Mumbai Court September 1967 Judgments
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New Star Industries Pvt. Ltd. Vs. Commissioner of Income-tax, Bombay
Court: Mumbai
Decided on: Sep-29-1967
Reported in: [1968]68ITR470(Bom)
V.S. Desai, J. 1. The assessee is a private limited company, to which the provisions of section 23A are applicable. It trades in and exports castor oil and castor seeds. In the calendar year 1950, which was also the accounting year of the assessee, it had entered into contracts both for purchases and sales, for spot deliveries and forward by way of hedging. It had made a profit of Rs. 1,94,116 in castor seeds forward contracts, which had not been transferred by it to its profit and loss account but shown in the balance-sheet under the heading 'Castor Seeds Kothra Khand Forward Business Account'. The said amount, however, was included in the assessment for the assessment year 1951-52 and the total assessable income computed at Rs. 1,65,663. Deducting therefrom the amount of tax paid, which was Rs. 71,960, there was a balance of Rs. 93,703 and 60% thereof was Rs. 56,222. The company, however, at its general meeting held on December 1, 1951, declared Rs. 8,000 as dividend. The Income-tax ...
Bai Hirbai Rahim Aloo Paroo and Kesarbai Dharamsey Kakoo Charitable an ...
Court: Mumbai
Decided on: Sep-29-1967
Reported in: [1968]68ITR821(Bom)
Kotval, C.J.1. The short question which arises for decision in this reference is whether clause 9(2) (c) of a document of trust settled by a scheme sanctioned by this court results in the trust not being 'wholly for religious or charitable purposes' within the meaning of the sub-section (3) (i) of the section 4 of the Indian Income-tax Act thereby depriving the trust of the exemption granted under that sub-section. 2. Two separate trusts were created by two ladies, who were sisters, Hirbai Rahim Aloo Paroo and Kesarbai Dharamsey Khakoo, on the 11the February, 1888, and 12th April, 1892, respectively, by their wills. Since both of them created trust for the same purposes and objects, the trustees had applied for permeation to amalgamate the two trusts and administer them as a single trust in Suit No. 1205 of 1944 in this court, and by an order pass o the 15th November, 1944, the trust were allowed to be amalgamated and a scheme framed. The scheme framed was entitled 'consolidated scheme...
In Re: Colaba Land and Mills Co. Ltd., V.M. Deshpande and anr. Vs. V. ...
Court: Mumbai
Decided on: Sep-28-1967
Reported in: [1970]78ITR584(Bom)
Desai, J.1. This is an appeal on behalf of the original respondents from the judgment and order of Mr. justice Vimadalal dated September 28, : [1968]67ITR399(Bom) , granting an order of injunction restraining the original respondents from assessing or reassessing the Colaba, Land and Mills Company Ltd., hereinafter ter referred to as the ' mills company to income-tax for the assessment years 1950-51 to 1955-56.2. It is sufficient to notice that in the Company Petition No. 221 of 1958 the official liquidator was appointed interim liquidator of the mills company by an order dated May 1, 1959. By an order dated October 7, 1959, the mills company was ordered to be wound up and the official liquidator was confirmed as liquidator of the mills company with all powers under section 457 of the Companies Act, 1956. By six different notices dated August 23, 1966, issued under section 148, the Income-tax Officer, Companies Circle 1(8), Bombay, recorded in respect of the assessment years 1950-51 to...
Jafferali Alibhai and anr. Vs. S.R. Dossa and Co. and anr.
Court: Mumbai
Decided on: Sep-28-1967
Reported in: AIR1969Bom66; (1968)70BOMLR359; 1968MhLJ593
ORDER1. This is a Chamber Summons taken out by the plaintiffs to review and set aside an order of the Taxing Master with regard to the valuation of the suit for the purpose of Court-fees. 2. The suit, as framed, is a representative suit under Section 53 of the Transfer of Property Act by the creditors of the 1st defendant-firm to avoid the Deed of Assignment of moveable and immoveable properties by that firm in favour of the 2nd defendant which was dated 21st February 1966. The properties which are the subject-matter of the said Deed of the subject-matter of the value of Rs. 71/2 lacs. The plaintiffs have, in paragraph 17 of the plaint, valued the suit for the purpose of Court-fees under S. 6(iv)(j) of the Bombay Court-fees Act, 1959, and they paid a fixed court-fees of Rs.30 under the said section. On a reference to the Taxing Master under Section 5 of the said Act to determine the correct amount of Court-fees would be payable by the plaintiffs on the aggregate sum of Rs.2,26,998.14, ...
Official Liquidator Vs. V.M. Deshpande and anr.
Court: Mumbai
Decided on: Sep-28-1967
Reported in: [1968]38CompCas26(Bom)
Vimadalal, J.1. This is a judge's summons taken out by the official liquidator of the Colaba Land & Mills Co. Ltd. for an order that certain notices dated 23rd August, 1966, and 31st December, 1966, taken out by the Income-taxOfficer and the proceedings taken pursuant thereto be quashed, and for an order that, if necessary, the respondents be directed not to proceed with those notices till further orders of this court, and on such terms as the court might impose and be restrained from in any way assessing or reassessing the Colaba Land and Mills Co. Ltd. in liquidation for the assessment years 1950-51 to 1955-56.2. The facts necessary for the purpose of this application are that the Colaba Land and Mills Co. Ltd. was ordered to be wound up, and the applicant was appointed liquidator by this court by its order dated 7th October, 1959. The entire undertaking of the Colaba Land and Mills Co. Ltd. had been sold on 21st May, 1958, and all the records (except the financial books) of the unde...
