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Judgment Search Results Home > Cases Phrase: medical degrees act 1916 section 2 definitions Court: income tax appellate tribunal itat mumbai Year: 1986 Page 1 of about 6 results (0.067 seconds)

May 30 1986 (TRI)

Glaxo Laboratories (India) Ltd. Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-30-1986

Reported in : (1986)18ITD226(Mum.)

..... were dealing with the assessability to capital gains of sale of ornaments in the financial year 1972-73 in view of amendment of section 2(14)(ii) of the act made effective from 1-4-1973 by including jewellery in the definition of 'capital assets'. question before the court was whether the said amendment governed the assessment year 1973-74. following karimtharuvi tea estate ltd ..... evasions for continuance of the mischief and to add force and life to the cure and remedy, according to the true intent of the makers of the act. thus, to hold that reimbursement of medical expenses would neither be covered under 'salary' nor under 'perquisite' would be to defeat the purpose of the legislation.53. maxwell on interpretation of statutes under the ..... '.61. we are, therefore, of the view that the reimbursement of medical expenses being a cash payment by the employer to the employee would fall under 'salary' in view of the very wide and inclusive definition of 'salary' as per section 17(1) which is adopted by clause (a) of explanation 2 to section 40a(5), in contradistinction to only five enumerated categories being covered ..... it is an expenditure which results directly or indirectly in the provision of 'remuneration or benefit or amenity' to a director.67. thus, both under section 40a(5) as well as under section 40(c), reimbursement of medical expenses by the employer company to the employee would form part of the remuneration of the employee and in case of a director, any payment .....

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Feb 19 1986 (TRI)

income-tax Officer Vs. Hindustan Petroleum Corpn. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-19-1986

Reported in : (1986)16ITD574(Mum.)

..... company had continued to hold the capital asset for the purposes of its business. explanation 3 : any allowance in respect of any depreciation carried forward under sub-section (2) of section 32 shall be deemed to be depreciation 'actually allowed'.a combined reading of these explanations shows that in a scheme of amalgamation the written down value of the ..... -company, which was allowed to be carried forward under sub-section (2) of section 32 of the act. the learned departmental representative, shri srivastava, invited our attention to explanation 3 of clause (6) of section 43 of the act, which lays down that any allowance in respect of any depreciation carried forward under section 32(2) shall be deemed to be depreciation actually allowed. he, ..... with crude oil and reduced crude oil, which were corrosive chemicals. the learned departmental representative, shri srivastava, submitted to us that there was no definition of 'corrosive chemicals' under the income-tax act, 1961 ('the act') and, therefore, what are corrosive chemicals have to be understood by what is known in common parlance. viewed in this context, according to shri ..... expert's opinion, which was before the lower authorities, according to which crude oil consisted mainly of a mixture of hydrocarbons of many chemical types and of varying degrees of molecular complexities and also contained small proportions of compounds of oxygen, nitrogen and sulphur as a result of which both crude oil and reduced crude oil were corrosive .....

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Mar 31 1986 (TRI)

Raymond Woollen Mills Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Mar-31-1986

Reported in : (1986)18ITD64(Mum.)

..... concept of proper income envisaged in the proviso. the word 'income' has been inclusively defined in section 2(24) of the act to include profits and gains. the expression 'profits and gains' is not defined in the act as such but as held by the supreme court in the case of calcutta co. ltd. ..... earlier or what would happen in the subsequent year. business income computation, thus, differs vitally from the computation of income from other sources where definite receipts of income during the year can be fixed without any ambiguity. the natural corollary of this is as what has been correctly stated in ..... it is where one comes to apply this principle to practical realities that difficulties emerge. if a simple proposition of an asset on which some definite expenditure is incurred alone is to be considered for the closing stock, the abstract principle can be even made a reality, but when the ..... . if a commodity manufactured is not saleable in the market, valuing that commodity in stock at cost or maket, whichever is lower, would definitely not give the correct profit of the also deserves to be noted that in this arbitrary but consistent adoption of method of stock ..... and 1271 (bom.) of 1980 and 576 and 3303 (bom.) of 1981 against the assessee. the other grounds of appeal relating to reimbursement of medical expenses, disallowance of foreign travel expenses and disallowance of depreciation claimed on assets used for scientific purposes are not pressed.3. closing stock valuation : the .....

