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Judgment Search Results Home > Cases Phrase: income tax act Court: mumbai Year: 1999 Page 5 of about 248 results (0.036 seconds)

Mar 26 1999 (HC)

Commissioner of Income-tax Vs. Radio Talkies

Court : Mumbai

Decided on : Mar-26-1999

Reported in : [1999]238ITR872(Bom)

..... to the ex-employees was incurred wholly and exclusively in connection with the sale of the property of the business of the assessee allowable under section 48(i) of the income-tax act, 1961 ?'2. the material facts giving rise to this reference are as under : the asses-see, who was carrying on the business of exhibiting films, closed its business in march ..... 1. by this reference under section 256(1) of the income-tax act, 1961, the income-tax appellate tribunal, bombay bench, mumbai, 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 ..... as on january 1, 1954, at rs. 7,31,000 and assessed the capital gains at rs. 11,24,999. in ascertaining the capital gains, the assessee claimed before the income-tax officer that as the assessee had paid rs. 74,687 as retrenchment compensation to the ox-employees of the assessee, which was a condition precedent to the sale of the ..... , 1972, and the property consisting of land and building was sold. the assessment which was originally made on september 18, 1978, was set aside and fresh assessment was made. the income-tax officer, who was asked to make a fresh assessment, referred the matter for valuation of the property to the valuation officer. on the basis of the valuation report, the .....

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Sep 10 1999 (HC)

Snp Shipping Services Pvt. Ltd. and Others Vs. World Tanker Carrier Co ...

Court : Mumbai

Decided on : Sep-10-1999

Reported in : AIR2000Bom34; 2000(1)BomCR511; (2000)1BOMLR56; 2000(2)MhLj570

..... by the litigants while seeking equitable relief from the court. these principles are laid down in the case of the king v. the general commissioners for the purposes of the income tax acts for the district of kensington, reported in 1917 king's bench division page 486. therein the following principles are laid down by viscount reading, c. j. :'before i proceed to ..... authorities to mean that meralis are the beneficial owners of snp. therefore snp would be carrying on business in contravention of the foreign exchange regulation act, 1947, the income tax act, 1961 and the securities and exchange board of india act, 1992. snp would be liable to criminal action. in my view this argument of mr. sundaram needs only to be stated to be rejected ..... the vessels under their management who are duly licenced and certified under the provisions of the indian merchant shipping act, 1958. as a company incorporated under the companies act, 1956, snp are also assessed to income tax in accordance with the provisions of the indian income tax act, 1962. thus, it is stated that snp are an indian company governed under the provisions of the indian ..... companies act, 1956.5. on 11-4-1994 snp had entered into a management agreement with one m/s. kara mara .....

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Apr 29 1999 (HC)

induconsulting Bureau Pvt. Ltd. Vs. Commissioner of Income-tax, Bombay ...

Court : Mumbai

Decided on : Apr-29-1999

Reported in : 2000(2)BomCR217; [1999]239ITR151(Bom); 1999(2)MhLj797

..... this reference under section 256(1) of the income-tax act, 1961 the income-tax appellate tribunal, mumbai, has referred the following two questions of law to this court for opinion.at the instance of the assessee :1. 'whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that municipal taxes of rs. 15,328/- paid by the assessee ..... during this accounting year ending on 30-6-1978 was not allowable as a statutory deduction while computing its income from house property on the reason that the taxes pertained for a period from 1-4-1976 to 1-4-1977; and the liability had been incurred prior to the accounting period relevant to the ..... consideration i.e. 1979-80 but in the earlier year. the tribunal was right in holding that the above amount was not allowable as a statutory deduction in computation of income from house property of the previous year relevant to the assessment year 1979-80. accordingly, we answer this question in the affirmative i.e. in favour of the revenue and ..... the negative i.e. in favour of the revenue and against the assessee.3. so far as the first question is concerned, the uncontroverted factual position is that the municipal taxes amounting to rs. 15,328/- which the assessee paid during the accounting year ending on 30-3-1978, relevant to the assessment year 1979-80 pertained to the period from .....

