Court : Mumbai
Reported in : 81ITR273(Bom)
..... for these reasons, our answer to the second part of question no. 1 is that the firm was not entitled to registration under section 26a of the indian income-tax act, 1922, for the assessment year 1960-61. 21. the first part of question no. 1 need not, therefore, be dealt with at all. our answer to ..... k.k. desai, j. 1. in this reference made under section 66 (1) of the indian income-tax act, 1922, the question of law arising for decision is as follows : 'whether, on the facts and in the circumstances of the case, the ..... not buy off any competitors. 14. having regard to the above discussion, our answer to the question referred is : 'it is revenue payment'. the commissioner of income-tax will pay costs. 'on the 17th february, 1959, it is alleged that a gift was made by golam hussain hasanali to his three sons, each getting of ..... question is incurred. in that connection, mr. mehta relied upon the decision of the supreme court in the case of gotan lime syndicate v. commissioner of income-tax. it seems to be unnecessary to discuss the findings made by the supreme court in that case, because what we have already mentioned above includes the effect ..... and claimed that this amount was revenue expenditure and was liable to be deducted from the profits of the assessee-company for computation of its income for assessment of tax liability. 6. the tax authorities have rejected that claim. in rejecting the claim the main finding made by the appellate assistant commissioner in his order dated july 22 .....Tag this Judgment!
Court : Mumbai
Reported in : (1984)38CTR(Bom)208; 150ITR671(Bom); 15TAXMAN551(Bom)
..... been referred to us :'1. whether, on the facts and in the circumstances of the case, the assessee failed to comply with the provisions of section 139(1) of the income-tax act, 1961, and rendered itself liable to penalty ? 2. whether, on the facts and in the circumstances of the case, the period for filing the return could be deemed to have ..... the submission of the return could be deemed to have been condoned as the income-tax officer levied interest for the period of the delay in the submission of the return ? 4. whether, on the facts and in the circumstances of the case, the order of ..... been extended as the income-tax officer levied interest for the period of the delay in the submission of the return ? 3. whether, on the facts and in the circumstances of the case, the delay in ..... assessment. by the order of the aac, the ito was directed to give credit for the tax of rs. 1,642.48 while computing the penalty at 2% (per month) on the advance tax payable by the assessee.5. the assessee preferred an appeal to the income-tax appellate tribunal and the revenue also preferred cross-objections. by its decision in the appeal and .....Tag this Judgment!
Court : Mumbai
Reported in : (1986)52CTR(Bom)293; 162ITR556(Bom); 26TAXMAN664(Bom)
..... by the depreciation already allowed ?(2) whether, on the facts and in the circumstances of the case, the assessee was entitled to relief under section 91 of the income-tax act, 1961, in respect of dividends from united kingdom ?(3) whether, on the facts and in the circumstances of the case, the sum of rs. 8,65, ..... bharucha, j.1. in this reference under section 256(1) of the income-tax act, 1961, three questions are raised. they read thus :'(1) whether, on the facts and in the circumstances of the case, the assessee was ..... in the year ended june 30, 1964, the appellate assistant commissioner allowed it as a deduction.8. an appeal was filed by the revenue to the income-tax appellate tribunal contesting the deduction of the sum of rs. 8,65,208. the tribunal found that there had been a demand for excise duty. the demand ..... incurred the liability of a certain amount on account of sales tax determined to be payable by the sales tax authorities on sales made by it during a particular previous year. a demand for sales tax was raised pending the income-tax assessment for that year. the income-tax officer rejected the assessee-company's claim for deduction of that ..... assessment year 1969-70.7. in the assessment for the assessment year here concerned, the income-tax officer included the sums collected for the years ended june 30, 1963, and june 30, 1964, in the assessable income of the assessee and levied income-tax thereon. on appeal, the appellate assistant commissioner held that the sum of rs. 12 .....Tag this Judgment!
