Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2000)241ITR43(Mum.)
..... provision in the law is being amended, retrospectively, from 1st april, 1972, i.e. the date from which the relevant provision as it stands at present, was brought into force." the finance act, 1984, reduced the quantum of deduction to 50 per cent w.e.f. 1st april, 1985. the cbdt circular no. 387, dt. 6th july, 1984 (chaturvedi ..... (sc) where their lordships held that interest receivable was an unambiguous expression; it could only mean the amount of interest calculated in accordance with the terms of the securities; it could not mean interest receivable minus the amount spent in receiving the same. it was accordingly contended that in s. 80-o the legislature having consciously used ..... the word 'income' does not connote the same meaning.reference has been made to s. 10(15) of the it act, 1991, which refers to income by way of interest, premium on redemption or other payment on such securities.9. the learned counsel pointed out that the word "income" used in s.80-o should not be given undue .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2005)96ITD1(Mum.)
..... essentially in the nature of subscription funds.referring to the provisions of section 94(7) introduced by the finance act, 2001, the learned special counsel argued that initially it laid down the condition of holding of securities three months prior and three months subsequent to the declaration of dividend or, as the case may be, income ..... business. as a prudent businessman the assessee took steps when he was more than reasonably certain of the outcome of the transaction. furthermore, there was not much force, after the enactment of the provisions of section 14a, in the argument that the purchase price of the unit was indivisible. honble rajasthan high court in ..... macniven case facts were altogether different from ramsay and for that reason the different conclusion was reached. the learned cit, dr argued that there was not much force in the contention that the assessee did not claim deduction of any expenditure. what the assessee called claim of loss was in fact claim of expenditure. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1998)65ITD73(Mum.)
..... by the kerala high court. therefore, we are of the opinion that the various circulars issued by the cbdt in exercise of its powers under s. 119 of the act have the force of law and are binding on the subordinate authorities. we are also of the opinion that guidelines are issued from time to time to deal with the cases of ..... of the wt act, income in respect of the previous year in which such search was made on any earlier previous year.(3) in addition to the amount of income-tax to be paid under sub-s.(1), the declarant shall invest a sum equal to 5 per cent of the amount of the voluntarily disclosed income in such securities as the ..... central government notify in this behalf of the official gazette. sec. 14(1) - subject to the provisions of this section, where any books of account, other documents, money, bullion, jewellery or other valuable articles or things belonging to a person have been seized as a result of the search under s. 132 of the it act or s .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2003)86ITD791(Mum.)
..... to be against the manager in his capacity as purchaser and not against the investor.21. reliance was also placed by mr. dastur on section 2(11) of the us securities act which defines an "underwriter" as a person who has "purchased" the shares from the issuer.22. the contention urged by mr. kapila on behalf of the revenue was firstly ..... before us by the revenue, in support of his conclusion that the arrangement is not one of "purchase and resale" of the gdrs by the managers. we also see force in the contention raised by the department that if the gdrs are to be considered as having been purchased by the managers and sold by them to the investors the ..... (e.g., otc market in london and on the private placement market in usa), and do not have a lock-in-period.8. normally, indian companies issuing gdrs are forced to depend on the services of underwriters and international merchant bankers of repute for marketing the gdrs because such companies may not be well-known outside india. they also require .....
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