Court : Mumbai
Reported in : 216ITR584(Bom)
..... that throughout the rectification proceedings the contention of the assessee has been that excess dividends have been declared and paid out of the profits exempted under section 80j of the income-tax act, 1961. this is referred to in the statement of the case also. hence, this contention of the department does not have any merit. 14. in the premises, we answer the ..... . the gujarat high court held that as there were no disputes regarding the figures and the calculations, this was a mistake which could be rectified under section 154 of the income-tax act, 1961. the same position is taken by the supreme court in the case of t. s. balaram, ito v. volkart brothers : 82itr50(sc) . the supreme court, however, said that ..... rs. 3,90,000. there is also no dispute that this excess dividend is declared out of profits which are exempted under section 80j of the income-tax act, 1961. the only dispute is whether the additional income-tax is attracted in such a case. in this dispute, the contention of the assessee, in our view, is without any merit looking to the language of ..... of rs. 6,90,000 was out of profits which were exempted from tax under section 80j of the income-tax act, 1961, and hence no additional income-tax was leviable on the excess dividend declared by the assessee. the income-tax officer, however, in the rectification proceedings, brought the excess dividend to tax by levying additional income-tax at the rate of 7.5 per cent. amounting to rs. 29 .....Tag this Judgment!
Court : Mumbai
Reported in : 61ITR493(Bom)
..... or the department in a subsequent year. but this rule is subject to limitations, for there should be finality and certainty in all litigations including litigation arising out of the income-tax act and an earlier decision on the same question cannot be reopened if that decision is not arbitrary or perverse, if it had been arrived at after due inquiry, if no ..... facts are finally found by the tribunal that the matter would be coming before this court in a reference in accordance with the procedure which has been prescribed by the income-tax act. we have at this stage to see whether the matter is abundantly clear one way or the other. 12. the expression 'mineral oil' has not been defined anywhere in the ..... rate or rates specified in the third schedule.' 'chargeable profits' has been defined by sub-section (5) of section 2 as follows : ''chargeable profits' means the total income of an assessee computed under the income-tax act, 1961 (43 of 1961), for any previous year or years, as the case may be, and adjusted in accordance with the provisions of the first schedule.' 9 ..... , the petitioner seeks to get quashed the order of 12th october, 1965, made by the first respondent provisionally assessing the petitioner-company to tax under section 141 of the indian income-tax act (act xliii of 1961), hereinafter referred to as the act, and the notice of demand of the same date issued pursuant thereto as calling upon the petitioner to pay the balance of the .....Tag this Judgment!
Court : Mumbai
Reported in : 105ITR359(Bom)
..... : '2. any firm constituted under an instrument of partnership specifying the individual shares of the partners may, under the provisions of section 26a of the indian income-tax act, 1922, register with the income-tax officer, the particulars contained in the said instrument on application made in this behalf ?' 13. the second paragraph of this rule provides for the persons by whom ..... by the partners making an application for such renewal. 22. mr. joshi urged that the scheme of registration of a firm under the act and the income-tax act, 1961, is different. so far as the act is concerned registration of the firms has to be made for one year for which it is registered and from year to year such registration ..... of deceased laxminarayan, was taken as a partner. 2. on june 29, 1959 an application for renewal of registration of the assessee-firm under section 26a if the income-tax act, 1922 (hereinafter referred to as 'the act'), for the assessment year 1959-60 was filed. this application was signed by the eight surviving partners and godavaribai. 3. the ..... issued in the following form, namely : instrument of partnershipthis ---------------------------------------------- has thiscertified copy of an instrument of partnershipday been registered with me, the income-tax officer for.......in the state of...... been section 26a of the indianincome-tax act, 1922 and this certificate of registration shall haveeffect for the assessment for the year ending on themarch 31, 19.....' 14. rule 5 provides .....Tag this Judgment!
