Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: income tax appellate tribunal itat mumbai Page 18 of about 275 results (0.571 seconds)

Nirmal Udyog Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1998)65ITD73(Mum.)

..... to disclose fully and truly all material facts necessary for his assessment or otherwise, then, notwithstanding anything contained in the indian it act, 1922 (11 of 1922), or the it act or in any finance act, income-tax shall be charged in respect of the income so declared such income being hereinafter referred to as the voluntary disclosed income at the rate ..... penalty proceedings. reference may be made to the decision of the calcutta high court in the case of cit vs. p. b. shah & co. (p) ltd. (1978) 113 itr 587 (cal). i am also not impressed by the statement made on behalf of the assessees that since they have shown the additional income voluntarily in the returns ..... (sc), sheo narain jaiswal vs. ito (1989) 176 itr 352 (pat), cit vs. daj bhai kanji bhai (1991) 189 itr 41 (bom) and panchanam hati vs. cit (1978) 115 itr 336 (cal).the learned departmental representative, on the other hand, after referring to the discussion note and letters from the dy. cit, dt. 20th march, 1989, addressed to .....

Tata Chemicals Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)72ITD1(Mum.)

..... also formed for taking decisions on capital purchases. this committee's decisions are reviewed by another committee consisting of the managing director, chief purchase executive, controller of finance and accounts, the joint-managing director and the vice-president. the assessing officer has found (page 44 of assessment order) that during the period of construction of ..... is not referred to by the supreme court in its four subsequent decisions in the cases of produce exchange corporation ltd. [1970] 77 itr 739 (sc), b.r. ltd. [1978] 113 itr 647 (sc), hooghly trust (p.) ltd. [1969] 73 itr 685 (sc) and standard refinery & distillery ltd. [1971] 79 itr 589 (sc). perhaps the ..... cloth and also speculation business. the question was whether both the businesses constituted a single business for the purpose of section 24(2) of the income-tax act, 1922. a number of circumstances were relied upon by the tribunal in support of the finding that both the businesses were distinct and separate. the high .....

Berlia Chemicals and Traders (P) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... earlier. if the intention was to make it retrospectively effective, it would have specified so in no uncertain terms as was done when expln. 8 was inserted by the finance act, 1986, with retrospective effect from 1st april, 1974. the situation in the present case is clearly distinguishable from the one which was before the bombay high court in the ..... net income which formed part of the total income after making permissible deductions. this was made clear, the court held, by the explanation added to rule 1 by the finance act, 1981.6. in this connection, it was contended on behalf of the assessee in that case that rule (x) can be interpreted as referring to the net income ..... two sister concerns. he relied on the decisions of the supreme court in juggilal kamlapat v. cit (1969) 73 itr 702 (sc), union of india v. gosalia shipping (p) ltd. (1978) 113 itr 307 (sc), mcdowell & co. ltd. v. cto (1985) 154 itr 148 (sc), sunil siddharthbhai v. cit (1985) 156 itr 509 (sc) and workmen of associated .....

Chhabria Trust Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD181(Mum.)

..... the board issued a circular [circular no. 469, dt. 23th sept. 1986, reported in (1986) 162 itr (st) p. 21). after referring to the budget speech of the finance minister wherein reference was made to the proposal to introduce a system pf allowing depreciation in respect of block of assets instead of the present system of depreciation on individual ..... carry on its business but dontinued to remain in possession of the assets. one of the assets owned by the trust was a factory building acquired by it in 1978. after the closure of the business from asst. yr. 1985-86, the trust continued to exploit the asset by letting it out and the income therefrom was shown ..... mumbai bench, has considered the similar issue in the case of artic (supra). while considering section 2(11), the tribunal held as under: "section 2(11) of the it act defines "block of assets" as meaning a group of assets falling within a class of assets, being building, machinery, plant or furniture, in respect of which the same percentage .....

Deputy Commissioner of Income Vs. Manjara Shetkari Sahakari Sakhar

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)91ITD361(Mum.)

..... "aop"? these questions were argued before us. it is pertinent to note that the term "aop" could include within its ambit company or firm also. moreover, each finance act prescribes a separate and concessional rate of income-tax for co-operative societies from that levied on a company or firm or aop. this clearly implies that co-operative society ..... to relatives and associate concerns in the form of excessive payments for goods and services, etc. in order to check such evasion, section 40a(2) was inserted by the finance act, 1968, with effect from april 01, 1968.the crucial words in section 40a(2)(a) are "fair market value of the goods, services or facilities". the goods, ..... cannot be taken into consideration for determination of the price of levy sugar. this will be evident from paragraphs 2.17, 2.20, 2.21 and 2.39 of chapter ii of bhargava commission report. they are extracted below: 2.39. after considering all these facts we have decided that the extra realisations on the sale of sugar .....

