Court : Mumbai
Reported in : (2003)181CTR(Bom)357; [2003]259ITR423(Bom)
..... in support of his contention that the relief is to be calculated country-wise. he contended that sections 90 and 91 come under chapter ix. they are parts of the same scheme. they indicate that the relief is to be calculated on the income accruing country ..... in the thailand branch stood omitted. being aggrieved, the department has made the reference to this court under section 256(1) of the act.arguments : 4. mr. r. v. desai, learned senior counsel for the department, contended before us that in the present case ..... all the above four references have come to this court under section 256(1) of the income-tax act, 1961, for the assessment years 1971-72, 1972-73, 1973-74, 1978-79, 1980-81 and 1981-82. since all the four references raise common questions on facts and ..... section 91(1) of the act. he contended that the basis of the said relief was that there should be a double taxation of income. he contended that the entire scheme of sections 90 and 91 which comes under chapter ix, shows that the relief .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]240ITR762(Bom)
..... its business. that being so, interest on such borrowing, is allowable as a deduction under section 36(1)(iii) of the act. the controversy is, whether the full amount paid in this case by way of finance charges on the amount of rs. 2 lakhs which, in the opinion of the income-tax officer, is not merely by way ..... desai, learned counsel for the revenue, submits that the income-tax officer was justified in disallowing deduction of the finance charges in excess of 15 percent. per annum of the loan amount under section 36(1)(iii) of the act. it was pointed out by learned counsel that on the facts and circumstances of the case, the income-tux ..... assessments for the assessment years under reference were reopened under section 147(a) of the act. as in the assessment for the assessment year 1975-76, in reassessment orders made for these three assessment years, the income-tax officer allowed deduction of finance charges calculated at the rate of 15 percent. per annum as interest under section 36(1 .....
Tag this Judgment!Court : Mumbai
Reported in : [1978]113ITR58(Bom)
..... passing observation had been, however, made to the effect that the appellate assistant commissioner in giving a final finding in favour of the assessee on this point had acted rather on inadequate material and had failed to give proper opportunity to the income-tax officer to bring on record such material as may be necessary for a proper ..... as on march 31, 1963. accordingly, the brought forward loss of rs. 12,172 of the assessment year 1960-61 would lapse under the provisions of section 79 of act. 3. in an appeal by the assessee before the appellate assistant commissioner, it was contended on behalf of the assessee that section 79 was no bar to the assessee ..... the assessee-company to claim set-off of carried forward loss. 7. section 79 of the act deals with carry forward and set-off losses in the case of certain companies and its provisions are as under : '79. notwithstanding anything contained in this chapter, where a change in shareholding has taken place in a previous year in the case of .....
Tag this Judgment!Court : Mumbai
Reported in : (1984)86BOMLR527; (1985)44CTR(Bom)103; [1985]155ITR413(Bom); [1984]19TAXMAN485(Bom)
..... assessee there was manufacturing steel refrigerators and steel furniture and was building bus bodies. the expenditure that was claimed to be revenue expenditure was that incurred in financing the tour of a director to japan because the assessee intended to manufacture scooters, motor cycles and light and heavy three-wheelers. the court was of the ..... the nature of capital expenditure.20. in our judgment, the view expressed by the division bench of this court in antifriction bearings corporation ltd. v. cit [1978] 114 itr 335, is correct. we cannot subscribe to the wide statement made in the andhra pradesh judgment. unless the expenditure is directly related to a capital ..... chaman lal & bros. : [1970]77itr383(delhi) . a partner of the assessee-firm was prosecuted on the allegation that he had contravened the foreign exchange regulation act, 1947. the delhi high court held that the amounts spent by the assessee-firm on the defence of its partner were not deductible. the judgment cited showed that .....
