Court : Kolkata
Decided on : Feb-15-2017
..... .1,00,69,998/-, which sum was disclosed by the assessee for being subjected to taxation as expense/expenditure relating to earning of exempted income under section 14a of the income tax act, 1961. in the opinion of the assessing officer, this was too low a sum. the assessing officer, applying the principles incorporated in ..... assessee. on this very point, there is a decision of another coordinate bench of this court in i.t.a.t.no.243 of 2012 (commissioner of income tax, kolkata iv versus m/s.r.r.sen & brothers (p) ltd.) decided on 4th january 2013. in this judgment, it has been held:- the ..... , senior advocate, mr.d.mitra, advocate aniruddha bose, j.:the appellant before us are the revenue and in this appeal they assail a decision of the income tax appellate tribunal, kolkata delivered on 3rd february, 2016 in ita no.675/kol/2012. in the decision impugned, the tribunal held that a sum of rs ..... rule 8d of the income tax rules disallowed a sum of rs.30,28,25,750/- under that head. the assessee is a general insurance company, engaged ..... in the business of insurance other than life insurance. their income is required to be assessed in accordance with section 44 of the act read with rule 5 .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-07-2017
..... would have relevance. he sought to take cue from the observation of the coordinate bench that the question as to whether proviso to section 68 of income tax act is retrospective in nature or not was being kept open. he also cited the judgment of the hon ble supreme court in the case of sneh ..... finance pvt. ltd. (supra). we need not decide in this case as to whether the proviso to section 68 of the income tax act is retrospective in nature. to that extent the question is kept open. we may however point out that the special bench of delhi ..... the company had earned consultancy fees to the tune of rs.75,000/-, which was not offered for tax in its return of income. on receiving such letter, the assessing officer issued notice under section 148 of the income tax act, 1961. on 31st may, 2010, the assessing officer passed an order under section 147/143(3) ..... of the act on 31st march, 2010 determining the assessee s total income to be rs.60,800/-.3. the commissioner of income tax : kolkata iii (c.i.t.), in exercise ..... in the manner provided in the order of the c.i.t. the assessee preferred an appeal before the income tax appellate tribunal against this order of the commissioner issued under section 263 of the act. it was contended before the tribunal that the order of the assessing officer was neither erroneous nor prejudicial to .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-04-2017
..... asset is dealt with to a third party can a profit or loss be ascertained on the basis thereon. there was no bar imposed by the income tax act, 1961 on an assessee from converting its stock-intrade into investment. that conversion could not be deemed to be a transaction but when the asset ..... ..for the assessee. mr.lodhe, adv..for the revenue. arindam sinha, j.: the assessee being aggrieved by order dated 27th november, 2015 passed by the income tax appellate tribunal, kolkata a bench, kolkata, in ita no.1279/kol/2010 pertaining to the assessment year 2006-07 has preferred this appeal. the substantial question ..... stand in subsequent years.section 45(2) of the act provides for conversion by the owner of a capital asset into or its treatment by him as stock-in-trade of a business carried on by him as chargeable to income-tax as income of his previous year in which such stock-in-trade ..... ita no.1 of 2017 in the high court at calcutta special jurisdiction (income tax) original side deeplok financial services ltd.versus commissioner of income tax-ii, kolkata before: the hon ble justice aniruddha bose the hon'ble justice arindam sinha date: 4th april, 2017. mr.sharma, ..... is sold or otherwise transferred by him and fair market value of the asset on the date of such conversion or treatment shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of a capital asset. the act .....Tag this Judgment!