Court : Mumbai
Reported in : 113ITR616(Bom)
..... as follows : '(1) whether, on the facts and in the circumstances of the case, the proviso to section 10(5)(a) of the indian income-tax act, 1922, was attracted (2) if proviso to section 10(5)(a) was attracted, whether the basis of fixing the written down value adopted by the ..... , determine having regard to all the circumstances of the case.' 9. he urged that this part of the proviso casts an obligation upon the income-tax officer to determine the actual cost which could only be the market value of the transferred assets on the date of transfer. it is not ..... inference was possible that the main purpose of transfer of such assets directly or indirectly to the assessee-company was for obtaining reduction of liability to income-tax by claiming depreciation with reference to the enhanced cost. he pointed out that the facts that the transfer was between the holding-company and its ..... information was placed before the tribunal it would have gone against the assessee-company. after rejecting the valuer's report, therefore, the tribunal upheld the income-tax officer's written down value (actual cost) as fixed by the department. at the instance of the assessee-company the two questions set out at ..... illegal for one company to transfer its assets to another allied company against shares to be issued at their market value of those assets. the income-tax officer rejected both the contentions and took the view that the assessees explanation for the transfer effected (viz., that the same was to avoid .....Tag this Judgment!
Court : Mumbai
Reported in : (1983)36CTR(Bom)397; 150ITR242(Bom); 15TAXMAN386(Bom)
..... ) whether, on the facts and in the circumstances of the case, the tribunal erred in holding that the penalty imposed on the assessee under section 271(1)(c) of the income-tax act, 1961, for the assessment year 1968-69 was not tenable ?'8. it will be apparent from a perusal of the questions that they are based upon a total misconception of ..... questions :'(1) whether, on the facts and in the circumstances of the case, the tribunal erred in holding that even where the explanation to section 271(1)(c) of the income-tax act, 1961, comes to the aid of the revenue in raising the presumption mentioned therein for the purpose of proving the requirements of clause (c) of section 271(1) ibid, the ..... income (hereinafter in this explanation referred to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced ..... no gross or wilful neglect on the part of the assessee in nor showing his correct income and as such his case was not covered by the explanation to s. 271(1)(c) of the act. the explanation to s. 271(1)(c) reads as follows :'where the total income returned by any person is less than eighty per cent, of the total .....Tag this Judgment!
Court : Mumbai
Reported in : 119ITR526(Bom); 1TAXMAN418(Bom)
..... with the determination of the true character of the receipt for the purposes of income-tax, the supreme court observed at page 77 as follows : 'but in assessing the true character of the receipt for the purpose of the income-tax act, inability to ascribe to the transaction a definite category is of little consequence. ..... been pointed out, what has to be seen when a question under the income-tax law comes to be decided is the character of the transaction or the payment from a business or accountancy point of view. if when looked ..... of the transaction was to be ascertained the calcutta high court observed as follows (p. 644) : 'indeed from the point of view of the income-tax law, it is hardly necessary to decide finally the true legal character of a transaction or the character in law of a payment. as has often ..... when a person sells his property and agrees to receive the price stipulated in instalments, by whatever name such instalments are called, they are not liable to income-tax - see foley v. fletcher  3 h & n 769, secretary of state in council of india v. andrew scoble  ac 299 , ..... it is not the nature of the receipt under the general law but in commerce that is material. it is often difficult to distinguish whether an agreement is for payment of a debt by instalments or for making annual payments in the nature of income .....Tag this Judgment!
Court : Mumbai
Reported in : 113ITR674(Bom)
..... followed the decision in banga laxmi hosiery mill's case  106 itr 644. the division bench that where the income has been assessed under the proviso to section 13 of the indian income-tax act, 1922, or under section 145 of the income-tax act, 1961, if it is not shown that the additions which have been made were in the nature of either artificial or ..... out of which they would have been able to declare a dividend. thus, the facts in the instant case indicate that, having regard to the assessed income even under the proviso to section 13 of the income-tax act, there was no surplus available which could be distributed as dividend. therefore, the only answer in respect of issue no. 2 could be in the ..... at the instance of three revenue. these observations are : 'we agree with the submissions of the assessee's representative that in case where the income is assessed by application of the proviso to section 13 of the income-tax act, the said fact in itself would not necessarily mean that the same was the assessee's commercial profits, unless it is specifically shown by ..... in the assessment year 1959-60. on certain defects being found in the accounts maintained by the company, the income-tax officer did not accept the results shown in the accounts and estimated the total income under the proviso to section 13 of the indian income-tax act, 1922, at rs. 96,647 for the assessment year 1958-59 and rs. 1,38,507 for the .....Tag this Judgment!