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Jul 26 1999 (HC)

Commissioner of Income-tax Vs. Chemet

Court : Mumbai

Decided on : Jul-26-1999

Reported in : [1999]240ITR624(Bom)

..... .1. 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 :'whether, on the facts and in the circumstances of the case, and in law the tribunal was right in directing the income tax officer to exclude the miscellaneous expenses and local and other conveyance ..... 1981-82, the assesses claimed deduction on account of miscellaneous expenses and local and other conveyance expenses from the computation of disallowance under rule 6d of the income tax rules, 1962 ('the rules'). the income-tax officer disallowed the same and included the local conveyance expenses and miscellaneous expenses incurred by the employees at the places visited by them. on appeal, thecommissioner ..... salaries of the employees and the places visited by them and thereafter work out the correct disallowance. the appeal of the revenue against the above order was rejected by the income-tax appellate tribunal ('the tribunal'). hence, this reference.3. we have heard learned counsel for the parties. the controversy in the above question now stands concluded by the decision ..... of the employee under rule gd of the rules.4. in view of the above, we are of the clear opinion that the tribunal was right in directing' the income-tax officer to exclude the miscellaneous expenses and local expenses from the computation of disallowance under rule 6d of the rules. accordingly, the question referred to us is answered in .....

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Aug 09 1999 (HC)

Commissioner of Income-tax Vs. United Computers Services P. Ltd.

Court : Mumbai

Decided on : Aug-09-1999

Reported in : [1999]240ITR597(Bom)

..... assets including plant and machinery as may be prescribed. reference is also made to rule 5 of the income-tax rules, 1962, which provides, inter alia, that depreciation shall be calculated ..... ranjana desai, j. 1. 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 ..... parties to the decision of this court in cit v. paresh s. shah : [1999]238itr254(bom) . in that case this court while dealing with a similar question considered the relevant provisions of law. reference was made to section 32 of the income-tax act which deals with allowable depreciation in respect of ..... and held that the extra-shift allowance on data processing computer system was allowable.5. in the appeal carried to the income-tax appellate tribunal by the revenue, the income-tax appellate tribunal held following its earlier decision that the extra-shift allowance on data processing computer machine is allowable and hence no ..... assessment year is 1980-81. the assessee claimed extra-shift allowance, in addition to allowance of normal depreciation, on the data processing computer system. the income-tax officer held that depreciation at the rate of 20 per cent. is allowed on computer system. however, ho extra-shift allowance is allowable. he, .....

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Jul 13 1999 (HC)

Commissioner of Income-tax Vs. Hindustan Conductors P. Ltd.

Court : Mumbai

Decided on : Jul-13-1999

Reported in : [1999]240ITR16(Bom); 2000(2)MhLj352

..... b.p. saraf, j.1. 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 :'whether, on the facts and in the circumstances ..... rate of 15 per cent, of the amount borrowed as interest on borrowing under section 36(1)(iii) of the act and disallowed the balance. in view of the above findings, the income-tax officer reopened the assessments of the assessee for the assessment years 1969-70 to 1971-72 and disallowed part of ..... held that the tribunal was wrong in reversing the order of the income-tax officer and the commissioner of income-tax (appeals). it was observed :'. . . in our opinion, the income-tax officer is undoubtedly entitled while considering claim for deduction under section 36(1)(iii) of the act to examine whether the amount paid as interest is really 'interest' ..... by him in the past. he, therefore, allowed a sum of rs. 48,000 and disallowed the balance. the above order of the income-tax officer was reversed by the commissioner of income-tax (appeals). the appeal of the revenue was also dismissed by the tribunal. hence, this reference.6. we have heard mr. r. v. ..... the said trust, which was a public charitable trust, were controlled by the founder of the assessee-company through his kith and kin. according to the income-tax officer, the payment by way of financing charges at a most exorbitant rate was not wholly by way of interest. he, therefore, allowed finance charges .....