Court : Kolkata
Decided on : Feb-17-2017
..... notice not only of the reason for the proposed transfer but also of the happening of the survey operation under section 133a of the income-tax act, 1961 in relation to the petitioner. it was permitted an opportunity to object. the petitioner did not ask for the survey report prior ..... 6, 2012, the department had put the petitioner on notice that the department was relying upon a survey report conducted under section 133a of the income-tax act on february 9, 2011 and that, such survey report has suggested centralization of the case with deoghar. the petitioner was invited to raise its ..... . i have considered the rival contentions of the parties and the materials made available on record. an order under section 127 of the income-tax act, 1961 passed consequent to the letter dated december 6, 2012 and other notices transferring the file for assessment to a different assessing officer ..... . for the respondents the court : the petitioner assails a decision dated december 18, 2012 passed under section 127(2)(a) of the income-tax act, 1961 transferring the jurisdiction from kolkata to deoghar, jharkhand. learned advocate for the petitioner refers to the two showcause notices issued by the authorities ..... ) (naresh kumar agarwal versus union of india & ors.).he relies upon (2014) 365 itr273(calcutta) (chirag vinco.(p.) ltd.versus deputy commissioner of income-tax) for the proposition that, reasons are the life blood of a judicial or quasi judicial order. he relies upon (1976) 102 itr281(sc) (ajantha .....Tag this Judgment!
Court : Kolkata
Decided on : Feb-24-2017
..... interest earned by the assessee from the bank deposit and loan etc.will not be taxable under the head income from other sources but as business income for the purpose of deduction under section 80hhc of the income tax act, 1961. we admit the appeal on the above two questions of law for hearing the same. the assessee ..... for hearing on consent of the learned advocates appearing for the appellant as well as the assessee. this appeal is directed against the order of the learned income tax appellate tribunal in ita no.1589/kol/2001, dated december 30, 2002, dismissing the appeal of the revenue mainly on two grounds. these grounds have also ..... for while computing business profit or loss. the assessee s objection is on treating this interest income separately as income from other source and not being included in the business profits for the purpose of deduction under section 80hhc of the act. in his order, sustaining the assessee s appeal, the commissioner, inter alia, found: ..... the aforesaid section as it was for the relevant year and submitted that the deduction from total income in respect of provision for gratuity was not confined to only those gratuity funds which were approved under the act. according to him, even if a fund was not approved, if provision for gratuity was in ..... order sheet ita338of2003in the high court at calcutta special jurisdiction(income tax) original side c.i.t.- c- i kolkata versus m/s.hooghly mills projects ltd., kolkata before: the hon'ble justice aniruddha bose .....Tag this Judgment!
Court : Kolkata
Decided on : May-08-2017
..... wants to treat certain sums reflected in the books of the assessee as loan from rungta engineering as deemed dividend under section 2(22)(e) of the income tax act, 1961. the third point arises for the assessment year 2006-07, and relates to treatment of loss of rs.25,30,396/- arising from purchase ..... reference to property in 18 corporate name of the assessee cannot make the assessee a property development company. the tribunal as well as the commissioner of income tax have concurrently found that gain of the assessee from the transactions of sale of flats did not constitute adventure in the nature of trade. the orders ..... : mr.j.p.khaitan, senior mr.p.jhunjhunwala & ms.s.das, the court : this appeal by the revenue is against an order of the income tax appellate c bench passed on 29th april, 2015 dismissing the revenue s appeal in relation to assessment of the assessee for three assessment years.being 2003-04, ..... the assessing officer. (9) mr.khaitan, has taken us through the provisions section 2(22)(e) of the act to contend that deemed dividend, if at all, is to be charged to income tax at the 20 hands of the common shareholder but not at the hands of the recipient of money unless the ..... the delhi high court in the case of commissioner of income tax versus ankitech pvt.ltd.[(2012) 340 itr14(delhi)].laying down this proposition or principle of law. (10) mr.khaitan submits that three situations are conceived in section 2(22)(e) of the act to expand the meaning of the term dividend beyond what .....Tag this Judgment!
