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Judgment Search Results Home > Cases Phrase: income tax act Court: mumbai Year: 1999 Page 10 of about 248 results (0.043 seconds)

Dec 21 1999 (HC)

Gulf Oil India Ltd. Vs. Income Tax Officer

Court : Mumbai

Decided on : Dec-21-1999

Reported in : (2000)67TTJ(Mumbai)182

..... levied under section 201(1a) and also hold that the assessee cannot be regarded as an assessee in default in terms of section 201 of the income tax act.11. the assessee has taken various other grounds but no arguments have been advanced before us. we accordingly dismiss those grounds.12. neither of the ..... also a building. that decision was given in the context of considering the claim of the assessee for investment allowance under section 32a of the income tax act and so the hon'ble madras high court was considering whether the assessee was carrying on the manufacture of an article or thing within the meaning ..... the earth. we find that there is no such extended definition of land or of building in section 194-1. under section 194-1 of the income tax act, rent has to be paid for the use of land or of building (including factory building) and nothing else. if a plant is taken on ..... interest under the provisions of section 201(1a) and also held the assessee as an assessee in default under the provisions of section 201(1) of the income tax act. the orders of the assessing officer have been upheld by the commissioner (appeals). the commissioner (appeals) observed at p. 12 of his order that the ..... 1999, for the assessment years 1995-96 to 1998-99 upholding the orders under sections 201(1) and 201(1a) of the income tax act holding that the assessee should have, deducted tax at source from the payments made to the following eight parties at 20`% under the provisions of section 194-1 in each of .....

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Dec 17 1999 (HC)

Berla Atandt Communication Ltd. Vs. Joint Commissioner of Income Tax

Court : Mumbai

Decided on : Dec-17-1999

Reported in : (2000)67TTJ(Mumbai)648

..... my part. accordingly the issue is decided against the appellant. 5. in the second ground, the appellant has contested levy of additional tax under section 143(1a) of the income tax act, 1961. the issue being consequential in nature, no specific directions are called for on my part. 6. in the result, the ..... -fees had been effected in an earlier year. the only question was, according to him, whether the assessing officer was justified in charging additional income-tax in respect of a debatable or ticklish question relating to the interpretation of a statutory provision. in his submission, the assessing officer was not justified ..... if there is a doubt or debate with respect to the interpretation of a statutory provision, no prima facie adjustment can be made, nor additional income-tax be charged.8. the learned senior departmental representative on the other hand, strongly relied on para 4 of the order of the commissioner (appeals). ..... paid was not a prima facie adjustment and that consequently the levy of additional income-tax was also illegal. it was contended that until the business was set up, the assessee cannot claim any expenses or losses under the act and therefore, prior to 26-1-1997, it could not have claimed ..... 143(l)(a) of the act by disallowing a sum of rs. 31.38 crores, for the reasons given by him in the adjustment explanatory sheet. the second dispute, which is the more important one is whether the assessing officer was justified in levying additional income-tax of rs. 2,69,86 .....

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Jul 20 1999 (HC)

Commissioner of Income Tax Vs. Smt. Prabhavati D. Mehta

Court : Mumbai

Decided on : Jul-20-1999

Reported in : [2000]106TAXMAN680(Bom)

..... saraf, j.by this reference under section 256 (1) of the income tax act, 1961 (hereinafter referred to as 'the act'), the tribunal has referred the following question of law to this court for opinion at the instance of the revenue:'whether, on the facts and in the circumstances of the ..... for the payment of the same had been issued by the municipal corporation and received by the assessee in the previous year relevant to the assessment year under consideration. the income tax officer did not allow the deduction on the ground that the demand did not relate to the previous year relevant to the assessment year under consideration. aggrieved by the order ..... of the income tax officer, the assessee appealed to the appellate assistant commissioner. before the appellate assistant commissioner, it was contended by the assessee that though the municipal taxes related to earlier years, the liability on account thereof accrued in the relevant previous year on receipt of ..... -3-1976. the assessee filed a return of income for the above assessment year on 9-9-1976, disclosing total income of rs. 38,970. the above total income included net income of rs. 13,669 under the head 'income from house property'. on examination of the return, the income tax officer found that in computing her house property income during the assessment year under consideration, the assessee .....

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Apr 29 1999 (HC)

Bhupen Champaklal Dalal Vs. Sandeep Kapoor and anr.

