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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: mumbai Year: 2012 Page 1 of about 194 results (0.076 seconds)

Dec 21 2012 (HC)

Smt.Asha Mukund Ajrekar Vs. Chitnis Chaudhary Through Partner Shri Uda ...

Court : Mumbai

Decided on : Dec-21-2012

..... to execute and sign the necessary form under section 37(i) of the income tax act for the purpose of getting requisite permission from income tax authorities. 4) defendant is also directed to produce income tax certificate under section 230 (a) of income tax act for execution of sale deed. 5) if the defendant failed to execute the ..... client hereby calls upon you to fix the price as per the govt. recommendation and signs the forms for obtaining permission from income tax authority u/s. 37i of income tax act and to satisfy my client as far as title is concerned and to execute valid sale deed in favour of my client ..... the appellant to execute and sign necessary form under section 37(i) of the income tax act,1961(hereinafter referred to as "the said act") and also produce income tax certificate under section 230(a) of the said act. the learned trial judge directed the appellant to execute a sale deed in respect ..... appellant was known to the partner of the respondent. it is stated that the appellant represented that she was not having any source of income. therefore, she offered to mortgage her share in the suit property for securing the loan. according to the case of the respondent, he ..... aforesaid admission regarding mortgage, the real intention of the parties is reflected. in any case, discretion under section 20 of the specific relief act,1963 could not have been exercised in favour of the respondent-plaintiff for enforcing the specific performance of the said agreement in writing. .....

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Dec 04 2012 (HC)

Ndt Systems, Through Partners of the Erstwhile Firm and Others Vs. the ...

Court : Mumbai

Decided on : Dec-04-2012

..... dated 20/3/2012 issued under section 148 of the income tax act, 1961.( ??the act ? ). the impugned notice seeks to reopen the assessment for the assessment year 2007-08 on the ground that the assessing officer has reasons to believe that income chargeable to tax has escaped assessment within the meaning of section 147 of the act. 2) at the request of the advocates for the ..... a copy of reasons recorded for issuing the impugned notice under section 148 of the act. e) on 23/7/2012 the assessing officer communicated the reasons for reopening the assessment for ..... made in excess of rs.20,000/- are liable for deduction of tax at source. therefore, the total dis-allowance as per the provisions of section 40(a)(ia) of the act, 1961 are rs.94,93,977/- instead of rs.4,08,433/-. therefore, i have reasons to believe that income to the tune of rs.90,84,844/- has escaped assessment ..... assessing officer issued the impugned notice under section 148 of the act to the petitioner. by the impugned notice the petitioner was informed by the assessing officer that he proposes to reassess the petitioner for the assessment year 2007-08, as he has reason to believe that the income assessable to tax has escaped assessment. in response to the above the petitioner sought .....

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Nov 30 2012 (HC)

Commissioner of Income Tax Vs. Upendra T. Kapadia

Court : Mumbai

Decided on : Nov-30-2012

..... tribunal was justified in holding that shree mahalaxmi mercantile co-operative bank ltd. is not a scheduled bank within the meaning of section 43b and section-11(5) of the income tax act even though the said shree mahalaxmi mercantile co-operative bank limited is a cooperative society which is engaged in banking and thus the provisions of section 43b(e) will not ..... circumstances of the case and in law the tribunal was justified in deleting the disallowance of rs.52,85,205/- made by the assessing officer u/s. 43b of the income tax act being interest payable by the assessee to shree mahalaxmi mercantile co-operative bank limited even though there was no evidence furnished by the assessee to substantiate the claim that the ..... m.s. sanklecha, j. this appeal by the revenue under section 260 a of the income tax act, 1961 ("the act") is against the order dated 26/10/2009 passed by the income tax appellate tribunal ("the tribunal") relating to the assessment year 2004-05. 2. being aggrieved, the following questions of law have been formulated by the appellant for the consideration by this ..... on account of interest of rs.52.85 lacs under section 43b of the act and added it back to the income of the assessee. 5. being aggrieved, the respondent-assessee filed an appeal to the commissioner of income tax (appeals). by an order dated 25/9/2008, the commissioner of income tax (appeals) dismissed the respondent-assessee's appeal on the ground that it is .....

