Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)10ITD112(Mum.)
..... if distribution or payment of the amount is made by the company and if such distribution or payment comes within the definition of 'deemed dividend' in section 2(22) of the act, then the date of such distribution or payment would be the date of accrual of dividend income.19. it would, thus, be seen that the ..... within the prescribed period, but actual payment was made on a date which fell beyond the prescribed period. the words used in section 23a of the 1922 act (which is analogous to section 104 of the 1961 act) were 'distributed as dividends' and the question before the high court was whether declaration of dividend at the annual general meeting ..... the dividend. ... (p. 546) 16. the above decision is an authority for the proposition that for the purposes of section 23a of the 1922 act (which is in pari materia with section 104 of the 1961 act), the declaration of dividends amount to distribution of profits as dividends. the same interpretation would apply to the words 'further distribution .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)10ITD120(Mum.)
..... , the submissions of mr. palkhivala, the learned counsel for the corporation, could be summarised as follows : 11.1 the only part of section 2(47) of the income-tax act, 1961 ('the act') defining transfer would be 'relinquishment' or 'extinguishment' of the rights in the capital asset. there is no relinquishment because that postulates the continued ..... (guj.).11.8 there is intrinsic evidence within the statute that receipt of insurance claim is regarded as a special transaction. see clause (1) of explanation to section 32(1)(iii) of the act. authority cited was cit v. chugandas & co. [1960] 38 itr 241, 262 (bom.) as affirmed by the supreme court in cit v. chugandas ..... transferred and another asset is acquired, the legislature in their wisdom had made provisions for.exemption from capital gains. see section 54 of the act for instance.where there is no such provision, as in section 54, it would be difficult to import it on assumption and on the basis of principles governing indemnity contract.15 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)9ITD500(Mum.)
..... to produce all the evidence in its possession and to put its case before him in support of its claim that the trust is entitled to exemption under section 80g of the income-tax act." shri dastur added that, accordingly, the commissioner cancelled the assessments of the two years as made on 23-9-1975.5. shri dastur further submitted that ..... pick out one amongst the obligatory functions of a state bar council and say it is the primary or dominant object or purpose. all the clauses of section 6(1) of the advocates act have to be considered in the light of the main objective sought to be achieved as indicated in the preamble. the dominant purpose of a state bar ..... association v. cit [1944] 12 itr 482. in that case the 'commissioner of income-tax held that the income of the association was not exempt under section 4(3)(i) of the indian income-tax act inasmuch as (i) the dominant purpose of the association was a political one, (ii) even assuming it was not political, the dominant purpose was not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)9ITD325(Mum.)
..... exemption available under section 23 of the act, revised returns are filed showing the 'trust-estate' at nil.5. the aced accepted the claim of the accountable person in respect of trust no. i ..... along with a written submission that the separate returns initially filed were under the impression that the corpus of the trust passed as a separate estate under section 34(3) of the act, and that, however, having now been advised that nothing passed on the death of ashok kumar ramanlal shah in respect of these trusts in view of ..... the private limited companies as per rule1dof the wealth-tax rules, 1957, instead of upholding the valuation adopted by the aced in the assessment as per section 37 of the estate duty act, 1953, ('the act'). 3. on the facts and in the circumstances of the case and in law, the learned commissioner (appeals) erred in holding that the value .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD435(Mum.)
..... , etc.; the assessee claimed that it was an industrial company/industrial undertaking entitled to investment allowances under section 32a of the income-tax act, 1961 ('the act') and also to relief under section 80j of the act. observing that the assessee-company was neither manufacturing nor producing any article or thing, the ito rejected ..... co. (india) (p.) ltd. (supra), about the interpretation of the expression 'new industrial undertaking' within the meaning of section 84(1), (2)(iii) of the act corresponding to section 80j. the assessee-company carried on the business of laying foundations for buildings by a specialised patented method known as pressure piling.the ..... ). no doubt the said decision was concerned with the question of interpretation of the expression 'industrial company' as defined in section 109(iii) of the act and section 2(7)(d) of the finance act, 1966. the definition of 'industrial company' does not require manufacture or production of an article or thing. it only .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)10ITD151(Mum.)
