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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat west bengal Page 4 of about 58 results (0.048 seconds)

Jul 31 2000 (TRI)

income Tax Officer Vs. Life Insurance Corporation of

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... at the average rate of income-tax computed on the basis of the rates in force for the financial year in which ..... appellant to believe that it is not a part of salary income and as such it was not required to deduct tax on this component of salary income. the liability of an employee to deduct income-tax on the amount of salary payable to his employees arises by virtue of section 192(1) of the it act which reads as under : "any person responsible for paying any ..... income chargeable under the head 'salaries' shall, at the time of payment, deduct income-tax on the amount payable ..... attracted in the case of an employer when the employer does not deduct or after deducting, fails to pay the tax as required by the act. in this case the appellant company has rightfully deducted tax on estimated income of its employees which excludes the c.c.a. by virtue of the direction given by the hon'ble calcutta high court. so it cannot .....

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Sep 30 1997 (TRI)

Vishnu Sugar Mills Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... hands of the assessee and is, therefore, not chargeable to income-tax. the learned cit(a) has in the impugned order relied upon the provisions of s.28(iv) of the act. we are unable to accept the broad proposition canvassed by the learned cit(a) that the capital receipts arising to an assessee during the ..... those cases.4. regarding the argument of the learned cit(a) pertaining to the provisions of s. 28(iv) of the act, the learned counsel of the assessee pointed out that these provisions have been considered in scholarly treatise of sampat iyengar's "law of income-tax" 9th edn., p. 482. the learned author ..... conclusion that the incentive received by the assessee was in the nature of capital receipt and, accordingly, the same could not be assessed as business income. the learned cit(a), however, held that in the case of balarampur chini mills ltd. (supra), it was never argued that the case of the assessee fell ..... referred to the judgment in the case of lachit film vs.cit (1992) 195 itr 402 (gau ..... under s. 28(iv) of the act, which makes such income taxable. decidedly the assessee had received a benefit arising from the business by way of free .....

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May 10 1999 (TRI)

Deputy Commissioner of Income Tax Vs. Stone India Ltd.

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... employees credit co-operative society ltd. since the payments were made to unapproved institutions, the ao disallowed the same under s. 40a(9) of the act.cit(a) set aside the disallowance by following the decision of the tribunal in the case of m/s. a.p.e. bellis india ltd. in ..... rs. 2.13 lakh was paid on 11th april, 1992 i.e., within the due date for furnishing of return of income under s. 139(1) of the act.he, therefore, directed the ao to check the veracity of the claim of actual payment and thereupon deal with the issue in ..... departmental representative submitted that the term 'turnover' has come up for interpretation before courts time and again and it was consistently held that turnover includes sales-tax, excise duty, etc. he thus supports the order of the ao. on the other hand, learned counsel, appearing on behalf of the assessee, ..... directed the ao to recompute the depreciation after taking into account the additional liability arising from exchange rate fluctuation.11. aggrieved by the order of the cit(a), revenue is in appeal before us. learned departmental representative relied upon the order of the ao whereas, learned counsel, appearing on behalf of the ..... since the extra liability was not remitted during the year. he, therefore, disallowed the claim of depreciation proportionately.10. aggrieved, assessee contended before the cit(a) that the additional liability arising from the exchange rate fluctuation should be added to the cost of the machinery in order to arrive at the .....

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Dec 28 1999 (TRI)

Deputy Commissioner of Vs. Chloride Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... in alkali's case (supra) that the fact that the said overdraft had a continued debit balance would make no difference to the presumption that the income tax has, in fact, been paid out of the profits and not out of the borrowings. further the jurisdictional high court observed in the case of indian ..... india, all the businesses taken together shall comprise one composite business and the provisions of clause (b) of sub-section (3) of section 80hhc of the act shall only apply and not partly clause (a) and partly clause (b). the clause (a) relates to the business consisting exclusively of the export of ..... query from the bench, he accepted that section 80hhc and section 80hh are neither interlinked nor interdependent. they are separate and distinct provision inserted in the act fulfilling different objects and purposes. in other words, he accepted that the conditions which have to be satisfied for obtaining the benefits are also different under ..... ). in the absence of any additional material/evidence we find no infirmity in the order of cit(a) who has observed that though the assessee has claimed deduction under sections 80hh and 80-1 of the act, nonetheless the haldia export factory does not constitute a separate business. in the light of our ..... in the order that the incentive wages was nothing but bonus and, therefore, its allowability was subject to the provisions of bonus act. so he has estimated the amount of disallowance at rs. 30,40,000 as against rs, 28,40,880 of the last year. the .....