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Nov 30 2012 (HC)

Arunachalam Muthu Vs. Nafan Bv and Others

Court : Mumbai

Decided on : Nov-30-2012

..... of such benches to any other. ? mr. dwarkadas has submitted that in exercise of the power conferred by rule 4 (1) read with section 255 of the income-tax act, 1961, the president of the income-tax appellate tribunal has constituted 48 benches falling in nine different geographical zones. the president has in exercise of the power of allocation of work conferred by rule 4 ..... tribunal vs. a. kalyanasundaram (supra) compares the president of the itat to the chief justice of a high court only in the context of the income tax act, which expressly conferred the power of constitution of benches upon the president. 51. even if we proceed on the basis that the chairman of the clb has similar powers to ..... tribunal v. a. kalyanasundaram (supra) compares the president of the itat to the chief justice of a high court only in the context of the income tax act which expressly conferred the power of constitution of benches upon the president. mr. khambata further submitted that if the chairman enjoyed inherent powers of superintendence, as claimed by the appellant, ..... from one zone to another. mr. dwarkadas has produced some of the orders passed by the president of the income-tax appellate tribunal. mr.dwarkadas has submitted that by virtue of the power conferred upon the president under section 252 (5) of the income-tax act, 1961, the president has delegated certain powers to the vice-president of the itat which include inter alia the .....

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Nov 06 2012 (HC)

Valji Shamji Chheda and Others Vs. Bhuderbhai Bajidas Patel and Others

Court : Mumbai

Decided on : Nov-06-2012

..... interest whatsoever in the affairs concerning the suit property. it is submitted that the so-called firm has never been registered under the income-tax act nor any income-tax returns under the income-tax have ever been filed by or on behalf of the so-called firm and that the proprietory concern of defendant no.1, ..... in which your client purportedly claims partnership with my client was registered..... nor it is registered under the provisions of the income tax act...... nor any returns have ever been filed under the said income tax act.... during the last about 25 years.... ? . it is stated only in the affidavit-in-reply filed by the defendants ..... declaration filed before the income-tax authorities under section 184 (7) of the income-tax act, but has wrongly alleged that the signatures of defendant nos. 2 and 3 are fabricated. 10. the plaintiffs have thereafter ..... bearing c.t.s. no. 443, borivli has ever been conducted in such name nor any returns have ever been filed under the said income tax act nor any other business activity whatsoever has ever been carried on in the name or style of such so-called ??laxmi developers ? during last ..... 1 to 3 in response to the notice dated 19th april 2012 viz. that the said partnership firm is not registered under the income tax act and has not filed any returns is also false. it is submitted that defendant no.1 has admitted his signature on form-a and the .....

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Nov 05 2012 (HC)

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

Court : Mumbai Goa

Decided on : Nov-05-2012

..... 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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Oct 25 2012 (HC)

M/S.M. Visvesvaraya Industrial Research and Development Centre Vs. the ...

Court : Mumbai

Decided on : Oct-25-2012

..... set up its failure to do so to its advantage against the revenue. if it was so, parties could avoid their liability under the income tax act by not having agreements registered in accordance with law. non-registration of a document cannot prejudice the revenue. that a lease was not executed ..... respect of the incidental and ancillary objects is a different matter altogether and cannot govern the scope or operation of section 11 of the income tax act. that an assessee is entitled to carry on business in respect of the incidental and ancillary activities mentioned in its articles of association does ..... year the assessee was entitled to claim benefits under sections 11 and 12 or, as the case may be, under section 80g of the income tax act. in the present matter, this aspect has not been gone into by the tribunal. in the circumstances, we remand the matter back to ..... of natural or applied science, including agriculture, animal husbandry or fisheries. if the definition of "scientific research" in section 43 (4) (i) of the income-tax act, 1961, or the corresponding provision of any new law, is hereafter amended, the amendment shall apply to the connotation of "scientific research" in this clause." ..... memorandum of association of the assessee are not objects of general public utility and thereby do not fall within the meaning of section 11 of the income-tax act, 1961? (3) whether, on the facts and in the circumstances of the case, the tribunal was right in its conclusion that the construction .....

