Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1989)31ITD359(Mum.)
..... public purposes. after the land was offered to be sold to reserve bank of india and the agreement for sale was arrived at, the urban land ceiling act, 1976 came into force with effect from 17-2-1976 and the reserve bank of india asked the trustees to apply the govt. of maharashtra and obtained exemption under section 20 of ..... not been completely distributed. it was not divided between the beneficiaries on the relevant valuation date and, therefore, the provisions of section 19a(5) of the wealth-tax act were clearly applicable. section 19a(5) specifically provided for separate assessment in respect of net wealth on each valuation date as is included in the property from the date ..... the said act.the govt. of maharashtra rejected the application for exemption made by the trustees by an order dated 1-1,1-77. in the meantime, by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2007)106ITD362(Mum.)
..... covered under section 80-0 and therefore, the assessee is entitled to deduction under section 80-0 in respect of salary income.44. the learned departmental representative forcefully supported the orders of the revenue authorities and contended that section 80-0 does not visualize deduction on salary income. it is pointed out that deduction is ..... the income-tax officer for refund of the additional tax. the officer rejected the application and the commissioner rejected its application under section 33a of the income-tax act to revise the officer's order, on the ground that, treated as an application for cancellation of levy of tax, it was barred by limitation, and ..... employer to his employee, the fair rental value of the accommodation has always to be determined with reference to the standard rent payable under the rent control act applicable to the area where the accommodation is situated. the fair rental value for the purpose of perquisite can in no case exceed the standard rent determinable .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1985)14ITD44(Mum.)
..... above giving to them a choice to purchase the duplex flat has absolutely no relation to the continuance of the tenancy or security of the tenancy under the bombay rent hotel and lodging house rates control act. apart from the fact that the purchase is an option to the tenant-assessees, which they may or may not exercise, ..... be satisfied before it can be realised. if for any reason, the purchaser refuses to construct the building or is incapable of constructing such a building or supervening forces prevent him from constructing the building what exactly would be remedies open to the tenant in many contingencies, his remedy would be practically nil. the maximum perhaps ..... assessments. the amount of penalty in each case was small. but if for the sake of principle, the assessees were to challenge the levy, the department might force these parties to go right up to the supreme court. this would have involved the assessees an enormous financial loss and other inconvenience. this was more so, since .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD244(Mum.)
..... that the determination of wealth is not dependent upon the method of accounting followed, the decision was rendered in the context of the provisions of the act which were then in force and does not take into consideration the amendment subsequently brought about and the only decision directly on the point after the change is introduced in the ..... this connection, the learned counsel for the assessee also drew our attention to the amendment brought in 1975 to section 5(5)(1)of the wealth-tax act, 1957 (the act) by the addition of clause (xa) exempting and excluding from the inclusion in the net wealth of an assessee the amount of any fees due to ..... counsel, joshi, in reply submitted that the arguments concerning the principles of integrated system of taxation have no relevance in determining the chargeability under the wealth-tax act and the question has to be solely decided with reference to the express provisions of the statute. he submitted that what is required to be considered is whether .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)36ITD185(Mum.)
..... support the view taken by us. further, as held by the supreme court in y. naranaya chetty's case (supra), notice prescribed by section 34 of the it act, 1922, for the purpose of initiating re-assessment proceedings is not a mere procedural requirement. the service of the prescribed notice on the assessee is a condition ..... procedural inasmuch as they were notices issued in connection the assessment proceedings which were validly initiated, such as notices under section 143(2) & 142(1) of the act where, we are concerned with a fundamental defect in the notice under section 148 by which the ito has sought to assume jurisdiction for starting re-assessment proceedings. ..... the point for consideration is whether section 292b cures a defect of this type. in this connection, it is necessary to point out that section 159 of the it act specifically provides that where a person dies, his legal representatives shall be liable to pay any sum which the deceased should have been liable to pay. therefore, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1992)40ITD185(Mum.)