Commissioner of Income-tax, Bombay Vs. A.J. Zaveri
Court: Mumbai
Decided on: Sep-27-1967
Reported in: [1968]68ITR594(Bom)
V.S. Desai, J.1. The questions raised on this reference relate to the validity of the proceedings of assessments under section 34(1) (a) for the assessment year 1952-53 and under section 34(1) (b) for the subsequent assessment year 1953-54 and are as follows : '(1) Whether, on the facts and in the circumstances of the case, proceedings for the assessment year 1952-53 were validly initiated under section 34(1) (a) of the Income-tax Act ?' (2) Whether, on the facts and in the circumstances of the case, proceedings for the assessment year 1953-54 were validly initiated under section 34(1) (b) of the Income-tax Act ?' 2. The facts briefly stated are as follows : The assessee, Arvindrai Jamnadas Zaveri alias Bhuta, purchased a running medical store run under the name of 'The Mehta Medical Stores, Bhavnagar', on 30th June, 1949, from one Hiralal Vrajlal Metha, subsequent to the said purchase the assessee appears to have been assessed as the owner of this business for the assessment years 19...
Commissioner of Income-tax (Central), Bombay Vs. Devidayal Metal Indus ...
Court: Mumbai
Decided on: Sep-26-1967
Reported in: [1968]68ITR50(Bom)
Kotval, C.J.1. Since counsel of the assessee, at whose instance questions Nos. 2 and 3 have been referred for decision to this courts, has not pressed those questions, it is unnecessary to consider them. That leaves for our decision only question No. 1, which is as follows : 'Whether, in the facts and circumstances so the case, the Tribunal was justified in restricting the powers conferred on the Income-tax Officer in making assessment under section 31(3) (b) of the Income-tax Act ?' 2. This question arises upon the following facts. We need not in stating the facts refer to any of the several facts to be found in the statement of the case which do not impinge upon this question. The two years with which we are concerned are the assessment years 1955-56 and 1956-57, corresponding to the accounting years January 1, 1954, to December, 31, 1954, and January 1, 1955, to December 31, 1955. In the those years the assessee, who is a dealer in and manufacturer of vessels out of stainless steel,...
Manda Vs. Pandurang and ors.
Court: Mumbai
Decided on: Sep-26-1967
Reported in: AIR1968Bom340; (1968)70BOMLR293; 1968MhLJ258
(1) The appellant Manda is the plaintiff in Civil Suit No. 120-A of 1957 and defendant No. 1 in Civil Suit No. 92-A of 1957. She challenges by this appeal the decree and judgment which are common to both the suits and also common to the appeal in the lower appellate Court. (2) Civil Suit No. 92-A of 1957 was filed by respondents Pandurang and Aba against the appellant Manda and one Keshao Vyankatesh. The Keshao was the maternal grand-father of Manda and is dead. This suit was filed on 18-9-1957. In this suit respondents Nos. 1 and 2 of this appeal claimed a declaration of their ownership and title to Khasra No. 3/4 K and Khasra No. 3/3 Gh situate at Akola in Hinganghat taluk of Wardha District. They also claimed declaration and confirmation of their possession over these lands and an injunction against the appellant from in any way interfering with their peaceful possession. (3) Manda, the appellant in this appeal, filed her suit (Civil Suit No. 120-A of 1957) on 21-11-1957. She claime...
Commissioner of Income-tax (Central), Bombay Vs. Devidayal and Sons
Court: Mumbai
Decided on: Sep-25-1967
Reported in: [1968]68ITR425(Bom)
Desai, J. 1. The question raised on this reference relates to the validity of the assessment made on a firm, which had dissolved and discontinued it business, in respect of its pre-dissolution income, for the assessment year 1952-53, for which the relevant accounting year was S. Y. 2007 ended on 30th October, 1951. The original assessment of the assessee-firm was completed on the 8th November, 1952. The firm, which consisted of the father and his three sons, was dissolved and its business was discontinued as and from the last day of the said accounting year, viz., 30th October, 1951, and the Income-tax Officer, who had made the original assessment, was aware of the said position when he made the aid assessment. Subsequently, on the basis of the information received by the Income-tax Officer, he had reason to believe that certain income of the firm had escaped assessment and he consequently decided to take action under section 34 of the Act. The first notices was given under section 34(...
Commissioner of Income-tax Bombay City I Vs. Maharashtra Sugar Mills L ...
Court: Mumbai
Decided on: Sep-22-1967
Reported in: [1968]68ITR512(Bom)
Kotval, C.J. 1. The short question that has been referred for our decision in this reference is : 'Whether, on the facts and in the circumstances of this case, the department could disallow a sum of Rs. 1,26,359 a portion of the managing agency commission paid by the assessee-company for the assessment year 1957-58, in computing the income from business of the assessee-company ?' 2. The question arises because the assessee, the Maharashtra Sugar Mills Ltd., carries on two inter-connected business activites. It is engaged in the manufacture of sugar and for the purposes of that business the assessee owned in the year of account extensive estates in which it grew its own sugrcane. From the sugarcane thus grown on its own estates the assessee utilised a major part for conversion into sugar in its factory and the rest after meeting the requirements of the factory it also disposed of at times Over and above this quantity of sugarcane it occasionally used to make purchases of sugarcane which...
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