Court : Mumbai
Reported in : [1999]239ITR543(Bom)
..... receipt of central subsidy. he referred to the schedule of fixed assets, which formed part of the balance-sheet as at june 30, 1978, and observed that, in schedule 'a' the subsidy of rs. 8,72,270 had been adjusted against the cost of specific assets ..... allowance of depreciation and dismissed the appeal.8. on reference made to the high court under section 256(1) of the income-tax act, 1961, the high court took a resume of the relevant case law. the high court relied upon the decision of the supreme court ..... and, therefore, in terms of the provisions of section 43(1) of the income-tax act, the actual cost of the asset would stand reduced by the amount of subsidy.5. in appeal carried by the assessee against the ..... of actual cost upon receipt of central subsidy of rs. 8,72,270.4. action under section 263 of the income-tax act, 1961, was initiated for the assessment year 1979-80 as the assessment order made by the first income-tax officer, margao, was .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(111)BomLR928; 2009BusLR239(Bom); (2009)221CTR(Bom)660; [2009]177TAXMAN229(Bom)
..... is defined in the export credit (interest subsidy) scheme , 1968 to mean:any loan or advance granted or any other credit provided by an institution to an exporter for financing the purchase, processing or packing of goods, on the basis of letters of credit opened in his favour by an importer of the goods outside india, or a confirmed ..... of 'packing credit'. it paid interest on 'packing credit' amounting to rs. 12,13,150 for the year 1977-78 and rs. 16,37,667 for the year 1978-79. its claim to have those amounts deducted for purposes of computation of profits under section 35b was rejected by the income tax officer. he succeeded before the commissioner ( ..... scheme concessional rate of interest of six per cent , is charged on such loans. for that purpose sub-section (3a) of section 17 of the reserve bank of india act, 1934, inter alia, authorises the reserve bank to make over to any scheduled bank or state cooperative bank, loans and advances, against promissory notes of such bank, repayable .....
Tag this Judgment!Court : Mumbai
Reported in : [1978]112ITR229(Bom)
..... starting the business of running a cinema house habib hussein requested the original assessee to render him all the matter of getting necessary plans prepared as also procuring necessary finance. the original assessee was also requested to render various other services in connection with the construction of the theatre. on june 4, 1948, the original assessee entered ..... chose to alter the contract, which there was no evidence whatsoever. in the circumstances, we feel that the provisions of section 2(e)(iv) of the wealth-tax act, 1957, are clearly attracted and the question referred to us is, therefore, answered in the affirmative, in favour of the assessee. 7. the revenue will pay the ..... circumstances of the case, the annuity of rs. 1,000 per month arising to assessee under annexure 'c' was exempt under section 2(e)(iv) of the wealth-tax act, 1957 ?' 2. the question relates to wealth-tax assessment year 1962-63 and 1963-64, the relevant valuation dates being march 31, 1962,and march 31, 1963, .....
Tag this Judgment!Court : Mumbai
Reported in : [1995]216ITR376(Bom)
..... connection our attention was drawn to a circular of the cbdt bearing no. 471 dt. 15th october, 1986 which dealt with the investment in flats under the self financing scheme of the delhi development authority. the board has stated in the circular that when an allotment letter is issued to an allottee under this scheme on payment of ..... the assessee had commenced construction of the new house which was completed in march, 1977. the assessee claimed exemption from tax on capital gains under s. 54 of the it act, 1961. the court said that the assessee had resided in a major portion of the building which the assessee had sold and had completed the construction of a new ..... the payment of almost the entire cost of construction within a period of two years. 13. the following question, therefore, referred to us under s. 256(1) of the it act, 1961, namely : 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessee was entitled to relief under s. .....
Tag this Judgment!Court : Mumbai
Reported in : (1994)116CTR(Bom)442; [1994]206ITR647(Bom)
..... find out whether the share of each member of the communion was definite and ascertainable. it was for that purpose that this court went into all the relevant chapters and clauses of the portuguese civil code which governs the rights of the parties to a marriage performed under the portuguese law and on perusal of the same held ..... of income by overriding title. as observed by this court in cit v. bombay oilseeds and oil exchange ltd. : [1993]202itr198(bom) (income-tax reference no. 238 of 1978 decided on 19th and 20th january, 1993) (at page 206) : 'it is a well-settled legal proposition that an obligation to apply income which has accrued or arisen ..... expression 'body of individuals' in the list of persons who are taxable entities in addition to 'association of persons' which was already in the indian income-tax act, 1922 ('the 1922 act'). learned counsel referred to the decision of the supreme court in cit v. indira balkrishna : [1960]39itr546(sc) and submitted that in the said judgment the .....
