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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat mumbai Year: 1988 Page 1 of about 25 results (0.217 seconds)

Jul 27 1988 (TRI)

income-tax Officer Vs. Dhrangadhra Chemical Works (P.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-27-1988

Reported in : (1989)28ITD499(Mum.)

..... .2. in the first misc. application (m.a. no. 321/bom/1987), it is pointed out that the assessee had filed a settlement application under section 245c(1) of the income-tax act for the assessment year 1979-80 which was admitted by the settlement commission by their order dated 26-11-1984 under section 245d(1). it is claimed in terms of ..... (4) of section 245d, have subject to the provisions of sub-section (3) of that section, exclusive jurisdiction to exercise the powers and perform the functions of an income-tax authority under this act in relation to the case.this section comes into operation after the settlement commission allows the application under sections 245c to be proceeded with. we have already seen that ..... . there is another aspect of this issue. section 245f(2) as reproduced above confers upon settlement commission exclusive jurisdiction to exercise powers and perform the functions of an income-tax authority under the act in relation to the case. now, the term "income-tax authority" is defined in sections 245a(6) (as it existed prior to the amendment of the section brought about by finance ..... did during the accounting years relevant to the assessment years 1981-82 and 1982-83, the applicant had concealed particulars of its income and also indulged in perpetration of fraud for having evaded income-tax or other sums chargeable under the act. 5. it is therefore evident that the hon'ble itat have failed to appreciate the facts on the issue of diversion of .....

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Apr 08 1988 (TRI)

Dana Corpn. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Apr-08-1988

Reported in : (1989)28ITD185(Mum.)

..... its entire transactions which were large in number and out of them few were "caught" in india and the supreme court observed that section 13 of the income-tax act, 1922 (corresponding to section 145 of income-tax act, 1961) would hardly be relevant. in our case also method of accounting followed in the account books maintained outside india in respect of entire global business ..... basis in view of cash system of accounting followed by the assessee.6. the learned commissioner of income-tax (appeals) then referred to section 5(2) of the income-tax act, 1961 and observed that under said section the total income of a non-resident included all income from whatever source derived, which was received or deemed to be received in india by him or ..... its income from royalty, with which we are concerned, it could not be said that the assessee had adopted ..... whether any method of accounting had been regularly employed for the purpose of accounting the income assessable in india, according to him, the method of accounting presupposed maintenance of regular books of account in respect of income from various sources, which were assessable under the income-tax act. as the assessee had not maintained any books of account at all in respect of .....

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Dec 30 1988 (TRI)

income-tax Officer Vs. Emco Transformers Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-30-1988

Reported in : (1990)32ITD260(Mum.)

..... the central government had not approved the amalgamation for the purpose of carrying forward of unabsorbed loss and depreciation of the amalgamated company.21. in the income-tax act, 1961, besides section 72a, there is no other specific provision under which such loss could be allowed to be carried forward or unabsorbed depreciation to ..... 18. we have heard the parties at length and have considered the entire facts on record s/shri kanga and palkhivala, in their 'commentary on income-tax act while elaborating section 72, have discussed it as follows: the loss can be carried for ward and set off only against the profits of the ..... said court in another case of bengal flour mills co. ltd., in re [1941] 9 itr 568 in which it was held that the income-tax authorities were correct in law in refusing to allow carry forward the sum of unabsorbed depreciation. the same principle was also upheld by the hon'ble ..... deductible and not the latter. the expenditure which becomes an expenditure on the happening of an event is not an expenditure in the eyes of the income-tax law. in the present case, no doubt, on the basis of the warranty and guarantee, there is a liability on the assessee to repair the ..... might become expenditure on the happening of an event and, therefore, such putting aside of money could not be treated to be an expenditure.the income-tax law makes a distinction between actual liability in praesenti and the liability de futuro which, for the time being, is only contingent but it is .....

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Jan 04 1988 (TRI)

Samir Diamonds Exports (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-04-1988

Reported in : (1988)25ITD73(Mum.)

