Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1993)44ITD387(Mum.)
1. in this appeal by the assessee, only ground taken is that relief under section 80-1 of the income-tax act should have been allowed.2. previous year relevant to this appeal comprised of the period of twelve months from 1-5-1980 to 30-4-1981. assessee-company took over ..... actually stood satisfied. but, we agree with the learned departmental representative that in this particular case, this condition was not satisfied. the point is that the reference in sub-section (2) of section 80-1 is to the industrial undertaking rather than to the ownership of the industrial undertaking. this very industrial undertaking was being run by the firm in which the ..... is about the air-conditioning machines shown at rs. 6,400. they are certainly 'plant and machinery' and for applying the test laid down in explanation 2 below sub-section (2) of section 80-1 they would constitute plant and machinery. therefore, they would be part and parcel of old plant and machinery also. with these items in view, if we examine .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)38ITD528(Mum.)
..... conditions under which the assessee had to work. in these circumstances, it was held that the rent-free accommodation provided to the assessee could not be assessed under section 7 of the act as the assessee was not the servant of the company. this of course also does not help the assessee as in the present case the assessee was in ..... no force, because it was the sum paid by the employer which was, but for this payment, an obligation of the employee-assessee, within the meaning of section 17(2)(iv)of the act.furthermore, the value of food provided to the assessee has to be judged in terms of the amount which any other person, in similar circumstances, would have ..... ordinarily performs his services.6. the aforesaid decision of the gujarat high court was found to be of no help after the insertion of the explanation in section 9(1)(ii) of the act, to the following effect: for the removal of doubts, it is hereby declared that the income of the nature referred to in this clause payable for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)39ITD197(Mum.)
..... the learned counsel for the assessee, reiterated the submissions which were made before the it authorities and strongly urged that the order passed by the iac under section 104 of the act should be cancelled. inviting our attention to pages 1 & 2 of his paperbook, containing statement showing bifurcation of trading, profit & loss account between manufacturing ..... hence it is exempted from excise duty.and submitted that since it was engaged in processing activity, if not manufacturing activity, the provisions of section 104 of the act were not applicable to it. it was also stated before the cit(a) that the government of maharashtra has issued registration/ licence to the ..... assessee had declared dividend which was less than 60 percent (the statutory percentage) of distributable income, the assessee would be hit by the provisions of section 104 of the act. further, the iac noticed that the assessee should be treated as 'trading company' since the purchase of finished products amounting to rs. 2, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)39ITD276(Mum.)
..... the departmental representative that the liability in regard to news print taken on loan from group company, can be compared with the set on liability under section 15(1) of the bonus act. such liability has been held to be contingent by the courts and in this connection our attention has been invited to the decisions reported in p ..... the material that was collected by the iac could not form part of the records. this would be evident from the amendment brought about by the finance act, 1988, to the provisions of section 263. the word "record" has been redefined and as per the new definition the same shall include and shall be deemed always to have included, all ..... held that the only conditions required to be satisfied in order to enable the assessee to claim a deduction in respect of interest on borrowed capital under section 10(2)(iii) of the i.t. act, 1922, were that firstly, money must have been borrowed by the assessee; secondly, it must have been borrowed for the purpose of business, and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)38ITD185(Mum.)
..... decide the reference pending before them, the amount of refund should not be treated as the income of the assessee for the purposes of determining exemption under section 11 of the act.alternatively, he submitted that in view of the order of the tribunal in the assessee's own case for the assessment years 1974-75 and 1975-76 ..... , if the amount of refund is treated as the income of the assessee which the assessee would be obliged to spend in order to qualify for exemption under section 11 of the act. not only that, the trustees would be required to pay interest till they repay the amount of refund to the revenue. he, therefore, fervently urged that ..... to hospital for founding or starting a ward or beds in the hospital or for grant to educational institutions.6. the ito framed the assessment under section 143(3) read with section 11 of the act, determining the surplus at "nil" in the following manner :- in the note appended to the explanation of income, the assessee has stated that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)38ITD99(Mum.)
