Skip to content


Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat west bengal Page 5 of about 58 results (0.079 seconds)

Jan 16 2003 (TRI)

Veena Kanoria Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2003)79TTJCal746

..... was no transfer or sale of goodwill so as to attract section 12b(1) of the 1922 act.in this case, the hon'ble bombay high court has held the income chargeable to capital gains, tax is to be computed by deducting from the full value of the consideration "the cost of acquisition of ..... not on the total income as determined and as has been rightly held by the ..... with the view taken by the cit(a).6. the 5th ground relates to levy of interest under sections 234a, 234b and 234c of the it act.since the provisions are mandatory, we have nothing to comment on the same. however, interest is leviable on tax on the total income as declared in the return and ..... price of shares was taxable capital gains under section 45 of the it act, 1961. (ii) "for that learned cit(a) was wrong in holding that sale of bonus shares resulted into taxable capital gains under section 45 of the it act." (iii) "for that learned cit(a) was wrong in confirming disallowance of service charges of rs ..... in confirming disallowance of travelling expenses of rs, 55,044." (v) "for that learned cit(a) was wrong in confirming levy of interest under ss. 234a, 234b and 234c of the it act." (vi) "for that learned cit(a) was wrong in not admitting additional grounds and confirming the assessment order and demand notice .....

Tag this Judgment!

Feb 16 1996 (TRI)

Sibonarayan Patro and Bros. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... 63,682 75,934 82,442 3. in response to the show-cause notice issued by the ao under s. 271b of the act, the assessee explained that the returns of income were filed along with the audit report, tax dues were paid in advance and it co-operated with the department. it was further submitted that the initiation of penalty proceedings, as ..... while completing the assessment. in this case, the assessee has voluntarily filed the returns of income along with the tax audit reports and the assessments were completed on the basis of the said tax audit reports by duly accepting the tax audit reports. in other words, the tax audit report was on record before the ao at the time of completion of assessment. thus, the ..... unamended provisions, is not expired. in fact, in the case cited by the learned departmental representative i.e., bhikari charan panda vs. cit (supra) their lordships have held that two year period mentioned in s. 275 of the unamended act had not expired at the stage when the new provisions have been introduced. per contra, it implies that in a case where ..... per s. 275 of the act is invalid in law, inasmuch as, the penalty proceedings under s. 271b/275 of the act have to be initiated "in .....

Tag this Judgment!

Mar 10 2000 (TRI)

iol Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2003)81TTJCal525

..... pp. 1 to 21 of the paper book. we also observe that the total income of the assessee was computed at a loss of rs. 4,16,76,246 and as such, the assessee was assessed to tax under section 115j of the act as it had positive income as per p&l a/c, in the relevant previous year.the additional grounds of ..... profit' under section 115j of the act.he submitted that the issue, by way of additional grounds of ..... appeal relevant to the computation of book profit is computed for the purpose of tax at 30 per cent thereof under section 115j of the ..... assessee was computed under the provisions of the act at a loss of rs. 4,16,76,246.therefore, the assessee falls within the ambit of section 115j of the act as the assessee had positive income as per the p&l a/c prepared for the relevant previous year. accordingly, the assessee was assessed to tax at 30 per cent of the 'book .....

Tag this Judgment!

Mar 24 2000 (TRI)

Usha MartIn Industries Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2003)81TTJCal518

..... net profit for computing the book profit within the meaning of section 115ja of the act, we hold that clause (a) of the said explanation provides for disallowance of any provision made for income-tax only.since the term wealth-tax chargeable under wt act, 1957, cannot be held as income-tax, the provision of rs. 1,25,000 made in the p&l a/c for ..... its liability to pay wealth-tax cannot be added back to the net profit for the purpose of computing the ..... of computing the book profit within the meaning of section 115ja of the act but the provision made for the payment of wealth-tax which is chargeable under wt act, 1957, could not be equated with a provision for income-tax which is chargeable under the act. it is observed that the learned cit(a) by his impugned order dt. 12th march, 1999, did not agree with ..... any other clause being clauses (b) to (f) of the explanation of section 115ja(2) of the act. we agree with the contention of the learned authorised representative of the assessee that a provision made for wealth-tax cannot be equated to any liability towards income-tax and accordingly, cannot be disallowed while computing the book profit by invoking clause (a) of the explanation .....

Tag this Judgment!

Aug 09 2000 (TRI)

Shankar Ghosh Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... . very rarely, it can be found that a bengalee gentleman, especially if he be a salaried person, maintains books of account relating to his income and expenditure or also takes care to retain receipts and vouchers in respect of acquisition of assets in a methodical manner. on the other hand, ..... found in all the three lockers including the locker no. 84 as mentioned above in a disclosure made by him under the voluntary disclosure of income and wealth ordinance, 1975. it is thus clear that so far as the acquisition of the jewelleries under consideration, is concerned, the assessee accepted ..... operation carried by the revenue in july, 1974. the assessee in order to cover jewellery's acquisition, made a disclosure under the voluntary disclosure of income and wealth ordinance, 1975. taking note of above disclosure, the wto added value of the jewellery in the wealth of the assessee.3. the ..... the owner of jewellery on the valuation dates, shri biswas, the learned departmental representative, on the other hand, supported the order of the dy. cit(a). he argued that the assessee himself has admitted the source of acquisition of disputed jewellery and made disclosure under the voluntary disclosure scheme. the form ..... on our record a copy of chapter-iii of the treatise written by chaturvedi and pithsaria on "three taxes" (1989 edition) listing the exemption limits in respect of gifts under s. 5 of the gt act, 1958, over the different years. the said list shows that the exemption limit was rs. 10, .....

