Judgment Search Results Home > Cases Phrase: agricultural income tax act 1957 section 19c omitted Court: mumbai Page 17 of about 584 results (0.175 seconds)

Estate of Late N.J. Patel Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... . it may be said that this is the relevant date on which the agricultural land was converted into stock-in-trade. the income under the head capital gains is chargeable to tax by virtue of section 45(2) of the income tax act on conversion of capital assets into stock-in-trade. such conversion is to be treated as 'transfer' as ..... defined under section 2(47)(iv) of the income tax act, which reads as under: 47(iv) 'transfer' in relation to a capital asset, includes - in a case where the asset is converted by the owner thereof ..... the scheme of section 45(2) of the income tax act. in our view, the revenue authorities have erred in bringing to the charge of tax the entire sale consideration as business income. as mentioned above, the income has to be bifurcated between capital gains and business income as mandated under the provisions of the income tax act. therefore, with regard to the first issue, .....

J.F. Laboratories Ltd. Vs. the I.T.O.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)98TTJ(Mum.)389

..... that the entire amount of interest was paid in respect of capital borrowed for the purposes of the business." shri yogesh thar further submitted that for the purposes of the income tax act, what is important is the actual use of the borrowed funds and not the motive at the time when the funds are borrowed. he relied on the supreme court decision ..... expenses are consolidated, such receipts and expenses have always been considered apportionable between the following categories: a) capital and revenue constituents comprised in the consolidated receipts and expenses. c) agricultural and non-agricultural elements in such receipts and payments.the hon'ble gujarat high court, in the case of h.k. (investment) co.pvt. ltd. (supra), categorically held that the common expenses .....

Phaltan Sugar Works Ltd. Vs. Commissioner of Income-tax.

Court : Mumbai

Reported in : [1994]205ITR137(Bom)

..... operations and the non agricultural operations on the basis of 'tonnage carried' in respect of ..... income-tax reference pertains to the assessment years 1962-63, 1963-64 and 1965-66. the following questions are before us for consideration under section 256(2) of the income-tax act, 1961 : '1. whether, on the facts and in the circumstances of the case, the expenses of running the railway lines should be allocated between the agricultural ..... case, the 'tonnage carried' was the correct basis for allocating depreciation on railway lines as between the agricultural and the manufacturing activities of the assessee-company and, on such basis, whether the income-tax officer was justified in allowing depreciation on railway lines to the extent of one third of the total .....

Ramkumar Jalan Vs. Income Tax Officer

Court : Mumbai

Reported in : (1998)61TTJ(Mumbai)768

..... were made by the departmental officers, whatsoever was stated was accepted and a credit of rs. 97,75,000 was given to the laf on account of agricultural income. it could not be taxed as it was agricultural income. it was, therefore, submitted that the decision of the supreme court in the case of mcdowell & co. ltd. vs . cto : [1985]154itr148(sc) ..... .b/f1,67,75,000less : expenses for development of the farm70,00,000 97,75,000the entire sum of rs. 97,75,000 was not taxed as it was treated as agricultural income. according to the ao it was because of this reason that the department did not go into detail. the ao did not accept the contention on ..... iii) he also found that the agricultural income has been accepted upto the year 1972.(iv) no details regarding growth of crops were given.(v) he, therefore, held that the assessee concealed the particulars of income and as such was liable for penalty of concealment under s. 271(1)(c) of the act.7. the cit(a) confirmed the penalty. similar penalties .....

income-tax Officer Vs. Srichand Hariram

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the following grievance. "on the facts and in the circumstances of the case and in law the learned dy. cit(a) erred in allowing deduction claimed under section 80hhc of the income-tax act on the exporting of agricultural primary commodities." 3. we have heard the rival submissions in the light of the material placed before us and ..... under section 80hhc on export of mangoes, apples and grapes. reply - section 80hhc as inserted in the income-tax act by the finance act, 1983 with effect from 1-1-1983 is not applicable to the export of agricultural primary commodities but not the produce of plantations. since mangoes exported by the f.s.c. are definitely produce ..... of the assessing officer the goods exported by the assessee was of the nature of primary agricultural commodity. these were not the produces of plantation. he accordingly denied the claim of the assessee made under section 80hhc. the dy. cit(a) for the reasons recorded in the order reversed the order of the assessing officer.6 .....

