Court : Mumbai
Decided on : Mar-11-1958
Reported in : AIR1959Bom33; (1958)60BOMLR910; ILR1958Bom1134; [1959]35ITR103(Bom)
..... 12. the second case is identical on facts, the only difference being that the court was now considering not any statutory rule but a section of the finance act of england, and section 35 of that act dealt with the repayment with which we are concerned and the language used was identical with the language of rule 4 that where any person ..... must necessarily follow by reason of its being a statutory income. 15. a similar view seems to have been taken of a somewhat identical provision in the finance act of 1946, section 11(14), by the calcutta high court in mcgregor and balfour ltd. v. commissioner of income-tax. the calcutta high court was considering repayment made to ..... the spending power of the people should not increase because that might lead to inflation, and from this point of view, what the legislature provided by section 10 of the indian finance act was a provision for voluntary deposit which was not to exceed 1/5th of the amount of the excess profits tax, and the government agreed at .....
Tag this Judgment!Court : Mumbai
Decided on : Nov-06-1958
Reported in : AIR1959Bom477; (1959)61BOMLR618; ILR1959Bom1256
..... 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 ..... of the same argument. it will be convenient to set out here section 28 of the finance act of 1956 whereby section 35(10) was introduced for the first time in the income-tax act:'the amendments made in the income-tax act by section 4 and clause (b) of section 15 shall be deemed to have come into force on the 1st ..... contravention of certain fundamental rights there guaranteed and being in violation of the provisions of section 265 of the constitution. one of the contentions set out in the petition is that the provisions of section 35(10) being added only by the finance act of 1956 had no application to the case of the mills company because to apply .....
Tag this Judgment!Court : Mumbai
Decided on : Nov-06-1958
Reported in : [1959]37ITR41(Bom)
..... 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 a little later in our judgment. the facts ..... of the same argument. it will be convenient to set out here section 28 of the finance act of 1956, whereby section 35(10) was introduced for the first time in the income-tax act : 'the amendments made in the income-tax act by section 4 and clause (b) of section 15 shall be deemed to have come into force on the 1st day ..... the constitution. one of the contentions set out in the petition is that the provisions of section 35(10) being added only by the finance act of 1956, had no application to the case of the mills company because to apply the provisions of section 35(10) to the mills company would be to give retrospective operation to those provisions. .....
Tag this Judgment!Court : Mumbai
Decided on : Nov-03-1958
Reported in : (1959)61BOMLR719; [1959]37ITR53(Bom)
..... to the husband for the children or child of the marriage who attained twenty-one. it was held that the whole settled property passed under the finance act, 1894, section 1 and for the purposes of duty a deduction could not be made from the value thereof for the 'slice' required to produce the annuity which ..... in property which passes, but to the cesser of an interest in property which does not pass.' 68. these observations draw a line between section 1 and section 2 of the finance act, 1894, and the two are considered to be mutually exclusive. mr. palkhivala strongly relies upon the observations quoted above and says that in the ..... substitutive limitation, and 'on the death' includes 'at a period ascertainable only by reference to the death'.' 60. the corresponding provision in england is contained in section 22(1) of the finance act, 1894, which runs as follows : '22. (1) the expression 'property passing on the death' includes property passing either immediately on the death or after .....
Tag this Judgment!Court : Mumbai
Decided on : Apr-01-1958
Reported in : [1958]34ITR439(Bom)
..... penal interest is sought to be imposed in respect of business income, it is clear that section 18 has no application. this cannot be a case of tax being deducted at source. with regard to increased rate of taxation, the finance act is part of the law of the land and it does not require ascertainment of facts in] order ..... (6) can be applied it has to be ascertained that the income was not assessable under section 18 and also that the failure to pay the requisite advance tax was not due to increased rate of taxation brought about by the finance act. when we look at the assessment order which is part of the record and when we see that the ..... to determine whether the finance act had changed the rates of taxation. therefore, in our opinion, there is no force in this contention either. 7. in our opinion, therefore, if it is clear that under section 18a(6) it was incumbent upon the income-tax officer to impose upon the petitioner .....
