Mumbai Court January 1983 Judgments
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Fifth Income-tax Officer Vs. Sarvodaya Films
Court: Income Tax Appellate Tribunal ITAT Mumbai
Decided on: Jan-04-1983
Reported in: (1983)4ITD320(Mum.)
1. This is a departmental appeal against the order of the Commissioner (Appeals) deleting an addition of Rs. 1,31,750 made by the ITO in the course of working out the amortization value of the films.2- The assessee is a registered firm. They are distributors of feature films. During the accounting year concerned, the assessee-firm had acquired distribution rights of six pictures. In the method of accounting followed by the assessee, no loss or profit is brought to the profit and loss account till the collections made cover the cost of acquisition. In one of the pictures 'Vardan', the cost of acquisition was Rs. 2.85 lakhs. The realization up to the end of the accounting year was Rs. 2,38,377. There was a deficit of Rs. 46,622. This was not brought to the profits and loss account but was carried forward to the next year. As it happened during the accounting year, the six pictures acquired by the assessee cost them more than the collections made up to the end of the year. In accordance ...
Union Carbide India Ltd. Vs. Union of India and Others
Court: Mumbai
Decided on: Jan-01-1983
Reported in: 1984(17)ELT63(Bom)
1. The petitioners are a Company incorporated under the provisions of the Indian Companies Act and are engaged in the business of manufacturing and selling dry cell batteries, chemicals and plastics, agricultural pesticides and several other products. At the relevant time, 60% of the paid-up share capital of the petitioners was held by the American company, known as Union Carbide Corporation. The said American company is engaged in carrying on manufacturing, selling and trading operations worldwide, and among various products manufactured and exported is a product known as 'Sevin-Carbaryl Technical'. The product is used in the formulation of various kinds of insecticides pesticides. In or about February 1969, the petitioners commenced importing the said product for their own use against Actual Users' licences granted in favour of the petitioners for the purpose of formulating pesticides at the plant set up by the petitioners at Bhopal in Madhya Pradesh. The imports from the American co...
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