Court : Kolkata
Decided on : Jan-02-2001
Reported in : (2001)71TTJ(Cal)343
..... we also find that commissioner (appeals) admission of additional evidence was clearly within the scheme of powers vested in him under section 250(4) of the income tax act because, as held by bombay high court in the case of prabhavati s. shah (supra), if prima facie an information is necessary to examine the ..... to narrow down, dilute or curtail the statutory powers, conferred on the commissioner (appeals), by the provisions of section 250(4) or (5) of the income tax act, 1961. therefore, a harmonious interpretation of section 250, even read with rule 46a, cannot but mean that if facts of a case warrant that, before ..... and void. rule 46a was introduced with effect from 1-4-1973 and as a result of insertion of section 295(2)(mm) in the income tax act which empowered board to provide for the circumstances in which, the condition subject to which and the manner in which commissioner (appeals) may permit ..... right of the assessee to produce evidence but it does not restrain commissioner (appeals) powers under section 250(4) or 250(5) of the income tax act and that this rule appears to ensure that evidence is primarily led before the assessing officer. in view of this judgment of the hon'ble bombay ..... relevant to any ground of appeal.in the present case, it is not in dispute that the assessment was done under section 144 of the income tax act and the additions made by the learned assessing officer were based on inferences drawn by him. it, is, therefore, settled fact that sufficient inquiries .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-11-2001
Reported in : (2001)72TTJ(Cal)439
..... reasons for their declining the registration are not legally sustainable. the assessee-firm was, in our considered view, entitled to be treated as registered firm for the purpose of the income tax act. we, therefore, direct the assessing officer to treat the assessee as a registered firm for all the years in appeal before us.20. before parting with the matter, we ..... strength of his elaborate submissions, urged us to set aside the orders of the authorities below, and direct the assessing officer to grant the status of 'registered firm under the income tax act.13. shri arvind shankar, distinguished departmental representative, strongly defended the orders of the authorities below. it was stated that the estate of mrs. chanda amritlal is a virtual partner ..... application made in the prescribed manner. accordingly, judicial precedents relied upon by the assessing officer were not applicable on the facts of the case. it was also stated that the income tax act has nowhere provided that one hundred per cent of the profits is required to be credited to the partners capital accounts, failing which the status of registered firm is to ..... admitted. it is also factually correct that the legal heir of the deceased partner has not signed form no. 12. this fact therefore clearly establishes that requirements of the income tax act were not fulfilled. this being so, i have no hesitation in holding that the action of the assessing officer in denying the benefit of registration to the firm is justified .....Tag this Judgment!
Court : Kolkata
Decided on : Jan-30-2001
Reported in : 80ITD58(Cal)
..... authorities.8. before proceeding on with the issue any further, it would first of all be required by us to examine the relevant provisions of the two acts under consideration. so far as the income tax act, 1961 is concerned, the following are the relevant provisions :'section 2(47) - 'transfer', in relation to a capital asset, includes(v) any transaction involving the allowing of ..... asset to that extent, in accordance with the extended definition of 'transfer' in relation to a capital asset as provided in section 2(47)(v) of the income tax act, 1961 in its return of income for the assessment year 1991-92 and also wanted to be assessed to capital gains in respect of the aforesaid portion of the property in that year. the ..... appeals before us, the learned counsel for the assessee, dr. d. pal, brings to our notice the provisions of section 2(47)(v) of the income tax act, 1961 and also section 53a of the transfer of property act, 1882. he contends that, so far as the assessment year 1991-92 is concerned, the handing over of possession of a part of the property ..... of the opinion that the present case would come within the ambit of 'part performance' as mentioned in section 53a of the transfer of property act and, consequently, under the purview of section 2(47)(v) of the income tax act. the assessee should, therefore, be considered to be correct in claiming that by virtue of the extended definition of 'transfer', the capital gains .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-22-2001
Reported in : 118TAXMAN821(Cal)
..... . the petitioner/assessee deals in jute goods and real estate business. there was a search carried out by the income tax department in august 1995 at the residence and office of the petitioner under section 132 of the, income tax act, 1961 (hereinafter referred to as the act). during the search, the department has seized various documents, which include those identifying as gnp 1, 2 and ..... of kunhayammed v. state of kerala (2000) 245 itr 3601. he further submits that peak cash credits found in gnp 1, 2 and 3 was taken fur the purpose of income-tax. the entries about amount of rs. 41,54,000 found in the gnp 15 should not be ignored as that was the unaccounted money before the period of entries in ..... showing the sum of rs. 41,54,000 were part of the peak credit. that was not accepted by the income-tax authorities and by the tribunal. this court rejected the application filed by the assessee under section 256(2) of the act. the slp filed by the assessee was also rejected.3. heard the learned counsels for the parties. the learned counsel ..... 3 and gnp 15. during the course of the investigation assessee has admitted that the transactions in gnp 1, 2 and 3 and also gnp 15 were not there but those were the entries of undisclosed income .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-28-2001
Reported in : (2001)167CTR(Cal)430
