Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jan-01-1991
Reported in : (1992)40ITD185(Mum.)
..... the scheme was approved ex pane vis-a-vis the department. the clue to the problem in fact could unmistakably be found in the provisions of section 43c. these provisions inserted by the finance act w.e.f. 1 -4-1988 clearly lays down that where an asset which becomes the property of an amalgamated company under a scheme of amalgamation ..... decided the issue in favour of the amalgamated company for the years 1981-82 and 1985-86 mainly relying on the new provisions inserted by the finance act, 1988, in the form of section 43c w.e.f. 1-4-1988.such provisions are totally not available to the assessee. an objection has been raised that if the amalgamating company ..... amalgamating companies.that the consideration received by third party is a good consideration has now been established by the decision of the bombay high court in keshub mahindra v. cgt [ 1968] 70 itr 1. inviting our attention to this decision in cit v. british paints india ltd. [1991] 188 itr 44 (sc), it is submitted that it would .....
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 : Jan-24-1991
Reported in : 1991(2)BomCR538; [1991(63)FLR111]; (1994)IIILLJ93Bom; 1991(1)MhLj289
..... various communications said to have been issued in the matter of how the damages were to be assessed. those communications could not be termed as directions issuable under section 19a of the act. in so far as the damages recoverable pursuant to this order are concerned at the rates fixed by the commissioner, they will amount to 100% for ..... gave a notice with particulars to the petitioner calling upon him to show-cause why an order for levy of damages should not be made against him under section 14b of the act vide the particularised delay in the remittances of contributions. to the notice, the petitioner gave a reply on 10th january 1985 - the stand being that he ..... person to look after the office work which included attending to the remittance of contributions under the act, etc., the remittances had been made in due time, that he was engaged in attending to the factory work as also raising of finance from banks and that had the lapse been brought to his notice earlier, he would have taken .....
Tag this Judgment!Court : Mumbai
Decided on : Jan-24-1991
Reported in : (1993)IIILLJ312Bom
..... passed an order dismissing respondent 1. the report found respondent 1 guilty of (i) fraud and dishonesty in connection with the petitioner's business, property and finance and (ii) committing an act subversive of discipline and good behaviour on the business premises.3. while the enquiry was in progress, respondent 1 on 7.9.1983 moved the second ..... provision even the rightful claim can be defeated by mere denial - howsoever dishonest, mala fide or ex facie bogus and unsustainable it may be. thus the jurisdiction under section 33-c(2) is not merely confined to simple arithmetical calculation. that according to the employer even this calculation cannot be made in respect of bonus is yet ..... upon a practice, though the same may have become hardened into a customary right. the decision of the full bench arose out of a claim based upon section 10 of the pb act. there is - so it is urged - a distinction between a right based upon a statute and that based upon a customary right. but it would .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jan-29-1991
Reported in : (1991)38ITD70(Mum.)
..... the first instance no specific decisions were cited. secondly, and more importantly section 54 of the act significantly docs not refer to a person and refers only to an assessee. so, the revenue cannot get any advantage out of this submission.17. regarding the speech of the hon'ble finance minister also it could be said that once there was some doubt about ..... and not sub-section (31) of section 2 of the act and had, therefore, no direct bearing on the issue; that for the purpose of section 54 relating to the computation of capital gains a hindu undivided family has also be held to beincludible by the bombay benches of the tribunal; the speech of the finance minister had no direct relevance; that the issue before .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jan-31-1991
Reported in : (1991)37ITD235(Mum.)
..... no hesitation incoming to the conclusion that the assessee was merely a distributor and hence a service company within the meaning of the i.t. law including the finance act, 1985 and was not a trading company. the above features of the relationship between the distributor and the consignor company, i.e., ipcl clearly show that the ..... 381. on this point, the learned counsel for the assessee placed further reliance upon the page 6 of the guidance note of tax audit under section 44ab of the i.t. act issued by the institute of chartered accountants of india, which reads as under : questions may also arise as to whether the sales by a commission ..... sales tax collected by appellant on behalf of other parties, constitutes their trading receipt. 2. the commissioner of income-tax (appeals) erred in not specifically holding that section 43b comes into play only when tax has accrued and become due for payment. 3. the commissioner of income-tax (appeals) erred in not specifically holding that question .....
Tag this Judgment!Court : Mumbai
Decided on : Feb-04-1991
Reported in : 1991(3)BomCR620; [1991(63)FLR30]; (1992)IILLJ647Bom; 1991(1)MhLj565
..... . the consolidated balance-sheet was a clincher to show that the two units were divisions and/or branches of the same establishment. 5. section 2a of the act marks the expression 'establishment' as embracing all departments or branches of an establishment irrespective of where they are located. thus a difference in ..... up the capital, staff and management may often provide a certain answer .......... the most important test is that of functional integrality meaning thereby such of finance, employment and labour. the court has to consider how far there is 'functional integrality' meaning thereby such functional interdependence that one unit cannot exist conveniently ..... and reasonably without the other and on the further question whether in matters of finance and employment the employer has actually kept the two units distinct or integrated.' 6. if this ratio is applied to the determination of the question .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Feb-07-1991
Reported in : (1991)37ITD447(Mum.)
..... loss to establish that he has incurred such amount of loss.in mcmillan & co.'s case (supra) the hon'ble supreme court was again dealing with section 13 of the 1922 act and their lordships held that whether the income, profit and gains, can properly be deduced from the assessee's method of accounting is undoubtedly a matter which ..... falls for the determination of the income tax authorities alone.in sarangpur cotton mfg. co. ltd.'s case (supra) the hon'ble privy council, dealing with section 13 of the act - method of accounting-' held that for assessment purposes a method of accounting has to be compulsory and the income has to be computed on those bases and ..... is said to have ended on 31st december 1985. the assessment order reveals the method of accounting as 'hybrid'. the assessment has been framed under section 143(3) of the income-tax act, 1961.qua the assessee's grievances raised in the form of grounds of appeal before the income tax appellate tribunal, the narration in the assessment .....
Tag this Judgment!Court : Mumbai
Decided on : Feb-18-1991
Reported in : [1991]189ITR625(Bom)
..... the assessment year 1966-67 ?' 2. the assessment years involved are assessment years 1964-65 and 1966-67. counsel are agreed that, in view of the amendment of section 34(3)(a) by the finance act, 1990, with retrospective effect from april 1, 1962, the legal position is clearly in favour of the assessee and against the revenue. accordingly, the tribunal's order ..... , on the facts and in the circumstances of the case, the claim of the assessee to allow a sum of rs. 1,442, as development rebate allowance under section 33 of the income-tax act, 1961, has been rightly rejected for the assessment year 1964-65 (2) whether, on the facts and in the circumstances of the case, the claim of the .....
Tag this Judgment!Court : Mumbai
Decided on : Feb-18-1991
Reported in : [1991]189ITR799(Bom)
t.d. sugla, j.1. there is only one question of law referred to this court by the tribunal. the question reads thus : 'whether, on the facts and in the circumstances of the case, the asessee is entitled to carry forward the unabsorbed development rebate to future years to be set off against the profits of those years on the assessee creating the requisite reserve ?' 2. the proceedings relate to the assessee's assessment for the assessment year 1970-71. counsel are agreed that, in view of the amendment of section 34(3)(a) by the finance act, 1990, with retrospective effect from april 1, 1962, the question requires to be and is hereby answered in the affirmative and in favour of the assessee. 3. no order as to costs.
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