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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat west bengal Year: 2000 Page 1 of about 17 results (0.045 seconds)

Oct 17 2000 (TRI)

Assistant Commissioner of Vs. Govind Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

Decided on : Oct-17-2000

..... decision, by the hon'ble president, itat in accordance with the provisions of section 255(4) of the income-tax act, 1961 for both these years :-- (i) "whether in the facts, circumstances and evidence on record, the deletion of loan of rs. 35,18,000 and ..... both the parties. we have also carefully considered the legal aspects of the matter, particularly the re-opening of assessment under section 147(a) of the income-tax act, 1961. it cannot be ruled out that the re-opening of assessment may be legal and proper but at the same time the addition made may ..... of the ito to enforce the attendance of the witness if his evidence is material, in exercise of his powers under section 37(1) of the income-tax act read with order xvi rule 10 of the civil procedure code. shri chakraborty has contended that the ito did not discharge the onus cast upon him to make shri ..... assessment years under appeal and, therefore, he issued notices to the assessee under section 148 of the income-tax act. he completed the reassessments under section 147(a) of the income-tax act on 18-3-1987 and determined the total income of rs. 38,88,240 for the assessment year 1974-75 and rs. 7,73,130 for ..... and 352 (cal.) of 1988 would also be set aside to be framed in the light of the assessments to be framed under the income-tax act.1. as a result of difference of opinion between the two members constituting the bench, the following two questions have been referred to me for .....

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Jul 07 2000 (TRI)

Assistant Commissioner of Vs. Anup (India) Ltd.

Court : Income Tax Appellate Tribunal ITAT West Bengal

Decided on : Jul-07-2000

..... )'s order dated 10-5-1994 for the assessment year 1988-89 passed under section 251 /143(3) of the income-tax act, 1961.2. the appeal is time-barred by nine days. on the basis of the application dated 19-9-1994 and also as per ..... the arguments advanced by the ld. d.r., we condone the delay on merit and the appeal is admitted. "the learned commissioner of income-tax (appeals) was not justified in directing the assessing officer to collect date to come to a finding whether the appellant-company did carry on tea blending operation ..... through the materials available on record from which it appears that the assessee is engaged in the tea blending activities.the word "blending" is not defined in the income-lax act. however, the dictionary meaning of the blending is the mixing or the mixture. as per webslers 'dictionary, "process" means "to subject to some special process ..... 2)(iv). he has drawn our attention to the object of the section 80-i which provides that deduction is available to an assessee whose gross total income includes any profit and gains derived from an industrial undertaking which fulfils alt the conditions laid down in section 80-i(2). he further submitted that ..... with another and selling it, claimed that it was an industrial company, within the meaning of section 2(7)(c) of the finance act, 1978 entitled to concessional rate of tax." from this judgment it is clear that the hon'ble high court never discussed section 80-i which is involved in the present case. .....

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Nov 22 2000 (TRI)

Eveready Industries India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

Decided on : Nov-22-2000

..... 496; 147. on the other hand, the departmental counsel submitted that the assessee is entitled to relief under section 32ab of the act on the business income as understood under the income-tax act and as a separate head is provided for taxing dividend income and interest income, such income does not form part of profits and gains of business or profession and thus supported the orders of the ..... between the members constituting this bench when these appeals originally came up for hearing, following questions were referred for the opinion of third member under section 255(4) of the income tax act: "1. whether, on the facts and in the circumstances of the case, compensation amount of rs. 68,99,19,509 paid by the assessee company and rs. 7.5 crores ..... the opinion that the debts claimed as bad had not been written off in the books of the asscssee in terms of the provisions of section 36(2) of the income-tax act. however, the tribunal observed that, according to the principle of accountancy, the writing off denotes the charging of the amount in the profit and loss a/c, and once the ..... various businesses carried on by the assessee considered to be same and integrated business :-- (i) life insurance and general insurance business irrespective of the different mode of computation of business income under the income-tax act in cit v. prithvi insurance co. ltd. [1967] 63 itr 632 (sc); (ii) cloth business and other business in general section in hooghly trust (p.) ltd v .....

