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Judgment Search Results Home > Cases Phrase: income tax act Court: mumbai Year: 1999 Page 11 of about 248 results (0.030 seconds)

Jan 28 1999 (TRI)

Balchand K. Vora Vs. Eighth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-28-1999

..... provided that the income received by the assessee as salary from the employer or a former employer shall be assessed to income-tax under the head 'salaries'. section 17 of the act defines 'salary'. it provides that the salary shall include wages, any annuity or pension ..... a receipt of rs. 93,500/- as race winnings in two jackpots at bangalore and madras and the said amount was credited in the capital account. the income-tax officer included these amounts as income from other sources and assessed them. the matter went before the settlement commission, who took the view that the claim of winnings in races was false and what ..... the decision of the cit(a) where the issue has been dealt with with reference to the case law and conclusion arrived at that the amount received by the assessee was nothing but part of the salary.8. i have given my careful consideration to the rival contentions. the word "salaries" is defined under section 15 of the income-tax act, 1961. it is ..... , any gratuity, any fees, commissions, perquisites or profits in lieu of or in addition to any salary or wages ...' under section 17(3) of the act "profits in lieu of salary" includes .....

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Mar 11 1999 (TRI)

D. A. Patel Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Mar-11-1999

..... money thereupon. this unaccounted money has been used by you in your business which means that those will be unexplained investment made in the business, as per income-tax act since you have already raised unaccounted hundies more than 2 crores, which thereby will be your unexplained investments. please explain this. ans. in my preliminary statement ..... the subsequent developments. q.10 was there any search action under section 132 of the income-tax act prior to this action in your case. if so, when. ans. yes, there was a search action under section 132 of the income-tax act somewhere in 1989. q.11 if i accept your earlier statement noted above as regards ..... 1. this appeal is directed against the order of the assessing officer dated 31-7-1997 passed under section 158bc(c) of the income-tax act for the block period 1-4-1986 to 15-7-1996.2. late shri a. k. patel and his group were mainly ..... the unaccounted principal and interest in respect of the hundies relating to the assessee upto the period 31-12-1995 and, accordingly, he brought to tax the same as income under the head 'other sources', along with the estimated interest for the balance of the period upto the date of search, i.e., 1 ..... 127 itr 572/6 taxman 63 in which it was held that the method of accounting cannot determine the range of taxable income or the ambit of taxation and no income can be brought to tax on the basis of hypothetical accrual of illusory interest. similarly, reliance is also placed upon the decision of the punjab and .....

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Nov 19 1999 (TRI)

R.B. Singh Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-19-1999

Reported in : (2000)75ITD250(Mum.)

..... not comply with this notice. under the circumstances, i have no alternative but to pass an ex parte assessment order under section 144 of the income-tax act estimating the income to the best of my judgments with the materials available on record. the assessee has not produced the details of rent, salary, wages, loans ..... the observation - "as it is a time barring case, i have no alternative but to resort to the provisions of section 144 of the income-tax act as there is no time to fix the case again". we agree that this is not the same as stating that the assessee had refused to ..... penalty could have been levied under section 271(1)(c) as the assessments for all these years had been made under section 144 of the income-tax act, more or less on estimate basis. shri phadkar submitted that for the assessment year 1975-76 the assessment was originally completed on 7-3-1979 ..... that as the assessee was entitled to the benefits under the amnesty scheme, he was not liable for penalty under the various sections of the income-tax act. the assessing officer did not accept the above contention. he had already initiated penalty proceedings under section 271(1)(c) as could be seen ..... should be conscious concealment. the provisions should be construed strictly. even after the addition of the explanation to section 271(1)(c) of the income-tax act, 1961, conscious concealment is necessary and the presumption under explanation to section 271(1)(c) can be displaced by the assessee proving that the failure .....

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Aug 18 1999 (HC)

Mukand Ltd. Vs. Mukand Kamgar Union and anr.

