Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Dec-30-1993
Reported in : (1994)49ITD484(Mum.)
..... of the cbdt circular reproduced above.12. in the case of jamshedpur motor accessories stores (supra), the patna high court was considering the amendment to section 43b, by the finance act, 1987, with effect from 1-4-1988. in this connection, it was held that the rule of reasonable construction should be followed and literal construction ..... freight or insurance. it was essentially the same as the definition with effect from 1 -4-1986 which has been extracted above. thereafter, section 80hhc was substituted by the finance act, 1985 with effect from 1-4-1986 and a different scheme of deduction was introduced. this deduction was allowed in respect of profits retained ..... could not be made retrospective from 1-4-1986 and, therefore, the order under section 263 of the act, should be confirmed.9. we have considered the rival submissions carefully. if we look at the original section 80hhc, introduced by the finance act, 1983 with effect from 1-4-1983, the scheme for deduction in respect of export .....
Tag this Judgment!Court : Mumbai
Decided on : Dec-10-1993
Reported in : [1994]210ITR570(Bom)
..... get the benefit of development rebate which has been otherwise discontinued. therefore, we will have to interpret the condition as we find it in section 16(c). section 16(c) of the finance act covers 'any machinery or plant installed by an assessee'. this assessee clearly must be the one who is claiming the development rebate. the subsequent ..... messrs. s. p. builders under an agreement of december 6, 1974. 16. this bring us to the second condition which the assessee must fulfil under section 16(c) of the finance act, 1974, namely, that before december 1, 1973, the assessee should have either purchased such machinery or plant or should have entered into a contract for ..... of the gujarat high court in the case of cit v. saurashtra wire-healds . : [1968]67itr524(guj) , where the gujarat high court considered the provisions of section 10(2) (via) and (vib). looking to the language of that section, the gujarat high court said that it was not necessary that to qualify for additional depreciation the .....
Tag this Judgment!Court : Mumbai
Decided on : Dec-09-1993
Reported in : [1994]210ITR485(Bom)
..... the debenture holders by special resolution as mentioned in the fifth schedule hereto shall be kept alive for the purpose of re-issue in terms of section 121 of the act.' 9. the said debenture trust deed conferred an option on the registered holder of the debenture to convert the convertible portion thereof at any time ..... the expiry of a period of seven years from the date of issue thereof; and (v) any moneys borrowed by it from the government or the industrial finance corporation of india or the industrial credit and investment corporation of india or any other financial institution which the central government may notify in this behalf in the ..... may notify in this behalf. by the said letter, the assessee informed the said authority that by the central government notification no. 3497, dated september 28, 1968, the central government had notified the life insurance corporation as one of the financial institutions borrowings from whom were liable to be included in computation of capital of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Dec-03-1993
Reported in : (1994)49ITD386(Mum.)
..... pointed out that the legislature also took into consideration the possibility of some overlapping in the two provisions, viz., section 80hhc and section 80hhe as is clear from sub-section 5 of section 80hhe reproduced below which will go to ..... particular type of software as is evident from the fact that the section provided that no deduction contemplated by it shall be allowed in relation to the assessment year commencing on the 1st day of april 1994 (later on deferred to 1995 by finance act, 1993) or any subsequent assessment year. it may also be ..... 34 of explanatory notes available at pages 7146-7182, 7164-65 in volume 6 of the learned author chaturvedi pithisaria, section 80hhe was inserted by finance (no.2) act, 1991 for the following purpose: finance (no. 2) act, 1991 - explanatory notes on the provisions relating to direct taxes. 34. with a view to providing fiscal incentive for .....
Tag this Judgment!Court : Mumbai
Decided on : Dec-02-1993
Reported in : [1994]210ITR409(Bom)
..... on both sides, we have reached the conclusion that during the relevant assessment year, the assessee was an industrial company within the meaning of section 2(8) (c) of the finance act, 1974. we have also no doubt in holding that the tribunal misdirected itself in law while attempting to distinguish the judgment in neo pharma's ..... 11. the appellate assistant commissioner came to the conclusion that the assessee was 'mainly engaged in the manufacture of goods' within the meaning of section 2(8) (c) of the relevant finance act and was thus an industrial company as defined therein. 12. the income-tax appellate tribunal reversed the decision of the appellate assistant commissioner, inter ..... as to whether the assessee is a company which is mainly engaged in the manufacture or processing of goods within the meaning of section 2(8) (c) of the relevant finance act and thus an industrial company. it is well-settled by this time that the assessee-company which gets the goods manufactured under its .....