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Dec 28 1999 (TRI)

Deputy Commissioner of Income Tax Vs. Chloride Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... observed in the alkali case (supra) that the fact that the said overdraft had a continued debit balance would make no difference to the presumption that the income-tax has, in fact, been paid out of the profits and not out of the borrowings. further, the jurisdictional high court observed in the case of indian ..... india, all the businesses taken together shall comprise one composite business and the provisions of cl. (b) of sub-s. (3) of s. 80hhc of the act shall only apply and not partly clause (a) and partly cl. (b). the cl. (a) relates to the business consisting exclusively of the export of goods ..... query from the bench, he accepted that s. 80hhc and s. 80hh are neither interlinked nor interdependent. they are separate and distinct provision inserted in the act fulfilling different objects and purposes. in other words, he accepted that the conditions which have to be satisfied for obtaining the benefits are also different under these two ..... b). in the absence of any additional material/evidence we find no infirmity in the order of cit(a) who has observed that though the assessee has claimed deduction under ss. 80hh and 80-i of the act, nonetheless the haldia export factory does not constitute a separate business. in the light of our ..... in the order that the incentive wages was nothing but bonus and, therefore, its allowability was subject to the provisions of bonus act. so he has estimated the amount of disallowance at rs. 30,40,000 as against rs. 28,40,880 of the last year. the .....

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Jan 31 2002 (TRI)

Deputy Commissioner of Income Tax Vs. I.C.i (India) Ltd.

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2004)268ITR129Cal

..... of the assessee, namely kanoria chemicals & industries ltd.'s case (supra) which was decided on 28th may, 1991. the bombay high court has held in cit v. thana electricity supply ltd. (1994) 206 itr 727 (bom) that when there are two different decisions of the same court, it is advisable to ..... (supra).however, the bench brought to the notice of the learned representatives of the parties the subsequent decision of the jurisdictional high court in the case of cit v. century enka ltd. (1992) 196 itr 447 (cal) wherein their lordships have held that the day-to-day fluctuations in the rate of foreign ..... of opinion between the members, the following question was referred to me under section 255(4) of the act : "whether, on the facts and in the circumstances of the case, the order of the cit(a) directing to allow depreciation on the additional liability arising to the assessee due to fluctuation in the ..... . the ao disallowed the claim in the light of the order for the earlier years.3. on appeal, the learned cit(a) allowed the claim in the light of the order for asst. yr. 1991-92 ..... exchange rate is to be upheld or not ?" 2. the facts are that the assessee claimed rs. 56,15,081 as deprecation on exchange fluctuation capitalized during the year under section 43 a of the it act .....

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Jun 02 1999 (TRI)

Deputy Commissioner of Income Tax Vs. Central Concrete and Allied

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... ) has extracted the detailed discussion made by kanga and palkhivala in their famous treatise on this subject. there also, only the power of the cit(a) to tax the income, which the ao had not, expressly or by clear implication, considered, was mentioned. the supreme court clearly held in the case of rai bahadur hardutroy motilal chamaria (supra) that the ..... return made by the assessee or the assessment order of the ito with a view to find out new sources of income and the power of enhancement under s. 31(3) of the (1922) act is restricted to the sources of income which have been the subject-matter of consideration by the ito from the point of view of the taxability. in this ..... the basis of the above arguments and taking in to consideration the reliance placed on different judgments, the cit(a) came to the conclusion that the ao had acted in excess of his jurisdiction, while passing the fresh assessment order, in seeking to tax by way of disallowance the expenditure either in part or in full incurred under the abovementioned three heads. on ..... -87 and 1987-88 respectively; that, on the facts and in the circumstances of the case, the learned cit(a)-i, calcutta, erred in deleting the disallowance of rs. 3,07,000 for the asst. yr. 1986-87 under s. 40a(3) of the it act." so far as the asst. yr. 1985-86 is concerned, the assessment was originally completed by the .....

