Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Apr-08-1987
Reported in : (1987)22ITD223(Mum.)
..... in indian transformers ltd.'s case (supra) did not find approval of the supreme court. although the language in section 80e (prior to amendment by finance no. 2 act of 1967) is not identical to what we find in section 80mm, the result of the first step to be taken is the same. section. 80e contemplated ..... under the head 'profits and gains of business or profession'. in other words, the correct figure of total income, which is otherwise taxable under other provisions of the act, cannot be arrived at without working out the net result of computation under the head 'profits and gains of business or profession'.the view of the kerala high court ..... terms expressed their view on the validity of the rule explained therein. in fact, it is stated that the view therein runs counter to the legislative mandate in the act specifying steps required to be taken for the purpose of giving relief.at page 97, their lordships have observed :- it will thus appear that the kerala high court .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jul-10-1987
Reported in : (1988)24ITD68(Mum.)
..... the appearance before the income-tax officer in connection with the hearing given under section 221, the assessee proved that tax had already been paid. by taxation law amendment act, 1975, an explanation has been added for the removal of doubt that an assessee shall not cease to be liable to any penalty merely by reason of the ..... deemed to have been withdrawn. the tribunal observed that a circular can be withdrawn either expressly or by implication. when a new statutory provision is inserted in the act, which is contrary to the directions given in a circular issued prior to the insertion of the said provision, the said circular in question must be deemed to ..... sake of convenience.2. in the assessee's appeals for both the years, the first ground is concerning the applicability of the provisions of section 44b of the it act. it was submitted by the learned counsel for the assessee shri dastur that though a similar point has been decided against the assessee by the tribunal for the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Feb-20-1987
Reported in : (1987)21ITD436(Mum.)
..... the agreement to sale was entered into on 1972. the property was sold to international society for krishna consciousness (iskcon) which was a society registered under the societies registration act, 1960.2. as far as the department is concerned, the valuation was done on two occasions. the first occasion was when there were some acquisition proceedings. at ..... 5(1)(iva) read with section 5(1a) of the wealth-tax act, 1957. the finance act, 1969 inserted clause (iva) in section 5(1) with effect from 1-4-1970. there was amendment with effect from 1-4-1975. we are not concerned with that amendment in the present appeals. under the provision with which we are concerned agricultural ..... land belonging to the assessee to the extent of rs. 1,50,000 was not liable to be included in the net wealth of the assessee. the term 'agricultural land' has not been defined in the wealth-tax act, 1957.the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Mar-19-1987
Reported in : (1987)22ITD193(Mum.)
..... considered in the light of the ordinance passed by the union of india on 24-11-79 which was replaced by the central excises & salt & additional duty of excise (amendment) act, 1980, and the writs filed by the empire industries were dismissed. the gujarat high court rulings were reversed. there is, therefore, no hope for success by the assessee ..... assessment year 1965-66 as a deduction. the high court held that the right of the state to receive the royalty would come into operation with amended act of 1964. therefore, the tribunal was right in holding that the royalty was admissible as a business expenditure for assessment year 1965-66. in the instant case, ..... the act itself has been amended in 1979 by an ordinance which became an act in 1980. this amended act was in force in the year under appeal. it is not permissible for us to ignore the amended act in the year under appeal irrespective of the fact that the supreme .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jul-06-1987
Reported in : (1987)22ITD87(Mum.)
..... in a later statute or is wholly or partially incorporated therein.it has also been stated that the rule that the repeal or amendment of an act which is incorporated in a later act has no effect on the later act, or on the provisions incorporated therein is subject to certain exceptions. in the present case we are concerned with only a short point ..... 1961 was enacted subsequent to the date of signature of the aforesaid agreement. but this is not to say that every definition in the new act whenever it is introduced by way of amendment, or otherwise, will operate as a definition for considering the import of a term used in the d.t.a. agreement. the learned counsel for the assessee had ..... signing of the d.t.a. agreement and no further changes in the said act could be called in aid for interpreting the terms in the d.t.a agreement. to support this stand he also submitted that in 1984 when the d.t.a. agreement was amended a definition of "royalty" had been introduced in the d.t.a.agreement, which .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Nov-09-1987
Reported in : (1988)25ITD479(Mum.)
..... as held in the case of b.m. kharwar (supra) by virtue of the amendment made in the second proviso to section 10(2)(vii) of the old act of 1922, by section 11 of the taxation laws (extension to merged states and amendment) act, 1949, even in a "realisation sale" the excess over the written down value not ..... 10(2)(vii) of the indian income-tax act, 1922. their lordships held in that case that by virtue of the amendment made in the second proviso to section 10(2)(vii) of the indian income-tax act, 1922 by section 11 of the taxation laws (extension to merged states and amendment) act, 1949, even under a "realisation sale", ..... buildings and tenancy/occupancy rights which shall be separately transferred by appropriate conveyance upon receiving permission of the competent authority under the urban land (ceiling and regulation) act, 1976 and the said movable assets possession of which has been already delivered) but including the beneficial interest and goodwill of the vendor in the said business .....
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