Court : Mumbai
Reported in : [1984]10ITD63(Mum)
..... granted by the uk authorities regarding the income or loss and the wear and tear allowance.3. section 44b of the income-tax act, 1961 (the act) which was inserted in the act, by the finance act, 1975, with effect from the assessment year 1976-77, made a special provision for computing profits and gains of shipping business in ..... submissions and facts and record. we find that prior to coming into force of section 44b as well as the amendment to section 172 of the act made by the finance act, 1975, the taxable profits of the foreign shipping enterprises were determined by suitably apportioning their profits between their indian business and foreign business or on the ..... learned counsel for the assessee to the effect that circular no. 7 of 1942 would be binding on the assessing authorities even after insertion of section 44b by the finance act, 1975.8. we, however, find that circular, no. 169, dated 23-6-1975, contains elaborate directions regarding the manner in which the assessment of the non .....
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 : [1990]32ITD331(Mum)
..... since it speaks for itself and its effect is so very clear inasmuch as it speaks of, with effect from 1-6-1988.7. in the memo explaining provision in finance act, 1988, vide para 48, dealing with the topic, amendment of provisions relating to revision of orders prejudicial to revenue, it is stated in very clear terms and that speaks ..... injunction of any court shall be excluded.'4. now the issue for our decision is whether the explanation appended to sub-section (1) of section 263 of the act, which was substituted by the finance act, 1988 with effect from 1-6-88 will apply and, if so, to what effect. the assessee claims that this explanation being effective from 1-6-1988 ..... if we have to take that to be so, which, in this case, is then explanation appended to sub-section (1) of section 263 of the act, which was substituted (as mentioned above by finance act, 1988), is to be effective from 1-6-88. the cut off date if clearly mentioned and accordingly it has to be held that the statute speaks .....
Tag this Judgment!Court : Mumbai
Reported in : 1990(3)BomCR104
..... powers of the commissioner under this sub-section shall extend to such matters as had not been considered and decided in such appeal.the explanation was further amended by finance act, 1989 with retrospective effect from 1-6-1988 on the basis of which the explanation (b) to section 263(1) came to be as :(b) 'record ..... this amendment explanation (b) was inserted reading as:(b) 'record' includes all records relating to any proceeding under this act available at the time of examination by the commissioner.it was amended in the present form by the finance act, 1989 with retrospective effect from 1-6-1988. in the present form it reads as under :(b) 'record' ..... assessment and directing a fresh assessment.this section was thereafter first amended by the taxation laws (amendment) act, 1957 with effect from 1-4-1958. this amendment was of not much consequence. the section was again amended by the finance act, 1988 with effect from 1-6-1988. by this amendment explanation to section 263(1) was amended .....
Tag this Judgment!Court : Mumbai
Reported in : 1991(4)BomCR301
..... to construe the transaction as a transaction of hiring or leasing truly and properly so called and it cannot be considered as a colourable transaction or a financing transaction or as a transaction of hire purchase or as a transaction of loan. throughout, the plaintiff has shown the suit equipments as of their ownership ..... contended in the said affidavit in reply that on a true construction of the said agreements, the alleged lease agreement is nothing but hire purchase agreement or loan finance agreement. the first question, therefore, which arises for consideration of the court is as to what is the true nature of the suit transaction, at least ..... plaintiff has been claiming depreciation in respect of the suit machinery as owners thereof as permissible under income-tax act, 1961. the defendant had been paying rental as agreed to the plaintiff till march 1988.11. lease financing is a well-recognised form of legal transaction whereunder the lessor remains the owner of the equipment leased .....
Tag this Judgment!Court : Mumbai
Reported in : [1992]195ITR496(Bom)
..... v. aloke mitra : [1980]126itr599(sc) , shri dastur pointed out, held that, under sections 1 and 2 of the finance act, 1894 (which are similar, if not identical, to sections 5 and 6 of the estate duty act), the simultaneous existence of a right to tax was consistent with the well-known statement of lord macnaghten in earl cowley's ..... the accountable person before the appellate controller or the tribunal. suffice it to say that, as regards the deceased's interest in the funds comprised under the baronetcy act, the respective contentions and the tribunal's findings were as under :6. the case of the accountable person was that the deceased had disposed of his entire life ..... circumstances of the case, is wholly or partly includible in the principal value of the estate of the deceased under section 5, 7 or 11 of the estate duty act, 1953. for the sake of convenience, we propose to dispose of the aforesaid five questions together and first.3. the deceased, sir cawasji jehangir, the second baronet .....