Court : Mumbai
Reported in : (1986)88BOMLR84; (1987)59CTR(Bom)92; 162ITR471(Bom); 30TAXMAN426(Bom)
..... to claim gratuity'.5. the assessee had claimed before the income-tax officer that the income derived by them was exempt under section 10(25) of the income-tax act, 1961. the income-tax officer rejected the claim and the appellate assistant commissioner, in appeal, agreed with the income-tax officer. the assessees came up in second appeal to the income-tax appellate tribunal, but did not there press the claim to ..... c.j. and kania j., delivered separate but concurring judgments. they were concerned principally with interpreting the first proviso to section 41(1) of the income-tax act, 1922, which read thus : 'provided that where any such income, profits are gains or any part thereof are not specifically receivable on behalf of any one person, or where the individual shares of the persons on ..... and not of the mills and that, since the beneficiaries and their shares were know and determined, the income should be brought to tax in the hands of the assessees not under section 164 but under section 161 of the income-tax act, 1961, by charging tax in like manner and to the same extent as would be levied and recoverable from the mills' employees. the ..... at the end of each accounting year ? (3) whether, on the facts and in the circumstances of the case, the income is rightly assessable under the provisions of section 161 of the income-tax act, 1961, and not under section 164 of the said act ?'2. the assessment years involved are 1963-64 and 1965-66 to 1971-72. the accounting years for each of .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1958Bom385; (1958)60BOMLR147; ILR1958Bom392; 33ITR94(Bom)
..... was constituted at the time of the assessment and make an assessment on such firm only. therefore, we are inclined to read in the provisions of section 23 of the income-tax act an implied power in the i. t. o. to determine who the partners of an unregistered firm are; and indeed it would be his duty so to determine for the ..... order1. this reference which arises out of some extremely unusual facts has brought to light the difficulty of finding within the framework of the indian income-tax act machinery for determining the liability of an alleged partner in an unregistered firm.2. the assessee in this case was an unregistered firm, and one gokuldas made a return for ..... will work a serious hardship on an alleged partner against whom the liability for tax is sought to be enforced. section 14, sub-section (2) (a) provides that if the ..... does not concern us. thus it would appear that where the tax is levied on an unregistered firm there may not be an occasion for the income-tax officer to determine who the partners of such unregistered firm are; but if this were the true position emerging from the provisions of the income-tax act, then the other provisions to which we will presently draw attention .....Tag this Judgment!
Court : Mumbai
Reported in : (1961)63BOMLR1011; 47ITR214(Bom)
..... bombay business, which was located in british india, and, therefore, the said profits had accrued in british india. after examining the relevant sections of the income-tax act, their lordships held that the provisions of the indian income-tax act do not mean that the situation of the source of the profits should determine the place where the profits arose or accrued. at page 530 of ..... former baroda state, in law, it accrued to her in british india and, in this connection, he referred to certain provision of the act and certain amendments introduced in the income-tax act. clause (3a) of the section 2 of the income-tax act modified up to 1st july, 1948, defined 'british india' as follows : 'british india means, as respects any period before the 15th day of ..... ) ordinance, xxi of 1949, was promulgated and published in the gazette of india, extraordinary, dated 26th august, 1949. by sub-section (1) of section 3 of the ordinance, the indian income-tax act, 1922, and all rules and orders made thereunder, which were in force immediately before the commencement of this ordinance, were extended and brought into force in all the merged states ..... only to such cases where the dividend is paid by an indian company without the taxable territories to a shareholder who is a non-resident within the meaning of the income-tax act. in our opinion, the contention raised by mr. joshi is well founded. it is true that the third explanation is sufficiently widely worded to include payment of dividends to .....Tag this Judgment!