Court : Mumbai

Decided on : Aug-18-1999

Reported in : [2000(86)FLR27]; (2000)ILLJ1569Bom

..... reason that the company is not required of pay tax at the rate of 50%. it has been pointed out by the company that the present corporate tax is 32%. taking into account the permissible deductions under the income tax act in the next 2/3 years the company will be ..... covered by the provisions of section 115-ja of the said act and will pay the only minimum alternate tax (mat). on this basis, the tax rate ..... all relevant factors will have to be taken into account. the principles followed in arriving at the profits and loss account for the income tax and other purposes may not be conclusive. the claim of the employer to a reasonable profit for all the shareholders for a ..... '9. the union also demanded increase in the existing allowances, namely, (i) educational allowance, (ii) leave travel allowance, (iii) washing allowance, (iv) acting allowance, and (v) lunch and snacks allowance. the union further raised a demand, for introducing for the first time pollution allowance and picnic allowance. the union contended ..... relates to: (i) wage scale, (ii) fitment, (iii) special increments, (iv) dearness allowance, (v) education allowance, (vi) lta, (vii) washing allowance, (viii) acting allowance, (ix) lunch and snacks allowance, (x) pollution allowance, (xi) picnic allowance, (xii) fixed allowance in lieu of incentive, (xiii) paid holidays, (xiv) privilege/casual/ .....

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Dec 03 1999 (HC)

Bennet Coleman and Co. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Mumbai

Decided on : Dec-03-1999

Reported in : [2001]75ITD307(Mum)

..... the assessing officer is in any way not called for. it is thus law analysis:application:also to current assessment year.decision:in favour of revenue.income tax act 1961 s.263 revision under s. 263--validitylack of sufficient enquiries by the assessing officercatch note:the claim of the assessee was that it had contributed certain sum ..... analysis:ministry of national revenue v. anaconda american brass ltd. (1953) 30 itr 84 (pc) applied.application:also to current assessment year.decision:in favour of revenue.income tax act 1961 s.263 revision under s. 263--validitycommissioner sought enquiry and verification from assessing officercatch note:as regard gratuity payment it is stated by the assessee that in the ..... the commissioner, tribunal confirms the commissioner's order and his power of revision regarding rs. 15,033.application:also to current assessment year.decision:in favour of revenue.income tax act 1961 s.263 revision under s. 263--validityassessee's system of accounting accepted by the assessing officer without proper enquirycatch note:the commissioner in his impugned order held ..... contention that exercise of the jurisdiction by the commissioner is law analysis:gee vee enterprises v. addl. cit (1975) 99 itr 375 (del) appliedapplication:also to current assessment year.decision:in favour of revenue.income tax act 1961 s.263 revision under s. 263--validityearlier year expenditure allowed though assessee was following mercantile system of accountingcatch note .....

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Jul 02 1999 (HC)

Union of India Vs. Prakash Mehra

Court : Mumbai

Decided on : Jul-02-1999

Reported in : [1999]107TAXMAN71(Bom)

..... act, i.e., for not filing the returns for the year 1986-87 within time or on due date. according to the ..... for respondent no. 1.2. the petitioner-union of india through income-tax department has challenged the order of the additional chief metropolitan magistrate, 47th court, esplanade, mumbai, dated 7-8-1997 by which he discharged the accused under section 276-0 of the income tax act, 1961 ('the act'). the accused was prosecuted by the income-tax department by filing a complaint under section 276cc of the ..... must be given to the assessee before launching the prosecution. the trial court also relied upon the judgment of this court - panaji bench - in vishnoo v kamat tarcar v. first income tax officer : [1994]207itr1040(bom) , wherein it has been observed by justice dr. e.s. de silva that since the provision under which the penalty was imposed by the department, being ..... notice.5. while dealing with these submissions, the trial court relied upon the judgments of the calcutta and rajasthan high courts in dunlop india ltd. v.arun chandra sinha asstt. cit : [1995]211itr79(cal) and shree singhvi bros. v. union of india , respectively. the trial court has referred to these judgments and observed that both the calcutta high court and .....

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Jan 14 1999 (TRI)

Tata Chemicals Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-14-1999

Reported in : (2000)72ITD1(Mum.)

