Mumbai Court February 1966 Judgments
Commissioner of Income-tax, Bombay City-i Vs. Jagmohandas J. Kapadia
Court: Mumbai
Decided on: Feb-15-1966
Reported in: [1966]61ITR663(Bom)
Tambe, C.J. 1. This is a reference under sub-section (1) of section 66 of the Indian Income-tax Act at the instance of the department. the assessee is a registered firm carrying on business as share and stock broker on a large scale. We are here concerned with the assessment year 1959-60, relevant accounting year being Samavat year 2014. At the end of the said Samvat year (Samvat year 2014), the balance in the overdraft account of the assessee stood at Rs. 13,54,781 as against shares of Rs. 13,36,208 and Government securities of Rs. 24,925 held and offered as security for the overdraft. 2. On the aforesaid overdraft account, the assessee paid Rs. 67,773 as interest for the said Samvat year 2014. The assessee claimed the aforesaid amount of Rs. 67,773 as a deduction under sub-section (2) of section 12 of the Income-tax Act against its dividend income of Rs. 81,967. It may be stated that during the assessment year, the income earned by the assessee was form three sources : Income earned ...
Tag this Judgment!Commissioner of Income Tax, Bombay Vs. Port Canning and Land Improveme ...
Court: Mumbai
Decided on: Feb-14-1966
Reported in: [1966]62ITR87(Bom)
V.A. Desai, J.1. The question which arises for consideration in the present reference is 'whether on the facts of the case the salami receipts or any portion thereof are business income chargeable under the provisions of the Indian Income-tax Act, 1922.' The assessee-company was incorporated in 1870. In its memorandum and articles of association the objects of the company, amongst other things, included equation of houses, lands, forests, farms, etc., to cultivate our to give and take on lease land for cultivation or otherwise and to accept payment of rent in cash or in produce and to make advances to cultivators in cash or in produce and to make advances to cultivators in cash or produce or cattle, to let on hire all or any of the property of the company whether immovable or movable including all and every description of apparatus or alliances, etc., and to sell, exchange and in any other manner deal with or dispose of the undertaking of the company or any part thereof. After its form...
Tag this Judgment!Nanavati and Co. Private Ltd. Vs. R.C. Dutt and ors.
Court: Mumbai
Decided on: Feb-10-1966
Reported in: [1967]37CompCas171(Bom)
1. This petition has been filed by M/s.Nanavati & Co. Pvt. Ltd. (hereinafter referred to as the petitioner-company) under article 226 of the Constitution challenging the validity of the Order No.12(41)- CL.VI/63 dated 20th April, 1964 (as amended by an order of even number dated 13th May, 1965), being Ex. F to the petition passed by the Company Law Board constituted by the Government of India whereby certain terms and conditions of the sole distributorship agreement dated 28th November, 1961, and entered into by J.K.Chemicals Ltd. (5th respondent) with the petitioner-company have been varied under section 294(5)(c) of the Companies Act, 1956. 2. The facts giving rise to the passing of the impugned order mentioned above may be stated : The 5th respondent-company (J.K.Chemicals Ltd.) is a public limited company manufacturing certain chemical products including sodium hydro-sulphite, caustic soda lye, chlorine and its by-products, etc. the petitioner-company, which is a private limited co...
Tag this Judgment!Commissioner of Income-tax, Bombay City-i Vs. Malegaon Electricity Co. ...
Court: Mumbai
Decided on: Feb-10-1966
Reported in: [1966]62ITR789(Bom)
Tambe, C.J.1. This is a joint reference under sub-section (1) of section 66 of the Indian Income-tax Act, 1922 (hereinafter referred to as the Act), arising out of the Tribunal's order in three appeals relating to the assessment of the three assessees, the Malegaon Electricity Co. Pvt. Ltd., the Chalisgaon Electricity Co. Pvt. Ltd. and the Dohad Electricity Co. Pvt. Ltd. All the said three companies have sold their concerns to the Amalgamated Electricity Co. Facts in all the three cases are similar and, therefore, in the statement of case, facts relating to the assessment of Malegaon Electricity Co. Pvt. Ltd. have been stated. The questions of law arising out of the appellate order of the Tribunal in all the three cases are identical. We would, therefore, state the relevant facts relating to the Malegaon Electricity Co. Pvt. Ltd. We are here concerned with the assessment year 1952-53, the relevant accounting period being April 1, 1951, to March 31, 1952. The assessment of the said comp...
