Skip to content


Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat mumbai Year: 1985 Page 1 of about 52 results (0.056 seconds)

Jan 19 1985 (TRI)

inspecting Assistant Vs. Dorr Oliver (India) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-19-1985

Reported in : (1985)13ITD229(Mum.)

..... respect of stanford (usa) office. the ito observed that the assessee before him was a non-resident company and in its branch, the entire income of the assessee-company, whether received in india or abroad, was subject to the indian income-tax act, because the income flowed entirely out of the activities of the company's branch at bombay and the assessee-company had no ..... income other than what accrued and arose in india.3. the parent company, viz., the dorr-oliver inc., is also assessed to the indian income-tax as a 'company' through its agents, i.e ..... -1966. the accounts could not be treated as artificially made on 5-6-1966 merely because that would be beneficial to the assessee. in our opinion, rule 115 of the income-tax rules, 1962 does not really indicate, one way or the other, as to how such an assessment should be made except that it lays down the rate of exchange prior ..... ascertained at the end of the stated interval when the accounts were closed and adjusted. the ito relied on the supreme court decision in cit v. ashokbhai chimanbhai [1965] 56 itr 42. he, therefore, computed the net income as per the accounts and converted it into rupees at the post-devaluation rate as on 30-9-1966.4. this action of the .....

Tag this Judgment!

Sep 09 1985 (TRI)

Kma Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Sep-09-1985

Reported in : (1986)15ITD307(Mum.)

..... it represented merely an entry passed in the appellant's books of account. shri trivedi argued that what was taxable under the income-tax act, 1961 was the real income of the appellant and not some notional income represented by mere book entries. in support of this, the learned counsel relied on the decision of the tribunal in the case ..... departmental authorities or even before us to prove the alleged difficult financial condition of kamani tubes ltd. to justify the contention of the appellant on the basis of real income which has been taken as an alternative plea before us. we, therefore, hold that the decision of the tribunal in dyestuffs & chemicals (p.) ltd.'s case ..... and just because the appellant was facing certain problems in realising the amount due to it, did not mean that the appellant should not offer for taxation the income that had legally accrued to it.10. before the commissioner (appeals) it was argued that kamani tubes ltd. was facing financial difficulties during the relevant previous year ..... levied and payable by the users to it, the appellant prepared debit notes and sent them to the users. such charges are accounted for in its accounts as income/fees receivable. in this year, kamani engg. corpn. ltd. and kamani metal & oxides ltd. have paid the charges as per the debit notes or bills ..... 1. this appeal arises out of the income-tax assessment of km a ltd., formerly known as kamani metals & alloys ltd., the appellant herein.the assessment year is 1978-79 for which the .....

Tag this Judgment!

Jan 31 1985 (TRI)

income-tax Officer Vs. Gajria Electrical Industries Co.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-31-1985

Reported in : (1985)13ITD318(Mum.)

..... the commissioner (appeals).4. the learned counsel for the department has pointed out that before the ito in the proceedings under section 144b of the income-tax act, 1961 ('the act') the assessee did not contest the inclusion of the income on the basis of the rent received by neelam traders. he referred in particular to paragraph no. 4 of the directions of the iac ..... looking apparently to all the circumstances to come to an inevitable conclusion that the interposition of neelam traders between the assessee and icl was only an exercise in diversion of income for tax evasion. the commissioner (appeals) has laid stress on the legal relationship suggested by various agreements, etc., between the parties. in fact stressing the legal unvulnerability of these agreements the ..... above. on the contrary as correctly mentioned by the learned counsel for the department the tribunal's orders were dealing with a case where these firms returned an income which was not even taxed in the hands of the assessee. the tribunal confirmed the assessment in the hands of these firms. what would have happened in the hands of the assessee with ..... the assessee's case. on the contrary it may still be open to the ito to look at this relationship also in the correct perspective and tax the assessee on the correct figure of property income even in respect of these tenancies. we are, however, not concerned with that. the arguments advanced by the learned counsel for the assessee that the iac .....

Tag this Judgment!

Sep 06 1985 (TRI)

income-tax Officer Vs. Samar Manmade Fibres (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Sep-06-1985

Reported in : (1986)15ITD232(Mum.)

