Court : Mumbai
Decided on : Apr-05-1999
Reported in : 238ITR736(Bom)
..... and in the circumstances of the case, the tribunal was right in law in holding that the assessee was entitled to the deduction under section 80v of the income-tax act, 1961, of rs. 58,000 forthe assessment year 1976-77, rs. 44,500 for the assessment year 1977-78 and rs. 55,445 for the ..... 1, 1976. for the assessment year 1977-78, he found that nothing was withdrawn from the firm for payment of taxes. nothing was, therefore, allowed as deduction under section 80v of the income-tax act, 1961 ('the act'). for the assessment year 1978-79, he found the position to be the same as in 1977-78. there ..... no nexus between the borrowing and the payment of taxes. he, therefore, submitted that interest paid on monies borrowed ..... interest paid by the assessee on money borrowed for payment of taxes after the coming into force of section 80v. he also submitted that deduction under section 80v of the act is allowable only if the amount is borrowed specifically for payment of taxes under the income-tax act. according to him, in the instant case, there is ..... dr. 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 at the instance of the revenue : 'whether, on .....Tag this Judgment!
Court : Mumbai
Decided on : Apr-20-1999
Reported in : 238ITR777(Bom)
..... opinion at the instance of the revenue :'whether, on the facts and in the circumstances of the case, the assessee was entitled to deduction under; section 57(iii) of the income-tax act for the assessment years 1976-77 to 1978-79 of interest on the loans raised by the assessee for acquiring shares in raval tiles and marbles pvt. ltd., with an ..... assessment years 1976-77, 1977-78 and 1978-79, the assessee claimed deduction under section 57(iii) of the income-tax act, 1961 ('the act'), of the interest paid by her on the loan obtained for acquiring the shares in the above company. the income-tax officer disallowed the claim of the assessee as, according to him, the loan taken by the assessee for the purchase ..... above company with a view to acquiring controlling interest therein and hence the interest paid thereon was not allowable as a deduction under section 57(iii) of the act. the assessee appealed to the income-tax appellate tribunal ('the tribunal'). before the tribunal, it was contended on behalf of the assessee that though the ultimate motive of the assessee might have been to ..... opinion that in such a situation, the interest on money borrowed for purchasing shares was not allowable as a deduction under section 57(iii) of the act. the assessee appealed to the appellate assistant commissioner of income-tax. the appellate assistant commissioner held that the assessee, her husband and her father-in-law, who were not having any interest in the said company .....Tag this Judgment!
Court : Mumbai
Decided on : Apr-21-1999
Reported in : (1999)155CTR(Bom)557; 238ITR1018(Bom)
..... september 30, 1979, relevant to the assessment year 1980-81, the assessee company acquired a computer and claimed investment allowance under section 32a of the income-tax act, 1961 (the 'act'), in respect thereof. the income-tax officer rejected this claim of the assessee on the ground that there was no manufacturing activity undertaken by the assessee and hence the assessee was not ..... ', was an industrial undertaking for the purpose of manufacture or production of any article or thing as envisaged by section 32a(2)(b)(iii) of the income-tax act, 1961, and is entitled to 'investment allowance' in the assessment year 1980-81 ?'2. the assessee is a private limited company and carries on the business of 'business ..... b.p. saraf, j.1. by this reference under section 256(1) of the income-tax act, 1961, at the instance of the revenue, the following question of law has been referred by the income-tax appellate tribunal to this court for opinion :'whether, on the facts and in the circumstances of the case, the asses-see-company having business of 'business consultants ..... entitled to investment allowance under section 32a of the act. the assessee appealed to the commissioner of income-tax (appeals). before the commissioner of income-tax (appeals), it was contended by the assessee that its business activity as consultants involved processing of data for drawing up statements of .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-08-1999
Reported in : (2000)162CTR(Bom)182; 242ITR582(Bom)