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Oct 22 2012 (HC)

Rock Castle Property Private Limited Vs. Commissioner of Income-tax

Court : Mumbai

Decided on : Oct-22-2012

..... the re-opening of the assessment beyond four years from the end of the relevant assessment year by invoking the provisions of section 50-c of the income tax act was justified. 8. we see no merit in the above contention. if the articles of assignment dated 28th february 2002 was indeed a deed of assignment ..... hearing and final disposal by consent of both the parties. 2. this writ petition is filed to challenge the notice issued under section 148 of the income tax act, 1961 on 19th january 2012. 3. the assessment year involved herein is ay 2005-2006. the impugned notice for re-opening of the assessment is ..... gain for taxations." "thus, this fit case to initiate proceeding under section 147 explanation 2(c) of the it act. the approval of cit - 5 has obtained before issuance of notice under section 148 of the income tax act." 5. from the aforesaid reasons recorded by the assessing officer, it is seen that failure on the part ..... relevant assessment year cannot be sustained. 10. accordingly, the impugned notice dated 19th january 2012 issued under section 148 of the income tax act, 1961 is quashed and set aside. rule is made absolute accordingly with no order as to costs. ..... shown the agreement value, reduced the cost of acquisition, and claimed other incidental expenditure while computing the short term capital gain in its return of income and hence assessee company becomes the owner and its claim as a confirming party title does not survive in this transaction. the provision of section 50 .....

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Oct 16 2012 (HC)

Commissioner of Income Tax-2 Mumbai Vs. Birla Global Asset Finance Co. ...

Court : Mumbai

Decided on : Oct-16-2012

..... depreciation on intangible assets viz. business and commercial brand equity even though such an asset is not a depreciable asset within the meaning of section 32(1)(ii) of the income tax act or part b of the depreciation schedule in old appendix of the it rules relevant to the a.y.2004-05? 2. as regard the first question is concerned, counsel ..... for the parties state that the said question is answered in favour of the assessee by the decision of this court in assessee's own case being income tax appeal no.828 of 2010 decided on 08.08.2012. hence, the first question cannot be entertained. 3. as regard the second question is concerned, the contention of the revenue ..... entitled to depreciation at the rate of 50% by ignoring the provisions of old appendix 1 part a snc 1/3 itxa 6835-10 .doc item iii(2) of the income tax rules, 1962 relevant to the a.y. 2004-05, which specifically provide for depreciation @ 20% on motor cars not used in the business of running them on hire? (b) whether ..... is that intangible assets like business and commercial brand equity are goodwill on which depreciation is not allowable. the apex court in the matter of cit v. smift securities limited, reported in (2012)24 taxman 222 (sc) has held that even the intangible assets constitute goodwill on which depreciation would be allowable. hence, the second question .....

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Oct 16 2012 (HC)

Fiat India Automobiles Limited Vs. Virendra Singh, Assistant Commissio ...

Court : Mumbai

Decided on : Oct-16-2012

..... filed to challenge the notice dated 30.03.2012 issued by the assistant commissioner of income tax-10(1) mumbai under section 148 of the income tax act, 1961 ('the act'). 3 the basic argument of the petitioner is that once the cit-10 mumbai in exercise of the powers vested in him under section 127(2) ..... of the act has transferred the power to assess the petitioner on 22.11.2011 from acit-10( ..... for the sake of administrative convenience. a fresh order is being issued separately. sd/- (sabjeev k. abrol) commissioner of income tax-10, mumbai. ? 12 the question therefore to be considered is, when the cit-10 mumbai has transferred the jurisdiction to assess/reassess the petitioner from acit-10(1) mumbai to dcit circle-1(2 ..... be passed in order to circumvent any jurisdictional issue. yours faithfully, sd/- (virender singh), asstt. commissioner of income tax-10(1), mumbai. 11 the corrigendum order dated 27/3/2012 passed by cit-10 mumbai reads thus:- ??:corrigendum order: the order no.c.i.t./juris.127/transfer/2011-12 dated 22 ..... as also to the counsel for the petitioner. 10 the letter dated 20/3/2012 addressed by the acit-10(1) to cit(10) mumbai reads thus:- to the commissioner of income tax10, mumbai. (through proper channel) sir, sub: order u/s 127(2) in the case of fiat india automobiles ltd .....

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