Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)7ITD666(Mum.)
..... a deduction in the computation of income and the assessment for that year has been completed on that basis. the finance act, 1975, has amended the income-tax act retrospectively and under this amendment, deduction in respect of provision for gratuity payable to employees on retirement or termination of their employment is conditional upon the ..... are maintained on the mercantile system. the special bench also took into account the reason for introducing this section into the act, as stated by the finance minister while introducing the amendment in the parliament. the intention was to prevent a mischief which was prevalent at that time. that mischief was that certain ..... as enacted by section 40a(7), was inserted with retrospective effect from the assessment year 1973-74 and that case was concerned with 1973-74. the amendment superseded the general principle as regards the liability for gratuity and, therefore, after the 1st of april, 1973, the question of deductibility of a similar claim .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD244(Mum.)
..... ) and inclusion of amounts as unrealised outstandings in the case of professionals maintaining accounts under the cash system were rendered with reference to the provisions of the act before the amendment to section 7(2)(a) by which the adjustments to the valuation of business assets were prescribed by rules. these rules, as already pointed out, circumscribe ..... tax the value of outstanding fees due to a person in respect of services rendered by him as a legal practitioner within the meaning of the advocates act, 1961. this amendment takes effect from 1-4-1975 and applies to the assessment year 1975-76 and subsequent years.20. but in the decision of the calcutta high ..... high court in cit v. godavari devi [1978] 113 itr 617, the karnataka high court decision being the only direct decision with reference to the amended provisions of the act and there being no other contrary decision, we must follow and apply the law laid down in the karnataka high court decision.38. the principles stated above .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD632(Mum.)
..... "the converted property or any part thereof insofar as it is attributable to the interest of the individual in the property of the family". after the amendment by the taxation laws (amendment) act, 1975, with effect from 1-4-1976, the expression 'insofar as it is attributable to the interest of the individual in the property of the family ..... was, it was claimed, not warranted in law especially in the light of a proviso to section 4(1a)(c) as it stood before the amendment of the same by the taxation laws (amendment) act, 1975. the commissioner rejected the arguments of the assessee. in fact, the individual's assessment was made on 29-3-1979, whereas the assessment ..... rejected--it would be a question whether the extent of property if at all includible in the assessee's net wealth is capable of computation. the amendment brought in by the taxation laws (amendment) act, 1975, cannot be relevant for the assessment years under appeal. we have only to lean on the position as it obtained prior to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)4ITD706(Mum.)
..... and the amount of advance tax paid during the financial year immediately preceding the assessment year relevant to the accounting year.according to the submissions, the proposed amendment was only clarificatory of the position, existed.8. finally, the learned counsel referred to the decision of the supreme court in cit v. vegetable products ltd ..... 800 and, therefore, a reconsideration was justified. the learned counsel finally referred to the definition of 'tax', as occurring in section 2(43) of the income-tax act, 1961, and submitted that there was a vital difference between tax 'chargeable' and tax 'payable', which had been well recognised by the legislature.9. on behalf ..... 1981], in which cases shri b.a. palkhivala appeared.7. opening the case for the revenue, shri joshi submitted that while section 211 of the companies act, which prescribes the form and contents of the balance sheet, did not specifically indicate the manner of exhibiting the payments made on account of advance tax, it .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)7ITD392(Mum.)
..... is notional income. this argument does not take note of the changes brought about by the amendment made in the opening paragraph of sub-section (1) of section 23, by the taxation laws (amendment) act, 1975, with effect from 1-4-1976. section 23(1) in its amended form which is applicable to the year under appeal reads as follows : for the purposes of ..... that the facts of the said case are similar to the facts of the present case though the claim in the said case was under section 57(iii) of the act. in paragraph 7 of the judgment their lordships of the bombay high court held as follows : ...it is, however, difficult for us to appreciate the contention that when the ..... to legal charges for drawing up a legal document in respect of the lease. this has a benefit for at least 9 years. there is no provision in the act for grant of deferred expenditure over a period of 9 years. a proportionate portion cannot also be allowed as collection charges since the allowance of the latter depends on actual .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD518(Mum.)