Court : Mumbai

Decided on : Apr-29-1999

Reported in : [2000]248ITR827(Bom)

..... p.s. patankar j.leave to amend.the prosecution is launched against these applicants under sections 276c(1)(i), 277 and 278b of the income tax act, 1961. this is for wilful evasion of tax and making false statements in the verification knowingly. this was done as a director of the company and by the company. in criminal application no. 610 of 1999, ..... stay criminal proceedings. another judgment of the supreme court is cited, viz., p. jayappan v. s. k perumal, first income tax officer : [1984]149itr696(sc) . it was dealing with initiation of the criminal proceedings under sections 276c and 277 of the income tax act read with sections 193 and 196 of the indian penal code. the apex court held that even through reassessment proceedings ..... prosecution is also launched under section 35b of the wealth tax act, 1957, in addition.the reassessment orders which are passed in these matters are challenged before the income tax appellate tribunal, etc. those appeals are pending. the question that arises is whether during the pendency of these appeals the prosecutions ..... however it is made clear that in case the appeals filed by the petitioners are dismissed, the criminal prosecutions to proceed. further liberty to the respondents to move the appellate income tax authority to hear the appeals as early as possible and expeditiously. .liberty to mention after the appeals are decided. the respondent's advocate prays for stay of this order .....

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Sep 21 1999 (HC)

Asstt. Cit Vs. Jetron Laboratories (P) Ltd.

Court : Mumbai

Decided on : Sep-21-1999

Reported in : (2001)71TTJ(Mumbai)105

..... for gold on redemption. however, any subsequent sale exchange or transfer of such gold within the meaning of section 2(47) of the income tax act, would attract capital gains tax in respect of capital gains arising from such sale, exchange or transfer. for the purpose of computation of capital gains, the cost of ..... is not observed. at any rate, it is not for us to visualise hypothetical situations under which the circular of the central board of direct taxes would or would not be rendered redundant. on a clear reading of the language of the circular, we are inclined to agree with the contention ..... did. we do not also see the significance of the remarks of the assessing officer that the said circular of the central board of direct taxes would be redundant if the assessees contentions are accepted, as invariably the gold has to be sold under the scheme within a period of six months ..... accordingly decided the issue in favour of the assessee.7. before us, the learned departmental representative argued that the said circular of central board of direct taxes circular no. 415, dated 14-3-1985 on which the commissioner (appeals) relied, has no application inasmuch as it does not state that the cost ..... all officers.' the assessing officer rejected the above contention with the following remarks :'11. as regards the assessee reliance on the central board of direct taxes circular no. 415, it may be stated that the circular in question is not at all relevant to the issue involved in this case. the .....

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Jul 30 1999 (TRI)

J.K. Investors (Bombay) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-30-1999

Reported in : (2000)74ITD274(Mum.)

..... clause (b) of section 23(1) is not disputed. the dispute is revolving around the meaning of annual rent received or receivable. the word "rent" is not defined under the income-tax act. the dictionary meaning of the "rent" is a periodical payment made by a tenant to an owner or landlord for the use of the land or building (the new oxford ..... . we have given our careful consideration to the rival contentions.since the dispute relates to determination of annual letting value, it will be useful to reproduce section 23 of the income-tax act, 1961 which provides as to how the annual value is to be determined :- 23. (1) for the purposes of section 22, the annual value of any property shall be deemed ..... other authorities working under its jurisdiction. therefore, the contention on behalf of the revenue that the definition of the annual value adopted under the wealth-tax act may also be adopted in interpreting the provisions of the income-tax act, is not well founded. respectfully following the aforementioned decision of the bombay high court, the contention on behalf of the revenue is rejected. it may ..... provided that the notional interest at the specified rate is to be taken into account in determining the annual letting value. same expression has been used in the income-tax act and as such the definition under the wealth-tax act is applicable in respect of the income-tax act for ascertaining the meaning of annual value. it was also pointed out that since the transfer of property .....

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Feb 26 1999 (TRI)

Assistant Commissioner of Vs. Sinora Trading Ltd

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-26-1999

..... 1. the only issue arising out of this appeal relates to the computation of deduction under section 80m of the income-tax act, 1961.2. the brief facts of the case are these. the assessee is a dealer in shares and synthetic fabrics. during the year under consideration the assessee purchased shares worth ..... the assessee under section 80m on the ground that interest paid by the assessee was attributable to dividend income and therefore, the question of allowing any deduction did not arise. on appeal, the claim of the assessee was allowed by the commissioner of income-tax (appeals) by holding that the borrowings from banks was for the purpose of business i.e. for purchase ..... under : "if shares are held by an assessee as part of his trading assets, dividends on those shares would form part of the income from the business of the assessee." the second decision is in the case of cit v. cocanada radhaswami bank ltd. [1965] 57 itr 306 (sc) wherein it has been held as under : "though for the purpose of computation ..... and sale of shares and, therefore, the interest paid on such borrowings was allowable expenditure against the business income under section 36(1)(iii) and not against the dividend .....

