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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: old Court: mumbai goa Page 1 of about 90 results (0.047 seconds)

Jun 25 2012 (HC)

The Commissioner of Income Tax Vs. the Bardez Bazar Consumer Co-op. So ...

Court : Mumbai Goa

..... 2000-2001. for the assessment year 1997-1998, the assessee had filed return of income on 15/10/1997 which was processed under section 143(1) of the income tax act, 1961( i.t. act, for short) and proposal under section 151(2) of i.t. act 1961 was sent by the assessing officer to the office of j.c.i.t ..... ., range- 2, panaji for approval to issue notice under section 148 of the i.t. act. accordingly, notice under the said ..... i.t.(a), on the ground that the principle of mutuality does apply and the income earned from members is liable to be exempted from tax. the tax appeal no. 13 of 2007 has been filed under section 260-a of the i.t. act against the said order dated 06/09/2006 passed by the i.t.a.t. ..... no. 92/pnj/2007, thereby holding that the principle of mutuality applies and that the income earned from members is liable to be exempted from tax. 2. the respondent is the assessee, which is a co-operative society registered under the co-operative societies act, engaged in trading in consumer goods to its members as well as non-members. ..... no. 18 of 2007 has been filed under section 260-a of the i.t. act. 5. the relevant facts in tax appeal no. 36 of 208 are as follows: for the assessment year 2004-2005, the assessee had filed return of income on 05/10/2004 which return was processed under section 143(1) of i.t .....

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Sep 10 2012 (HC)

Sheikh Shabbir Vs. Shaikh Yusuf

Court : Mumbai Goa

..... lakhs or any other amount to the accused or that the amount of rs.5 lakhs alleged to have been given by him to the accused, was contrary to income tax act and income tax rules. the complainant admitted that there was no document terminating or cancelling the memorandum of understanding dated 25/07/2008 which was for sharing profits. he claimed ignorance as ..... a pawnbroker but does not include - (i) government, (ii) a local authority, (iii) a bank, (iv) the agricultural refinance corporation constituted under the agricultural refinance (and development) corporation act, 1963 (central act 10 of 1963) or (v) any other banking, financial or any institution which the government may, by notification in the official gazette, specify in this behalf; 31. limitation on ..... (b) a loan advanced to an agricultural labourer by his employer. explanation: - the expression tenant shall have the meaning assigned to it in the goa, daman and diu agricultural tenancy act, 1964 (act 7 of 1964), or any other relevant tenancy law in force relating to tenancy or agricultural lands; section 2(l)- money-lender means, - (i) an individual; or (ii) ..... to whether the business in which he invested rs.5 lakhs was registered company under the companies act. he stated that he had not seen any partnership document of the .....

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Sep 10 2012 (HC)

Sheikh Shabbir Vs. Shaikh Yusuf

Court : Mumbai Goa

..... lakhs or any other amount to the accused or that the amount of rs.5 lakhs alleged to have been given by him to the accused, was contrary to income tax act and income tax rules. the complainant admitted that there was no document terminating or cancelling the memorandum of understanding dated 25/07/2008 which was for sharing profits. he claimed ignorance ..... pawnbroker but does not include - (i) government, (ii) a local authority, (iii) a bank, (iv) the agricultural refinance corporation constituted under the agricultural refinance (and development) corporation act, 1963 (central act 10 of 1963) or (v) any other banking, financial or any institution which the government may, by notification in the official gazette, specify in this behalf; 31. limitation on ..... (b) a loan advanced to an agricultural labourer by his employer. explanation: - the expression ??tenant ? shall have the meaning assigned to it in the goa, daman and diu agricultural tenancy act, 1964 (act 7 of 1964), or any other relevant tenancy law in force relating to tenancy or agricultural lands; section 2(l)- ??money-lender ? means, - (i) an individual; or (ii) ..... as to whether the business in which he invested rs.5 lakhs was registered company under the companies act. he stated that he had not seen any partnership document of the .....

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Nov 05 2012 (HC)

Pundalik Tukaram Chowgule Vs. Union of India Through the Secretary, Pe ...

