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income-tax Officer, C-ward Vs. Bhoir Dredging Co. Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... that the assessee's activities do not amount to manufacture or production of articles or things for the purpose of claiming investment allowance on a dredger under section 32a of the act.further, in the assessee's own case for the assessment years 1983-84 and 1984-85, the commissioner of income-tax (appeals) held that the ..... several mechanical processes of washing, cleaning, separating, etc., yet these processes did not amount to manufacture or production of any article or thing. under section 32a of the income-tax act, investment allowance is allowable in respect of a ship or an aircraft or machinery or plant owned by the assessee and wholly used for the ..... certificate for dredging the sand up to march 31, 1983. page 10 of the paper compilation is a copy of the certificate of registration under section 22 of the bombay sales tax act, 1959, for carrying on manufacturing activity and selling of sand and building materials. according to mr. trivedi, all these documents support the assessee's .....

F.G.P. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)51ITD279(Mum.)

..... be taken into account in determining the capital employed in the undertaking at bhavnagar for the purpose of granting relief to the company in terms of section 84 of the income-tax act, 1961, for the assessment year 1962-63? their lordship had approved the principles laid down by the calcutta high court in the case of ..... the production process. (v) that for assessment year 1984-85 the assessing officer failed to consider the salary paid to car drivers while working out disallowance under section 37(3a). the commissioner of income-tax bombay therefore, set aside the order of the assessing officer pertaining to the aforesaid assessment years and directed the assessing ..... items. (ii) that the assessing officer has wrongly considered the value of work-in-progress while computing the working of "the capital employed" for the purpose of section 80j in respect of assessment year 1979-80. (iii) that the assessing officer also wrongly allowed 100% depreciation on the furnace used in melting of glass in .....

Parsik Janata Sahakari Bank Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)50ITD318(Mum.)

..... namely, that the interest received by the assessee was mostly by way of interest deposits from co-operative banks which is exempt under clause (d) of section 80p(2) of the act. the exercise undertaken by the revenue, it would appear in the circumstances, has become futile and we direct the assessing officer to allow the claim of ..... the dispute and, in our view, the relief claimed by the assessee has been denied without appreciating the relevant provisions of the income-tax act. under section 80p(2)(a)(i) of the act, where a co-operative society engaged in carrying on the business of banking or providing credit facilities to its members, the whole of the ..... no. 33, dated 18th august, 1945, under which certain incomes were made exempt from tax. the assessee further invites our attention to section 70 of the maharashtra co-operative societies act, 1960. under this section, it is mandatory for a co-operative society to invest or deposit its funds in one of the several modes laid down therein. the .....

Jatta Poly Yarn (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)50ITD368(Mum.)

..... 91 and arise out of the separate orders of the cit (appeals) wherein, inter alia, he held that the assessee was not entitled to investment allowance under section 32aof the act. all the grounds taken for the assessment year 1989-90 and the grounds 1 to 4 undertaken for the assessment year 1990-91 relate to the claim of ..... shrink proofing, water proofing, rubberising and or gandi processing carried on in respect of cotton or manmade grey fabric amounted to manufacture for the purpose of section 2(f) of the central excises & salt act, 1944. in the course of the judgment, the supreme court itself has observed at page 321 of head-notes that "the principles are clear. but ..... by the board. the tribunal (ahmedabad bench) in the case of nishit synthetics (p.) ltd. v. ito [1984] 7 itd 486 allowed investment allowance and deduction under section 80j for conversion of flat yarn into twisted yarn holding it to be manufacture of new article. in the case of varistha udyog ltd. (supra), the twisting of yarn .....

Prabodhan Prakashan Vs. Assistant Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)50ITD135(Mum.)

..... that under the law as it stood at that time contributions made by way of tickets and for advertisements were merely voluntary contributions and were exempt under section 12(1) of the act even assuming that the receipts constituted the income of the assessee and not the corpus thereof. thus, it is not a case where it was held ..... in that case, the tribunal was concerned with assessment year 1980-81 whereas the law had been changed with effect from 1-4-1984 by insertion of section 11(4a) of the act. in view of the above, he came to the conclusion that the publication of newspaper was a non-charitable activity and was not for the purpose of ..... commerce [1981] 130 itr 184. the assessing officer observed that all the elements of business activity were present and the activity was not of the nature mentioned in section 11(4a) of the act.she, therefore, held that the activity of printing dainik saamana was not an activity of general public utility and, therefore, the surplus of income was taxable.10 .....