Tag this Judgment!Court : Mumbai
Decided on : Dec-01-1993
Reported in : (1994)116CTR(Bom)523; [1995]214ITR143(Bom)
..... dhanuka j.1. this reference involves consideration of the interesting and important question of law as to the interpretation of section 54 of the income-tax act, 1961, as it stood prior to its amendment by the finance act, 1982. there is a sharp difference of opinion between the view taken by the high courts of madras and gujarat ..... the cost shall be reduced by the amount of the capital gain.' by section 10 of the finance act, 1978, the following changes were effected in the said section with retrospective effect from april 1, 1974 : '(i) section 54 was renumbered as sub-section (1) thereof, and in, sub-section (1) as so renumbered, after the words 'for the purposes of ..... as it stood prior to amendment in so far as the problem under consideration is concerned. section 54 was amended further by the finance act, 1982. the said subsequent amending act is also not relevant for our purpose. 6. the assessee purchased an ownership flat in the building known as 'kamal kunj' situated at jamshed road, .....
Tag this Judgment!Court : Mumbai
Decided on : Nov-25-1993
Reported in : [1994]210ITR267(Bom)
..... respect of the above referred amount of rs. 37,36,928 in view of the provisions contained in section 40a(7) newly inserted in the income-tax act, 1961, by section 6 of the finance act of 1975. section 40a(7) of the act provided that 'subject to the provisions of clause (b), no deduction shall be allowed in respect of any ..... its order dated december 15, 1975. during pendency of the appeal before the tribunal, section 40a(7) was inserted in the act with retrospective effect. on may 12, 1975, the finance act of the 1975 came into force. section 40a(7) was introduced in the income-tax act, 1961, with effect from april 1, 1973. at the hearing of the second ..... the income-tax officer acquired any new information after the decision of the income-tax appellate tribunal. the retrospective amendment of the act by the finance a of 1975 incorporating section 40a(7) in the act was very much known to the income-tax officer while the second appeal before the income-tax appellate tribunal was being argued in .....
Tag this Judgment!Court : Mumbai
Decided on : Nov-25-1993
Reported in : 1994(3)BomCR601
..... security of pledged goods was lost on account of negligence of the bank. under these circumstances the supreme court held that the guarantors were discharged under section 141 of the contract act. mr. parikh also relied upon the authorities in the cases of amrit lal goverdhan lalan (dead) by his legal representative v. state bank of ..... it must be mentioned that the authority of the supreme court cited above was also considered herein.50. again in the case of vasireddi seetharamaiah v. srirama motor finance corporation, kakinada and anr., reported in : air1977ap164 , the question arose as to whether the creditor is bound and liable to actively recover the security and an ..... travancore & ors., reported in : [1968]3scr724 ; state of madhya pradesh v. kaluram, reported in a.i.r (1968) mys 1105 and p. janakiram chety v. punjab national bank, ltd. new delhi & anr., reported in a.i.r.(1968) mys 56. all these authorities deal with cases where the creditor was in .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
Decided on : Nov-24-1993
Reported in : (1994)(72)ELT660Tri(Mum.)bai
..... held themselves out to be the importer. if they disclaimed the goods, the department cannot substitute another person as importer, in the context of the provisions of section 48 of the customs act, whereunder if the notified importer does not clear the goods or abandon the goods, the authorities having custody of the goods can only sell the goods by ..... into the merits of the arguments from either side. moreover, even if a show cause notice is waived, it is necessary as per the provisions of section 124 of the customs act, that such a notice has to be oral. hence it is necessary to record the specific allegations which were put across to the appellants orally and hear ..... factual position as revealed by shri pallaria and biren shah indicating that the arrangement was to get the goods cleared in the name of m/s. vikram overseas by financing the entire import by shri biren shah from behind and also paying premium for import-export pass book and getting the goods so cleared by shri biren shah for .....
Tag this Judgment!Court : Mumbai
Decided on : Nov-18-1993
Reported in : [1994]51ITD339(Mum)
..... stands modified by guidance note on accounting for depreciation in companies issued recently which is contained at pg. 26 to 35 of the paper compilation.section 205 of the companies act governs the provisions regarding charging of depreciation for the purpose of payment of dividends. as per the guidance note, which came into force on or ..... no room for intendment and no place for equity while interpreting statutes. he has stated that he has relied on the finance ministers speech for the limited purpose that the legislative intention in introducing section 115j was to tax zero tax prosperous companies on the basis of profits declared in their own accounts. the profit made ..... liability for which is unascertained, as viewed by the assessing officer. in this connection, he referred to the budget speech of the prime minister and the minister for finance reported in : [1987]165itr14(sc) . the assessing officer has to adopt the profits as shown in the p & l account and the change of method of .....
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