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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat mumbai Year: 1989 Page 3 of about 32 results (0.055 seconds)

Jul 07 1989 (TRI)

income-tax Officer Vs. Millars Machinery Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-07-1989

Reported in : (1989)31ITD16(Mum.)

..... be a case of double taxation which was impermissible under law.5. lastly he contended that this income could not be taxed under section 28 of the act. as the said section clearly contemplated that the profits and gains of any business could be charged to income-tax only if the business was carried on by the assessee at any time during the previous year ..... ) in deleting the aforesaid addition of rs. 6,00,000 made by the income-tax officer though for different reasons. we, therefore, reject this ground of the revenue. since this ground has been decided by us on the basis of the non-assessability of income under section 28 of the act, we do not consider it necessary to decide the other contentions raised by ..... 176, no legal transfer having been effected, the income-tax officer was right in taxing the income from this activity in the hands of the assessee. on the other hand, the learned counsel for the assessee contended that what had agreed to be transferred was the business as a whole, the agreement was a valid agreement acted upon by the parties and that subsequently the ..... . we have heard the rival parties and are of the opinion that the said income cannot be taxed in the hands of the assessee under section 28 of the act. in order to bring to tax any item of income, it is an essential ingredient that the business which results in such income should be carried on by the assessee during the previous year. in the .....

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Jul 28 1989 (TRI)

Sesa Goa Ltd. Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-28-1989

Reported in : (1989)31ITD209(Mum.)

..... of the law lexicon by shri p.ramanatha aiyar (reprint edition 1987) containing various meanings of "ship" under the general clauses act, carriage of goods by sea act, etc. etc. he also referred to part i of appendix i to the income-tax rules, 1962 containing different meanings of "ship" as a class of vessel under the head "ships" with a view to impress ..... .5. against the aforesaid action of the i.t.o., the assessee went up in appeal and contended before the commissioner of income-tax (appeals) that the deduction under section 80-j of the act should have been given with reference to the gross value of the capital employed and not the net value of the capital employed after deducting the liabilities as ..... " is a "ship" for the purposes of granting higher rate of development rebate under section 33 of the act. he also highlighted the fact that in coming to this conclusion, the high court had referred to part i of schedule i to the income-tax rules, 1962. similarly, the hon'ble madras high court in the case of chola fish & farms (p.) ltd ..... entitled to claim higher rate of development rebate under section 33 of the act in respect of "trawlers" which would come within the meaning of the word "ship". here also he pointed out that the hon'ble high court has referred to part i of appendix i to the income-tax rules, 1962, which describes the "ship" as a class of vessel under .....

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Sep 12 1989 (TRI)

K.R. Films (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Sep-12-1989

Reported in : (1989)31ITD482(Mum.)

..... principle involved in the definition of an industrial company as given in section 2 of the finance act, 1984 for the purpose of charging the differential rate of income-tax was the same as section 104 of the i.t. act. it was therefore submitted that the i.t.o. has wrongly charged the rate of 65% ..... censor board should be considered for the purposes of working out disallowances under section 37(3a) of the act. as the necessary information has to be ascertained in this regard, we set aside the orders of the income-tax authorities on this point and restore the case once more to the file of the i.t.o ..... on the assessee's total income. this additional ground was passed on to the i.t.o. for comments. ..... firm.in other words, according to him, rs. 5 lakhs should be deleted from the total income of the assessee, otherwise the same income would be taxed in the hands of sthe two persons which is not permissible under the act. both the parties had also referred to the orders of the tribunal in first ito v. yash ..... , he submitted that there are number of provisions in the act like section 40a(2) which enable the revenue to tax the same amount in two different hands. therefore, the fact that rs. 50 lakhs was included in the total income of shri raj kapoor for the assessment year 1983-84 would not justify the assessee .....

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Dec 14 1989 (TRI)

income-tax Officer Vs. Oricon (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-14-1989

Reported in : (1990)32ITD645(Mum.)