Court : Mumbai Goa

..... he thereby attested the fixed deposit receipts held by him. 37. mr. padiyar also relied upon the profit and loss account and the returns filed under section 139 of the income tax act, 1960. he submitted that the audited balance sheet itself satisfies the requirement of an attestation. however, in view of what we have already held, it is not necessary to ..... cash in the form of bank balance, fixed deposits, shares of listed companies etc.12 fixed and movable assets includes own land, buildings, shops, house, vehicles, etc.4 income includes agricultural income, business income, interest, rent, royalty, etc. duly supported by documentary evidence.4 finance ? will be proportionately distributed in the ratio of maximum marks of 12, 4, 4, 5 ..... to ??capability to arrange the finance ? was divided into four sub-criteria namely ??liquid cash in the form of bank fixed deposits etc. ? , ??fixed and movable assets ? , ??income ? and ??letter ensuring loan/credit worthiness ? . the dispute in this petition pertains to the marks allocated for the criteria ??liquid cash in the form of bank fixed deposits etc. ? ..... loans, uti, nsc, bonds, shares of public limited companies etc., details of other assets like immovable property (land, building etc.). movable properties like vehicle etc., any other sources of income like from interest, rent, business etc. (please attach proof in all cases). the details under ??finance ? may be provided in the following format: (attach separate sheet as required) .....

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Jan 21 2013 (HC)

M/S. Menezes Fernandes Enterprises Vs. the Income Tax Officer and Anot ...

Court : Mumbai Goa

..... the assessment year. (proviso omitted as unnecessary). (2) in the case of any person who, in the income-tax officer's opinion, is assessable under this act, whether on his own total income or on the total income of any other person during the previous year, the income-tax officer may, before the end of the relevant assessment year, serve a notice upon him requiring him to ..... section 139 of the said act which read as under: ??139. returns of income ?? (1 ) every person, if his total income or the total income of any other person in respect of which he is assessable under this act during the previous year exceeded the maximum amount which is not chargeable to income-tax shall furnish a return of this income or the income of such other person during ..... furnish, within thirty days from the date of service of the notice, a return of his income or the income of such other ..... the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed. (a) in the case of every person whose total income, or .....

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Feb 19 2013 (HC)

Gangadhar Narsingdas Agrawal (Huf) Vs. T. K. Chatterjee and Others

Court : Mumbai Goa

..... to waive interest amounting to rs.13,60,762/- ( rupees thirteen lakhs sixty thousand seven hundred and sixty two only) levied under section 234b of the income tax act and restrain respondent no. 3 from recovering balance interest amount amounting to rs.43,078/- (rupees forty three thousand seventy eight only) and to refund sum ..... appearing on behalf of the revenue relied upon the judgment of the apex court in the case of new india mining corporation(p) ltd vs. commissioner of income tax dated 15.2.2000 reported in (2000) 243 itr 640 sc. 6. after having heard both the counsel at length, in our view submissions made ..... excluded. reliance was also placed on the judgment of the apex court in the case of new india mining corporation(p) ltd vs. commissioner of income tax dated 15.2.2000 and it was submitted that the aforesaid notification was issued on 23.5.1996 and was contended that the case of the petitioner ..... -it(b) dated 23.5.1996. 5. the learned counsel placed reliance on the judgment of karnatka high court in the case of commissioner of income tax vs. gogte minerals dated 15.9.1995 and it was submitted that in view of the said judgment since the provisions was made by the petitioner was ..... six hundred eighty four only). 4. brief facts which are necessary for the purpose of deciding this writ petition are as under:- petitioner filed returns of income tax for the assessment year 1997-98 on 31.10.1997 declaring loss of rs. 13,32,280/- (rupees thirty lakhs thirty two thousand two hundred and .....

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May 08 2013 (HC)

Salitho Ores Pvt Ltd. and Others Vs. the CaptaIn of Ports CaptaIn of P ...

Court : Mumbai Goa

..... ore. it is then contended that the rule could not override private contracts without there being a non obstante clause. reliance has been placed on section 269 of ud of income tax act, 1962 and the judgment of the apex court in 1986 4 scc page 447 (paras 57, 68). he then submitted that the statutory rule cannot be supplemented by the executive ..... paid. in our view, therefore, it cannot be said that the central government has changed the method of levy of tax and that they are not permitted to do so under sub-section (3) of section 9 of the said act which speaks about enhancing or reducing the rate once in three years. respondents have given valid reasons for the purpose of ..... in the field, the said proposed amendment was made. he submitted that there was no bar in the act or rules to change the method of levy of tax. he submitted that in respect of other minerals the central government already was levying tax at ad valorem basis and due to the change in the circumstances the said method was adopted also in ..... as may be specified in the notification. he submitted that by virtue of changing the method of charging tax, the central government had acted beyond the power delegated to it and it was ultra vires of the substantive section 9(3) of the mmdr act. he submitted that by adopting the percentage of sale price on ad valorem basis, the central government had .....