..... ) and hold that weighted deduction was allowable on expenditure incurred on interest on advances in packing credit account under section 35b(1)(b)(viii) of the income-tax act, 1961.17. we have already stated that under the scheme for giving advances in the packing credit account, interest at the penal rate is liable to ..... the bombay high court in the case of eldee wire ropes ltd. (supra) was a decision rejecting the application under section 256(2) of the income-tax act, 1961 and that the decision rejecting the application under section 256(2) should not be construed as a decision affirming the view taken by the ..... in this appeal for the assessment year 1977-78, the assessee has challenged disallowance of weighted deduction under section 35b(1)(b) of the income-tax act, 1961 in respect of expenditure incurred on several items. however, at the time of hearing of this appeal, shri y.p. trivedi, ..... the items would fall under sub-clause (viii) of section 35b(1)(b) of the income-tax act, 1961. the high court by order dated 4-7-1980 rejected the application under section 256(2) of the act. this rejection is reported in the september 1984 issue of bombay chartered accountants journal. while rejecting ..... was rs. 2,03,417. the provision under which said claim was made was sub-clause (viii) of section 35b(1)(5) of the act. the income-tax officer rejected the claim with the following observations : this expenditure also does not fall in the description of sub-clause (viii) and does not qualify .....

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Jan 04 1988 (TRI)

Tenth Income-tax Officer Vs. B.C. Deshpande

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-04-1988

Reported in : (1988)27ITD194(Mum.)

..... the assessee. that decision, of course, was given in the context of section 2(11)(i)(a) of the indian income-tax act, 1922 but would be applicable to similar provisions under the present act. a decision to the same effect has been made by the allahabad high court in the case of shri sobhag mal lodha ..... . he maintained books of account as required by section 3(1)(b) of the it act in respect of his source of income under the head 'income from salary'. for the assessment year 1980-81, he filed, his return of income and showed income from salary for the period 1-4-1979 to 10-9-1979 received from peico ..... court held that it is open to an assessee to make up the accounts in respect of the income as a judge and elect a different previous year for the income under section 3(1)(b) of the it act. no judgment holding a contrary view has been brought to our notice on behalf of the revenue. ..... rao's case (supra) has in terms stated that the concept of duality of previous year in respect of different sources of income is borne out by sections 3 and 4 of the it act. for the purpose of electing the previous year, the crucial date is the making up of accounts, date of commencement of ..... we agree with the cit (a) that the sources of income of the assessee were different, although the head under which this income was returned was the same, .....

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Jan 08 1988 (TRI)

Ranbir Raj Kapoor Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-08-1988

Reported in : (1988)25ITD56(Mum.)

..... paid in cash, the same are disallowed in view of the provisions of section 69d of the income-tax act. against this addition the assessee appealed to the commissioner of income-tax (appeal) who confirmed the addition with the following observation : section 69d provides that where any amount is borrowed on a 'hundi' from or any amount ..... constituted namely, whether the amounts repaid by cash could be said to be hundi loans' that is borrowed on 'hundis'. dealing with this question, the income-tax officer observed : as per provisions of section 69d of the income-tax act, 1961 which came into force w.e.f. 01-04-1976, the repayment should have been made by account payee cheque. since the amounts were ..... assessee can raise a point before the aac for the first time to consider the question of grant of relief. before the income-tax officer, the assessee in this case had not claimed relief under section 80-i of the income-tax act, 1961. the assessee preferred an appeal before the aac. an additional ground was taken before the aac for relief under section 80 ..... the case of grahalakshmi & co.(supra) the bench considered two circulars issued by the central board of direct taxes. one circular was dated 15-11-1976 and no. 208, explaining the provisionsof the taxation laws (amendment) act, 1975, which introduced section 69d of the income-tax act. it also explained the provisions of section 69d and referred to the history relating to the hundis and .....

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Feb 09 1988 (TRI)

First Income-tax Officer Vs. V.J. Paymaster

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-09-1988

Reported in : (1988)27ITD351(Mum.)

..... considerations cannot be imported. in the present case, there is no clear and unambiguous pronouncement of law supporting the assessee's stand. further, a mistake can be rectified under the income-tax act if it is a mistake apparent from record. we are, therefore, satisfied that no refund is due to the assessee both for assessment years 1973-74 and 1976-77 in ..... b. mehta [1938] 6 itr 521 at p. 529 but has been quoted by the supreme court in e.d. sassoon and co. ltd. v. cit [1954] 26 itr 27 at paga 49. section 4 of the income-tax act, which is the charging section, provides that income-tax shall be charged for any assessment year at any rate or rates in respect of the total ..... income of the previous year and section 5 of the it act gives an inclusive definition of what constitutes "total income". further, sections 15, 16 and 17 of the it act deal with the computation of total ..... assessee in the previous year, whether paid or not, shall be chargeable to income-tax and section 17 gives an inclusive definition of what constitutes 'salary'. section 10 of the it act details items of income or receipt which shall not be included in computing the income of the previous year. the definition of 'income' in shaw wallace and co.'s case (supra) was followed in maharajkumar .....

