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Judgment Search Results Home > Cases Phrase: income tax act Court: mumbai Year: 1999 Page 9 of about 248 results (0.040 seconds)

Feb 23 1999 (TRI)

Pink Star Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-23-1999

Reported in : (2000)72ITD137(Mum.)

..... -9-1997 for assessment year 1994-95. there are two main grounds in the appeal, one relating to deduction under section 80hhc of the income-tax act, 1961 ("the act") and second, relating to deduction under section 80-i of the act. four main issues are involved in the ground relating to section 80hhc which are as follows : (a) whether premium received by the assessee ..... the process of setting up its plant and machinery, such receipts will go to reduce the cost of its assets. these are receipts of a capital nature and cannot be taxed as income." 22. understanding the above two decisions, in our opinion it follows that whereas a revenue receipt cannot be adjusted against capital expenditure, a capital receipt can be so adjusted ..... business (para 11). - 25. the last ground relates to the denial of deduction of rs. 84,428 under section 80-1 of the act. ao relied on the decision of the bombay high court in the case of cit v. london star diamond co. (i) ltd. [1995] 213 itr 517/79 taxman 276. he was of the view that assessee was engaged ..... of the decision of the supreme court in the case of tuticorin alkali chemicals & fertilizers ltd. v. cit [1997] 227 itr 172/93 taxman 502. however, the facts in that case are quite distinguishable. in that case, assessee had sought to adjust interest income against expenditure which was to be capitalised. this would have not only distorted the actual cost of construction .....

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Aug 02 1999 (TRI)

Indian Hotels Company Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-02-1999

Reported in : (2000)68TTJ(Mum.)706

..... income tax act, 1961 (hereinafter referred to as `the act'), for assessment year 1987-88. following two grounds have been raised in the appeal : (1) on the facts and in the circumstances of ..... officer to be erroneous and prejudicial to the interest of the revenue . accordingly, the order of the commissioner passed under section 263 of the income tax act, 1961 is quashed.the assessee is in appeal before us against the order of the learned commissioner, dated 24-3-1992, made under section 263 of the ..... to be erroneous and prejudicial to the interest of the revenue . accordingly, the order of the commissioner passed under section 263 of the income tax act, 1961 is quashed. ..... his submissions, the learned departmental representative relied on the decisions in vinay d. valia v. addl.income tax officer (1988) 27 itd 109 (bom-trib), duggal & co. v. cit (1996) 220 itr 456 (del) and k.a. ramaswarny chettiar & anr. v. cit (1996) 220 itr 657 (mad).in his reply, as regards the issue whether the supplies constituted ..... the learned commissioner did not survive at all. he relied on the decisions in cit v. gabriel india ltd. (1993) 203 itr 108 (bom), hindustan marketing & advertising co. ltd. v. income tax officer (1989) 28 itd 231 (del-trib) and nirfabrics ltd. v. dy. cit (1994) 50 itd 336 (bom-trib).the learned departmental representative, referring to explanation .....

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Nov 29 1999 (TRI)

Ramesh T. Salve Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-29-1999

Reported in : (2000)75ITD75(Mum.)

..... the assessing officer (q. no. 13) was - "please give the final qualification of the confession made by you under section 132(4) of the income-tax act." 15. as a matter of fact, it was not a question of the assessing officer to the assessee, but a request from him to give the ..... evidentiary value, merely because, the question first came from the authorized officer. further a perusal of the "final statement under section 132(4) of the income-tax act, of shri ramesh savle son of tejahie savle residing at 203 sujal apartments, cottage lane, santacruz, bombay on 7-9-1990 at 2.30 pm" ..... is provided in the section that any statement made by such person during the examination may thereafter be used in evidence in any proceeding under the income-tax act. in such a case there is no need for corroboratory evidence, in view of the evidentiary value the statement of that person is bestowed with ..... vide page 56 of the paper book). in that statement inter alia, he stated : "i would like to summarise my confession under section 132(4) of the income-tax act as follows : (1) cash seized 1991-92 rs. 1,20,000 (2) jewellery seized 1991-92 rs. 5,32,410 (3) spent for interior apartment ..... addition should have been made towards the unexplained investment. shri shivram also contended that no addition could have been made under section 69b of the income-tax act, for the unexplained investment if any. according to him even if there was any unexplained investment addition should have been made under section 69 only .....

