Court : Mumbai
Reported in : 2009(111)BomLR1905; (2009)223CTR(Bom)441; [2009]318ITR252(Bom); [2009]180TAXMAN494(Bom)
F.I. Rebello, J.1. Admit on the following questions:1. Whether on the facts and in the circumstances of the case and in law the ITAT was justified in approving the Order of the CIT(A) in allowing Respondent to exclude export profits for the purpose of Section 115 JB at the figure other than that allowed under Section 80 HHC (1B)?2. Whether in law for the purpose of calculating book profit under Section 115 JB of the Income Tax Act, 1961 under Explanation 1 sub Clause (iv) the export profits to be excluded from the book profits would be the export profits allowed as a deduction under Section 80 HHC after restricting the deduction as per the provisions of Sub-section 1B of Section 80 HHC of the Act or the export profits calculated as per Sub-section 3 and 3A of Section 80 HHC before applying the restriction contained in Sub-section 1B of Section 80 HHC?2. A few facts may be set out:The Assessee company was assessed under Section 115 JB of the Income Tax Act for the assessment year 2001-2...
Tag this Judgment!Court : Mumbai
Reported in : [1964]52ITR254(Bom)
Tambe, J.1. This is an application under articles 226 and 227 of the Constitution of India. All the contentions raised in the petition have not been pressed before us, and it is, therefore, not necessary to refer to all the allegations made in the petition. 2. The facts which are material to the contentions raised and which have been stated before us by counsel for the petitioner in brief ar : The petitioner before us is karta of the Hindu undivided family of Laxminarayan R. Rathi, residing at Mangalwar Peth, Sholapur. The Hindu undivided family has been in due course assessed to income-tax for the assessment years 1940-41 to 1948-49. The Hindu undivided family had also been reassessed for the assessment years 1941-42 and 1943-44 under section 34 of the Indian Income-tax Act (hereinafter called the Act). On 23rd March, 1962, the Income-tax Officer, Special Investigation Circle, Poona, issued nine notices under section 34 of the Act, in respect of assessment years 1940-41 to 1948-49. Al...
Tag this Judgment!Court : Mumbai
Reported in : AIR1959Bom477; (1959)61BOMLR618; ILR1959Bom1256
S.T. Desai, J.1. This petition for a writ of certiorari or a writ of mandamus or a writ of prohibition raises a rather important question of the construction of Section 35 (10) of the Income-tax Act. Sub-section (10) of Section 35 was introduced by amendment brought about by the Finance Act, 1956. We shall have occasion to refer to the amendment little later in our judgment. The facts succinctly stated are these. The petitioner-the New Shorrock Spg. and Mfg. Co. Ltd., which carries on business of manufacturing and selling textiles has its registered office at Ahmedabad. The first respondent is the Income-tax Officer having jurisdiction to assess the petitioner. The assessment years in respect of which this petition arises are 1950-51. 1951-52 and 1952-53.2. For the assessment year 1950-1951 (previous year ending 31-12-1949) the Income-tax Officer had passed an order on 18-1-1951 assessing the total income of the petitioner-mills at Rs. 30,30,622/-. At that time, in accordance with the ...
Tag this Judgment!Court : Mumbai
Reported in : [2001]116TAXMAN418(Bom)
Shah, J.In these two writ petitions under article 226 of the Constitution of India, petitioners who are Associations of tax practitioners, Chartered Accountants and architects challenge the constitutional validity of section 116 of the Finance (No. 2) Act, 1998. The Act envisages service tax at the rate of 5 per cent of the value of taxable service provided to any person by the person responsible for collecting service tax. The persons providing service are liable to recover tax and pay the same to the Central Government under section 68 of the Act. The service tax was introduced by the Finance Act, 1994. The ambit of the Act was widened by the Finance Act, 1998 substituting section 66 of the Act thereby including service provided by the architects and practising chartered accountants, etc.2. The challenge to the vires of the Act is on the grounds of lack of legislative competence and violation of rights under articles 14 and 19(1)(g) of the Constitution. Union of India seeks to sustai...
Tag this Judgment!Court : Mumbai
Reported in : (1982)30CTR(Bom)245; [1983]142ITR697(Bom)
Sujata Manohar, J.1. The assessees in this reference are Shah Construction Co. Ltd., Bombay. The reference relates to assessment year 1964-65. The assessee-company is engaged in the business of constructing dams, bridges, buildings and other construction work. It is an engineering company and it work is mainly done with the extensive aid of machinery.2. The assessee had a flat in a building known as 'Khetan Estate' in Bombay. On or about 29th May 1943, the State of Bombay granted a lease in respect of an open plot of land, on which Khetan Estate stands now, in favour of Kanji Property Ltd. for the construction of a building. Kanji Property Ltd. assigned this lease in favour of one Khetan on 6th November, 1950. Khetan in turned formed a company called 'Khetan Estate Ltd.' The said company completed construction of the building on the said plot of land by the 19th September, 1952. The assessee-company is one of the shareholders of Khetan Estate Ltd., and a flat in the said building has b...