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Feb 09 1988 (TRI)

Ranbir Rajkapor Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-09-1988

Reported in : (1988)27ITD304(Mum.)

..... 1933 and held that there was such discontinuance and therefore no relief could be granted to the assessee under section 25(4) of the indian income-tax act. on these facts, the bombay high court held that the order of the appellate tribunal, when read in the proper context, restricted the scope ..... 66 itr 443 in which, the supreme court held that the aac had no jurisdiction under section 31(3) of the indian income-tax act, 1922 to assess a source of income which is not disclosed either in the returns filed by the assessee or in the assessment order. it is not therefore open ..... on the facts and circumstances of the case, the tribunal was justified in restricting the powers conferred on the income-tax officer in making the reassessment under section 31(3)(b) of the indian income-tax act, 1922. shri dastur argued that the cwt could not have given a general set aside. in appeal, ..... be exercised by the commissioner only in respect of orders passed by officers subordinate to the commissioner, and the order passed by the agricultural income-tax officer implementing the order of the tribunal cannot be revised. drawing an analogy, shri dastur argued that the order passed by the wto which ..... income-tax granted by the ito under section 25(4).deriving support from this judgment, shri dastur argued that the directions of the cwt (appeals) were specific and the orders passed consequent to such directions by the wto had restricted scope and could not be revised by the cwt under section 25(2) of the wt act .....

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Mar 25 1988 (TRI)

Capt. A.L. Kapoor Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Mar-25-1988

Reported in : (1989)28ITD296(Mum.)

..... learned counsel for the assessee had relied upon the provisions of the indian penal code. but, we should look to the provisions of the income-tax act. under section 2(25a) 'india' is deemed to include certain territories which are mentioned therein. this implies that this alone would normally not ..... in favour of the revenue because the very fact that the relief under section 80rra is available to the assessee would show that otherwise the income in question would be taxable in india. it is true that the tribunal in the aforesaid case of garware shipping corpn. ltd. (supra ..... held that since the assessee was an employee of the indian company, his income was taxable. he has noted that although the assessee had claimed that the maritime union had approached the central board of direct taxes, no exemption certificate was produced before him. before the commissioner, the ..... to be avoided in the process of interpretation.3. for all the above reasons, we hold that the salary paid to the assessee would be subject to income-tax ..... of india would be taxed on the salary earned by him. moreover, the former would not pay the tax at all because he would not have perhaps entered the territorial waters of any other state while other persons having salary income have to pay the taxes. these unreasonable results have .....

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Apr 12 1988 (TRI)

Rollatainers Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Apr-12-1988

Reported in : (1988)27ITD182(Mum.)

..... year 1977-78 is whether the second unit started by the assessee called unit no. 2 is entitled to the relief provided for under section 80j of the income-tax act. the relief due to the assesaee was denied on the ground that unit no. 2 was carved out of unit no. 1 and the financial accounts maintained ..... under section 80 j.4. it was against this order of the commissioner (a) that the present appeal was filed urging that the view taken by both the income-tax officer and the commissioner (a) was erroneous and that from the reading of the balance sheet, it would at once be clear that there was enough of ..... in this manner that the loans were found to be in excess of fixed assets resulting in no capital and it was according to this working that the income-tax officer held that there was no apparent capital employed so as to give relief under section 80j. he also mentioned that in plant no. 2 the assessee ..... (the actual quantum not given) was disallowed by the income-tax officer on the ground that the liabilities in plant no. 2 exceeded the value of the fixed assets as on the opening day and as a consequence there ..... made mainly to claim more relief under section 80j. the assessee-company claimed inter alia relief under section 80j at rs. 12,36,356 out of which the income-tax officer allowed rs. 3,43,769.this claim included section 80j relief on plant no. 2 also. the claim for section 80j relief on plant no. 2 .....

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