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Judgment Search Results Home > Cases Phrase: income tax act Court: mumbai Year: 1999 Page 14 of about 248 results (0.086 seconds)

Nov 02 1999 (TRI)

Shrigonda Ssk Ltd. Vs. Commissioner of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Decided on : Nov-02-1999

Reported in : (2001)(130)ELT833Tri(Mum.)bai

..... categorical declaration of their non-availment of the benefits under the income-tax act. at a later stage the department realised that such benefit under the income-tax act was in fact taken by the applicants. show cause notice dated 23-6-1998 was issued alleging suppression and mis-statement of facts, demanding ..... of the resultant obligations under the income-tax act.4. we also find that the mere fact that the benefit originally taken was subsequently waived may not go to erase ..... . 43,13,347/-. under the said rule the credit was admissible only where the manufacturer had not claimed depreciation under section 32 of the income-tax act, 1961 or as revenue expenditure under any other provision of that act in respect of the duty component of the value of such goods. in terms of this requirement the applicants for all three years gave a ..... benefit of depreciation etc., the assessees had paid a higher quantum of income-tax, shri joshi submitted that the revised returns filed by the assessees, apart from this ground, contained several other grounds and the sum total was nil and return was filed creating no liabilities on the assessees under the income-tax act. in other words he is not able to show the discharge .....

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Oct 08 1999 (HC)

Titan Investment and Finance Co. Ltd. Vs. Income Tax Officer

Court : Mumbai

Decided on : Oct-08-1999

Reported in : [2001]75ITD441(Mum)

..... 173itr216(guj) and argued that when a composite consideration is involved, it cannot be regarded as a transfer within the meaning of section 2(47) of the income tax act.8. we are of the view that the assessee cannot be granted the benefit of the decision of the apex court in the case of miss dhun ..... not considered.6. the learned departmental representative on the other hand invited our attention to the provisions of section 49(2a) of the income tax act which has been introduced by the finance (no. 2) act, 1991, with retrospective effect from 1-4-1962, which reads as follows :'where the capital asset, being a share or debenture ..... sale to cost price total) should be short-term capital gains or profits of share business of appellant's investment company. thus, total addition to appellant's income will be 7,01,833 + 1,37,000 (i.e. loss claimed plus profit or short-term capital gains).appeal dismissed.'5. before us, the ..... 309 in the aggregate. the assessee has sold the equity shares received against the convertible debentures for rs. 10,17,125.4. in the return of income, the result of the sale of the debentures was disclosed as a loss of rs. 6,99,258 and the result of the sale of the shares ..... he has also relied upon certain decisions like that of the hon'ble bombay high court in the case of w.h. brady & co. ltd. v. cit : [1979]119itr359(bom) for the proposition that the price of the original debentures should be spread over the equity shares obtained on conversion and the residual debentures .....

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Aug 02 1999 (HC)

Commissioner of Income Tax Vs. Indian Plastics Ltd.

Court : Mumbai

Decided on : Aug-02-1999

Reported in : [2000]107TAXMAN172(Bom)

..... expenditure and, as such, had to be processed under the provisions of section 37(2a) of the act. the income tax officer, accordingly, allowed a deduction of rs. 5,000 only against the assessee's claim of rs. 59,305. the assessee appealed to the commissioner ( ..... 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 ..... (2a) of section 37 and deductibility thereof has to be decided in the light of the restrictions contained therein.6. in the present case, the income tax officer had computed the deduction by applying the provisions of section 37(2a) and allowed deduction for a sum of rs. 5,000 only and rejected ..... also observed that the expenses were not on a lavish scale. the commissioner (appeals), therefore, decided the appeal in favour of the assessee and directed the income tax officer to allow the claim of the assessee for deduction of the balance amount of rs. 54,305 under section 37(1). the above order was confirmed ..... tea, coffee, cold drinks, snacks and at times, meals to its customers. the assessee debited this expenditure under the head 'sales promotion expenses'. the income tax officer did not allow this claim of the assessee as he was of the opinion that the expenditure incurred by the assessee was in the nature of entertainment .....

