Mumbai Court June 1982 Judgments
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Oriental Fire and General Insurance Co. Ltd. Vs. Commissioner of Incom ...
Court: Mumbai
Decided on: Jun-15-1982
Reported in: (1983)33CTR(Bom)137; [1983]143ITR378(Bom); [1983]13TAXMAN68(Bom)
Chandurkar, J.1. In this reference at the instance of the assessee, the following two questions have been referred to this court under s. 256(1) of the I.T. Act, 1961 :'(1) Whether, on the facts and in the circumstances of the case, and on a proper construction of the First Schedule read with section 44 of the Income-tax Act, 1961, the assessee could claim that a sum of Rs. 21,26,932, representing the appreciation in value of some of its foreign assets consequent on the devaluation of the rupee was not assessable to income-tax ? (2) If the assessee could so claim, whether this amount of Rs. 21,26,932 was, on the facts and in the circumstances of the case, liable to tax as income under the Income-tax Act, 1961 ?'2. The assessee-company, the Tribunal Oriental Fire and General Insurance Co. Ltd., Bombay, carried on the business of general insurance. The relevant assessment year is 1967-68, for which the previous year was the calendar year 1966. In the profit and loss account for 1966, an ...
Shreeram Mills Ltd. and Another Vs. Union of India and Others
Court: Mumbai
Decided on: Jun-15-1982
Reported in: 1982(10)ELT457(Bom); [1982]138ITR823a(Bom)
1. The petitioner-company Shreeram Mills Limited (hereinafter the company) is having three separate departments consisting of spinning, weaving and processing departments respectively. In the spinning department yarn is manufactured which yarn intended to be used for the manufacture of fabrics is cleared into the weaving department in which latter department it is woven into cloth whereafter the same is cleared into the processing department where the cloth is intended to be cleared as processed cloth. The articles manufactured by the company viz., cellulosic spun yarn, cotton yarn and cotton fabrics are excisable goods falling under Tariff Item Nos. 18, 18-A and 19 respectively of the First Schedule to the Central Excises and Salt Act, 1944. Now, under rule 8 of the Central Excise Rules, the Central Government is authorised to exempt, subject to such conditions as may be specified in the notification, any excisable goods from the whole or part of the duty leviable on such goods. In ex...
Shripatrao Vinayakrao Patwardhan and ors. Vs. Sharatchandra Nilkanth P ...
Court: Mumbai
Decided on: Jun-14-1982
Reported in: 1982(1)BomCR619
M.L. Pendse, J.1. This second appeal is preferred by original defendants Nos. 3 to 7 and 11 to 14 to challenge the legally of the judgment dated August 12, 1974 recorded by the District Judge, Sangli decreeing the plaintiff's suit for partition and possession of several lands and house properties. The properties involved in the suit include lands of Saranjam tenure and the trial Judge dismissed the suit by judgment dated March 6, 1973 holding that the grant of Saranjami rights were in favour of defendant No. 1 only and the other members of the joint family had no interest in those lands, and therefore, the properties were not partible. Haribhat | Balvant & Ballal | Moro (died in 1774) | Shripatrao | Moreshwar |Balvantrao (died in 1860)_________________________________________|_____________________________________ | | | | |Moreshwar Shripatrao Ganpatrao Govindrao Krishnarao(died in 1881) (given on (died in 1876) (died in (died in 1888) | adoption | 1902) Shripatrao in 1840) |_____...
State of Maharashtra and A.R. Antulay Vs. Padmakar Balkrishna Samant
Court: Mumbai
Decided on: Jun-10-1982
Reported in: (1982)84BOMLR427
S.K. Desai, J.1. I have had the benefit of perusing the erudite and exhaustive judgment prepared for the purposes of this appeal by my brother Rele. He has dealt with all the points arising in the appeal as also with the arguments advanced and authorities cited by the counsel arrayed for the respective patties at the Bar. Whilst I agree broadly with the ultimate conclusions reached, there are certain nuances, intermediate steps, and not so pertinent observations, in my view, with which 1 am unable to agree with my brother. Accordingly, 1 propose to give a separate judgment making it clear that on all conclusions not touched by me, I must be taken to have concurred fully with my brother. For the purpose of this separate judgment, as I have made it clear, 1 propose to restrict my discussion only to one of the important points, according to the, which arises in this appeal. The other points may be mentioned in passing, if at all.2. This is an appeal under the Letters Patent from the decis...
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