Court : Mumbai
Reported in : 32ITR677(Bom)
..... made under the proviso to section 13 of the indian income-tax act, the assessee is not liable to be penalised under the provisions of section 28(1)(c) of the indian income-tax ac ?' 2. the short facts are that the assessee made a return of income-tax on the 13th of september, 1951, in respect of ..... states that there was deliberate concealment, which was the finding of the income-tax officer confirmed by the appellate assistant commissioner and the tribunal. 4. the mr. pandit argues that if a penalty is attracted notwithstanding the fact that a ..... question as to whether there was any evidence on which the income-tax authorities could have come to such a conclusion. no such question has been referred to us, and indeed the question referred to us in terms ..... the fact that the return has been subsequently corrected. the question as to whether the omission is deliberate or bona fide is a question for the income-tax authorities to determine, it being a pure question of fact, and it cannot arise for determination by us unless there was a reference on a ..... sales of rs. 40,770 the assessee showed a gross loss of rs. 3,444. the assessee's explanation of this loss did not satisfy the income-tax officer and he suspected that the closing stock of the assessee as shown was not correct. he, therefore, called upon the partner who appeared before .....Tag this Judgment!
Court : Mumbai
Reported in : 33ITR13(Bom)
..... us by the tribunal, and they are : '(1) was the tribunal entitled to compute the gross income from the sales of bicycles and motor-cycles under the proviso to section 13 of the indian income-tax act, even though the gross profits ascertained by reference to the accounts of the assessee were found to ..... be correct (2) were the income-tax authorities right in adding rs. 12,174 paid in respect of sales tax to the income of the assessee even though it ..... cycles the correct profit could be ascertained from the books, notwithstanding the fact that it could not be so ascertained in respect of accessories, the income-tax officer should have accepted the profits so ascertained as his own estimate. now, dealing with the first part of the argument, the proviso to ..... and motor-cycles only and expressed his inability to furnish such details in respect of accessories.he relied upon this for the inference that the income-tax officer found that the gross profits in respect of sales of cycles and motor-cycles only could be correctly ascertained from the accounts. it ..... dealt in motor-cycles, cycles and accessories in the assessment year 1950-51. the accounting year was the year ending 31st december, 1949. the income-tax officer found that the profits and gains could not properly be deduced from the accounts kept by the assessee, applied the proviso to section 13 .....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 : 80ITR491(Bom)
..... the said other partners by overriding title or that in the alternative they were allowable as deductions in computing the assessee's total income on ordinary principles of commercial accounting or under section 10(2)(xv) of the income-tax act or otherwise ?' 12. this high court by its order dated 5th december, 1968, held that the said decision of the supreme court in ..... dulichand laxminarayan v. commissioner of income-tax applied when a firm sought to be a partner with another individual or firm or joint family, but that ..... . valiram sons on the other which could be mutually exercised or enforced and that therefore the ratio of the judgment of the supreme court in murlidhar himatsingka v. commissioner of income-tax does not apply. this contention of mr. joshi, however, emphasised only one aspect and does not take into consideration the entire situation or the entire evidence relating to the ..... the said deed of partnership relating to the new prabhat silk mills no. 1. 7. all the above, four partnership are partnerships registered for the purposes of income-tax. 8. in their respective individual assessments to income-tax for the assessment year 1948-49, the accounting period being 1st april, 1947, to 16th december, 1948, the share of profits received by each of rijhumal .....Tag this Judgment!
Court : Mumbai
Reported in : 81ITR84(Bom)
..... mody, j.1. this is a reference under section 66(1) of the income-tax act, 1922. the assessment year relevant to this reference is 1947-48, the corresponding previous year being the year which ended on diwali ..... case, a return in answer to a general notice under section 22(1) was filed. no assessment was made on that return. subsequently, however, the income-tax officer initiated action under section 34. the supreme court held that the notice issued under section 34 was improper, because with the return already filed, there ..... order in connection with that voluntary return. he contended that when in respect of any year a return has been voluntarily submitted for assessment, the income-tax officer cannot chose to ignore the return and any notice of reassessment and consequent assessment under section 34 ignoring the return is invalid. in support ..... learned counsel for the revenue, has advanced the same arguments, raised the same contentions and has made the same applications as he had made in that income-tax reference no. 67 of 1965 we have, in our judgment in that matter which we have just delivered, rejected whose arguments, contentions and applications. it ..... returns on 12th december, 1960, under protest raising an objection that the action taken was without jurisdiction and time-barred. on 30th december, 1960, the income-tax officer completed the assessments of the three minors under section 23(3) read with section 34(1) (b). the appellate assistant commissioner accepted the contention .....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!
