Court : Mumbai
Reported in : [1975]101ITR491(Bom)
Kantawala, C.J.1. This is a reference under section 66(1) of the Indian Income-tax Act, 1922 (hereinafter referred to as 'the Act'), at the instance of the assessee, Messrs. Dhrangadhra Chemical Works Ltd. The assessee was incorporated in the then Dhrangadhra State of Saurashtra, situated in India. In respect of its business in British India as then constituted it was assessed to income-tax under thee Act in respect of the income liable to be assessed under section 4(1)(a) and/or section 4(1)(c) of the Act, as the case may be, the status for the purpose of assessment being taken as non-resident. In computing the total income liable to be so assessed under the Act proportionate allowance used to be made for depreciation of assets under section 10(2)(vi) of the Act on the basis of the world income to total income as determined in the assessment orders. Such assessments have been made on the assessee for and up to the assessment year 1949-50. 2. Dhrangadhra State became a part of the Unit...
Tag this Judgment!Court : Mumbai
Reported in : [1976]105ITR331(Bom)
Kantawala, C.J. 1. Under section 256(2) of the Income-tax Act, 1961, the following question of law is referred for our determination : 'Whether the Tribunal erred or misdirected itself in law or acted without evidence in holding that the borrower (sic borrowing) of loan of Rs. 25,000 was not genuine in respect of the assessment year 1949-50 ?'. 2. The assessee is a registered firm consisting of seven partners all of whom belong to the family of Jalan. The question relates to the assessment year 1949-50, for which the relevant accounting year in Samvat year 2004. For this year, this Income-tax Officer assessed the firm by an order dated March 29, 1954, on the total income of Rs. 1,46,331 which, inter alia, included a sum of Rs. 25,000 as assessee's income from undisclosed sources. This amount was found as a deposit in the account of one Shankerlal Matadin in the books of account of the assessee. The entries in the books of account showed that it was first deposited on April 6, 1948, the...
Tag this Judgment!Court : Mumbai
Reported in : [1976]102ITR119(Bom)
Tulzapurkar, J.1. At the instance of the assessee the following question of law have been referred to us by the Tribunal for our opinion : '(1) Whether, on the facts and in the circumstances of the case, income received by the trustees by way of licence fees in the assessment year 1960-61 was exempt under the provision of section 4 (3) (i) of the Indian Income-tax Act, 1922 (2) If the answer to the 1st question is in the negative, whether on the facts and in the circumstances of the case, the Appellate Assistant Commissioner of Income-tax and the Tribunal were competent to reject the claim of the assessee on the ground that income was not received by the assessee under trust or other legal obligation wholly for religious or charitable purposes as required under section 4 (3) (i) of the Act, when the Income-tax Officer had rejected the claim on the mere ground that property, whose income was sought to be exempted, was not held under a trust ?' The short facts giving rise to question No...
Tag this Judgment!