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Dec 03 1999 (TRI)

Bennet, Coleman and Co. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-03-1999

..... required to be made and therefore, rules contained in rule 4 of part a of fourth schedule are not similar to the provisions of section 35(1)(iii) of the income-tax act and therefore, gestetner duplicators (p.) ltd.'s case (supra) does not apply.23. the next decision cited was gabriel india ltd.'s case (supra). in that case, a particular expenditure ..... below has been approved by the indian council of social science research, the prescribed authority for the purposes of clause (iii) of sub-section (1) of section 35 of the income-tax act, 1961, subject to the following conditions : (i) that such funds collected by the foundation under this exemption shall be utilised exclusively for promotion of research in social sciences. (ii) that ..... decided that the sum of rs. 1.50 crores be paid to the corpus fund of the times research foundation as research expenditure under section 35(1)(iii) of the income-tax act." 18. notification under section 35(1)(iii) dated 31-10-1981 issued by the government of india, ministry of finance (department of revenue), new delhi, is provided at page 59 ..... 10-3-1988 : "the research expenditure of rs. 1,50,00,000 represents contribution made to the times research foundation, an institution covered under section 35(1)(iii) of the income-tax act, 1961. we have already filed the necessary notification issued by the government of india, ministry of finance (department of revenue) approving the above institution under section 35(1)(iii)." 15 .....

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Oct 29 1999 (HC)

Alpha Associates Vs. Deputy Commissioner of Income Tax

Court : Mumbai

Decided on : Oct-29-1999

Reported in : (2000)66TTJ(Mumbai)758

..... to the assessee. the agreement entered into between shri c.b. sharma and the assessee was subject-matter of proceedings under section 269 ul 3 of the income tax act, 1961 whereby the appropriate authority under the income tax act, issued its no-objection for the sale of the said property by an order dated 21-1-1987. the learned counsel for the assessee submitted that ..... legal standi. further as per this agreement bmrda gave the payments also to the assessee. according to the learned counsel for the assessee word property under section 2(14) of income tax act has the /vide amplitude. an emphasis was given on the word 'any kind'. the right of conveyance of immovable property is clearly held as a right in property. the learned ..... them. the fact that the same was treated as transfer by the assessee is evident from the fact that it applied to the appropriate authority under section 269ul of the income tax act which is a cumbersome procedure and applicable only to transfers of immovable property, had the assessee carried an impression that transactions entered into it with shri c. b. sharma is ..... land to mahanagar telephone nigam ltd. (hereinafter called 'mtnl') amounting to rs. 1,18,66,907. this amount was arrived at after claiming deduction under section 48(2) of the income tax act, 1991 (hereinafter called the 'act'), thus the income disclosed for the year was under two heads, viz. business loss and the profit under the head capital gains. the net taxable .....

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Oct 25 1999 (HC)

Berlia Chemicals and Traders (P) Ltd. Vs. Asstt. Cit

Court : Mumbai

Decided on : Oct-25-1999

Reported in : (2002)76TTJ(Mumbai)974

..... .'7. from the above discussion, it can be observed that the explanation to rule 1 was added as a consequence to the insertion of new section 80aa in the income tax act with retrospective effect from 1-4-1968. thus, insertion of section 80aa with retrospective effect formed the foundation of the insertion of explanation to rule 1 of the first ..... of dividends within india. the high court held that the exclusion, therefore, of such interest income could only be of that income which formed part of the total income 'computed under the income tax act. such income, therefore, must necessarily be the net income which formed part of the total income after making permissible deductions. this was made clear, the court held, by the explanation added ..... observations. the case related to the computation of chargeable profits for the purpose of companies (profits) surtax act, 1964 (hereinafter referred to as surtax act). as per the scheme of the surtax act, total income had to be computed under the income tax act, 1961. the total income so arrived at had to be adjusted in accordance with the provisions of the first schedule to the ..... the relevant note (1981) 128 itr 111is reproduced below :'in the case of cloth traders (p) ltd. v. addl. cit : [1979]118itr243(sc) , the supreme court held that in computing the taxable income for the purposes of the income tax act, the deduction in respect of inter-corporate dividends should be allowed on the gross amount of such dividends received by the company .....

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May 06 1999 (HC)

Wall Street Construction Ltd. Vs. Dy. Cit

Court : Mumbai

Decided on : May-06-1999

Reported in : [1999]71ITD47(Mum); (2002)75TTJ(Mumbai)653

..... unaccounted turnover of the assessee.r. v. easwar, j.m. (as a third member) : 6-5-1999the following question has been referred to me under section 255(4) of the income tax act :'whether, on the facts and in the circumstances of the case, the book results shown by the assessee in accounted business should be accepted or a rate of 12 per ..... of interest under section 234b, the same is of consequential effect only. 12. in the result, the appeal of the assessee is rejected.reference under section 255(4) of the income tax act, 1961,5th aug., 1998as in the above-mentioned appeal there is a difference of opinion between the jm and the am on one point we are referring the following question ..... considered view, the accounts books of the assessee are liable to be rejected for the following reasons :(i) as a result of two search operations under section 132 of the income tax act, 1961 on 21-8-1990, and on 24-12-1992, a computer sheet was found, which gave details of 'on money' receipts and the assessee himself offered the same for ..... ita no. 1759/bom/1995 dated 7-8-1996, for assessment year 1991-92 without prejudice that no income be taxed during assessment year 1992-93 as submitted in the relevant ground of appeal.(iv) amendment made in section 234b of income tax act, 1961, by finance act, 1995, by applied prospectively and accordingly interest under said section for assessment year 1992-93 be limited into .....

