Mumbai Court December 1994 Judgments
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Commissioner of Income-tax Vs. Swastick Textile Mills Ltd.
Court: Mumbai
Decided on: Dec-05-1994
Reported in: [1995]214ITR740(Bom)
S.M. Jhunjhunuwala. J. 1. By this reference under section 256(1) of the Income-tax Act. 1961, made at the instance of the Revenue, the Income-tax Appellate Tribunal has referred the following questions of law to this court for opinion : '1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee had converted the land into their stock-in-trade 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that for the purpose of determining the cost on the date of conversion, the market value of the asset as on that date has to be taken into account in regard to any sale of the land effected thereafter ?' 2. The assessee is a public limited company incorporated on October 22, 1946, with the object of acquiring the business carried on in the firm name and style of 'P. Kashinath and Co.' (for short, referred as 'the firm'). The firm was carrying on the business of textile processing and had...
K. Y. Patel Vs. Commissioner of Income-tax
Court: Mumbai
Decided on: Dec-05-1994
Reported in: [1995]214ITR793(Bom)
DR. B.P. Saraf, J. 1. By this reference under section 256(1) of the Income-tax Act, 1961, made at the instance of the assessee, the Income-tax Appellate Tribunal, Bombay Bench 'E', Bombay, has referred the following question of law to this court for opinion : 'Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the provisions of section 64(2) were applicable in the case of the assessee ?' 2. The assessee is an individual deriving income from salary, property, dividends and shares from a partnership-firm. The assessment years are 1975-76 and 1976-77, the relevant previous years being the years ended on March 31, 1975, and March 31, 1976, respectively. 3. The assessee held certain foreign shares as his personal property in the individual capacity. By a declaration dated March 28, 1970, he converted the said foreign shares into joint family property consisting of himself, his father and mother. During the assessment proceedings, the asses...
R.V. Lathia Vs. Commissioner of Income-tax
Court: Mumbai
Decided on: Dec-05-1994
Reported in: [1995]214ITR691(Bom)
S.M. Jhunjhunuwala, J.1. By this reference made under section 256(2) of the Income-tax Act, 1961, the following questions have been referred to this court for opinion at the instance of the assessee : '1. Whether the assessment of Rs. 2,55,000 as capital gain in the hands of the applicant on account of the goodwill in relation to the sale of the entire business by the firm to the limited company is valid in law 2. Whether, on the facts and in the circumstances of the case, the inference that the goodwill of the firm was not the property of the firm merely because the goodwill belonged exclusively to the applicant and, hence, the capital gain is taxable in the hands of the applicant is valid in law, even though prior to the sale, the partnership had given due credit to the applicant in respect of the goodwill ?' 2. The relevant assessment year is 1970-71 and the corresponding previous year ended on March 31, 1970. 3. The assessee, an individual, was a partner in the firm of Industrial ...
Dattatraya Laxman Kamat Vs. State of Goa Through Its Chief Secretary a ...
Court: Mumbai
Decided on: Dec-05-1994
Reported in: 1996(3)BomCR51
E.S. Da Silva, J.1. Rule, by consent, returnable forthwith.2. The petitioner who is a retired Nazir of the Civil Judge, Senior Division and Chief Judicial Magistrate, Panaji, is challenging under Article 226 of the Constitution of India the Order of the Government dated 27th December, 1990 purporting to revoke the earlier order of the Government dated 20th September, 1989. Therefore a prayer for a writ of certiorari or any appropriate writ, order or direction to quash and set aside the said order is made along with an additional prayer for a writ of mandamus commanding the respondents to restore the Order dated 20th September, 1989.3. It is the case of the petitioner that he was appointed to the post of 'Ajudante do Escrivao' after the liberation of Goa in the Court of Civil Judge, Senior Division, Margao, by Order dated 28th February, 1963 against the pre-liberation post. The said post was a post which was existing under the former Portuguese regime immediately before 20th December, 1...
Poonam Biscuits (P) Ltd. Vs. Collector of Central Ex.
Court: Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
Decided on: Dec-02-1994
Reported in: (1995)(76)ELT155Tri(Mum.)bai
1. This appeal is directed against the order in original No. Collr/9/90 (F. No. V(19) 15-44/Adj/89 dated 23-1-1990 passed by the Addl.Collector of Customs, Aurangabad, disallowing the modvat credit to the extent of Rs. 77,250/- and imposing personal penalty of Rs. 10,000/-.2. The appellants were availing of the modvat credit at the rate of Rs. 1,900/- per M.T. However, vide Notification No. 175/87 the same was reduced to Rs. 900/- per M.T. The appellants, however, continued to avail of the credit at the rate [of] Rs. 1,900/- per M.T. and hence, the demand was raised. The period involved is from 19-6-1987 to 25-6-1988 and the show cause notice is issued on 26-9-1989. The contention raised was that the entire demand was time barred as the facts of availment of modvat credit at the rate of Rs. 1,900/-per M.T.was already brought to the notice of the Department by specific entry in RG-23A Part II. The authorities below, however, rejected the said contention on the ground that the appellant...
Mrs. Nirmal Laxminarayan Grover Vs. Appropriate Authority and ors.