Dhansukhlal C. Patel Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)1SOT157(Mum.)

..... of otherwise." "forthepurposes of thissub-clause, the expression"industrial undertaking' means any undertaking which is engaged in - this explanation was introduced with effect from 1-4-1991 by finance act, 1991, explanation (ba) came into statute book with effect from 1-4-1998 onwards. this means the interest arising to these central government employees, who had been absorbed ..... paid in a subsequent year after the lapse of seven years. the assessing officer as well as the cit (a) did not accept the above.chapter iii in the income tax act enumerates the income which do not form part of total income. section 10 states that "in computing the total income of the previous year of any ..... recognized tables of mortality.(iii) any payment in commutation of pension received from a fund under clause (23aab))".it is the case of the revenue that under chapter 3 which deals with the income that does not form part of the total income, what is exempted under section 10a is only the amount of commutation of .....

imp Power Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... penalizing the employers who mis-utilised the contribution to provident fund or any other fund, set up under the provisions of esi act, 1948, or any other fund, for welfare of the employees. further by amendment by the finance act, 2003, 2nd proviso to section 43b was deleted and the 1st proviso was amended. however, correspondingly no change in ..... assessee. the assessing officer further held that the provisions of section 40(a)(i) were of over riding nature and even took precedence over the provisions of chapter xvii. further, he also rejected the assessees contention that payments made were of the nature of running payments and if any tax was to be deducted, the ..... the same principle and should therefore be allowed. we have been advised that since the payee is not assessed provisions of section 195 i.e., chapter xvii are not applicable and once chapter xvii is not applicable, the provisions of section 40(1)(i) will also become redundant. moreover, our country has a dtaa with great britain .....

Deputy Commissioner of Vs. Abg Heavy Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... tribunal.27. we have heard the parties and considered their submissions including the judicial authorities referred to by them. section 115ja has been inserted in the income-tax act by the finance (no. 2) act 1996 with effect from the assessment year under appeal, i.e., ay 1997-98 with a view to levy a minimum tax on companies which are having book ..... of traffic, for safety of vessels, or for improvement, maintenance or good government of the port. referring to chapter v ("works and services to be provided at ports") of the major port trusts act, 1963, he submitted that the provisions contained in the said chapter empowered the board to provide moorings and cranes, scales and all other necessary means and appliances for loading .....

Dhirubhai Ambani Knowledge City Mumbai. Navi Mumbai - 400 710 Vs. Pan ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... that prevailing in the case of hindustan lever ltd. (supra) in which albeit the assessee supplied the details of income of the units eligible for deductions under chapter vi-a, but the ao failed to note that the assessee had not allocated proper amount of expenses to such eligible units, which he was required to observe ..... assessee claimed that it was deductible business expenditure. the a.o. accepted the explanation and allowed the deduction. the cit issued notice u/s 263 of the act on the ground that the order of the assessing officer was erroneous and prejudicial to the interests of revenue on the question of allowance of deduction of the ..... cit v. nalwa investments ltd. [(2011) 338 itr 522 (del.)]. in this case the assessee was a non-banking finance company engaged in the business of investment in shares, securities, other debt instruments and financing loans and providing guarantees. the income of the assessee comprised of interest on loans and securities, professional income as well as .....

Wallace Flour Mills Co. Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)12ITD577(Mum.)

..... that those reasons would not justify the initiation of acquisition proceedings in the present case. the learned counsel submitted that the proceedings for acquisition of the property under chapter xx-a of the act was quasi-criminal proceeding, as has been held in cit v. smt. vimlaben bhagwandas patel [1979] 118 itr 134 (guj.)and cit v. amrit sports industries ..... in question. in support of his submissions shri jaitley relied on the decision of the calcutta high court in smt. bani roy chowdhury v. competent authority, (iac) [1978] 112 itr 111, wherein it was held that conveyance of a nearby plot would be a material fact in the context of formation of belief. he also relied on ..... the same management, namely, alsales ltd. and that it was from alsales ltd. the present transferor, mrs. bina d. gondalia, has purchased this property on 15-9-1978 for a consideration of rs. 3,39,900 plus rs. 500 for shares. we may mention here that the plea of the appellants was that this property was valued for .....