Mumbai Court September 1990 Judgments
Commissioner of Income-tax Vs. Dharti Films
Court: Mumbai
Decided on: Sep-24-1990
Reported in: (1990)90CTR(Bom)10; [1991]191ITR261(Bom)
T.D. Sugla J.1. The Tribunal has referred to this court under section 256(1) of the Income-tax Act, 1961, the following two questions as questions of law :'(i) Whether, on the facts and in the circumstances of the case, the assessee was entitled to claim that the so-called commission paid to Shri N. N. Sippy as proprietor of M/s. Janata Film, Distributors could not be added back in computing the firm's income by relying on the provisions of section 40(b) of the Act ?(ii) Whether, on the facts and in the circumstances of the case, the assessee was entitled to claim that the payment of Rs. 1,25,000 to Shri N. N. Sippy at the time of his retirement was an expenditure allowablm under section 37(1) of the Act 1961 ?'2. The reference is at the instance of the Department. The assessee is a partnership firm. The assessment year involved is 1970-71 for which the previous year is from April 1, 1969, to March 31, 1970. There were two changes in the constitution of the assessee-firm during the yea...
Tag this Judgment!inspecting Assistant Vs. Tata Press Ltd.
Court: Income Tax Appellate Tribunal ITAT Mumbai
Decided on: Sep-22-1990
Reported in: (1990)35ITD470(Mum.)
1. By this appeal, the revenue has challenged the order of the learned Commissioner of Income-tax (Appeals) (Commissioner Appeals) for short) dated 4-4-1986 in relation to the assessment year 1984-85. The following grounds have been raised in this appeal, viz: 1. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in allowing Rs. 3,98,737 Under Section 43B as correctly disallowed by the IAC(A). 2. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in holding that Rs. 75,475 paid through Tata Services is not covered Under Section 37(3A) of the IT Act 3. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in deleting the addition of Rs. 18,18,097 from the assessment on the ground that the bad debts had been properly written off.2. Ground No. 1. The assessee is a company carrying on the business of printing. The Inspecting Assistant Commissioner of Income-tax (Assessment) (Assessing ...
Tag this Judgment!M/S. Climax Chemicals, Indore Vs. R. Gopalnathan and Another
Court: Mumbai
Decided on: Sep-22-1990
Reported in: AIR1991Bom283
ORDER1. Having regard to the clearance of the consignment figuring in this petition pursuant to the grant of interim relief, what remains is to rule upon the validity or otherwise of the import inclusive of certain incidental directions.2. The Import and Export Policy, April 82 -- March 1983 period, at para 231(4) recited thus:--'Additional licences issued to Export Houses/Trading Houses during 1981-82 will also be valid within their over-all value, for import of raw materials, components, consumables and spares (excluding the items covered by Appendix 5) which can be imported under Open General Licence by Actual Users (Industrial) under the Import-Export Policy, 1982-83. This facility will also be available to Export Houses and Trading Houses holding REP licences which were endorsed during 1981-82 for import of OGL items.'Appendix IV contained item 43 which wasworded thus:--'Oxytetracycline.'There are certain other entries in Appendix IV which have to be set out to establish the contr...
Tag this Judgment!Mrs. Jerbanoo N. Wadia Vs. Assistant Commissioner of
Court: Income Tax Appellate Tribunal ITAT Mumbai
Decided on: Sep-21-1990
Reported in: (1991)36ITD185(Mum.)
1. Although several grounds are raised in this appeal by the assessee, the main objection is to the decision of the CIT (Appeals) upholding the validity of the reassessment proceedings under Section 147 of the IT Act. Certain relevant facts may first be stated.2. The assessee herein was an old lady of nearly 80 years when she died on 27-10-1987. Sometime in July 1970, she purchased a 2-bed room flat on the 18th floor of a building called "Sky Scraper-A" admeasuring about 1112 sq.ft. In this flat, the appellant stayed with her son, daughter and grand-children. The neighbouring flat was occupied by one Kamal Bhatia. Since this flat was on the 18th floor and was not large enough for her family, the assessee decided to purchase a 3-bed room flat on the ground floor of a building called "Sneha Sadan", 10 Nowrojee Gamadia Road, Bombay-26, admeasuring about sq. ft. of area.With this end in view, she sold her self-occupied flat No. 181 in the building called "Sky Scraper" to Master Anurag Kam...
Tag this Judgment!Commissioner of Income-tax Vs. Asian Chemical Co.
Court: Mumbai
Decided on: Sep-21-1990
Reported in: (1990)89CTR(Bom)193; [1992]197ITR634(Bom)
T.D. Sugla, J.1. The Income-tax Appellate Tribunal has referred to this court under section 256(1) of the Income-tax Act, 1961, the following question as a question of law :'Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the amount of Rs. 30,000 paid by the assessee to M/s. N. Mansotta & Bros. was not loss on account of speculative transaction within the meaning of section 43(5) of the Income-tax Act, 1961 ?'2. The proceedings relate to the assessee's assessment year 1971-72. The assessee had on August 10, 1970, entered into a contract with M/s. N. Mansotta & Bros. for the purchase of 150 kgms. of Vitamin B-2 and 100 kgms. of Vitamin B-6, which the latter was to obtain by shipment in October, 1970. The price fixed under the contract was Rs. 540 per kg. for Vitamin B-2 and Rs. 440 per kg. for Vitamin B-6 ex-godown, Bombay. In October, 1970, when the assessee was to take delivery of the goods as per the contract, the price of these two ...
