Court : Mumbai
Decided on : Mar-19-1964
Reported in : [1965]56ITR114(Bom)
..... of 6 per cent of its capital investment. the scheme, in short, was that when conditions of section 55 of the indian income-tax act were satisfied super-tax was levied at a certain rate mentioned in the finance act. from the amounts so calculated, a rebate was granted to certain companies which satisfied certain conditions mentioned therein ..... construction of the provisions of these two finance act, namely, finance acts of 1956 and 1957, to which we will later advert. the question that first arises for determination is in what circumstances an income-tax officer is empowered to take action under section 35 of the act. on a reading of section 35 it is clear that it is ..... tax officer had jurisdiction to rectify the said mistake in exercise of his powers under section 35 of the act. with respect to the learned counsel for the revenue, we find it difficult to accept the contentions raised by him. by the finance act, 1956, a new scheme has been enacted which was obviously intended for the purpose .....
Tag this Judgment!Court : Mumbai
Decided on : Mar-25-1964
Reported in : [1965]56ITR310(Bom)
..... . now 50 per cent. of the total income is a basic tax liability of the company under the aforesaid paragraph d of part ii of the first schedule of the finance act of 1957. super-tax has been mentioned in the assessment order as corporation tax and that is how it is popularly known in the case of a company. the basic ..... of the super-tax. it is not in dispute that the assessment of the petitioner-company is made in accordance with the provisions of the finance acts of 1957 and 1958, but the material provisions of both these acts are similar. it is sufficient to state facts relating to the assessment year 1957-58. the total income determined by the first respondent in ..... of section 15c was done at rs. 21,35,42,325 and 6 per cent. thereof amounted to rs. 1,28,18,538 and this is the amount in respect of which it is not in dispute that the petitioner-company is entitled to have the benefit provided in sub-clause (ii) of the first proviso to paragraph d of the finance act .....
Tag this Judgment!Court : Mumbai
Decided on : Aug-28-1964
Reported in : (1965)67BOMLR138
..... to be followed if the two types of dealers do not file returns or, after 'filing returns, do not respond to the notice issued under sub-section (2) of section 11, the act does not provide for the sales tax officer's taking steps for the assessment of the tax on the ground of the unregistered dealer's not complying ..... a sale direct from the manufacturers of the vehicles to the customers and the arrangement which the customers had with the petitioner was only in the nature of a financing arrangement. this position was controverted in the reply submitted by the respondents and they averred that there was in fact a sale from the dealer of the manufacturer ..... nagpur.5. the petitioner's case is that having- regard to the nature of the transactions which the petitioner had with its customers, it was merely a transaction of financing the customer. there was involved no sale of any vehicle from the petitioner to the customer. the customer bought the vehicle, from the dealer of the manufacturer by .....
Tag this Judgment!Court : Mumbai
Decided on : Dec-09-1964
Reported in : AIR1966Bom218; (1965)67BOMLR362; ILR1965Bom807
..... apply to private company unless of it is subsidiary of public company.(7) the main question that arises in this petition is whether under sub - section [4] of the section 89 of the act there is power in the central government of revoke rescind and / or of withdraw an exemption of order once made. mr. phadke for the petitioners ..... return the reply the respondents of as appearing in the return filed by the respondents no.1 is that the power to grant exemption under sub section [4] of section 89 of the act implied the power to withdraw that exemption of and also obviously the order of exemption. reliance is strongly placed in that connection of the provisions ..... industries and businesses requiring of large finances cannot be carried of on in private of sector except of through the machinery of incorporated companies. it is in the context of these provisions, objects and scheme of and that act that we are called upon the construe of the provision in sub section [4], of section 89. it is in the .....
Tag this Judgment!Court : Mumbai
Decided on : Apr-28-1964
Reported in : [1964]53ITR638(Bom)
..... extended to the territory of the part b state of madhya bharat from april 1, 1950, by the finance act (xxv of 1950). further, in view of section 60a of the income-tax act the government of india promulgated the part b states (taxation concession) order, 1950 (hereinafter referred to as the concessions order) in december, 1950 and clause 16 ..... constitution and have held that in view of the position emerging on april 1, 1950, by the extension of the income-tax act to the territory of the part b state of madhya bharat by the finance act of 1950 and in view of the concessions order, the concessions granted by the government of the former state of madhya bharat, ..... by the legislative provisions which came into force from april 1, 1950, and can only get such concessions as may be allowed to them under the income-tax act read with the concessions order. we have already pointed out that the government of india allowed concessions for five years, which the respondents have already availed of. they .....
