Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1989)31ITD142(Mum.)
..... arise on the agent of the non-resident. the salary and remuneration payable to the technicians of the assessee were not taxable as exemption certificates under section 10 of the act had been obtained.5. the cit (appeals) considered these arguments, carefully went through the clauses of the various agreements, particularly the sindri modernisation project ..... a portion of such payment was to be treated as payment for grant of licence or for royalty, the provisions of explanation 2 to section 9(1)(vi) of the act were attracted. all the activities concerning erection as well as rendering of technical services were going on simultaneously and not alternatively and therefore shri ..... assessment year under consideration, he held that the payments received during the previous year would be in the nature of technical assistance fees falling under section 9(1)(vii)of the act.11. since in the course of the hearing it appeared to us that the reasoning given by the cit (appeals) was not quite correct .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1989)31ITD369(Mum.)
..... help to the assessee, as in those cases the attention of the hon'ble courts was not drawn to the scheme and ambit of various sections of the 1961 act like self-assessment (section 140a), assessment for refund (section 141a) as well as the fact that the advance tax and the tax deducted at source, whereunder the authority of law passed by the ..... ramnarayan (supra) would not be of much help to the assessee, as in that case the hon'ble high court was concerned with the provisions of section 240 and not of section 237 of the act.21. before we part with this issue, we would like to give a small illustration which would clearly demonstrate that if we were to accept the ..... being time barred", the income-tax authorities ought to have refunded the entire amount of rs. 1,15,967 as claimed by the assessee. inviting our attention to section 237 of the act, the learned representative for the assessee urged that since the assessee was not given the entire refund of tax paid by it, it was entitled to file an .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1990)32ITD68(Mum.)
..... whom annuity payable to the annuitant.dates when annuity on the stipulated date of the first annuitypayable instalment and yearly thereafter.---------------------------------------------------------------------------- name of the nominee (under section 39 of the insurance act, 1938) to whom the balance (if any) of the guaranteed number of annuity instalments are to be paid in the event of the death ..... deciding the amount of premiums and the benefits to accrue to the person insured in the case of life insurance policies simplicitor - which are spoken of in section 5(l)(vi) do not have any bearing either on the amount of the premium to be paid or on the benefits to accrue to the annuitant- ..... should thus be clear that the assessee's annuity policies are not policies of insurance spoken of under section 5(l)(vi). hence, no exemption is available for these policies under any of the provisions of the w.t. act and their value as to be taxed. 4(iii) the question therefore that now remains as to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1989)28ITD499(Mum.)
..... has stated in para 2 that a preliminary objection was raised by the assessee before the cit that the company had filed a settlement petition under sections 245c of the act and that order under sections 263 should not be passed until this application was decided by the settlement commission. the cit rejected this argument on the ground that such application ..... because there was no diversion of profits but because application for admission had been made on 29-8-1983, i.e., before the cit passed his order under sections 263 of the it act. 7. in this view of the matter, it is submitted that the order of the itat dated 14-9-1986 suffers from wrong appreciation of the facts. ..... assessee. this becomes evident from the perusal of the order of the hon'ble settlement commission for the assessment year 1979-80 and 1980-81 made under section 245d(1) of the it act. in para 13 of above referred order, the commissioner observed that "to the extent the price charged from the pro fell short of the cost price .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1989)29ITD164(Mum.)
..... business in real estate. it had income from rent and dividend. it had to pass a resolution on 2-5-1979 to fulfil the requirements of section 149a of the companies act to enable it to start business in real estate. all these resolutions and declarations were self-created self-serving documents and could not be taken at ..... company was convened on 23-4-1979 and a special resolution was passed approving the commencement of the new business in accordance with the provisions of section 149(2a) of the companies act, 1956. the special resolution passed by the shareholders at the extraordinary general meeting held at wardha on 23-4-1979 read as under: resolved ..... office at bajaj bhavan, 226 nariman point, bombay-21, the directors of the company decided to commence a new business activity and as required by section 149(2a) of the companies act, 1956, the board of directors further decided to take the approval of the shareholders of the company by a special resolution for commencing1 the new business .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1988)27ITD182(Mum.)
