Court : Mumbai
Reported in : 65ITR261(Bom)
..... , it sent the matter back to the appellate assistant commissioner for hearing an disposal according to law. the assessee then made an application under section 66(1) of the indian income-tax act requesting the tribunal to raise questions, which arose on the preliminary contentions raised by it, and the tribunal accordingly drew up a statement of the case and referred to this ..... objection for its exclusion from the assessment. the addition is, therefore, deleted.' 2. after having agreed to the deletion of the said amount, the department preferred an appeal to the income-tax appellate commissioner complaining that the item of rs. 4,72,500 was wrongly deleted. at the hearing of the appeal before the tribunal, the counsel for the assessee contended, inter ..... that appeal to the deletion of the said amount from the assessment. in accordance with this argument, on august 7, 1959, when the appellate assistant commissioner decided the appeal, the income-tax officer conceded the deletion of the said amount of rs. 4,72,500 and the appellate assistant commissioner, after recording the said concession in his order, directed the deletion of ..... s letter to the inspecting assistant commissioner dated july 21, 1958, appearing at annexure 'c' to the statement of the case and the letter from the inspecting assistant commissioner of income-tax to the assessee to august 5, 1958, appearing at annexure 'd'. according to this settlement, it appears to have been agreed to between the parties that the sum of rs .....Tag this Judgment!
Court : Mumbai
Reported in : 110ITR145(Bom)
..... 10,000 for the three assessment years respectively. thereafter, at the instance of the assessee a reference has been made to this court under section 66(1) of indian income-tax act, 1922. 3. the question which has been referred to us for our opinion is as follows : 'whether the sum of rs. 7,500, rs. 10, ..... agreement as divorced from one another. it is true that clause (3) seems to suggest that the payment of rs. 25,000 net free of income-tax in terms of indian rupees as made by the indian company to the assessee in consideration of a.c.n.a.'s disclosure and supplies of the ..... paragraphs (1) and (2) above, amar shall pay to a.c.n.a. an annual technical service fee of rs. 25,000 net free from income-tax in italian lire at italian lire 130 per re. 1, subject to any exchange restrictions as may be for the time being in force. this fee shall ..... order upheld the view of the income-tax officer. the assessee thereafter went in second appeals tot he income-tax appellate tribunal. the contention before the tribunal was that the technical services as required to be rendered in terms of clause (3) ..... to be rendered which were distinct and for which a separate payment was provided. the income-tax officer took the view that a part of the above amounts must be deemed to be income accrued in india and hence liable to tax in india. the assessee then filed appeals to the appellate assistant commissioner, who by an .....Tag this Judgment!
Court : Mumbai
Reported in : 51ITR221(Bom)
..... of the case and on a true construction of the indenture of trust dated march 16, 1953, read with section 16 (1) of the indian income-tax act the income of the trust created by dr. kohiyar, so far as the property settled by him was concerned, should be deemed to be his ..... v.s. desai, j. 1. this is a reference under section 66 (1) of the indian income-tax act, at the instance of the assessee, who are the trustees of the kohiyar family trust, and arises out of their assessments for the years 1954-55 ..... a single trust deed, it was an amalgamated deed dealing with two separate and trusts. he accordingly set aside the orders of assessment passed by the income-tax officer and directed the income-tax officer to make fresh assessments in the light of his decision. against the order of the appellate assistant commissioner, the department took a second appeal ..... revoke has been reserved by the settler, and cannot, therefore, apply to an irrevocable trust. it is true that the decision in ramji keshavji v. commissioner of income-tax does not refer to the last part of the proviso and does not discuss its effect on the construction of the said proviso. this last part, however, has ..... section 16 (1) (c) applied to the trust assessable in the hands of the settlers. in the appeals which the assessee filed against the order of the income-tax officer, the appellate assistant commissioner took the view that the trust was revocable so far as the settlements made by the settler of the one part, dr. kohiyar, .....Tag this Judgment!
