Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD427(Mum.)
..... liability accrued to the assessee during the previous year. to our mind, it is a liability of the year and will have to be allowed as deduction even under section 37 of the act in terms of the supreme court's decision in the case of metal box co. of india ltd. v. their workmen [1969] 73 itr 53. in other words ..... had been underassessed on account of allowance of initial contribution to superannuation fund in full, he recorded a finding to that effect and issued notice under section 148 read with section 147(b) of the act on 22-9-1975, in response to which the assessee filed its return on 28-10-1975 declaring its income at rs. 69,72,000. supplementary ..... , relate to the assessee's assessment for the assessment year 1972-73. the assessee is a company. its assessment for the year was originally made under section 143(3) of the income-tax act, 1961 ('the act') on 29-3-1975 computing total income at rs. 1,19,82,982. since, according to the ito, the income of the assessee chargeable to tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)3ITD625(Mum.)
..... on business had been discussed cit v. maharani, shri kesarkunwerba saheb of m orvi [1958] 33 itr 349, wherein it is observed that the definition of 'business' in section 2(4) of the 1922 act, is not an exhaustive definition, s.g. mercantile corporation (p.) ltd. v. cit [1972] 83 itr 700, wherein it was held that the definition of 'business' in ..... may constitute business. even a casual and non-recurring receipt may be income, though it is partly exempt from taxation in certain circumstances under section 10(5). anything which can properly be described as income taxable under the act unless expressly exempted. that perhaps is the best definition of taxable income, from the practical, though not from the logical, point of view .....
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