Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Jan-19-1989
Reported in : (1989)29ITD427(Pune.)
..... or production of any article or thing, not being an article or thing specified in the list in the eleventh schedule.8. we are concerned with section 32a(2)(a) of the act. what we have to consider is whether the assessee was engaged in the business of operation of ships.9. the business of operation of ships was a ..... stated the position is different when we have to consider the expression 'business of operation of ships' in clause (a) of section 32a(2) of the act. that expression, as already stated, would include within its compass the act of entering into what is known as "charterparty by demise".15. we may here refer to the decision of the madras bench ..... not amount to the act of being engaged in the business of operation of ships, and as such the income in question was not assessable as business income and investment allowance was not allowable.5. we have considered rival submissions. section 32a(1) lays down that in respect of a ship specified in sub-section (2), which is owned by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Jan-31-1989
Reported in : (1990)33ITD270(Pune.)
..... cases and to tax the business income in the entirety in the hands of the representative under the provisions of general charging section which was section 3 of the 1992 act (corresponding to section 4 of 1961 act).the reasons for applying the later mode of assessment was that the income arising from business or profession was chargeable in ..... the hands of the persons "carrying on business" as expressed in section 10 of the 1922 act (corresponding to section 28 of 1961 act). the view taken was that so long as the representative was authorised by the terms of his appointment, either by deed or ..... a trustee, whatever the nature of income, whatever the mode of computation, his liability to pay tax must be determined in accordance with section 41 of 1922 act which was pari materia with section 161(2) of 1961.10. in view of the above decision the submission of the learned departmental representative before us was based on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Apr-03-1989
Reported in : (1989)30ITD373(Pune.)
..... of the property in the existing beneficiaries and ultimate vesting in kthe unborn child should be the whole interest of the property as per sec. 13 of the transfer of property act. thus even sec. 13 provides for transfer of property in favour of a person not in exstence at the date of transfer subject ot a prior interest ..... among the beneficiaries, it is not to be seen whether the aforesaid clause violates the rule against perpetuity, contained in section 14 of the transfer of property act. section 14 of the transfer of property act reads as under : "section 14 : no transfer of property can operate to create an interest which is to take effect after the lifetime of ..... made the ito to feel that the trust has transferred property to unborn persons also and therefore rule of perpetuity was violated. sftrictly speaking, sec. 14 of the transfer of property act does not prohibit vesting of property in unborn child which was not in existence at the time of transfer of property, but it is subject .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Sep-25-1989
Reported in : (1990)32ITD558(Pune.)
..... represented revenue expenditure. the ito held that the provisions of section 68 of the maharashtra co-operative societies act did not create any charge on the profits of the assessee and that the payment was only appropriation of profits. he accordingly disallowed ..... 50,000 to the state govt. of maharashtra as contribution to education fund, maharashtra state. this payment was made under the provisions of section 68 of the maharashtra co-operative societies act, 1960 read with rule 52 of the relevant rules. the assessee claimed deduction in respect of this amount on the ground that it ..... court decision referred to above and karnataka high court held that the scheme of tamil nadu act was different from the karnataka act. according to the karnataka high court section 62 of the tamil nadu co-op. societies act provided that profit of the co-operative societies would be appropriate towards contribution to the education .....
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