Judgment Search Results Home > Cases Phrase: explosives act 1884 section 4 definitions Sorted by: old Court: income tax appellate tribunal itat mumbai Page 1 of about 732 results (0.091 seconds)

Acme Bobbins and Shuttles (P.) Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)44ITD316(Mum.)

..... an offer is to an acceptance what a lighted match is to a train of gunpowder. once the lighted match comes into contact with the train of gunpowder, explosion is inevitable, however, if the gunpowder is dampened due to time factor, the lighted match may not be effective.similarly, if the offer is accepted immediately or ..... . during the relevant assessment year, its manufacturing activities remained suspended. the relevant accounting year ended on 31-12-1982. the assessment was completed under section 143(3) of the it act (hereinafter called the act). a sum of rs. 58,78,814 was added under the head 'capital gains'. vide note to the statement of total income enclosed with ..... ' (bom.) wherein it was held that the right to obtain a conveyance of immovable property falls within the expression "property of any kind" used in section 2(14) of the act, and is, consequently, a capital asset. the payment of earnest money in order to obtain such a right constitutes its cost of acquisition. where such a .....

Reliance Industrial Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... .33. in keshav mills ltd. v. cit (1953) 23 itr 230 (sc), the hon'ble supreme court held that the provisions of section 13 of 1922 act (corresponding to section 145 of 1961 act) was compulsory on the it authorities and imposed upon them an obligation to accept the method of accounting regularly adopted by the assessee except in ..... writing his books of accounts and yet another method or system of accounting for the return of income filed by him. the provisions of section 13 of 1922 act and section 145 of 1961 act and various judgments of the courts in india give clear legal recognition to the fact that unlike laws of physics, there could be more ..... s name as the sole loss payee for its full replacement value with such insurer as may be approved by the lessor against all reasonable risks, including fire, 'riot, explosion, tempest, flood, earthquake, strike, storm, malicious damage, theft, civil commotion, war and other such risks including third party risks as the lessor may require and pay all .....

Star Chemicals (Bombay) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)79TTJ(Mum.)1002

..... not doubted by the ao. the nature of business is manufacture of phosphorous, which is highly explosive and it is claimed that the loader is a necessity in the line of trade. in accordance with the provisions of section 32ab of the it act, 1961, the deduction was allowed to the assessee on the purchase of jcb excavator loader but ..... section 32 of the act and as such the deduction be allowed under section 37 of the act as a matter of commercial expediency as a prudent businessman would do." 4. the learned counsel for the assessee argued ..... . 1 is not pressed by the learned counsel of the assessee, hence dismissed. "cit(a) erred in upholding the disallowance of rs. 8,66,989 under section 32ab of the it act in respect of unserviceable and unusable jcb excavator loader scrapped during the accounting year and the scrap value deducted from the block of assets under .....

Morarjee Goculdas Spg. and Wvg. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)98TTJ(Mum.)201

..... concern dealing with such cylinders was required to be registered under the indian explosives act, but the assessee-company did not meet the requirement of indian explosives act. shri mahesh gupta, in fact, expressed his ignorance about the provisions of explosives act. the statement of shri ajay piramal, the chairman of the assessee-company ..... issues raised therein are based on transactions which, by no stretch of imagination can be said to be undisclosed transactions falling under section 158b of the it act, since the transactions in question were disclosed in returns which were the subject-matter of regular assessment. the same ought to have ..... hyderabad, on 12th march, 1997 submitted that npl did not enter into lease transaction with the assessee-company. during the course of proceedings under section 158bc, the assessee was confronted with these findings.the assessee relied upon the elaborate documentation which included inspection certificates, invoices, board resolution of lessees, .....

The Morarjee Goculdas Spg. and Vs. Dy. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... concern dealing with such cylinders was required to be registered under the indian explosives act, but the assessee company did not meet the requirement of indian explosives act. shri mahesh gupta, in fact, expressed his ignorance about the provisions of explosives act. the statement of shri ajay piramal, the chairman of the assessee company ..... these reasons, the learned assessing officer could not hold the claim of depreciation as falling under "undisclosed income" within the meaning of section 158b(b) of the act. for the purpose of assessing income disclosed by the assessee from some lease transactions, the learned assessing officer treated the transactions as properly ..... , and blank cheques only to accommodate the request made by the other parties who promised payment to them. during the course of proceedings under section 158bc, the learned assessing officer confronted the assessee company with the findings of the investigation wing at coimbatore. in his detailed reply, the assessee .....

