Court : Mumbai
Decided on : Apr-12-1991
Reported in : [1992]193ITR781(Bom)
..... that the assessee's activity of blending of different kinds of tea could not constitute manufacturing activity so as to bring it within the purview of section 2 (5) (a) (ii) of the finance act, 1966. accordingly, the tribunal confirmed the order of the additional commissioner. 5. placing reliance on the calcutta high court decision in the case of ..... activity. he pointed out that, in the calcutta case, the facts were identical. the question considered was whether the assessee was an industrial company under section 2 (7) (c) of the finance act, 1978, and the court held that it was so. in the gujarat case, the assessee was carrying on the business of a printing press. ..... the calcutta high court's decision in g. a. renderian ltd. v. cit : [1984]145itr387(cal) is not applicable in this case inasmuch as section 2 (7) (c) of the finance act, 1978, defined an industrial company, inter alia, as one which is engaged in the processing of goods. it is pertinent to mention that the expression provisions .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Sep-30-1991
Reported in : (1992)40ITD231(Mum.)
..... computers indian mfr. ltd. [1991] 187 itr 580. there the bombay high court was explaining the scope of explanation (c) to section 263 of the income-tax act as amended by the finance act 1989 with retrospective effect from 1-6-1988. the court in that case had to interpret the words "and shall extend and shall be ..... reads as under: aerated waters in the manufacture of which blended flavouring concentrates in any form are used.the explanation to the item was inserted by the finance act with effect from 1-4-1988 and such explanation would not be applicable and, therefore, to be ignored while dealing with this issue. the explanation defines the ..... deemed always to have been extended (emphasis supplied)". the language is similar to the language used in explanation to item no. 5 of 11th schedule. the court in that context held that explanation to sub-section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Oct-18-1991
Reported in : (1992)40ITD332(Mum.)
..... that the value of the flats in question was not liable to tax as the said flats do not fall within the any of assets enumerated in sub-section (3) of section 40 of the finance act, 1983.4. the assit. commissioner of w.t., however, rejected the assessee's stand for the reason stated in his order for the assessment year ..... owns only a portion of building (flat) and therefore the value thereof could not be considered for determining its net wealth.he also submitted that since section 40 of the finance act, 1983, is a charging section, the same should be construed strictly. again, according to him, neither the intention of the legislature nor the spirit of the provision is relevant to ..... in bennet villa and nilkant are let out to outsiders while the flats in anand kamal are let out to the director of the assessec-company.3. by section 40 of the finance act, 1983, the levy of wealth-tax was revived in the case of closely held companies. in its return of net wealth (showing nil wealth), as well .....
Tag this Judgment!Court : Mumbai
Decided on : Feb-20-1991
Reported in : 1991(3)BomCR598; [1991]188ITR485(Bom)
..... that class of assessees under paragraph 'f' of part i of the first schedule to the finance act, 1969?' 2. relevant portion of section 2(6) (c) of the finance act, 1969, defines the expression 'industrial company' for the purpose of the said act as under (see [1969] 72 itr 22) : 'industrial company' means a company which ..... in brief, are as under : the assessee-company is a limited liability company carrying on business as stated hereinafter. the relevant previous year ended on june 30, 1968. at all material times, the assessee-company had only two shareholders, namely, (1) hindustan construction company limited, and (acrow engineering limited of london. the assessee- ..... this case also, the question before the court was whether the assessee was an 'industrial company' within the meaning of the said expression, as defined in the finance act, 1965, and whether the assessee was, therefore, entitled to concessional rate of tax. it was held by our court that the assessee need not manufacture the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Dec-31-1991
Reported in : (1992)41ITD60(Mum.)
..... insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962.this section was brought in by the finance act, 1983 with effect from 1-4-1983. the object of this section was to grant incentive to encourage export turnover. the deduction is made available on that export turnover, the ..... fact that it was with a view to encourage foreign exchange inflow. we find that this deduction was originally brought under section 89a by finance act, 1982 and in this connection we may refer to the hon'ble finance minister's speech as under : i will now come to some proposals regarding foreign exchange earnings. i propose to provide ..... -1986 i.e. assessment year 1986-87 i.e. the day on which the substituted section 80hhc took effect. we are in the present case concerned with assessment year 1983-84 when section 80hhc as it stood before its amendment by the finance act, 1985 with effect from 1-4-1986, was applicable. therefore, we are of the .....