Tag this Judgment!

Aug 28 2000 (TRI)

Yarn Syndicate Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... to mean that loss before providing effect to addition of 90 per cent of proportionate export incentive would be converted to income as a result of giving the said effect.5. the cit(a) considered the arguments of the assessee as unreasonable and agreed with the ao that profit referred to in section 80hhc ..... 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 it 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 ..... increased by this amount which bore 90 per cent of any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28 of the it 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 ..... in accordance with sub-section (3) of section 80hhc. the ao was of the view that profit also means loss as in any other section of it 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 ..... is no specific mention in the given section stating that profits include loss cannot be accepted as under the it act profit was inclusive of loss and the loss was negative profit." with the aforesaid observations the cit(a) confirmed the order of the ao.6. being aggrieved, the assessee is in appeal and the .....

Tag this Judgment!

Jul 16 2001 (TRI)

Assistant Commissioner of Income Vs. Executors of the Estate of Bhagwa ...

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on the total income of the association or body at the maximum marginal rate; (ii) any member or members thereof is or are chargeable ..... -operative society or a society registered under the societies registration act, 1860 (21 of 1860) or under any law corresponding, to that act in force in any part of india) in the whole or any part of the income of such association or body are indeterminate or unknown, tax shall be charged on the total income of the association or body at the maximum marginal ..... property, the provisions of section 26 will apply dealing with the specific case of income from house property and not the provisions of section 167b of the act, the former being a special provision and is to be given precedence over the latter being a general provision.3. the cit(a) after examining the facts of the case and considering the arguments of ..... rate : provided that, where the total income of any member of such association or body .....

Tag this Judgment!

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 .....

Tag this Judgment!

Sep 12 2000 (TRI)

Shaw Scott Distilleries (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... the assessee, involves processing and not manufacturing. as regards the decision of calcutta high court in the case of g.a. renderian ltd. vs. cit (supra) their lordships have held that the assessee who carried on business of purchasing tea of different qualities, blending the same by mixing one type ..... submitted that the ao has relied on the decision of the hon'ble calcutta high court in the case of g. a. renderian ltd. vs. cit (1984) 145 itr 387 (cal) wherein their lordships have held that blending of different qualities of tea constitutes processing. the learned authorised representative of ..... production of article. he also relied on the decision of bombay high court in the case of cit vs. yavatmal co-op. ginning & processing factory ltd. (1993) 203 itr 874 (bom) wherein their lordships have held that cottonseed is a commodity ..... manufacture can be said to take place.the learned authorised representative of the assessee relied on the decision of karnataka high court in the case of cit vs. barak overseas traders (1993) 201 itr 827 (kar) where their lordships have held that processing of marine products and beef amounts to ..... case it is not so. here we consider necessary to refer s. 80hh of the it act, 1961. in order to encourage industrial activity in backward areas, this section grants deduction to an assessee, whose total income includes any profits and gains derived from an industrial undertaking (other than a mining undertaking) .....

Tag this Judgment!

Nov 10 2000 (TRI)

Deputy Commissioner of Income Tax Vs. Machino Techno Sales Ltd.

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... the approaches of the department, the learned counsel for the assessee has relied on the following judgments : (ii) joint family of udayan chinubhai, etc. vs. cit (1967) 63 itr 416 (sc).19. i have examined the various papers submitted by the assessee in a form of a paper book. copies of the registration ..... such, he allowed depreciation on those trucks and trailers at the lower rate of 33-1/3 per cent.15. in the first appeal, the learned cit(a) was convinced, on examination of the registration certificates of the trucks and trailers and also the copies of the bills for hiring charges that the ..... following decisions : 12. as there is difference of opinion between the members, we refer the following question to the president under s. 255(4) of the it act, 1961 : "whether on the facts and in the circumstances of the case, the assessee is entitled to higher rate of depreciation allowable on motor lorries, etc." ..... original assessment year.5. by keeping in mind the totality of the facts and circumstances of the case, we find no infirmity in the order of the cit(a) who has rightly allowed the depreciation @ 50 per cent on the trucks and trailers. the same is hereby upheld.7. we, having differed ..... which all necessary documents (bills and vouchers, octroi, etc.) were submitted before the ao but the ao has not allowed the same. in appeal the cit(a) has allowed the depreciation on trucks and trailers by treating them as public transport vehicles.4. after hearing both the sides at length and on .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //