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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat mumbai Year: 1989 Page 1 of about 32 results (0.070 seconds)

Jan 27 1989 (TRI)

Agrima Project Engg. and Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-27-1989

Reported in : (1990)32ITD421(Mum.)

..... hold accordingly. on this issue, assessee fails.19. the next grievance is about claim of weighted deduction in terms of export market development allowance under section 35b of the income-tax act, 1961. the learned cit (appeals) is very categorical that although claim was raised by the assessee vide letter dated 14-2-1985, it has been considered at the assessment stage on merits ..... next ground for the assessment year 1979-80 is the claim of the assessee for weighted deduction in terms of export market development allowance under section 35 b of the income-tax act, 1961. this has been discussed by the learned first appellate authority in para 5 and the narration reads as under:- it is seen that the i.a.c. (asstl) has ..... december 1979 and 31st december 1981. one of the common issues involved in all these appeals is the deduction claim of the assessee made under section 80-o of the income tax act, 1961. since learned first appellate authority has decided this issue by way of a common order made for the assessment years 1979-80 and 1980-81, we will first decide ..... issue should have been decided on merits; (iv) that 80-o deduction has to be in accordance with the law, viz. the provision as contained in the income-tax act, 1961 and the central board of direct taxes could not have excluded amounts paid to sub-contractors, since the c.b.d.t. has not appreciated the legal implications thereof; (v) that the approval .....

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Aug 03 1989 (TRI)

Nadir B. Godrej Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-03-1989

Reported in : (1990)32ITD271(Mum.)

..... regards the decision of the allahabad high court the same was in the context of section 254(2) of the income-tax act, it is seen that in the wealth-tax act there is no section which is parallel to section 254(2) of the income-tax act. section 254(2) is a specific section, which empowers the tribunal to rectify any mistake apparent from record and amend ..... of not much assistance in deciding this issue, as they deal with section 254(2) of the income-tax act, 1961 and not with the provisions of the wealth-tax act 4. in this connection, it is useful to refer to the provisions of the income-tax act, 1922. under the said act, the tribunal was to make a reference to the high court under section 66(1) of ..... wealth-tax act is given to the tribunal only under section 35(l)(e) of the ..... ). such an amending order would be an order under section 254 of the act and hence subject to the provisions of section 256(1) of the income-tax act. however, under the w.t. act no such similar provision exists under section 24 which is parallel to section 254(2) of the income-tax act. the power to rectify or amend an order under section 24 of the .....

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Mar 31 1989 (TRI)

Parikh Bros. Vs. Sixth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Mar-31-1989

Reported in : (1990)32ITD222(Mum.)

..... purposes of deciding the present miscellaneous application, are the date of the order of the itat whereby the appeals were permitted to be withdrawn under section 245 m of the income-tax act, 1961 and this date is 29th september, 1984. the order of the settlement commission(it& wt) whereby the assessee's application made to it was held to be not maintainable ..... : these appeals are by the assessee pertaining to assessment years 1973-74 to 1979-80. 2. the assessee has sought permission to withdraw these appeals under section 245m of the income-tax act, 1961 [in order to be entitled to make an application to the settlement commission. 3. we are of the view that the request must be granted and the same is ..... amended by the taxation laws (amendment) act, 1984.2. section 245m(7) of the act, as it stood on the date when the order of the it at was made, provided that where an application made to the settlement ..... disclosed before the income-tax officer and the additional amount of income-tax payable on such income should be more than rs.50,000. as per annexure attached with the applications no such income has been disclosed and the amount of additional income-tax for asst. years 1973-74 to 1984-85 is nil. your application is, therefore, not maintainable under section 245c(1) of the income-tax act, 1961 as .....

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Sep 14 1989 (TRI)

Mohanlal Hargovinddas Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Sep-14-1989

Reported in : (1989)31ITD97(Mum.)

..... as a deduction for the assessment year 1970-71 and the claim was allowed by the assessing officer. the commissioner of income-tax, subsequently, took action under section 263 of the income-tax act, 1961 and after issuing a show-cause notice to the assessee and hearing it set aside the assessment and directed the ..... was a revenue expenditure. subsequently, the assessing officer disallowed the payment made for the assessment year 1975-76 at rs. 36,292. the commissioner of income-tax (appeals), following the earlier order of the tribunal for the assessment year 1971-72 and others, allowed the appeal of the assessee. the tribunal, ..... assessing officer to disallow the amount and accordingly to recompute the total income. in the assessment years 1971-72 to 1974-75, ..... order to share goodwill or receive any payment for the use of the goodwill. it is open to the contracting partners to stipulate whether the incoming partner will contribute anything for goodwill or the right of any partner will be restricted for sharing the goodwill. if there is no stipulation, ..... amount of rs. 30,000 per year paid to the retired partner sri parmanandbhai patel is a proper deduction in the computation of the total income of the firm? 4. shri dastur, the counsel for the assessee, filed a paper-book containing 38 pages. he has also filed a copy .....

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Sep 22 1989 (TRI)

Third Income-tax Officer Vs. Nawab Iqbal Mohd. Khan of Palanpur

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Sep-22-1989

Reported in : (1989)31ITD396(Mum.)

..... under section 37. the cases relied upon by the aa.c., to some of which we have made reference, dealt with section 12(2) of the indian income-tax act, 1922, or section 57(iii) of the income-tax act, 1961. in our opinion, on the facts discussed above, the nexus between the expenditure on interest on the loans borrowed by the assessee from his wife ..... the deduction which is permissible under sub-section (2) of section 12 of the indian income-tax act, 1922, is an expenditure incurred solely for the purpose of making or earning the income which has been subjected to tax, and the dominant purpose of the expenditure incurred must be to earn income. the court further held that the connection between the expenditure and earning of the ..... and the income intended to be earned by incurring such expenditure has been established. firstly, this money was intended to be utilised for purchase of shares of shalimar biscuits ..... the company deteriorated, the assessee had to be relieved of the counter-guarantee. as a guarantor, the assessee faced the prospect of losing all his income earning assets if the dena insurance co. decided to act on the guarantee given by the assessee and made him pay for the losses of the company. by agreeing to deposit a sum of rs. 4 .....

