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Judgment Search Results Home > Cases Phrase: income tax act Court: mumbai Year: 1980 Page 1 of about 78 results (0.031 seconds)

Jun 18 1980 (HC)

Manubhai A. Sheth and Others Vs. N.D. Nirgudkar, 2nd Income-tax Office ...

Court : Mumbai

Decided on : Jun-18-1980

Reported in : (1981)22CTR(Bom)41; [1981]128ITR87(Bom); [1980]4TAXMAN381(Bom)

..... some measure of the cultivation of the land, some expenditure of skill and labour upon it, cannot be said to be used for agricultural purposes within the meaning of the income-tax act. in cit v. raja benoy kumar sahal roy : [1957]32itr466(sc) , the supreme court considered the meaning of the 'agricultural purposes'. it held that those operation which the agricultural ..... [1954]26itr758(sc) , it is not open to the respondents to argue that capital gains are capital receipt and not a revenue receipt. the reference to the commentary on the income tax act by kanga and palkhivala is equally fallacious. that commentary is on the topic : 'annuities and annual instalments of capital'. the reference to halsbury's laws of england is equally a ..... the said entry 54 in the light of any supposed english legislative practice. the supreme court also pointed out that in the english income tax act of 1945, capital gains had been included as taxable income. the supreme court further pointed out that in construing an entry in a legislative list the widest possible construction according to their ordinary meaning must be ..... was a capital receipt or a revenue receipt and, therefore, exempt from the levy of agricultural income-tax did not arise because the provincial agricultural income-tax acts were passed subsequently, and the others on the ground that the payment of salami was held to be agricultural income because the moneys were paid after the relationship of landlord and tenant had come into existence. .....

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Mar 12 1980 (HC)

Commissioner of Wealth Tax, Bombay City-ii Vs. A.E. Maskati

Court : Mumbai

Decided on : Mar-12-1980

Reported in : (1980)17CTR(Bom)9; [1981]132ITR89(Bom); [1980]4TAXMAN358(Bom)

..... of the revenue :'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the provision in respect of additional super-tax under section 104 of the income-tax act, 1961, made in the balance-sheet of m/s. garlick & co. pvt. ltd., and the liability for bonus not provided for in the accounts should be deducted ..... in computing the break-up value of the share of the company for the purposes of the wealth-tax assessment of the assessee for the assessment year 1962-63 ?'5 ..... took the view that the directors has not proposed any dividends and the provisions of s. 104 of the i.t. act, 1961, were, therefore, clearly attracted and, consequently, while determining the tax liability of the company, the additional super-tax liability should also be taken into consideration in determining the break-up value. with regard to the claim for the provision for ..... wto adopting the break-up method would be justified in considering that the provision for additional super-tax under s. 104 of the i.t. act, 1961, made was not allowable as a deduction where the order determining the liability of the company to super-tax has not been made before the material valuation date. in that decision, this court has taken the .....

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Apr 17 1980 (HC)

Commissioner of Income-tax Bombay City-i Vs. Trustees of Miss Gargiben ...

Court : Mumbai

Decided on : Apr-17-1980

Reported in : (1980)18CTR(Bom)352; [1981]130ITR479(Bom); [1980]4TAXMAN446(Bom)

..... 180 , though made in the context of the old income-tax act would have equal validity under the present income-tax act. wherever any income is excluded from chargeability to tax either expressly or by necessary implication, arising from the ..... . raiji's case [1949] 17 itr 180, has observed as follows (p. 403) :'the scheme of the present income-tax act, so far as this aspect of the question is concerned, is admittedly the same as the scheme as the scheme of the old income-tax act and these observations of the bombay high court (reference was to n. m. raiji's case [1949] 17 itr ..... scheme of the act or its provisions, exclusion operates in the computation of the total income not only for the purpose of liability to tax but also for the purpose of determination of ..... by the assessed-trustees in terms of section 114 read with section 161 and section 164 of the income-tax act, 1961, on the undisbursed capital gains added to the trust corpus, the normal trust income payable to the beneficiary and separately charged to tax in her hands could not be taken into account ?'2. the assessment year in question in all the three .....

