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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat mumbai Year: 1985 Page 5 of about 52 results (0.068 seconds)

Feb 06 1985 (TRI)

J.B. Boda Marine and General Vs. Sixth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-06-1985

Reported in : (1985)13ITD347(Mum.)

..... before us.3. the first point that requires consideration is whether the said ship models could be treated as 'plant' for allowance of depreciation under section 32 of the income-tax act, 1961 ('the act'). it is now well settled that the term 'plant' in section 32 includes whatever apparatus is used by a businessman for carrying on his business, not his stock-in ..... the assessee for carrying on its business. consequently, they would not come in the category of 'plant' for claiming depreciation.4. the term 'furniture' has not been defined in the act. it would, therefore, be necessary to refer to the dictionary meaning. webster's new international dictionary defines furniture to mean 'articles of convenience or decoration used to furnish a house .....

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Aug 19 1985 (TRI)

Khorshed B. Mody Vs. Third Assistant Controller of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-19-1985

Reported in : (1986)15ITD272(Mum.)

..... the employers are enjoined by clause 6 to make contributions to the superannuation fund, which is approved by the commissioner of income-tax under part b of the fourth schedule of the income-tax act, 1961. the contributions are of two types, viz., ordinary annual contribution and extraordinary lump sum contribution for past services. ordinary ..... filed by the employee for such exclusion.the exclusion could, however, be effected only with the consent of life insurance corporation (lic) and commissioner of income-tax. the eligible employees to whom the scheme applied are termed as 'members' and clause 5 prohibits a member from withdrawing from the scheme while he ..... contention on behalf of the accountable person was that the said amount did not fall under any of the charging sections of the estate duty act, 1953 ('the act') and as such, it was not liable to be included in the principal value of the estate passing on death of the deceased. this ..... on the life of members of the staff. it was held that the amount received un der the policy was liable to duty under the act. since, the material facts are not on record, we hereby restore the matter to the appellate controller with direction to decide the question afresh ..... person is that the amount received by the accountable person does not come either under section 5 or section 6 or section 15 of the act, while the contention on behalf of the department is that it would fall under all these sections.3. for deciding the point in controversy, .....

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Aug 30 1985 (TRI)

Second Income-tax Officer Vs. Borosil Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-30-1985

Reported in : (1986)15ITD390(Mum.)

..... secured considered good : outstanding for a period exceeding six months 24,022 deposit with industrial development bank of india under the companies deposits (surcharge on income-tax) scheme, 1976 (including interest accrued rs. 30,680 previous year rs. 14,965) 2,92,595 it was claimed before the ito in the ..... were reserves and should, therefore, be included in the capital for the purpose of determining the surtax liability under the companies (profits) surtax act, 1964 ('the act') this claim was not accepted by the ito but was allowed in appeal by the commissioner (appeals). the revenue has, therefore, come up ..... not be treated as reserves and consequently, could not be included in the capital computation for the purpose of determining the surtax liability under the act. on this issue, therefore, the order of the commissioner (appeals) appears to be incorrect and is hereby reversed.7. before we close, we ..... debts and the provision for doubtful advances should be included in the capital computation for the purpose of determining the surtax liability under the act. shri dastur submitted to us that the facts for the earlier three years were identical to those for the year under appeal and, ..... directed that these amounts should be treated as 'reserves' and included in the capital computation for the purpose of determining the surtax liability under the act.5. on the other hand, the assessee's learned counsel, shri dastur, submitted on the authority of the ruling of the hon'ble bombay .....

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Feb 28 1985 (TRI)

Wealth-tax Officer Vs. Premchand Jain

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-28-1985

Reported in : (1985)14ITD44(Mum.)

