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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: mumbai Year: 1999 Page 1 of about 248 results (0.050 seconds)

Dec 21 1999 (HC)

Gulf Oil India Ltd. Vs. Income Tax Officer

Court : Mumbai

Decided on : Dec-21-1999

Reported in : (2000)67TTJ(Mumbai)182

..... levied under section 201(1a) and also hold that the assessee cannot be regarded as an assessee in default in terms of section 201 of the income tax act.11. the assessee has taken various other grounds but no arguments have been advanced before us. we accordingly dismiss those grounds.12. neither of the ..... also a building. that decision was given in the context of considering the claim of the assessee for investment allowance under section 32a of the income tax act and so the hon'ble madras high court was considering whether the assessee was carrying on the manufacture of an article or thing within the meaning ..... the earth. we find that there is no such extended definition of land or of building in section 194-1. under section 194-1 of the income tax act, rent has to be paid for the use of land or of building (including factory building) and nothing else. if a plant is taken on ..... interest under the provisions of section 201(1a) and also held the assessee as an assessee in default under the provisions of section 201(1) of the income tax act. the orders of the assessing officer have been upheld by the commissioner (appeals). the commissioner (appeals) observed at p. 12 of his order that the ..... 1999, for the assessment years 1995-96 to 1998-99 upholding the orders under sections 201(1) and 201(1a) of the income tax act holding that the assessee should have, deducted tax at source from the payments made to the following eight parties at 20`% under the provisions of section 194-1 in each of .....

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Dec 21 1999 (HC)

Smt. Lalitha Ramaswamy Vs. Income Tax Officer

Court : Mumbai

Decided on : Dec-21-1999

Reported in : [2001]75ITD293(Mum)

..... we are of the view that the revenue was justified in assessing the capital gain by invoking explanation to section 2(47) of the income tax act, 1961. no other ground of appeal has been argued before us.13. in the result, the appeal of the assessee is dismissed. ..... year 1989-90, order dated 27-1-1999(4) b. k. jhala & associates v. assistant commissioner in cit appeal no. 1575 (pune) of 1991, assessment year 1989-90 order dated 3-6-1999(5) ajai kumar sah jagati v. income tax officer(1995) 55 itd 348 (delhi)(6) assistant commissioner v. harish jain (1997) 61 itd 4947. the ..... of money received by the assessee and the possession of the property had also been given to the vendees and therefore the capital gain was rightly assessed to tax in the year under appeal.8. we have given our careful consideration to the rival contentions. in this case the limited issue is as to whether ..... that the capital gain cannot be assessed where only an agreement to sell has been executed subject to fulfilment of certain conditions -(1) taherbhai h. rupawalla v. wealth tax officer in wt appeal no. 1259 (bom.) of 1995, assessment year 1991-92, order dated 10-12-1996(2) cwt v. taherbhai h. rupawalla in ra no ..... of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 (4 of 1882).*5. thus the crucial question for our determination is as to whether the purchaser had taken the possession of the property during .....

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Dec 17 1999 (HC)

Berla Atandt Communication Ltd. Vs. Joint Commissioner of Income Tax

Court : Mumbai

Decided on : Dec-17-1999

Reported in : (2000)67TTJ(Mumbai)648

..... my part. accordingly the issue is decided against the appellant. 5. in the second ground, the appellant has contested levy of additional tax under section 143(1a) of the income tax act, 1961. the issue being consequential in nature, no specific directions are called for on my part. 6. in the result, the ..... -fees had been effected in an earlier year. the only question was, according to him, whether the assessing officer was justified in charging additional income-tax in respect of a debatable or ticklish question relating to the interpretation of a statutory provision. in his submission, the assessing officer was not justified ..... if there is a doubt or debate with respect to the interpretation of a statutory provision, no prima facie adjustment can be made, nor additional income-tax be charged.8. the learned senior departmental representative on the other hand, strongly relied on para 4 of the order of the commissioner (appeals). ..... paid was not a prima facie adjustment and that consequently the levy of additional income-tax was also illegal. it was contended that until the business was set up, the assessee cannot claim any expenses or losses under the act and therefore, prior to 26-1-1997, it could not have claimed ..... 143(l)(a) of the act by disallowing a sum of rs. 31.38 crores, for the reasons given by him in the adjustment explanatory sheet. the second dispute, which is the more important one is whether the assessing officer was justified in levying additional income-tax of rs. 2,69,86 .....

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Dec 17 1999 (TRI)

Birla at and T Communication Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-17-1999

Reported in : (2001)77ITD142(Mum.)