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Oct 28 1999 (TRI)

Assistant Commissioner of Vs. Classic Diamonds (i) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Oct-28-1999

Reported in : (2000)75ITD245(Mum.)

..... mining :- a substance that is neither animal nor vegetable or inorganic substance. thus there is no doubt that rough diamonds are minerals. the twelfth schedule of the income-tax act gives the list of such processed minerals in respect of which deduction under section 80hhc is permissible. item (x) of the said schedule reads as under :- "( ..... is an independent unit of assessment and it is well settled that principles of estopple do not apply to income-tax proceedings. in the year under appeal the decision of the cit(a) being contrary to our view is set aside and that of the assessing officer restored. ..... are of the view that the assessee is not entitled to deduction under section 80hhc on the export of rough diamonds. the mere fact that the cit(a) has allowed the claim of the assessee in earlier years does not bind us not to decide the issue in accordance with law. each year ..... rough diamonds are other than cut and polished minerals and therefore deduction under section 80hhc is not permissible in respect of such exports. the decision of the cit(a), it was stated, is thus not in order.5. the learned counsel for the assessee on the other hand pointed out that in the past ..... is that the purpose of deduction under section 80hhc would be defeated if the raw material imported is re-exported without any value addition.3. the cit(a), considering the fact that the claim of the assessee was accepted by his predecessor in assessment year 1990-91, allowed the claim of the assessee .....

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Dec 06 1999 (HC)

Khandelwal Industrial Gases Ltd. Vs. Assistant Commissioner of Income ...

Court : Mumbai

Decided on : Dec-06-1999

Reported in : [2001]75ITD70(Mum)

..... in appeal before us. the learned counsel appearing on behalf of the assessee submitted that on a plain reading of section 140a(i) of the income tax act, tax is payable on the returned income and not on the income that might have been correctly shown or that might have been arrived at by the assessing officer after making certain adjustments as per law. he, ..... 80vva of the act and since it was a bona fide mistake, penalty is not exigible merely for technical ..... under consideration, the assessee filed its return declaring 'nil' income. as per the return, self-assessment tax is not payable. however, the assessing officer was of the opinion that the assessee avoided payment of self -assessment tax by not taking into consideration the provisions of section 80vva of the income tax act. admittedly, the gross income of the assessee before set off of unabsorbed investment allowance ..... therefore, pleaded that in the absence of any tax payable on the basis of the return filed, there is no obligation on the part of the assessee to pay self-assessment tax and consequently, penalty is not leviable under section 140a(3) of the income tax act. he further contended that the return was filed overlooking the provisions of section .....

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Sep 22 1999 (HC)

Fancy Corporation Ltd. Vs. Deputy Commissioner of Income Tax

Court : Mumbai

Decided on : Sep-22-1999

Reported in : [2001]75ITD467(Mum)

..... debt is allowed, it seems to us to defeat the very mode of computation of the capital gains laid down in sections 48 to 55a of the income tax act. as rightly observed by the assessing officer, any person who wants to sell a property and anticipates a big capital gain can enter into a loan ..... counsel for the assessee. the computation of capital gains has to be worked out as per a self-contained code - sections 45 to 55a of the income tax act. the starting point of the computation is the cost of acquisition of the asset and the terminal point is the sale consideration. the fact that the asset ..... the reference, remarked towards the end of the report that the questions raised by the assessee in the application submitted under section 256(2) of the income tax act do not raise any arguable question of law and so it held that the application had been rightly rejected by the high court. it may be observed ..... as a sale and as such there is no dispute about the assessability of rs. 1,37,50,000 under the provisions of section 48 of the income tax act as long term capital gains, if otherwise justified. in other words, the only dispute raised before us is that the amount paid to the united bank ..... (appeals) i, mumbai, erred in confirming disallowance of rs. 1,37,50,000 in respect of mortgaged debt while computing capital gain under section 45 of income tax act 1961.2. on the facts and in the circumstance of the case, the said learned commissioner has also erred in not setting off mortgaged debt of rs. .....

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