Mumbai Court February 1965 Judgments
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Commissioner of Wealth-tax, Bombay City I Vs. Belvandi Sugar Farm Priv ...
Court: Mumbai
Decided on: Feb-17-1965
Reported in: [1965]58ITR433(Bom)
Tambe, J.1. This is a reference at the instance of the Commissioner of Wealth-tax under section 27(1) of the Wealth-tax Act and the question referred to us relates to the construction of section 7(2)(a) of the Act. 2. The assessee is a private limited company doing business of manufacture and sale of sugar. We are here concerned with two assessment years 1957-58 and 1958-59, the relevant valuation dates for these two years being 30th September, 1956, and 30th September, 1957, respectively. It appears, at the material time two concerns, Dahanukar Sons (Pvt.) Ltd. and Worli Chemical Works (Pvt.) Ltd., were indebted to the assessee-company. In the assessee-company's balance-sheet as on 30th September, 1956, on the assets side under the head 'Loans and Advances' (unsecured) the debts of the aforesaid two debtors were shown. The debt due from Dahanukar Sons (Pvt.) Ltd. was shown as amounting to Rs. 2,29,417 and that due from the Worli Chemical Works (Pvt.) Ltd. was shown as amounting to Rs....
Pramod Kumar JaIn Vs. Commissioner of Wealth-tax, Bombay City I
Court: Mumbai
Decided on: Feb-17-1965
Reported in: [1965]58ITR161(Bom); 1965MhLJ907
V.S. Desai, J.1. The question, which has been referred to us under section 27(1) of the Wealth-tax Act, 1957, at the instance of the assessee, is as follow : 'Whether for the assessment year 1959-60 the net wealth of the assessee has rightly been charged at the rate of 1 ?' 2. The relevant valuation date for the computation of the net wealth of the assessee for the assessment year 1959-60 was the 31st March, 1959. By section 21 of the Finance Act of 1959 the Wealth-tax Act was amended altering the rate of wealth-tax in the schedule of the Act. The amendment was made effective from the 1st of April, 1959. The result of this amendment was that the rate of wealth-tax, which was applicable to the net wealth of the assessee, was increased from 1/2% to 1%. The assessee's contention was that the amendment of the Wealth-tax Act increasing the rate of tax came into operation only from the 1st of April, 1959. The rate of tax on the date with reference to which his net wealth was to be computed, ...
Pramod Kumar JaIn Vs. Commissioner of Wealth-tax, Bombay City I, Bomba ...
Court: Mumbai
Decided on: Feb-17-1965
Reported in: AIR1966Bom166; (1965)67BOMLR659; ILR1965Bom1054
Desai, J.(1) The question, which has been referred to us under S. 72 (1) of the Wealth Tax Act, 1957 at the instances of the assess, is as follows.'Weather for the assessment, year 1959 - 60 the net wealth for the asses has rightly been charged at the rate of 1 per cent.'(2) The relevant Valuation date for the computation of the net wealth of the assessee for the assessment years 1959 - 60 was the 31st March 1959. By S. 21 of the Finance Act of 1959 the Wealth Tax Act was amended altering the rate of the wealth tax in the schedule of the Act. The amendment as made effective from the 1st of April 1959. The result oft his amendment was that the rate of the rate wealth tax. Which was applicable to the net wealth of the assesee was increased from 1/2 per cent to 1 per cent. That assessee' contention was that the amendment of the wealth Tax Act in creasing the rate o the tax come into operationally form the 1st of the April 1959. The rate of tax on the date with reference to the which his n...
Commissioner of Wealth-tax, Bombay City Ii Vs. Trustees of the J.P. Pa ...
Court: Mumbai
Decided on: Feb-16-1965
Reported in: [1965]58ITR46(Bom)
Tambe, J.1. This is a joint reference at the instance of the Commissioner of Wealth-tax under section 27(1) of the Wealth-tax Act. We are here concerned with the assessment year 1957-58 and 1958-59, and the question that has to be considered is whether the trust is for any public purposes of a charitable or religious nature, and, therefore, exempted from payment of wealth-tax. 2. Facts in brief ar : The assessees before us are the trustees of a trust known as 'Jehangir Pestonji Pardiwala Charity Trust'. One Mr. J. P. Pardiwala by a deed dated 17th February, 1941, settled on trust certain properties mentioned therein. Clause 2 of the deed provided that 'the trustees shall apply the income of the trust property for defraying the expenses of performing and carrying out the religious ceremonies, charitable, benevolent and other objects specified in the third schedule hereunder written or to such one or more of them in such manner and in such manner and in such proportions as to the said tr...
Commissioner of Expenditure-tax, Bombay City I Vs. Lalchand Hirachand
Court: Mumbai
Decided on: Feb-15-1965
Reported in: (1965)67BOMLR664; [1965]58ITR60(Bom); 1965MhLJ820
V.S. Desai, J.1. The assessee is a Hindu undivided family, consisting of a father, a major son and two minor son, as its coparceners. Prior to the accounting year in question, a partial partition took place in this joint Hindu family, whereby the shares of joint stock companies held by the family came to be divided amongst the members of the family entitled to property on partition. This partial partition was recognised by the income-tax authorities and the father and the sons in their individual capacity were assessed to tax in respect of the income derived by them from the assets obtained by them at the partial partition. Out of the said incomes which the sons had received from the said assets, they had incurred expenditure on themselves in the amounts of Rs. 11,169, Rs. 7,582 and Rs. 17,427, respectively. In the assessment for expenditure-tax of the Hindu undivided family, in the assessment year 1958-59, for which the relevant account year was the year ending 31st March, 1958, the E...
