Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)19ITD427(Mum.)
..... many as 13 common grounds of appeal have been urged but the gist of these grounds is aimed at assailing the order of the commissioner under section 263 of the income-tax act, 1961 ('the act'). as these appeals are filed against a consolidated order of the commissioner for both years we also propose to pass a common order for the sake ..... . to a query from the bench as to whether trustees can be beneficiaries (as in the subsidiary trusts) the learned counsel took us through the provisions of sections 3 and 9 of the indian trusts act, 1882, and also referred to (i) scott on trusts, 1967, third edn., (ii) halsbury's laws of england, fourth edn., and (iii) jowitt's ..... . this matter would have rested there but for the fact that the learned commissioner issued a notice under section 263 on 12-2-1985 as according to him there had been a misapplication of the provisions of section 164 of the act. this according to the notice had resulted in an assessment which was not only erroneous but prejudicial to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)18ITD259(Mum.)
..... the unaccounted income of the assessee from profession for the year under consideration 1. the point for my consideration as third member in this reference under section 255(4) of the act is : whether, on the facts and in the circumstances of the case, the commissioner (appeals) was justified in deleting the addition of rs. ..... which was added by the iac as unaccounted income of the assessee, was not justified. it is in these circumstances the point of difference has been referred under section 255(4) to me as a third member.6. at the hearing before me, the learned departmental representative strongly relied on the order of the iac (assessment ..... to two parties- prasad productions and shree laxmi pictures. the assessee claimed allowance of the interest under section 80v of the income-tax act, 1961 ('the act'). the iac disallowed the claim, inter alia, for the reason that the provisions of section 80v were introduced after 1-4-1976. the commissioner (appeals) allowed the claim restricting it to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)18ITD213a(Mum.)
..... revenue's appeal: the iac had treated rs. 13,500 paid to a.f. fergusons & co. as payments for taxation matters which was hit by section 80vv of the act under which section only rs. 5,000 was allowable on expenditure incurred in respect of any proceedings before any income-tax authority relating to determination of any liability under the ..... when the assessee had transferred certain amounts to its profit and loss account as amounts forfeited and the question was of assessability of the said amounts under section 41(1) of the act, onus was on the assessee to show that the said amounts were not assessable.34. in the case before us, the assessee has not led ..... case also, the flat was owned by the employer company and it was held in that case that municipal taxes were includible for computing the disallowance under section 40(c) of the act but the flat maintenance expenses and the telephone expenses were not includible.10. the revenue relied on the tribunal 'a' bench, bombay's decision in sandoz .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)19ITD45(Mum.)
..... (p.) ltd.'s case (supra) and shah construction co. ltd.'s case (supra) relied upon by the commissioner are, in our view, rendered under different sections of the act and in a different context for purposes other than the grant of investment allowance. similarly, the decision of the full bench of the tribunal in the case of ..... all articles or things, except certain articles or things of low priority specified in the list in the new eleventh schedule inserted in the income-tax act by section 28 of the finance act. the list of articles or things contained in the new eleventh schedule is given in annex. ii to this circular. the disqualification arising from ..... those decisions were rendered in a different context for a different purpose. the definition given for such assessees and the conditions and qualifications laid down under section 80j of the act are totally different and they do not have any application to the facts of the present case. the claim of investment allowance has to be decided .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)18ITD226(Mum.)
..... that of the calcutta high court.26. the scheme of levy of additional income-tax on undistributed profits of private limited companies under section 104 of the 1961 act (and section 23 a of the 1922 act) is entirely different from levy of income-tax on income or allowance of expenditure. under the aforesaid provisions, a private company must ..... would be part of the salary'. the high court at page 465 observed : 'any cash payment could well be part of the salary as given in section 17 of the act'. the delhi high court accordingly held that reimbursement of medical expenditure of the managing director was not a 'benefit, amenity or perquisite', whether convertible into money ..... purposes of business but also a personal or private purpose and as the expenditure did not exclusively serve the business, it was not allowable under section 37(1) of the act. in the second case, the gujarat high court was considering the case of a director of a company keeping indifferent health and his wife accompanying .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)18ITD189(Mum.)