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Apr 11 1980 (HC)

Commissioner of Income-tax Vs. H.R. Karandikar

Court : Mumbai

Decided on : Apr-11-1980

Reported in : (1981)20CTR(Bom)196; [1981]6TAXMAN242(Bom)

..... is no evidence to support it or if the finding is unreasonable or perverse. but in the hearing of a reference under section 66 of the income-tax act it is not open to the assessee to challenge such a finding of fact unless he has applied for a reference of the specific question under ..... a reference. the supreme court has in the same decision referred to the case of india cements ltd. v. cit : [1966]60itr52(sc) , and has later observed thus :'...... in a reference under the income-tax act the high court must accept the findings of fact made by the appellate tribunal, and it is for the ..... received in the taxable territories when the cheques were posted. the following observations from kusumben d. mahadevia v. cit : [1960]39itr540(sc) were quoted with approval (p. 544) :'section 66 of the income-tax act which confers jurisdiction upon the high court only permits a reference of a question of law arising out of the ..... 1,83,434 was an expenditure effectively laid out or expended during the accounting year 1955 within the meaning of section 10 (2) (xv) of the income-tax ac ?'61. the second question referred was -'if the answer to question no. 1 is in the affirmative, then whether the said expenditure of rs. 1 ..... 66 (1). in india cements ltd. v. commissioner of income-tax : [1966]60itr52(sc) , it was pointed out by this court that in a reference the high court must accept the findings of fact reached by .....

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Apr 28 1980 (HC)

Commissioner of Income-tax Bombay City-ii Vs. D.G. Goenka

Court : Mumbai

Decided on : Apr-28-1980

Reported in : [1981]129ITR260(Bom)

..... him, in the case of dividends, the direct source is the investment.26. our attention has also been invited to a later decision under the english income tax act, 1952, reported in north end (h. m. inspector of taxes) v. white & leonard and corbin greener [1975] 1 wlr 1037; 50 tc 121 . that was a case in which a firm of solicitors in which ..... broken up under different heads only for the purpose of computation of the total income; by that break up the income does not cease to be the income of the business, the different heads of income being only th e classification prescribed by the indian income-tax act for computation of income.'16. now, while it cannot be disputed that in the case of an assessee who holds ..... (i) or clause (ii) of sub-section (1) of section 99 of that act or which is exempted from tax under a notification issued under section 60 of the indian income-tax act, 1922 (11 of 1922), as continued in force by clause (1) of sub-section (2)of section 297 of the ..... the assessee in respect of the past services of any deceased person; andincludes any such income which, though it is the income of another person, is included in the assessee's income under the provisions of the income-tax act, 1961 (43 of 1961), but does not include any such income on which tax is not payable under clause (iii) or clause (v) of section 86 or clause .....

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Apr 28 1980 (HC)

Commissioner of Income-tax, Bombay City-ii Vs. Ramdas Lallubhai

Court : Mumbai

Decided on : Apr-28-1980

Reported in : [1981]130ITR150(Bom); [1981]7TAXMAN317(Bom)

..... test, as laid down by the legislature, cannot be substituted by the test adopted by the court of appeal while construing cl. (a) of s. 525 (1) of the english income tax act, 1952, which as already pointed out, is very differently worded as compared with the provision with which we are concerned.15. one other decision which was referred to by the ..... . newton [1971] 1 wlr 133 . that was a case dealing with the determination of whether the capital gain in that case were 'earned income' as defined by s. 525 (1) (c) of the income tax act, 1952 (uk). one mrs. newton who carried on a hairdressing business sold the goodwill of the business for pound 179 net. she had taken over the business earlier ..... find that the decision is not of any assistance to us because the relevant clause of section 525 (1) of the english income tax act, 1952, which fell for consideration before the court of appeal was cl. (a) under which 'any income arising in respect of any remuneration from any office or employment of profit held by an individual was included in the definition ..... assessee in respect of the past services of any deceased person; and includes any such income which, though it is the income of another person, in included in the assessee's income under the provisions of the income-tax act, 1961 (43 of 1961), but does not include any such income on which tax is not payable under clause (iii) or clause (v) of section 86 or clause .....

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Dec 10 1980 (HC)

Commissioner of Income-tax, Bombay City-iii Vs. Smt. T.P. Sidhwa

Court : Mumbai

Decided on : Dec-10-1980

Reported in : (1981)22CTR(Bom)146; [1982]133ITR840(Bom); [1981]6TAXMAN91(Bom)

..... 4 computed in the manner laid down in this act.......'income-tax act, 1961'2. (45) `total income' means the total amount of income referred to in section 5, computed in the manner laid down in this act. 4. charge of income-tax-(1) where any central act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be ..... compute and for that purpose one must turn to section 9 of the indian income-tax act. the scheme of the income-tax is that the income from property which is made liable o tax is not the actual income but an artificial or statutory income as defined in section 9 and that artificial or statutory income is the bona fide annual value of the property. therefore, the fact that ..... the facts and in the circumstances of the case, the assessee's income from property of which she was not the owner could be charged to tax in her hands as income under the head `income from other sources' under section 12 of the indian income-tax act, 1922, or under section 56 of the income-tax act, 1961 ?'2. one, m. n. e. dinshaw, was the owner of one ..... explained in the majority judgment delivered by sarkar c.j., the scheme of the relevant provisions of the act is that (p. 430) :'section 6 of the income-tax act, 1922, specifies six sources or heads of income which are chargeable to tax. in order to be chargeable an income has to be brought under one of these six heads. section 6 also provides that the chargeability .....

