Court : Mumbai
Decided on : Nov-27-2014
..... conclusion of both essentially rests on the receipt of the order by the assessee during the course of the assessment proceedings and referable to section 10(23c) (via) of the income tax act. we do not see as to how the revenue can make a complaint only by reading out ground nos.2 and 3 from the memo of appeal, copy of which ..... the hospital management had made applications from time to time for approval by the prescribed authority in the form 56d to exempt the institution under section 10(23c) of the income tax act. the applications were made from 1st april, 1998 upto 31st march, 2007. that is from assessment year 1999-2000 to assessment year 2007-2008. the trust had received the notification ..... did not deal with the other grounds. his order allowing the appeal partly has been confirmed by the tribunal. hence the revenue is in appeal under section 260a of the income tax act. 6. mr. malhotra appearing in support of this appeal submits that this appeal raises substantial questions of law. the questions have been formulated at page 9 to 11 of the ..... of the trust remained unchanged. the trust is registered with the charity commissioner of mumbai and also registered under section 12a of the act. the certificate under section 80g of the income tax act has also been granted by the director of income tax (exemptions) mumbai. the tribunal noted that the commissioner has granted the relief and partially. in considering the rival contentions and arising from .....Tag this Judgment!
Court : Mumbai
Decided on : Nov-14-2014
..... should not disentitle the assessee from claiming the deduction if the same can be otherwise claimed and granted and with recourse to another provision in the income tax act, 1961. in the present case, that was permitted and the reasons for the same as assigned in para 9.2 cannot be termed as vitiated ..... claim benefit of deduction. the assessing officer, therefore, computed short term capital gain under section 50 of the income tax act, 1961 and which came to nil. with regard to the claim that the income has to be computed as generated from house property, the assessing officer held that the asset held by the ..... mr. sureshkumar appearing for the revenue in support of this appeal and mr.irani appearing for the assessee. the order passed on 25 may 2012 in income tax appeal no. 975/mum/2005 is subject matter of this appeal. 2. according to mr. sureshkumar, four questions at paras 4(a) to (d ..... 93 that flat was sold and net sale proceeds were invested in 'uti capital gains scheme' with view to claim deduction. nil income was declared under the head "income from capital gains" for the assessment year 1992-93. there also the assessing officer denied the relief and on identical grounds as are ..... . after hearing both sides, what we have noted is that the return declaring total income of rs.78,82,04,357/- was filed on 30 october 2001 alongwith copies of balance sheet, profit and loss account and tax audit report under section 44ab. this return was processed and details regarding several aspects were .....Tag this Judgment!
Court : Mumbai
Decided on : Nov-05-2014
..... 1999 and last date of filing of the said return was 30.11.1999. hence, following mandate of section 158bb(1)(d) of the income tax act, the said income could not have been taken into account for the purpose of block assessment. 4. lastly it is urged that 10 workers contemplated for grant of ..... or working as casuals, were engaged in the manufacturing process was not in dispute. 21. here the provisions of section 80 ia (2)(v) of the income tax act employs two phrases; first one is "industrial undertaking" and the second is "manufacturing process". this clause (v) considers the industrial undertaking which manufactures or process ..... in case of south arcot dist. co.op marketing society ltd. (supra), has considered the provisions of section 14(3)(v) of the indian income tax act, 1922. the exemption provided for, was found to be with a view to encourage the cooperative societies to construct warehouses which were likely to be ..... and clerk-typist need to be included in the number of employees to find out the eligibility in terms of section 80 ia(2)(v) of the income tax act. the learned counsel submits that emphasis in said clause (v) is not on 'manufacturing process', but, on use of power to carry out it ..... dena bank account of the later concern. we find that it has been rightly treated as unexplained investment in terms of section 69b of the income tax act. finding that this payment and its nature was learnt due to search is also not perverse. no arguments have been advanced to show why or .....Tag this Judgment!
