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Judgment Search Results Home > Cases Phrase: income tax act Court: mumbai Year: 2012 Page 1 of about 194 results (0.414 seconds)

Apr 17 2012 (HC)

Sarvajanik Shikshan Sanstha Vs.Yehoshva Ashton.

Court : Mumbai

Decided on : Apr-17-2012

..... management of the said sampson english high school.8. the vendor shall obtain necessary permission from competent authority under the urban land (ceiling and holding) act as well as a certificate under section 230a of the income tax act of 1981 before the completion of the sale.14. the vendor shall deliver possession of the said school property along with fixtures, furniture, books, stationery ..... to perform their part of the contract. it is submitted by mr. samdani that unless appropriate permissions are obtained from various authorities viz. permissions from u.l.c. department, income-tax department etc., it was not possible for the appellant to get the sale deed executed from the respondents. it is submitted by mr. samdani that it was the duty on ..... etc. to the purchasers together with any portion of the said property which is or are vacant at the time of completion of the sale.15. the vendor shall pay all assessment, rent, rates, taxes ..... is already closed, it is impossible to grant decree of specific performance. the learned single judge also found that considering the limited jurisdiction conferred under section 34 of the act, the order of the learned arbitrator was not required to be interfered with and accordingly the learned single judge rejected the arbitration petition which was filed under section 34 of .....

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Jul 09 2012 (HC)

M/S. Rabo India Finance Limited, Mumbai Vs. Deputy Commissioner of Inc ...

Court : Mumbai

Decided on : Jul-09-2012

..... the consent of the parties, the petition is taken up for final hearing. 2. the petitioner has challenged a notice dated 28.3.2011, issued under section 148 of the income tax act, 1961, seeking to reopen the assessment for the a.y. 2004-2005 and an order dated 27.3.2011 rejecting the petitioner's objections thereto. 3. we have come to ..... assistance received from the holding co for which payments have been made to the holding co. i have therefore reasons to believe that the income of rs.9,37,54,925/- has escaped assessment under the provisions of income-tax act, 1961 for the ay 2004- 05 and remedial action by issuance of notice u/s. 148 will be appropriate in the case because ..... modeling, and administration strategy and program management. the first stage : 5(a). the petitioner made an application under section 195(2) of the act to the deputy director of income tax (international taxation) for determining the rate of deduction of tax at source in respect of the remittance to be made to rabobank international in respect of the said services. (b). the application was ..... all the conditions for issue of such notice are fulfilled in this case. this assessment is being re-opened with prior approval of cit-1, mumbai given vide letter dated 24 .....

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Jul 09 2012 (HC)

The Director of Income Tax (international Taxation) Mumbai Vs. M/S. Cr ...

Court : Mumbai

Decided on : Jul-09-2012

..... of an enduring or lasting nature as observed by the tribunal. further more, such `interest' would not answer the description `interest on securities' under the income-tax act, 1961 (`act' for short), and it matters not whether such `interest' had been separately shown as having been purchased. what was purchased in the transaction is only the ..... each day during these periods. we are unable to agree. whatever be the connotation of the term accruing in general parlance, for the purpose of the income tax act, interest does not accrue during such periods to the creditor / assessee. for want of a better term, it may be said that during such periods ..... claim of every kind and a debt-claim arises on account of a transaction that creates a debtorcreditor relationship. 30. thus, under the income tax act, 1961, as well as under the dtaa, the position remains the same at least so far as such securities are concerned viz. ..... oral judgment: [s.j. vazifdar, j.] 1. this is an appeal under section 260-a of the income tax act, 1961 against the order of the income tax appellate tribunal (itat) dismissing the appellant's appeal and allowing, in part, the respondent's cross objections. the appeal is admitted ..... securities which provide for payment of interest on a particular date or at stated intervals. 31. mr. kaka relied upon the model tax convention on income tax and on capital (22nd july, 2010) which supports our view. article 11(3) thereof is identical to article 11(4) of the dtaa. it .....

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Jul 09 2012 (HC)

M/S. Rabo India Finance Limited, Mumbai Vs. Deputy Commissioner of Inc ...