Tag this Judgment!Court : Mumbai
Decided on : Apr-29-1991
Reported in : [1991]189ITR663(Bom)
..... : 'whether, on the facts and in the circumstances of the case, the assessee-company is entitled to be termed as an 'industrial company' as defined by section 2(7)(c) of the finance act, 1973 ?' 2. the assessee is a company whose main business is running a cold storage plant and also selling spare parts of refrigerators on a small scale. ..... and the assessment year 1973-74. the assessee claimed during the assessment proceedings before the income-tax officer that it was an 'industrial company' as defined by section 2(7)(c) of the finance act, 1973, and, as such, it was entitled to be charged at a lower rate of tax. this claim of the assessee was rejected by the income- ..... was that it was engaged in processing of goods. the tribunal decided in favour of the assessee and held that it was an industrial company as defined by section 2(7)(c) of the finance act, 1973, inasmuch as the assessee was engaged in the business of processing of goods. 3. much of the debate before us centered on the issue as .....
Tag this Judgment!Court : Mumbai
Decided on : Dec-03-1991
Reported in : 1992(59)ELT382(Bom)
..... rupees pernamely - plates, sheets, metric tonne.circles, strips and foilsin any form or size.(3) pipes and tubes. ten per cent ad valorem.' by section 48 of the finance act, 1981 the schedule to the excise act has been amended and a sub-item (1b) and explanation ii has been included as follows : '(1b) waste and scrap. explanation i - 'copper' ..... the position, in the present petition also we hereby quote the above item no. 26a of the first schedule to the central excises & salt act, 1944 as duly amended by section 48 of the finance act, 1981 read with notification no. 32 of 1981 dated 1st march 1981. 'item no. 26a of the first schedule to the central excises and ..... that the copper scrap and waste were included under item no. 26a(1b) by section 48 of the finance act, 1981. for the purpose of clarity and at the cost of repetition, it may be mentioned that by section 48 of the finance act, 1981, schedule to the excise act stood amended and special item no. (1b) as well as explanation ii was .....
Tag this Judgment!Court : Mumbai
Decided on : Mar-15-1991
Reported in : [1992]193ITR141(Bom)
..... the reduction in rebate should be confined only to the dividend declared for the immediately preceding year cannot be accepted as there is no distinction contemplated in the finance act, 1965, between dividend for the relevant year and earlier years. the expression used 'on the whole amount of the dividends other than dividends on preference shares, ..... 50 and the same had to be distributed to the shareholders during this assessment year because of the action of the income-tax officer under section 23a of the indian income-tax act, 1922, having been upheld by the high court in the reference. the appellate assistant commissioner noted the contention of the assessee to the ..... year under consideration for the accounting years 1948-49 and 1949-50, respectively, on the basis of the decision of the bombay high court under section 23a of the indian income-tax act, 1922 ?' 2. the assessee is a company carrying on the business of manufacturing and sale of sugar. the relevant assessment year is 1965-66 .....
Tag this Judgment!Court : Mumbai
Decided on : Jan-18-1991
Reported in : 1991LC18(Bombay); 1991(54)ELT16(Bom)
..... the learned judge declared that the amendments to section 2(f) and to tariff item no. 27 in the first schedule to the central excises and salt act, 1944 made by the finance act, 1980 and also tariff item 8313.11 in schedule to the central excise tariff act, 1985 to the extent to which it purports ..... containers, plain, lacquered fifty per cent ad valoremor printed, or lacquered plus two thousand rupeesand printed. per metric tone.'. the finance bill also made a declaration under section 3 of the provisional collection of taxes act, 1931 in the following terms : 'it is hereby declared that it is expedient in the public interest that the provisions of ..... immediate effect under the provisional collection of taxes act, 1931.' the finance bill became law with effect from august 25, 1980 by passing of finance (no. 2) act, 1980. 6. as a result of the amendment, the expression 'manufacture' in section 2(f) of the central excises and salt act, 1944 provided that manufacture includes any process .....
Tag this Judgment!Court : Mumbai
Decided on : Mar-12-1991
Reported in : (1991)95CTR(Bom)168; [1991]192ITR239(Bom)
..... year only. for more or less identical reasons, the tribunal dismissed the departmental appeal. 5. it is pertinent to mention that section 40a(7) was introduced in the income-tax act, 1961, with retrospective effect from april 1, 1973, by the finance act, 1975, on may 12, 1975. the assessment year involved herein being assessment year 1973-74, ordinarily the assessee's claim for ..... . 10. fairly inviting our attention to the three decisions of the supreme court, viz., cit v. george henderson and co., : [1967]66itr622(sc) , cit v. greaves cotton and co., ltd., : [1968]68itr200(sc) and sutlej cotton mills ltd. v. cit : [1979]116itr1(sc) , he admitted that no doubt there are directions in those decisions which indicate that it is possible for .....
Tag this Judgment!