Court : Kolkata
Decided on : Jan-31-2017
..... (4) of the income tax act, 1961?. the tribunal by the said order dealt with three appeals of the revenue pertaining to several assessment years ..... search and seizure operations were conducted on 23rd august, 2006, 25th april, 2007 and 3rd may, 2007 under section 132 of the income tax act, 1961. the three assessees made disclosure statements under section 132(4) of the act. the revenue seeks to prefer appeal only to in respect of ita nos.378 382/kol/2011 pertaining to the assessment years 2002-03 ..... questions as suggested: (i)whether the on the facts and circumstances of the case the learned income tax appellate tribunal has was justified in law in confirming the order of the cit (appeal) in deleting the penalty levied under section 271(1) (c) of the income tax act, 1961 on the ground that the assessee is entitled to immunity from penalty on account of explanation ..... 5 to section 271 (1) (c) of the income tax act, 1961 when the assessee s case does not come under the purview of the exceptions provided therein?. (ii) tribunal is justified in holding that the disclosures made by the offering incomes in the returns under section 153a of the income tax act, 1961 is tantamount to extension of disclosure made under section 132 .....Tag this Judgment!
Court : Kolkata
Decided on : Feb-10-2017
..... in accordance, with the rules contained in the firs.schedule to the act. under rule 5 of this schedule, profits and gains of any business of insurance other than life insurance are ..... of the said assessment year, the assessee wanted rs.245,09,18,028/-, being profit earned by them on sale of investments, to be exempted from tax. the assessee, being a general insurance company, is required to be taxed in terms of section 44 of the income tax act, 1961 read with the provisions of rule 5 of part b to schedule 1 to the ..... issued by the authorities, which, inter alia, stipulated:- finance act, 1988 circular no.528, dated16121988 finance act, 1988 liberalisation of provisions in respect of taxation of profits and deduction of tax at source applicable to the general insurance corporation and its subsidiaries 45.1 under the existing provisions of section 44 of the income-tax act, the profits and gains of any insurance business is computed ..... act. the aforesaid rule, for the assessment year involved, provided:- 5. the profits and gains of any business of insurance other than life insurance shall be taken to .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-02-2017
..... the accumulated deficit of earlier years?. the undisputed facts are that the assessee is a trust duly registered under the income tax act, 1961 whose objects are charitable in nature. for the assessment year under consideration the assessee filed return of income showing total income at nil. the trust did not file any return up to the assessment year 2002-03 since in june, 1980 ..... mrs.anita banerjee was one of the main loan creditors in the period between 1956 and 1993. it is worthwhile to mention here that after search & seizure conducted by the income tax department in 1980 practically the entire activities of the trust became loan dependant only. the assessing officer in considering the information given, regarding the repayments of loan, held that the ..... the assessee. mr.tapas kumar chatterjee, adv.s.n.dutta, adv..for the revenue. arindam sinha, j. : this appeal is directed against order dated 16th december, 2015 passed by the income tax appellate tribunal b bench, kolkata in ita no.137/kol/2009 pertaining to assessment year 2005-06. we have heard the learned advocate for the appellant and are satisfied that ..... search and seizure were conducted by the income tax authorities. in the month of june, 2003 they returned all the documents and bank account to the assessee. the firs.question relates to the claim of the assessee on account .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-09-2017
..... .adv.mr.pratyush jhunjhunwala, adv.mr.a.k. dey, adv.for the petitioners mr.p.k. bhawmick, adv.for the respondents. the court : the income tax return filed by the petitioner under section 143(1) of the income tax act, 1961 for the assessment year 2006-2007 was duly processed by determining a net amount of rs.31,132/- required to be paid by the ..... delhi high court in case of carlton overseas (p.) ltd.versus income tax officer reported in .188 taxman 11 in categorical and unequivocal terms held that the audit report raising objection is mere an opinion and, therefore, cannot form basis of a reassessment under section 147 of the said act. the relevant observations recorded in paragraph 9 and 10 of the said ..... made to a notice issued under section 148 of the act. but the challenge is founded on the order passed by the assessing officer determining the preliminary objection and upholding its jurisdiction. the other judgements relied upon by the respondents in case of honda siel power products versus deputy commissioner of income tax and another reported in .340 itr64(sc) cannot be ..... warrant formation of requisite believe under section 147 if there is a material placed on record which would show existence of income chargeable to tax. admittedly, the assessment was made under section 143(1) of the act and thereafter the petitioner s case was considered for a scrutiny and upon recording satisfaction of the material documents and the accounts produced before the assessing .....Tag this Judgment!