Court : Mumbai
Decided on : Dec-02-1993
Reported in : [1994]210ITR409(Bom)
..... on both sides, we have reached the conclusion that during the relevant assessment year, the assessee was an industrial company within the meaning of section 2(8) (c) of the finance act, 1974. we have also no doubt in holding that the tribunal misdirected itself in law while attempting to distinguish the judgment in neo pharma's ..... 11. the appellate assistant commissioner came to the conclusion that the assessee was 'mainly engaged in the manufacture of goods' within the meaning of section 2(8) (c) of the relevant finance act and was thus an industrial company as defined therein. 12. the income-tax appellate tribunal reversed the decision of the appellate assistant commissioner, inter ..... as to whether the assessee is a company which is mainly engaged in the manufacture or processing of goods within the meaning of section 2(8) (c) of the relevant finance act and thus an industrial company. it is well-settled by this time that the assessee-company which gets the goods manufactured under its .....
Tag this Judgment!Court : Mumbai
Decided on : Oct-01-1993
Reported in : (1994)122CTR(Bom)259; [1994]206ITR548(Bom)
..... the assessee as clearing, forwarding and shipping agents constitutes a profession. this controversy assumes importance in view of the fact that under the relevant finance act of 1976 and finance (no. 2) act, 1977, the rate of income-tax was lower for a registered firm whose total income included income derived from profession carried on by it, ..... 101) : 'the activity of a share broker is nothing but business activity which falls within the expression 'business' as defined in clause (13) of section 2 of the act. it does not fall within the expression 'profession' even if it is interpreted in the broader sense to include many of the activities which were earlier not ..... the business of clearing and forwarding operations. it was also authorised to transact its business at the cochin custom house under the terms of section 202 of the sea customs act and the rules made thereunder. licence was also issued under the said provision. the question arose whether the establishment of the appellant, who .....
Tag this Judgment!Court : Mumbai
Decided on : Sep-22-1993
Reported in : [1999]236ITR220(Bom)
..... a domestic company. a combined reading of sub-paragraph i of paragraph f of the first schedule to the finance act, section 2(6) (a) of the finance act and clauses (a) and (b) of section 108 of the income-tax act makes it abundantly clear that the expression 'company' referred to therein means only a domestic company and no other ..... interested, and (2) not a company in which the public are substantially interested. 'domestic company' has again been defined in clause (b) of sub-section (6) of section 2 of the finance act to mean, (i) an indian company, (ii) or any other company which, in respect of its income is liable to pay income-tax under ..... company in which the public are substantially interested, and (2) not a company in which the public are substantially interested. 8. under section 2(6) (a) of the finance act read with section 108 of the act, a company in which the public are substantially interested also includes 'a subsidiary company of such company if the whole of the share capital .....
Tag this Judgment!Court : Mumbai
Decided on : Oct-01-1993
Reported in : (1994)117CTR(Bom)246; [1994]206ITR578(Bom)
..... the purchase of accessories were placed after 1-12-1973. that being so, it was clearly beyond the cut off date specified in s. 16 of the finance act, 1974. the claim for development rebate in respect thereof was, therefore, liable to be rejected. further, the admitted position is that the original order placed by the ..... though order for the plant which accessories were related to had been placed before 1-12-1973. application :not to current assessment years.citation :finance act 1974 s.16(c)income tax act 1961 s.33export market development allowance--export licence fees, export freight charges and insurance chargesheld :no weighted deduction is allowable in respect of the said ..... which placed after 1-12-1973held :the cut off date '1-12-1973' assumes utmost importance in view of the provisions contained in s. 16 of the finance act, 1974, which permits allowance of development rebate only on those machineries for which orders had been placed before 1-12-1973. in this case the orders for .....
Tag this Judgment!Court : Mumbai
Decided on : Jan-14-1993
Reported in : [1995]216ITR584(Bom)
..... was payable in respect of the dividend declared and paid out of profits exempt under section 80j of the income-tax act, 1961 ?' 2. in this connection, the relevant provisions of the finance act, 1968, are as follows : 'the first schedule(see section 2)part iparagraph f 3. in the case of a company, other than ..... clearly made a mistake in overlooking the provision relating to additional income-tax under the finance act, 1968, while making his assessment. this is a mistake which is apparent on the record. he has, therefore, rightly resorted to the proceedings under section 154 to rectify this mistake. the facts, in the present case, are not ..... dividend entailed an additional income-tax under the provisions of the finance act, 1968. the income-tax officer, however, failed to take note of this fact at the time of the assessment proceedings. he thereupon initiated rectification proceedings under section 154 of the income-tax act, 1961. the assessee resisted the proceedings. the assessee contended .....