Court : Mumbai
Reported in : (1985)46CTR(Bom)200; 157ITR751(Bom)
..... . 37,106 and machining charges amounting to rs. 9,435 is liable to be deducted for the purpose of giving relief under section 80e of the income-tax act, 1961 ? (2) whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the amount of rs ..... this connection, we may set out a passage from the judgment which we delivered in the last session in gannon norton metal diamond dies ltd. v. cit (income-tax reference no. 1 of 1976 - decided on october 19, 1983). the passage extracted from our judgment reads as under :'what we have to consider ..... interest realised on machinery sold on credit to the customers. as far as these two items were concerned, the appellate assistant commissioner held that the income-tax officer was right in excluding these two items from the scope of section 80e. when the appeal was carried further to the tribunal, the tribunal, ..... and the total amount of deduction allowed came to rs. 1,44,789. the assessee was not satisfied with the computation made by the income-tax officer and an appeal was preferred to the appellate assistant commissioner. two of the contentions of the assessee pertained to machining charges recovered from the ..... at the time of the original assessment. the third of these three points related to the reliefs available to the assessee under section 80e. the income-tax officer found that there was substance in the plea and he made an order under section 154 allowing the statutory deduction of 8% under section .....Tag this Judgment!
Court : Mumbai
Reported in : 48ITR102(Bom)
..... v.s. desai, j.1. the short question which arises for determination on this reference under section 66(1) of the indian income-tax act, 1922, is whether the reassessment order made on the assessee under section 34 was barred by time. 2. the assessee is a firm ..... initiated in the present case could be regarded as having validly been under section 34(1)(a) and, therefore, the order of reassessment passed by the income-tax officer is not affected by the bar of limitation. now, the conclusion of the tribunal that the proceedings in the present case could not be justified ..... case was not justified under section 34(1)(a), but could only be regarded as under section 34(1)(b), the order of reassessment passed by the income-tax officer is clearly barred by time. 5. mr. joshi, for the revenue, has however, argued that the conclusion of the tribunal that the initiation of ..... the department's contention that the provisions of section 28(1)(c) were attracted in the present case and, consequently, the reassessment order passed by the income-tax officer could be made even after the period of four years, and it was not barred by time. it accordingly dismissed the assessee's appeal. on ..... this contention was accepted by the appellate assistant commissioner and that assessment order was set aside. thereafter, a fresh notice under section 34 was issued by the income-tax officer to the assessee on the 31st january, 1956, and it was served on the assessee on the 4th february, 1956. in response to the said .....Tag this Judgment!
Court : Mumbai
Reported in : 167ITR243(Bom)
..... . 1,57,708 ? 2. whether, on the facts and in the circumstances of the case, the tribunal was justified in deleting the sum of rs. 73,7708 assessable as income for the assessment year in question under section 68 of the income-tax act, 1961 ?'2. this reference relates to the assessment year 1963-64. the assessee is a hindu undivided family and derives ..... ,708 remained unexplained. this amount, the income-tax officer added, to the assessee's 'income from other sources'.14. before the tribunal, the assessee did not dispute ..... extent of rs. 84,000, being the estimated income. the balance thereof in the amount of rs. 73 ..... other business by offering to be assessed on estimated income, the available funds for being introduced in the business can only be accepted to the extent of income estimated, and the balance of credits still not covered will be treated as income from undisclosed sources under section 56 read with section 68 of the income-tax act......'. thus, the cash credits were covered to the .....Tag this Judgment!
Court : Mumbai
Reported in : 46ITR550(Bom)
y.s. tambe, j.1. the is a reference under section 66(1) of the income-tax act (hereafter referred to as the 'act') on two applications made by the assessee and the question referred to this court is in the following terms : 'whether on the facts ..... each in accordance with the sixth terms of the agreement which we have already reproduced above. the contention of the assessee was not accepted by the income-tax officer. the income-tax officer held that the assessee was legal owner of the dividends on the date the dividends were declared and, therefore, the entire amount of rs. ..... decisive factor was the nature and character of the obligation attached to the ownership of the property. in the case of seth motilal manekchand v. commissioner of income-tax, a managing agency belonged to a hindu joint family composed of a, his son b, and a's wife. in a partition between the members of ..... equal force to the present case. the principle and test to be applied have now been laid down by their lordships of the supreme court in commissioner of income-tax v. sitaldas tirathdas. at page 374, it has been observed : 'in our opinion, the true test is whether the amount sought to be deducted, in ..... in our opinion, has no application to the facts of the present case and is distinguishable on facts. the facts in provat kumar mitter v. commissioner of income-tax were that the assessee, who was the registered holder of 500 ordinary shares in a limited company, assigned to his wife, by a deed of settlement, the .....Tag this Judgment!
