Court : Mumbai
Reported in : [1968]68ITR512(Bom)
..... assessable business profits of the company. it could not be apportioned as the income-tax officer has done on the basis that part of the income of the company was agricultural income and therefore liable to the income of the company was agricultural income and therefore liable to exclusion under section 4(3) (vii) of the income-tax act. the appellate assistant commissioner did not accept the contention of the assessee ..... . firstly, according to him, rule 23 permitted the splitting up of the income and the disallowance of the expenditure attributable to the agricultural income of .....
Tag this Judgment!Court : Mumbai
Reported in : [1978]112ITR205(Bom)
..... was cane crushing and manufacture and sale of sugar. the income derived by the assessee from the former activity was agricultural income which was exempt from payment of income-tax under section 4(3)(xiii) of the indian income-tax act, 1922, and the income from the latter activity was business income chargeable to income-tax under section 10 of the indian income-tax act, 1922. the profit and loss account of the assessee-company ..... showed an overall profit. the company also submitted separate profit and loss accounts showing the results in the manufacturing operations and the agricultural operations. the assessee was showing .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1945Bom442; (1945)47BOMLR742
..... taxation certain classes of income, such as income from charities and agricultural income.10. section 4 completes chapter i, which is intituled ' charge of income-tax.'11. chapter ii is concerned with 'income-tax authorities.'12. section 6 heads chapter iii 'taxable income,' and is as follows:6. save as otherwise provided by this act, the following heads of income, profits and gains, shall be chargeable to income-tax in the manner hereinafter ..... ). if the answer to these questions is in the affirmative, the next process is to ascertain if such income is excluded under section 4(3) from tax. this is material because the heading of this section is 'applicability of the act'. section 4 itself excludes certain income, like agricultural income or income of charitable trusts from taxation. if it was so excluded, the same ceased to be .....
Tag this Judgment!Court : Mumbai
Reported in : [1992]196ITR425(Bom)
..... follows : 'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that raw cotton is not an agricultural primary commodity specified in clause (b)(i) of section 80hhc(2) of the income-tax act, 1961, and in consequently holding that the assessee is entitled to deduction under section 80hhc ?' 2. the question relates to the deduction to ..... the assessee under section 80hhc(2)(b) of the income-tax act, 1961, as then in force. this section deals with deduction in respect of profits retained for export business. the section does not apply to good or merchandise specified in clause (b) of section 80hhc(2)(i). clause (b)(i) is as follows : 'agricultural primary commodities, not being produce of plantations'. 3. the .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1966Bom134; (1965)67BOMLR823; ILR1966Bom526
..... distrain the moveable the collectors to and have it sold. i have already referred to the provisions of s. 46 (2) of the income - tax act of 1922 which provided that the arrears of income - tax can be provided that it they were the arrears of land revenue. that mean that the circle officer was exercising the delegated powers when he ..... that the union government could not be responsible for wrongfully seizure of the goods because all that the income -tax officer did was to send a certificate under s. 46 (2) of the income -tax act. in addition to the certificate, the income -tax officer wrote a letter to the collector in which he stated that the firm had the stock of ..... co-operative bank ltd., lasalgaon defendants nos 1 and 2 were the constituents of the bank should make advances to defendants nos 1 and 2 on the security of agricultural produce such as grounds dnuts, jaggery. tobacco etc. this agreements took place on 20th november 1952. the plaintiff was to make advances to defendants nos 1 and .....
Tag this Judgment!Court : Mumbai
Reported in : (2004)85TTJ(Mumbai)369
..... has to be judged from the point of view of businessmen. the payment was not a sham. the payment was purely for business purposes. under the income tax act, one has to see whether the expenditure was incurred only and exclusively for the purposes of business. if the expenditure has been incurred out of commercial ..... and in the circumstances of the case, additional amount paid by the society for procurement of sugarcane is liable to be disallowed under section 40a(2) of income tax act, 1961 as excessive or unreasonable expenditure?'2. on the recommendation of the bench dated 9-7-2004, honble president, vide order dated 12-7-2004, modified ..... the assessee societies are registered under the maharashtra, co-operative societies act, 1960. the principal object is to encourage members to improve method of agriculture by adopting principles of co-operative farming. no person is admitted as producer member unless he holds agricultural lands and produced sugarcane in the area of operation of the sugar .....
