Court : Mumbai
Decided on : Jun-17-1997
Reported in : (1998)61TTJ(Mumbai)282
..... asset (bella vista property) can be said to be belonging to the assessee-company within the meaning of sub-section (2) of section 40 of the finance act, 1983. sub-section (3), (5) and (6) of section 40 of the finance act cover all the assets with which we are concerned in this appeal, bella vista, which not only comprises ..... said provisions in order to determine what is net wealth held by the company apart from what is stated in sub-section (3) of section 40 of the finance act, without themselves examining the provisions of the finance act and by proper discussion of the provisions, they did not come to the conclusion whether the propositions laid down in ..... amended with effect from 1-4-1988 as can be seen from clause (5)(b) of section 40 of the finance act which categorically excludes application of any provisions of the wealth tax act not conforming to section 40 of the finance act. on the other hand, the learned departmental representative submitted the following arguments. in view of the .....
Tag this Judgment!Court : Mumbai
Decided on : Nov-11-1997
Reported in : [1998]230ITR96(Bom)
..... on pharmaceutical capsules cannot be regarded as the business of processing goods within the meaning of cl. (c) of sub-s. (9) of s. 2 of the finance act, 1976, and a company engaged in such activity cannot be regarded as an 'industrial company'. in our view, by printing of manufacturers' names, the pharmaceutical capsules cannot ..... amounts to processing of goods within the meaning of the definition of 'industrial company' as contained in s. 2 of the finance act, 1976. the tribunal has held that the activity of printing manufacturers' names on pharmaceutical capsules amounts to processing of goods and the company engaged in the above ..... be said to be mainly engaged in the business of processing of goods within the meaning of the definition of an industrial company under s. 2 of the finance act, 1976 ?' 2. the only business of the assessee in this case is printing manufacturers' names on pharmaceutical capsules. the question is whether the above activity .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jun-17-1997
Reported in : (1998)65ITD287(Mum.)
..... asset (bella vista property) can be said to be belonging to the assessee-company within the meaning of sub-section (2) of section 40 of the finance act, 1983.sub-sections (3), (5) & (6) of section 40 of the finance act cover all the assets with which we are concerned in this appeal, bella vista, which not only comprises of ..... said provisions in order to determine what is 'net wealth' held by the company apart from what is stated in sub-section (3) of section 40 of the finance act, without themselves examining the provisions of the finance act and by proper discussion of the provisions, they did not come to the conclusion whether the propositions laid down in park ..... amended w.e.f. 1-4-1988 as can be seen from clause (5)(b) of section 40 of the finance act which categorically excludes application of any provisions of the wealth-tax act not confirming to section 40 of the finance act. on the other hand, the learned departmental representative submitted the following arguments. in view of the .....
Tag this Judgment!Court : Mumbai
Decided on : Mar-19-1997
Reported in : AIR1997Bom401; 1997(3)ALLMR678; 1997(4)BomCR229; (1997)3BOMLR233; 1997(3)MhLj326
..... lessee company. the answerable question, therefore, is whether the properties which are not owned by the sick industrial undertaking, are covered under section 22(1) of the act of 1985?if the finance company resorts to recovery of its properties viz.its vehicles which have been given on lease to the lessee company, it cannot that it ..... the aforesaid ratio of the apex court,i have no hesitation in holding that the contention of the lessee company that section 22(1) of the act of 1985 is attracted is wholly misconceived.the finance company cannot be asked to approach bifr board for the recovery of its properties viz., vehicles in the present case from ..... expeditious enforcement of the measures so determined,the provision regarding suspension of legal proceedings contained in section 22(1) seeks to advance the object of the act by ensuring that a proceedings having an effect on the working or the finances of a sick industrial company shall not be instituted or continued during the period the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Feb-18-1997
Reported in : (1997)61ITD129(Mum.)
..... of an assessee are received and entertained gratuitously or at a concessional rate. the court also referred to the provisions of sub-section (5) to section 37 of the act, that was inserted by the finance act, 1983, giving it a retrospective operation from april 1, 1979, clarifying that accommodation maintained by the assessee to provide lodging ..... 73. in order to place an effective check on lavish expenditure on maintenance of guest houses, section 37(4) was inserted by the finance act, 1970. this section is reproduced here as under : "(4) notwithstanding anything contained in sub-section (1) or sub-section (3) - (i) no allowance shall be made in respect of any expenditure incurred by ..... the relevant portion of the notes on clauses and memo explaining the provision in the finance bill : "sub-clause (c) seeks to insert a new sub-section (4) in section 37 of the income-tax act. under the proposed new sub-section (4), any expenditure incurred by a taxpayer on the maintenance of a guest house .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Feb-18-1997
Reported in : (1997)63ITD195(Mum.)