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Jul 31 2000 (TRI)

income-tax Officer Vs. Lic of India

Court : Income Tax Appellate Tribunal ITAT West Bengal

Decided on : Jul-31-2000

..... of the supreme court in the case of pannalal binjraj v. union of india "a humane and considerate administration of the relevant provisions of the income-tax act would go a long way in allaying the apprehensions of the assessees and if that is done in the true spirit, no assessee will be in ..... shall, at the time of payment, deduct income-tax on the amount payable at the average rate of income-tax computed on the basis of the rates in force for ..... 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 i.t. act which reads as under : "any person responsible for paying any income chargeable under the head salaries ..... to pay the tax as required by the act. in this case the appellant company has right fully deducted tax on estimated income of its employees which excludes the c.c.a. by virtue of the direction given by the hon ..... year". a perusal of the aforesaid section makes it clear that liability of the employer is to deduct tax on the estimated income of the employees. the provision of section 201 of the i.t. act are attracted in the case of an employer when the employer does not deduct or after deducting, fails .....

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Aug 28 2000 (TRI)

Yarn Syndicate Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

Decided on : Aug-28-2000

..... ) 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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Jul 31 2000 (TRI)

Assistant Commissioner of Vs. Pioneer Tubewell Industries Pvt.

Court : Income Tax Appellate Tribunal ITAT West Bengal

Decided on : Jul-31-2000

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

Decided on : Aug-02-2000

..... 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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Sep 26 2000 (TRI)

A. Sadasivam Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

Decided on : Sep-26-2000

Reported in : (2002)255ITR1Cal

..... to september 16, 1997, by the assessing officer on the same day. the assessing officer recorded the statement on oath, under section 131 of the income-tax act, of the assessee. it has been mentioned in the order sheet. according to the assessment order at paras 62 and 63, thereafter on september ..... amount of the house rent allowance as undisclosed income. ultimately, the issue was discussed by the assessing officer at paras. 4 ..... 80,000 of house rent allowance should not be taxed in the hands of the assessee, it was stated by the assessee that the employer had valued the perquisites provided to the assessee and taxed the same as per the provisions of the income-tax act. therefore, there is no reason for treating the ..... finance. by letter dated september 2, 1997, the assessee had only submitted the names of such persons but no addresses were mentioned therein nor income-tax file number was mentioned. accordingly, the explanation of the assessee was not accepted and the amount of rs. 1.5 lakhs was treated as ..... not been or would not have been disclosed for the purpose of this act. in the present case, it is an undisputed fact that the assessee used to disclose the amount by him as the house property income in the regular income-tax proceeding as found by the assessing officer. therefore, in our opinion, .....

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Sep 26 2000 (TRI)

Electro Urban Co-operative Vs. Income Tax Officer. (ito V.

Court : Income Tax Appellate Tribunal ITAT West Bengal

Decided on : Sep-26-2000

..... investment made in the form of fixed deposit with cesc ltd. according to the regulation, cannot be treated differently and thus the interest income ought to have been allowed as deduction under s. 80p of the act.8. the cit(a) observed that the order of the aac cited before him deals with the interest earned on bank deposit whereas, in the instant ..... that interest on fixed deposit with cesc ltd. should be treated as income from banking business.4. aggrieved by the order under s. 154 of the act for the asst. yr.1989-90, it was contended before the cit(a) that the ao is not correct in treating the interest as income from 'other sources'. it was submitted that the investment with cesc ltd ..... ltd. was not made in the normal course of business of banking and thus the interest income earned thereon will not be covered by the provisions of s. 80p(2)(a)(i) of the act. the addition was, therefore, confirmed : (a) madhya pradesh co-operative bank ltd. vs. addl. cit (1979) 119 itr 327 (mp); and (b) madhya pradesh rajya sahakari bank vs ..... case, the issue pertains to the character of interest income earned on fixed deposit with csec ltd. he, therefore, distinguished the case on facts.similarly .....

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Jul 31 2000 (TRI)

income Tax Officer Vs. Life Insurance Corporation of

Court : Income Tax Appellate Tribunal ITAT West Bengal

Decided on : Jul-31-2000

..... 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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