Tag this Judgment!Court : Mumbai
Reported in : (1986)52CTR(Bom)169; [1986]161ITR696(Bom); [1986]24TAXMAN492(Bom)
..... circumstances, the only conclusion to which we can arrive at is that the said land which was acquired was non-agricultural land and the capital gains earned thereon are liable to tax under section 45 of the income-tax act, 1961.6. mr. mehta, learned counsel for the assessee, placed strong reliance on the decision of a division ..... ) of the income-tax act, 1961. the assessment year with which we are concerned is the assessment year 1969-70. the question referred to us for determination is as follows :'whether, on the facts and in the circumstances of the case, balance 13,200 square yards of land or any part thereof was non-agricultural land and, therefore ..... other than the portion of it which was leased out to govindram brothers was agricultural land. the term has not been defined anywhere in the income-tax or the wealth-tax act and in accordance with well settled principles, the meaning of the term 'agricultural land' will have to be gathered from what is generally understood to be such .....
Tag this Judgment!Court : Mumbai
Reported in : [1971]82ITR71(Bom)
..... that there was no market for sugarcane produced by the assessee and (2) whether, on the facts and in the circumstances of the case, the income received by the assessee was agricultural income within the meaning of the indian income-tax act ?' 2. the short facts leading to the above reference may be summarised as follows : for a number of years prior to the assessment year ..... sugarcane and converted sugarcane into jaggery for sale in the market. he was assessed to income-tax in respect of the income from the sales of jaggery under the income-tax act, and had not claimed exemption in respect of this income on the footing that it was agricultural income. in respect of the income from sales of jaggery for the assessment years 1952-53 and 1954-55, being the .....
Tag this Judgment!Court : Mumbai
Reported in : [1989]177ITR512(Bom)
..... the land bearing survey nos. 1393 and 1395 and portions 'a' and 'c' of survey no. 1394 in surat (gujrat) is agricultural land for the purposes of section 2(14)(iii) of the income-tax act, 1961 ?'2. the assessee sold land bearing survey nos. 1393, 1394, and 1395 in surat by asale deed dated february 24, 1967, ..... e., a, b and c, only the portion marked 'b' whereon there was structure which yielded a rental income was non-agricultural and the portions shown as 'a' and 'c' were agricultural land. the assessee submitted before the income-tax officer that he was growing vegetables and grain for personal use upon the balance of the said land and that ..... that this had been accepted by the registering authorities when the sale deed was registered at surat. the income-tax officer, however, held that the assessee had failed to prove that the balance of the said land was used for agricultural purposes. the appellate assistant commissioner, in the assessee's appeal, sustained the assessment. he noted also .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]238ITR983(Bom); 2000(4)MhLj65
..... its members. it was contended on behalf of the assessee-society before the income-tax officer that the income arising from the water, which is one of the articles intended for agriculture purchased for supplying it to its members, was exempt under the above provision. the income-tax officer, however, did not accept this contention of the assessee as he ..... articles intended for agriculture and the water tax paid by the assessee-society to the government undoubtedly represents purchase price of the same. he submits that the case of the assessee is squarely covered by the provisions of section 80p(2)(a)(iv) of the act and hence the income in question is exempt from income-tax under the said ..... 2) of section 80p of the act. he further submits that even if it is held to be an article intended for agriculture, the assessee had not purchased the same for the purpose of supplying it to its members and in that view of the matter, it would not be exempt from income-tax under the above provision. mr. .....
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