Court : Mumbai

Decided on : Jul-09-2012

..... the consent of the parties, the petition is taken up for final hearing. 2. the petitioner has challenged a notice dated 28.3.2011, issued under section 148 of the income tax act, 1961, seeking to reopen the assessment for the a.y. 2004-2005 and an order dated 27.3.2011 rejecting the petitioner's objections thereto. 3. we have come to ..... assistance received from the holding co for which payments have been made to the holding co. i have therefore reasons to believe that the income of rs.9,37,54,925/- has escaped assessment under the provisions of income-tax act, 1961 for the ay 2004- 05 and remedial action by issuance of notice u/s. 148 will be appropriate in the case because ..... modeling, and administration strategy and program management. the first stage : 5(a). the petitioner made an application under section 195(2) of the act to the deputy director of income tax (international taxation) for determining the rate of deduction of tax at source in respect of the remittance to be made to rabobank international in respect of the said services. (b). the application was ..... all the conditions for issue of such notice are fulfilled in this case. this assessment is being re-opened with prior approval of cit-1, mumbai given vide letter dated 24 .....

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Jul 09 2012 (HC)

The Director of Income Tax (international Taxation) Mumbai Vs. M/S. Cr ...

Court : Mumbai

Decided on : Jul-09-2012

..... of an enduring or lasting nature as observed by the tribunal. further more, such `interest' would not answer the description `interest on securities' under the income-tax act, 1961 (`act' for short), and it matters not whether such `interest' had been separately shown as having been purchased. what was purchased in the transaction is only the ..... each day during these periods. we are unable to agree. whatever be the connotation of the term accruing in general parlance, for the purpose of the income tax act, interest does not accrue during such periods to the creditor / assessee. for want of a better term, it may be said that during such periods ..... claim of every kind and a debt-claim arises on account of a transaction that creates a debtorcreditor relationship. 30. thus, under the income tax act, 1961, as well as under the dtaa, the position remains the same at least so far as such securities are concerned viz. ..... oral judgment: [s.j. vazifdar, j.] 1. this is an appeal under section 260-a of the income tax act, 1961 against the order of the income tax appellate tribunal (itat) dismissing the appellant's appeal and allowing, in part, the respondent's cross objections. the appeal is admitted ..... securities which provide for payment of interest on a particular date or at stated intervals. 31. mr. kaka relied upon the model tax convention on income tax and on capital (22nd july, 2010) which supports our view. article 11(3) thereof is identical to article 11(4) of the dtaa. it .....

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Aug 06 2012 (HC)

Director of Income Tax (international Taxation) Vs. Balaji Shipping Uk ...

Court : Mumbai

Decided on : Aug-06-2012

..... meaning ascribed to it in section 44 b as the context in which it is used does not require it to be construed differently. 17. section 44(b) of the income tax act, 1961 reads as under:- 44-b. special provision for computing profits and gains of shipping business in the case of nonresidents. (1) notwithstanding anything to the contrary contained in sections ..... s.j. vazifdar, j. 1. these appeals under section 260-a of the income tax act, 1961 are against a common order of the income tax appellate tribunal dated 13.8.2008 in income tax appeal nos.1540/mum/05 and 2392/mum/06 pertaining to the assessment years 2001-2002 and 2002-2003. 2. by an order dated 29.9.2010, the appeal was ..... are these. the respondent filed its return of income on 5.10.2001 declaring a total income of rs.3,00,25,837/-. it showed gross receipts pertaining to freight in the sum of rs.40,03,44,489/-. relying upon section 44b of the act, the respondent computed its profits and gains chargeable to tax at 7.5% of these receipts to be ..... of slot chartering would form a part of income from operations of ships exempt under article 9 of the tax treaty between india and uk? 2) whether the income of the respondent on account of slot chartering and use of containers in india is taxable under section 44 b or 28 to 43 of the act? 3. as regards the second question, we have .....

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Oct 16 2012 (HC)

Commissioner of Income Tax-2 Mumbai Vs. Birla Global Asset Finance Co. ...

Court : Mumbai

Decided on : Oct-16-2012

..... depreciation on intangible assets viz. business and commercial brand equity even though such an asset is not a depreciable asset within the meaning of section 32(1)(ii) of the income tax act or part b of the depreciation schedule in old appendix of the it rules relevant to the a.y.2004-05? 2. as regard the first question is concerned, counsel ..... for the parties state that the said question is answered in favour of the assessee by the decision of this court in assessee's own case being income tax appeal no.828 of 2010 decided on 08.08.2012. hence, the first question cannot be entertained. 3. as regard the second question is concerned, the contention of the revenue ..... entitled to depreciation at the rate of 50% by ignoring the provisions of old appendix 1 part a snc 1/3 itxa 6835-10 .doc item iii(2) of the income tax rules, 1962 relevant to the a.y. 2004-05, which specifically provide for depreciation @ 20% on motor cars not used in the business of running them on hire? (b) whether ..... is that intangible assets like business and commercial brand equity are goodwill on which depreciation is not allowable. the apex court in the matter of cit v. smift securities limited, reported in (2012)24 taxman 222 (sc) has held that even the intangible assets constitute goodwill on which depreciation would be allowable. hence, the second question .....

