Judgment Search Results Home > Cases Phrase: electricity supply act 1948 repealed section 12 incorporation of board Court: income tax appellate tribunal itat mumbai Page 1 of about 2 results (0.090 seconds)

Durga Cotton Mills (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)29ITD597(Mum.)

..... has been obtained by the assessee in any previous year either under this act or under the indian income-tax act, 1922 (11 of 1922) or any act repealed by that act or under executive orders issued when the indian income-tax act, 1886 (2 of 1886) was in force, the provisions of sections 48 and 49 shall be subject to the following modifications : (1) the written down value, as defined in clause (6) of section 43 of the asset, as adjusted shall be taken as the cost ..... registered valuer indicating the value as on 1-1-1964 as under : the assessee relied on the decision of the tribunal in the case of anand electric supply co. ..... tax officer the business loss of the year in which the business ceased to exist could be set off against the income under section 41(2) of the act, only if eight years had not elapsed between the year in which the business ceased to exist and the year in which the ..... , assessees acquiring depreciable assets themselves and the assessees acquiring depreciable assets as successors in any of the modes under section 49 appears to be that the assessees in the first group have earned and enjoyed the depreciation themselves, while the assessees in the second group ..... in existence and there is income chargeable to tax under sub-section (1), sub-section (2), sub-section (2a), sub-section (3) or sub-section (4) in respect of that business or profession, any loss, not being a loss sustained in speculation business or under the head "capital gains", which arose in that business or .....

Tata Sons Limited Vs. the Deputy Cit, Special Range-1

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the effect that the five persons did hold (less than six) 50 percent of the voting power in the assessee-company, that this finding was entered on a consideration of the provisions of section 2(18)(b)(b)(iii) of the act and that after entering such a clear finding the tribunal was not justified in approaching the question in a different manner with reference to the purpose and in holding that the company is one ..... those shares is held by the members of the public and the shares standing in the names of the trustees must be held as having been acquired by members of the public; that for the purposes of section 2(18) of the act it is enough that the shares are held by the public and in a case where there are beneficiaries of a public trust, the shares must be treated as being beneficially held by the beneficiaries through the ..... established, as held by the bombay high court in the case of thane electricity supply ltd. ..... the government or the reserve bank of india or a corporation owned by that bank, or ii) a company which is registered under section 25 of the companies act, 1956 ; or iii)a company having no share capital and it is declared by order of the board to be a company in which the public are substantially interest; or iv) a company which is not a private company as defined in the companies act, 1956 (1 of 1956), and the conditions specified either in item (a) or in item (b) are fulfilled, namely (a)shares in the ..... the definition, a need was felt to incorporate them specifically. .....

Tata Sons Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)104ITD45(Mum.)

..... to the effect that the five persons did hold (less than six) 50 per cent of the voting power in the assessee-company, that this finding was entered on a consideration of the provisions of section 2(18)(b)(b)(iii) of the act and that after entering such a clear finding the tribunal was not justified in approaching the question in a different manner with reference to the purpose and in holding that the company is one in ..... interest in those shares is held by the members of the public and the shares standing in the names of the trustees must be held as having been acquired by members of the public; that for the purposes of section 2(18) of the act it is enough that the shares are held by the public and in a case where there are beneficiaries of a public trust, the shares must be treated as being beneficially held by the beneficiaries through the ..... whether singly or taken together) by the government or the rbior a corporation owned by that bank; or (ii) a company which is registered under section 25 of the companies act, 1956; or (iii) a company having no share capital and it is declared by order of the board to be a company in which the public are substantially interest; or (iv) a company which is not a private company as defined in the companies act, 1956 (1 of 1956), and the conditions specified either in item (a) or in item (b) are fulfilled, namely (a) shares in the ..... electricity supply ..... were not finding inclusion in the definition, a need was felt to incorporate them .....

M. Visvesvaraya Industrial Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)83ITD511(Mum.)

..... he further submitted that the assessee having been incorporated as a company and granted on 12th june, 1970 licence under section 25 of the companies act, 1956, and that licence not having been revoked and being in continuance, the fact that the assessee was a charitable institution could not be objected to. ..... the view that the charitable or public purpose of the centre gave way to its business or commercial character.without prejudice, the learned ao also found that the case of the assessee was hit by the provisions of section 11(4a), which required that the work in connection with the business was mainly carried on by the beneficiaries of the institution and separate books of accounts were maintained by the centre in respect of the business. ..... it also undertook to provide in a systematic manner services like electricity, air-conditioning facilities, use of lifts, supply of water, maintenance of common areas, air-conditioning, watch and ward facilities, etc. ..... the hon'ble court took note of the fact that though the document of title was not executed by the housing board in favour of the assessee, the houses were allotted to the assessee by the housing board, part-payment received and possession delivered so as to confer dominion over the property on the assessee. ..... (supra), hon'ble madras high court similarly, held that the concepts in the factories act, 1948, could not be relied upon for interpretation of the terms contained in the finance act, 1966. .....

Premier Automobiles Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)84ITD169(Mum.)

..... on the following decisions for the proposition that capital gain on such transfer is assessable under section 45 of the act : (xi) west coast electric supply corporation ltd v. ..... had in the assets and profit of the partnership.the question arose whether the amount received in excess over the written down value of the machinery is liable to tax by applying the second proviso to section 10(2)(vii) of the indian it act, 1922 and, considering the facts of the case, the hon'ble supreme court held as under: "it is now well-settled that the taxing authorities are not entitled in determining whether a receipt ..... relied upon the decision of hon'ble bombay high court in the case of akola electric supply co. ..... the principles of law laid down in that case by the hon'ble high court.besides this, i would like to mention here that was a case relating to provisions of section 41(2) of the it act inasmuch as in that case where the business was sold as a going concern, the excess realized may not be business profit but will be capital gain chargeable to tax. ..... paper book to highlight that the expenses in relation to incorporation of kmpcl were initially borne by the assessee. ..... in brief are that the assessee who was engaged in supplying electricity had sold its undertaking to kerala state electricity board and received certain amount of compensation. ..... 'ble court was concerned with the transfer that took place on 7th july, 1948, whereas the relevant section in 1922 act has undergone a change after 1949. ..... 1948 .....