Tag this Judgment!Climax Chemicals Vs. R. Gopalnathan, Addl. Collector of Customs
Court: Mumbai
Decided on: Sep-21-1990
Reported in: 1991(1)BomCR16; 1991LC375(Bombay); 1991(52)ELT186(Bom)
1. Having regard to the clearance of the consignment figuring in this petition pursuant to the grant of interim relief, what remains is to rule upon the validity or otherwise of the import inclusive of certain incidental directions.2. The Import and Export Policy, April 82 - March 1983 period, at paragraph 231(4) recited thus :-'Additional licences issued to Export Houses/Trading Houses during 1981-82 will also be valid within their over-all value, for import of raw materials, components, consumables and spares (excluding the items covered by Appendix 5) which can imported under Open General Licence by Actual Users (Industrial) under the Import-Export Policy, 1982-83. This facility will also be available to Export Houses and Trading Houses holding REP licences which were endorsed during 1981-82 for import of OGL items.'Appendix IV contained item 43 which was worded thus :-'Oxytetracycline.'There are certain other entries in Appendix IV which have to be set out to established the contra...
Tag this Judgment!G.U.J. Jaeger Gmbh Vs. Income-tax Officer
Court: Income Tax Appellate Tribunal ITAT Mumbai
Decided on: Sep-20-1990
Reported in: (1991)37ITD64(Mum.)
1. This is an appeal by the assessee against the order of the CIT(A), for the assessment year 1980-81.2. The assessee is a non-resident company. On 29-1-1972, it had entered into a collaboration agreement with Precision Bearings India Ltd. (hereinafter referred to as 'FBI in short), for providing technical know-how possessed by it, including engineering data, drawings, documentation and advice, for the manufacture of: (i) precision self-aligning Spherical Roller Bearings Single and Double Row (all types); and (it) precision Cylindrical Roller Bearings (all types) including Roller Cage Assemblies. The initial as well as the recurring know-how was agreed to be provided in Europe, as per Clause 1 of the agreement Such know-how is clarified, as per Clause 3, to extend to any improvements that may be effected by the assessee in the methods of manufacture being followed by PBI, as a result of research and development carried on by it which shall be provided by the assessee, free of cost. Cl...
Tag this Judgment!Devidayal Rolling Mills Vs. Commissioner of Income-tax
Court: Mumbai
Decided on: Sep-20-1990
Reported in: [1991]191ITR154(Bom)
T.D. Sugla J.1. This is an application by the assessee under section 256(2) of the Income-tax Act, 1961. The assessee has sought to raise the following questions as questions of law :'(i) Whether, on the facts and in the circumstances of the case, the Tribunal erred in disallowing the appellant's claim of Rs. 5,77,500 being the short-term capital loss incurred by it on the sale of its shares in Vidyut Research Co. P. Ltd. ? (ii) Whether the Tribunal's view that : (a) the applicant was not entitled to claim short-term capital loss of Rs. 5,77,500 on the sale of its shares in Vidyut Research Co. P. Ltd. (b) a colour of a share transaction had been given to the loan transaction with a view to claim set off of the resultant loss against the regular income. (c) the applicant was aware, at the time when its loan to Vidyut Research Co. P. Ltd., was converted into preference shares, that only 25% of such loan was recoverable, are vitiated by their being based on conjectures, suspicion and surm...
Tag this Judgment!Arjundas Ramlal Gurwada Vs. Union of India
Court: Mumbai
Decided on: Sep-20-1990
Reported in: 1990LC593(Bombay); 1991(52)ELT362(Bom)
Pendse, J.1. The controversy in this petition stands concluded by two decisions of this Court in B.K. Paper Mills Pvt. Ltd. v. U.O.I. : 1984(18)ELT701(Bom) and in Central India Spg. Wvg. & Mfg. Co. Ltd. v. U.O.I. 1987 (30) E.L.T. 217. Mr. Khemkar, learned counsel appearing on behalf of the petitioner, submitted that three show cause notices dated October 24, 1978, March 22, 1979 and August 29, 1979 were served on the petitioner under Rule 10 of the Central Excise Rules in respect of short levy of duty. The learned counsel urged that Rule 10 was deleted with effect from November 17, 1980 and was replaced by Section 11A of the Central Excises Act (herein after referred to as the 'Act'). It was urged by the learned counsel that after deletion of Rule 10, the demand made under the show cause notices cannot survive. In support of the submission, the learned counsel placed reliance on a decision of the Gujarat High Court in Amit Processors Pvt. Ltd. v. U.O.I. : 1985(21)ELT24(Guj) and the dec...
Tag this Judgment!R.P. Trading and Co. Vs. Union of India
Court: Mumbai
Decided on: Sep-20-1990
Reported in: 1991(52)ELT178(Bom)
1. This judgment will dispose of common questions arising in the two petitions above.2. The factual position upon which the resolution of the controversy depends is taken from Writ Petition No. 2546 of 1983 and may be summarised thus :-Petitioners, a firm registered under the Partnership Act, were importers of diverse materials and goods. Several licences were issued by the Licensing Authority in favour of licensees named therein. The kind of licences figuring in the present petitions are what is known as 'imprest licences'. The Import Policy for April 1981-March 1982 at paragraph 129 deals with advance licences/imprest licences. It had this to say on the subject :-'(1) An Advance Licence or an Imprest Licence includes a Customs Clearance permit and Release Order, issued before exports are effected. (2) The term 'Advance Licence' refers to cases where the import is allowed under the Duty Exemption Scheme, whereas the term 'Imprest Licence' will be used where import is allowed outside t...
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