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Mar 25 1980 (HC)

Commissioner of Wealth-tax, Bombay City-ii Vs. Keshub Mahindra

Court : Mumbai

Decided on : Mar-25-1980

Reported in : [1983]139ITR22(Bom); [1981]5TAXMAN323(Bom)

..... respect of the wealth as available on a particular date, namely, the valuation date. therefore, there cannot be any analogy, true or false, between the relevant provisions of the income-tax act and the act in this behalf, in view of this basic and fundamental difference existing between the chargeable events themselves.'45. the madras high court has also pointed out that there is ..... :'we may also point out that there can be no analogy of the provisions of the income-tax act with reference to the assessment under the act, in the case of the income-tax act, a person, even if he died in the middle of an accounting year, might have earned taxable income during the course of that year before his death and, therefore, with reference to that ..... that context the difference between the provisions of s. 24b of the indian i.t. act, 1922, and s. 19(2) of the act was pointed out as follows (p. 63) :'though the language used in section 24b of the income-tax act, 1922, and section 19(2) of the wealth-tax act are similar, the subject-matter of the charge and the scheme of these two ..... acts being totally different, these two sections cannot, in our opinion, operate on the same field, these two sections must be read and understood .....

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Nov 25 1980 (HC)

Harish Mahindra and Another Vs. Commissioner of Income-tax, Bombay Cit ...

Court : Mumbai

Decided on : Nov-25-1980

Reported in : (1981)25CTR(Bom)168; [1982]135ITR191(Bom); [1981]7TAXMAN89(Bom)

..... fair market value of the asset on 1st january, 1954, under section 55(2)(i) of the income-tax act, 1961 ?'7. the submission of mr. dastur, the learned counsel for the assessee, is that the sub-divided shares sold by the assesse as aforestated constituted the same capital asset ..... under section 48(ii) of the income-tax act, 1961, is applicable in this case ? (3) if the answer to question no. 1 is in the affirmative, whether the principle of averaging is applicable to the determination of the ..... option of substitution the fair market value of the asset on 1st january, 1954, for the cost of acquisition of the asset contemplated under section 55(2)(i) of the income-tax act, 1961, is available to the assessee ? (2) if the answer to question no. 1 is in the negative, whether the principle of averaging the cost of acquisition of the asset ..... kania, j.1. this is a reference made under s. 256(1) of the i.t. act, 1961 (referred to hereinafter as 'the said act'), made at the instance of the assessees. this reference arises from two appeals filed before the income tax appellate tribunal by harish mahindra and keshub mahindra, respectively. these appeals were disposed of by the said tribunal against the assessees, and .....

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Feb 05 1980 (HC)

Sarabhai M. Chemicals Private Ltd. Vs. P.N. Mittal Competent Authority ...

Court : Mumbai

Decided on : Feb-05-1980

Reported in : (1980)16CTR(Bom)315; [1980]126ITR1(Bom); [1980]3TAXMAN541(Bom)

..... any moneys or other assets which have not been or which ought to be disclosed the transferee for purposes of the indian income-tax act, 1922, the income-tax act, 1961, or the wealth-tax act, 1957.42. the rules of evidence set forth in the preceding paragraph will apply at the stage of initiation of proceedings also. under one of these rules, the fact that ..... before the previous year, the actual cost to the assessee less all depreciation actually allowed to him under this act, or under the indian income-tax act, 1922 (11 of 1922), or any act repealed by that act, or under any executive orders issued when the indian income-tax act, 1886 (2 of 1886) was in force ......... :'22. explanation 2 to s. 43(6) provides :'when any capital asset ..... the business; if the price paid for or attributable to an asset exceeds the written down value of the asset, proviso (ii) to section 10(2)(vii) of the indian income-tax act, 1922, would ex facie be attracted. where the person carrying on the business transfers the assets to a company in consideration of allotment of shares, it would be a case ..... any moneys or other assets, which have not been nr which ought to be disclosed by the transferee for the purposes of the indian income-tax act, 1922 (11 of 1922), or this act or the wealth-tax act, 1957 (27 of 1957), the competent authority may, subject to the provisions of this chapter, initiate proceedings for the acquisition of such property under this chapter :6 .....

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