Tag this Judgment!Commissioner of Income-tax, Bombay City-ii Vs. Patel Bros.
Court: Mumbai
Decided on: Feb-07-1966
Reported in: [1966]61ITR685(Bom)
V.S. Desai, J. 1. The question arising for consideration in this reference under section 66(1) of the Indian Income-tax Act, 1922, is 'Whether, on the facts and in the circumstances of the case, the sum of Rs. 1 lakh received by the assessee by surrendering his right to the special remuneration in terms of article 29 of the articles of association of the company is a capital or revenue receipt.' The assessee is a proprietary concern belonging to one A. C. Patel. A. C. Patel was the promoter of a company called the Ideal Pictures Ltd., which was started in the year 1936. all the shares of this company were held by A. C. Patel and two others, who were the three directors of the company. Since the commencement of the company. A. C. Patel was also appointed a managing director of the company on a monthly salary of Rs. 750. In addition to this salary, under article 29 of the articles of association of the company, he was paid a sum equal to 1/10th of the surplus of the profits of the compan...
Tag this Judgment!Miraj City Municipality Vs. American Board of Foreign Mission
Court: Mumbai
Decided on: Feb-07-1966
Reported in: AIR1967Bom276; (1966)68BOMLR519; 1967MhLJ12
ORDER1. These revision application raise a common question of law relating to the scope of an appeal under S. 86(1) of the Bombay District Municipal Act. 1901. In all the revision applications the petitioner is the Miraj City Municipality and the respondent is the Secretary of a Mission which runs an institution called the Miraj Medical Centre at Miraj. The Medical Centre owns several buildings in Miraj, including a hospital, residential quarters for the staff. a primary school building and hostels for male and female students of the school. In or about 1952 the Miraj City Municipality assessed for the first time the buildings of the Medical Centre to its Consolidated Tax on Buildings and Lands. The Municipality is governed by the Bombay District Municipal Act . 1991. The Medical Centre submitted objections to the assessment on the ground that the buildings were exempted from the tax under Rule 15 of the rules framed by the Municipality under S. 46 of the Act. and also on the ground th...
Tag this Judgment!Commissioner of Income-tax, Bombay City-ii Vs. Bombay Hing Supply Co.
Court: Mumbai
Decided on: Feb-04-1966
Reported in: [1966]61ITR672(Bom)
Tambe, C.J. 1. In compliance with the requisition of this court issued under sub-section (2) of section 66 of the Income-tax Act, 1922, the Tribunal has stated the case on the two questions of law arising out of its judgment. We are here concerned with the two assessment years 1955-55 and 1956-57, the accounting period Samvat years 2009 and 2011. The assessee is a partnership firm doing the business of manufacture and sale of asafetida(hing) under the name and style of M/s. Bombay High Supply Co., Bombay. In the years of assessment, the partners of this firm were Gaurishankar K. Vyas, Manilal Narottamdas and Raghunath Ramshankar. Now, prior to the year 1952, the aforesaid three persons and one Bostankhan Izatkhan were carrying on the same business of manufacture and sale of asafetida under the name and style of 'M/s. Bombay High Supply Co.' However, about the year 1952, disputes arose between the three persons, on the one hand, and Bostankhan, on the other, and the aforesaid three pers...
Tag this Judgment!Mysore Spinning and Manufacturing Co. Ltd. Vs. Commissioner of Income- ...
Court: Mumbai
Decided on: Feb-02-1966
Reported in: [1966]61ITR572(Bom)
Tambe, Actg.C.J. 1. This is a reference at the distance of the assessee company under section 66(1) of the Indian Income-tax Act, 1922, and the main question that arises relates to the construction of the provisions of section 58K of the Indian income-tax Act. The matter arise thus. We are here concerned with the assessment year 1957-58, the accounting period being 1st March, 1956, to 28th February, 1957. The assessee is a limited company carrying on business in the manufacture and sale of year and cloth in Bangalore. The Company started two provident funds for its employees. In the year 1941 it started provident found for the benefit of the monthly-rated employees and this found was called 'the Staff Provident Found'. In the year 1949 the company started another prevent fund or the benefit of the daily-rated employees and this was called 'the Workmen's Provident Fund'. Both these funds were not recognised provident founder under Chapter IX-A of the Income-tax Act. To both these provid...
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