Mumbai Court May 1992 Judgments
Gill and Co. Ltd. Vs. Deputy Commissioner of
Court: Income Tax Appellate Tribunal ITAT Mumbai
Decided on: May-29-1992
Reported in: (1992)43ITD326(Mum.)
1. These appeals arise out of the order of the Commissioner of Wealth-tax (Appeals) dated 3-4-1980. The dispute relates to the valuation of a flat bearing No. 15 at Hill Park, A.G. Bell Road, Bombay-6.2. The assessee is a closely held private limited company. The assessee's case before the Wealth-tax Officer was that the said flat was purchased by it in the year 1960-61 for a value of Rs. 1,40,000.This flat was being used for residential purposes by one of the directors of the company. In the return originally filed for the assessment year 1985-86, the value of this flat was shown at Rs. 21,950. Thereafter, the same was revised to Rs. 50,250, and a report of the Approved Valuer was filed in support thereof. This value was computed in accordance with Rule 1BB of the Wealth-tax Rules. The Assessing Officer was of the view that the property is self-occupied, inasmuch as, the same has not been let out and is being used for residential purposes by one of the directors of the company. Thus ...
Tag this Judgment!Paras V. Doshi Vs. Income-tax Officer
Court: Income Tax Appellate Tribunal ITAT Mumbai
Decided on: May-27-1992
Reported in: (1992)42ITD749(Mum.)
1. Under the Wealth-tax Act, these 25 appeals by the assessees involve common issues. Because the assesses are of the same group, all these appeals were heard together. Therefore, they are disposed off by a consolidated order.2. The only dispute is about the valuation to be put on the unquoted equity shares of one company, viz., Echjay Industries Pvt. Ltd. ('E Ind. PL.' in short). Further, there is no dispute that provisions of Rule 1D of the Wealth-tax Rules, 1957 are applicable and applied. Thus, the valuation is to be done on break-up-value method. The dispute arises however in regard to the items of the balance-sheet of the said company. The first item is of Rs. 1,03,50,437. It so happened that the balance-sheet of that company for the year ending 31-12-1983 was finalised only on the 18-3-1987, after taking into account the effect of a 'Scheme of Arrangement" approved by the Hon'ble Bombay High Court on 3-9-1986. As per that arrangement, assets and liabilities of Kanjur Division s...
Tag this Judgment!Mumbai Girni Kamgar Union Vs. Mumbai Textile Mills (Ntc) and Others
Court: Mumbai
Decided on: May-13-1992
Reported in: [1992(65)FLR601]; (1993)ILLJ430Bom
1. The third respondent is the same as the second respondent and, therefore, second respondent is deleted at the request of the petitioner. Amendment to be carried out within ten days. 2. The petitioner had filed a complaint under Section 28 read with Item 9 of Schedule IV of the Maharashtra Recognition of Trade Unions and Prevention of Unfair Labour Practices Act, 1971 (hereinafter referred to as 'the Act') against the respondents, inter alia challenging, as an unfair labour practice, a Tender Notice dated March 17, 1992, issued by respondent Nos. 1 and 2 calling for tenders for sale of land and buildings to 'improve the working of the mills'. The complaint proceeds on the footing that the textile mill known as Apollo Mills, owned by the third respondent, is likely to be closed down within a few years. It is also alleged in the complaint that the third respondent, a Government Company constituted for taking over nationalised sick textile undertaking under to the Sick Textile Undertaki...
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