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Judgment Search Results Home > Cases Phrase: income tax act Year: 1985 Page 13 of about 2,217 results (0.109 seconds)

Oct 24 1985 (HC)

Commissioner of Income Tax Vs. Harit Synthetic Fabrics Pvt. Ltd.

Court : Mumbai

Decided on : Oct-24-1985

Reported in : (1986)53CTR(Bom)303; [1986]162ITR640(Bom); [1986]26TAXMAN540(Bom)

..... momentum, more workmen were employed. in the circumstances, it appears to us that substantial compliance with the provisions of sections 80j(4)(iv) of the income-tax act, 1961, had been achieved. the benefit of section 80j cannot be withheld from the assessee (and has to be allowed) on that account.9. ..... this court in sawyer's asia ltd. case : [1980]122itr259(bom) . substantial compliance with the provisions of section 80j(4)(iv) of the income-tax act, 1961, is all that is required. there can be no hard and fast rule by which one can determine whether there has been substantial compliance. ..... in a manufacturing process carried on without the aid of power.5. mr. jetly submitted that the terms of section 80j(4)(iv) of the income-tax act, 1961, required complete compliance and that it would be doing violence to its language to hold otherwise. in other words, the provisions required that ..... instance of the revenue.4. mr. jetly, learned counsel for the revenue, referred to the provisions of section 80j(4)(iv) o f the income-tax act, 1961. by reason thereof, section 80j applies to any industrial undertaking which fulfills, inter alia, the condition that the undertaking employs ten or more ..... till the end of that year, more than ten workers were employed by the assessee. the assessee, therefore claimed relief under section 80j of the income-tax act, 1961, available in respect of the profits or gains earned by a newly established officer declined the relief on the ground that the ten workers .....

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Sep 23 1985 (HC)

Commissioner of Income-tax Vs. Godfrey Philips India Limited

Court : Mumbai

Decided on : Sep-23-1985

Reported in : (1986)52CTR(Bom)32; [1986]161ITR684(Bom); [1986]25TAXMAN29(Bom)

..... bharucha, j.1. the question for consideration in this reference made at the instance of the revenue under section 256(1) of the income-tax act, 1961, reads thus :'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the interim dividend ..... -section (2) or clause (a) or clause (b) of sub-section (4) of section 104 of the income-tax act, or(iii) such a company as is exempt from the operation of section 104 of the said act by a notification issued under the provisions of sub-section (3) of that section, on so much of the total ..... the dividend declared by the assessee during the year was rs. 8,00,000 and not rs. 15,50,000. in the revenue's appeal, the income-tax appellate tribunal, considering the question from all angles, held that the interim dividend could not be said to have been declared by the assessee and, consequently, ..... earned in 1967, this interim dividend being payable on or after january 10, 1968.5. the income-tax officer applied the provisions contained in sub-clause (b) of part i of paragraph f of the first schedule to the finance act, 1968, and calculated the total dividend declared during the relevant previous year to be rs. ..... should not be taken into account for the purpose of levying tax at the rate of 7.5 per cent. under the finance act, 1968, and consequently holding that dividend declared was only rs. 8,00,000 as against rs. 15,50,000 adopted by the income-tax officer ?'2. the assessee is a limited liability company. the .....

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Sep 12 1985 (HC)

Commissioner of Income-tax Vs. Kamani Engineering Corporation Ltd.

Court : Mumbai

Decided on : Sep-12-1985

Reported in : (1986)50CTR(Bom)113; [1986]161ITR473(Bom)

..... new unit started on june 1, 1967. the assessee claimed the benefit of section 80j of the income-tax act, 1961.7. the income-tax officer declined to give to the assessee the benefit of section 80j of the income-tax act, 1961, in respect of the plant at jaipur on the grounds that it was a continuation of the ..... regard to the jaipur plant and inasmuch as there was a shifting of a part of the capacity to rajasthan, the provisions of section 80j of the income-tax act, 1961, were not attracted.11. there is not a word to show that there was, in fact, unity of control. the shifting of a ..... existing business of the assessee and that it had only shifted a part of its capacity there and so the provisions of section 80j of the income-tax act, 1961, were not attracted. the tribunal held that the new unit at jaipur was intended to utilise a part of the capacity for which the ..... be deducted from the assets for both the assessment years for the purpose of arriving at the capital employed for determining the relief under section 80j of the income-tax act, 1961 ?2. whether, on the facts and in the circumstances of the case, the sums of rs. 1,22,371 and rs. 7,125, ..... appeal, the appellate assistant commissioner held that all the conditions of section 80j(4) of the income-tax act, 1961, were satisfied and gave relief to the assessee to the extent he considered admissible.9. in appeal before the income-tax appellate tribunal, the revenue contended that the business started at jaipur was merely an extension of .....

