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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: old Court: income tax appellate tribunal itat mumbai Year: 1999 Page 1 of about 60 results (0.066 seconds)

Jan 14 1999 (TRI)

Tata Chemicals Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-14-1999

Reported in : (2000)72ITD1(Mum.)

..... was carrying on business in cloth and also speculation business. the question was whether both the businesses constituted a single business for the purpose of section 24(2) of the income-tax act, 1922. a number of circumstances were relied upon by the tribunal in support of the finding that both the businesses were distinct and separate. the high court basically held that ..... tribunal agreed with the assessee. the high court reversed the tribunal's view and held as under : (i) as the expression "actual cost" has not been defined in the indian income-tax act, 1922, it has to be understood in the sense in which no commercial man would misunderstand. for this purpose, it is necessary to follow and apply the accepted accountancy rule ..... the previous year in order that the interest paid on capital borrowed for the purpose of the fertilizer business can qualify for deduction under section 36(1)(iii) of the income-tax act, 1961. we are unable to accept the contention of mr. dinesh vyas that such a condition is alien to the said provision. we are also unable to subscribe to his ..... notice now. he first cited state of madras v. g.j. coelho [1964] 53 itr 186 (sc). in this case the provisions of section 5(e) of the madras agricultural income-tax act were considered.the assessee claimed that interest paid by him on monies borrowed for the purpose of purchasing plantations was allowable as deduction under section 5(e) of the said .....

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Jan 28 1999 (TRI)

Balchand K. Vora Vs. Eighth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-28-1999

..... provided that the income received by the assessee as salary from the employer or a former employer shall be assessed to income-tax under the head 'salaries'. section 17 of the act defines 'salary'. it provides that the salary shall include wages, any annuity or pension ..... a receipt of rs. 93,500/- as race winnings in two jackpots at bangalore and madras and the said amount was credited in the capital account. the income-tax officer included these amounts as income from other sources and assessed them. the matter went before the settlement commission, who took the view that the claim of winnings in races was false and what ..... the decision of the cit(a) where the issue has been dealt with with reference to the case law and conclusion arrived at that the amount received by the assessee was nothing but part of the salary.8. i have given my careful consideration to the rival contentions. the word "salaries" is defined under section 15 of the income-tax act, 1961. it is ..... , any gratuity, any fees, commissions, perquisites or profits in lieu of or in addition to any salary or wages ...' under section 17(3) of the act "profits in lieu of salary" includes .....

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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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Feb 26 1999 (TRI)

Assistant Commissioner of Vs. Sinora Trading Ltd

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-26-1999

..... 1. the only issue arising out of this appeal relates to the computation of deduction under section 80m of the income-tax act, 1961.2. the brief facts of the case are these. the assessee is a dealer in shares and synthetic fabrics. during the year under consideration the assessee purchased shares worth ..... the assessee under section 80m on the ground that interest paid by the assessee was attributable to dividend income and therefore, the question of allowing any deduction did not arise. on appeal, the claim of the assessee was allowed by the commissioner of income-tax (appeals) by holding that the borrowings from banks was for the purpose of business i.e. for purchase ..... under : "if shares are held by an assessee as part of his trading assets, dividends on those shares would form part of the income from the business of the assessee." the second decision is in the case of cit v. cocanada radhaswami bank ltd. [1965] 57 itr 306 (sc) wherein it has been held as under : "though for the purpose of computation ..... and sale of shares and, therefore, the interest paid on such borrowings was allowable expenditure against the business income under section 36(1)(iii) and not against the dividend .....

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Mar 11 1999 (TRI)

D. A. Patel Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Mar-11-1999

..... money thereupon. this unaccounted money has been used by you in your business which means that those will be unexplained investment made in the business, as per income-tax act since you have already raised unaccounted hundies more than 2 crores, which thereby will be your unexplained investments. please explain this. ans. in my preliminary statement ..... the subsequent developments. q.10 was there any search action under section 132 of the income-tax act prior to this action in your case. if so, when. ans. yes, there was a search action under section 132 of the income-tax act somewhere in 1989. q.11 if i accept your earlier statement noted above as regards ..... 1. this appeal is directed against the order of the assessing officer dated 31-7-1997 passed under section 158bc(c) of the income-tax act for the block period 1-4-1986 to 15-7-1996.2. late shri a. k. patel and his group were mainly ..... the unaccounted principal and interest in respect of the hundies relating to the assessee upto the period 31-12-1995 and, accordingly, he brought to tax the same as income under the head 'other sources', along with the estimated interest for the balance of the period upto the date of search, i.e., 1 ..... 127 itr 572/6 taxman 63 in which it was held that the method of accounting cannot determine the range of taxable income or the ambit of taxation and no income can be brought to tax on the basis of hypothetical accrual of illusory interest. similarly, reliance is also placed upon the decision of the punjab and .....

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May 12 1999 (TRI)

Concept Pharmaceuticals (P.) Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-12-1999

Reported in : (2000)73ITD174(Mum.)

