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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: old Court: mumbai Year: 1999 Page 10 of about 248 results (0.095 seconds)

Jul 20 1999 (HC)

Commissioner of Income Tax Vs. Vas, J. N.

Court : Mumbai

Decided on : Jul-20-1999

Reported in : [2000]106TAXMAN658(Bom)

..... annuity policy on the life of the assessee cannot be regarded as a perquisite within the meaning of section 17(2) of the income tax act, 1961 and, consequently, cannot be included in the assessee's income under the head 'salaries'?'2. the facts which are relevant for the purposes of this reference may be summed up as follows ..... desai, j.by this reference under section 256(1) of the income tax act, 1961 (hereinafter referred to as 'the act'), the tribunal has referred the following question of law to this court for opinion at the instance of the revenue:'whether, on the facts ..... similar to the earlier policy.3. in his return for the assessment year 1977-78, the assessee disclosed the salary receipt of rs. 7,200. the income tax officer included the amount of rs. 24,000 paid as premium by the said company to the life insurance corporation of india in terms of the single premium ..... purchase of the deferred annuity policy from the life insurance corporation of india on his life was not includible in the computation of his income. the income tax officer held that the amount so paid was an item of perquisite to the assessee and was includible in the computation of the assessee's ..... far as the assessment year 1978-79 is concerned, by order dated 31-12-1981, the commissioner (appeals) upheld the income tax officer's conclusion that the said sum of rs. 24,000 was assessable as income under the head 'salaries'. appeal on that count was not allowed, however, it was partly allowed on some other count .....

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Jul 20 1999 (HC)

Commissioner of Income Tax Vs. Ruia Stud and Agricultural Farms (P.) L ...

Court : Mumbai

Decided on : Jul-20-1999

Reported in : [1999]106TAXMAN662(Bom)

..... tribunal was fight in law in holding that horses used for stock-breeding constitute ,plant' so as to be eligible. for depreciation under section 37 of the income-tax act, 1961 ?'2. this reference pertains to the assessment year 1978-79. the controversy is whether the horses used for stock-breeding constitute 'plant' for the purpose ..... saraf, j. - by this reference under section 256(1) of the income tax act, 1961 ('the act'), the tribunal has referred the following question of law to this court for opinion:'whether, on the facts and in the circumstances of ..... the horses having been used for the purposes of its business constituted 'plant' and, therefore, depreciation was allowable on cost thereof under section 32. the income tax officer rejected the claim of the assessee on the ground that the horses were held by the assessee as stock-in-trade. the assessee appealed to the commissioner ..... of depreciation under section 32 of the act. the material fact s are in a narrow compass. the assessee is engaged in the business of livestock breeding. for that purpose, it purchases and imports ..... controversy has now been set at rest by the amendment of section 43(3) by the parliament by the finance act, 1995 with retrospective effect from the inception of the act, ie., 1-4 -1962 to exclude tea bushes and livestock from the ambit of 'plant'. 1t is now made clear in the definition .....

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Jul 26 1999 (HC)

Commissioner of Income-tax Vs. Chemet

Court : Mumbai

Decided on : Jul-26-1999

Reported in : [1999]240ITR624(Bom)

..... .1. by this reference under section 256(1) of the income-tax act, 1961, the income-tax appellate tribunal has referred the following question of law to this court for opinion :'whether, on the facts and in the circumstances of the case, and in law the tribunal was right in directing the income tax officer to exclude the miscellaneous expenses and local and other conveyance ..... 1981-82, the assesses claimed deduction on account of miscellaneous expenses and local and other conveyance expenses from the computation of disallowance under rule 6d of the income tax rules, 1962 ('the rules'). the income-tax officer disallowed the same and included the local conveyance expenses and miscellaneous expenses incurred by the employees at the places visited by them. on appeal, thecommissioner ..... salaries of the employees and the places visited by them and thereafter work out the correct disallowance. the appeal of the revenue against the above order was rejected by the income-tax appellate tribunal ('the tribunal'). hence, this reference.3. we have heard learned counsel for the parties. the controversy in the above question now stands concluded by the decision ..... of the employee under rule gd of the rules.4. in view of the above, we are of the clear opinion that the tribunal was right in directing' the income-tax officer to exclude the miscellaneous expenses and local expenses from the computation of disallowance under rule 6d of the rules. accordingly, the question referred to us is answered in .....