Commissioner of Gift-tax, Poona Vs. H.H. Sir Shahaji the Chhatrapati M ...
Court: Mumbai
Decided on: Feb-15-1965
Reported in: (1965)67BOMLR417; [1965]58ITR140(Bom)
Tambe, J.1. At the instance of the Commissioner of Gift-tax, this reference has been made under sub-section (1) of section 26 of the Gift-tax Act (hereinafter referred to as the Act). The assessee before us is His Highness Sir Shahji the Chhatrapati Maharajasaheb of Kolhapur. The assessment year with which we are concerned is 1958-59, the relevant previous year being one commencing from 1st April, 1957, and ending with 31st March, 1958, and the question to be considered i : 'Whether, on the facts and in the circumstances of this case, the gifts amounting to Rs. 3,30,000 are exempt from gift-tax within the meaning of section 5(1)(vi)(a) of the Gift-tax Ac ?' 2. The assessee executed a settlement of January 18, 1956 setting apart certain agricultural lands valued at Rs. 5 lakhs in trust. The income of this property was to be utilised in the manner indicated in the said deed. The deed mentions that there are several public temples in the State of Bombay and Hyderabad for the upkeep and ma...
Commissioner of Gift-tax, Bombay City I Vs. Yogendra N. Mafatlal and a ...
Court: Mumbai
Decided on: Feb-12-1965
Reported in: (1965)67BOMLR413; [1965]58ITR40(Bom); 1965MhLJ640
V.S. Desai, J.1. The assessee concerned in this reference has executed trust deeds constituting charitable fund in respect of certain shares possessed by them. The question which arises for consideration i : 'Whether the assessees are entitled to exemption under section 5(1)(v) of the Gift-tax act for the value of the shares transferred as aforesaid ?' 2. The Tribunal has held that the assessees were entitled to exemption as claimed by them and the reference has been made at the instance of the department under section 26(1) of the Gift-tax Act. 3. One of the two assessees had executed a trust deed on the 26th of March, 1959, setting on trust 5 ordinary shares of the Mafatlal Gagalbhai & Co. Ltd., possessed by him. The trust was for the creation of a trust called 'Shri Yogendra Navinchandra Mafatlal and Smt. Madhuri Yogendra Mafatlal Trust', and the shares settled under this trust were to constitute the trust fund. In the preamble of the trust deed it was state : 'And whereas the settl...
Syed Waris HussaIn Vs. Firestone Tyre and Rubber Company of India (Pri ...
Court: Mumbai
Decided on: Feb-12-1965
Reported in: (1966)ILLJ292Bom
Chainani, C.J.1. The petitioner was formerly employed by respondent 1, hereinafter referred to as the respondents. In the early hours of 17 July, 1963 when the petitioner was leaving the factory and when he was coming out he was checked at the gate by the watchman on duty. The Watchman found in the petitioner's umbrella a roll of bandage and a reel of thread belonging to the respondents. The petitioner pleaded for forgiveness and asked for one more chance being given to him. The matter was then reported to the security officer who recorded the statement of the petitioner. In that statement the petitioner admitted that he had removed the articles which were found in his umbrella when he was inside the factory. On the following day the petitioner was served with a chargesheet. The enquiry was held on 19 July 1963. The enquiry officer submitted his report to the factory manager, who came to the conclusion that the petitioner was guilty of theft. He therefore, issued a show-cause notice to...
Commissioner of Gift-tax, Bombay City I Vs. G.G. Morarji
Court: Mumbai
Decided on: Feb-11-1965
Reported in: (1965)67BOMLR406; [1965]58ITR505(Bom); 1965MhLJ645
Tambe, J. 1. This is a reference under sub-section (1) of section 26 of the Gift-tax Act (hereinafter called as 'the Act') at the instance of the Commissioner of Gift-tax. 2. Facts giving rise to this reference ar : We are here concerned with the assessment year 1958-59. The assessee, Gordhandas Goculdas Morarji, has been assessed in the status of an individual. The Bombay Municipality acquired certain immovable property belonging to the assessee, paying the assessee a compensation of Rs. 2,90,000. Out of this amount, Rs. 2,85,000 were deposited by the assessee in the following manne : (1) Rs. 1,00,000 (Comprising of two deposit, one of Rs. 50,000 deposited in the Canara Bank in the joint names of the assessee and his son V. G. Morarji, and the other deposit of Rs. 50,000 in the United Commercial Bank in the joint names of the assessee and his another son, D. G. Morarji). Both these deposits were made on 9th October 1958. (2) Rs. 1,45,000 (Comprising of three fixed deposits of Rs. 1,0...
Balkrishna Bhiva Vs. Industrial Tribunal (Syed Taki Bilgrami) and anr.
Court: Mumbai
Decided on: Feb-11-1965
Reported in: (1967)ILLJ637Bom
Chainani, C.J.1. The petitioner was employed as a helper by respondent 2. On 19 April, 1963 he was dismissed from service on the charge of disobeying an order said to have been lawfully issued to him. As an industrial dispute was then pending before the industrial tribunal, an application was then made to the industrial tribunal for approval of the action taken against the petitioner under S. 33(2)(b) of the Industrial Disputes Act. This application was made on 29 April, 1963. The industrial tribunal granted the approval asked for by respondent 2. That order is being challenged in this petition. 2. The principal point, which has been raised before us, is that the industrial tribunal was wrong in granting its approval as the application to it was not made simultaneously or as part of the same transaction by which the petitioner was dismissed from service. In Strawboard Manufacturing Company v. Gobind : (1962)ILLJ420SC , the Supreme Court has held that the proviso in Sub-section (2) of S...
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