Court : Mumbai
Decided on : Dec-19-1994
Reported in : [1995]216ITR199(Bom)
..... is placed before the specified date and that it is immaterial as to who placed the order-the assesses or its predecessor-in-interest. section 16(c) of the finance act clearly requires that the benefit of continuance of development rebate would be available only if the assesses furnishes evidence to the satisfaction of the ..... of the above contract, the machinery was purchased by it and installed in its business. according to the assesses, the expression 'assesses' appearing in section 16(c) of the finance act, 1974, includes the predecessor-in-business of the assesses. on the other hand, the contention of the revenue before the tribunal was that the assesses ..... of the assesses and, being of the opinion that the assesses-company was not entitled to development rebate in view of section 16(c) of the finance act, 1974, initiated proceedings under section 263 of the act and after hearing the assesses, passed an order directing the income-tax officer to withdraw the development rebate of rs. 1 .....
Tag this Judgment!Court : Mumbai
Decided on : Apr-12-1994
Reported in : (1995)124CTR(Bom)252; [1994]210ITR844(Bom)
..... cannot be added back to his income in the absence of any such provision in our income-tax act, 1961. 12. the law in the united kingdom after 1973 is governed by the finance act, 1972. under the finance act, 1972, section 84 provides that where a company resident in the united kingdom makes a qualifying distribution after april 5, ..... an amount of corporation tax (to be known as 'advance corporation tax') in accordance with this section. under sub-section (2) of section 84, this corporation tax is payable at the rate prescribed therein. under section 85 of the u. k. finance act, 1972, advance corporation tax paid by a company in respect of any distribution shall be set ..... this decision at any length because we do not have to consider whether the assessee is entitled to double taxation relief under section 91 or not. 17. looking to the provisions of the finance act, 1972, under which corporation tax is payable by the company for which the recipient of the distribution resident in the united .....
Tag this Judgment!Court : Mumbai
Decided on : Dec-08-1994
Reported in : [1995]215ITR229(Bom)
..... clear that the amount of profits and gains derived from exports with reference to which deduction of tax is admissible under clause (i) of sub-section (5) of section 2 of the finance act, 1963 (referred to as the 'qualifying income'), has to be computed in accordance with the provisions contains contained therein. in that view of the ..... on the computation of profits and gains derived by the assessee from the exports for the purpose of allowability of deduction of tax admissible under section 2(5)(i) of the finance act, 1963. the income-tax officer was, therefore, bound to compute the amount of profits and gains derived from such exports strictly in accordance ..... commissioner and dismissed the appeal of the revenue. while doing so, the tribunal observed that the assessee was entitled to export profit rebate as provided in section 2(5)(i) of the finance act, 1963, on export profits determined in the manner laid down in rule 2(3) of the income-tax (determination of export profits) rules, .....
Tag this Judgment!Court : Mumbai
Decided on : Nov-24-1994
Reported in : (1994)120CTR(Bom)85; [1995]214ITR175(Bom)
..... to the amount of income-tax computed in accordance with the provisions of paragraph e of part i of the first schedule to the finance act, 1976.9. clause (8) of section 2 of the finance act, 1976, however, relieves a company from the levy of surcharge if it makes a deposit with the idbi, of a sum equal ..... surcharge on income-tax was levied on the assessee in view of the fact that the assessee availed of the option given to it under sub-section (8) of section 2 of the finance act, 1976, and deposited the amount with the industrial development bank of india ('idbi') as contemplated therein in lieu of surcharge. the assessee claimed deduction ..... deal with the other submissions of learned counsel for the assessee based onthe principles of reasonable and beneficial interpretation. it was urged before us that :(i) section 2(8) of the finance act, 1976, creates a legal fiction which should be carried to its logical conclusion ; (ii) the interpretation placed by the assessee is reasonable and in .....
Tag this Judgment!Court : Mumbai
Decided on : Nov-15-1994
Reported in : [1995]213ITR517(Bom)
..... of the clear opinion that the assessee is engaged in the business of processing of goods within the meaning of sub-clause (c) of clause (8) of section 2 of the finance act, 1975. 11. in the instant case, we are, however, not in a position to ascertain and hold whether the assessee fulfils the requirement of the ..... is conspicuous by its absence in the above definition. as against this, the expression used in the definition of 'industrial company' in clause (c) of section 2(8) of the finance act, 1975, is 'engaged in the manufacture or processing of goods'. the use of different expressions by the legislature in the definition of the same expression for different ..... facts and in the circumstances of the case, the tribunal was right in law in holding that the assessee was an industrial company within the meaning of section 2(8) of the finance act, 1975 ?' 2. this reference pertains to the assessment year 1975-76. the assessee is a limited company which deals in diamonds. its main activities .....
