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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: old Court: mumbai Year: 1999 Page 3 of about 248 results (0.032 seconds)

Feb 18 1999 (HC)

Banque Nationale De Paris Vs. Commissioner of Income-tax

Court : Mumbai

Decided on : Feb-18-1999

Reported in : (1999)154CTR(Bom)574; [1999]237ITR518(Bom)

..... case : [1965]56itr198(sc) , the apex court came to the conclusion that the circulars issued by the board cannot detract from the provisions of the income-tax act. in this connection, the supreme court observed at page 134 as follows :'shri salve has made heroic efforts to satisfy us that the majority view may be ..... s.h. kapadia, j.1. by this reference under section 256(1) of the income-tax act, 1961, the income-tax appellate tribunal has referred the following questions of law for the opinion of this court at the instance of the assessee as ..... on sticky advances in the previous year relevant to the assessment year 1975-76 which the inspecting assistant commissioner included in the assessee's income. in appeal, the commissioner of income-tax (appeals) deleted the same following his earlier order for the assessment year 1973-74 which came to be upheld by the tribunal. that ..... affirm the view taken by the majority by this court in state bank of travancore v. cit : [1986]158itr102(sc) and hold that the interest which had accrued on the sticky advance has to be treated as income of the assessee and as such taxable. we would add that if ultimately it is ..... : [1986]158itr102(sc) that the circulars cannot override or detract from the provisions of the act inasmuch as section 119 has empowered the central board of direct taxes to issue orders, instructions or directions for the proper administration of the act. in kerala financial corporation's case : [1994]210itr129(sc) , on the above point, .....

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Feb 18 1999 (HC)

Mercantile Bank Ltd. Vs. Commissioner of Income Tax

Court : Mumbai

Decided on : Feb-18-1999

Reported in : [2001]252ITR225(Bom)

..... 1. by this reference under section 256(1) of the income-tax act, 1961, the tribunal has referred the following questions of law for the opinion of this court at the instance of the department.department's questions ..... covered by the judgments of the supreme court in state bank of travancore v. cit : [1986]158itr102(sc) and in kerala financial corporation v. cit : [1994]210itr129(sc) and thejudgment rendered today by us in income-tax reference no. 83 of 1986-- banque nationals de paris v. cit : [1999]237itr518(bom) . accordingly, question no. 2 is answered in the ..... negative, i.e., against the assessee and in favour of the revenue.5. as regards question no. 3 is concerned, section 44c of the act came into force from ..... june 1, 1976 ? company's question : 4. whether, on the facts and in the circumstances of the case, the tribunal was correct in law in holding that income by way of discounting charges of treasury bills was chargeable as 'profits and gains of business or profession' and not as 'interest on securities' ?' 2. at the ..... . as regards question no. 4 is concerned, the issue is squarely covered by the judgment of the bombay high court in british bank of the middle east v. cit : [1998]233itr251(bom) . hence, question no. 4 is answered in the negative, i.e., against the revenue and in favour of the assessee.7. reference .....

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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 24 1999 (HC)

Madhavrao J. ScIndia Vs. Commissioner of Income-tax

Court : Mumbai

Decided on : Feb-24-1999

Reported in : [2000]243ITR683(Bom)

..... duties as director in office at bombay. in the circumstances, the tribunal was right in rejecting the assessee's claim for exemption in terms of section 10(14) of the income-tax act, 1961. accordingly, question no. 2 is answered in the affirmative, i.e., in favour of the revenue and against the assessee.4. reference stands disposed of accordingly with no order ..... , the tribunal was correct in holding that the travel allowance received by the applicant from scindia investments pvt. ltd., was not exempt in terms of section 10(14) of the income-tax act, 1961 ?' 2. as far as question no. 1 is concerned, both learned counsel for the parties state that the controversy involved in this question is squarely covered by the decision ..... .h. kapadia, j. 1. at the instance of the assessee, the following two questions of law have been referred to this court for opinion under section 256(1) of the income-tax act, 1961, in respect of the assessment year 1973-74 :'1. whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the gross .....

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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 06 1999 (HC)

Commissioner of Income-tax Vs. Taraporvala Sons Co. Pvt. Ltd.

Court : Mumbai

Decided on : Mar-06-1999

Reported in : [1999]239ITR319(Bom)

..... commission was an expenditure laid out or expended wholly and exclusively for the purpose of its business within the meaning of section 37(1) of the income-tax act, 1961, read with the explanation appended thereto. however, having regard to the fact that the tribunal could not have examined at the time it passed ..... on the facts and in the circumstances of the case, the secret commission paid by the assessee is deductible as business expenditure under section 37 of the income-tax act, 1961 ?'2. this reference pertains to the assessment years 1979-80 and 1980-81. in the above assessment years, the assessee-company claimed to have ..... law. mr. desai submits that as the explanation was inserted by the finance (no. 2) act, 1998, with retrospective effect from the date of coming into force of the income-tax act, 1961, i.e., april 1, 1962, the income-tax authorities, including the tribunal, had no occasion to examine the claim of the assessee for deduction ..... 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 for the opinion of this court at the instance of the revenue :' ..... of the secret commission claimed to have been paid by the assessee has beenallowed by the commissioner of income-tax (appeals) as a deduction in the computation of the income of the assessee under section 37(1) of the act. this decision of the commissioner (appeals) has been upheld by the tribunal. mr. mistry, learned .....