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Jan 20 1999 (TRI)

Kalanidhi and anr. Vs. Cce

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Decided on : Jan-20-1999

Reported in : (1999)(82)LC417Tri(Mum.)bai

..... contended that m/s. kalanidhi and m/s. colour prints were separate and independent partnership firms. m/s. kalanidhi were registered under the income tax act, bombay sales tax act, central sales tax act and the shops and the establishment act and had separate bank account. m/s. colour prints were likewise holder of central excise licence for the manufacture of printed cartons. they had ..... a separate factory at gala no. 5a of shalimar industrial estate, bombay and were assessed for income tax act and had separate registration under the bombay sales tax act and the central sales tax act. he submitted that the facts relied on by the adjudicating officer for concluding that the two units had been functioning as one ..... for payment made on behalf of the other. in these circumstances, jdr contended that the adjudicating officer had rightly concluded that the separate registration for purposes of sales tax and income tax and separate registration of the partnership firms was only to camouflage the actual fact that both the entities were, in fact, one and the same. he referred ..... firms were separate and independent entities engaged in the manufacture of printed cartons and were recognised as such by the central government and state government agencies such as income tax and sales tax authorities, the directorate of industries, financial institutions, etc. they stated that the installation of machinery belonging to one firm in the premises of the other firm .....

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Dec 14 1999 (HC)

C and M Farming (P) Ltd. Vs. Deputy Commissioner of Income Tax and ors ...

Court : Mumbai

Decided on : Dec-14-1999

Reported in : (2000)159CTR(Bom)258

orders. h. kapadia, j.appeal admitted.2. mr. desai waives service for respondent nos. 1, 2 and 4.3. respondent no. 3 is deleted since he is not a necessary party to this appeal and no relief is claimed against him.4. we have perused the order of the tribunal dated 20-11-1998, and, in our view it is somewhat cryptic. the issue canvassed by the appellant before the tribunal was that the appellant was carrying on, mainly, the activity of manufacturing or processing of goods so as to fall within the exclusion provided in sub-section (4) of section 104 of the income tax act, 1961. the learned counsel for the appellant also cited before us the judgment in cit v. deejay hatcheries : [1995]211itr652(bom) which was approved by the supreme court in cit v. venkateswara hatcheries (p) ltd. : [1999]237itr174(sc) and other judgments. in our view, a detailed consideration of these judgments would be necessary in order to correctly decide the appeal of the appellant before the tribunal.5. we refrain from expressing our opinion on the controversies involved in the appeal. we set aside the impugned order of the tribunal and remand appeal ita no. 2725/13/92 (pertaining to assessment year 1986-87) to the tribunal for deciding it afresh in the light of what we have observed and after giving hearing to the parties.6. appeal is accordingly allowed in above terms with no order as to costs.

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Dec 21 1999 (HC)

Smt. Lalitha Ramaswamy Vs. Income Tax Officer

Court : Mumbai

Decided on : Dec-21-1999

Reported in : [2001]75ITD293(Mum)

..... we are of the view that the revenue was justified in assessing the capital gain by invoking explanation to section 2(47) of the income tax act, 1961. no other ground of appeal has been argued before us.13. in the result, the appeal of the assessee is dismissed. ..... year 1989-90, order dated 27-1-1999(4) b. k. jhala & associates v. assistant commissioner in cit appeal no. 1575 (pune) of 1991, assessment year 1989-90 order dated 3-6-1999(5) ajai kumar sah jagati v. income tax officer(1995) 55 itd 348 (delhi)(6) assistant commissioner v. harish jain (1997) 61 itd 4947. the ..... of money received by the assessee and the possession of the property had also been given to the vendees and therefore the capital gain was rightly assessed to tax in the year under appeal.8. we have given our careful consideration to the rival contentions. in this case the limited issue is as to whether ..... that the capital gain cannot be assessed where only an agreement to sell has been executed subject to fulfilment of certain conditions -(1) taherbhai h. rupawalla v. wealth tax officer in wt appeal no. 1259 (bom.) of 1995, assessment year 1991-92, order dated 10-12-1996(2) cwt v. taherbhai h. rupawalla in ra no ..... of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 (4 of 1882).*5. thus the crucial question for our determination is as to whether the purchaser had taken the possession of the property during .....

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Jul 20 1999 (HC)

Commissioner of Income Tax Vs. Ruia Stud and Agricultural Farms (P.) L ...

Court : Mumbai

Decided on : Jul-20-1999

Reported in : [1999]106TAXMAN662(Bom)

..... tribunal was fight in law in holding that horses used for stock-breeding constitute ,plant' so as to be eligible. for depreciation under section 37 of the income-tax act, 1961 ?'2. this reference pertains to the assessment year 1978-79. the controversy is whether the horses used for stock-breeding constitute 'plant' for the purpose ..... saraf, j. - by this reference under section 256(1) of the income tax act, 1961 ('the act'), the tribunal has referred the following question of law to this court for opinion:'whether, on the facts and in the circumstances of ..... the horses having been used for the purposes of its business constituted 'plant' and, therefore, depreciation was allowable on cost thereof under section 32. the income tax officer rejected the claim of the assessee on the ground that the horses were held by the assessee as stock-in-trade. the assessee appealed to the commissioner ..... of depreciation under section 32 of the act. the material fact s are in a narrow compass. the assessee is engaged in the business of livestock breeding. for that purpose, it purchases and imports ..... controversy has now been set at rest by the amendment of section 43(3) by the parliament by the finance act, 1995 with retrospective effect from the inception of the act, ie., 1-4 -1962 to exclude tea bushes and livestock from the ambit of 'plant'. 1t is now made clear in the definition .....