Court : Mumbai
Reported in : 81ITR609(Bom)
..... the business are not deductible, the operation of the proviso to section 13 of the income-tax act would be attracted : bombay cycle stores co. ltd. v. commissioner of income-tax. it may also be added, as was held by this court in commissioner of income-tax v. mcmillan & co. that the income-tax officer, even if he accepts the assessee's method of accounting, is not bound ..... for decision in this reference under section 66(2) of the indian income-tax act, 1922, is as follows : 'was there any material on the basis of which it can reasonably be said that, in the facts and circumstances of the case, the method of accounting employed is such that the income, profits and gains cannot properly be deduced therefrom ?' 2. the applicant ..... of his total sales. the assessee did not take that practical step even until the stage of the hearing before the appellate tribunal was completed. in that connection, the income-tax officer made his findings on the surrounding circumstances and facts as already recited above. the appellate assistant commissioner definitely held that the method of accounting adopted by the assessee and ..... several other circumstances and assessed the assessee on footing of his having made gross profits of 10 per cent. 4. the appellate assistant commissioner accepted the above finding of the income-tax officer and in that connection observed that '..... even though his sales during the year exceeded rs. 7 lakhs, he has not attempted to maintain a quantitative reconciliation with .....Tag this Judgment!
Court : Mumbai
Reported in : (1986)50CTR(Bom)237; 161ITR82(Bom); 24TAXMAN486(Bom)
..... provisions of section 66(1) of the indian income-tax act, 1922.2. in the earlier reference, the questions raised are at the instance of the assessee. they read as follows :'(1) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in confirming the enhancement to the income made by the appellate assistant commissioner by the ..... in relation to the account of shivshankar and company in the assessee's books of account. in the submission of mr. jetly, learned counsel for the revenue, the income-tax officer had considered the income of the assessee from its yarn business. the transactions between the asses - see and shivshankar and company were in respect of the yarn business. when, therefore, the ..... be sustained.12. mr. dalvi, learned counsel for the assessee, submitted before us that the appellate assistant commissioner could have gone into only those items as were considered by the income-tax officer from the point of view of their taxability and that it was not open to the appellate assistant commissioner to go outside the record of assessment which comprised the ..... made to them. the appellate assistant commissioner concluded by ordering that pending the receipt of the remand report 'this appeal will stand by'.7. in his remand report, the income-tax officer, on the basis of the evidence that he had gathered, concluded that ganesh trading company and mahavir trading company were brought into existence by the assessee itself to divert .....Tag this Judgment!
Court : Mumbai
Reported in : 209ITR779(Bom)
..... d.r. dhanuka j.1. by this reference under section 66(1) of the indian income-tax act, 1922, the income-tax appellate tribunal has referred the following question to this court for opinion. 'whether, on the facts and the circumstances ..... messrs. devyani dyeing and printing works. it is not necessary to examine this contention. even if there was no fresh material before the income-tax officer, the income-tax officer could record a finding on the issue under consideration while finalising the assessment orders for the assessment years 1961-62 and 1962-63 ..... messrs. devyani dyeing and printing works was a genuine third party firm. being aggrieved by the said order, the income-tax officer filed a second appeal before the income-tax appellate tribunal. the income-tax appellate tribunal interpreted the earlier order of the tribunal concerning the assessment year 1960-61 and came to the conclusion ..... and heard learned counsel for the assessee at length. in our opinion, the tribunal was more than justified in reaching the conclusion that the income-tax officer was not precluded in law from recording a finding on the issue under consideration while dealing with the assessment proceedings for the assessment ..... proceedings for the assessment year 1960-61. 4. in the course of assessment proceedings for the assessment years 1961-62 and 1962-63, the income-tax officer examined the matter in greater detail and recorded a positive finding to the effect that the business carried on in the name of messrs .....Tag this Judgment!