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Judgment Search Results Home > Cases Phrase: income tax act Court: mumbai Year: 1999 Page 12 of about 248 results (0.032 seconds)

Aug 17 1999 (TRI)

Assistant Commissioner of Vs. Tribhovandas Bhimji Zaveri

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-17-1999

Reported in : (2000)74ITD92(Mum.)

..... is therefore claimed that the impugned addition of rs. 1,53,02,266 is not warranted. it is also emphasised that the provisions of sections 68, 69 etc., of the income-tax act are not attracted in this case.7. having anxiously considered the rival submissions we are of the view that the department deserves to succeed. the assessing officer has painstakingly enquired ..... also been stated that the i.t. assessment for 1977-78...and the substantive assessment would be made for the assessment year 1986-87 in terms of section 69 of income-tax act, on the ground that the investment in jewellery remained unexplained. the assessee's application for waiver of penalty and penal interest has also not been disposed of. 3. this matter ..... -89.12. in addition to the information collected above, the following information, in respect of the 14 persons examined was collected, through the statement recorded under section 131 of the income-tax act and their i.t. records. it is described as under :- (1) shri gopaldas t. zaveri as individual and huf - shri gopaldas tribhuvandas zaveri is son of shri tribhavandas zaveri, founder ..... 18 persons subsequently sold the jewellery to the assessee-firm, the assessing officer thought it fit to probe further and summoned all the 18 persons under section 131 of the income-tax act and in response to these summons, 14 persons were present and deposed before him, while 4 persons expressed their inability to attend, as they were during the relevant time out .....

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Oct 29 1999 (TRI)

LupIn Agrochemical (i) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Oct-29-1999

Reported in : (2000)75ITD278(Mum.)

..... not in accordance with the accountancy practice. accounting practice cannot override section 56 or any other provision of the income-tax act.11. it was further held by their lordships of the supreme court that under the income-tax act, 1961 the total income of a company is chargeable to tax under section 4 and it has to be computed in accordance with the provisions of the ..... in short-term deposits in order to earn interest. such interest will be chargeable under section 56 of the income-tax act". their lordships further held that the interest earned by investing borrowed capital in short-term deposits is an independent source of income connected with the construction activities or business activities of the assessee.13. in the light of the above decisions ..... import entitlements itself or sell the same to others. it sold the import entitlements to others. its total income for assessment year 1979-80 included the sale proceeds for such import entitlements. the assessee claimed relief under section 80hh of the income-tax act, 1961 on the profits including the sale proceeds of import entitlements. the tribunal confirmed the disallowance made by ..... act. section 14 lays down six heads for the purpose of computation of income. their lordships further held that it is possible for a .....

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Dec 06 1999 (TRI)

Blue Dart Express Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-06-1999

Reported in : (2000)75ITD414(Mum.)

..... 1. these appeals by the assessee are directed against consolidated order dated 19-3-1991 of the commissioner of income-tax under section 263 of the income-tax act, for the assessment years 1994-95 and 1995-96.2. the assessee is a company engaged in the integrated air and ground transportation of time sensitive packages to various destinations ..... of the fact that the assessee has entered into a global service partnership agreement. he argued that on these facts, it is submitted that the cit was in total error in invoking section 263 the act.further, in his impugned order under section 263 the commissioner has not dealt with the merit of the assessee's case or the judicial pronouncements cited ..... termed as technical services, whether the contract is mutual etc. while allowing deduction under section 80-o of the act. before we proceed further let us see what section 80-o stipulates. section 80-o provides for deduction of 50% from the income of an indian company or a non-corporate indian resident by way of royalty, commission, fees or any similar ..... by the assessee before him. he argued that the foundation of the order of the cit is 'non-application of mind by the assessing officer' which, as .....

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Dec 17 1999 (TRI)

Birla at and T Communication Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-17-1999

Reported in : (2001)77ITD142(Mum.)

..... 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.7. the assessee is in further ..... licence 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. ..... on the basis of the provision as it existed at the time of filing the return for the assessment year 1997-98 and therefore no additional income-tax can be charged. "4. on a careful consideration of the submissions made, 1 agree with the action taken by the assessing officer. the ..... 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 any ..... 143(1)(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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Nov 26 1999 (HC)

Commissioner of Income Tax Vs. Morarji Goculdas Spg. and Wvg. Co. Ltd.

Court : Mumbai

Decided on : Nov-26-1999

Reported in : [2000]108TAXMAN502(Bom)

..... saraf, j.by this reference under section 2 56(1) of the income tax act, 1961, the tribunal has referred the following question of law to this court for opinion:'whether, on the' facts and in the ..... court thereon are part of the records of the income tax officer, but they are the foundation of the order of the income tax officer. as the f acts were stated in the writ petition and the decision of this court, the income tax officer did not reiterate the same and acted upon the decision of this court.. the facts ..... claimed by the assessee on account of excise duty on the basis thereof, was merely a contingent liability which would not constitute expenditure for the purpose of income-tax. the learned counsel submitted that the above decisions of this court are squarely applicable to the facts of the present case. he submits that the question ..... of deduction was based on show-cause notices. this court held that expenditure which is deductible for the income-tax purpose is towards liability actually existing in the year of account. it was further held that the act makes as distinction between actual liability in praesenti and a liability do futoro which, for the time being ..... of the case stated in the decision of this court and the writ. petition and impugned notices form part of the order of the income tax officer by incorporation. before the commissioner ( .....

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Dec 01 1999 (TRI)

Nippon Denro Ispat Ltd. Vs. Commissioner of C. Ex.

