Court : Mumbai
Decided on : Dec-12-1977
Reported in : [1978]115ITR664(Bom)
..... possibility of receiving fluctuating sums as maintenance could not be interest ceasing under s. 2(1)(b) of the finance act, 1894.20. what is contemplated by s. 2(1)(b) of the english act was considered in gartside's case [1968] 70 itr 663 by the house of lords and it was observed at page 706 of the report as ..... aggregated with the other estate after the death of ramavahu. the only relevant provision is in s. 34(3) of the e.d. act, which provides as follows : 'notwithstanding anything contained sub-section (1) or sub-section (2), any property passing in which the deceased never had an interest, not being a right or debt or benefit that is treated ..... which 'passes' on death. 'passes' may be taken as meaning 'changes hands'.' then dealing with s. 1 it was observed at page 389; 2 edc 219, 224 : 'that section is concerned with all property changing hands, whether under the provisions of an instrument settling by conferring successive rights to the same property, or by virtue of the general law .....
Tag this Judgment!Court : Mumbai
Decided on : Jul-19-1977
Reported in : [1978]114ITR90(Bom)
..... 1949-50 and 1950-51 were made upon the taxpayer on the footing that the income paid to his wife's children by her former marriage was, under section 21 of the finance act, 1936, deemed to be the income of the mother, and that the taxpayer was, accordingly, liable to include such income in his total income for the ..... it was held by the court of appeal, that the surrender by d. of her life interest was a disposition and, accordingly, a 'settlement' within the meaning of section 21 (9) of the finance act, 1936, that in consequence of that disposition the income in question was paid for the benefit of the children of the settlor within the meaning of ..... section 21, and that, accordingly, the assessments in question were rightly made. relying upon this decision, where it was held that the surrender by d. was a disposition, the .....
Tag this Judgment!Court : Mumbai
Decided on : Feb-25-1977
Reported in : [1977]107ITR609(Bom)
..... 12b. the material provisions of section 12b run as follow : '12b. capital gains. - (1) the ..... act, 1947, which introduced section 12b into the income-tax act, a tax on capital gains arising after march 31, 1946. this levy was for all practical purposes abolished by the indian finance act, 1949, which confined the operation of this section to capital gains arising before april 1, 1957, by the finance act, 1956, which substituted the present section ..... court does not seem to have considered the question whether, irrespective of the machinery provision which is to be found in section 48 of the 1961 act, the charging section, viz., section 45, itself implies the concept of 'actual cost' to the assessee of the capital asset as being a relevant aspect .....
Tag this Judgment!Court : Mumbai
Decided on : Dec-01-1977
Reported in : [1978]114ITR783(Bom)
..... the finance act was not yet passed it was the rate proposed in the finance bill which incidentally even in that case happened to be the finance (no. 2) act, 1957, or the rate in force in the preceding year, whichever was more favourable to the assessee. in the case of setu parvati bayi : [1968]69itr864(sc) , the supreme court has held that by virtue of section ..... 3 of the wealth-tax act, 1957, the liability to pay wealth-tax became crystallized .....
Tag this Judgment!Court : Mumbai
Decided on : Mar-17-1977
Reported in : (1977)6CTR(Bom)368
..... was to exercise such powers as might be conferred and perform such duties as might be imposed upon him by or under the said act. all the machinery sections of the said act referred only to the collector and nowhere mentioned any other officer, save that by the amendment made with retrospective effect in the definition of ..... of 1955) - messrs hansraj vishram ravani and another vs. the maharashtra sales tax tribunal and others decided by abhyankar and madon, jj., on december 12, 1968 (unrep.), and this high court held that the orders of the deputy commissioner of sales tax were not communicated to the respondents, and the period of limitation had ..... , licence circle, iii division, bombay. on august 20, 1955 the government of maharashtra issued a notification in the finance department, purporting to do so under s. 3(1) of the said act. the said notification was as follows : 'finance department sachivalaya, bombay, 20th august 1955. no. sto. 2255/125393-xix. - in exercise of the powers conferred .....