Tag this Judgment!Court : Mumbai
Decided on : Dec-10-1993
Reported in : [1994]210ITR570(Bom)
..... get the benefit of development rebate which has been otherwise discontinued. therefore, we will have to interpret the condition as we find it in section 16(c). section 16(c) of the finance act covers 'any machinery or plant installed by an assessee'. this assessee clearly must be the one who is claiming the development rebate. the subsequent ..... messrs. s. p. builders under an agreement of december 6, 1974. 16. this bring us to the second condition which the assessee must fulfil under section 16(c) of the finance act, 1974, namely, that before december 1, 1973, the assessee should have either purchased such machinery or plant or should have entered into a contract for ..... of the gujarat high court in the case of cit v. saurashtra wire-healds . : [1968]67itr524(guj) , where the gujarat high court considered the provisions of section 10(2) (via) and (vib). looking to the language of that section, the gujarat high court said that it was not necessary that to qualify for additional depreciation the .....
Tag this Judgment!Court : Mumbai
Decided on : Mar-11-1993
Reported in : (1993)47TTJ(Mumbai)152
..... he pleaded that since in this case, the cit(a) had passed order on 31st july, 1987 (i.e., before 1st june, 1988), the amendment effected by finance acts of 1988 and 1989 would not be operative or applicable.4. on the other hand, the learned departmental representative submitted that in the case of cit vs. international computers indian ..... bombay high court decision in cit vs . international computers indian . : [1991]187itr580(bom) to say that even after the retrospective amendments effected in s. 263 by the finance acts of 1988 and 1989, the full merger of the assessment order with the appellate order would be operative in accordance with the bombay high court decision in cit vs . ..... holding that the decision relied on by the assessee has no bearing after the amendment to s. 263 by the finance act, 1988 and has erroneously relied on the finance bill, 1989 which has not been passed as an act.'thus, they deal with the aspect of merger of the assessment order dt. 9th feb., 1987 with that of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Mar-11-1993
Reported in : (1993)46ITD80(Mum.)
..... itr 599, held that the ratio of both the decisions was the same and that was as a result of the insertion of explanation (c) in section 263 by the finance act of 1989, with retrospective effect from june 1, 1988, that the commissioner of income-tax can exercise revisional jurisdiction only in cases of partial merger, irrespective ..... high court decision in cit v. international computers indian manufacture ltd. [1991] 187 itr 580 to say that, even after the retrospective amendments effected in section 263 by the finance acts of 1988 and 1989, the full merger of the assessment order with the appellate order would be operative in accordance with the bombay high court decision in ..... erred in holding that the decision relied on by the assessee has no bearing after the amendment to section 263 by the finance act, 1988, and has erroneously relied on the finance bill, 1989, which has not been passed as an act." 7. thus, they deal with the aspect of merger of the assessment order dated february 9, 1987 .....
Tag this Judgment!Court : Mumbai
Decided on : Jul-15-1993
Reported in : 1994(2)BomCR164; [1994]208ITR623(Bom)
..... respect of advertisements. in this connection, it is interesting to note that earlier by the finance act, 1978, sub-sections (3a) to (3d) were inserted in section 37 of the act and those sub-sections were omitted by the finance act, 1980. in those sub-sections, the aggregate expenditure which was in excess of rs. 40,000 was not allowed ..... rs. 19,45,000 and surtax of about rs. 20,000. the petitioners, therefore, challenged the amendment made to section 37 by section 17(b) of the finance act, 1983, claiming that the amended sections are violative of the fundamental rights guaranteed under articles 14 and 19 of the constitution of india. the challenge in the ..... filed under article 226 of the constitution of india, the petitioners are seeking a declaration that the amendment made to section 37 of the income-tax act, 1961, by section 17(b) of the finance act, 1983, by inserting sub-sections (3a) to (3d) is bad in law, illegal, invalid and violative of the petitioners' fundamental rights. the .....
Tag this Judgment!Court : Mumbai
Decided on : Jun-07-1993
Reported in : [1994]207ITR615(Bom)
..... the facts and in the circumstances of the case, the tribunal was justified in law in holding that the assessee is an 'industrial company' as defined in section 2(7) (c) of the finance act, 1973 ?' 2. the relevant assessment year is 1973-74. berry's hotels private ltd., bombay - the assessee - is a new company, incorporated on ..... for service to the customers. the assessee contended that this activity amounted to 'processing' as contemplated by the definition of the term 'industrial company' in the finance act, 1973, and hence, it fell within the definition and hence was entitled to the concessional rate of income-tax. the income-tax officer as well as the ..... 's view cannot be sustained since the words used in the definition will have to be interpreted contextually always keeping the purpose of the enactment in view. the finance act, 1973, gives the definition of the term 'industrial company' thus : ''industrial company' means a company which is mainly engaged in the business of generation or .....
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