..... excluded computers from the 11th schedule and if the contention of the assessee was to be accepted then, there was no need to bring in the change by finance act, 1987. he, therefore, rejected the claim of the assessee. on water coolers he rejected the claim with the observation that it does not qualify.13.4 ..... objective of the provision and not to frustrate it.as already indicated, the present investment allowance has replaced the former development rebate allowance provided under section 33 of the act. that section 33 gave the said development rebate allowance in respect of machinery or plant "owned by the assessee" and wholly used for the purposes of the ..... steel including heavy castings. the accounting year of the assessee-company ends every year on march 31. it started manufacturing operations for the first time on december 28, 1968. the manufacturing was done by the company up to may 31, 1970. thereafter, it was decided by the aforesaid company that it should lease out the factory .....
Tag this Judgment!Court : Mumbai
Decided on : Sep-30-1997
Reported in : (1998)61TTJ(Mumbai)323
..... the income returned or the income as adjusted by addition under cl. (iii) of the proviso, both being figures of loss.7. sec. 143(1a) read with explanation thereunder as amended by the finance act, 1993 with retrospective effect, provides for the charge of additional tax at the rate of 20 per cent. on the tax payable on ..... could not be incorrect in view of the decision of the special bench in the case of gedore tools (india) (p) ltd. (supra). it became incorrect when finance act 1990, introduced retrospective amendment making cash compensatory support taxable. therefore, the court held :'an assessee cannot be imputed with clairvoyance. when the return was filed, the assessee could ..... on account of ccs. the assessee filed an appeal which was dismissed by the cit(a) as in his opinion the provisions of the retrospective amendment by finance act of 1990 were clear to make ccs taxable as revenue income.6. we have heard the parties and considered their rival submissions. in our opinion, it was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Sep-30-1997
Reported in : (1998)65ITD234(Mum.)
..... the income returned or the income as adjusted by addition under cl. (iii) of the proviso, both being figures of loss.7. sec. 143(1a) read with explanation thereunder as amended by the finance act, 1993 with retrospective effect, provides for the charge of additional tax at the rate of 20 per cent. on the tax payable on ..... it could not be incorrect in view of the decision of the special bench in the case of gedore tools (india) (p) ltd. (supra). it became incorrect when finance act 1990, introduced retrospective amendment making cash compensatory support taxable. therefore, the court held : "an assessee cannot be imputed with clairvoyance. when the return was filed, the assessee ..... adjustment on account of ccs.the assessee filed an appeal which was dismissed by the cit(a) as in his opinion the provisions of the retrospective amendment by finance act of 1990 were clear to make ccs taxable as revenue income.6. we have heard the parties and considered their rival submissions. in our opinion, it .....
Tag this Judgment!Court : Mumbai
Decided on : Dec-11-1997
Reported in : 1998(2)ALLMR298; 1998(2)BomCR264
..... have a statutory character like the oil and natural gas commission, or the life insurance corporation or industrial finance corporation. it is a society incorporated in accordance with the provisions of the societies registration act. the fact that the prime minister is the president or that the government appoints nominees to the governing ..... body or that the government may terminate the membership will not establish anything more than the fact that the government takes special care that the promotion, guidance and cooperation of scientific and industrial research, the institution and financing ..... may perhaps not properly apply to test its character.'in chander mohan case (cited supra), the hon'ble supreme court has held that the finance or control of government is not a conclusive test as every autonomous body is having some nexus with the government and cannot be treated as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Dec-24-1997
Reported in : (1998)67ITD160(Mum.)
..... an organisation whose objects advance objects of general public utility within the meaning of section 2(15).we may also mention that the expression "not involving the carrying on of any activity for profit" has been omitted from section 2(15) by the finance act, 1983 with effect from 1-4-1983 and the decisions on which the revenue ..... authorities have relied were interpreting the scope of this expression. as this expression has been deleted from section 2(15) what is to be seen is only whether ..... they advance an object of general public utility being the promotion of efficiency in the financial sector of the country. the provisions of section 11(4a) have also been substituted by the finance (no. 2) act, 1991 with effect from 1-4-1992 and it is only the substituted provision which are relevant for the present assessment year and .....
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