Tag this Judgment!Court : Mumbai
Reported in : (1994)122CTR(Bom)259; [1994]206ITR548(Bom)
Dr. B.P. Saraf J. 1. By this reference under section 256(1) of the Income-tax Act, 1961, at the instance of the Revenue, the Income-tax Appellate Tribunal has referred the following question of law to this court for opinion : 'Whether, on the facts and in the circumstances of the case, the Tribunal was justified in their finding that the activities of the assessee, a clearing forwarding and shipping agent, constitute a profession within the meaning of Sub-paragraph II of Paragraph C of Part I of the First Schedule of the Finance Act, 1976, and the Finance (No. 2) Act of 1977 ?' 2. The assessee is a registered firm. It is engaged in the business of clearing, forwarding and shipping of goods. The income of the assessee for the assessment year 1976-77 (the corresponding previous year being the accounting year ended on December 31, 1975), was Rs. 1,73,985. The income for the next assessment year 1977-78 (the corresponding previous year being the accounting year ended on December 31, 1976),...
Tag this Judgment!Court : Mumbai
Reported in : (2001)168CTR(Bom)24; [2002]256ITR401(Bom)
A.P. Shah, J. 1. In these two writ petitions under Article 226 of the Constitution of India, the petitioners who are associations of tax practitioners, chartered accountants and architects challenge the constitutional validity of Section 116 of the Finance (No. 2) Act of 1998. The Act envisages service tax at the rate of 5 per cent. of the value of taxable service provided to any person by the person responsible for collecting service tax. The persons providing service are liable to recover tax and pay the same to the Central Government under Section 68 of the Act. The service tax was introduced by the Finance Act, 1994. The ambit of the Act was widened by the Finance (No. 2) Act of 1998 substituting Section 66 of the Act thereby including service provided by the architects and practicing chartered accountants, etc. 2. The challenge to the vires of the Act is on the grounds of lack of legislative competence and violation of rights under Articles 14 and 19(1)(g) of the Constitution. The...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)100ITD217(Mum.)
1. These two appeals, filed by the Revenue relate to the assessment years 1995-96 and 1996-97. These appeals are directed against the orders of the CIT(A)-XVII at Mumbai passed on 23-11 -1998 and 12-2-2000, respectively. The appeals do arise out of the assessments completed under Section 143(3) of the Income-tax Act, 1961.2. These two appeals are placed before this Special Bench to consider and decide the following question referred to it by the Hon'ble President of the Income-tax Appellate Tribunal. Whether under the facts and circumstances of the case, setting off of short-term capital gains against long term capital losses is permissible to compute the amount for taxation under the head 'capital gains'.3. This Special Bench has been constituted by the Hon'ble President as the relevant question was referred to by the regular Bench of ITAT, H-Bench, Mumbai, while hearing the appeal in ITA Nos. 829/Mum./1999 and 2400/Mum./2000. When the cases were taken up for hearing by the said Divi...
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
Reported in : (2004)(117)LC307Tri(Mum.)bai
1. M/s. Sunrise Structural and Engg. Ltd. E/3284/02 (herein after referred to as Sunrise) M/s. KEC International Ltd. E/3185/02 (herein after referred to as KEC) M/s. Ramson Alloys (P) Ltd. E/3269/02 (herein after referred to as RAP) Shri Sanjay Agrawal E/3188/02 (Director of M/s. Sanvijay Re-rolling & Engg. Works Ltd) Shri Puranlal Agrawal E/3189/02 (Managing Director of M/s. Sanvijay Re-rolling & Engg. Works Ltd.) Shri K. Ramkumar E/3190/02 (Vice President of M/s. KEC Ltd.) Shri Tushar Deshpande E/3191/02 (Manager of M/s. KEC Ltd.) M/s. Maharashtra Steel Rolling Mills E/3188/02 (herein after referred to as M/s. MSRM) Shri Janki Shah E/3183/02 (Director of M/s. Maharashtra Steel Rolling Mills) 2. Pursuant to a information that M/s. KEC Ltd. and M/s. Sunrise Ltd. were availing 'unlawful' (SIC) deemed export benefits, and had indulged in availment/passing on of irregular MODVAT CREDIT were visited by the officers and enquiries launched which resulted in the notice. The impugned ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1998)65ITD287(Mum.)
1. This is an appeal filed by the assessee and it relates to asstt.year 1990-91. The assessee is a private limited company. The relevant valuation date was 31-3-1990. It filed wealth-tax return on 20-9-1991 returning a net wealth of Rs. 2 lakhs. The assessee has three pieces of land at Juhu, Chunabhatti & Baroda besides having land and building called "Bella Vista" property at Peddar Road. It had also "Patel House" as one of its assets besides having movable properties like motor cars.By his assessment order dated 15-5-1993, the Wealth-tax Officer assessed the net wealth of the assessee at Rs. 31,53,02,500. Against the said assessment order, the assessee went in appeal before the CWT (Appeals) IV, Mumbai. The learned CWT (Appeals), Mumbai, by his order dated 3-5-1994, partly allowed the appeal. Now, against the unsuccessful portion of the claim of the assessee before the CWT (Appeals), the present second appeal is filed.2. In this wealth-tax appeal the, first ground is with regard...
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