Skip to content


Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: income tax appellate tribunal itat west bengal Page 1 of about 58 results (0.048 seconds)

Aug 24 2001 (TRI)

Kangra Valley Investment and

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2001)80ITD25Cal

..... co. (p) ltd. (1978) 114 itr 116 (gauhati) wherein, at page 118, it was held as under : "the above excuse is thoroughly unconvincing and unacceptable. section 200 of the income tax act, 1961, casts responsibility on any person deducting tax at source to pay within the prescribed time, the sum so deducted to the credit of the central government. rule 30(3) of the ..... source amounting to rs. 38,79,749 and rs. 98,94,225 on the amount of the income paid by way of interest on securities and interest other than interest on securities as required under the provisions of sections 193 and 194a of the income tax act, 1961 respectively. it is also apparent that the assessee was required to pay the aforesaid deducted amount ..... to the credit of the central government in the manner prescribed under section 200 of the act which enacts that any person making any deduction of tax at source is to pay the amount so deducted ..... time, in this case, is therefore, solely on the principal officer, and the excuse that no demand is made from the income tax department is irrelevant." moreover in this connection we may also refer to explanation to section 221 of the act which provides that for the removal of doubt, it is hereby declared that an assessee shall not cease to be liable .....

Tag this Judgment!

Jul 18 2001 (TRI)

income-tax Officer (Tds) Vs. Titagarh Steels Limited

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... see no reason for non-application of the underlying principle of article 20(2), of the constitution of india, as also of section 26 of general clauses act, to the penalty proceedings under the income-tax act. as pointed out by justice g.p. singh in his 'principles of statutory interpretation' (6th edition 1997 reprint - 'laws defining offences and penalties' at page 410, relevant ..... 'enactment' praboh verma v. state of uttar pradesh air 1985 sc 167 at 175. in the light of these discussions, we are of the considered view that even under the income-tax act, an act or an omission of the assessee, even if technically covered by two separate defaults, cannot be punished twice under the penal provisions. no doubt an ..... source, under which section can such a penalty be imposed.7. we find that section 271c was inserted in the income-tax act with effect from 1st april 1989, by the virtue of direct-tax amendment act, 1987, and that the central board of direct-taxes, vide circular no.551, dated 23-1-1990, explained the insertion of this section in following words: "16.5 under ..... aggrieved that the dc1t(a) erred in deleting penalty of rs. 15,000 charged under section 221 of the income-tax act, 1961 (hereinafter referred to as 'the act').2. first, the relevant material facts. admittedly, the only lapse on the part of the assessee tax deductor was that he did not take into account the increase in surcharge, effected vide finance (second amendment) ordinance .....

Tag this Judgment!

Jul 16 2001 (TRI)

Assistant Commissioner of Vs. Executors of the Estate of Bhagwan

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... of section 167b, i do not find anything expressed or otherwise indicating an intention that this provision will apply even on the assessment of income from house property overriding the provisions of section 26 of the income-tax act, the provisions of section 167b deal with the assessment in general of all aops. section 26 also deals with an assessment in the ..... 228 and 229 of the companies act, 1913 provided that an unsecured creditor must prove his debts and all unsecured debts are to be paid paripassn. in that ..... and considered their rival submissions. the income which is the subject-matter of dispute is income from house property. the provision for computing the chargeable income from house property are contained in sections 22 to 27 of the act, i.e., part c of chapter iv of the income-tax act. section 26 deals with the computation of income from property owned by co-owners. ..... governed by the provisions of section 40(c) of the act.9. in the case of india fisheries (p.) ltd. (supra), the supreme court was dealing with the case of unsecured creditors in the liquidation proceedings whereunder the department claimed by exercising the right under section 49e of the indian income-tax act, 1922 priority over the other unsecured creditors, whereas sections .....

Tag this Judgment!

Jul 16 2001 (TRI)

Asstt. Cit Vs. Executors of the Estate of Bhagwan

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2001)79ITD539Cal

..... of section 167b, i do not find anything expressed or otherwise indicating an intention that this provision will apply even on the assessment of income from house property overriding the provisions of section 26 of the income tax act. the provisions of section 167b deal with the assessment in general of all association of personss. section 26 also deals with an assessment ..... 228 and 229 of the companies act, 1913 provided that an unsecured creditor must prove his debts and all unsecured debts are to be paid pari passu. in ..... and considered their rival submissions. the income which is the subject-matter of dispute is income from house property. the provision for computing the chargeable income from house property are contained in sections 22 to 27 of the act, i.e., part c of chapter iv of the income tax act. section 26 deals with the computation of income from property owned by co-owners. ..... governed by the provisions of section 40(c) of the act.in the case of india fisheries (p) ltd. (supra), the supreme court was dealing with the case of unsecured creditors in the liquidation proceedings where under the department claimed by exercising the right under section 49e of the indian income tax act, 1922, priority over the other unsecured creditors, whereas sections .....