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Jul 26 1999 (HC)

Commissioner of Income-tax Vs. Melauto Industries P. Ltd.

Court : Mumbai

Decided on : Jul-26-1999

Reported in : [1999]240ITR74(Bom)

..... view that it was not a fit case for remitting the matter to the authorities below for being processed under section 40(c) of the income-tax act. the income-tax appellate tribunal held that there is prima facie evidence to show that the commission paid is not excessive or unreasonable having regard to the business ..... the salary and allowances paid to pradeep h. shah, working director of the assessee for the purposes of disallowance under section 40a(5) of the income-tax act. the tribunal further observed that it would have been necessary for the tribunal to see whether the amount paid by the assessee as commission can reasonably ..... it had also paid commission of rs. 1,24,969 to parekh and co. the income-tax officer applied section 40a(5) of the income-tax act for finding out the allowable salary. following the earlier orders of the income-tax appellate tribunal in the case of the assessee for the years 1975-76 to 1977-78, ..... legitimate business needs of the assessee. since the dispute in regard to the scope and ambit of section 40(c) of the income-tax act is put to rest by the above decision of the supreme court which is followed by this court in pai paper and allied industries p. ..... in appeal the commissioner of income-tax (appeals) held that the amount paid to parekh and co., is not covered by section 40a(5) of the income-tax act.5. the matter was carried to the income-tax appellate tribunal. the income-tax appellate tribunal held that the amount paid as commission to parekh .....

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Jul 26 1999 (HC)

Commissioner of Income Tax Vs. Henly Farm

Court : Mumbai

Decided on : Jul-26-1999

Reported in : (1999)101BOMLR316

..... 1999]237itr174(sc) . in deejay hatcheries case (supra) this court after considering the relevant provisions of income-tax act observed as under:-from a conjoint reading of sections 80j, 10(27) and 80jj of the act, it is clear that parliament has made provision for giving incentive to persons engaged in the business of ..... ranjana desai, j.1. by this reference under section 256(1) of the income tax act, 1961, the income tax appellate tribunal has referred the following question of law to this court for opinion :whether, on the facts ..... of that expression in clause 3 of the table of rates for which depreciation is admissible, given in part i of appendix 1 of the income tax rules, 1962.5. the learned counsel for the parties, therefore, agree that this question will have to be answered in favour of the ..... till march, 31, 1976, by virtue of the provision contained in section 10(27) of the act. separate provision was made for the same with effect ..... livestock breeding or poultry or dairy farming distinct and different from those made for industrial undertakings producing or manufacturing articles. the income from the business of livestock breeding, poultry and dairy farming was totally exempt from income tax .....

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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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Aug 02 1999 (HC)

Commissioner of Income Tax, Bombay Vs. M/S. Indian Plastics Ltd., Bomb ...

Court : Mumbai

Decided on : Aug-02-1999

Reported in : 2000(3)BomCR394; [1999]240ITR528(Bom); 1999(3)MhLj572

..... assessee was in the nature of entertainment expenditure and, as such, had to be processed under the provisions of section 37(2-a) of the income-tax act, 1961 ('act'). the income-tax officer accordingly allowed a deduction of rs. 5,000/ - only against the assessee's claim of rs. 59,305/-. the assessee appealed to the commissioner ..... orderdr. b.p. saraf, j.1. by this reference under section 256(1) of the income tax act, 1961, the income-tax appellate tribunal has referred the following question of law to this court for opinion at the instance of the revenue.:'whether on the facts ..... to allow the claim of the assessee for deduction of the balance amount of rs. 54,305/- under section 37(1) of the act. the above order was confirmed by the income-tax appellate tribunal ('tribunal'). hence this reference at the instance of the revenue.3. we have heard mr. r.v. desai, learned counsel for the revenue ..... to section 37(2-a) by insertion of the explanation set out above, the action of the income-tax office is correct. deduction cannot be allowed in respect of such expenses now under section 37(1) of the act as has been done by the tribunal.8. in the premises, it is clear that the tribunal ..... thereof has to be decided in the light of the restrictions contained therein.6. in the present case, the income-tax officer had computed the deduction by applying the provisions of section 37(2-a) of the act and allowed deduction for a sum of rs. 5,000/- only and rejected claim for deduction of the balance .....