..... some expertise in the business. shri khare had made a reference to these rates. the figures given below would bear out that the rates charged are very competitive pca engineers ltditem effective 1st percentage effective 1st percentage effective 1st june, 1976 as of december, of change july, 1976, per letter change 1977 as per ..... borrowed capital should also be considered as capital employed.this contention has to be rejected in view of the retrospective amendment of section 80j. the second contention is the deduction claimed under section 80hh of the act. it is an admitted position that there is no gross total income for the assessment year in view of ..... absence of any direct authority, it would be open for us to consider certain analogous provisions contained in the indian income-tax act, 1922 ('the 1922 act') and the excess profits tax act.in the 1922 act, section 42(2) contained a similar provision. where a person not ordinarily resident is carrying on business with a resident and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)10ITD849(Mum.)
..... departmental representative, would be in time.14. shri ajay thakore, on the other hand, has invited our attention to the fact that section 292b was inserted in the act by the taxation laws (amendment) act, 1975, with effect from 1-10-1975 and that the jammu and kashmir high court has decided the case of s. mubarik shah naqshbandi (supra) on '20- ..... prays that the order of the aac/commissioner (appeals), on the above grounds, be set aside and that of the ito be restored. 4. the appellant craves leave to amend or alter any ground or add a new ground, which may be necessary.it is common ground that the return was filed by the assessee for the assessment year 1978 ..... the appellant prays that the order of the commissioner (appeals) on the above ground be set aside and that of the ito be restored. 3. the appellant craves leave to amend or alter any ground or add a new ground, which may be necessary.an application has been made at the time of hearing, seeking permission to take up an additional .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1985)11ITD472(Mum.)
..... that the value, as adopted by the ito, was proper and that, accordingly, the ito's order be restored.6. shri dastur for the assessee submits that the amendment to section 23(1), as made with effect from 1-4-1976, properly speaking, is not applicable as the property under consideration has not been let out.according to ..... according to shri joy, the ito is bound to ascertain the annual letting value in accordance with the provisions of section 23(1)(a) of the income-tax act, 1961 ('the act'), which is applicable for the year under consideration, the relevant words being 'the sum for which the property might reasonably be expected to let from year to year ..... without any legal impediment and hence the annual value of the building was not limited to the standard rent determinable in accordance with the principles laid down in the act, but was liable to be assessed by reference to the contractual rent recoverable by the landlord from the tenant. ...the court answered by observing that for the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1985)11ITR587(Mum.)
..... , that when clause (v) of section 16 stood deleted, the amount on that score could not be allowed as a deduction and only standard deduction under the amended clause (i) of section 16 could be allowed.10. it may be stated here that it was not the case of the assessee, that the bonus commission included ..... may usefully be made to the memorandum explaining the provisions in the finance bill, 1974, which eventually became the finance act, 1974, whereby section 16 stands modified. it has been stated in the memorandum that this amendment has been brought about with a view to simplify the assessment procedure of salaried taxpayers. therefore, per se, it is ..... amounts received as bonus commission was claimed by the assessee as incurred for procuring more business. according to the ito, section 16(v) of the income-tax act, 1961 ('the act') provides for deduction of such expenses only when, by the conditions of his service, the assessee was required to spend out of his remuneration wholly, necessarily .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1985)14ITD298(Mum.)
..... towards any liability in respect of tax).here, it will be necessary to point out that the validity of both rule 19a and the retrospective amendment of section 80j brought about by the finance (no. 2) act, 1980, have been upheld by the hon'ble supreme court in the case of lohia machines ltd. v. union of india [1985] 152 itr ..... in the computation of capital employed. coming to the alternative argument of shri lalkaka, shri mahadeshwar again referred to both rule 19a of the 1962 rules and the retrospectively amended section 80j both of which laid down that what is to be deducted from the aggregate of the amounts representing the values of the assets as on the first day ..... on the assets side of the balance sheet to comply with the requirements of schedule vi of part i of the companies act, 1956. reference was then made by him to section 80j, as retrospectively amended by the finance (no. 2) act, 1980, with effect from 1-4-1972, and rule 19a of the income-tax rules, 1962 ('the 1962 rules'), both .....
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