..... an opportunity of hearing. apparently, the reference to the ito in these grounds is a mistake for the wto since the appeals before us are under the act. we, therefore, proceed substituting 'wealth-tax officer' for 'income-tax officer'.2. the initial grounds raised by the department to our mind are without any substance. we have heard the parties on the point. it would ..... by the department. the cross-objections are by the assessee. the basis of all these appeals is the levy of penalty under section 18(1)(c) of the wealth-tax act 1957 ('the act'), by the wto for the assessment years 1966-67 to 1971-72. different amounts of penalties have been levied by the wto. in the departmental appeals several grounds are ..... the returns of net wealth in the bona fide belief that in law, it did not constitute an asset for the purposes of wealth-tax. the commissioner held that the assessee could not be said to have acted deliberately in defiance of the law or in conscious disregard of his obligations. it was also pointed out before him that the assessees did ..... the outsiders. this difference he included in the net wealth for all the assessment years 1966-67 to 1971-72. for the wealth-tax purposes, the value of an asset as defined in section 7 of the act as on the valuation date is to be included. if the assessee has an asset of the type under discussion on 31-3-1966 .....

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Apr 19 1985 (TRI)

Cmai Family Trust Vs. Ninth Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Apr-19-1985

Reported in : (1985)14ITD519(Mum.)

..... (remainder wealth) trust [1977] 108 itr 555 that the department could assess the trustees only under the provisions of section 21 of the wealth-tax act, 1957 ('the act'). if the trust were to be a discretionary trust, then the' provisions of section 21(4) would be applicable. even if this provision ..... section steps in and simplifies the various types of beneficiaries into one single beneficiary. as per the section, individual beneficiary is also the beneficiary for income as well as corpus. that being so, his interest cannot be anything less than the full interest of a freehold property of an individual. ..... the remainderman has no interest at all till the lifetime of the life beneficiary. under those circumstances, it will be justified in totally ignoring the income accruing till the date of vesting. but in a case like the one before us, where both the life interest and the corpus interest ..... eldest of the beneficiaries mentioned in the trust deed and named as qualifying individuals reach the age of 71. the second contingency is when the income beneficiaries get reduced to two persons either by death, renunciation or otherwise. on the happening of any of these events, clause 8 of ..... the settlor is champabai bhogilal. she had transferred some properties to the trustees. the beneficiaries of the trust had been divided into two categories (i) income beneficiaries and (ii) corpus beneficiaries. the term 'corpus beneficiaries' is not used in the trust deed but we find it convenient to refer so .....

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Dec 13 1985 (TRI)

Rajendra Ratilal Vs. Second Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-13-1985

Reported in : (1986)15ITD61(Mum.)

..... the aac claimed exemption of the assessee's interest in the assets of the firm under the provisions of section 5(1)(xxxii) of the wealth-tax act, 1957 ('the act'). the claim of the assessee was that the firm was engaged in the business of distribution of power and was, therefore, an 'industrial undertaking' ..... the president for the purpose.4. the learned counsel for the assessee submitted that under the provisions of section 5(1)(xxxii) wealth-tax is not payable in respect of: (xxxii) the value, as determined in the prescribed manner, of the interest of the assessee in the assets (not ..... came in the first instance considered that the issue requi red reconsideration and a reference was made to the president under section 24(77) of the act for constitulion of a special bench. it is, thus, that the appeal comes to be heard by this special bench, which has been constituted by ..... firm owned, amongst other assets, tanker lorries for transporting the kerosene. in substance, the firm functioned as agents, stockists and distributors of kerosene. in the wealth-tax return, as filed, there was no claim for exemption of the interest of the assessee in the assets belonging to the firm. the wto, therefore, completed ..... our attention to the relevant notes on clauses at page 165. he submitted that the word 'power' had not been defined in the act and the notes on clauses also did not amplify the term any further. reliance was placed on the judgment of the calcutta high court in .....

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Jun 19 1985 (TRI)

Sixth Wealth-tax Officer Vs. B.R. Shelly

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jun-19-1985

Reported in : (1986)16ITD76(Mum.)

..... the district valuation officer could an estimate be made of the value. referring to the provisions of section 16a(1) of the wealth-tax act, 1957 ('the act'), it is pointed out that a statutory valuation made under this section can be countered only by another valuer's report and after rejecting ..... that the valuation should be made adopting the rent capitalisation method on the basis of standard rent. decisions have also laid down how the annual income for this purpose is to be computed.we, therefore, direct that the property in this case be valued on the rent capitalisation method.20. ..... relation to the beneficiaries of his wife's will. anything done in connection with the financial interests of the beneficiaries-whether under the rent control act or other financial operations-therefore, should be in the interest of beneficiaries. otherwise, it would be a breach of trust. the assessee as the ..... for the assessment years 1972-73 to 1974-75 wherein the commissioner (appeals) had fixed the value of this property for the purpose of wealth-tax assessment of the assessee at rs. 16,42,000. the department has challenged this valuation adopted by the commissioner (appeals) in these appeals. in ..... the case of a compulsory acquisition relating to a house and ground situated in a municipality and fetching regular income is to assess the value on the basis of capitalisation of the net annual income. in rajasekhara v. chairman, city improvement trust board air 1957 mys. 20, a similar decision was given .....