..... since the assessee before us is not guilty of this and the new undertaking fulfilled the required conditions, the assessee was entitled to claim the relief under section 80j of the act by reference to the capital employed in the new industrial undertaking at faridabad.it will be seen from the above observations that the delhi high court has held ..... to the assessment year 1977-78 is whether the second unit started by the assessee called unit no. 2 is entitled to the relief provided for under section 80j of the income-tax act. the relief due to the assesaee was denied on the ground that unit no. 2 was carved out of unit no. 1 and the financial accounts ..... boiler division after forging and mechanising, and yet it was not held to be a transfer of assets of the old business. as abovenoticed, the purpose of the section is apparently to provide tax incentives, to stimulate industry and the manufacture of articles resulting in more employment and economic gain for the country. in order to see that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1988)27ITD525(Mum.)
..... & cotton mills ltd. v. cwt [1966] 59 itr 767 in the following extract; while dealing with the concept of "debt owed" within the meaning of section. 2(m) of the wealth-tax act, wherein the following observation has been quoted with approval.7. "standing alone, the word 'debt' is as applicable to a sum of money which has been ..... brings for charge to tax the total income of the assessee. total income is defined in section. 2(45) of the act, as the total amount of the income referred in section. 5 and computed in the manner laid down in the act. under section. 5, total income of a person includes all income from whatever source derivad which are received or ..... employee during his lifetime, the gratuity shall be treated as salary paid to the employee for the purposes of this act. this gives an indication that it is this gratuity alone which is included in the definition of 'salary' under section.17(1)(iii). any gratuity which is not paid to the employee during his lifetime may, therefore, be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1988)27ITD351(Mum.)
..... further, the amount paid every month by a member to the co-op. housing society is expenditure actually incurred on payment of rent within the meaning of section 10(13a) of the act, and therefore, the house rent allowance paid to the employee is not taxable.8. we have considered these arguments advanced by the assessee who argued his own ..... dearness allowance is a part of the salary and is intended to be treated as such.(i) it will not be out of place to refer to section 10(72) of the it act which provides that the accumulated balance due and becoming payable to an employee participating in a recognised provident fund to the extent provided in rule 8 of ..... understand how this negative logic can in any way advance the case of the assessee. the fourth schedule deals with recognised provident fund which is defined in section 2(38) of the it act. the rules concerning the recognized provident funds are in part xii of the rules and rules 67 to 81 deal with investment of fund moneys, nominations, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1988)27ITD304(Mum.)
..... learned counsel for the assessee, took a preliminary objection stating that the initiation of action itself was bad in law. shri dastur argued that the cwt under section 25(2) of the w.t. act, could proceed only if he was initially satisfied that there was an error in the order and that the order was, therefore, prejudicial to the interests ..... by the wto and such non-inclusion was erroneous and prejudicial to the interests of the revenue and that these assets were not eligible for exemption under section 5(1)(v) of the wt act but were includible in the net wealth of the assessee in all the years under consideration before the cwt. it is against this order of the ..... cwt (appeals) dealt with the valuation of immovable properties in paras 2 to 6. then he dealt with the issue concerning the claim of exemption under section 2(e)(1) of the wt act. thereafter, he dealt with the valuation of business immovable assets in paras 8 to 10. he dealt with the dispute regarding the value of tractor in para .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1988)25ITD56(Mum.)
..... endorsement, the transferee merely acquires the rights of an assignee without the advantage of negotiability. the effect of endorsement is provided for in section 50 of the negotiable instruments act, which says that: the endorsement of a negotiable instrument followed by delivery transfers to the endorse the property therein with the right of ..... one circular was dated 15-11-1976 and no. 208, explaining the provisionsof the taxation laws (amendment) act, 1975, which introduced section 69d of the income-tax act. it also explained the provisions of section 69d and referred to the history relating to the hundis and how they came into vogue and how the ..... prepositions considered and laid down were as under : the general acceptation of the word 'hundi' is derived from the exception provided in section 1 of the negotiable instruments act which provides that nothing contained therein affects any local usage relating to any instrument in an oriental language, but not the instruments themselves. .....
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