..... and plant would also include the value of vehicles owned by the appellant since a car is also a plant having regard to the definition contained in section 43(3) of the act. before me reference was made to the profit and loss account and the balance sheet as on 31st march 1979. the balance sheet shows the value ..... to the treatment of the assessee as a small scale industrial undertaking as per sub-section (2) of section 32a read with explanation (a) to sub-section (1a) of section 35b of the income-tax act. the assessee claimed a deduction of rs. 2,02,301 under section 35b of the income-tax acton the ground that it was a small scale industrial ..... other vehicles could not have been included in the definition of 'plant' for the purposes of section 32a and section 35b of the income-tax act. in this connection, the learned counsel referred to the use of the word 'installed' in sub-section (2) of section 32a.according to the learned counsel, since cars and other vehicles cannot be installed, they will .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)37ITD447(Mum.)
..... loss to establish that he has incurred such amount of loss.in mcmillan & co.'s case (supra) the hon'ble supreme court was again dealing with section 13 of the 1922 act and their lordships held that whether the income, profit and gains, can properly be deduced from the assessee's method of accounting is undoubtedly a matter which ..... falls for the determination of the income tax authorities alone.in sarangpur cotton mfg. co. ltd.'s case (supra) the hon'ble privy council, dealing with section 13 of the act - method of accounting-' held that for assessment purposes a method of accounting has to be compulsory and the income has to be computed on those bases and ..... is said to have ended on 31st december 1985. the assessment order reveals the method of accounting as 'hybrid'. the assessment has been framed under section 143(3) of the income-tax act, 1961.qua the assessee's grievances raised in the form of grounds of appeal before the income tax appellate tribunal, the narration in the assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)38ITD70(Mum.)
..... against this, the learned departmental representative submitted that the donee-trust is very much covered by the definition of the term "person", as is evident by sub-section (31) of section 2 of the act. (v) an association of persons or a body of individuals, whether incorporated or not, (vii) every artificial juridical person, not falling within any of ..... the aforesaid provisions of law. similarly, the first appellate authority also erred in treating the donee trust as a 'person' as envisaged by section 2(31) and section 13(3) of the act inasmuch as the amount donated had been applied for charitable purposes within the objects of the appellant-trust.2. at the outset we may point ..... received or beneficially used, which in this case meant that the benefit of the school run by the donee-trust and not for the trust. section 3 of the indian trusts act also envisages that such benefit could flow only to the beneficiaries and not to the trust.13. referring to the term "benefit" it was contended .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)36ITD51(Mum.)
..... all these foreign contracts are approved by the central board of direct taxes, delhi.4. among other things, the assessee claimed the weighted deduction allowable under section 35b of the income-tax act on a total sum of rs. 2,20,80,213. this claim was allowed by the income-tax officer by his order dated 15-1-1983. ..... the part amount.25. it would be worthwhile to mention here that the approval granted by the central board of direct taxes for the benefit under section 80-o of the income-tax act, 1961 does not improve the case of the assessee firstly because the letter of the board has clearly mentioned that the grant of deduction from ..... bombay. the following questions on which we differed are referred to the hon'ble president for resolution under section 255(4) of the act: 1. whether the assessee does not fulfil the conditions mentioned in sub-section (1 a) of section 35b of the act in order to claim weighted deduction? 2. whether the assessee is entitled to weighted deduction in respect of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)37ITD1(Mum.)
..... income... '. here the ratio of the decision in laxmidas devidas' case (supra) was held to be no longer good law vis-a-vis applicability of sub-section (3) of section 9 of the act, i.e., where in a property the shares of the persons were definite and ascertainable. however, it was held to be a good law to the extent ..... must be one the object of which is to produce income, profits or gains". there the income was from betting and taxable as income from other sources under section 56 of the act and since five partners have come together and engaged themselves in an organised course of activity to earn income from betting, the hon'ble high court held that ..... of the facts, the issue which merits adjudication is the status of the assessees, i.e., whether it is association of persons and taxable as such under section 167a(2) of the act or that of unregistered firm. the assessee has placed on the file of the assessing officer as also the learned first appellate authority written arguments, a copy of .....
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