Amitabh Bachchan Corpn. Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... machinery ltd. (supra)), the question was allowallibility of expenditure on technical know-how for five years. at page 688, the hon'ble delhi high court held that section 37(1) of the act requires that the expenditure should not be of a capital nature. the court held, the question whether a particular expenditure is revenue, incurred for the purpose of business ..... and spread over a period of sixteen years.31. the learned dr further relied upon the decision of the hon'ble calcutta high court in the case of indian explosives ltd v. cit wherein expenditure for constructing a building on land taken or licence for a period of ten years with an option for renewal for another ten years, ..... , shri y.p. trivedi and shri v.h. patil. according to them, this is to be treated as revenue expenditure and claimed to be allowable under section 37(l) of the act.8. assessing officer rejected assessec's claim on the basis of the decision of the hon'ble supreme court in the case of empire jute co.ltd. v .....

Jai Hind Co-op. Housing Society Vs. Sixth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)3ITD625(Mum.)

..... on business had been discussed cit v. maharani, shri kesarkunwerba saheb of m orvi [1958] 33 itr 349, wherein it is observed that the definition of 'business' in section 2(4) of the 1922 act, is not an exhaustive definition, s.g. mercantile corporation (p.) ltd. v. cit [1972] 83 itr 700, wherein it was held that the definition of 'business' in ..... may constitute business. even a casual and non-recurring receipt may be income, though it is partly exempt from taxation in certain circumstances under section 10(5). anything which can properly be described as income taxable under the act unless expressly exempted. that perhaps is the best definition of taxable income, from the practical, though not from the logical, point of view .....

Mahindra and Mahindra Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)8ITD427(Mum.)

..... liability accrued to the assessee during the previous year. to our mind, it is a liability of the year and will have to be allowed as deduction even under section 37 of the act in terms of the supreme court's decision in the case of metal box co. of india ltd. v. their workmen [1969] 73 itr 53. in other words ..... had been underassessed on account of allowance of initial contribution to superannuation fund in full, he recorded a finding to that effect and issued notice under section 148 read with section 147(b) of the act on 22-9-1975, in response to which the assessee filed its return on 28-10-1975 declaring its income at rs. 69,72,000. supplementary ..... , relate to the assessee's assessment for the assessment year 1972-73. the assessee is a company. its assessment for the year was originally made under section 143(3) of the income-tax act, 1961 ('the act') on 29-3-1975 computing total income at rs. 1,19,82,982. since, according to the ito, the income of the assessee chargeable to tax .....

Dwarkadas and Co. (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1982)1ITD303(Mum.)

..... gains at rs. 25,000 on this transaction, against which the assessee went in appeal to the aac who confirmed the inclusion.subsequent thereto, the commissioner acting under section 33b(1) of the 1922 act held that the capital gains should have been computed at rs. 10 lakhs. it was, inter alia, held by the tribunal that the commissioner had no ..... .k. synthetics ltd. v. addl. cit [1976] 105 itr 344, where a division bench of that court has taken the view, referring to the provisions of section 251 of the it act, 1961 that if an appeal is provided against an order passed by a tribunal, the decision of the appellate authority is the operative decision in law that is effective ..... the assessee or the assessment order of the income-tax officer with a view to find out new sources of income and the power of enhancement under section 31(3) of the act is restricted to the sources of income which have been the subject-matter of consideration by the income-tax officer from the point of view of taxability. .....

income-tax Officer Vs. Vickers Sperry of India

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)3ITD739(Mum.)

..... being used for the purposes of the business. we also hold that there is no express or implied prohibition to the allowance of depreciation under section 32 or section 35 or in any other section of the act and that, therefore, the assessee is entitled to depreciation on the cost of the assets in dispute in the two assessments to which these ..... the revenue's stand appears to be based on the following part of the statement of objects and reasons given while piloting the indian income-tax (amendment) act, 1946, for inserting these provisions [section 10(2)(xiv)] : this clause purposes to allow expenditure on scientific research related to a business or to the class of business carried on. the ..... of liquidators of pursa ltd. v. cit [1954] 25 itr 265, where it was held that the expression 'used for the purposes of business' in section 10(2)(vi) of the 1922 act meant 'used for the purpose of the business, the profits of which were charged to tax'. the expression has been held to mean by subba rao, .....