Tag this Judgment!Court : Mumbai
Decided on : Sep-23-1958
Reported in : [1959]35ITR177(Bom)
..... with. 5. now, considerable light is thrown on this controversy by this legislative history. in the finance acts prior to 1955 the words used were : 'and no order has be made under sub-section (1) of section 23a of the income-tax act, a rebate shall be allowed at the rate of one anna per rupee on the amount of such ..... income-tax officer had to made various inquiries before he decided whether an order under sub-section (1) of section 23a could be made or not, and mr. joshi says that it is to prevent this delay that the provision in the finance act was altered. we agree that the result of the alteration undoubtedly is to avoid delay because ..... company. the fallacy underlying this argument is to equate the fact of the section applying to the company with the provisions contained in the finance act that the section cannot be made applicable to this company. even though the assessee company is a company to which the section applies, even so by reasons of the fact that the conditions laid down .....
Tag this Judgment!Court : Mumbai
Decided on : Nov-06-1958
Reported in : [1959]37ITR50(Bom)
..... excess profit tax refund should be availed of for distribution of dividends for the assessment year 1953-54. 13. we may add that section 35 (10) found place on the statute book only in 1956 when the finance act for that year was enacted and the resolutions and the facts which we have narrated took place much prior to that. there is no ..... was allowed to a company on a part of its total income under clause (i) of the proviso to paragraph b of part i of the relevant schedules to the finance acts specifying the rates of tax for the relevant year, and subsequently the amount on which the rebate of income-tax was allowed as aforesaid is availed of by the company ..... suggestion that there was any deliberate device on the part of the mills company to escape the operation of section 35 (10). we are satisfied that this is .....
Tag this Judgment!Court : Mumbai
Decided on : Mar-13-1958
Reported in : AIR1959Bom51; (1958)60BOMLR920; ILR1958Bom1153; [1958]34ITR30(Bom)
..... having once come to that conclusion it is not open to him subsequently to revise his conclusion and arrive at a contrary conclusion that section 23a should be applied to this company. now, when we turn to the finance act of 1948, all that is required in order to entitle a company to the rebate, apart from other factors with which we ..... of one anna on the amount of income-tax which the company was liable to pay under the provisions of the finance act of 1948 and mr. palkhivala says that this rebate could only be granted to a company to which section 23a had no application and mr. palkhivala urges that in granting this rebate the income-tax officer cam to the ..... are not concerned on this reference, is that no order has been made under sub-section (1) of section 23a. therefore, this is a factual condition, and when the .....
Tag this Judgment!Court : Mumbai
Decided on : Sep-30-1958
Reported in : AIR1959Bom404; (1959)61BOMLR373; ILR1959Bom1376
..... such inclusion, had such reduced income been his total income....' clause (ii) has been altered. it relates to rates. section 23a as it stands today has also been recast. the material part of the section as it stood before its amendment by the finance act, 1955, was as under: '23a. power to assess individual members of certain companies: (1) where the income- ..... hands of the share-holders also at the taxed in the hands of the share-holders also at the rate appropriate to 'capital gains' as indicated in section 17 (6) of the act. the income-tax officer as well as the appellate assistant commissioner negatived that contention. the mater was carried in appeal by the assessees to the tribunal and ..... , whether that smaller portion of rs. 6,31,527/- is liable to be taxed at the rates applicable to 'capital gains' as laid down in section 17 (6) of the income-tax act, 1922.' we may state that the same question of law arises in the case of all the share-holders, the only difference being that in the .....
Tag this Judgment!Court : Mumbai
Decided on : Oct-04-1958
Reported in : AIR1961Bom5
..... the words 'income assessable to income-tax for the year ending 31st march 1952' and 'assessment year 1951-52'. he has referred me to the several sections of the act and finance act and pointed out that the words 'income for the year ending 31st of march 1952' have always been used with reference to the assessment year and have ..... year ending 31st march 1952' have been used with reference to the assessment year and not the accounting year. it is unnecessary to quote here all the aforesaid sections and acts. there was in fact no contradiction in the contents of the notice and it is not invalid as contended by mr. nariman. it is important in this ..... : 'this notice is being issued after obtaining the necessary satisfaction of the commissioner of income-tax, bombay city ii'. mr. palkhiwala has contended that under section 54 of the act these reasons and the satisfaction of the commissioner are privileged and that i should not therefore insist upon the same being produced. it is now well established .....
Tag this Judgment!