Court : Mumbai
Reported in : [1999]240ITR12(Bom)
..... instance of the department, the income-tax appellate tribunal has referred the following question of law for the opinion of this court for the assessment year 1978-79 under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, and having regard to the terms of the trust deed dated may ..... 78 has not been annexed to the paper book. as stated hereinabove, the above question referred for opinion of this court in the present reference concerns the assessment year 1978-79. the trust was created on may 9, 1973. the beneficiaries to the income are specified persons having determined shares. the income of the trust for the assessment ..... of income-tax (appeals) was confirmed by the tribunal in the present case. situated thus, there is no material before us to hold that section 164(1) of the act is applicable in the present case. to repeat, the order of the tribunal for the earlier assessment year 1977-78 has also not been placed before this court.4. .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]239ITR319(Bom)
..... not an offence or which is not prohibited by law. mr. desai submits that as the explanation was inserted by the finance (no. 2) act, 1998, with retrospective effect from the date of coming into force of the income-tax act, 1961, i.e., april 1, 1962, the income-tax authorities, including the tribunal, had no occasion to examine ..... . mr. mistry, learned counsel for the assessee, contended that it is now well-settled that secret commission is allowable as a deduction under section 37(1) of the act in the computation of business income as business expenditure. mr. desai, learned counsel for the revenue, however, drew our attention to the explanation added to section 37(1) ..... regarding payment of commission, the income-tax officer did not allow the claim of the assessee for deduction of the above amount under section 37(1) of the act in the computation of its income. the assessee preferred an appeal to the commissioner of income-tax (appeals) who accepted the claim of the assessee for deduction of .....
Tag this Judgment!Court : Mumbai
Reported in : (2003)185CTR(Bom)336; [2003]264ITR38(Bom); 2004(1)MhLj853
..... globalisation, banking is not restricted to receiving deposits for the purposes of lending. banks offer various facilities to its customers. they provide lockers, safe deposit vaults, finance for margin trading, collecting dues and charges for and on behalf of the government, local authority, mtnl, best, mseb, etc. section 6(1)(a) of the banking ..... -bank from hiring out safe deposit vaults was income from the business of banking and, therefore, deductible under section 80p(2)(a)(i) of the income-tax act. now, in the present case, mseb and mpcs are the public undertakings. both these public undertakings were the customers of the assessee-banks. they were having ..... aforestated two public undertakings was income derived from business of banking and, as such, the said income was exempt under section 80p(2)(a)(i) of the act. according to the assessee, collection of electricity bills was a facility extended by the bank to its customers. according to the assessee, such an activity was a .....
Tag this Judgment!Court : Mumbai
Reported in : 2007(4)BomCR841; (2007)210CTR(Bom)317
..... scheme of the section if there was any such under-statement exceeding 15%, so much amount will be added to the income of the assessee. thereafter chapter xx-a was added in the act which dealt with 'acquisition of immovable properties in certain cases of transfer to counteract evasion of tax'. section 269c(2) provided that where the difference was ..... claimed an interest in the property which was acquired. a developer has no right of specific performance as held by the single judge of this court in the peerless general finance & investment co. ltd. v. swan mills limited and ors. reported in : 2000(1)bomcr48 . on the same footing, the division bench held that the developer had no ..... to lay down the law that the purchaser has no right to file a petition when the property which he wanted to purchase is acquired compulsorily under chapter xx-c of the said act.23. the next and alternative submission of mr. pardiwala is that assuming that the petitioner could be said to have been heard on 16.2.1995 .....
Tag this Judgment!Court : Mumbai
Reported in : (1986)88BOMLR415; (1986)51CTR(Bom)91; [1986]162ITR599(Bom); [1986]24TAXMAN67(Bom)
..... from business' and not income from 'interest on securities' ?'4. before going into the arguments of respective counsel, it would be useful to note that chapter iv of the income-tax act, 1961, deals with the computation of total income and provides that the total income has to be computed under what are known as 'heads of income'. ..... 'interest on securities' for the purpose of assessment. the income-tax office concerned treated this income as interest on securities falling under section 18 of the income-tax act, 1961, and taxed it as such in the hands of the assessee. on appeal from this order, the appellate assistant commissioner took the view that it was only ..... & sons, a case of the very assessee before us, reported in : [1978]115itr587(bom) . in that case, the act with which the court was concerned was the indian income-tax act, 1922, but there is no dispute that the scheme of assessment under that act and the income-tax act, 1961, is the same. in that judgment, this court relied upon the .....