..... 1) [1993] 201 itr 567/69 taxman 575. the bombay high court in that case thoroughly examined the scope of section 40a(5)(a) and (c) of the income-tax act. speaking about the limits prescribed in sub-clauses (i) and (ii) of clause (a), their lordships held that these limits apply to payments made to all persons covered ..... to be in manuscript and the photocopies of those manuscript statements, were filed as apart of the paper book. further the statement recorded under section 131 of the income-tax act from shri r. s. krishnan on 29-5-1986 is furnished at pages 30 to 35 of the paper book. shri r. s. krishnan was the ..... and it should have been treated as such. as can be seen from page no. 6 of the paper book, total income disclosed under the amnesty return was rs. 11,18,531 on which income-tax and surcharge payable was rs. 7,04,675. the whole of it is recorded to have been paid as under : 15 ..... , had already found materials to show that there had been concealment, that would mean that the department had detected the concealment. if the income-tax officer had only prima facie belief that would not mean that the concealment had been detected." therefore, an assessee whose premises had been searched ..... worked out to rs. 4,00,625. the figure given by the company also tallied with this method of working in this case. it is assessed to tax as income from other sources.4. following arguments were addressed by shri s. e. dastur, learned advocate for the company. it is difficult to prove that raw material .....

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May 25 1999 (TRI)

Jhantala Investments Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-25-1999

Reported in : (2000)73ITD123(Mum.)

..... made by other shareholders were bogus and unbelievable and the subscription amounts represent nothing but unexplained investment of the assessee-company which justifies the addition under section 68 of the income-tax act. before dealing with this issue, even the broad probabilities if taken into consideration would not justify any addition under section 68. we have already catalogued the various dates ..... a combined review of the judgments of this court, it follows that an ito acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income-tax act, 1961, only if on the basis of specific, reliable and relevant information coming to his possession subsequently, he has reasons, which he must record, to believe that, by ..... these peculiarities, according to the assessing officer, clearly indicated that this was not a genuine public issue.further, the assessing officer held that provisions of sec. 68 of the income-tax act were clearly attracted. he further held that the share consideration credited in the books of account of the assessee-company with reference to its alleged public issue in fact does ..... associate concerns at a nominal price." 9. the assessing officer also stated that the case of the assessee was clearly covered by the provisions of section 68 of the income-tax act.the conclusions reached by him were the following : (1) the alleged share considerations credited in the books of account of the assessee-company with reference to its alleged .....

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Jul 12 1999 (TRI)

Deputy Commissioner of Vs. Parle Biscuits (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-12-1999

Reported in : (2000)74ITD148(Mum.)

..... held that deduction under section 32ab is an incentive to the assessee upon fulfilment of certain conditions as laid down under the income-tax act and that the deduction under section 80-i is allowed with reference to the profits. the cit (a) has further held that deduction under section 32ab is not debited to the profit & loss account and therefore the deduction ..... this connection it may be relevant to refer to section 28 and section 29, which are relevant in computation of income of profits and gains of the industrial undertaking under the act. the following income shall be chargeable to income-tax under the head "profits and gains of business or profession" - (i) the profits and gains of any business or profession which was carried ..... on by the assessee at any time during the previous year; "29. the income referred to in section 28 shall be computed in ..... i.3. the revenue is aggrieved. the learned departmental representative contended that deduction under section 80-i is permissible on the income as computed under the act. in computing the income deduction under section 32ab is taken into account and therefore the cit (a) was not justified in giving the direction that the profits for purposes of section 80-i be computed without .....

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Jul 16 1999 (TRI)

Savitri and Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-16-1999

Reported in : (2000)74ITD225(Mum.)

..... the apex court in the case of podar cement (p.) ltd. (supra) is only in the context of deciding who is the owner for the purpose section 22 of the income-tax act, i.e., whether it is the allottee of a flat in a co-operative society or the co-operative society itself in whose name the property stands. the apex court ..... hands of the co-owners. the learned counsel for the assessee has also argued that a partnership firm is not a separate legal entity, though it is assessed under the income-tax act separately, and the business of the firm is the business of the partners and as such no particular formalities need be observed when an asset of the firm is taken ..... the requirements of the law such as the transfer of property act, the registration act, etc., in the context of section 22 of the income-tax act, 1961, having regard to the ground realities and further having regard to the object of the income-tax act, namely, to tax the income, "owner" is a person who is entitled to receive income from a property in his own right. the requirement of ..... pleaded that from 1992 onwards, there has been a change in section 27 of the income-tax act by virtue of which it is the beneficial owner of the house property that has to be assessed in respect of the income from house property under section 22 of the income-tax act and not the legal owner. it is also claimed that the amendment introduced by the .....

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Jul 30 1999 (TRI)

J.K. Investors (Bombay) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-30-1999

Reported in : (2000)74ITD274(Mum.)

..... clause (b) of section 23(1) is not disputed. the dispute is revolving around the meaning of annual rent received or receivable. the word "rent" is not defined under the income-tax act. the dictionary meaning of the "rent" is a periodical payment made by a tenant to an owner or landlord for the use of the land or building (the new oxford ..... . we have given our careful consideration to the rival contentions.since the dispute relates to determination of annual letting value, it will be useful to reproduce section 23 of the income-tax act, 1961 which provides as to how the annual value is to be determined :- 23. (1) for the purposes of section 22, the annual value of any property shall be deemed ..... other authorities working under its jurisdiction. therefore, the contention on behalf of the revenue that the definition of the annual value adopted under the wealth-tax act may also be adopted in interpreting the provisions of the income-tax act, is not well founded. respectfully following the aforementioned decision of the bombay high court, the contention on behalf of the revenue is rejected. it may ..... provided that the notional interest at the specified rate is to be taken into account in determining the annual letting value. same expression has been used in the income-tax act and as such the definition under the wealth-tax act is applicable in respect of the income-tax act for ascertaining the meaning of annual value. it was also pointed out that since the transfer of property .....

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