Court : Mumbai
Reported in : 80ITR589(Bom)
..... the depreciation allowance for the ship 's. s. englestan' was in accordance with the provisions of section 31 (3) (a) and (b) of the income-tax act ?' 8. under the provisions of section 10, the assessee was entitled to a deduction for depreciation on said ship. the provisions of subsections (5) of section ..... division bench of this high court held that the power conferred upon the appellate assistant commissioner by the income-tax act are much wider than the power of an ordinary court of appeal. under the income-tax act once an assessment comes before the appellate assistant commissioner, his competence is not restricted to examining those aspects ..... mody, j.1. this is a reference under section 66 (1) of the income-tax act, 1922. 2. the assessee is a shipping company. the relevant assessment year is 1952-53, the accounting year being the year ended ..... of the assessment which are complained of by the assessee, but ranges over the whole assessment and it is open to him to correct the income-tax officer not only with ..... that in making the order setting aside the assessment and directing a fresh inquiry the only objective of the appellate assistant commissioner was that the income-tax officer should proceed under that first proviso and allow depreciation on the footing of the provisions of that provision. he contended that the power to .....Tag this Judgment!
Court : Mumbai
Reported in : 46ITR590(Bom)
..... appeal and directed the assessment to be modified on the lines indicated in its order. on an application for reference made under section 66(1) of the income-tax act by the department, it drew up a statement and referred to this court the following question : 'whether, on the facts and in the circumstances of ..... accounting year, but whether the said item can be regarded either as a profit or loss under the provisions of the income-tax act (see, in this connection, henriksen (inspector of taxes) v. grafton hotel ltd. and commissioner of income-tax v. c. parekh & co. (india) ltd. moreover, even apart from this consideration, the entries made by ..... v.s. desai, j.1. this is a reference under section 66(1) of the indian income-tax act at the instance of the commissioner of income-tax. the assessee concerned in this reference is a limited liability company having its head office in india. its business is plying ..... not regarded as the entry of the profit realised by him even on the mercantile system of accounts maintained by him during that year, by the income-tax officer in assessment of that year. if in was an entry of the profit accrued, then mr. palkhivala says, the profit had accrued not in ..... not be said to have realised a profit of rs. 3,22,869 on devaluation. he therefore, directed that from the amount added back by the income-tax officer, a sum of rs. 3,22,869 should be deleted. the department appealed to the tribunal against the decision of the appellate assistant commissioner. the .....Tag this Judgment!
Court : Mumbai
Reported in : (1986)52CTR(Bom)158; 162ITR622(Bom); 24TAXMAN444(Bom)
..... bharucha, j.1. four questions are put to us in this reference under section 256(1) of the income-tax act, 1961, the first two at the instance of the revenue and the latter two at the instance of the assessee. they read thus :'(1) whether, on ..... each month. in mr. kolah's submission, the calculation should have been made on the state of the overdraft account from day to day. it was the income-tax officer who made the calculations on the basis of the state of the overdraft account at the end of each month of the relevant previous year. we find ..... having ended on september 30, 1967. the assessee had an overdraft bank account.it utilised the overdraft attributed to borrowings on overdraft utilised for payment of taxes was disallowed by the income-tax officer, by the appellate assistant commissioner and by the tribunal on the basis that it was not an allowable revenue expenditure. in so doing, reference was ..... the assessment year 1968-69 ?'2. counsel are agreed that the first question is covered by the unreported decision of this court in the case of the assessee itself (income-tax reference no. 26 of 1965 decided by kantawala c.j. and tulzapurkar j. on july 26, 1974). the answer to the first question must be, it is ..... rs. 18,05,000 on december 15,1969,which increase the overdraft to rs. 14,63,593 by december 31,1969 the income-tax officer disallowed the proportionate interest payable by the assessee to the bank. it was noted by the appellate assistant commissioner that the assessee's entire .....Tag this Judgment!