Court : Mumbai
Reported in : (1981)22CTR(Bom)41; [1981]128ITR87(Bom); [1980]4TAXMAN381(Bom)
..... payment of salami was held to be agricultural income because the moneys were paid after the relationship of landlord and tenant had come ..... question arising in them was decided under the indian i.t. act, 1922, and the question whether it was a capital receipt or a revenue receipt and, therefore, exempt from the levy of agricultural income-tax did not arise because the provincial agricultural income-tax acts were passed subsequently, and the others on the ground that the ..... the question before the supreme court in that case was whether salami was liable to agricultural income-tax on the ground that it was 'agricultural income' within the meaning of s. 2(1)(a) of the assam agrl. i.t. act. in the course of its judgment, the supreme court referred to several other decision .....
Tag this Judgment!Court : Mumbai
Reported in : (1949)51BOMLR182
..... which is used for agricultural purposes and is? either assessed to land revenue in british india or subject to a local ..... that phrase contained in section 2(7) of the [ndian income-tax act. in the second appeal a further question is raised to which their lordships will refer later.3. under section 4(3)(viii) of the indian income-tax act, 1922, agricultural income is exempt from assessment to income-tax. agricultural income is defined in section 2 of the act as follows :-(1) 'agricultural income' means-(a) any rent or revenue derived from land .....
Tag this Judgment!Court : Mumbai
Reported in : [1993]202ITR98(Bom)
..... rs. 84,759. the assessee claimed exemption in respect of the profits arising out of this deal on the ground that the subject-matter of the transaction being agricultural land, the profits therefrom are not taxable under the income-tax act, 1961. the income-tax officer rejected the assessee's contention and held that the transaction constituted an adventure in the nature of trade and the ..... was, therefore, held that (headnote) : 'capital gains arising from sale of land situate in india, which land is used for agricultural purposes, would be revenue derived from such land and, therefore, agricultural income within the meaning of section 2(1) of the income-tax act, 1961.' this decision still holds the field so far as the present case is concerned, as it remains unaffected by the .....
Tag this Judgment!Court : Mumbai
Reported in : (1947)49BOMLR629
..... under section 4(1)(b)(i) or section 4(i)(b)(ii) or section 4(i)(c) of the indian income-tax act; and further it must be profits or income which must be chargeable to income-tax. now no income, which is agricultural income, which falls under section 4(1)(b)(i) or section 4(1)(b)(ii) or section 4(1) (c) ..... )(ii) or section 4(1)(e) of the income-tax act; but it also says that it must be chargeable to income tax and, as we have pointed out, agricultural income, although falling under any of these sub-sections, is not chargeable to income-tax by reason of section 4, sub-section (3), of the income-tax act.3. our attention was also drawn to rule 6 ..... is chargeable to income-tax because it is exempted by reason of sub-section (3) of section 4 of the indian income-tax act. mr. jhaveri has contended that section 5 of the excess profits tax act does not refer to section 4, sub-section (3), of the indian income-tax act. he says that admittedly the agricultural income of the assessee in this case .....
Tag this Judgment!Court : Mumbai
Reported in : (2001)168CTR(Bom)340; [2001]249ITR475(Bom)
..... hand, contended that depreciation is not a notional expenditure. he contended that section 35c refers to capital expenditure. he submitted that under section 37 of the income-tax act, capital expenditure is excluded. he contended that depreciation is a prepaid expenditure. in this connection, mr. kaka placed reliance on the judgment of the ..... in the circumstances, depreciation was an expenditure contemplated by section 35c. he further contended that section 35c was enacted in order to give encouragement to agricultural activity and, therefore, the beneficial interpretation should be given to section 35c.5. findings :we find merit in the contention advanced on behalf of the ..... assessee. section 35c finds place in chapter iv which deals with computation of business income. section 35c, as it stood at the relevant time, provided for agricultural development allowance. the assessee could not have claimed deduction on account of depreciation in this case under section 37 .....