..... the assessee and other co-owners to the hutment dwellers for vacating the land was an allowable expenditure within the meaning of section 48 read with section 55 of the income-tax act, 1961. the answer to this question will depend on whether the expenses incurred by the assessee and other co-owners constitute cost of improvement under section 48(ii). the ..... the assessee and other co-owners to the hutment dwellers for vacating the land was an allowable expenditure within the meaning of section 48 read with section 55 of the income-tax act, 1961, in the assessment year 1975-76 ?'2. the assessee and other co-owners owned a certain piece of land at andheri admeasuring 10,577 square metres. the property ..... to the conclusion that the deduction was erroneous and prejudicial to the interests of the revenue. accordingly, the matter was taken up in revision under section 263 of the income-tax act. after notice to the assessee, the commissioner disallowed the expenditure. being aggrieved by the order of the commissioner, the assessee preferred an appeal before the tribunal. following an earlier ruling ..... was notified for a public purpose under the maharashtra regional town planning act, 1966, read with the land acquisition act, 1894. the property was subsequently sold to the bombay municipal corporation by negotiation-cum-acquisition. this was under the provisions of the maharashtra regional town planning .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-02-1999
Reported in : 240ITR244(Bom)
1. this is an application under section 256(2) of the income-tax act, 1961 ('the act'), filed by the revenue out of the assessment year 1987-88 seeking a mandamus to the income-tax appellate tribunal for drawing up a statement of case and referring the following questions to this court for opinion :'1. whether, on the facts and in the circumstances of the ..... shift allowance of depreciation as claimed by the assessee was not available. being aggrieved by the order of the assessing officer, the assessee preferred an appeal before the commissioner of income-tax. by his order, dated july 19, 1990, the appeal came to be dismissed. by the said order the disallowance of rs. 63,600 being extra shift allowance of depreciation on ..... (9a) of part i of old appendix i. being aggrieved by the order of the tribunal, the department filed an application before the tribunal under section 256(1) of the act stating therein that the above question be referred to the high court for opinion. by order dated may 28, 1997, the tribunal dismissed the said application on the ground that ..... finding in respect of question no. 1 was based solely on appreciation of facts. in the circumstances, the department has filed the present petition under section 256(2) of the act.3. heard 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 the fork-lift .....Tag this Judgment!
Court : Mumbai
Decided on : Oct-07-1999
Reported in : 1999(4)ALLMR539; 2000(1)BomCR581; (2000)161CTR(Bom)398; 241ITR437(Bom); 2000(2)MhLj74
..... petitioner seeks to challenge the notice dated 29th march, 1988 issued by the income-tax officer under section 148 of the income-tax act, 1961 ('act') for the assessment year 1985-86. the case of the petitioner is that the condition precedent for the issuance of the notice under section 148 of the act does not exist in this case and hence the notice is without jurisdiction ..... authority on 3rd march 1987 with retrospective effect from 13th december 1982. the impugned notice under section 148 of the act was issued to disallow the deduction granted to the assessee under section 35-cca of the act, as according to the income-tax officer, the assessee was not entitled to deduction in view of the withdrawal of the certificate granted to the society ..... act is, therefore, quashed and set aside. writ petition is allowed with no order as to costs. 7 ..... . 6. in the premises, we are of the clear opinion that there is no escapement of income of the assessee as a result of the allowance of deduction under section 35-cca of the act in the previous year relevant to the assessment year under consideration. the impugned notice of the income-tax officer dated 29th march 1988 issued under section 148 of the .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-15-1999
Reported in : 2000(2)BomCR293
..... , the following:'and whereas the parties viz., the vendor and the developer submitted the necessary 37-i form before the appropriate authority under section 269(ua) of chapter xxc of income tax act and the appropriate authority has granted the clearance certificate/noc for the transaction of development agreement between the vendor and the developer vide its letter no. ahd/la/pl/2686 ..... -a of the act which used the expression that the income tax officer 'shall have regard to' the losses incurred by the company or the smallness of the profits made, the supreme court pointed out ..... vide no. 431/574/mu dated 5-4-1997;.....'these recitals suggest that the developer (respondent nos. 7 & 8) had obtained clearance under section 37(i) of the income tax act, 1961 and thereafter approached the government of maharashtra for getting directions regarding sanction of development permission on the land; that by an order dated september 3, 1996 the government of ..... in the delhi rent control act, 1958. the supreme court took the view that these words merely meant that where the provisions of old act of 1952 and new act were similar with slight modifications, those modifications should be applied. in i.t. commr. v. g.b. and co. (p.) ltd., : 57itr176(sc) , a case under the income tax act, 1922, while interpreting section 23 .....Tag this Judgment!