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Jul 19 2013 (HC)

Krishna P. Morajkar Vs. Joe Ferrao and Another

Court : Mumbai Goa

..... it does not mean that the borrower can refuse to pay the amount which he has borrowed simply, because there is some infraction of the provisions of the income tax act. infraction of provisions of income tax act would be a matter between the revenue and the defaulter and advantage thereof cannot be taken by the borrower. in my humble view, to say that an amount ..... pointed out that in krishna janardhan bhat (supra) attention of the supreme court was possibly not drawn to the actual wording of section 269ss of the income tax act. he submitted that section 269ss of the income tax act, in fact, does not cast any burden upon a person making advance in cash to record it in his returns and does not prevent any such ..... unwarranted and based on an untenable appreciation of the evidence. as already observed, the learned additional sessions judge had principally relied on provisions of section 269ss and 271d of the income tax act, which have absolutely no bearing and therefore the judgment is unsustainable. 31. before i conclude, with all humility at my command, it has to be noted that even after ..... and circumstances therein. therefore, he submitted that observations in krishna janardhan bhat (supra) about non-compliance of provisions of section 269ss and the implications of section 271d of the income tax act would still stand as good law. the learned counsel for the appellant submitted that even these observations would stand impliedly overruled. he pointed out that what was held in krishna .....

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Oct 23 2013 (HC)

The Commissioner of Income Tax Vs. M/S. Hede Consultancy Company Pvt. ...

Court : Mumbai Goa

..... on record and there is nothing brought by the appellants to disclose any perversity, in such findings, the question of any interference by this court under section 260a of the income tax act, would not arise. 9. we would also record the observations of the apex court in the judgment reported in (2012) 6 s.c.c. 613, in the case of ..... mackhinon and mackenzie co. ltd., are genuine transactions. being aggrieved by the impugned order dated 27.01.2006, the appellants have preferred the present appeal under section 260a of the income tax act. 4. mrs. asha dessai, learned counsel appearing for the appellants, has taken us through the substantial question of law and pointed out that the authorities have misconstrued the transactions entered ..... generally is founded on the abovementioned separate entity principle i.e. treat a company as a separate person. the income tax act, 1961, in the matter of corporate taxation, is founded on the principle of the independence of companies and other entities subject to income tax. companies and other entities are viewed as economic entities with legal independence vis- -vis their shareholders/participants. it ..... a company engaged in a business of travel agency and consultancy. on 02.12.1996, the respondent filed the return of income declaring a total income of rs.20,38,500/-. on 19.03.1999, the assessment was reopened under section 147 of the income tax act, by issuing a notice under section 148. the respondent filed a letter requesting that the return of .....

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Nov 11 2013 (HC)

The Commissioner of Income Tax Vs. M/S. Petals Engineers Pvt Ltd.

Court : Mumbai Goa

..... claim, the assessment officer also levied a penalty @ 300% amounting to rs.7,01,355/- under section 271(1)(c) of the income tax act. being aggrieved thereby, an appeal was preferred by the respondent-assessee before the commissioner of income tax (appeal). the appeal in so far as claim of deduction under section 80-ia is concerned, came to be dismissed. however, the appeal ..... being established at kundaim and, therefore, the penalty was rightly imposed by the assessing officer and upheld by the commissioner of income tax. the learned senior standing counsel therefore submitted that a substantial question of law as to when the the income tax appellate tribunal disallowed the claims of deduction under section 80-ia, whether it is permissible for it to reverse the order ..... oral judgment:(b.r. gavai, j.) this appeal takes exception to the judgment and order passed by the learned income tax appellate tribunal, panaji, dated 05.09.2006. 2. the appeal has been admitted by the division bench of this court on 16.04.2007 on the following substantial questions of ..... along with its returns for the assessement year 1994-95, which reads thus : "the company is eligible for deduction u/s 80-ia in respect of its entire gross total income as the only activity of the company is the new industrial undertaking set up at kundaim industrial estate. kundaim, ponda, goa which commenced operation from 3-7-1993. the original .....

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