..... one year was denied to the recipients would be against the concept of the annuity itself.20. further, the introduction of section 7a in the cds act granting exemption under section 5 of the 1957 act to the compulsory deposits clearly showed the intention of the legislature to grant this specific exemption because the deposits under the compulsory ..... us. the learned counsel for the assessee first contended that a deposit in the compulsory deposit scheme (income-tax payers) act, 1974 ('the cds act'), is not an asset under section 2(e)(2)(ii). he also contended that it was an annuity and was accordingly exempt both because it was not purchased by ..... some sort of a fixed deposit and it is very difficult to infer that such a fixed deposit does not constitute an asset under section 2(e) of the wealth-tax act, 1957 ('the act').2. we have heard the learned counsel for the assessee, the learned departmental representative and the counsels for the interveners who appeared before .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)18ITD64(Mum.)
..... . therefore, the ultimate result will be the same. he relied on british paints india ltd.'s case (supra). he also argued that the amendment in the act by insertion of section 43b that confers the method followed by the assessee.4. on the other hand, the learned counsel for the revenue shri jetly, submitted that it is not ..... business. it cannot also be stated, according to the learned counsel, that the profit of the business cannot be ascertained. the department's right of interference under section 145 of the act comes in only when the accounts do not give a correct picture and the profit cannot be properly ascertained. in other circumstances, the department cannot interfere with ..... crores on which, on a proportionate basis, he worked out the customs duty at rs. 1.25 crores. in his proposal to the iac under section 144b of the income-tax act, 1961 ('the act') the ito suggested addition of the above amount of rs. 1.25 crores. the iac went in detail, into the matter, heard the assessee's .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)18ITD69(Mum.)
..... in this appeal is whether fruits and vegetables are to be considered as 'agricultural primary commodities' to extend the special deduction under section 80hhc (2)(b)(i) of the income-tax act, 1961 ('the act'), for the export turnover.2. the assessee, a firm, is carrying on business of buying and exporting mainly fruits and ..... their lordships of the supreme court examined the real connotation of the terms 'agriculture' and 'agricultural purposes' found in section 2(1) of the indian income-tax act, [1922 corresponding to section 2(1) of the 1961 act]. the point was whether 'agriculture' included 'forestry' and to know this, it fell to be determined the connotation ..... to be erroneous and prejudicial to the interests of the revenue. exercising jurisdiction under section 263 of the act, he issued a notice and, after hearing the assessee, held that the allowance of rs. 10,80,840 given under section 80hhc was without eligibility inasmuch as the goods (fruits and vegetables) exported during the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)18ITD287(Mum.)
..... each case cannot be the same.9. the court can award interest on compensation amount awarded by the court for which the statutory watermarks are sections 28 and 34 of the land acquisition act. even if it is the true position that accrual was only when the amount was quantified by the court as held by the andhra pradesh ..... mehta conceded that the interest awarded in this case was not on account of any agreement. the court can grant interest on statutory authority. for instance, section 80 of the negotiable instruments act, 1881, or section 61(1) of the sale of goods act, 1930 there may also be cases where interest could be granted under the provisions of the interest ..... declared the assessee as the land owner of these agricultural lands and further assumed management of the entire estate under section 44 of the said act, from 19-12-1949. the state government was, through its offices, actually recovering rents and profits from the cultivators. the assessee started legal action to collect the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)16ITD574(Mum.)
..... see taxmann's direct taxes circulars, vol. 1, 1985 edn., p.535) where the board agreed with the view that the benefit of section 84 of the act (corresponding to section 80j under consideration here) attaches to the undertaking and not to the owner thereof and, consequently, the successor will be entitled to the benefit ..... remains in the appeal relating to the assessment year 1977-78 is against the cancellation by the commissioner (appeals) of the interest charged under section 216 of the act for underestimate of the first two instalments of advance tax payable. the learned departmental representative, shri srivastava, submitted that the assessee-company by underestimating ..... according to shri mehta, for the assessment years prior to the assessment year 1979-80, which was covered by the clarificatory sub-section (5) of section 37 inserted by the finance act, 1983 with retrospective effect from 1-4-1979, the expenses on the guest houses under consideration here were admissible and were rightly .....
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