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Jun 11 1986 (TRI)

Kodak Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jun-11-1986

Reported in : (1986)18ITD213a(Mum.)

..... bombay burmah trading corpn. ltd.'s case (supra). the bench noted that explanation 2 to section 40a(5) had given a definition of 'perquisite' and had not followed the definition of perquisite' given in section 17(2) of the act and, therefore, a reading of the said definition of 'perquisite' in clause (b) of explanation 2, read with section 40a(5)(a), clearly showed that the disallowance under the said ..... laboratories (india) ltd. [it appeal no. 2253 (bom.) of 1983] for the assessment year 1976-77 vide order dated 30-5-1986, lias held that reimbursement of medical expenses was part of salary. respectfully, following the said decision, we modify the commissioner (appeals)'s order on this point.37. club fees : club fees of rs. 3,095 in ..... . in these circumstances, we uphold the order of the commissioner (appeals) on this point.36. reimbursement of medical expenses : the iac vide para 6 has included the said item for disallowance under section 40a(5) but the commissioner (appeals) vide para 5, at page 2 following the tribunal's order in the assessee's case for the assessment year 1975-76 held that ..... reimbursement of medical expenses of rs. 3,396 was not a perquisite.the tribunal, special bench, bombay in glaxo .....

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Aug 20 1986 (TRI)

income-tax Officer Vs. India Photographic Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-20-1986

Reported in : (1987)20ITD89(Mum.)

..... paid the club subscription, the payment thus falls under the definition of 'perquisite' as per clause (b) of explanation 2 to section 40a(5).6. the learned counsel for the assessee urged before us that reference under section 256(2) of the act by the revenue in the case of cit v.citibank had ..... the relevant account year ended 31-10-1979.2. the ito disallowed under section 40a(5)(a) of the income-tax act, 1961 ('the act') rs. 81,802 under sub-clause (i) and rs. 64,391 under sub-clause (ii). he treated the medical expenses reimbursed by the assessee-company to its employees ..... appeals) accepted the assessee's contention that the said subscriptions were not perquisites. he accordingly deleted rs. 3,226. clause (b) of explanation 2 to section 40a(5) defines perquisites to include, inter alia, as per sub-clause (iv) payment by the assessee of any sum in respect of ..... for coming to the said finding. he accordingly deleted rs. 10,806.4. we have already noted above that the ito has treated reimbursement of medical expenses as part of salary which was in conformity with paragraph 19 of the tribunal bombay, special bench decision in blackie & sons (india) ltd ..... as part of the employees' salaries as per directions of the iac.3. the commissioner (appeals), however, observed that the ito had treated the reimbursement of medical .....

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Oct 08 1986 (TRI)

Earl. W. Tallent Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Oct-08-1986

Reported in : (1987)20ITD512(Mum.)

..... decision. he pointed out that the reimbursement can be treated as profit in lieu of salary within the meaning of section 17(3) of the income-tax act, 1961 ('the act'). this definition is very wide and it would cover all payments received by the assessee from his employer. he also relied on ..... go in detail to the gujarat high court's decision. their lordships were trying to discover the meaning of expression 'earned in india' used in section 9(1)(ii). they found that this expression has two meanings and this is brought out clearly in the supreme court's decision in e.d. sassoon & ..... year at least-.13. shri kamat, the senior departmental representative took us through the budgetary provisions explanations for the introduction of the explanation to section 9(1)(ii). he submitted that the gujarat high court's decision had not laid down the correct law and in any case, it will no ..... these payments, he had also received from the indian company rs. 5,230 by way of reimbursement of various types of expenditure incurred by him like medical expenses, food, provision, conveyance and other miscellaneous expenses.5. we may also mention here that as per the collaboration agreement between the indian and ..... be salaries payable by the government to a citizen of india for services outside india. if the legislature wanted that the word 'earned' in clause (ii) of section 9(1) should have a narrower meaning, nothing would have been easier than to use the words. 'services in india' or 'services rendered in .....

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