Tag this Judgment!Court : Mumbai
Reported in : [1969]74ITR692(Bom)
..... that the assessee could not think of investing his moneys in the lands. it has to be remembered that the agricultural income was free of tax and for a person like the assessee who had a large income, the income-tax saved would itself come to a seizable amount. all these consideration as well as the important consideration that the being ..... the notification issued by the then government of bombay under section 4 and 6 of the land acquisition act in connection with the proceedings for acquisition of about 500 acres of land for the university of gujarat. the income-tax inspector's report dated 17th june, 1957, which was made after the remand order of the tribunal ..... respective orders. this affidavit appears to have been filed in the proceedings commenced against the assessee for the assessment year 1949-50 under section 34 of the indian income-tax act 1922, in respect of the sale of survey no. 148. it was also produced before this court as an annexure to an affidavit filed in this court .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]71ITD75(Mum)
..... after having pointed out various defects regarding incorrectness and incompleteness of the accounts of the assessee was justified in invoking the provisions of section 145(2) of the income tax act.11. we may also deal with the various cases cited before the id. commissioner (appeals), the ratio of which appears to have been accepted by the id ..... assessing officer to determine whether the books of account are correct and complete according to his satisfaction or not. we may quote from section 145(2) of the income tax act (as it stood at the relevant time) - 'where the assessing officer is not satisfied about the correctness or the completeness of the accounts of the assessee ..... not apply to the facts and circumstances of assessee's case. finally, the case of shriram arorav. cit (1971) 180 itr 78 has been mentioned. in this case the assessee had not maintained purchase vouchers for agriculture produce purchased from agriculturists and it was held that this could not by itself be a ground for .....
Tag this Judgment!Court : Mumbai
Reported in : [1961]41ITR313(Bom)
..... of trees of spontaneous growth. mr. joshi has argued that the legal position with regard to the income from sale of trees of spontaneous growth is now well settled. such income is not agricultural income but income liable to tax under the income-tax act. the sale proceeds, therefore, which the assessee has realised in the present case were not exempt from ..... income-tax. 4. mr. joshi has further argued that the trees on the land having grown spontaneously there is ..... capital asset. at the instance of the commissioner, it referred the following question to this court under section 66(1) of the indian income-tax act : 'whether on the facts and circumstances of the case the receipt from the sale of trees by roots is capital in nature and exempt from .....
Tag this Judgment!Court : Mumbai
Reported in : [1968]70ITR600(Bom)
..... and the difficulty was only created by an inappropriate language used in so far as the trustee was concerned. in section 11(1) of the u. p. agricultural income-tax act, however, there was no express mention of the trustee in the section itself and the question as to whether the said provision could apply to the case ..... language of section 11(1), which the supreme court was considering, and the language of section 21(1) of the wealth-tax act, which they had to consider. in section 11(1) of the u. p. agricultural income-tax act, which the supreme court was considering, the word 'trustee' has not been mentioned, but a trustee was capable of coming ..... question before the court was whether the trustee was required to be assessed under section 11(1) of the u. p. agricultural income-tax act, 1948. that section reads as follows : 'where any person holds land, from which agricultural income is derived, as a common manager appointed under any law for the time being in force or under any agreement or .....
Tag this Judgment!Court : Mumbai
Reported in : (1935)37BOMLR822
..... moneylending carried on by the respondent; the respondent maintains, and the high court has held, that it is 'agricultural income ' within the meaning of the indian income-tax act and consequently exempt from income-tax.2. in order to determine which of these contentions is right, it is necessary to describe briefly the ..... on section 4 (3) of the indian income-tax act which in terms provides that 'this act shall not apply to the following classses of income. .. (viii) agricultural income.'6. in answer to this prima facie conclusive ..... government as such.' the rents thus come within the definition of 'agricultural income' in section 2 (1) (a) of the indian income-tax act:, and the 'thika profits ' or profit rental of rs. 91,283, forming part of the rents, are therefore ' agricultural income ' within the statutory meaning. that being so, the respondent relies .....
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