..... my part. accordingly the issue is decided against the appellant. 5. in the second ground, the appellant has contested levy of additional tax under section 143(1a) of the income-tax act, 1961. the issue being consequential in nature, no specific directions are called for on my part.7. the assessee is in further ..... licence fees had been effected in an earlier year. the only question was, according to him, whether the assessing officer was justified in charging additional income-tax in respect of a debatable or ticklish question relating to the interpretation of a statutory provision. in his submission, the assessing officer was not justified. ..... on the basis of the provision as it existed at the time of filing the return for the assessment year 1997-98 and therefore no additional income-tax can be charged. "4. on a careful consideration of the submissions made, 1 agree with the action taken by the assessing officer. the ..... paid was not a prima facie adjustment and that consequently the levy of additional income-tax was also illegal. it was contended that until the business was set up, the assessee cannot claim any expenses or losses under the act and therefore, prior to 26-1-1997. it could not have claimed any ..... 143(1)(a) of the act by disallowing a sum of rs. 31.38 crores, for the reasons given by him in the adjustment explanatory sheet. the second dispute, which is the more important one is whether the assessing officer was justified in levying additional income-tax of rs. 2,69,86, .....

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Dec 14 1999 (HC)

C and M Farming (P) Ltd. Vs. Deputy Commissioner of Income Tax and ors ...

Court : Mumbai

Decided on : Dec-14-1999

Reported in : (2000)159CTR(Bom)258

orders. h. kapadia, j.appeal admitted.2. mr. desai waives service for respondent nos. 1, 2 and 4.3. respondent no. 3 is deleted since he is not a necessary party to this appeal and no relief is claimed against him.4. we have perused the order of the tribunal dated 20-11-1998, and, in our view it is somewhat cryptic. the issue canvassed by the appellant before the tribunal was that the appellant was carrying on, mainly, the activity of manufacturing or processing of goods so as to fall within the exclusion provided in sub-section (4) of section 104 of the income tax act, 1961. the learned counsel for the appellant also cited before us the judgment in cit v. deejay hatcheries : [1995]211itr652(bom) which was approved by the supreme court in cit v. venkateswara hatcheries (p) ltd. : [1999]237itr174(sc) and other judgments. in our view, a detailed consideration of these judgments would be necessary in order to correctly decide the appeal of the appellant before the tribunal.5. we refrain from expressing our opinion on the controversies involved in the appeal. we set aside the impugned order of the tribunal and remand appeal ita no. 2725/13/92 (pertaining to assessment year 1986-87) to the tribunal for deciding it afresh in the light of what we have observed and after giving hearing to the parties.6. appeal is accordingly allowed in above terms with no order as to costs.

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Dec 09 1999 (TRI)

S.R. Doshi Finance and Investment Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-09-1999

Reported in : (2000)75ITD434(Mum.)

..... -company returned a loss of rs. 3,79,090 for the year under consideration, which was assessed to a positive income of rs. 3,79,820 under section 143(3) of the income-tax act, 1961 ('the act'). in the course of assessment proceedings, it was observed by the assessing officer that the assessee who was in leasing ..... well accepted one and must be applied in appropriate cases but with circumspection and must not be called in aid to defecat the fundamental principles of the law of income-tax as developed." 6. of the eight propositions laid down, proposition nos. (1), (2) and (7) are directly relevant for the present appeal. taking up ..... amount of rs. 3.96 lacs and rs. 59,400 being interest thereon to the total income of the assessee.3. cit(a) applied the decision of the supreme court in the case of state bank of travancore v. cit [1986] 158 itr 102/24 taxman 337 and observed that since the agreement provided for ..... become bad, deduction in compliance which the provisions of the act should be claimed and allowed. (4) where the act applies, the concept of real income should not be so read as to defeat the provisions of the act. (5) if there is any diversion of income at source under any statute or by overriding title, then there ..... not carry any force. it was also observed by him that it was not a notional income given up by the assessee.thus, the addition of rs. 3.96 lacs and rs. 59,400 was confirmed by the cit(a).4. shri subhash shetty, the ld. counsel for the assessee, relied on the decision .....

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Dec 09 1999 (HC)

S.R. Doshi Finance and Investment (P) Ltd. Vs. Assistant Commissioner ...