..... the proposition of law laid down in the case of shri arbuda mills ltd. and mulchand bagri (supra) i hold that the 'explanation' incorporated in section 263(1) of the income tax act, 1961, has its retrospective effect and the impugned notice dated 22-6-1979, issued by the commissioner is valid and binding upon the parties.in the result the writ petition ..... commissioner (central-ii), calcutta, asked the assessee to show-cause as to why the order passed by the assessing officer would not be revised under section 263(1) of the income tax act, 1961, for the assessment year 1974-75.2. appearing for the petitioner dr. debi prasad pal, learned senior counsel, submitted that the assessment order sought to be revised by the ..... ashim kumar banerjee, j.notice dated 22-6-1979, issued by the respondent-authority under section 263 of the income tax act served on the assessee, the petitioner above named, has been impugned before me in this writ petition. the said notice, dated 22-6-1979, has been annexed to the writ ..... to dr. pal the direction of inspecting assistant commissioner in the said case is complied with by the income tax officer by virtue of the provision of section 144b(5) of the said act and commissioner has no power to revise such order which has been passed in compliance with the direction of inspecting assistant commissioner,3. dr. pal further submitted that the .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-20-2001
Reported in : (2001)169CTR(Cal)308
..... of the forest act, madhya pradesh high court has held in the case of dulichand agarwal v. state of m.p ..... by their lordships of supreme court in gore lal dubey v. cit : 248itr3(sc) . their lordships in para 3 observed that the constitution bench judgment in india cement ltd. (supra) lays down the law, namely, royalty is tax, and it is a tax for all purposes including section 43b of the income tax act 1961.10. while considering the provisions of sections 82 and 83 ..... . & ors. 1980 mplj that section 82 of the forest act as substituted by madhya pradesh act no. 9 of 1965 creates a statutory liability ..... y.r. meena, j.on an application under section 256(1) of the income tax act, 1961 the tribunal has referred the following questions set out at pp 1 and 2 of the paper book :'1. whether, the tribunal was right in holding that the additional .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-17-2001
Reported in : (2002)172CTR(Cal)322
..... orderby the courton an application under section 256(1) of the income tax act, 1961, the tribunal has referred the following questions for our opinion :'1. whether, on the facts and in the circumstances of the case, the tribunal is ..... the seller but the seller could not encash that amount as assessee made the request to the seller to treat the amount shown in the tax as loan to the assessee.the income tax officer on the aforesaid facts was not satisfied with the claim of the assessee.according to him, as the sale proceeds on account of sale ..... original assets took place or which is not utilized by him for the purchase or construction of the new assets before the date of furnishing the return of income under section 139 or that amount is not deposited as required under sub-section (4) the assessee shall not be entitled for benefit of provisions of section ..... (4) in section 54f, if assessee purchased any property within the period stipulated in section 54f, that is sufficient to take the benefit of section 54f of the act.in our view, the tribunal was right in allowing the benefit of section 54f to the assessee.in the result, we answer all the questions in affirmative, i ..... been utilized within the period specified in section 54f, she is not entitled for benefit under section 54f. he placed reliance on the decision of the apex court in cit v. t.n. aravinda reddy : 120itr46(sc) .5. mr. khaitan learned counsel for the assessee submits that actual utilization of the same amount within the .....Tag this Judgment!
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 .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-12-2001
Reported in : 118TAXMAN556(Cal)
..... of the case, the tribunal was justified in law in holding that there was no violation of any of the provisions of section 13 of the income tax act, 1961 by the assessee-trust in advancing money amounting to rs. 98,000 to the two employers to warrant denial of the benefit of section 11 ..... has been referred for our opinion.3. the assessee is a charitable trust. during the course of assessment and on examination of the accounts the income tax officer found that a sum of rs. 98,000 has been shown as refundable aids in the assets side of the balance sheet. on further ..... must, therefore, be held that for the assessment years in question the trust was not entitled to the exemption contained in section 11 in respect of the income of its newspaper.'8. the trust and institution referred in section 13 are not one and the same thing and they are different entities. clause (cc ..... ).4. in appeal before the commissioner (appeals), the commissioner (appeals) found that the appellant-trust cannot be said to have used any part of its income directly or indirectly for the benefit of any person referred to in section 13(3). therefore, the provision of section 13(1)(c) is not applicable. ..... ) of section 13. their lordships in the case of thanthi trust (supra) at page 795 observed as under :'trusts and institutions are separately dealt within the act (section 11 itself and sections 12, 12a and 13, for example). the expressions refer to entities differently constituted. it is, thus, clear that the newspaper .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-13-2001
Reported in : (2002)172CTR(Cal)264
..... under section 20(1)(i) of the income tax act.'2. the assessee is a banking company within the meaning of banking regulation act and is incorporated under the laws of united kingdom. in the return filed on 31-12-1976, assessee ..... has declared the income of rs. 12,25,99,190. the assessment year involved is 1976-77. during ..... under section 256(1) of the income tax act, 1961, the tribunal has referred the following question for our opinion :'1. whether, on the facts and in the circumstances of the case, the honble tribunal is -correct in law in upholding the order of the commissioner (appeals) in respect of disallowance under section 40a(5) of the income tax act, excluding the proportionate expenses deductible ..... an amount which bears to the amount of interest payable on all moneys borrowed by the company the same proportion as the gross receipts from interest on securities chargeable to income-tax under section 18 bear to the gross receipts from all sources which are included in the profit & loss account of the company.in sub-section (2), the expense payable .....Tag this Judgment!