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Oct 01 1985 (HC)

Commissioner of Income-tax Vs. Smt. R.R. Sood

Court : Mumbai

Decided on : Oct-01-1985

Reported in : [1986]161ITR92(Bom)

..... is an explanation to this clause, but it is not relevant for our purpose. it is unnecessary to consider in any detail the provisions of the income-tax act levying tax on short-term capital gains and long-term capital gains, because it is common ground that if a gain is made by the transfer of a ..... , the question was whether the gain made by the assessee on transfer of a large area of land in assam was capital gain and taxable under the income-tax act as such. what was held was that the land in question was agricultural land and it never became a capital 'asset' in the hands of the ..... which had been assigned in favour of the third party, clearly fell within the definition of 'capital asset' in clause (14) of section 2 of the income-tax act, 1961. it was held that the entire amount of rs. 5,00,000, being the difference between the amount of rs. 5,90,000 received by ..... by the counsel, it would be proper to take note of the relevant provisions of law. clause (14) of section 2 of the income-tax act, 1961, defines the term 'capital asset'. the relevant portion of the said definition run thus :''capital asset' means property of any kind held by an assessee, ..... whether, on the facts and in the circumstances of the case, and on a proper interpretation of section 2(42a) of the income-tax act, 1961, read with section 2(14) of the said act, the sum of rs. 71,670 was properly treated as long-term capital gains ?'3. before setting out or considering submissions made .....

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Oct 30 1985 (HC)

Commissioner of Income-tax Vs. Tata Hydro Electric Power Supply Co. Lt ...

Court : Mumbai

Decided on : Oct-30-1985

Reported in : (1986)88BOMLR81; (1986)51CTR(Bom)183; [1986]159ITR28(Bom); [1986]24TAXMAN106(Bom)

..... of the capital asset as having increased on account of increased liability in the balance-sheet or does not do so. as we have pointed out, section 43a of the income-tax act, 1961, only deals with the effect of a change in the rate of exchange with the foreign currency concerned in determining the 'actual cost' referred to in section 43 and ..... ) of section 43..'5. the rest of the section is not material for our purposes. it may be mentioned here that depreciation is provided for under section 32 of the income-tax act, 1961. that depreciation in a case like this would be with reference to the actual cost of machinery or plant installed. section 43 defines the term 'actual cost' for the ..... of revaluation of the german and dutch currencies as aforesaid was erroneous and prejudicial to the interests of the revenue inasmuch as, according to him, under section 43a of the income-tax act, 1961, the adjustment for increased liability could be allowed only if the aforesaid liability was increased or decreased during the relevant previous year in consequence of a change in the ..... assets purchased outside india ?'3. it is clear that the claim of the assessees is based on the provisions of section 43a of the income-tax act, 1961, which was inserted by section 17 of the finance (no. 2) act, 1967, with effect from april 1,1967. mr. jetly, learned counsel for the revenue, put forward three submissions. the first submission was that the .....

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Sep 24 1985 (HC)

Commissioner of Income-tax Vs. Universal Cine Traders Pvt. Ltd.

Court : Mumbai

Decided on : Sep-24-1985

Reported in : (1986)52CTR(Bom)169; [1986]161ITR696(Bom); [1986]24TAXMAN492(Bom)

..... which we can arrive at is that the said land which was acquired was non-agricultural land and the capital gains earned thereon are liable to tax under section 45 of the income-tax act, 1961.6. mr. mehta, learned counsel for the assessee, placed strong reliance on the decision of a division bench of this court in ..... case, the gujarat high court took the view that the gains arising on the sale of the land in question was liable to tax as capital gains under section 45 of the income-tax act, 1961. the principles laid down in this decision have to be kept in mind in determining the question before us.5. coming ..... highway other than the portion of it which was leased out to govindram brothers was agricultural land. the term has not been defined anywhere in the income-tax or the wealth-tax act and in accordance with well settled principles, the meaning of the term 'agricultural land' will have to be gathered from what is generally understood ..... kania, j.1. this is a reference under section 256(1) of the income-tax act, 1961. the assessment year with which we are concerned is the assessment year 1969-70. the question referred to us for determination is as ..... and for which compensation had been paid to the assessee was agricultural land. that contention was rejected by the income-tax officer and the income-tax officer included a capital gain of rs. 8,34,813 in the total income of the assessee. an appeal preferred by the assessee to the appellate assistant commissioner was dismissed. the assessee .....

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Oct 07 1985 (HC)

Commissioner of Income-tax Vs. Yorkshire Insurance Co. Ltd.

Court : Mumbai

Decided on : Oct-07-1985

Reported in : [1986]162ITR565(Bom)

..... set out.11. the earlier portion of what is quoted above sets out the objective of the provisions of section 40(a)(v) of the income-tax act, 1961, which is to bring within the purview of the limit any expenditure or allowance admissible to the employer in respect of assets provided by ..... our attention to the memorandum explaining the provision of the finance bill, 1968. the object of the incorporation of section 40(a)(v) in the income-tax act, 1961, is said to be 'to bring within the purview of the limit any expenditure or allowance admissible to the employer in respect of any ..... assessee was entitled in respect of an asset used by its employee.8. we are not impressed by mr. munim's argument. section 40 of the income-tax act, 1961, commences with the words 'notwithstanding anything to the contrary in sections 30 to 39'. this takes in section 32 which deals with depreciation. ..... .7. mr. munim, learned counsel for the assessee, argued that depreciation allowance was not included within the ambit of section 40(a)(v) of the income-tax act, 1961. in his submission, the word 'allowance' therein only meant such allowance as was given by an assessee to its employee. he drew our attention ..... ]132itr125(bom) , it must be held that the tribunal was right in holding that bonus is not a perquisite under section 40(a)(v) of the income-tax act, 1961.3. the question regarding the depreciation on a flat arises in connection with the assessment year 1970-71, the previous year whereof ended on december 31 .....