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Sep 12 2012 (HC)

Zandu Pharmaceuticals Works Limited Vs. the Commissioner of Income Tax ...

Court : Mumbai

Decided on : Sep-12-2012

..... tribunal was justified in law in holding that the receipt from the sale of import entitlements could not be included in the income of the assessee for the purpose of computing the relief under section 80-hh of the income tax act, 1961? ? the question therefore, was converse to the one before us. the supreme court held as under:- ??12. crude petroleum is refined ..... s.j. vazifdar, j. 1. this is an appeal under section 260a of the income tax act, 1961 against the order of the income tax appellate tribunal dated 1.8.2006 in a group of income tax appeals pertaining to various assessment years. the present appeal is against the order insofar as it relates to ita no.1964/m/1997 and pertains to the assessment year 1993- ..... 's total turn-over. consequently the ao reduced the appellant's claim for the said deductions under chapter vi-a in respect of the said units. (c). the commissioner of income tax (appeals) and the tribunal upheld the assessment order. the tribunal held that the expenditure for the r and d work in the head office had been incurred for the benefit ..... held that there was no justification for the claim that this expenditure ought not to be apportioned among the assessee's units. incidentally, the cit (a) had also observed that there was a composite fund of the assessee which comprised income from various units and expenditure even in respect of the units was incurred from this composite fund. based on this the .....

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Aug 06 2012 (HC)

Director of Income Tax (international Taxation) Vs. Balaji Shipping Uk ...

Court : Mumbai

Decided on : Aug-06-2012

..... meaning ascribed to it in section 44 b as the context in which it is used does not require it to be construed differently. 17. section 44(b) of the income tax act, 1961 reads as under:- ??44-b. special provision for computing profits and gains of shipping business in the case of nonresidents. ?? (1) notwithstanding anything to the contrary contained in sections ..... s.j. vazifdar, j. 1. these appeals under section 260-a of the income tax act, 1961 are against a common order of the income tax appellate tribunal dated 13.8.2008 in income tax appeal nos.1540/mum/05 and 2392/mum/06 pertaining to the assessment years 2001-2002 and 2002-2003. 2. by an order dated 29.9.2010, the appeal was ..... are these. the respondent filed its return of income on 5.10.2001 declaring a total income of rs.3,00,25,837/-. it showed gross receipts pertaining to freight in the sum of rs.40,03,44,489/-. relying upon section 44b of the act, the respondent computed its profits and gains chargeable to tax at 7.5% of these receipts to be ..... of slot chartering would form a part of income from operations of ships exempt under article 9 of the tax treaty between india and uk? 2) whether the income of the respondent on account of slot chartering and use of containers in india is taxable under section 44 b or 28 to 43 of the act? ? 3. as regards the second question, we have .....

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Aug 14 2012 (HC)

Harshad J. Choksi Vs. Commissioner of Income Tax Bombay City-vii, Mumb ...

Court : Mumbai

Decided on : Aug-14-2012

..... bad debts yet the same would be allowable as a deduction as a revenue loss in computing profits of the business under section 10(1) of the indian income tax act, 1922. 13. in view of the above, the question as referred to us is answered in the affirmative i.e. in favour of the assessee and ..... of the tribunal that the loss could be allowed on general principles governing computation of profits under section 10 of the indian income tax act, 1922 which is similar/identical to section 28 of the act. the revenue in that case urged that the assessee having claimed deduction as a bad debt the benefit of the general principle ..... m.s. sanklecha, j. by this reference under section 256(1) of the income tax act, 1961 ('the act'), the income tax appellate tribunal ('the tribunal') has referred the following question of law for the opinion of this court. "whether on the facts and in the circumstances ..... as the assessee has not satisfied the condition precedent as provided under section 36(2) of the act, which requires that the amount must be offered to tax in an earlier previous year. 4. on appeal, the commissioner of income tax (appeals) upheld the finding of the assessing officer to the extent of rs.44.98 lacs after ..... is entitled to be deducted to arrive at the profits and gains of a business under section 28 of the act. in support thereof, he relies upon the decision of this court in the matter of commissioner of income tax v. r.b. rungta and co. reported in 50 itr page 233. 7. as against the above, .....

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