Mumbai Court January 1979 Judgments
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Commissioner of Income-tax, Bombay City-iii Vs. S.B. Bakshi Dalip Sing ...
Court: Mumbai
Decided on: Jan-09-1979
Reported in: (1979)12CTR(Bom)10; [1980]122ITR96(Bom); [1979]1TAXMAN416(Bom)
Chandurkar J.1. The two questions which have been referred to this court at the instance of the revenue are : '(1) Whether, on the facts and in the circumstances of the case, the income from Worli property was assessable to tax in the hands of the assessee for the assessment year 1960-61 to 1963-64 in view of the fact that it was mortgaged in favour of the assessee's wife to secure the amount of monthly maintenance payable to her (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the provisions of sections 16(1)(c) and 16(3)(iii) of the Indian Income-tax Act, 1922, had no application to the facts of the assessee's case ?' 2. The above two questions arose out of the assessment proceedings of the assessee relating to the assessment years 1960-61, 1961-62, 1962-63 and 1963-64. The assessee, who had been assessed in the status of an individual, had income from salary, interest on securities and house property. He had executed a mortga...
Great Eastern Shipping Co. Ltd. Vs. Commissioner of Income-tax, Bombay ...
Court: Mumbai
Decided on: Jan-09-1979
Reported in: [1979]118ITR609(Bom); [1979]1TAXMAN393(Bom)
Desai, J.1. This is a reference under s. 66(1) of the Indian Income Tax Act, 1922, and the question referred to us is as follows : 'Whether, on the facts and in the circumstances of the case, it has been rightly held that the rebate of Rs. 3,00,000 could be withdrawn for the assessment year 1959-60 on account of the bonus shares issued during the accounting year ending 30th June, 1956 ?' 2. A few facts may be stated : The assessee is a company owning a number of shipping vessels. The assessment year with which we are concerned is 1959-60, the relevant accounting period being the year ending 30th June, 1958. During the accounting year ending 30th June, 1956, i.e., relating to the assessment year 1957-58, the assessee had issued bonus shares. In his assessment order for the assessment year 1959-60, the ITO worked out the rebate of corporation tax allowable to the assessee at Rs. 14,50,933. From this, however, he deducted a sum of Rs. 3,00,000 as withdrawal of rebate on account of the bon...
Commissioner of Income-tax, Bombay City-i Vs. Tata Hydro Electric Powe ...
Court: Mumbai
Decided on: Jan-09-1979
Reported in: [1979]118ITR716(Bom)
Chandurkar, J.1. Reference made at the instance of the revenue and the notice of motion taken out by the revenue are being disposed by this judgment. 2. The question which has been referred arises on facts which are not in dispute. By a special resolution dated 10th August, 1953, the assessee-company issued 60, 000 ordinary shares of Rs. 100 each. The new share capital was raised to meet a part of the finances necessary for acquiring foreign equipment and services required for the Trombay Thermal Project. The assessee-company had also obtained the sanction as required by s. 107 of the Indian Companies Act, 1913, for payment of interest out of the capital on the newly issued shares. The Government of India had sanctioned payment of interest at the rate of 4% p. a. for a period not exceeding 3 1/2 years. During the assessment years 1955-56, 1956-57 and 1957-58, the total amount of interest paid on capital raised was Rs. 6,75,501. 3. During the previous year relating to the assessment yea...
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