Mumbai Court October 2008 Judgments
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Desikan Nanda Kumar Vs. Dena Bank and anr.
Court: Mumbai
Decided on: Oct-01-2008
Reported in: (2009)IILLJ363Bom
F.I. Rebello, J.1. Rule. Heard forthwith.2. The petitioner is in the service of respondent No. 1 Bank. He had joined the services of respondent No. 1 Bank as a clerk on November 24, 1971 and was promoted as an Officer in Grade JMGS-I on June 1, 1981. During the period 1985-89 the petitioner was working as an Officer in the Centralized Foreign Exchange department and in the course of his duties was required to handle and scrutinize various documents pertaining to exports forwarded by other branches of the 1st respondent across the country drawn under Letters of Credit (LC). Apart from that the petitioner was also entrusted with the other duties. According to petitioner in the year 1987, certain irregularities were detected in the account of one Manish Group of Industries, a constituent of the respondent s Worli Branch. The irregularities concerned some forged bills being submitted by the constituent at Worli branch under the category of Non LC documents being Bills of Lading. The CBI co...
Royal Cushion Vinyal Vs. Commissioner of Income-tax
Court: Mumbai
Decided on: Oct-01-2008
Reported in: [2009]180TAXMAN208(Bom)
ORDER1. The Income-tax Tribunal has referred the following question to us, for our answer. The above Reference pertains to assessment year 1990-91.Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in confirming the order of the Commissioner of Income-tax (Appeals) holding that the Assessing Officer was within his powers in making the impugned rectification order under Section 154 of the Act?Facts of the case2. Under the normal provisions of Income-tax Act, 1961 (i.e., under Sections 28 to 44D), the assessee computed the income which was adjusted against the brought forward losses and depreciation of the earlier years and accordingly, the total income was computed at Rs. Nil The assessee company computed the book profit under Section 115J at Rs. Nil after adjusting deduction under Section 80HHC and after adjusting the unabsorbed depreciation of the earlier years.3. The Deputy Commissioner of Income-tax had passed the order under Section 143...
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