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Aug 24 1999 (HC)

indrajit and Co. Vs. Girijan Co-operative Corpn. Ltd.

Court : Mumbai

Decided on : Aug-24-1999

Reported in : [2000]107TAXMAN179(Bom)

..... completely in the realm of legislative wisdom. we hold that what is brought to tax, though levied with reference to the purchase price and at an earlier point, is nonetheless income liable to be taxed under the income tax act. we repel the plea by the assessees to the contrary.'dealing with the challenge ..... j.by this writ petition, the petitioner seeks to challenge the constitutional validity of section 44ac and section 206c of the income tax act, 1961 (hereinafter referred to as 'the act'). the petitioner contends that these two-sections are violative of the fundamental rights of the petitioner contained in article 14 of ..... the charging section, viz., sections 5 to 9 and not by virtue of section 44ac or section 206c. the fact that the income-tax is levied at a flat rate or at an earlier stage will not in any way alter the nature of character of the levy ..... to the validity of sections 44ac and 206c on the ground of violation of article 14 of the constitution, it was observed:'considered in the light of the practical difficulties envisaged by the revenue to locate the persons and to collect the tax ..... and explanatory to section 206c. it does not dispense with the regular assessment as provided in accordance with sections 28 to 43c of the act.3. the above decision of the supreme court squarely covers the controversy of this writ petition. following the same, this writ petition is .....

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Feb 02 1999 (HC)

Commissioner of Income-tax Vs. Indian Smelting and Refining Co. Ltd.

Court : Mumbai

Decided on : Feb-02-1999

Reported in : (1999)154CTR(Bom)483

..... by the court:this is an application under s. 256(2) of the income tax act, 1961 ('act'), filed by the revenue out of assessment year 1987-88 seeking a mandamus to the tribunal for 'drawing statement of case and referring the following ..... respect of question no. 1 was based solely on appreciation of facts. in the circumstances, the department has filed present petition under s. 256(2) of the act.3. heard the learned counsel for the parties. it was contended on behalf of the assessee that a finding of fact has been recorded by the tribunal that ..... -i of old appendix-1 being aggrieved by the order of the tribunal, the department filed an application before the tribunal under s. 256(1) of the act stating therein that the above questions be referred to high court for opinion. by order dt. 28-5-1997, the tribunal dismissed the said application on the ..... extra shift allowance of depreciation as claimed by the assessee was not available. being aggrieved by the order of the assessing officer, the assessee preferred appeal before the cit. by his order dt. 19-7-1990, the appeal came to be dismissed. by the said order the disallowance of rs. 63,600 being extra shift allowance ..... controversy involved is, whether the leave salary paid over and above the limit prescribed under s. 10(10aa) of the act is exempted and not includible for the purpose of disallowance under s. 40a(5) of the act. heard learned counsel for both the sides. this question is pure question of law.6. accordingly, the tribunal is .....

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Oct 04 1999 (HC)

Jagdish Electronics (India)(P) Ltd. Vs. Appropriate Authority

Court : Mumbai

Decided on : Oct-04-1999

Reported in : [2000]108TAXMAN587(Bom)

..... declared rs. 16,13,700.3. you are required to show cause as to why the property should not be purchased under the provisions of chapter xx-c of the income tax act, 196 1.4. your reply should reach this office latest by 11-4-1994 at 3.00 p.m. positively, by speed post. if you desire personal hearing, you may ..... deshmukh, j.by these two petitions, the same petitioner, namely, jagdish electronics (p) ltd., challenges the two orders passed by the appropriate authority under chapter xx-c of the income tax act, 1961, for compulsory purchase of flat nos. 13 and 14 in the building known as 'belmont co-operative housing society'. as the ground for challenging both the orders is identical, ..... to, on the basis of the mateiral available before it, reach a tentative conclusion that the transaction has been undervalued and that there has been an attempt to evade the tax and it is only after reaching such tentative conclusion that the show-cause notice can be issued. in order to give an effective opportunity of showing cause and being heard .....

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