Court : Kolkata
Decided on : Apr-08-2004
Reported in : (2005)194CTR(Cal)59,272ITR58(Cal)
..... him, and orders making such corrections or rectifications are, therefore, clearly part of the proceedings for assessment. it was so held in the context of section 35 of the indian income-tax act, 1922, in s. sankappa v. ito : 68itr760(sc) . the contention of the assessee has accordingly to be rejected.23. we observe that the questions of law as ..... order of rectification dated october 21, 1992, subject matter of appeals before the commissioner of income-tax, income-tax appellate tribunal and leading to this appeal, shows that the computation under section 115j of the act has been made as follows :rs.'tax payable under section 115 of the income-tax act.book profit 1,00,89,134add : provision for taxation 18,00,000profit 1,18,89 ..... the assessee-company had declared a dividend and become liable to pay additional income- tax with respect to excess dividends under the finance act, 1952, but this fact was overlooked by the income-tax officer in the original assessment. this was rectified by resort to section 35 of the income-tax act. the income-tax officer later discovered that this was also erroneous and by a second order ..... was required to calculate the interest in the manner provided under the provisions of the act and had to add to the assessment.17. section 154 of the income-tax act, 1961 (which corresponds to section 35 of the indian income-tax act, 1922) empowers the income-tax authorities to rectify any mistake 'apparent from the record'. in the case on hand there was such a .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-30-2004
Reported in : (2005)193CTR(Cal)637,270ITR167(Cal)
..... in jorehaut group ltd.  226 itr 622 (gau), it was held that the amount of cess paid is deductible after apportionment from 60 per cent. of the income computed under the income-tax act. nowhere had it pointed out that 60 per cent. of the cess paid is eligible for deduction, not the rest. neither was it held that the balance of 40 ..... ; mcleod russel (india) ltd. v. state of west bengal : 173itr18(sc) , wherein the concept of agricultural income provided in section 2(1a) of the income-tax act and its interpretation with reference to rule 8 of the income-tax rules, 1962, read with section 295 of the income-tax act, was explained and clarified and that the judgment of the guwahati high court is contrary to the principle ..... by fiction in respect of tea grown and manufactured, the agricultural component of the income out of the tea grown is also computed under the income-tax act along with the income out of the tea manufactured from the tea grown. when by fiction the income as computed as an income under the act, all deductions as are available both for the agricultural component and for the business ..... provide that after apportionment of the 60 per cent. of the income so computed shall again be required to be computed under the agricultural income-tax act. on the other hand, this 60 per cent. is exposed and becomes exigible to tax under the agricultural income-tax act without being required to be assessed under the said act by reason of the fiction so created. therefore, the cess .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-14-2004
Reported in : (2005)1CALLT247(HC),(2005)193CTR(Cal)430,271ITR514(Cal)
..... above interest by presuming that they have inherent power under section 245d(6) to waive or reduce interest chargeable under sections 234a, 234b and 234c of the income-tax act. however, in ashwani kumar agarwal's case : 195itr861(sc) , the special bench of the settlement commission has held that under section 245d( ..... passed under section 245d(4) on november 27, 1997, in the above case/ cases has waived interest under sections 234a, 234b and 234c of the income-tax act, 1961, for the above assessment years vide page 14 of the said order. while waiving the interest the hon'ble commission has observed as under :interest ..... has been ably argued by both learned counsel. the question is to be looked into within the scope and ambit of section 154 of the income-tax act, 1961. the rectification would be permissible if the case comes within the purview of the scope for rectification as has been settled by various ..... judge had found that rectification sought for in this case by the department does not come within the narrow scope and ambit of section 154 of the income-tax act, 1961, for the reasons given in the said judgment. the department has preferred this appeal in this court.appellant's points :2. mr. ..... the decision in t. s. balaram, ito v. vokart brothers : 82itr50(sc) . the proposition of law is well settled. the income-tax act has not conferred any jurisdiction to review any or either of the authorities under the provisions. the code of civil procedure is not applicable in a proceeding .....Tag this Judgment!