..... execution, repairs etc. of factories.the claim before the revenue authorities was that it was an industrial company and therefore was entitled to concessional rate of tax. the court, "on a perusal of the definition, came to a conclusion that the definition of the industrial company, made a distinction between the activities ..... .) ltd. [1989] 176 itr 407 in claim of investment allowance upheld in the case of the assessee engaged in construction activity, as the relevant finance act referred to manufacture or production of an article or a thing ..... 1. this is a departmental appeal against the order of the cit(a) granting investment allowance under section 32a of the i.t. act to the assessee. it is contended on behalf of the department that the findings of the cit(a) are not correct. it is an admitted fact that the assessee is ..... engaged in construction activity. inviting our attention to the decision of the bombay high court in cit v. oricon (p ..... not excepted in the eleventh schedule in the assessee's own case where the court had held that the assessee could not be regarded as an industrial company having regard to the activities carried on by it viz.construction, the findings of the cit .....

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Aug 01 1989 (TRI)

Letape (India) (P.) Ltd. Vs. Sixth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-01-1989

Reported in : (1989)31ITD222(Mum.)

..... of merger of appellate order with that the assessment order.1. these appeals are directed by the assessee against the orders under section 263 of the act passed by the commissioner of income-tax, bombay city iii, bombay, for the assessment years 1983-84,1984-85 and 1985-86.all these appeals were heard together and are disposed of ..... the act on 29-3-1988 for the assessment year 1983-84 and this is the first of the ..... , the commissioner of income-tax, city iii, bombay, issued a notice under section 263 of the act on 1-3-1988 and passed the order under section 263 of ..... by the i.t.o. on 27-3-1986. the assessee filed an appeal against this order to the commissioner of income-tax (appeals)-vii, by a letter dated 30-4-1986, which was received in the office of the cit (a) on 2-5-1986. the c.i.t. (a) passed his order on 13-11-1987. thereafter ..... act, 1989 read as under : (explanation : for the removal of doubts, it is hereby declared that, for the purposes of this sub-section, - (a) an order passed (on or before or after the 1st day of june, 1988) by the assessing officer shall include- (i) an order of assessment made by the assistant commissioner or the income-tax .....

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Dec 19 1989 (TRI)

Wealth-tax Officer Vs. Mrs. Bakhtawar B. Chenoy

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-19-1989

Reported in : (1990)32ITD739(Mum.)

..... 77 when she was a partner.5. development rebate reserve is created as per the requirement of section 34 of the i.t. act, 1961 to enjoy the benefit of income-tax. it was to be retained as such for a period of 8 years to be utilised in the business so that the industry ..... under the i.t. act. the period of 8 years was over in 1985-86 and the development rebate reserve was transferred to the partners' individual accounts vide journal ..... therefore, is to which of the partners this unallocated profit belonged. the partnership deed is silent on this point. there is no specific provision in the partnership act to deal with such a situation. we, therefore, have to gather the intention of the parties from the surrounding circumstances and their subsequent conduct. two material ..... separately shown under the head "development rebate reserve" because of the incentive provisions of the i.t. act. it was held by their lordships of the supreme court in the case of p.k.badiani v. cit [1976] 105 itr 642 that although it did not form part of the assessable profits, undoubtedly, it ..... may grow. if the reserve is transferred to the partners' account in the year of creation or thereafter, but before the expiry of 8 years, the firm would have to lose the benefit of tax .....

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Oct 03 1989 (TRI)

Second Income-tax Officer Vs. A.C. Jhaveri Trust

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Oct-03-1989

Reported in : (1990)32ITD471(Mum.)

..... and discharge all the costs and expenses which may be incurred in or about the administration of the trusts of these presents including any income-tax or wealth-tax or other tax levied upon the trustees and including also outgoings and municipal or other rates assessments and duties and costs or ordinary repairs to any immovable ..... carried on by a private trust. this sub-section provides for taxation of business profits of private trusts at maximum marginal rate of income-tax, which is why the i.t.o. has made an assessment on the a.o.p. at the maximum marginal rate. section 160 of the ..... of the trust deed as above that the revenue authorities had come to the conclusion that this is a discretionary trust and had therefore taxed the income of the trust at the maximum marginal rate.8. we may in this context refer to the provisions of sub-section (1a) of section 161 ..... charged on the whole of the income in respect of which such person is liable at the maximum marginal rate: these provisions are relevant in the context of a business ..... the finance act, 1984, w.e.f. 1-4-1985:- (1a) notwithstanding anything contained in sub-section (1), where any income in respect of which the person mentioned in clause (iv) of sub-section (1) of section 160 is liable as representative assessee consists of, or includes, profits and gains of business, tax shall be .....