Court: Mumbai
Decided on: Dec-02-1994
Reported in: [1997]223ITR572(Bom); 1995(2)MhLj775
H.W. Dhabe, J.1. The petitioner who has agreed to purchase the suit property from respondent No. 3 as per the agreement of sale dt. 24th Feb., 1992, has challenged in this writ petition the order passed by the Appropriate Authority under s. 269UD(1) of the IT Act, 1961 (for short 'the Act'), by which the Appropriate Authority has directed compulsory purchase of the suit property belonging to respondent No. 3 for an apparent consideration of Rs. 13,25,343. 2. The facts are that the petitioner is a permanent resident of Nagpur whereas respondent No. 3 is a resident of Bombay. Respondent No. 3 is acting as managing trustee of the trust of Ashish and Salil Pradhan (Hit) Private Trust. It is in the capacity of a managing trustee of the above trust and also as a constituted attorney of the beneficiaries of the said trust that she entered into an agreement of sale with the petitioner on 24th Feb., 1992, in respect of sale of land belonging to the said trust admeasuring 6,000 sq. ft. equivalen...
Peico Employees Union, Thane, Vs. Peico Electronics and Electrical Ltd ...
Court: Mumbai
Decided on: Dec-02-1994
Reported in: 1995(2)BomCR344
B.N. Srikrishna, J.1. This writ petition under Article 226 of the Constitution of India impugns an award of the Industrial Tribunal, Maharashtra, Thane, dated 3rd November, 1993, made in reference (IT) No. 23 of 1989 under the provisions of the Industrial Disputes Act, 1947 (hereinafter for brevity's sake referred to as 'the Act'). 2. The petitioner is a Trade Union registered under the Trade Unions Act which represents a section of the workmen employed in the factory of the First Respondent at Thane Belapur Road, District Thane. The Second Respondent is another registered Trade Union which represents another section of the said workmen. The First Respondent is a company which manufactures electrical and electronic goods, inter alia, at its factory in Kalwe which is one of its seven factories situated in India. Some time in the year 1980 the Second Respondent signed a settlement with the management of the First Respondent under which the working hours of the workmen in the Kalwe factor...
Commissioner of Income-tax Vs. Maharashtra Electrosmelt Ltd.
Court: Mumbai
Decided on: Dec-01-1994
Reported in: (1995)124CTR(Bom)117; [1995]214ITR489(Bom)
S.M. Jhunjhunuwala, J. 1. By this reference made under section 256(1) of the Income-tax Act, 1961, the following question has been referred to this court for opinion at the instance of the revenue : 'Whether, on the facts and in the circumstances of the case, the interest income of Rs. 3,14,366 and miscellaneous income of Rs. 2,742 are not taxable under section 56 of the Income-tax Act, 1961, under the head 'Income from other sources' for the assessment year 1977-78 ?' 2. The assessee is a limited company incorporated for doing business as a manufacturer of ferro-manganese. The assessment year involved in this reference is 1977-78, the previous year of which was the year ended on 30 June, 1979. During the assessment year under consideration, the assessee was engaged in the erection of a smelter for the purpose of manufacturing ferro-manganese. The commercial production had not started. The total expenses incurred during the year amount to Rs. 83,32,473. The assessee had realised a sum ...
Commissioner of Income-tax Vs. Chowgule and Co. Pvt. Ltd.
Court: Mumbai
Decided on: Dec-01-1994
Reported in: (1995)125CTR(Bom)442; [1995]214ITR523(Bom)
Dr. B.P. Saraf J.1. By this reference under section 256(1) of the Income-tax Act, 1961, made at the instance of the Revenue, the Income-tax Appellate Tribunal has referred the following questions of law to this court for opinion: '1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the expenditure of Rs. 99,52,440 incurred on the repairs of the ship 'Maratha Transhipper' is a revenue expenditure without appreciating the fact that the total expenditure together with written down value of the ship exceeds the original cost and confers on the assessee benefit of an enduring nature and which also involved the replacement of substantial part of asset? 2. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that loans should not be deducted in computing the capital for the purpose of granting relief under section 80J of the Income-tax Act, 1961? 3. Whether, on the facts and in the circums...
Commissioner of Income-tax Vs. Parke Davis (India) Ltd.
Court: Mumbai
Decided on: Dec-01-1994
Reported in: (1995)128CTR(Bom)195; [1995]214ITR587(Bom); 1995(2)MhLj423
Dr. B.P. Saraf, J.1. By this reference under section 256(1) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has referred the following questions of law to this court for opinion : '(i) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal has rightly held that the provisions of section 40(c) and not section 40A(5) are applicable to the case of a director-employee of the assessee-company (ii) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal has rightly held that the fans installed in the administrative office of the assessee constitute 'plant and machinery' for the purpose of granting depreciation under section 32 of the Income-tax Act, 1961 ?' 2. So far as the first question is concerned, the controversy involved therein is covered by the judgment of this court in CIT v. Hico Products Pvt. Ltd. (No. 1) : [1993]201ITR567(Bom) . Following the same, it is answered in the affirmative and in...
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