Tag this Judgment!Court : Mumbai
Reported in : [1980]124ITR185(Bom)
..... subsequent years. since, in the present case, the question referred to us pertains to assessment years 1962-63 and 1964-65, the provisions of this finance bill are entire to the assessee. 9. in the result, the question referred to us is answered in the negative and in favour of the ..... ito upheld by the aac and by the tribunal. the tribunal took the view that the deduction under s. 24(1)(ix) of the i.t. act, 1961, will be available to the assessee provided two conditions are fulfilled : (1) the property must have been actually let out for some time, and ..... income under the head 'property' in accordance with the provisions of s. 24(1)(ix) of the income-tax act, 1961 ?' 3. it was urged on behalf of the assessee that the provisions of clause (ix) of s. 24(1) of the ..... act ought to be given a comprehensive meaning or liberal construction and any property which is available for letting should enable the assessee .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]239ITR499(Bom)
..... cit v. shaan finance (p.) ltd. : [1998]231itr308(sc) , wherein it has been held that where the business of the assessee consists of hiring out machinery and/or where the income derived ..... consideration. first, whether the assessee who is the owner of the computers and engaged in the business of leasing computers can claim development rebate under section 33 of the act in respect of the computers leased out by it. so far as that part is concerned, the controversy now stands concluded by the decision of the supreme court in ..... the circumstances of the case, the assessee is entitled to development rebate under section 33(1)(b)(b)(i)(b) of the income-tax act, 1961, so that the orders under section 263 of the income-tax act, 1961, passed by the commissioner of income-tax deserved to be cancelled ? at the instance of the assessee : (2) whether, on the .....
Tag this Judgment!Court : Mumbai
Reported in : 2006(2)BomCR316; 2005(3)MhLj1043
..... purchased the donated oil in the state of maharashtra and, therefore, not entitled to claim benefit of the exemption notification issued under section 41 of the bst act.11. learned agp further submitted that the notification entry no. 222(1) necessarily contemplates purchases and sales of the donated oil within the state of maharashtra. ..... law in relation to the transaction taking place within its territorial jurisdiction. she submitted that the transaction effected outside the state are not covered under the bst act and, therefore, the purchases made by the asssessee's head office at ahmedabad from the nddb cannot be said to be covered under the exemption notification ..... the assessee/dealer from nddb's, branch office at bombay, also a dealer in maharashtra is even otherwise exempt under section 8(1)(ii) of the bst act and, therefore, a construction which renders the exemption notification redundant cannot be accepted.9. mr. surte further submitted that the tribunal was in error in holding .....
Tag this Judgment!Court : Mumbai
Reported in : (2008)219CTR(Bom)345; [2008]302ITR279(Bom)
..... can be summed up from laws of england, fourth edition, reissue volume 23:where a number of persons combine together and contribute to a common fund for the financing of some venture or object and will in this respect have no dealings or relations with any outside body, then any surplus returned to those persons cannot be regarded ..... trading activity and the surplus/excess of receipts over the expenditure as a result of mutual agreement cannot be said to be 'income' for the purpose of the act. the supreme court thereafter relying on various english decisions held as under (page 110):we understand these decisions to lay down the broad proposition--that, if the object ..... income-tax from the income of such business to which the above principle is applicable. in that case, the assessee was registered as company under the companies act. it was, however, contended that the business was governed by the principles of mutuality and, therefore, income, if any earned is outside the scope of the income .....
Tag this Judgment!Court : Mumbai
Reported in : [2002]258ITR119(Bom)
..... -laws of the society, so long as the society has not redeemed the share capital contributed by the government or has not fully repaid the loans from the industrial finance corporation or central finance agency on block capital account, the state government shall fix the rate of return on cane supplied by the members of the society ?(3) whether, on the facts .....
Tag this Judgment!Court : Mumbai
Reported in : [1979]118ITR512(Bom)
..... industries rules, 1961; this letter is annexure 'h' to the statement of case. 9. section 81(i)(b) of the i. t. act, 1961, as it stood prior to its deletion by the finance (no. 2) act, 1967, with effect from 1st april, 1968, provided that income-tax shall not be payable by certain co-operative societies and clause (i)(b ..... , is perused, it would be clear that one or two important ingredients of the definition were not satisfied by the assessee. 11. in the maharashtra state aid to industries act, 1960 (act 17 of 1960), the term 'cottage industry' is defined in s. 2(b), which reads as under : '2. (b) 'cottage industry' means an industry prescribed by rules made ..... of 1960. 17. the exemption provided in s. 81(i)(b) of the i. t. act, 1961, came to be considered by a division bench of the allahabad high court in addl. cit v. hastkala pital udyog sahakari samiti ltd. : [1978]114itr723(all) . the allahabad high court was mainly considering the contention of the department which had urged that since .....
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