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Aug 02 1999 (TRI)

Indian Hotels Company Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-02-1999

Reported in : (2000)68TTJ(Mum.)706

..... income tax act, 1961 (hereinafter referred to as `the act'), for assessment year 1987-88. following two grounds have been raised in the appeal : (1) on the facts and in the circumstances of ..... officer to be erroneous and prejudicial to the interest of the revenue . accordingly, the order of the commissioner passed under section 263 of the income tax act, 1961 is quashed.the assessee is in appeal before us against the order of the learned commissioner, dated 24-3-1992, made under section 263 of the ..... to be erroneous and prejudicial to the interest of the revenue . accordingly, the order of the commissioner passed under section 263 of the income tax act, 1961 is quashed. ..... his submissions, the learned departmental representative relied on the decisions in vinay d. valia v. addl.income tax officer (1988) 27 itd 109 (bom-trib), duggal & co. v. cit (1996) 220 itr 456 (del) and k.a. ramaswarny chettiar & anr. v. cit (1996) 220 itr 657 (mad).in his reply, as regards the issue whether the supplies constituted ..... the learned commissioner did not survive at all. he relied on the decisions in cit v. gabriel india ltd. (1993) 203 itr 108 (bom), hindustan marketing & advertising co. ltd. v. income tax officer (1989) 28 itd 231 (del-trib) and nirfabrics ltd. v. dy. cit (1994) 50 itd 336 (bom-trib).the learned departmental representative, referring to explanation .....

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Aug 02 1999 (HC)

Commissioner of Income Tax Vs. Indian Plastics Ltd.

Court : Mumbai

Decided on : Aug-02-1999

Reported in : [2000]107TAXMAN172(Bom)

..... expenditure and, as such, had to be processed under the provisions of section 37(2a) of the act. the income tax officer, accordingly, allowed a deduction of rs. 5,000 only against the assessee's claim of rs. 59,305. the assessee appealed to the commissioner ( ..... saraf, j. by this reference under section 256(1) of the income tax act, 1961 (hereinafter referred to as 'the act'), the tribunal has referred the following question of law to this court for opinion at the instance of the revenue:'whether, on ..... (2a) of section 37 and deductibility thereof has to be decided in the light of the restrictions contained therein.6. in the present case, the income tax officer had computed the deduction by applying the provisions of section 37(2a) and allowed deduction for a sum of rs. 5,000 only and rejected ..... also observed that the expenses were not on a lavish scale. the commissioner (appeals), therefore, decided the appeal in favour of the assessee and directed the income tax officer to allow the claim of the assessee for deduction of the balance amount of rs. 54,305 under section 37(1). the above order was confirmed ..... tea, coffee, cold drinks, snacks and at times, meals to its customers. the assessee debited this expenditure under the head 'sales promotion expenses'. the income tax officer did not allow this claim of the assessee as he was of the opinion that the expenditure incurred by the assessee was in the nature of entertainment .....

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Aug 03 1999 (HC)

Commissioner of Income-tax Vs. Smt. Mandakini M. Jog

Court : Mumbai

Decided on : Aug-03-1999

Reported in : [2000]241ITR6(Bom)

..... the facts and circumstances of the case and in law, the tribunal was right in holding that the assessee was entitled to deduction under section 80l of the income-tax act in respect of the interest income on fixed deposits with banks included in the assessee's share of profit derived by the assessee from the firm of v. m. jog and co., pune ..... profits as well as proportionate share of interest income. in respect of the proportionate share of interest income, the assessee claimed deduction under section 80l of the income-tax act ('the act'), for the assessment years 1976-77 and 1978-79. 3. the income-tax officer disallowed the said claim. on appeal by the assessee, the appellate assistant commissioner of income-tax allowed the said deduction following the judgment of ..... the allahabad high court in cit v. brij raman das : [1979]118itr397(all) . 4. the revenue carried appeals .....

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