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Dec 09 1999 (TRI)

S.R. Doshi Finance and Investment Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-09-1999

Reported in : (2000)75ITD434(Mum.)

..... -company returned a loss of rs. 3,79,090 for the year under consideration, which was assessed to a positive income of rs. 3,79,820 under section 143(3) of the income-tax act, 1961 ('the act'). in the course of assessment proceedings, it was observed by the assessing officer that the assessee who was in leasing ..... well accepted one and must be applied in appropriate cases but with circumspection and must not be called in aid to defecat the fundamental principles of the law of income-tax as developed." 6. of the eight propositions laid down, proposition nos. (1), (2) and (7) are directly relevant for the present appeal. taking up ..... amount of rs. 3.96 lacs and rs. 59,400 being interest thereon to the total income of the assessee.3. cit(a) applied the decision of the supreme court in the case of state bank of travancore v. cit [1986] 158 itr 102/24 taxman 337 and observed that since the agreement provided for ..... become bad, deduction in compliance which the provisions of the act should be claimed and allowed. (4) where the act applies, the concept of real income should not be so read as to defeat the provisions of the act. (5) if there is any diversion of income at source under any statute or by overriding title, then there ..... not carry any force. it was also observed by him that it was not a notional income given up by the assessee.thus, the addition of rs. 3.96 lacs and rs. 59,400 was confirmed by the cit(a).4. shri subhash shetty, the ld. counsel for the assessee, relied on the decision .....

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Apr 19 1999 (HC)

M. Sreenivasulu Reddy and ors. Vs. Kishore R. Chhabria and ors.

Court : Mumbai

Decided on : Apr-19-1999

Reported in : [2002]109CompCas18(Bom)

..... '.115. with respect to the purposive approach towards interpretation, mr. doctor relied upon the judgment of the supreme court in rao bahadur ravulu subba rao v. cit : [1956]30itr163(sc) , wherein in the context of the income-tax act, the court observed in para. 10 of the judgment that to bring about true interpretation one had to see (p. 612) : 'the character of the ..... in their pleadings. mr. nariman thereafter referred to the observations of the supreme court in the case of cit v. east coast commercial co. ltd. : [1967]63itr449(sc) , which was particularly in the context of acting in concert with respect to the complaint under the income-tax act and the supreme court has held that (p. 457): 'it is sufficient, if having regard to their ..... difficult to come by. he relied upon a judgment of the supreme court in the case of cit v. east coast commercial co. ltd. : [1967]63itr449(sc) , in the context of section 23a of the indian income-tax act, 1922, wherein the question was whether kedia family had acted in concert to control the affairs of the concerned company. in the facts of that case ..... , there was no evidence of any overt act showing that they were acting in concert and thereby constituted and acted as a block. the supreme court allowed the appeal .....

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Oct 27 1999 (HC)

Mumbai Mazdoor Sangh Vs. Regional Provident Fund Commissioner and ors.

Court : Mumbai

Decided on : Oct-27-1999

Reported in : [2000(84)FLR764]; (2000)ILLJ1225Bom

..... bar to a company establishing more than one factory. the mere fact that the company ultimately consolidated the accounts of the two factories for the purposes of the companies act and the income-tax act are not indicative of the fact that the two factories constitute one establishment.14. considering in the light of these cases, except for the fact that respondent no. ..... factory after carrying trading activity for several years. the mere fact that respondent no. 2 ultimately consolidated the accounts of the two units, for the purposes of the companies act and the income-tax act, cannot result in a conclusion that, therefore, the two units constitute one establishment. it is not unknown that where one and the same company establishes separate, distinct and ..... of the two units are different and that same is the position in regard to maintenance of books of account. it is only for the purposes of income-tax act and certain requirements of the companies act, that there is consolidation of accounts and other informations, but this cannot bring about a functional integrality which alone has a bearing upon the application of ..... different factories at different places with each having its own separate accounts, consolidation is annually effected for the purposes of the companies act and the income-tax act. in these circumstances, the petitioner's claim for treating the two units as one establishment for the purposes of section 2-a of the .....

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