Court : Mumbai
Decided on : Oct-29-2014
..... this petition challenges the orders dated 2nd june, 2014 passed by the assessing officer and 18th august, 2014 passed by the director of income tax (exemption)[director] under section 220(6) of the income tax act, 1961 (the act). by the impugned orders the petitioner's application for unconditional stay of demand of rs.961.92 crores consequent to the assessment order dated ..... 28th february 2014 for assessment year 2011 -12, pending the disposal of its appeal by the commissioner of income tax (appeals) (cit(a)), was rejected. 3. the ..... petitioner is a statutory authority, established under the mumbai metropolitan region development authority act, 1974, (the mmrda act). the petitioner has been set up inter alia for the purpose of planning, coordinating and supervising the ..... complex'. 4. the petitioner has been claiming since assessment year 2003- 04, exemption under section 11 of the act, from payment of income taxes. the assessing officer has been consistently denying the claim for exemption. however, in appeal, the cit(a) has consistently allowed the appeals holding that the petitioner is entitled to the benefit of section 11 of the .....Tag this Judgment!
Court : Mumbai
Decided on : Oct-14-2014
..... manner restricted or curtailed by a general definition or understanding of the term owner as appearing in the income tax act, 1961. the term is defined widely and broadly in the income tax act, 1961 so as not to allow anybody to escape the provisions thereof by urging that he has a ..... and in the circumstances of the case, and in law, the tribunal was justified in confirming the order passed by the commissioner of income tax under section 263 of the income tax act, 1961 directing the assessing officer to examine the allowability of depreciation on toll road? ? 4] mr. pinto, learned counsel, waives ..... would be deciding the matter on a wider question and as formulated above. 16] in that regard, it is necessary to refer to section 32 of the income tax act, 1961. that section reads as under: ??section 32.(1) ?? depreciation in respect of depreciation of ?? (i) buildings, machinery, plant or furniture, being ..... officer has applied his mind on the particular issue and his view is a possibe one. therefore, jurisdiction under section 263 of the income tax act cannot be exercised. further, the assessment order was neither erroneous nor prejudicial to the interest of the revenue. a copy of this reply ..... 2009, a notice of show cause notice was received by the appellant from the respondent. the notice was under section 263 of the income tax act and the respondent proposed to revise the assessment order passed by the assessing officer as in his opinion the assessing officer had erred in allowing .....Tag this Judgment!
Court : Mumbai
Decided on : Oct-13-2014
..... personally on the commissioner and its receipt in the office of the commissioner cannot be said to be compliance with section 260a(2) of the income tax act, 1961. if this is the stand taken by the revenue and on which reliance has been placed before the highest court in the state, then, ..... personally went to the tribunal on 11th april, 2014 and obtained true copy of the order from the tribunal, though under section 254(3) of the income tax act, 1961, it is the obligation of the tribunal to send the copy of the order passed by it to the commissioner and the assessee. therefore, ..... the meaning of section 260a(2) because the order must be served on the commissioner. it was actually served on the office of the commissioner of income tax (appeals)-10. mr. anil singh, learned additional solicitor general, has not supported this stand of the revenue that the order has to be served ..... , namely, annexure-e and i would demonstrate this aspect. 4. later on, there were certain penalty proceedings and in which the assessee succeeded. the income tax appeal nos.1131, 1132, 1216 and 1217 of 2011 were filed by the revenue against the order passed by the tribunal deleting the penalty and which ..... very assessee for prior assessment years. on 16th april, 2014 we were informed that the revenue has filed appeals challenging the orders passed by the income tax appellate tribunal for assessment years 1999-2000 to 2001-02 and which order is dated 21st may, 2010. since this order was accepted by the .....Tag this Judgment!
