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Latest Cases Home > Latest Court: income tax appellate tribunal itat mumbai Page 205 of about 2,049 results (0.219 seconds)

Apr 10 1981 (TRI)

R.B. Dhuru Chufi (Huf) Vs. Seventh Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1982)2ITD44(Mum.)

1. These 12 appeals filed by the assessee are directed against the common order, dated 21-1-1980, of the AAC. Hence, they are heard together and disposed of by this common order for the sake of convenience. The assessee is a HUF. The present appeals relate to the assessment of the assessee under the Wealth-tax Act, 1957 ('the Act'), for the assessment years 1963-64 to 1974-75, both inclusive.2. The assessee filed voluntary returns under Section 14(1) of the Act, for all the 12 years under consideration. The WTO completed the assessments exparte under Section 16(5) of the Acton the ground that the assessee had failed to comply with the terms of the notices issued under Section 16(2) for all the years. He determined the total wealth of the assessee at figures considerably higher than the figures in return in all the years.3. The assessee appealed to the AAC and contended that the WTO had erred in making the assessments ex parte under Section 16(5). The case of the assessee was that exce...

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Apr 06 1981 (TRI)

H.H. Goswami Shri Gokulnathji Vs. Thirteenth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1982)1ITD780(Mum.)

1. This appeal has been filed by the assessee against the order dated 16-11-1979 of the AAC. The asses-see is an HUF. The assessment year involved in this appeal is 1975-76 and the relevant previous year was the period from 27-10-1973 to 13-11-1974. The assessee derived income from property and other sources. The TRO attached the property at Bombay by an order dated 23-10-1974 issued under Rule 4(b) of the Second Schedule to the Income-tax Act, 1961 ("the Act"), for recovery of arrears of income-tax as certified by the ITO and interest payable thereon for the period commencing after the date of the certificate.The case of the assessee before the ITO was that the order of attachment issued by the TRO created an annual charge, not being a capital charge, in respect of the interest payable by the assessee referred to above and so the said interest should be allowed as a deduction under Section 24(1)(iv) of the Act while computing the income of the said property. The ITO rejected the cont...

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Feb 23 1981 (TRI)

Eighth Income-tax Officer Vs. Trustees of Marathi Mission

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1982)1ITD539(Mum.)

1. The appeal which is filed by the revenue and the cross-objection which is moved by the assessee relate to the assessment year 1975-76.As both this appeal as well as the cross-objection are inter-connected, they are disposed of by this combined order for the sake of convenience. The assessee is a charitable trust. The first contention raised by the revenue in its appeal is in regard to the decision of the Commissioner (Appeals) to allow depreciation of Rs. 84,882 on the assets owned by the assessee. The assessee-trust owned jeeps, machinery, etc., the written down value of which worked out to Rs. 8,48,822. It claimed depreciation at the rate of 10 per cent on an ad hoc basis against the income earned by it. The claim of the assessee was that the income for the purpose of considering the question of deduction as required under Section 11(2) of the Income-tax Act, 1961 ("the Act") should be determined on commercial principles which would take into consideration the depreciation admiss...

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Feb 11 1981 (TRI)

Podar Trading Co. (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)7ITD666(Mum.)

1. This appeal has been filed by the assessee against the order dated 21-12-1979 of the Commissioner (Appeals). The assessee is a limited company deriving income from business as a dealer in cotton yarn, silk yarn, soapstone powder, etc. Besides, the assessee also deals in shares and earns income by way of Mukadami Commission. The assessment year involved in this appeal is 1976-77 with the year ended 31-3-1976 as the relevant previous year.2. The only ground taken in this appeal is that the Commissioner (Appeals) erred in not allowing a sum of Rs. 7,541 being the liability for gratuity which accrued for the previous year under consideration, as computed on actuarial basis. Before the ITO, the assessee claimed to deduct a sum of Rs. 27,330 as gratuity liability computed on actuarial basis while computing the income from its business. No provision for the said amount was made in the acounts but the claim for deduction was made in the course of assessment proceedings. The ITO observed th...

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Oct 01 1979 (TRI)

income-tax Officer Vs. Vickers Sperry of India

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)3ITD739(Mum.)