Tag this Judgment!Court : Mumbai
Reported in : 1990(3)BomCR154; [1990]185ITR361(Bom)
..... law for the time being in force.'8. the expression used in section 269un being materially different, it became necessary to provide for power of rectification in that chapter, i.e., under section 269uj itself. there was no such necessity for a specific provision in relation to section 273a.9. shri jetley, for the department ..... pertinent to mention that the karnataka high court took the same view in shankara apaya swami v. wto : [1976]103itr649(kar) , cwt v. c. s. manvi : [1978]114itr417(kar) and smt. shantha devi v. wto : [1980]121itr703(kar) . for the sake of brevity, reference to those cases is not considered necessary.13. a similar ..... different years as a voluntary declaration made in good faith. she also requested the commissioner to waive all imposable penalties and interest chargeable under various sections of the act. the commissioner accepted the application, vide order dated november 26, 1985, observing that the petitioner had satisfied all the conditions laid down in section 273a.2 .....
Tag this Judgment!Court : Mumbai
Reported in : [2009]180TAXMAN545(Bom)
..... and the debts due to its must be regarded as directly springing from its business activity. as stated above in the present case it has been held that money lending/financing was not one of the business of the assessee-company.9. in the net result, we answer the question in the affirmative and in favour of revenue. reference ..... question, counsel appearing for the assessee relied upon the following four judgments:(1) cit v. v.s. dempo and co. (p.) ltd. : [1994]206itr291(bom) (2) ramchandar shivnarayan v. cit : [1978]111itr263(sc) (3) indore malwa united mills ltd. v. state of mp. : [1965]55itr736(sc) (4) vassanji sons & co. (p.) ltd. v. cit : [1980]125itr462(bom) we are ..... to be incidental to it. if that is established, then the deduction must be allowed, provided of course there is no prohibition against it, express or implied, in the act. (p. 15)the further relevant observation of the supreme court on the issue in question was as under:at the same time, it should be emphasised that the loss .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]238ITR872(Bom)
..... its business in march, 1972, and the property consisting of land and building was sold. the assessment which was originally made on september 18, 1978, was set aside and fresh assessment was made. the income-tax officer, who was asked to make a fresh assessment, referred the matter for valuation of the property to ..... the assessee to its employees was expenditure wholly and exclusively incurred in connection with the agreement of sale and hence allowable as a deduction under section 48(1) of the act. hence, this reference at the instance of the revenue.3. we have heard mr. r. v. desai, learned counsel for the revenue, who submits that the ..... ex-employees was incurred wholly and exclusively in connection with the sale of the property of the business of the assessee allowable under section 48(i) of the income-tax act, 1961 ?'2. the material facts giving rise to this reference are as under : the asses-see, who was carrying on the business of exhibiting films, closed .....
Tag this Judgment!Court : Mumbai
Reported in : (1990)81CTR(Bom)174; [1990]181ITR291(Bom)
..... amounts, as on the first day of the previous year relevant to the assessment year, of - ... (v) any moneys borrowed by it from 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 official gazette ..... the question in so far as it partisans to the assessment year 1967-68 is squarely covered by this court's decision in the assessee's own case in : [1978]112itr215(bom) . no doubt, shri dastur made an attempt to persuade us to take a different view, but we see no good reason to reconsider the question. accordingly, ..... depreciation in its books on a particular method. the amount of depreciation debited in the books is less than what is allowable or actually allowed under the income-tax act. but, so far as the assessee is concerned, the value of the assets in its books has all along been the same. the assessee has admittedly not increased .....
Tag this Judgment!Court : Mumbai
Reported in : [1989]179ITR29(Bom)
bharucha, j.1. the question that arises in this reference under section 256(1) of the income-tax act, 1961, made at the instance of the revenue, reads thus :'whether, on the facts and in the circumstances of the case, the assessee company was entitled to set off the unabsorbed depreciation allowance amounting to rs. 51,547 of the years 1950-51 and 1951-52 against its income under other heads and sources of the assessment year 1971-72 ?'2. counsel are agreed that the question must be answered in the affirmative and in favour of the assessee, having regard to the judgment of this court in cit v. estate and finance ltd. : [1978]111itr119(bom) .3. the question is accordingly so answered.4. no order as to costs.
Tag this Judgment!