..... that the court in that case decided the issue in favour of the assessee on the consideration that under the banking regulation act, holding of securities by a bank is obligatory and such transaction of securities and shares were as a general rule, in the course of its business. there is not even an indication in that ..... by the central government under sub-section (7) of section 45 of the banking regulation act, 1949. under the scheme, the lord krishna bank ltd., was, inter alia, to take over the investments of the assessee-bank inclusive of government securities. clause4(2) of the scheme provided for the valuation of such investments at the market value ..... krishna bank was sanctioned by the central government under section 45(7) of the banking regulation act, 1949. under the scheme, the lord krishna bank was, inter alia, to take over the investments of the assessee bank inclusive of government securities. clause 4(2) of the scheme provided for the valuation of such investments at the market .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2000)74ITD419(Mum.)
..... this case and that is about the meaning of the words "share held in a company" used in the proviso to section 2(42a) of the act. the section and the proviso as were in force at the relevant time, read as under : "2(42a) 'short-term capital asset' means a capital asset held by an assessee for not more ..... withheld. (2) every preference shareholder shall give to the company such sum at such time or times as may be specified by the board of directors by way of security deposit and deposits payable to bombay municipal corporation, b.e.s.e., b.e.s.t. or any other body for water, electricity, and similar other amenities and ..... further notice vacate the stipulated premises and that the company's employee or other representatives shall be fully entitled to enter the same and take full possession thereof, by force if necessary, and without becoming liable to damage or otherwise therefor. (24) the certificates of preference shares to be issued to the preference shareholders shall clearly specify and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2008)111ITD190(Mum.)
..... involve end-to-end transmission of customer supplier information. it has also been stated in the said document that basic telecommunication services are provided through cross border supply and through the establishment of foreign firms or commercial presence, including the ability to own and operate independent telecom network infrastructure. 6. the telecommunication interconnection ..... a case of old undertaking running in the same business with new technology.84. in my view, the submission of the learned departmental representative is without force. the question of investment in the new unit cannot be compared with the total capital employed by the assessee in its entire business. in the case ..... a separate order.72. the question for consideration of the special bench is whether the assessee is entitled to exemption under section 80-ia of the it act, 1961 (act) in respect of the profits derived from the activity carried on by the assessee through the earth stations set up by it. since long, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)36ITD1(Mum.)
..... of the commissioner (appeals) by saying that the assessee's explanation of lab letters for delhi & u.p. territory having been obtained only as an additional security should not have been accepted by commissioner (appeals).19. as already indicated, the learned advocate for the assesseehas argued in great detail to say that there were ..... the producers.the reasoning given here-in-above in the context of picture 'shan' would apply mutatis mutandis to this item also and if anything with greater force because there is, on record, assessee's letter dated 23-6-1979 releasing m/s. film centre from the responsibility of the confirmation letter in the ..... making assessments likely to result into demands and in effecting their recovery, they are lethargic and indifferent in granting refunds and giving reliefs due to assessees under the act. dilatoriness or indifference in dealing with refund claims (either under section 48 or due to appellate, revisional, etc., orders) must be completely avoided so that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2003)84ITD641(Mum.)
..... these electricity boards were, in fact, in the nature of financial arrangements/loan transactions; that the assets alleged to have been purchased and leased back, acting merely as a security and that the assessee never owned these assets. it was also brought to the notice of the assessee that in view of these circumstances, the depreciation ..... punjab state electricity board (pseb) and rajasthan state electricity board (rseb) were of the nature of loan transactions with the assets purchased and leased back are mere security and the appellant was never the real owner of assets. 4(iii) the learned cit(a) further erred in heavily relying on the power of attorney issued in ..... as the purchase price was paid as per the valuation reports obtained from the registered valuer, which is not challenged. expln. 4a to section 43, which came into force w.e.f. 1st oct., 1996, is not applicable and, therefore, the transactions entered into by the assessee are genuine, which had been confirmed by the lessee .....
Tag this Judgment!