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Jan 12 1989 (TRI)

Universal Generics (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-12-1989

Reported in : (1989)31ITD369(Mum.)

..... made clear by section 55 of the income-tax act, whereunder super-tax shall be charged for any ..... ii of the first schedule. the primary object of the finance act is only to prescribe the rates so that the tax can be charged under the income-tax act. the income-tax act is a permanent act, whereas the finance act is passed every year and its main purpose is to fix the rates to be charged under the income-tax act for that year. that should be the construction is also ..... [1963] 49 itr 165 the hon'ble supreme court at page 171 of the report observed as under: under the indian income-tax act, 1922, liability to pay income-tax arises on the accrual of the income, and not from the computation made by the taxing authorities in the course of assessment proceedings; it arises at a point of time not later than the close of the ..... year in respect of the total income of the .....

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Feb 10 1989 (TRI)

income-tax Officer Vs. Montedison of Italy

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-10-1989

Reported in : (1989)31ITD142(Mum.)

..... is in the nature of a royalty, prima facie coming within the meaning of explanation 2 to section 9(1)(vi) of the income-tax act.shri dastur, however, argued that even while he admitted that this portion of the payment received in respect of the nangal expansion project ..... services fees and hold that the portion of such fees were taxable as royalty within explanation 2 to section 9(1)(vi) of the income-tax act.7. shri s.e. dastur, the learned counsel for the assessee, argued that the short question for consideration was whether the payments received ..... the definition of the term 'royalty' given in explanation 2 to clause (vi) of sub-section (1) of section 9 of the income-tax act. he called out the definition of 'royalty' incorporated in that section in the body of the order and held that the total payments received ..... ,938,149 lit.153,970,199 grand totals---------------------------------------------------------------------------------- shri dastur pointed out that the rupee equivalent of 20.800 lire were exempted by the income-tax officer but the rupee equivalent of 38.951.5q lire, he admitted, contained 10% of the licence fees payable for obtaining the licence ..... a consolidated order.2. the main ground in the departmental appeals, which is common for both the years, is that the learned commissioner of income-tax (appeals) erred in holding that all the payments received by the assessee-company from fertilizer corporation of india, indian petrochemicals corporation, national fertilizers ltd .....

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Feb 28 1989 (TRI)

Anchor Line Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-28-1989

Reported in : (1990)32ITD403(Mum.)

..... -vis ground no. 2 taken by the assessee-appellant before the income-tax appellate tribunal, i will like to supplement our reasoning in the following terms.2. chapter iv in the income-tax act, 1961 deals with the topic,'computation of total income'. subject matter of charge to income-tax under the provisions of the income-tax act, 1961 is 'total income'. this has been defined in section 2(45) to mean ..... the total amount of income referred to in section 5, computed in the manner laid down in ..... the act. 'income' has also been defined in section 2(24). this means that expressions 'income' and 'total income' have been defined .....

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Apr 26 1989 (TRI)

Travancore Electro Chemical Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Apr-26-1989

Reported in : (1989)31ITD159(Mum.)

..... , it has been held by the supreme court now in the decision in r. k.upadhyaya v. shanabhai p. patel [1987] 166 itr 163/33 taxman 229 that under the income-tax act, 1961 a clear distinction has been made out between "issue of notice" and "service of notice". therefore the fact that much prior to the actual date of service of notice ..... for the assessment year 1976-77, the primary challenge is that the reassessment order dated 20-9-1982 made under section 147(b) of the income-tax act, 1961 (hereinafter referred to as 'the act'), confirmed by the commissioner of income-tax (appeals) is invalid and opposed to the provisions of law.2. the assessee is a company and is a manufacturer of calcium carbide.the ..... the notice is deemed to have been issued by him.the date of posting of the notice is the date of performance of a ministerial act, following the issue of the notice by the income-tax officer. the date of performance of such ministerial act cannot therefore be equated to, or considered in our view as the date of issue of notice by the ..... completed on 12-9-1979 under section 143(3) of the act. by a notice dated 23-3-1981, under section 148, the income-tax officer reopened this assessment on the ground that he had reason to believe that income chargeable to tax had escaped assessment within the meaning of section 147 of the act. he accordingly in pursuance of the said notice, initiated the reassessment .....

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Jun 02 1989 (TRI)

Bbc Brown Boveri and Co. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jun-02-1989

Reported in : (1989)31ITD408(Mum.)

..... be erroneous or prejudicial to the interest of the revenue.1. these two appeals have been filed by the assessee against an order under section 263 of the income-tax act, 1961 passed by the commissioner of income-tax, bombay city-ii, bombay, for the assessment years 1975-76 and 1976-77 by which the commissioner had set aside the assessment orders passed by the ..... assessment year 1975-76 was completed after taking into consideration the instructions received from the inspecting assistant commissioner of income-tax, foreign companies range-i, bombay, under section 144a of the income-tax act, 1961 and also with the final approval under section 144b of the income-tax act, 1961. the assessment for assessment year 1976-77 was also completed in accordance with the directions of the inspecting ..... it necessary to decide the legal points raised by the assessee as to whether the commissioner can revise an assessment order passed by the income-tax officer in accordance with the directions given under section 144b of the income-tax act, 1961 by the inspecting assistant commissioner.7. in the result, the order passed by the commissioner under section 263 for both the years is .....

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