Premier Construction Company Vs. Commissioner of Income-tax.

Court : Mumbai

Reported in : AIR1946Bom51; [1945]13ITR391(Bom)

..... ) of the act ?'the relevant material facts are these : the assessees, a limited company, are the managing ..... these terms :-'whether in the circumstances of this case, that portion of the income received by the assessee from the principal company of marsland price & co., ltd., which is proportionate to the agricultural income earned by the principal company is agricultural income within the meaning of section 2 (1) of the indian income-tax act, 1922, and exempt from assessment under the provisions of section 4 (3) (viii .....

Mohanlal K. Shah (Huf) Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96ITD9(Mum.)

..... by the arbitration award, which was accepted by all the members concerned. the point of difference between the acceptance of partition under hindu law and the income tax act is the requirement created under the income tax act where there has to be an actual physical distribution of the property and under circumstances where it is not possible then such division as the property ..... divided the coparceners : can take their shares in the properties as per their wishes and needs, i.e., the coparcener living in the rural area may take the agricultural land and the coparcener living in the city may take the flat in the city. this will also be a partition by physical division that is division by metes and ..... d takes the business worth rs. 5 lakhs. this will be a valid partition under law.example ii : there is an huf which has 2 properties, 1 an agricultural land in the rural areas and a flat in the city. there are 2 coparceners, 1 of them lives in the rural area and is uneducated and earns his living .....

Asstt. Cit Vs. Maharashtra State Co-op. Market

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the assessee in his cross-objection for both the assessment years is against the disallowance of deduction claimed under section 80p(2)(a)(iii) of the income tax act, on the income in respect of marketing of agricultural produce to its members.the aforesaid amount was raised in the cross-objection as the assessee had challenged the retrospective amendment to the aforesaid section with effect ..... cent deduction under section 80-ia of the income tax act and is also marketing agricultural products and claiming deduction under section 80p(2)(a)(nz) and purchasing and selling agricultural implements/seeds/livestocks to its members and claiming deduction under section 80p(2)(a)(iv) of the income tax act. in addition, the assessee is earning interest and dividend income on its investments with other co-operative societies .....

Commissioner of Income-tax Vs. S.N. Desai

Court : Mumbai

Reported in : [1989]177ITR151(Bom)

..... the assessee's contention that the fair market value of these lands as on january 1, 1954, was higher than the sale price or that the lands were agricultural lands, the income-tax officer computed the capital gains at rs. 2,47,300 by estimating the fair market value of the lands as on january 1, 1954, at rs. 3 per ..... , dindoshi, goregaon, etc., with the area of greater bombay. for the assessment year 1957-58 to 1959-60, the value of these lands was not assessed to wealth-tax on the ground that these were agricultural lands to which the wealth-tax act, 1957, was not applicable. for the next two assessments years, i.e., 1960-61 and 1961-62, the wealth ..... yd., on april 29, 1959. nothing happened further under that agreement. in the meantime, land acquisition proceedings were initiated by issue of notice under section 4 of the land acquisition act, 1894, on january 24, 1960, and completed under section 17 on june 1, 1960. the possession of the lands was given on december 1, 1960. it appears that .....

First Income-tax Officer Vs. A.N. Mafatlal (Huf)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1982)2ITD631(Mum.)

..... the ito having accepted the return filed by the assessee, the assessee was in no way aggrieved so as to resort to the appeal provisions of the income-tax act, 1961 ('the act').3. on this additional ground the learned counsel for the assessee has challenged it, claiming that the ground not having been taken before the commissioner (appeals ..... this condition to be satisfied. the departmental record showed that year after year the assessee has been returning agricultural income and claiming exemption on the same. the records also indicated that the provisions of section 54b of the act were applied for that very year, the ito's order referring to the investment in a portion of the ..... into by the ito.in fact there is nothing on record to show that the lands giving rise to capital gains were also the lands which produced the agricultural income returned for some of the years. the decision of the supreme court in the case of gurjargravures (supra) read with the clarification given in the decision .....