1. The first and the main issue in these two appeals is whether the assessee is or not entitled to depreciation under Section 32(1) on scientific research assets relating to the business carried on by it, the cost of which has been allowed as deduction in full under Section 35(1)(iv)/35(2)(ia) in the earlier year. Long and elaborate arguments were advanced by the counsels on the two sides and by those who appeared as interveners on behalf of their respective clients. In fact the hearing continued for three days. While for the sake of brevity, we do not propose to refer to their individual arguments in detail and will be dealing with them in the course of our judgment, we would like to express our appreciation of the disciplined manner in which the counsels made their respective submissions and for the contribution made and the assistance rendered by them.2. Briefly stated, the relevant facts are that the assessee, a company carried on extensive business of manufacture and sale of hydr...

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Jul 27 1979 (TRI)

Dwarkadas and Co. (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1982)1ITD303(Mum.)

1. This appeal by the assessee relating to its assessment for the assessment year 1975-76 involves, amongst others, the question of the Commissioner's jurisdiction to revise the order of assessment passed by the ITO which has been the subject-matter of appeal. It is pertinent that, in the appeal memo originally filed on 13-10-1977, the ground questioning the Commissioner's jurisdiction under Section 263 was not taken. It was raised as an additional ground only by means of an application filed on 19-2-1979.2.1 Shri Harish, the learned counsel for the assessee, submitted that the adjudication of the additional ground did not involve investigation of facts and that it was a pure question of law and should, therefore, be admitted in view of the Bombay High Court decision in the case of CIT v. Gilbert Barker Mfg. Co. [1978] 111 ITR 529. In particular, he stated, this ground was raised, considered by the Commissioner and, therefore, arises out of his order.2.2 Shri Shastri, the senior depar...

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May 18 1979 (TRI)

Mahindra and Mahindra Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)8ITD427(Mum.)

1. These two appeals, one each by the assessee and the ITO, relate to the assessee's assessment for the assessment year 1972-73. The assessee is a company. Its assessment for the year was originally made under Section 143(3) of the Income-tax Act, 1961 ('the Act') on 29-3-1975 computing total income at Rs. 1,19,82,982. Since, according to the ITO, the income of the assessee chargeable to tax had been underassessed on account of allowance of initial contribution to superannuation fund in full, he recorded a finding to that effect and issued notice under Section 148 read with Section 147(b) of the Act on 22-9-1975, in response to which the assessee filed its return on 28-10-1975 declaring its income at Rs. 69,72,000. Supplementary assessment was, however, completed on 16-8-1977 computing the total income at Rs. 1,43,84,542.The additions in the impugned assessment, inter alia, were: Rs.(i) For under-valuation of stock 1,86,962(ii) Out of expenditure in Agro Aviation Division 1,25,000(iii...

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Jun 23 1978 (TRI)

G and Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)3ITD566(Mum.)

1. These are cross appeals preferred by the assessee and the revenue.The assessment year involved is 1973-74. The controversy centres round the claim of the assessee under Section 35B of the Income-tax Act, 1961 for weighted allowance of its expenditure under various heads.2. The assessee is solely engaged in the export of textile goods procured by it from mills and manufacturers in India. Its total turnover of the year is Rs. 77,12,111.21 and purchases Rs. 65,51,785.97. In the assessment proceedings it claimed before the ITO, for the purpose of weighted deduction under Section 35B, expenses on account of commission, postage and telegrams, local travelling expenses, sample charges, label charges, salary and bonus paid to the employees in India, sales promotion expenses and Export Credit Guarantee Corporation insurance. It is seen from the assessment order that besides claiming these expenses specifically, the assessees, by a special note, claimed beneficial treatment under the section...

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Mar 17 1978 (TRI)

Jai Hind Co-op. Housing Society Vs. Sixth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)3ITD625(Mum.)

1. The appellant Jai Hind Cooperative Housing Society Ltd. is said to be one of the 14 co-operative housing societies which were allotted various plots of land by the Housing Board in Juhu-Vile Parle area on lease. The society in its turn gave lease of the plots, excepting one plot reserved for its own use, to members for periods which were short of one year of the period for which the society itself had the lease from the Housing Board. It is also further stated that the society charged from the members the same amount for the lease as itself was charged. The object of the society, as stated in its bye-laws, is to carry on the trade of building and of buying, selling, hiring, letting and developing land in accordance with co-operative principles and to establish and carry on social, recreative and educational work (in connection with its tenants). The regulations of the society relating to lease to be granted by it to members desiring to purchase the houses are set out in pages 23 an...

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