Court : Mumbai
Reported in : 45ITR6(Bom)
..... , but in the interest of the union. the object of the commissioner in making applications before the court is with a view to obtain a proper collection of the income-tax under the income-tax act. in the applications which an assessee makes, the assessee is concerned with his own individual interest. the attitude of the commissioner in making applications under section 66(2) or ..... offends against article 14 of the constitution. the third contention is that the right of the petitioners to make an application to the high court under section 66 of the income-tax act is a substantive right which is vested in them when the assessment proceedings, out of which the application arises, are commenced. this right of the petitioners cannot be taken away ..... , and a sur-rejoinder by the state. we have been requested to take these affidavits on record. we have granted all these requests and made orders accordingly. 3.under the income-tax act, an advisory jurisdiction has been conferred on the high court in connection with questions of law arising on certain orders passed by the appellate tribunal. thus, where the appellate tribunal ..... case and to refer to this court certain specified questions of law. in some of these applications, the aforesaid relief is claimed only under section 66(2) of the indian income-tax act, while in others, the said relief is also claimed in the alternative by an appropriate writ or direction under article 226 of the constitution. all these applications have been filed .....Tag this Judgment!
Court : Mumbai
Reported in : 115ITR45(Bom)
..... view ofnotification no.878(f) issued undersection 60 of the indian income-tax act,1922, read with section 297(2)(1) of theincome-tax act, 1961.3. 94,738 rebate of income-tax and super-tax ondividends received by the assesseefrom co-operative societies during therelevant inter-valuation period undersections 82 and 99(1)(iii) ..... who carries on life insurance business. in the case of new india assurance co. ltd. : 71itr761(bom) , the provisions considered was section 10(7) of the indian income-tax act, 1922. section 10(7) read as follows : 'notwithstanding anything to the contrary contained in section 8, 9, 10, 12 or 18, the profits and gains of any business ..... under section 44 read with rules in the first schedule to the income-tax act, 1961, was the assessee entitled, under notification no. 878(f) issued under section 60(1) of the indian income-tax act, 1922, read with section 297(2)(1) of the income-tax act, 1961, to a rebate of income-tax on the interest of rs. 1,44,751 received by it during ..... a) 1,72,009 interest on post office and nationaltreasury savings certificates notincludible in total income under section10(15)(ii) of the income-tax act, 1961.(b) 41,019 agricultural income not includible intotal income under section 10(1) of theincome-tax act, 1961.2. 1,44,751 rebate of income-tax on the interestreceived by the assessee during therelevant inter-valuation period on mysoregovernment securities in .....Tag this Judgment!
Court : Mumbai
Reported in : 271ITR370(Bom)
..... was taxable in india. the plaintiff was called upon to show cause why the plaintiff should not be treated as an agent of the defendant under section 163 of the income-tax act. the averments in paras. 25 and 26 are also of some significance. the same read thus :'25. in the circumstances the plaintiff submits that the plaintiff and the defendant are ..... remit this money immediately.'17. para. 15 of the plaint reads thus :'another order dated march 27, 2000, was also issued by the income-tax department under section 226(3) of the income-tax act calling upon the plaintiff to pay to the income-tax authorities the amount payable to the defendant which amounted to rs. 132,65,21,397 (us $ 28.22 million) and prohibiting the ..... agreements entered into with the defendant.'15. para. 12 of the plaint reads thus :'the deputy commissioner by his order dated february 9, 2000, issued under section 281b of the income-tax act directed the plaintiff not to remit any monies to the defendant or to deposit any monies in the escrow account or any other account in india and also provisionally attached ..... arisen ; and having failed to discharge that liability, that amount became recoverable from the plaintiff by operation of law, on conjoint reading of sections 159 to 163 of the income-tax act, and within the jurisdiction of this court. taking any view of the matter, all requirements of clause 12 are attracted in the fact situation of the present case. in other .....Tag this Judgment!
Court : Mumbai
Reported in : 2009(111)BomLR3617; (2009)225CTR(Bom)140; 317ITR66(Bom); 184TAXMAN400(Bom)
..... be disposed of on or before 31st march, 2008 it would abate and consequently all the information is available to the a.o. and other authorities under the income tax act. in the instant petition we are not concerned with the issue of an application made to the settlement officer after 1st june, 2007.9. the petitioner along with its group ..... of section 245ha(1)(iv) and section 245ha(3) of the income tax act as inserted by finance act, 2007 (hereinafter referred to as f.a. 2007) with effect from 1st june, 2007 as being ultra vires and violative of article 14 of the constitution of india ..... any other law for the time being in force. in the event the application was rejected the confidential material will be available to the authorities under the income tax act. the effect of the f.a. 2007 is that if the application which was filed on or before 31st may, 2007 even for no fault of the applicant could not ..... ferdino i. rebello, j.1. the petitioner herein is a non-resident company. they filed an application before the income tax settlement commission on 5th march, 2007 under section 246-c of the income tax act, 1961 (hereinafter shall be referred to as the act) for settlement of the cases. by the present petition the petitioners seek to challenge the constitutional validity and legality of the provisions .....Tag this Judgment!