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Decided on : Dec-01-1999

Reported in : (2000)(68)ECC643

..... first time before us. then the question would be whether we can ourselves decide the point.7. kerala high court had rendered a similar question arising under the income tax act in the case of cit v. kerala state cooperative marketing federation ltd., 1992 (193) itr 624 & 638. "following the decisions of supreme court cited above and agreeing with the view expressed by the ..... point for the first time in appeal before the tribunal even though it had not been raised in any form either before the assessing authority or before the commissioner of income tax (appeals). we further hold that when once any such new or additional ground is raised before the tribunal, they are duty bound to entertain that ground and render a decision ..... the entire amount demanded has been validly made. the items under consideration have been used for purpose of creation of immovable property which are not excisable under the central excise act. the act levies duties on manufacture of goods which means movable property only. credit has been taken in this case on structurals which are immoveable property fixed structurals are not and ..... iron classified under sub-heading 7203.00, briquetting iron, classified under the same sub-heading 7203.00 and hot rolled coils under sub-heading 7209.00 under central excise tariff act. it appears they had taken modvat credit under rule 57q for beams, channels, plain plates angles hr sheets channel, plain plates, ctd bars, corrugated sheets, paints and varnishes etc. four .....

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Jun 09 1999 (HC)

Commissioner of Income-tax Vs. S.R. Kirloskar (ind.)

Court : Mumbai

Decided on : Jun-09-1999

Reported in : (1999)156CTR(Bom)559; [1999]239ITR382(Bom)

..... by this reference under section 256(1) of the income-tax act, 1961, the income-tax appellate 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 case, the tribunal was right in holding that income derived from intestate self-acquired property received from the assessee ..... in the hands of his hindu undivided family and not in his hands as an individual. the commissioner of income-tax (appeals) accepted the above contention of the assessee and allowed the appeal. against the above order, the revenue appealed to the income-tax appellate tribunal ('the tribunal'). the tribunal followed its own special bench decision in the case of the assessee ..... the death of his father intestate. he, therefore, assessed the income in the hands of the assessee in his individual status. the assessee appealed to the commissioner of income-tax (appeals). the case of the assessee before the commissioner of income-tax (appeals) was that, income received by the assessee from the self-acquired properties of his deceased father must be ..... hindu undivided family as the above properties had been received by him from his father who died intestate. the income-tax officer rejected the assessee's claim for being assessed as a hindu undivided family in respect of the above income on the ground that the properties were the self-acquired properties of his father and the assessee received them on .....

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Jun 15 1999 (HC)

Commissioner of Income-tax Vs. Kesar Sugar Works Ltd.

Court : Mumbai

Decided on : Jun-15-1999

Reported in : [1999]239ITR398(Bom); [1999]107TAXMAN226(Bom)

..... dr. b. p. s. j.-by this reference under section 256(1) of the income tax act, 1961, the income tax appellate tribunal has referred the following questions of law to this court for opinion at the instance of the revenue :'1. whether ..... to get the order of the concerned authority reversed, subject, however, to any statutory provision to the contrary (viz., section 43b of the income-tax, 1961, as inserted by the finance act, 1983, with effect from april 1, 1984, which provides that certain liabilities can be deducted only on actual payment).in the present case ..... after the dismissal of the writ petition by the high court the liability continued to be a contingent liability.we have carefully considered this controversy. the income-tax law makes a distinction between actual liability in praesenti and a liability defuturo which, for the time being, is only contingent. the former is deductible ..... of six per cent. per annu. the difference was declaimed by the assessee as deduction in the computation of its income for the assessment years 1978-79 and 1979-80. the income tax officer disallowed the deduction on the ground of pendency of appeal before the supreme court against the order of the allahabad ..... price account' in the books of account for the previous relevant year of the assessment year 1979-80, was not income which had accrued in that year and was not therefore chargeable to income-tax for the assessment year 1979-80 2. whether, on the facts and in the circumstances of the case, the .....

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Aug 17 1999 (HC)

Commissioner of Income-tax Vs. Trade Wings Ltd.

Court : Mumbai

Decided on : Aug-17-1999

Reported in : [2000]241ITR198(Bom); [2000]109TAXMAN115(Bom)

counsels: r. v desai with p. s. jetley, for the commissioner ashok n. bhogani with v p. salunkhe and ms. a. mishra, instructed by a. bhogani and co, for the assessee

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Oct 29 1999 (HC)

LupIn Agrochemical (i) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Mumbai

Decided on : Oct-29-1999

Reported in : [2001]75ITD278(Mum)

..... not in accordance with the accountancy practice. accounting practice cannot override section 56 or any other provision of the income tax act.11. it was further held by their lordships of the supreme court that under the income tax act, 1961 the total income of a company is chargeable to tax under section 4 and it has to be computed in accordance with the provisions of the ..... in short-term deposits in order to earn interest. such interest will be chargeable under section 56 of the income tax act'. their lordships further held that the interest earned by investing borrowed capital in short-term deposits is an independent source of income connected with the construction activities or business activities of the assessee.13. in the light of the above decisions ..... import entitlements itself or sell the same to others. it sold the import entitlements to others. its total income for assessment year 1979-80 included the sale proceed for such import entitlements. the assessee claimed relief under section 80hh of the income tax act, 1961 on the profits including the sale proceeds of import entitlements. the tribunal confirmed the disallowance made by ..... act. section 14 lays down six heads for the purpose of computation of income. their lordships further held that it is possible for a .....

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