Tag this Judgment!Court : Mumbai
Reported in : 2007(6)BomCR236; (2007)211CTR(Bom)10; [2007]293ITR548(Bom)
..... the issuance of the notice under section 148 and stated that the reasons furnished by the respondent no. 1 had quoted the provisions of section 10a as amended by the finance act, 2000 w.e.f. the asst. yr. 2001-02 and as such could not have been made applicable for the asst. yr. 1999-2000 i.e. the year ..... total income under section 80b(5). the gross total income has been described to be the total income computed in accordance with the provisions of the act before making any deduction under the relevant chapter. a perusal of section 10a(1) at it stood at the relevant time clearly sets out that subject to the provisions of this section, any ..... and, therefore, liable to be quashed. at the hearing of this petition, on behalf of the petitioner, it is firstly submitted that notice under section 148 of the act cannot be issued without there being reason to believe that any income has escaped assessment. in the alternate, the submission is that in fact no income has escaped assessment and .....
Tag this Judgment!Court : Mumbai
Reported in : (2005)198CTR(Bom)324; [2006]282ITR457(Bom)
..... it will be useful to refer to the portion of the departmental circular no. 550, dt. 1st jan., 1990, which reads as under :'the above explanation was incorporated in the finance act, 1998, to clarify this legal position to have always been in existence. some appellate authorities have, however, decided that the explanation will apply only prospectively, i.e., only to ..... the assessment year in that case was 1975-76 ending on 31st dec., 1974. the assessment was completed under section 143(3) read with section 144b, on 31st march, 1978, in which net business loss was computed at rs. 3,61,086 and the income under the head 'capital gains' at rs. 38,874. the ito had made certain ..... court on reference under section 257 of the it act, 1961, was required to deal with the following question referred to it :'whether, on the facts and in the circumstances of the case, the order of assessment passed by the ito under section 143(3) read with section 144b on 31st july, 1978, had merged with that of the cit(a .....
Tag this Judgment!Court : Mumbai
Reported in : (2010)232CTR(Bom)12
..... was urged that the commissioner was justified in seeking recourse to his revisional jurisdiction under section 263.8. chapter xix-b of the income tax act, 1961 was introduced with effect from 1 june 1993 by the finance act of 1993. the chapter makes a provision for advance rulings and constitutes an authority, presided over by a retired judge of the ..... by the applicant by fraud or misrepresentation of facts, the authority may may declare such ruling to be void ab initio and thereupon all the provisions of the act shall apply to the applicant as if such advance ruling had never been made, after excluding the period beginning with the date of such advance ruling and ..... relates to assessment years 2004-2005 and 2005-2006. on 30 april 2001, the authority for advance rulings (aar) constituted under section 245 of the income tax act, 1961 held that the purchase and sale of shares by the petitioner was in the ordinary course of its business and the income which resulted from this, constitutes .....
Tag this Judgment!Court : Mumbai
Reported in : 1984(17)ELT109(Bom)
..... has imposed certain restrictions and conditions in regard to the levy, rates of tax on the sales or purchases of these central act. chapter iv of the central act is headed 'goods of special importance in inter-state trade or commerce'. this chapter consists of two sections, namely, sections 14 and 15. section 14 sets out the goods which the parliament has declared to ..... by the department as also by the tribunal, for over 16 years and thus departing from the principle of stare decisis ?'so far as sales tax reference no. 7 of 1978 made at the instance of metro steel rolling mills is concerned, questions nos. 2 and 3 are identical with questions nos. 2 and 3 in sales tax reference no. 51 ..... of 1977, and it is necessary to set them out. question no. 1 in sales tax reference no. 7 of 1978 with the correction agreed upon by the parties is as follows :'1. whether on the facts and in the circumstances of the case the tribunal was correct in law that .....
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