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Aug 26 1985 (TRI)

Himatlal N. Jhaveri Vs. Seventh Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-26-1985

Reported in : (1986)15ITD409(Mum.)

..... he would name the zaveri brothers. it is obvious that the said copy was given to the assessees in order to help them in the income-tax assessments. considering all the circumstances we are of the opinion that the assessee himatlal zaveri was engaged in the business of smuggling of goods from ..... during search and statement of mr. cunnanan as corroborated by other circumstances. the other two cases were cited in support of the proposition that particular income must be proved to have been earned during the relevant accounting year. we have come to the conclusion that both the assessees had indulged in ..... therefore, the trial proceeded against him. the standard of proof required for criminal prosecution is different from that required to draw inferences about earning of income by the assessee. it was not the learned magistrate's finding that the case against the assessee shantilal zaveri was false ; his finding was that ..... by both the assessees that they had been detained for a long period under the provisions of the conservation of foreign exchange and prevention of smuggling act, 1974 (the cofeposa).however, they denied that grounds for detention had been served on them. as regards the air tickets found from the residential ..... of the indian penal code, 1860, read with section 135(l)(a) and section 135(1)(b) of the customs act and section 5 of the imports and exports (control) act, 1947. copy of the order of discharge dated 21-12-1982 was filed before us. this order indicates that the .....

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Jul 22 1985 (TRI)

Smt. Mangala G. Abhyankar Vs. First Assistant Controller of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-22-1985

Reported in : (1986)15ITD252(Mum.)

..... after hearing the parties, we are of the opinion that the learned controller (appeals) has ignored the provisions of proviso to section 36(2) of the act. in the main provision in section 36(2), it is mentioned that the controller shall fix the price of the property according to the market price at the ..... in estimating the value of the shares of the deceased. similar contention was raised before the controller (appeals). he negatived this contention and observed that the act did not concern itself with future value of the shares but only the value as on the date of death of the deceased and that value is reflected ..... erred in holding that the deceased's one-half coparcenary share in the estate of an huf (bigger) passes under section 7 read with section 39 of the act. according to the accountable person, only one-fourth share in the estate of the huf (bigger) would pass on the death of the deceased. this argument ..... b) commission at the rate of 1 per cent on the annual net profits of the company computed in the manner referred to in section 198 of the companies act, 1956 subject to a maximum of rs. 45,000. . .3. the commission payable to the deceased on the date of death was as follows :31-12 ..... the commission receivable if given up prior to making up of accounts was not liable to be included in the income when no date had been fixed by agreement for payment of such commission. the second decision is cit v. mehar singh sampuran singh chawla [1973] 90 itr 219 (delhi). in that case it was held .....

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Jun 12 1985 (TRI)

Parle Products (P.) Ltd. Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jun-12-1985

Reported in : (1985)14ITD257(Mum.)

..... be income-tax free, or from any security of a state government issued income-tax free, the income-tax whereon is payable by the state government ; (viii) income by way of dividends from an indian ..... the first schedule is also quite revealing in this context. the said rule is as under : 1. income, profits and gains and other sums falling within the following clauses shall be excluded from such total income, namely : - (vi) income chargeable under the income-tax act under the head 'interest on securities' derived from any security of the central government issued or declared to ..... company or a company which has made the prescribed arrangements for the declaration and payment of dividends within india ; rule 1 as well indicates that the income referred to in the sub-clauses shall ..... assets as on the first day of the previous year owned by it, the income from which, in accordance with clause (iii) or clause (vi) or clause (viii) of rule 1 of the first schedule to the act, is required to be excluded from its total income in computing its chargeable profit, even though the assets in question did not yield .....

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