Court : Mumbai

Decided on : Dec-09-1999

Reported in : [2001]75ITD434(Mum)

..... . assessee-company returned a loss of rs. 3,79,090 for the year under consideration, which was assessed to a positive income of rs. 3,79,820 under section 143(3) of the income tax act, 1961 (hereinafter referred to as 'the act). in the course of assessment proceedings, it was observed by the assessing officer that the assessee who was in leasing business, did ..... a well accepted one and must be applied in appropriate cases but with circumspection and must not be called in aid to defecate the fundamental principles of the law of income-tax as developed.'6. of the eight propositions laid down, proposition nos. (1), (2) and (7) are directly relevant for the present appeal. taking up proposition no. 1, let us examine ..... . (3) where a debt has become bad, deduction in compliance which the provisions of the act should be claimed and allowed. (4) where the act applies, the concept of real income should not be so read as to defeat the provisions of the act. (5) if there is any diversion of income at source under any statute or by overriding title, then there is no ..... officer added the amount of rs. 3.96 lacs and rs. 59,400 being interest thereon to the total income of the assessee.3. commissioner (appeals) applied the decision of the supreme court in the case of state bank of travancore v. cit : [1986]158itr102(sc) and observed that since the agreement provided for the entitlement of the assessee to receive the .....

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Dec 08 1999 (HC)

Rakesh Commercial Corporation Vs. Assistant Commissioner of Income Tax

Court : Mumbai

Decided on : Dec-08-1999

Reported in : [2001]75ITD265(Mum)

..... of the hon'ble gujarat high court and the supreme court cited by the learned departmental representative are in the context of the provisions of chapter xx-c of the income tax act relating to acquisition of properties and not to section 147(a) and are distinguishable. even in the case of rattan gupta (supra), the hon'ble delhi high court proceeded on ..... -80, and so he was justified in reopening the assessment for the assessment year 1979-80 under the provisions of section 147(a) of the income tax act.for this proposition, he relied upon the following decisions:(1) cit v. smt. vimlaben bhagwandas patel : [1979]118itr134(guj) (2) gb. gautam v. union of india : [1993]199itr530(sc) (3) rattan gupta v. union of india ..... for the formation of the requisite belief for issue of notice under section 148 because of certain material contained in a letter and appraisal report by the assistant director of income tax (inv.). we find that this excision is also distinguishable on facts. we are of the view that the decision of the apex court in the case of indian oil corporation ..... in the assessee's paper-book at pages 1 to 43. we may, however, refer to the decision of the apex court in the case of indian oil corporation v. income tax officer : [1986]159itr956(sc) .4. the learned departmental representative on the other hand pleaded that from the papers seized from the assessee in the search carried on 17-12-1987 .....

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Dec 07 1999 (HC)

Blue Star Limited Vs. in the Matter of the Scheme of Arrangement of Bl ...

Court : Mumbai

Decided on : Dec-07-1999

Reported in : 2000(2)BomCR525; (2000)2BOMLR774; 1998(1)MhLj181

..... can be improved and their value can be enhanced if the two businesses are carried on in separate entities. secondly the scheme will involve income tax benefits. the benefit of reduction under section 80hhe of the income tax act for software exports can be maximised. thirdly as the price earning multiplier (p.e.) for the software industry is much higher than what ..... the sentinel nature of jurisdiction exercised by the high court in company jurisdiction was emphasised with vehemence. it was urged that the high court which is expected to act as guardian in company matters failed to exercise its jurisdiction and was swayed by considerations which were neither legal nor relevant. at-tempt was made to show that the ..... any adverse implications on the shareholders or the creditors. 9. mr. tulzapurkar, learned counsel appearing in support of the scheme, has submitted that the procedure prescribed under the act has been followed. the scheme has been approved by an overwhelming majority of shareholders in value as well as in number. the consideration price to be paid in cash ..... computers, pocket computers, personal computers, micro computers, engineering computers, general purpose and process control computers, information and word processing equipments. (b) subject to the provisions of the companies act, 1956, to amalgamate, or to enter into partnership or, into any agreement for share profits, union of interest, co-operation, joint-venture, of reciprocal concession or for limiting competition .....

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Dec 06 1999 (HC)

Khandelwal Industrial Gases Ltd. Vs. Assistant Commissioner of Income ...

Court : Mumbai

Decided on : Dec-06-1999

Reported in : [2001]75ITD70(Mum)

..... in appeal before us. the learned counsel appearing on behalf of the assessee submitted that on a plain reading of section 140a(i) of the income tax act, tax is payable on the returned income and not on the income that might have been correctly shown or that might have been arrived at by the assessing officer after making certain adjustments as per law. he, ..... 80vva of the act and since it was a bona fide mistake, penalty is not exigible merely for technical ..... under consideration, the assessee filed its return declaring 'nil' income. as per the return, self-assessment tax is not payable. however, the assessing officer was of the opinion that the assessee avoided payment of self -assessment tax by not taking into consideration the provisions of section 80vva of the income tax act. admittedly, the gross income of the assessee before set off of unabsorbed investment allowance ..... therefore, pleaded that in the absence of any tax payable on the basis of the return filed, there is no obligation on the part of the assessee to pay self-assessment tax and consequently, penalty is not leviable under section 140a(3) of the income tax act. he further contended that the return was filed overlooking the provisions of section .....

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