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Mar 08 1999 (HC)

Shree Products Vs. Commissioner of Income-tax

Court : Mumbai

Decided on : Mar-08-1999

Reported in : [1999]237ITR367(Bom)

..... took the view that the assessee-company was not entitled to investment allowance as it was engaged in the manufacture of articles mentioned in the eleventh schedule to the income-tax act, 1961 ('the act'), entries nos. 27 and 28 of the said schedule reads as follows :'27. crown corks, or other fittings of cork, rubber, polyethylene or any other material. 28. pilfer-proof ..... of the applicant's case and the law applicable to them, and in particular, on a proper interpretation of items nos. 27 and 28 of the eleventh schedule to the income-tax act, 1961, the tribunal was correct in law in rejecting the applicant's claim for investment allowance in relation to the plant and machinery used by the applicant for manufacturing its ..... two mentioned entries the rubber stoppers stood covered. being aggrieved by the order of the income-tax officer, the matter was carried in appeal before the commissioner of income-tax (appeals). however, the commissioner of income-tax (appeals) agreed with the view taken by the income-tax officer and confirmed his order. the dispute was proceeded with before the tribunal. the tribunal found that the ..... caps for packaging or other fittings of cork, rubber, polyethylene or any other material.' 3. the income-tax officer did not clearly lay down as to under which of the above .....

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Mar 08 1999 (HC)

Commissioner of Income-tax Vs. Miss Piroja C. Patel

Court : Mumbai

Decided on : Mar-08-1999

Reported in : (2000)162CTR(Bom)182; [2000]242ITR582(Bom)

..... the assessee and other co-owners to the hutment dwellers for vacating the land was an allowable expenditure within the meaning of section 48 read with section 55 of the income-tax act, 1961. the answer to this question will depend on whether the expenses incurred by the assessee and other co-owners constitute cost of improvement under section 48(ii). the ..... the assessee and other co-owners to the hutment dwellers for vacating the land was an allowable expenditure within the meaning of section 48 read with section 55 of the income-tax act, 1961, in the assessment year 1975-76 ?'2. the assessee and other co-owners owned a certain piece of land at andheri admeasuring 10,577 square metres. the property ..... to the conclusion that the deduction was erroneous and prejudicial to the interests of the revenue. accordingly, the matter was taken up in revision under section 263 of the income-tax act. after notice to the assessee, the commissioner disallowed the expenditure. being aggrieved by the order of the commissioner, the assessee preferred an appeal before the tribunal. following an earlier ruling ..... was notified for a public purpose under the maharashtra regional town planning act, 1966, read with the land acquisition act, 1894. the property was subsequently sold to the bombay municipal corporation by negotiation-cum-acquisition. this was under the provisions of the maharashtra regional town planning .....

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Mar 08 1999 (HC)

Commissioner of Income-tax Vs. Banque National De Paris.

Court : Mumbai

Decided on : Mar-08-1999

Reported in : [1999]237ITR278(Bom); [1999]105TAXMAN567(Bom)

..... owned by the assessee for housing senior officers and the flats hired for them did not amount to benefit or perquisites for the purpose of section 40a(5) of the income-tax act, 1961 ?2. whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the interest under section 214 is payable up ..... . ltd. v. ito : [1980]126itr135(mad) . the tribunal agreed with the view expressed by the commissioner of income-tax (appeals). hence, the present reference. in the case of modi industries ltd. v. cit : [1995]216itr759(sc) , the apex court held that under section 214 of the income-tax act, as it stood prior to march 31, 1975, interest was allowable only up to the date of ..... s. h. kapadia j.-by this reference under section 256(1) of the income-tax act, 1961, the income-tax appellate tribunal has referred the following questions of law for the opinion of this court at the instance of the department in respect of the assessment years 1973-74 to ..... with the law in existence as it stood prior to march 31, 1975. in this matter, the commissioner of income-tax (appeals) came to the conclusion that interest under section 214 should be allowed up to the date of refund. the commissioner of income-tax (appeals) accordingly allowed the assessee's claim relying upon the judgment of the madras high court in rayon traders .....

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Mar 09 1999 (HC)

Commissioner of Income-tax Vs. Mercantile Bank Ltd. (Through Successor ...

Court : Mumbai

Decided on : Mar-09-1999

Reported in : (1999)155CTR(Bom)59; [1999]237ITR676(Bom)

..... contentions, we are required to examine the relevant sections of the income-tax act. section 40a(5) was introduced in the income-tax act, 1961, by section 10 of the finance (no. 2) act, 1971, with a view to impose a ceiling on business expenses. this is clear from the non obstante ..... further urged on behalf of the department that on a bare reading of section 40a(5)(a)(i) read with section 40a(5)(c)(i) of the income-tax act, the legislative intent was clear, viz., that the aggregate amount of deduction should not exceed rupees sixty thousand.10. in the light of the rival ..... has been referred to this court for opinion.8. learned counsel for the assessee in the present case drew our attention to the relevant provisions of the income-tax act, 1961, as it stood at the material time, the material parts thereof are quoted hereinafter :'17. for the purposes of sections 15 and 16 and of ..... which arises for consideration is :'whether, the amount in excess of rs. 60,000 was liable to be disallowed under section 40a(5)(c) of the income-tax act, as it stood during the relevant assessment year 1978-79 ?'7. it was urged on behalf of the assessee that section 40a(5) provides for deduction ..... has referred the following questions for the opinion of this court for the assessment year 1978-79 under section 256(1) of the income-tax act, 1961 :'(i) whether, on the facts and in the circumstances of the case, the tribunal is justified in holding that the assessee is not liable .....

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