Tag this Judgment!Court : Mumbai
Decided on : Nov-10-1994
Reported in : (1995)123CTR(Bom)256; [1995]211ITR557(Bom)
..... by the assessee. 9. in that view of the matter, the assessee-company cannot be held to be an industrial company with the meaning of section 2(8) (c) of the finance act, 1975. the authorities below, including the tribunal, were, therefore, justified in holding that the assessee was not an industrial company. accordingly, we ..... from letting out the factory to bombay forgings pvt. ltd., it should be still deemed to be an 'industrial undertaking' within the meaning of section 2(8) (c) of the finance act, 1975. according to the assessee, it continued its business of manufacturing goods in the year under consideration through the instrumentality of the lessee, bombay ..... that the assessee-company was not engaged in the business of manufacturing of goods within the meaning of the definition of an industrial company under section 2(8) (c) of the finance act, 1975 ?' 2. the assessee is a private limited company. this reference pertains to the assessment year 1975-76, the corresponding previous year .....
Tag this Judgment!Court : Mumbai
Decided on : Dec-02-1994
Reported in : [1997]223ITR572(Bom); 1995(2)MhLj775
..... same, the transferee and to every other person who may be interested in the property. sub-s. (1b), also inserted in s. 269ud of the act by the finance act, 1993, with effect from the above date, requires the appropriate authority to specify the grounds on which the order of compulsory purchase is passed by it under ..... union of india : [1993]199itr530(sc) , which report also contains the clarificatory order of the supreme court passed on 27th nov., 1992, regarding the said judgment. sec. 269ue(1) of the act provides for vesting of the immovable property in the central government in terms of its agreement of transfer referred to in s. 269uc(1) of the ..... empowers the central government to constitute an 'appropriate authority' by an order published in an official gazette. sec. 269uc(1) of the act provides that notwithstanding anything contained in the transfer of property act, 1882, or in any other law for the time being in force, no transfer of any immovable property of such value exceeding .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
Decided on : Feb-09-1994
Reported in : (1995)(75)ELT801Tri(Mum.)bai
..... after the out of charge order is given. for appreciating the advocate's argument, it would be necessary to reproduce the section 13 and section 23 of the customs act prior to the amendments through finance act, 1983 :"section 13 : if any imported goods are pilferred after the unload- ing thereof and before the proper officer has made an ..... his title to the goods and thereupon he shall not be liable to pay the duty thereon." while in section 13, there is no amendment, section 23 has been amended through finance act, 1983 and the amended section 23 is reproduced below:"section 23 : remission of duty on lost, destroyed or abandoned goods - (1) without prejudice to the provisions ..... made, relinquish his title to the goods and thereupon he shall not be liable to pay the duty thereon".the section, as reproduced above, is the one as it now stands after amendment vide finance act, 1983 and for the purpose of proper appreciation, the words inserted by the amending provisions are underlined. the high .....
Tag this Judgment!Court : Mumbai
Decided on : Nov-23-1994
Reported in : (1995)127CTR(Bom)30; [1995]213ITR851(Bom)
..... also been used. reference may be made in this connection to the definition of 'industrial company' given in sub-clause (c) of clause (8) of section 2 of the finance act, 1975, which defines an 'industrial company' to mean a company which is mainly engaged, inter alia, 'in the manufacture or processing of goods or in ..... in the 'manufacture of production' of goods or articles. evidently, the legislature, has used a narrower expression in section 80hh than the one used in section 33b of the act and section 2(8)(c) of the finance act, 1975. this is a clear indication of the legislative intention behind using the expression 'manufacture or produce articles' ..... on a careful reading of the expression 'manufacture or produce articles' used in section 80hh of the act in the light of the expressions 'in the manufacture or processing of goods' appearing in section 33b of the act and section 2(8)(c) of the finance act, 1975, it is clear that the legislature has specifically used the expression ' .....
Tag this Judgment!Court : Mumbai
Decided on : Mar-14-1994
Reported in : (1994)120CTR(Bom)209; [1994]209ITR660(Bom)
..... april 1, 1972. in the memorandum explaining the provisions in the finance bill, 1972, it was stated that under the new section 194c, income-tax would be deductible at source for income comprised ..... the sum referred to in sub-section (1) or sub-section (2) shall, until such certificate is cancelled by the assessing officer, deduct income-tax at the rates specified in such certificate or deduct no tax, as the case may be.' 4. this section was inserted for the first time by the finance act of 1972, with effect from ..... of fees for professional services or technical services, etc. the relevant clause of the finance bill, 1987, proposing to insert section 194e, reads as under (see [1987] 165 itr 56) : '49. insertion of new section 194e. - after section 194d of the income-tax act, the following section shall be inserted with effect from the 1st day of june, 1987, namely :- .....
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