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Jun 29 1999 (HC)

Commissioner of Income-tax Vs. Jaypee Dyeing House

Court : Mumbai

Decided on : Jun-29-1999

Reported in : [1999]239ITR418(Bom)

..... ranjana desai, j. 1. 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 ..... is only used for the above purpose. learned counsel for the assessee has drawn our attention to the table found in part i of appendix i to the income-tax rules, 1962, which gives the rates at which depreciation is admissible. for machinery mentioned in sub-clause (ii) of clause iii of the said appendix, ..... conclusion that the assessee was processing artificial silk in its factory. the tribunal also referred to paragraph 2 of the assessment orders of both the years, where the income-tax officer had mentioned : 'the assessee continued the business of dyeing, bleaching and printing of art silk cloth.' 5. in the opinion of the tribunal, the assessee ..... on the machinery used by it. the income-tax officer did not accept the assessee's claim for depreciation at the higher rate because, in his opinion, the assessee was not doing processing work but ..... and 1980-81 for which the previous year ended on june 30, 1978, and june 30, 1979, respectively. the claim of the assessee before the income-tax officer was that since the assessee was engaged in processing of artificial silk cloth, it was entitled to higher depreciation at the rate of 15 per cent. .....

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Jun 22 1999 (HC)

Commissioner of Income Tax, Bangalore Vs. Hade Navigation (P.) Ltd., G ...

Court : Mumbai

Decided on : Jun-22-1999

Reported in : 2000(3)BomCR396; [1999]239ITR726(Bom); 1999(3)MhLj575

..... steel ltd. v. u. a. joshi, i.t.o., 1997(225) i.t.r. 458dr. b. p. saraf, j.1. 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 revenue :'1. whether, on the facts and in the circumstances of ..... . 1 are as follows :---the assessee, a private limited company, submitted its return of income for the assessment year 1978-79 with the income-tax officer under section 139 of the income-tax act, 1961 ('act'). in compliance to notice issued under section 143(2) of the act, the assessee appeared before the income-tax officer and produced evidence in support of its return. after taking into account the relevant ..... material available with him, the income-tax officer made an assessment of the total income of the assessee under section .....

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Apr 15 1999 (HC)

Commissioner of Income-tax Vs. Dawn Mills Co. Ltd.

Court : Mumbai

Decided on : Apr-15-1999

Reported in : [2001]247ITR552(Bom)

1. by this reference the following question of law has been referred for the opinion of this court under section 256(1) of the income-tax act, 1961, at the instance of the revenue : 'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the gratuity liability determined on actuarial valuation for the period prior to march 31, 1972 ?'2. mr. r. v. desai, learned counsel for the appellant, states that the controversy in the above question is covered in favour of the assessee by the decision of this court in cit v. tata hydro electric supply co. lid. : [1996]219itr178(bom) .3. in view of the above statement and following the ratio of the above decision, the question referred to us is answered in the affirmative, i.e., in favour of the assessee and against the revenue.4. reference stands disposed of accordingly with no order as to costs. certified copy expedited.

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Feb 18 1999 (HC)

Mercantile Bank Ltd. Vs. Commissioner of Income Tax

Court : Mumbai

Decided on : Feb-18-1999

Reported in : [2001]252ITR225(Bom)

..... 1. by this reference under section 256(1) of the income-tax act, 1961, the tribunal has referred the following questions of law for the opinion of this court at the instance of the department.department's questions ..... covered by the judgments of the supreme court in state bank of travancore v. cit : [1986]158itr102(sc) and in kerala financial corporation v. cit : [1994]210itr129(sc) and thejudgment rendered today by us in income-tax reference no. 83 of 1986-- banque nationals de paris v. cit : [1999]237itr518(bom) . accordingly, question no. 2 is answered in the ..... negative, i.e., against the assessee and in favour of the revenue.5. as regards question no. 3 is concerned, section 44c of the act came into force from ..... june 1, 1976 ? company's question : 4. whether, on the facts and in the circumstances of the case, the tribunal was correct in law in holding that income by way of discounting charges of treasury bills was chargeable as 'profits and gains of business or profession' and not as 'interest on securities' ?' 2. at the ..... . as regards question no. 4 is concerned, the issue is squarely covered by the judgment of the bombay high court in british bank of the middle east v. cit : [1998]233itr251(bom) . hence, question no. 4 is answered in the negative, i.e., against the revenue and in favour of the assessee.7. reference .....

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