Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Dec-31-1983
Reported in : (1984)8ITD245(Mum.)
..... (p.) ltd. [1983] 144 itr 12 to mean 'merchandise, that is, article for sale'. their lordships were construing the definition section of 'industrial company' in the finance act, 1966, in section 2(7)(d). the definition requires a company to manufacture or process goods--an expression in substance the same as manufacture or production of article ..... or thing in section 32a of the 1961 act. so, whatever may be the nature of the article or thing, it must be ..... works done by the assessee-company in taking photocopies of documents for its clients and that this would not amount to a manufacturing activity contemplated by section 32a of the act. he, therefore, submitted that the commissioner (appeals) erred in directing the ito to allow investment allowance to the assessee-company as claimed by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Nov-19-1983
Reported in : (1984)8ITD258(Mum.)
..... assessee supra is not fully applicable to the issue involved in the appeal because in that case the supreme court was concerned with vds declared by the finance act, 1965, which was embodied in section 6 of the 1961 act itself. while in the case under consideration, we are concerned with separate enactment, viz., the 1976 ..... miscellaneous and other debits for want of details. this disallowance is made by the ito in customary way without assigning reasons though the assessment is completed under section 143(3) of the act. the aac has confirmed the disallowance by stating that no proper details were furnished to the ito.we are of the view that the aac has not ..... . therefore, this ground is decided in favour of the assessee.8.3 in respect of the fourth ground, it was submitted by the learned counsel that under section 80v of the act, interest paid on the borrowings raised for the purpose of payment of tax is allowable. in this case, the assessee had made disclosure under the voluntary disclosure .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Nov-17-1983
Reported in : (1984)8ITD157(Mum.)
..... the income of that category or type.it may also perhaps not be out of place to mention that while in the case of the deduction under section 80m, section 80aa of the act was introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968, in order to provide that only that income from dividend will be entitled to deduction under ..... section 80m which is computed in accordance with the provisions of the act and not with reference to the gross amount of the dividends, section 80ab dealing with the other deductions under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Oct-25-1983
Reported in : (1984)7ITD274(Mum.)
..... because a portion as above gets unassessed, the trust should not be assessed on its entire assets. consequent to the above decision the act was amended introducing the provisions of section 21(1a) by the finance (no. 2) act, 1980, with effect from 1-4-1980. the assessment for the assessment year 1980-81, as in this case, is the ..... first year for which these provisions are applicable.6. section 5 gives certain exemptions to be applied while computing the net wealth. some of ..... tax. the assessment in the present case, as in almost every case of a trust, is made in the status of an individual.apart from section 3, there is no charging section in the act. section 21 deals with the case of assessment where assets are held by court of wards, administrator-general, etc. these 'representative assessees' hold assets .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jul-30-1983
Reported in : (1983)6ITD141(Mum.)
..... appeals is whether the assessee can be regarded as an industrial company within the meaning of the finance act. the definition of 'industrial company' as laid down in section 2(1)(d) of the act, reads as follows : (7) for the purposes of this section and the first schedule,** ** ** (d) 'industrial company' means a company which is mainly ..... whether the assessee can be regarded as an industrial company for the purpose of being charged at the concessional rate of tax as provided under the relevant finance act, 1966 ('the act').3. the assessee was incorporated on 20-12-1960 with the main object of manufacturing all kinds of machineries, implements, tools, etc. hence, the ..... assessee was treated as a company mainly engaged in the manufacture of goods within the meaning of the relevant finance act up to and including the assessment year 1977-78. however, the assessee closed its factory and stopped production with effect from 28-9-1976. it allowed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jul-22-1983
Reported in : (1983)6ITD513(Mum.)
..... in such a case, two courses were open to the assessee. if the assessment is still open, then it could file a revised return under section 139(5) of the income-tax act, 1961 ('the act') claiming that the commission wrongly credited in the books as income was, in fact, not income and should be excluded from the computation of total ..... the cases of motor credit co. (p.) ltd. (supra) and h.m. kashiparekh & co. ltd. (supra). they also cited in support the decision in the case of ferozepur finance (p.) ltd. (supra). they have distinguished the case of morvi industries ltd. (supra). further, they have referred to the decision in the case of poona electric supply co. ltd. ..... not materialise ultimately, even though there are entries to the contrary in the books of the assessee. then he referred to the decision in the case of cit v. ferozepur finance (p.) ltd. [1980] 124 itr 619 (punj. & har.), wherein a similar view has been taken. in this case, the high court followed the principles laid down in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jul-14-1983
Reported in : (1983)6ITD126(Mum.)
..... to be withdrawn by the replacement of section 85. finally, my attention was drawn to form no.3a prescribed ..... making any deduction under chapter vi-a or section 280-o of the act. further, it is submitted that relief in respect of the company dividends was admissible to the trusts under section 85 of the act prior to its substitution by the present section 80k by the finance (no. 2) act, 1967, with effect from 1-4-1968. it was nowhere contemplated that this relief was sought .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Feb-26-1983
Reported in : (1983)4ITD602(Mum.)
..... erred in holding that the repairing of motor car was 'processing of goods' within the meaning of the definition of 'industrial company' appearing in section 2(7)(c) of the finance act, 1979 ('the act.'). it may be stated in this connection thai: a lower rate of tax is applicable to industrial companies if they come under the aforesaid definition ..... was held that the folding and stitching of the printed sheets would constitute 'processing of goods' within the meaning of 'industrial company' as envisaged under the aforesaid finance act, the case of the assessee before the commissioner (appeals) was that it got damaged automobiles and repaired the same in order to produce commercially new articles.hence, ..... of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter via of th e income-tax act) is not less than fifty-one per cent of such total income.3. the case of the assessee before the ito was that it was actually engaged .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Feb-26-1983
Reported in : (1983)4ITD642(Mum.)
..... in 1954 for encouraging the export of cotton textiles, etc., has been held by the ito to be exempt under the provisions of section 11 read with section 2(15) of the act. for the assessment years 1967-68, 1968-69, 1969-70 and thereafter, for the assessment years 1972-73 1973-74, 1981-82 and 1982-83 the assessee had a ..... of rs. 23,46,455.according to the learned counsel, this view of the fortunes of the assessee-company from year to year indicated an uncertain position of its finances from year to year with the result that devoted as the company was to a high national purpose like export promotion which has been accepted as charitable, the company ..... to accept or reject the application in order to go into the merits of the accumulation itself.when the legislature goes through an elaborate procedure covered by several sub-sections of the act, it certainly must have done it tor some purpose. merely filing with the ito a notice about accumulation with no authority for the officer to do anything .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Feb-11-1983
Reported in : (1983)4ITD364(Mum.)
..... firm on the ground that the daughter of shri v.r. joshi, namely, miss b.v. joshi, was not competent to practise as an income-tax practitioner under section 288 of the act. according to the ito, both the partners of the assessee-firm were not professionally qualified to carry on the business of the firm, and so the basic requirement ..... suction 288 will not make the firm invalid in the eye of law. for the purpose of the partnership act, it is enough if a single partner is qualified to carry on the activity of the firm.the other partners can be financing partners or dormant partners. thus, we do not find any legal bar for constituting the firm evidenced by ..... the deed dated 14-6-1976. we, therefore, vacate the orders of the ito and the aac and direct that the benefits of registration under section 185 be granted to the assessee-firm.
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