Court : Kolkata
Decided on : Feb-12-2004
Reported in : (2004)191CTR(Cal)117,268ITR462(Cal)
..... kalyan jyoti sengupta, j.1. the impugned notice under section 148 of the income-tax act, 1961 (hereinafter referred to as 'the said act'), dated december 18, 2002, and the other four orders dated december 19, 2002, one each relating to the assessment years 1996-97 to 2000-2001 are under challenge in this ..... form any opinion. assumption of jurisdiction by the assessing officer under section 147 of the said act is conditioned '. . . unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in ..... view of the decision of the supreme court in the case of madhya pradesh co-operative bank ltd. v. cit (addl.) : 218itr438(sc) , though deduction under section 80p of the said act was granted previously by the assessing officer. therefore, the aforesaid income on account of the interest and discount from the aforesaid investments has escaped assessment. the orders containing reasons to ..... been overruled by a subsequent decision of a larger bench of the supreme court reported in cit v. karnataka state co-operative apex bank : 251itr194(sc) by which it is held amongst others that the above income is deducted under section 80p of the said act. according to him if the basis is unacceptable under the law there is no material to .....Tag this Judgment!
Court : Kolkata
Decided on : Oct-01-2004
Reported in : (2005)199CTR(Cal)633,278ITR425(Cal)
..... . poddar submitted that the said provision contemplates recovery in respect of the seized assets in relation to any existing liability either under the income-tax act, the wealth-tax act, the expenditure-tax act, the gift-tax act and/or the interest-tax act and the amount of liability determined on completion of the assessment under section 153a or the amount of liability determined on completion of the assessment ..... were liable to be retained in the case of future liability of the assessee.24. it was then urged by mr. poddar that there was no provision under the income-tax act or the various rules framed thereunder and in connection therewith which permitted the revenue authorities to retain the seized bonds, which were disclosed assets for realisation of future dues, ..... disposal of an appeal. mr. poddar submitted that it was in such background that the hon'ble supreme court observed that the statutory power under section 254 of the income-tax act, which conferred on the appellate tribunal powers of the widest amplitude in dealing with appeals before it, carried with it the duty in proper cases to make such orders ..... to release the entire seized assets and money of the petitioner and to refund the various amounts. in the said case proceedings were taken under section 132(5) of the income-tax act. however, the regular assessment of the petitioner for the assessment year 1989-90 was completed and an assessment order was passed. against the said order the petitioner appealed before .....Tag this Judgment!
Court : Kolkata
Decided on : Dec-16-2004
Reported in : 2005(188)ELT8(Cal)
..... expression used in section 35 clearly indicates a special provision of limitation condonable for a further period of 60 days and not beyond.7.3 section 256(2) of the income tax act prescribes limitation of six months from refusal by the appellate tribunal to make a reference to the high court for applying to the high court for reference and leaves the ..... the decision in cit v. taylor instrument co. (india) ltd. - (1992) 64 taxman 6, by the delhi high court.7.11 mr. dutta relied on hukumdev narain yadav v. lalit narain ..... the same reasoning followed by the gauhati high court, the applicability of section 29(2) in relation to section 27(2) of the wealth tax act was upheld. we may also refer to prem chand bansal and sons v. income-tax officer - : 237itr65(delhi) by the delhi high court, dealing with section 256(2). relying on the decision in mukri gopalan v. cheppilat ..... puthanpumyil aboobacker - : air1995sc2272 , it was held that the application of section 29(2) cannot be excluded in relation to the jurisdiction exercised by the high court under section 256 of the income tax act while referring to .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-27-2004
Reported in : (2005)193CTR(Cal)74,270ITR248(Cal)
..... ker).ced v. narasamma (estate of late) (smt. k) (1980) 125 itr 196 (ap) and neeta s. shah v. cit (1991) 191 itr 77 (karn). income tax act, 1961 section 254income tax act, 1961 section 260aappeal (high court)--powersmodification of order of tribunalcatch note:there is no bar on the high court under section 260a to pass ..... under section 260a to pass appropriate order as would be necessary in appeal having regard to the facts and circumstances of the case.decision:principle enunciated.income tax act, 1961 section 260acode of civil procedure, 1908 order 41 d.k. seth, j.facts :1. the assessee was carrying on the business ..... a mistaken assumption and the error was discovered, the power of rectification under section 254(2) of the income-tax act, 1961, could be invoked because the very basis of the earlier order required rectification. he then relied on bata india ltd. v. deputy ..... 1989-90, the tribunal had passed the main order under appeal dismissing the same and purporting to affirm the order of the learned commissioner of income-tax (appeals). these two cannot go together. in respect of the earlier two years, the proportionate pro rata taxability has been accepted on principle ..... bank guarantee would be released and thus postponed the taxability till the completion of the contract. against these two orders of the commissioner of income-tax (appeals), the assessee preferred appeal before the learned tribunal. the learned tribunal by a consolidated order passed in these two appeals had laid .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-13-2004