Tag this Judgment!Court : Mumbai
Decided on : Mar-12-1977
Reported in : [1978]115ITR211(Bom)
..... . strong support to his aforesaid contention was sought to be derived by him by comparing the language of the amended section 45 with the language of the amended section 45 after its amendment in 1972. section 45, as amended by finance act, 1972, with effect from april 1, 1972, runs thus : '45. act not o apply in certain cases. - no tax shall be levied under this ..... act in respect of the net wealth of - (a) a banking company as defined in section 5 of the banking companies act, 1949;.......' 9. mr. jagtiani .....
Tag this Judgment!Court : Mumbai
Decided on : Mar-20-1977
Reported in : [1979]119ITR553(Bom)
..... net wealth of an assessee in accordance with clause (a) of sub-section (1),-...... (b) the provisions of section 5 shall apply in relation to such assets as if such assets were assets belonging to the assessee.' 4. he further pointed out that the same finance act the words 'held by the assessee' have been deleted from s. ..... provisions which create legal fiction are also introduced by way of abundant caution and, therefore, simply because these amendments have been effected in the w. t. act by the finance act, 1975, it would not necessarily lead to an inference that the position prior to the amendment would be otherwise as suggested by mr. joshi. 15. having ..... necessitated by the judicial decisions had been made effective from 1st april, 1975, onwards. relying on these amendments that were made in the w. t. act by the finance act, 1975, he urged that since the instant case was governed by the unamended provisions, the principles laid down by the gujarat high court in harshad rambhai patel .....
Tag this Judgment!Court : Mumbai
Decided on : Nov-17-1977
Reported in : [1978]41STC64(Bom)
..... the supreme court pointed out the object underlying the stringency of these provisions. the supreme court observed : 'the object of section 5(2)(a)(ii) of the act [that is, the bengal finance (sales tax) act, 1941] and the rules made thereunder is self-evident. while they are obviously intended to give exemption to a dealer in ..... a decision of the supreme court in kedarnath jute . v. commercial tax officer : [1965]3scr626 . that was a case under the bengal finance (sales tax) act, 1941. under that act, sales by one registered dealer to another registered dealer, who purchased the goods for a particular purpose and had furnished to the selling dealer a declaration ..... printed form supplied by the government or printed at the back of the returns. even then we were prepared to direct the tribunal under section 34(4) of the said act to state an additional case setting out whether the statements submitted and the information furnished by the respondents differed from the prescribed form, namely, .....
Tag this Judgment!Court : Mumbai
Decided on : Oct-07-1977
Reported in : [1979]116ITR292(Bom)
..... under the head 'profits and gains of business or profession'. sub-s. (2b) was added in this section by the finance act, 1970, with effect from april 1, 1970, and it provides that notwithstanding anything contained in this section, no allowance shall be made in respect of expenditure in the nature of entertainment expenditure incurred within india by ..... be regarded as having been incurred wholly or exclusively for the purposes of business, in view of the provisions of s. 37(2b) which were introduced by the finance act, 1970, with effect from april 1, 1970, any expenditure in the nature of entertainment expenditure incurred within india by an assessee after february 28, 1970, was ..... in employing the additional words 'expenditure in the nature of' was to cast the net sufficiently wide as to bring within the scope of the two sub-sections all types of expenditure in respect of which there can be said to be certain elements which invest them with the nature of entertainment expenditure.' 6. after .....
Tag this Judgment!Court : Mumbai
Decided on : Feb-28-1977
Reported in : (1978)80BOMLR142
..... deemed to be a decree, was to be governed for the purpose of execution by the indian limitation act. but the fact that it does not say so, and the further fact that there has been no amendment or alteration in section 70 of the indian penal code, mean that so far as limitation i.e. the period during ..... of the courts to exercise the powers under section 70.6. the powers under section 70 of the indian penal code arc applied, under section 25 of the general clauses act, 1897, to all fines imposed under any act required by law unless it contains express provision to the contrary. section 25 lays down that section 70 of the indian penal code and the ..... the civil procedure code. but that section only says that no order for the execution of the same decree shall be made upon any fresh application presented after the expiration of twelve years from certain dates. it does not prescribe any period of limitation for taking out execution. that is provided for in the indian limitation act, and, if it was .....
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