..... was carrying on business in cloth and also speculation business. the question was whether both the businesses constituted a single business for the purpose of section 24(2) of the income-tax act, 1922. a number of circumstances were relied upon by the tribunal in support of the finding that both the businesses were distinct and separate. the high court basically held that ..... tribunal agreed with the assessee. the high court reversed the tribunal's view and held as under : (i) as the expression "actual cost" has not been defined in the indian income-tax act, 1922, it has to be understood in the sense in which no commercial man would misunderstand. for this purpose, it is necessary to follow and apply the accepted accountancy rule ..... the previous year in order that the interest paid on capital borrowed for the purpose of the fertilizer business can qualify for deduction under section 36(1)(iii) of the income-tax act, 1961. we are unable to accept the contention of mr. dinesh vyas that such a condition is alien to the said provision. we are also unable to subscribe to his ..... notice now. he first cited state of madras v. g.j. coelho [1964] 53 itr 186 (sc). in this case the provisions of section 5(e) of the madras agricultural income-tax act were considered.the assessee claimed that interest paid by him on monies borrowed for the purpose of purchasing plantations was allowable as deduction under section 5(e) of the said .....

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May 25 1999 (TRI)

Jhantala Investments Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-25-1999

Reported in : (2000)73ITD123(Mum.)

..... made by other shareholders were bogus and unbelievable and the subscription amounts represent nothing but unexplained investment of the assessee-company which justifies the addition under section 68 of the income-tax act. before dealing with this issue, even the broad probabilities if taken into consideration would not justify any addition under section 68. we have already catalogued the various dates ..... a combined review of the judgments of this court, it follows that an ito acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income-tax act, 1961, only if on the basis of specific, reliable and relevant information coming to his possession subsequently, he has reasons, which he must record, to believe that, by ..... these peculiarities, according to the assessing officer, clearly indicated that this was not a genuine public issue.further, the assessing officer held that provisions of sec. 68 of the income-tax act were clearly attracted. he further held that the share consideration credited in the books of account of the assessee-company with reference to its alleged public issue in fact does ..... associate concerns at a nominal price." 9. the assessing officer also stated that the case of the assessee was clearly covered by the provisions of section 68 of the income-tax act.the conclusions reached by him were the following : (1) the alleged share considerations credited in the books of account of the assessee-company with reference to its alleged .....

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Jul 12 1999 (TRI)

Deputy Commissioner of Vs. Parle Biscuits (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-12-1999

Reported in : (2000)74ITD148(Mum.)

..... held that deduction under section 32ab is an incentive to the assessee upon fulfilment of certain conditions as laid down under the income-tax act and that the deduction under section 80-i is allowed with reference to the profits. the cit (a) has further held that deduction under section 32ab is not debited to the profit & loss account and therefore the deduction ..... this connection it may be relevant to refer to section 28 and section 29, which are relevant in computation of income of profits and gains of the industrial undertaking under the act. the following income shall be chargeable to income-tax under the head "profits and gains of business or profession" - (i) the profits and gains of any business or profession which was carried ..... on by the assessee at any time during the previous year; "29. the income referred to in section 28 shall be computed in ..... i.3. the revenue is aggrieved. the learned departmental representative contended that deduction under section 80-i is permissible on the income as computed under the act. in computing the income deduction under section 32ab is taken into account and therefore the cit (a) was not justified in giving the direction that the profits for purposes of section 80-i be computed without .....

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Jul 16 1999 (TRI)

Savitri and Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-16-1999

Reported in : (2000)74ITD225(Mum.)

..... the apex court in the case of podar cement (p.) ltd. (supra) is only in the context of deciding who is the owner for the purpose section 22 of the income-tax act, i.e., whether it is the allottee of a flat in a co-operative society or the co-operative society itself in whose name the property stands. the apex court ..... hands of the co-owners. the learned counsel for the assessee has also argued that a partnership firm is not a separate legal entity, though it is assessed under the income-tax act separately, and the business of the firm is the business of the partners and as such no particular formalities need be observed when an asset of the firm is taken ..... the requirements of the law such as the transfer of property act, the registration act, etc., in the context of section 22 of the income-tax act, 1961, having regard to the ground realities and further having regard to the object of the income-tax act, namely, to tax the income, "owner" is a person who is entitled to receive income from a property in his own right. the requirement of ..... pleaded that from 1992 onwards, there has been a change in section 27 of the income-tax act by virtue of which it is the beneficial owner of the house property that has to be assessed in respect of the income from house property under section 22 of the income-tax act and not the legal owner. it is also claimed that the amendment introduced by the .....

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