Tag this Judgment!Court : Mumbai
Decided on : Nov-25-1964
Reported in : AIR1966Bom113; (1965)67BOMLR452; ILR1965Bom873; 1966MhLJ74
..... . but it seems necessary to amplify the reasons for our doing so.(4) now the court fee act is a finance act. it requires that proper court fee should be paid on plaint in accordance's with the nature of the subject - matter of the suit. the section which imposes the court - fee is s. 6 and it deals with a large number of ..... is whether the agreement between the parties creates relationship of landlord and tenant.(12) it is well to bear in mind the relevant definitions in our law. section 105 of the transfer of property act defines a lease of the immovable property as a transfer of a rights of the enjoy the property fro a certain time in consideration for price for ..... be expected to last for a considerable longtime. we therefore, took only 12 1/2 year's purchase of the license fee.(7) the learned judge says: 'section 10 of the bombay court - fee act provides the mode and the manner in the which the inquiry is the be conducted for arriving at the market value the property in the question. all .....
Tag this Judgment!Court : Mumbai
Decided on : Mar-23-1964
Reported in : [1964]54ITR1(Bom)
..... firm was a registered partnership firm during the relevant assessment years and, therefore, under the provisions of sub-section (5) of section 23 of the indian income-tax act as it then stood prior to its amendment by the finance act of 1956, on income-tax was payable by the firm, nor was any tax payable by the firm itself ..... profits and gains in the firm during the relevant assessment year. this claim of the respondent, in our opinion, cannot be sustained under the provisions of section 44 of the indian income-tax act. the view taken by us finds support in a decision reported in al. sp. pl. subramaniam chettiar v. special deputy tahsildar, income-tax collection, ..... profits in the partnership firm. 4. on the other hand, mr. joshi the learned counsel appearing for the revenue, relies on the provisions of section 44 of the indian income-tax act as it then stood, which, according to him, entitles the respondents to recover the said tax liability of the two partners from the petitioner. the .....
Tag this Judgment!Court : Mumbai
Decided on : Jul-27-1964
Reported in : [1965]56ITR269(Bom)
..... case the question considered was whether in spite of repeal of the hyderabad income-tax officer to levy penalty on an assessee. the finance act of 1950, which repealed the hyderabad income-tax act, saved the provisions of the repealed act relating to 'levy, assessment and collection of income-tax'. the question was whether the provisions relating to imposition of penalty fell within the ..... under the provisions of the income-tax act on account of some acts of omission or commission on the part of the assessee are contained in section 28, 44f, sub-section (1) of section 46 and section 18a. sub-section (1) of section 30 in express terms mentions section 28, sub-section (6) of section 44e, sub-section (5) of section 44f and sub-section (1) of section 46, but has made no mention of .....
Tag this Judgment!Court : Mumbai
Decided on : Oct-06-1964
Reported in : AIR1966Bom70; (1965)67BOMLR234
..... the bill, explaining the position prevailing which necessitated the bill similar would also be the case of the speech made by the finance minister of the 6th march 1963. section 41 of the defence of the government of under the act to be laid on the table to the parliament. these rule have been so laid before the parliament on 20th february 1963 ..... and were discussed the parliament on 5th and 6th march 1963. the finance minister made a speech in the debate on 6th march ..... the true objects of the central government of smuggling of gold.(37) it is next to be seen whether the rules contrivance of the provisions of s. 44 of the act. section 44 reads.'any authority or person action in the pursuance's of the avocations of life and the enjoyments of the property as little as may be consonant with the .....
Tag this Judgment!Court : Mumbai
Decided on : Jul-31-1964
Reported in : AIR1965Bom224; (1965)67BOMLR101; ILR1965Bom394; 1965MhLJ290
..... functions prescribed by the legislature and its general powers delineated. these powers even the state government cannot take away.(79) section 19, 20 and 21 give plenary powers in the matter of finance and section 40 indicates that the government has to enter into an agreement with the corporation before placing at its disposal lands vested ..... 16) the other amendment made which is material for our purpose was, as we have in passing indicated by the bombay commissioners of divisions act, 1957, section 3(4), that sub-section - we shall presently advert to its detailed provisions-gave power to the state government to 'confer and impose on commissioner the powers and ..... be competent to acquire, hold and dispose of property both moveable and immoveable, and to contract, and do all things necessary for the purposes of the act. section 4 provides for the constitution of the corporation. a perusal of the several categories of its members will indicate that excepting three members to be nominated by .....
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