..... 30-3-1973 executed by shrimant fatehsinghrao p. gaikwad, ex-ruler of princely state of baroda. the assessee was asked by the ito as to under what provision of the income-tax act, 1961, ('the act'), the said deduction was being claimed. the assessee by letter dated 1-9-1980, stated that the deduction was being claimed under section 28(i) of the ..... act.according to the assessee, the said amount represented diversion of income by overriding title. the ito examined the terms of the gift deed dated 30-3-1973, on which reliance had been placed and found that ..... fact that the donor whose group had substantial interest in the assessee-company by particular device sought to divert income from taxation by artificial means. however, the tribunal formed an opinion that in view of the decision of the supreme court in cit v. a. raman & co. [1968] 67 itr 11, the assessee was entitled to lawfully circumvent the provisions of taxation ..... or arising to the assessee under clause 4. thus, the payment out of the income which accrues to the assessee and, as such, it is a case of application of income.11. another decision which is relevant is new india colour co. v. cit [1971] 80 itr 206 (delhi). in that case, the partner wrote a letter to the firm requesting it to .....

Tag this Judgment!

Oct 14 1985 (TRI)

inspecting Assistant Vs. Consolidated Pneumatic Tool Co.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Oct-14-1985

Reported in : (1986)15ITD564(Mum.)

..... held that the method an assessee adopted for valuing his closing stock was a 'method of accounting', within the meaning of section 13 of the indian income-tax act, 1922, and that at any rate it was an integral part of the mercantile system of accounting. it was also held that, on the facts, ..... disallowed by the ito on account of obsolete stocks written off by the assessee in the following three years : 2. these appeals arise out of the income-tax assessments of consolidated pneumatic tool co. (india) ltd., the assessee herein, which manufactures mainly pneumatic tools and air and gas compressors.we are concerned with ..... profits and loss thereafter would be correctly computed. their lordships of the madras high court followed the decision of the bombay high court in sarupchand v. cit [1936] 4 itr 420. this decision of the madras high court completely answers the contentions of the revenue in the present case. we may ..... this decision of the madras high court was followed by the kerala high court in the case of forest industries travancore ltd. v. cit [1964] 51 itr 329 and also in cit v. carborandum universal ltd. [1984] 149 itr 759 (mad.). no material has been placed before us by the revenue to ..... appeals) had relied upon two decisions of the madras high court in the case of k. mohammad adam sahib v. cit [1965j 56 itr 360 and in india motor parts & accessories (p.) ltd. v. cit [1966] 60 itr 531. apart from these decisions, the following decisions relied upon by the learned counsel for the .....

Tag this Judgment!

Jan 08 1985 (TRI)

Sunjoy Dairy Farm Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-08-1985

Reported in : (1985)13ITD219(Mum.)

1. this is an appeal filed by the assessee against the order of the commissioner, bombay, under section 263 of the income-tax act, 1961 ('the act').2. the assessee is a registered firm and the appeal relates to the assessment year 1978-79. we were given to understand at ..... ble calcutta high court in the case of cit v. radha nagar cold storage (p.) ltd. [1980] 126 itr 66 wherein their lordships laid down that even if the plant was temporarily let out to a sister concern, the income derived by such letting out was business income and the assessee was entitled to development rebate ..... out the business income and the business of keeping potatoes in the cold storage was an activity, which falls within the meaning of processing of goods. he, therefore, submitted that, as laid down by the hon'ble calcutta high court in the case of russell properties (p.) ltd. v. a. chowdhury, addl. cit [1977] 109 ..... held that the conversion of flat yarn into twisted yarn would amount to manufacture of a new article within the meaning of section 32 a of the act, in support of the contention that the assessee's business activity of converting the milk purchased from various sources into the brand product 'doodh amrut' amounted ..... will not be applicable here.reference in this connection was also made by him to the decision of the hon'ble bombay high court in the case of cit v. sakseria cotton mills ltd. [1980] 124 itr 570 where their lordships of the hon'ble bombay high court laid down that the principle of merger .....

Tag this Judgment!

Jan 31 1985 (TRI)

Second Income-tax Officer Vs. Bisleri (i) (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-31-1985

Reported in : (1985)12ITD116(Mum.)

..... page 556. the provisions in both the acts, i.e., the income-tax act and the bombay sales tax act are stated to be identical, including the deeming provisions. it is pointed out that penalty under section 36(2)(c) cannot be ..... held that even though there is no specific provision for giving an opportunity before charging interest under sections 139(8)(a) and 217(1a) of the income-tax act, it is only reasonable that an opportunity should be given before charging interest under these sections. to our mind, these distinguishing features do not detract ..... , whether amounting or not amounting to breach or infraction of law, is relevant for deciding the question of its allowability as deduction under the income-tax act. however, the real test is and would be whether the levy is visited on the assessee on account of its own fault or whether ..... the learned standing counsel for the department, stated that it is of the same nature as a penalty imposed under section 271(1)(c) of the income-tax act, 1961. reference, in this context, has been made to the case of premier automobiles ltd. [1981] 48 stc 552, the relevant observations being at ..... it is held that an opportunity is to be given before charging interest under section 139(8)(a) and under section 217(1a) of the income-tax act, even though there is no provision for it. the supreme court in the case of mahalakshmi sugar mills co. (supra), it is urged, was .....

