materials .....

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May 19 1998 (TRI)

Arogya Niketan Charitable Trust Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (1998)62TTJCal298

..... commissioner (appeals) order dated l1-1-1993, for the assessment year 1989-90.the assessee is a trust which is registered with the income tax department, calcutta, under section 12a of the income tax act, 1961 (hereinafter referred to as the act). during the assessment year under consideration the assessee had surplus amount of rs. 96,050 which was added by the assessing officer to ..... the income of the assessee as the same was not utilised for any charitable purposes. on appeal, the same was confirmed by the commissioner (appeals). ..... although, in order to provide itself with revenue apart from voluntary subscriptions, it runs special wards for patients who pay a full price. section 10(22a) exempts from tax the income of hospitals and other medical institutions and existing solely for philanthropic purposes and not for purposes of profit.needless to mention that an object of the trust would be of ..... . paramhans ashram trust : (1993) 203 itr 711 (raj) cit v. cherupurshpam hospital trust (1990) 181 itr 512 (ker) in support of his contention.on the other hand, learned departmental representative relied on the orders of the authorities below and submitted that the said amount is the trust's income. he mentioned that in the assessment year 1984-85 it was stated .....

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