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Apr 24 1985 (HC)

Jayantilal A. Shah Vs. K.N. Anantharam Aiyar, Commissioner of Income-t ...

Court : Mumbai

Decided on : Apr-24-1985

Reported in : (1985)46CTR(Bom)189; [1985]156ITR448(Bom); [1985]23TAXMAN14(Bom)

..... part iii, the petitioner showed the net surplus of rs. 66,306 as non-taxable capital gain on the basis of the provisions of section 2(14) of the income-tax act, 1961.3. the income-tax officer, however, in his order held that the silver utensils cannot be called personal effects and, hence, the capital gains arising from the sale of silver utensils would ..... . the silver utensils were such as were required for their personal use. the petitioner as well as members of his family were all assessees not merely under the income-tax act but also under the wealth-tax act, 1957. he submitted that he belonged to a wealthy family and such silver utensils were used personally by the members of his family and himself.6. in ..... the personal use of the assessee in the ordinary course.8. in the present case, the commissioner had applied a restrictive test not warranted by section 2(14) of the income-tax act. he has held that because these articles were not normally in daily use, they could not be considered as personal effects. this appears to be an incorrect test because all ..... .5. can these silver utensils be considered as personal effects of the assessee if so, are they excluded from the definition of 'capital asset' under section 2(14) of the income-tax act, 1961 under section 2(14), 'capital asset' means 'property of any kind held by an assessee.......but does not include (i).....; (ii) personal effects, that is to say, movable property .....

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Sep 19 1985 (HC)

Krishnan Gopi Vs. P.S. Bhaskaran, Commissioner of Income-tax

Court : Mumbai

Decided on : Sep-19-1985

Reported in : (1986)53CTR(Bom)113; [1986]161ITR631(Bom)

..... denied relief on the ground that he has not paid interest under section 217 and section 139(8) of the income-tax act, 1961. under the relevant provisions of section 273a, the commissioner may exercise his discretion if he is satisfied that the petitioner has 'either paid or made ..... . in the present case, this has not been done.8. mr. devadhar, learned advocate for the respondents, pointed out that under section 273a of the income-tax act, 1961, the petitioner should have paid the full amount of interest levied before asking for the benefit of section 273a. the petitioner, however, has not been ..... was issued for a sum of rs. 13,173. pursuant to the said notice, the petitioner paid in october, 1979, income-tax amounting to rs. 2,145, interest under section 220(2) of the income-tax act, 1961, of rs. 1,710 plus further interest under section 220(2) up to date of rs. 145. the ..... style of m/s. honest engineering corporation at mulund, bombay. the petitioner is assessed as an individual under the provisions of the income-tax act, 1961.2. for the assessment year 1975-76, the petitioner was served with a notice of demand dated june 15, 1974, calling upon him to ..... said that all the conditions for waiver of penalty and interest are not satisfied and hence he rejected the petition.6. section 273a of the income-tax act, 1961, deals with power to reduce or waive penalty in certain cases. under this section, the commissioner in his discretion has the power to .....

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Aug 29 1985 (HC)

Shriram Dagdulal Vs. Commissioner of Income-tax

Court : Mumbai

Decided on : Aug-29-1985

Reported in : (1986)50CTR(Bom)271; [1986]161ITR42(Bom); [1986]24TAXMAN293(Bom)

..... as follows :question no. 1 : in the affirmative. question no. 2 : this question is unnecessary, and we decline to answer the same, as, even on the assumption that the indian income-tax act, 1922, is applicable as contended by mr. khatri, learned counsel for the assessee, the assessee cannot succeed. question no. 3; as we have pointed out, we must proceed on the ..... in the circumstances of the case, the appellate assistant commissioner was right in law in invoking the provisions of the income-tax act, 1961, when the assessment was completed under the provisions of the indian income-tax act, 1922, and the appeal was filed under that act ? (3) whether, on the facts and in the circumstances of the case, the levy of penalty on a disrupted hindu ..... , according to the assessee, that the provisions of the indian income-tax act, 1922 (for brevity's sake referred to as 'the act of 1922'), were applicable to the case and the penalty proceedings levied under the income-tax act, 1961 (for brevity's sake referred to as 'the act of 1961'), were invalid in law, as the act of 1922 did not permit the levy of any such ..... kania, j.1. this is a reference under section 256(1) of the income-tax act, 1961. the questions referred to us for our determination are as follows :'(1) whether, on the facts and in the circumstances of the case, it was competent to the appellate .....

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