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Jul 13 1999 (TRI)

T. S. Venkatesan Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... .roma bose's case (supra) the hon'ble calcutta high court has held that under s. 14 of the it act, 1961, income and not heads of income has been made chargeable to income-tax. if an income cannot be charged to income-tax under any of the heads mentioned in cls. a to e of s. 14, the same shall be chargeable ..... to income-tax under the head "income from other sources" mentioned in cl. f of the said s. 14, under the express provision of s. 56(1) of the act. in g. r. karthikeyan's case (supra) the hon'ble supreme court has held ..... & co. he has referred to s. 17(3)(ii) and contended that any amount received from employer is taxable income. he has, in this regard, referred to p.1422 of sampat iyenger commentary of law of income-tax (9th edition) vol. 1 (top para) wherein it has been observed that by virtue of this provision of payments ..... has also been held that "merely because an assessee carries on a vocation there is no presumption in law that any amount received by him is income subject to tax. the test in such cases is to find out if the sum is paid to the assessee in respect of his services and accrues to him ..... supra) the hon'ble bombay high court has held that "it act imposes a liability to tax upon income. it does not provide that whatever is received by a person can be regarded as his income liable to tax. in all cases in which a receipt is sought to be taxed as income, the burden lies on the department to prove that it .....

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Jul 14 1999 (TRI)

Gkw Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... from time to time.such adjustments are likened with apparent mistake as envisaged under s. 154 of the act because variation in the income or loss as declared in the return would attract additional tax. the board in its circular has stated it as 'negligence tax' to be levied on the assessees for not filing the returns in accordance with law. this presupposes that ..... paid by the assessee.9. with regard to the import entitlement, placing reliance in the case of godhra electricity co. ltd. vs. cit (1997) 225 itr 746 (sc) it was submitted that notional income can never be brought to tax. the entries were passed in the books only to improve the financial picture of the assessee-company.10. the learned senior departmental representative ..... . 115j was brought in, the object was to introduce the provision whereby every company will have to pay minimum tax on the profits declared by it in its own accounts and these profits could only be those which are assessable as income under the act and not the profit on realization of capital asset. subsequently, in december, 1995 because of the differences between ..... is taken as total income." 2. the assessee appealed before the cit(a). with regard to the adjustments in respect of the profits on sale of fixed assets, it was submitted that the profits were capital receipts and such profits could not be in accordance with the provisions of parts ii & iii of sch. vi to the companies act, placing reliance on the .....

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Sep 03 1999 (TRI)

A.K. JaIn and Bros. (Huf) Vs. Ito (1992) 198 Itr 42 (At)

Court : Income Tax Appellate Tribunal ITAT West Bengal

1. the only issue in this appeal filed by the assessee relates to the question of allowing interest under s. 244a of the it act, 1961, in respect of refund arising to the assessee.2. the cit(a) states in his appellate order that the assessee-company filed its return of income for the asst. yr. 1994-95 on 30th august, 1995, declaring a total ..... income of rs. 75,92,260. the assessee claimed credit for tax deducted at source of rs. 14,97,362 and self-assessment tax of rs. 2,50,00,000. the cit(a) states thereafter that the return was processed under s. 143(1)(a) of the act and the income disclosed by the assessee was also accepted by ..... the ao. the refund was determined by the ao at rs. 2,21,03,624 after allowing credits of the abovementioned two items. however, no interest under s. 244a was allowed by the ao on the amount of refund.3. in the first appeal also, the cit(a) upheld ..... amount which the assessee was required to pay in addition to the tax deducted at source to meet up the tax liability arising out of the return should alone be considered as self-assessment tax. the balance amount of tax having no immediate connection with the return of income was enjoyed by the government for a number of months. it is, therefore, fair and equitable .....

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