Reported in : (2005)1CALLT151(HC),(2005)194CTR(Cal)50,271ITR501(Cal)
..... the same nor any two opinions could be formed with regard thereto and as such it is amenable to rectification under section 254(2) of the income-tax act.order :27. in the result, the appeal succeeds. the impugned order dated march 30, 2000, passed on the application for rectification is hereby set ..... founded on a mistaken assumption and the error is discovered, the power of rectification under section 254(2) of the income-tax act, 1961, can be invoked because the very basis of the earlier order requires rectification. he also relied on a decision in bata india ltd. v ..... 143(3)/231/147 and interest was charged under sections 139(8) and 215 of the income-tax act, 1961. this was subjected to certain proceedings and ultimately by an order dated march 17, 1989, the commissioner of income-tax (appeals) held that no interest can be charged either under section 139(8) or under ..... march 17, 1989. therefore, this is amenable to rectification under section 254(2) of the income-tax act, 1961.7. in support of his contention, mr. khaitan had relied on the decision in neeta s. shah v. cit : 191itr77(kar) to contend that when an earlier order of the appellate tribunal is ..... and the other interest was partially waived, therefore, no further step need be taken.3. against this order an appeal was preferred. the commissioner of income-tax (appeals) by his order dated june 14, 1991, directed the assessee to file a rectification application under section 154 before the assessing officer. by an .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-26-2004
Reported in : (2005)196CTR(Cal)148,273ITR119(Cal)
..... same by the assessee, an appeal once again on the very same ground to the cit(a) was not competent.income tax act, 1961 s.246(1)(c)income tax act, 1961 m.h.s. ansari, j.1. pursuant to the direction of the court under section 256(2) of the income-tax act, 1961, the income-tax appellate tribunal (for short 'the itat'), has drawn up a statement of case and ..... referred the following questions of law :'(i) whether, on the facts and in the circumstances of the case and on correct interpretation of section 246(1)(c) of the income-tax act, 1961, the tribunal was right in law in holding that as the statute does not confer an express right of appeal against the order of the specific refusal to carry ..... ) erred in rectifying his earlier order dated march 7, 1988. that being a debatable question, the learned commissioner of income-tax (appeals) could not have rectified his order under section 154 of the act and such rectification, it was held by the income-tax appellate tribunal, was without jurisdiction.6. having heard mr. mihir lal bhattacharya, learned counsel for the appellant, and mr. r. k ..... no ambiguity with regard to any provision of the act nor do we find that on the facts and circumstances of the case on hand any conditions for the exercise of power to rectify were shown to exist warranting the rectification of the order dated march 7,1988, by the learned commissioner of income-tax (appeals).11. the assessing officer determined the loss .....Tag this Judgment!
Court : Kolkata
Decided on : Aug-20-2004
Reported in : (2005)197CTR(Cal)98,273ITR380(Cal)
aloke chakrabarti, j.1. this is an appeal filed by the assessee under section 260a of the income-tax act, 1961, against the judgment of the appellate tribunal in respect of its assessment for the assessment year 1997-98.2. the assessee carried on business of manufacture and sale of ..... assessing officer in the intimation dated august 4,1998, under section 143(1)(a) of the act did not allow the assessee's claim for deduction of the said sum of rs. 228.34 lakhs.5. the assessee preferred an appeal before the commissioner of income-tax (appeals) which was ultimately dismissed. challenging the said appellate order, the assessee preferred a further appeal ..... first contention of the appellant is that the assessing officer could not refuse deduction in respect of the said sum of rs. 228.34 lakhs towards notional income under section 143(1)(a) of the act and in case he was not accepting the same, he was required to proceed under section 143(3) after issuing notice under section 143(2) for ..... the deduction to the assessee concerned in respect of the said amount of notional income. the argument on behalf of the assessee is that the tax can be imposed only on actual income but not on notional income. it is not a case of accounting on mercantile basis on accrual of income. reliance was placed on the judgment in the case of sutlej cotton mills .....Tag this Judgment!