Court : Mumbai
Reported in : (2008)220CTR(Bom)416; 312ITR80(Bom)
..... the matter requires consideration as to whether the laboratory expenses include any of the expenditure mentioned in clauses (a), (b), (c) and (d) of explanation (iv) to section 44c of income tax act, 1961. we see merit in the suggestion of the tribunal that the establishment/supporting staff may exist in connection with maintaining of the laboratory and that could be the expenditure ..... , at the instance of the assessee the appellate tribunal referred the questions set out in paragraph 1 above for the opinion of this court under section 256(1) of the income tax act, 1961.3. we have heard the arguments advanced by the advocates for the assessee as well as the revenue at some length. the advocate for the assessee has reiterated what ..... assessee viz. that the head office expenses as per section 44c means executive and general administration expenditure and that the laboratory expenses are not covered by section 44c of the income tax act, 1961. the view of the assessing officer as set out in his order dated 30th december, 1980 for the assessment year 1978-79 is reproduced hereunder.6. ...the assessee may ..... the matter requires consideration as to whether the laboratory expenses claimed include any of the expenditure mentioned in clauses (a) to (d) of explanation (iv) to section 44c of the income tax act, 1961 even though in its general meaning 'head office expenditure' might not as such include the laboratory expenses?2. whether on the facts and in the circumstances of the case .....Tag this Judgment!
Court : Mumbai
Reported in : (2009)221CTR(Bom)88; 176TAXMAN11(Bom)
..... the aforesaid letter dated 30-11-1987 was not even dealt with when the impugned notices were issued for revision under section 263 of the income-tax act and while passing assessment orders during the pendency of this petition. mr. sahadevan also could not controvert, that as it was apparent from the ..... 188, wherein the hon'ble supreme court had categorically held that the phrase 'prejudicial to the interests of the revenue' under section 263 of the income-tax act, 1961 has to be read in conjunction with the expression 'erroneous' order passed by the assessing officer. the hon'ble supreme court emphasised that an ..... any court shall be excluded.7. mr. mistry, the learned counsel appearing on behalf of the petitioner also pointed out, that subsequently in the income-tax act, section 44ad has been added which deals with construction work, like that of the petitioner and the percentage which has been laid down statutorily is ..... was accepted by the department and an assessment order was passed by the assessing officer at 8 per cent under section 143(3) of the income-tax act. no appeal has been preferred by the department against the said order also. similarly for the assessment years 1990-91 to 1995-96, it ..... the assessment years 1980-81 to 1986-87. the appropriate assessment orders were duly passed by the assessing officer under section 143(3) of the income-tax act. mr. mistry also pointed out, that for all the aforesaid seven assessment years, i.e., 1980-81 to 1986-87, the department had .....Tag this Judgment!
Court : Mumbai
Reported in : 2002(4)BomCR157; 256ITR134(Bom)
v.c. daga, j. 1. this appeal under section 260a of the income-tax act, 1961 ('the act' for short) is at the instance of the assessee, shri ramanand sagar of natraj studio, producer of a t. v. serial known ..... an individual-assessee assessed to tax under the act. he filed his return under section 139 of the act for the assessment year 1989-90. the original assessment under section 143(3) of the act was completed on march 27, 1991, on the income of rs. 67,08,050 as against the income of rs. 43,67,830 ..... rs. 18,33,055. 5. the appellant, being aggrieved by the above order of the assessing officer, unsuccessfully preferred appeals before the commissioner of income-tax (appeals) and the income-tax appellate tribunal, mumbai ('the tribunal' for short). the appellant before both the authorities below had canvassed various contentions so as to establish that the ..... made by account-payee cheques were not produced before the assessing officer. the appellate authority excluded the same from consideration relying on rule 46a of the income-tax rules. so far as the payments made to the second supplier of equipments new diamond are concerned, the authorities below recorded the following additional reason ..... since made by account-payee cheques. the same appears to be reasonable. had this piece of evidence been taken into account by the commissioner of the income-tax (appeals) and the tribunal, probably a different finding would have been recorded by them. in our opinion, the said vital piece of evidence was .....Tag this Judgment!