Court : Mumbai
Decided on : Oct-10-2014
..... shortfall of rs.1308.91 crores. both the ao and the tpo on application of the transfer pricing provisions in chapter x of the income tax act 1961, (the act) held that this amount of rs.1308.91 crores is income. further, as a consequence of the above, this amount of rs.1308.91 crores is required to be treated as deemed loan given by ..... .10/-each fully paid at a premium of rs.8500 per share aggregating to total consideration of rs.2,46,38,99,016. as per section 92(1) of the income tax act, 1961 any income arising shall be computed having regard to the arm's length price. this transaction of issue of equity shares does not affect ..... ) inter alia, observed as under: ?? 'it is well settled that all receipts are not taxable under the income tax act. section 2(24) defines "income". it is no doubt an inclusive definition. however, a capital receipt is not income under section2(24) unless it is chargeable to tax as capital gains under section 45. it is for this reason that under section 2(24)(vi) that ..... is no longer res integra as identical provision as found in section 92 of the act was available in section 42(2) of the income tax act, 1922 (1922 act). the supreme court in mazagaon dock ltd. v. cit  34 itr 368 upheld the action of revenue in seeking to tax a resident in respect of profit which he would have normally made but did not .....Tag this Judgment!
Court : Mumbai
Decided on : Sep-25-2014
..... applied. the question (d) is not substantial question of law. 5. in relation to three other questions, the argument is common. it is that by section 145 of the income tax act, 1961, the assessing officer has to record satisfaction about correctness or completeness of the account of assessee or where the method of accounting provided in sub-section (1) of section ..... 14 of the tribunal's order refers to issue to disallowance under section 14a of the income tax act, 1961. that was in relation to expenditure incurred in earning dividend income. a dividend income of rs.11,68,431/- was earned and the exemption under section 10(34) of the income tax act was claimed. the assessing officer worked out the disallowance of rs. 1,05,670/- ..... earning this exempted income. the commissioner of income tax (appeals) confirmed this addition. the tribunal has found that there was ..... applying rule 8d of the income tax rules. the argument of assessee was that there was no expenditure in .....Tag this Judgment!
Court : Mumbai
Decided on : Sep-19-2014
..... the revenue is of the supreme court in the case of reliance jute industries ltd. (supra). the provisions of section 24(2)(iii) of the income tax act, 1922 came up for interpretation before the supreme court which inter alia dealt with unabsorbed loss being carried forward for more than eight years. the ..... court negated the aforesaid contention and held as under:- ??24. thus, on the date on which the legislature introduced 100 per cent deduction under the income tax act 1961 on the profits derived from housing projects approved by a local authority, it was known that local authorities could approve projects as housing projects with ..... inter alia held that the profits derived from the sale of commercial area was not entitled to a deduction under section 80-ib(10) of the income tax act, 1961. the assessing officer in coming to the aforesaid conclusion inter alia recorded that during the year under consideration viz. a.y. 2005-2006, ..... of the case and in law the hon'ble tribunal was right in allowing to the assessee company a deduction u/s 80ib(10) of the income tax act for a.y. 2006-2007 amounting to rs.2,11,74,864/- wherein the commercial area built by the assessee exceeded the limit specified in ..... history of the provisions that we are called upon to construe in these appeals. 12. initially, section 80-ia was inserted in the income tax act, 1961 by finance (no.2) act, 1991 w.e.f. 1st april, 1991 and dealt with deductions in respect of profits and gains from industrial undertakings etc. in .....Tag this Judgment!
Court : Mumbai
Decided on : Sep-12-2014
..... : (a) whether on the facts and in the circumstances of the case and in law the tribunal was right in quashing the order of the commissioner of income tax passed u/s. 263 of the income tax act? (b) whether on the facts and in the circumstances of the case and in law, the tribunal was correct in holding that two views are possible with ..... being note no.19 which is reproduced below for ease of reference: ??19. special reserve has been created over the years in terms of section 36(1)(viii) of the income tax act, 1961 out of the profits of the company. special reserve no.i relates to the amounts transferred upto financial year 1996-97. whereas special reserve no.ii relates to the ..... the provisions of section 36(1)(viii) of the income tax act in terms of which a special reserve could be created by the respondents out of the profits of the company. the special reserve in the present case relates to financial ..... (1)(viii) as amended with effect from 1/4/1997 do not provide any room for interpretation other than the one adopted by the commissioner of income tax in his order passed u/s.263 of the income tax act? 2. these appeals are filed by the revenue pertaining to assessment years 2003-04 and 2004-05 respectively. the common issue that arises pertains to .....Tag this Judgment!