Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Oct-14-1994
Reported in : (1995)52ITD226(Mum.)
..... of the two judgments of the delhi high court in cit v. stellar investment ltd. [1991] 192 itr 287 and cit v. sophia finance ltd. [1994] 205 itr 98 (fb). (v) that section 68 is only a deeming provision for assessment purpose only but it should not be applied in the penalty proceedings.on the other hand the ..... the authority levying the penalty cannot, therefore, be substituted by any other authority. the restriction on the powers of cit (appeals) is implicit in the provision of section 271 itself. however, the hon'ble bombay high court has held that where the explanation has not been invoked by the assessing officer then the asstt. commissioner in reference ..... on the part of the assessee.12. let us examine whether the respective burden have been discharged by both the parties. the word "concealment" has not been defined in the act. according to the black's dictionary it means :- 'concealment' : - to conceal. a withholding of something which one knows and which one, in duty, is bound to reveal .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Oct-05-1994
Reported in : (1994)51ITD659(Mum.)
..... to time and we find force in the stand taken on behalf of the assessee. it is pertinent to note that sub-sections (3a) to (3d) of the act have been omitted from 1-4-1986 by the finance act, 1985, which would lend support to the stand taken on behalf of the assessee that in deciding the allowance of the ..... expenditure incurred on advertisement one has to see the provisions of sub-section (3) of section 37 of the act, which is still on the statute. viewed from this angle, we ..... the parliament was to curtail the lavish and wasteful expenditure by trade and industry, particularly on travelling, advertisement, etc., in enacting sub-sections (3a) to (3d). this is clear from the relevant speech of the finance minister dated 28th february, 1983. the relevant portion which is reproduced as under : hon'ble members must be aware of lavish and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : May-20-1994
Reported in : (1994)50ITD336(Mum.)
..... the words used "private taxis" are significant in contradistinction with the words "public taxis".therefore, obviously, public taxis are not contemplated by the provisions of section 37(3a). the explanatory notes to finance act, 1983 vide circular no. 372 dated 8-12-1983 contained in taxmann's direct taxes circulars, vol. 3 at page 962 at paragraph 34 shows ..... the expenditure on chartering aircraft or the hire charges for engaging cars plied for hire are contemplated by section 37(3a) read with (3b).the word used ..... bonus at the rate of 20% though on account of loss sustained only the minimum bonus of 8.33% was payable under the payment of bonus act under section 36(1)(ii). as these claims were not properly enquired into by the assessing officer, the commissioner of income-tax concluded that the assessment order under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : May-11-1994
Reported in : (1994)50ITD314(Mum.)
..... officer rejected that request vide his letter dated 11th february, 1992. on further appeal to the cit(a), the latter noted inter alia the explanation below section 53 inserted by the finance act, 1987 w.e.f. 1-4-1988 and ultimately dismissed the assessee's appeal.4. before us, the learned advocate for the assessee explained the ..... in this context, he submitted that doubts, if any, had been specifically set at rest by the very specific provision in the act itself by way of insertion of explanation below section 53 vide finance act, 1987 w.e.f. 1-4-1988. he pointed out that the said explanation was certainly operative for this case as the assessment ..... year involved was 1991-92. he therefore submitted that the assessing officer had carried out adjustment under section 143(1)(a) for applying correctly .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Feb-10-1994
Reported in : (1994)50ITD135(Mum.)
..... carrying on of any activity for profit" were omitted by the finance act, 1983, with effect from 1-4-1984 and simultaneously section 11(4a) was introduced, which is reproduced below for the sake of convenience : (4a): sub-section (1) or sub-section (2) or sub-section (3) or sub-section (3a) shall not apply in relation to any income, being ..... from 1-4-1984 is substantially the same as the definition under the 1922 act, still there is an important difference in law regarding exemption of income, inasmuch as section 11(4a) has been introduced with effect from 1-4-1984 by the finance act, 1983. thus, even though the trust continues to be a trust for charitable ..... purpose, its income from profits and gains of business would be denied exemption under section 11 of the act, subject to certain exceptions, even though applied or accumulated for application to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jan-19-1994
Reported in : (1995)52ITD269(Mum.)
..... money or other articles; an allotment or distribution of anything by chance; a procedure or scheme for distributing prize by lot; the drawing of lots.section 115bb has been inserted by the finance act, 1986 with effect from 1-4-1987 by which a special provision was made to tax income from winning lotteries, crosswords, puzzels, etc. winning ..... from lottery therefore comes within the sweep of section 115bb. we find that in the instant case, winning of prize tantamounts to winning from lottery as centemplated under section 115bb. we ..... person purchases of his own, premium savings bond, in the name of other, cannot be said to be covered by the definition of expression 'gift' in section 2(xii) of the gift tax act.to support this contention reliance was placed on cgt v. mrs. jer mavis lubimqff [1978] 114 itr 90 (bom.), cgt v. dr. r.b. .....
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