..... appeals originally : 1. whether, on the facts and in the circumstances of the case, the assessee is compelled, whether he wants the benefits or not under section 71(1) of the act, to set off any loss under one head of income against income from another head in the same year whether, on the facts and in the circumstances of ..... made an addition of rs. 10,000 as income from undisclosed sources and started penalty proceedings. he levied a penalty of rs. 10,000 under section 271(1)(c) of the income-tax act, 1961 ('the act'). this was cancelled by the aac.hence, the departmental appeal for this year.3. the ito made the addition of rs. 10,000 as ..... that case it is income from business which was under consideration, the same will have to be computed in accordance with sections 30 to 43a of the act which would include section 32(2) (which provides for carry forward of depreciation) and section 33(2) (which provides for carry forward of development rebate for eight years). thus, it is held in computing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD497(Mum.)
..... 'total income' of the trustees for the purpose of section 114 of the act. shri dilip chokshi urged that the instant case comes within the ratio of the aforesaid decision.7. shri k.k. tuli replied that the aforesaid decision is ..... total income of the trustees for the purpose of determining the rate at which the income or capital gains was liable to be taxed as laid down in section 114 of the act. the high court held that the amount which has already been taxed in the hands of the beneficiaries could not be taken into account for determining the ..... then referred to the fact that the dividend income payable to the beneficiary by the assessee-trust has already been assessed in the hands of the beneficiary under section 161 of the act and so the same cannot be said to be the income of the assessee-trust. in contrast thereto, the amount of capital gains realised by assessee has .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD449(Mum.)
..... lays down that if the wto is satisfied without requiring the presence of the assessee or production by him of any evidence that a return made under section 14 or under section 15 of the act is correct and complete, he shall assess the net wealth of the assessee and determine the amount of wealth-tax payable by him or refundable to ..... 50 per cent of the tax otherwise payable, if his status, as disclosed in the return, is accepted by the wto.5. the wto completed the assessment under section 16(1) of the act, and in the assessment order he mentioned the status of the assessee as 'individual, citizen of india.' he, thus, impliedly, rejected the status of the assessee ..... assessment to wealth-tax also, the same status should be adopted. reliance was placed on explanation 1 below section 6 of the act.8. the contention on behalf of the assessee, on the other hand, was that while assessing the assessee under section 16(1), the wto had no jurisdiction to change the status as shown in the return. if he .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)9ITD477(Mum.)
..... trust of india is not liable to income-tax and, therefore, the unit trust of india cannot be treated as a domestic company within the meaning of section 80b(2) of the income-tax act, 1961. no interference with the ito's action is called for.3. aggrieved by the order of the commissioner (appeals), the assessee has filed the present appeal ..... means an indian company. in other words, since the unit trust of india is an indian company under section 80b(2) of the 1961 act, read with section 32(3) of the unit trust of india act, we need not go into the second part of section 80b(2). in this view of the matter, i am of the opinion that the assessee, being a ..... holder from the trust shall be deemed to be his income by way of dividends ; and 5. it is obvious from the section quoted above that the unit trust of india is a company for the purpose of the act. that the unit trust of india is a 'domestic company' admits of no doubt. the argument of the commissioner (appeals) is that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)9ITD439(Mum.)
..... is entitled to deduction of 40 per cent of the amount by which the long-term capital gain exceeds rs. 5,000 in terms of section 80t(b)(ii) of the income-tax act, 1961 ('the act'). it is the case of the departmental representative that the assessee is entitled to deduction of 25 per cent as in this case it is clause ..... any right in the building or land.4. there is no definition of the expression 'any rights in the buildings or lands'. in the act some clue is available in section 54 of the transfer of property act, 1882, where a contract for the sale of immovable property is stated to be a contract that such a sale of property shall take place ..... (i) of sub-section (b) of section 80t which is applicable and not clause (ii). thus, the controversy is whether the assessee's case falls within clause (i .....
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