Court : Mumbai
Decided on : Dec-07-1999
Reported in : 2000(2)BomCR525; (2000)2BOMLR774; 1998(1)MhLj181
..... can be improved and their value can be enhanced if the two businesses are carried on in separate entities. secondly the scheme will involve income tax benefits. the benefit of reduction under section 80hhe of the income tax act for software exports can be maximised. thirdly as the price earning multiplier (p.e.) for the software industry is much higher than what ..... the sentinel nature of jurisdiction exercised by the high court in company jurisdiction was emphasised with vehemence. it was urged that the high court which is expected to act as guardian in company matters failed to exercise its jurisdiction and was swayed by considerations which were neither legal nor relevant. at-tempt was made to show that the ..... any adverse implications on the shareholders or the creditors. 9. mr. tulzapurkar, learned counsel appearing in support of the scheme, has submitted that the procedure prescribed under the act has been followed. the scheme has been approved by an overwhelming majority of shareholders in value as well as in number. the consideration price to be paid in cash ..... computers, pocket computers, personal computers, micro computers, engineering computers, general purpose and process control computers, information and word processing equipments. (b) subject to the provisions of the companies act, 1956, to amalgamate, or to enter into partnership or, into any agreement for share profits, union of interest, co-operation, joint-venture, of reciprocal concession or for limiting competition .....Tag this Judgment!
Court : Mumbai
Decided on : Apr-08-1999
Reported in : AIR1999Bom362; 1999(3)ALLMR154; 1999(3)BomCR390; (1999)2BOMLR476; 106CompCas78(Bom); 1999(3)MhLj684
..... 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 ..... assertion.' thereafter again the supreme court in the case of s.p. chengalvaraya naidu v. jagannath, reported in : air1994sc853 observed as follows :'kuldip singh, j.:---'fraud- avoids all judicial acts, ecclesiastical or temporal' observed chief justice edward coke of england about three centuries ago. it is the settled proposition of law that a judgment or a decree obtained by playing ..... the four cheques for encashment in the petitioner's bank. these cheques were dishonoured. therefore, the petitioner has filed a criminal case under section 138 of the negotiable instruments act. further it is stated that initially the petitioner did not suspect the bonafides of the respondent and believed the version of the respondent in regard to the reason for deferred ..... parte relief. in this application prayer is made for appointment of a provisional liquidator for taking over the management of the assets and properties of the respondent company and to act as official liquidator of the respondent. prayer clause (b) and (c) are as follows :(b) to restrain the respondent company viz., the golden oil industries (p) ltd. from transferring .....Tag this Judgment!
Court : Mumbai
Decided on : Dec-03-1999
Reported in : 76ITD121(Mum)
..... . it is also pleaded that even assuming that the statement dated 20-12-1991, cannot be regarded as a statement recorded under section 132(4) of the income tax act or under other provisions of the income tax act, it still cannot be regarded as an invalid statement without any evidentiary value. it is claimed that even if the seizure of the document annexure a-3 ..... from this i also state that the presumptions under section 132(4a) of the income tax act are available only for the purpose of passing an order under section 132(5) of the income tax act. such presumptions are not available while making an income-tax assessment under section 143(3) of the income tax act.i understand that typed list was seized in the course of the search under section ..... is only a typographical error and the evidentiary value of the statement cannot be detracted by such an error, specially in view of the provisions of section 292b of the income tax act. the power exercised by a competent authority cannot be regarded as illegal simply because a wrong section is mentioned, if the said authority has jurisdiction under some other provision. so ..... for the assessment year 1996-97, the assessee borrowed amounts from some concerns, and such borrowals appear in the books of account of the assessee. therefore, section 68 of the income tax act applies for the assessment year 1996-97.(b) for the assessment year 1991-92, addition was made by the assessing officer (1) on the basis of the alleged statement under .....Tag this Judgment!