Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)7SOT378(Mum.)
..... to reduce the cost of acquisition of the preference shares. reliance was placed on the decision in the case of globe united engg. & foundry co. ltd. v.industrial finance corpn. of india (1974) 44 comp. cas. 347 (del). our attention was also invited to the decision of the hon'ble supreme court in cit v. india ..... year under consideration in respect of 11% cumulative preference shares. according to the assessee, the said amount of dividend was in respect of earlier six financial years 1978-79 to 1982-83 and 1984, which years much before the acquisition of the preference shares. since they were in the nature of cumulative preference shares and by ..... carefully considered these facts as also the discussions in the impugned order. we have also considered the submissions of the parties before us. section 85 of the companies act, 1956 provides two kinds of share capital m-preference share capital and equity share capital. the preference shares are entitled to either or both of the following rights .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)6ITD373(Mum.)
..... the arguments given and the conclusion arrived at therein. this view of the tribunal is supported by the decisions of the punjab and haryana high court in cit v. ferozepur finance (p.) ltd. [1980] 124 itr 619 and the madras high court in cit v. motor credit co. (p.) ltd. [1981] 127 itr 572. hence, we uphold the order of ..... one such ground relates to head office expenses. it says that the commissioner (appeals) erred in holding that the provisions of section 44c of the act do not apply to the assessment for the assessment year 1978-79, except in regard to the expenditure incurred after 1-6-1976 and in deleting the disallowance of rs. 14,89,085 on that ground ..... on the decision in the case of k.sankarapandia asari & sons (supra) in this connection. in this case, it has been held that section 145 of the income-tax act, 1961 ('the act') enables the ito to make adjustments in the method of accounting followed by the assessee only if the said method does not reveal the true profits of the business .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1994)48ITD338(Mum.)
..... of rs. 6,80,000 in view of the provisions of section 49 of the act.thus, the case is beyond the ambit of mcdowell's ruling. the mode of financing and the fact that ntpl ceased to be subsidiary are of not much relevance in deciding ..... g.k. batlivala and mr.k.c. harogan, two executives of bombay dyeing mfg. co. ltd. (iii) ntpl was incorporated on 6-3-1978. it had no other activity since its inception. (iv) in march 1983, this company acquired the shares of cbl and thereafter it became its wholly ..... 8 years aforesaid, the amount of capital gain exempted from tax by virtue of the provisions contained in section 47 of the act shall be deemed to be income of the transferor company chargeable under the head 'capital gains' of the year in which the ..... submitted that the capital gain earned by the assessee company is not exigible to tax vide the prescription of section 47(iv) of the act. it was further submitted that the principle propounded by the apex court in the mcdowell & co. ltd. 's case (supra) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2003)79TTJ(Mum.)202
..... the advance tax paid by the assessee in any instalment is less than the specific percentage of the amount due, interest is leviable on the shortfall. by the finance (no. 2) act, 1991, the provisions of section 234c(1) have been amended with retrospective effect from 1st april, 1989, so as to provide that these provisions are to ..... decision in the case of pradeep j. mehta is not accepted by the department.2. the assessee is a registered firm carrying on business in cotton since the asst. yr. 1978-79. the assessee-firm has two partners (i) kusum j. mehta, wife of jasubhai, and (ii) pradeep mehta, son of jasubhai. the residential premises of jasubhai d ..... . mehta were searched under section 132 of the it act, 1961. such premises are shared by all the partners. further, pursuant to such search, bank lockers of all family members were searched. during the course of search, cash of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)103ITD81(Mum.)
..... . gauri shanker brought to our notice a brochure entitled "guidelines for valuation of equity shares of companies and the business and net assets of branches", issued by the ministry of finance, department of economic affairs, investment division [vide f. no. section 11 (21) cci(11)/90 dt. 13th july, 1990, published in (1990) 60 comp cas (st) 121 ..... himself and h.r. khanna, j. was "what is the basis of valuation of shares in private limited companies for the purpose of section 7 of the wt act?" after discussing the relevant principles and decisions, the learned judge enunciated the following principles: an examination of the various aspects of valuation of shares in a limited company would ..... called as an act). in support of his calculation of fair market value, the assessee submitted the valuation report of mr. p.c.hansotia & co., who adopted the yield method taking into account the profits of three preceding years prior to 1-4-1981 i.e., year ending 30-6-1978, 30-6-1979 and 30-6-1980. he, .....
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