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Dec 26 1989 (TRI)

income-tax Officer Vs. Pampasar Distillery Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-26-1989

Reported in : (1990)32ITD657(Mum.)

..... representing the difference between the controlled price and the interim price and not any interest on such difference. the scheme of section 3 of the 1976 act clearly suggests that the non-requirement to pay interest for the duration of the operation of the interim order was conscious legislative policy underlying the provisions of ..... prescribed,- (a) the amounts representing all excess realisations made by ' the producers, irrespective of whether such excess realisations were made before or after the commencement of this act; (b) the amounts representing any loans which may be advanced; or grants. which may be made, by the central government for carrying out the objects of' the ..... periods. but then, the more crucial point, which requires consideration, insisted whether in the case in hand any interest is chargeable under the provisions of the 1976 act for the period subsequent to the purchase of the distillery division by the assessee. the learned counsel for the assessee, in this connection, referred to sub-sections ( ..... assessee were heard.4. it was contended by the learned departmental representative that the vendor itself had disputed the liability purportedly fixed on it under the 1976 act and had, for that reason, filed a writ petition challenging the liability. the present assessee, on the purchase of the distillery division and taking over of ..... and set aside the orders of the learned c.i.t. (a) in relation to the ground raised therein and restore those of the income-tax officer. .....

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May 31 1989 (TRI)

Associated Cement Companies Ltd. Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-31-1989

Reported in : (1992)40ITD70(Mum.)

..... decision on the appreciation of the facts already available on record and discussed above, we hold that the income-tax authorities were not justified in imposing penalty under section 271(1)(c) of the act. the same is, therefore, cancelled.13. before we part with this order, we would like to ..... the appreciation of the facts and circumstances obtaining in the instant case in proper perspective the action of the income-tax authorities imposing penalty under section 271 (1)(c) of the act would not stand the scurity of a common man with a sound common sense leave apart a judicial mind ..... authorities were fully justified in imposing penalty under section 271(1 )(c) of the act. in support of his various submissions, he relied on the decision in the cases of gujarat ..... by the iac (assessment) in his order.8. the learned counsel for the assessee reiterated his submissions made before the income-tax authorities and strongly urged that since there was no mala fide intention in claiming higher depreciation originally, the penalty imposed under section 271(1)(c ..... act read with the explanation thereto. he also submitted that in the matter of penalty, the assessee cannot take advantage of compensatory mistakes. according to him, since the assessee had not offered any explanation as to why it had claimed higher depreciation than that due to it in the return originally filed, the income-tax .....

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Nov 22 1989 (TRI)

S.P. Banerjee Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-22-1989

Reported in : (1990)32ITD514(Mum.)

..... certificate is issued to shri banerjee for submission to the income-tax office.when i go through the two certificates on one hand and looking into section 10(10-aa) on the other hand, i find that the assessee's claim ..... after attaining the age of 58 years on 31 october 1984 and leave salary was paid to him for six months from 1 november 1984 to 30 april 1985. income-tax on the amount of leave salary paid up to 31 march 1985 was deducted at source during 1984-85 at the rate applicable in shri banerjee's case. this ..... his option, after attaining the age of retirement and he was not on duty after 31 october 1984. this certificate is issued to shri banerjee for submission to the income-tax office.undoubtedly he went on to get the salary for six months, i.e. from 1-11-1984 to 30-4-1985, but not for a day he worked ..... amount from its personal account with the said company the credit balance of the assessee in the said account was correspondingly reduced. this in clear terms meant that the income of the assessee after giving deduction of life insurance premia under section 80c(1) would also be correspondingly reduced. an assessee may make payment of the life insurance ..... 1. this is an appeal preferred by the assessee under the i.t. act. the two grounds raised are (1) regarding benefit under section 10(10-a a) and (2) regarding deduction under section 80c in respect of investments made in national .....

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