Tag this Judgment!

Feb 28 1985 (TRI)

income-tax Officer Vs. Ruston and Hornsby Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-28-1985

Reported in : (1985)14ITD148(Mum.)

..... 1972-73 had the chequered career. an assessment passed at the first instance by the ito under section 143(3), read with section 144b, of the income-tax act, 1961 ('the act') and in that he had brought into charge rs. 28,498 received by the assessee as engineering fees and the amount of rs. 2,62,500 ..... -how or services or delivery abroad of machinery and plant, and the payment is not taxable under section 5(2)(b) [of the income-tax act] as income accruing or arising or deemed to accrue or arise in india, it has been decided that no attempt should be made by the department to bring to ..... time of incorporation of the indian company in lieu of a lump sum payment for the technical know-how delivered abroad, that will be exempt from income-tax as well as the tax on capital gains.... (p. 180) 16. now, the first part of para 1.1 favours the argument of shri pooran. the latter part ..... a case answering to the latter conditions. the commissioner (appeals) states: i find that to distinguish the assessee's case in the manner in which the income-tax officer has done, it would amount to insisting on words and forgetting sense which is conveyed by the circular. in the circumstances, i hold that if one ..... the indian company. the ito passed a fresh assessment on 26-9-1979 wherein two amounts aggregating to rs. 2,90,998 were included in the income for the purpose of tax. on appeal to the commissioner (appeals), the additions were deleted. thus, the revenue is on appeal before the tribunal.5. taking first the .....

Tag this Judgment!

May 14 1985 (TRI)

induri Farm Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-14-1985

Reported in : (1985)14ITD354(Mum.)

..... company in which the public are substantially interested within the meaning of section 2(l8)(b)(b) of the income-tax act, 1961. your appellants pray that the ito's impugned order under section 104 be quashed. the additional ground of appeal for the assessment ..... are filed against the orders of the commissioner (appeals) confirming the orders passed by the ito, levying additional income-tax of 37 per cent under section 104 of the income-tax act, 1961 ('the act') against the assessee for the assessment years 1978-79 and 1979-80. these orders were passed ,by the ito ..... provisions of section 104 of the act are not applicable to the facts of their case as they are a ..... 24-7-1984 for both the years : the learned income-tax officer, companies circle iii(1), bombay (hereinafter referred to as the ito) erred in applying the provisions under section 104 of the income-tax act, 1961, to your appellants and thereby levying additional income-tax of rs. 22,682. your appellants submit that the ..... ground of appeal goes to the root of the matter affecting the jurisdiction of the ito to take proceedings under section 104 and levy additional income-tax against the assessee, the same should be admitted and disposed of in accordance with law, after giving an opportunity to the revenue. shri .....

Tag this Judgment!

Jun 30 1985 (TRI)

Rohiniben Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jun-30-1985

Reported in : (1985)13ITD830(Mum.)

..... stock-in-trade. cost of acquisition also involved a definite and positive expenditure of money. the provisions of section 55(2)(v) of the income-tax act, 1961 ('the act') supported the assessee's case.according to the learned counsel, if the department's view was to be accepted, in the background of ..... supra) and d.m.dahanukar's case (supra) dealt with investors in shares. cit v. gold mohore investment co. ltd. [1968] 68 itr 213 (sc) dealt with the application of section 23a of the indian income-tax act, 1922 ('the 1922 act') whereas shekhawati general traders ltd.'s case (supra) dealt with the reopening of the ..... in a newly commenced business cannot be described as an 'asset' within the terms of section 45 and, therefore, its transfer is not subject to income-tax under the head 'capital gains'.13. the pertinent questions that have to be considered are the following : (i) is 'bonus share' an asset ..... to the effect that the profit earned on the sale of bonus shares is outside the purview of section 45 are, therefore, not acceptable. the income-tax officer's action in adopting the computations of capital gains as per the original statement accompanying the return is, therefore, quite valid in law and ..... asset' within the terms of section 45 of the 1961 act (or section 12b of the 1922 act) and that the transfer of such goodwill initially generated in a business does not give rise to a capital gain for the purposes of income-tax. while reaching the above conclusion, the supreme court laid .....

Tag this Judgment!


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