Tag this Judgment!

Jun 20 2001 (TRI)

Badridas Keshawprasad Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... not for genuine business purposes. the borrowing is illusory and colourable. hence the assessees claim for deduction of interest paid is not allowable under section 36(1)(iii) of the income tax act, 1961.the assessees counsel raised an alternate contention that since the borrowals were at the interest rate of 12 per cent and the lending was given at the interest rate ..... for my opinion as third member on the following point of difference : "whether in the circumstances of the present case, levy of penalty under section 271(1)(c) of the income tax act. 1961 was justified." a sum of rs. 7,91,962 was paid by the assessee as interest to various parties including bank and was claimed as a deduction. on the ..... viewed that the assessees claim for rs. 2,59,000 towards interest before him was riot a bona fide claim and hence penalty under section 271(1)(c) of the income tax act, 1961 was exigible. he, therefore, imposed penalty accordingly.before us, the learned counsel for the assessee submitted that the assessees claim was bona fide and hence penalty could not be ..... above appeal filed by the assessee, refer the following point of difference to the president under section 255(4) of the income tax act, 1961 : "whether in the circumstances of the present case, levy of penalty under section 271(1)(c) of the income tax act, 1961 was justified ?" on account of difference of opinion between the judicial member and the accountant member, the matter was .....

Tag this Judgment!

Jun 20 2001 (TRI)

Badridas Keshawprasad Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... interest of rs. 45,000 disallowed by the ito towards interest for the acquisition of shares by the assessee in bne should be allowed under section 57(iii) of the income-tax act, 1961. as already held by the tribunal in its decision dated 21-1-1980 in the case of uma goenka (supra) it cannot be said that the assessee acquired the ..... for genuine business purposes. the borrowing is illusory and colourable. hence the assessee's claim for deduction of interest paid is not allowable under section 36(1)(iii) of the income-tax act, 1961. the assessee's counsel raised an alternate contention that since the borrowals were at the interest rate of 12 1/2% and the lending was given at the interest ..... that the assessee's claim for rs. 2,59,000 towards interest before him was not a bona fide claim and hence penalty under section 271(1)(c) of the income-tax act, 1961 was exigible. he, therefore, imposed penalty accordingly.3. before us, the learned counsel for the assessee submitted that the assessee's claim was bona fide and hence penalty could ..... appeal filed by the assessee, refer the following point of difference to the president under section 255(4) of the income-tax act, 1961: "whether in the circumstances of the present case, levy of penalty under section 271(1)(c) of the i.t. act, 1961 was justified ?" 1. on account of difference of opinion between the judicial member and the accountant member, the .....

Tag this Judgment!

Jun 11 2001 (TRI)

Mahadevia and Mehta Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... 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 ..... 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!

Jan 02 2001 (TRI)

income-tax Officer (Exemptions) Vs. Bajoria Foundation

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2002)254ITR65Cal

..... appellant to adduce evidence relevant to any ground of appeal.5. 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 were not conducted with regard to ..... itr 1, have observed that rule 46a does fetter the right of the assessee to produce evidences but it does not restrain the commissioner of income-tax (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 bombay ..... should also not be interpreted in such a manner as to narrow down, dilute or curtail the statutory powers, conferred on the commissioner of income-tax (appeals), by the provisions of section 250(4) or 250(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 ..... . it is also not the revenue's case that filing of additional evidence before the commissioner of income-tax (appeals) smacks of any mala fides or deliberate intent to act contrary to the scheme of the income-tax act.we, therefore, support admittance of additional evidence by the commissioner of income-tax (appeals).9. we have already expressed our view, in paragraph 4 above, that on the given .....

Tag this Judgment!

Nov 22 2000 (TRI)

Eveready Industries India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... 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 .....

Tag this Judgment!

Oct 17 2000 (TRI)

Assistant Commissioner of Vs. Govind Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... 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 .....

Tag this Judgment!


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