Mrs. Roshan D. Nariman Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1995)52ITD269(Mum.)

..... a person purchases of his own, premium savings bond, in the name of other, cannot be said to be covered by the definition of expression 'gift' in section 2(xii) of the gift tax act.to support this contention reliance was placed on cgt v. mrs. jer mavis lubimqff [1978] 114 itr 90 (bom.), cgt v. dr. r.b. kamdin ..... in money or other articles; an allotment or distribution of anything by chance; a procedure or scheme for distributing prize by lot; the drawing of lots.section 115bb has been inserted by the finance act, 1986 with effect from 1-4-1987 by which a special provision was made to tax income from winning lotteries, crosswords, puzzels, etc. winning ..... to the date of purchase of premium savings bond.7. adverting to the prescription of section 115bb of the i.t. act, id.counsel submitted that since the prize received on the abovesaid gift cannot be equated with the lottery prize, therefore the provision of section 115bb cannot be applied in the facts and circumstances of the present case.8. .....

Rupal Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)49ITD484(Mum.)

..... in respect of profits retained for export business and the concept of profits derived from export of goods or merchandise out of india was introduced in sub-section (3) of section 80hhc of the act. clause (b) thereof related to a case where the assessee had export turnover as well as local turnover and the profits in question in such ..... out of india in a case where there were exports as well as local sales were to be computed in accordance with clause (b) of sub-section (3) of section 80hhc of the act. it was specified therein that such profits would be the amount which bears to the profits of the business the same proportion as the export turnover ..... 32.20 of the cbdt circular reproduced above.12. in the case of jamshedpur motor accessories stores (supra), the patna high court was considering the amendment to section 43b, by the finance act, 1987, with effect from 1-4-1988. in this connection, it was held that the rule of reasonable construction should be followed and literal construction may .....

Tangerine Exports Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)49ITD386(Mum.)

..... which the assessee carried on his business. the documentation service was held to be "book" and fell within the definition of "plant" under section 43(3) of the act. in the present case also the computer programme contained in the software, whether recorded on tapes/discs or otherwise, constituted technical instructions to ..... documentation service comprised of drawings, designs, plans, processing data, etc., could be treated as "book" and constitute "plant" within the meaning of section 43(3) of the act and whether depreciation was allowable on documentation service. it was held that the various documents such as drawings, designs, charts, plans, processing data and ..... ", which alone were entitled to this beneficial provision. on appeal, the learned cit (appeals) affirmed the above view. hence the present appeal under section 253 of the act.2. this second appeal thus raises an interesting issue which although lies in a narrow compass.3. the fact that the assessee-firm exported computer .....

V.N. Cantol Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)50ITD386(Mum.)

..... to membership of the stock exchange is a personal right and cannot be treated as 'property' or 'asset' within the meaning of section 2(e) of the wt act. section 2(e) of the wt act defines asset. it states that the assets includes property or every description movable or immovable. then it further states what does not include. ..... the stock exchange to an individual member, the order of the ito that the stock exchange card is a property under the wealth-tax act, 1957 (under section 2(e) of the wealth-tax act, and the confirmation of that view by the learned cwt (appeals) is clearly a finding without merit and liable to be set aside. ..... property according to australian gift act (section 4) 'includes real property and personal property and every interest in real property or personal property'. 'interest in property' means any estate interest, right or power .....

Associated Cables Pvt. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)48ITD141(Mum.)

..... amount and hence it should be excluded from the total income. consequently, the following question has been referred to me for adjudication as a third member under section 255(4) of the income-tax act, 1961 : "whether, on the facts and circumstances of the case, the sum of rs. 52,80,660 could be said to accrue or arise to ..... the point at issue, the following question, on which there is a difference, is referred to the hon'ble president for reference to a third member as laid down in section 255(4) : "whether, on the facts and circumstances of the case, the sum of rs. 52,80,660 could be said to accrue or arise to the assessee ..... control and that being so, there was nothing left which could possibly be called upon by the customer to the assessee to be done excepting anything resulting out of an act of god or a deficiency which was capable of occurring for reasons beyond human control.23. regarding warranty, sri prashant gupta, the learned senior departmental representative submitted that it .....