Tag this Judgment!Court : Mumbai
Reported in : (2000)163CTR(Bom)596; [2000]245ITR769(Bom)
..... [1992] 195 itr 154), dated december 19, 1991 chaturvedi and pithisoria, fifth edition, page 3535). he contended that the above position is also explained in the memorandum to the finance (no. 2) bill of 1999 (see [1991] 190 itr 270). he accordingly contended that the object of the amendment was to bring on par, the export turnover vis ..... meant the value of that which is turned over in the business. he contended that the special definitions under the other enactments cannot be imported into the income-tax act without looking at the context. he contended that the definition of 'total turnover' excluded freight and insurance to remove an anomaly in the earlier law as otherwise, ..... preferred an appeal. the tribunal upheld the order of the commissioner of income-tax. hence, the department has come in appeal under section 260a of the income tax act. the appeal was admitted. it came up for final hearing.3. this appeal raises an important question of law as to whether sales tax and excise duty ought .....
Tag this Judgment!Court : Mumbai
Reported in : [2000]241ITR6(Bom)
..... interest income. in respect of the proportionate share of interest income, the assessee claimed deduction under section 80l of the income-tax act ('the act'), for the assessment years 1976-77 and 1978-79. 3. the income-tax officer disallowed the said claim. on appeal by the assessee, the appellate assistant commissioner of income- ..... on central government securities and deposits, including deposits with banking companies. for the assessment year 1973-74, the assessees claimed deduction under section 80l of the act in respect of the share of profits from the firm which represented 'interest on government securities and interest on deposits from banking companies'. the income-tax ..... the income of the firm among partners. the income from interest in respect of which deduction was claimed by the partners under section 80l of the act was determined in the assessment of the firm as 'income on fixed deposits with government companies and interest on government securities'. the share of the partners .....
Tag this Judgment!Court : Mumbai
Reported in : [1979]117ITR590(Bom)
..... the assessee's wife or son. 7. we may point out that sub-s. (1a) was added to s. 4 of the w.t. act, 1957, with effect from april 11, 1972, by the finance (no. 2) act, 1971. by this amendment, the tax net was sought to be cast on transactions of the nature we are considering, effected after december 31, 1969 ..... this court in damodar krishnaji nirgude v. cit : [1962]46itr1252(bom) has taken a similar view whilst considering and applying the provisions contained in s. 16(3) of the 1922 act. in the said case, the assessee possessed self-acquired property but no ancestral property and was being assessed as an individual in respect of the same. he had a wife ..... ; it referred to its earlier decision in m. k. stremann v. cit : [1961]41itr297(mad) . in the later case, before the high court, the revenue had contended that the act of the assessee in throwing his self-acquired property into the common stock amounted to a transfer of his assets to his minor children. the high court had observed that .....
Tag this Judgment!Court : Mumbai
Reported in : (1999)154CTR(Bom)455; [1999]236ITR914(Bom)
..... assessee, there shall be allowed from his gross total income, subject to the provisions of that chapter, the deductions specified in sections 80c to 80vv. by the finance (no. 2) act, 1980, a new section, viz., section 80ab was inserted in the act with effect from april 1, 1981. the said section reads as follows :'80ab. where any ..... in paushak ltd. v. cit : [1994]210itr535(guj) , wherein, following the decision of the supreme court in cambay electric supply industrial co. ltd. v. cit : [1978]113itr84(sc) , it was held that unabsorbed losses and unabsorbed depreciation have to be deducted before arriving at a figure that would be eligible for the purpose of deduction under ..... that the controversy in this case now stands concluded in favour of the revenue by the decisions of the supreme court in cambay electric supply industrial co. ltd. v. cit : [1978]113itr84(sc) ; distributors (baroda) p. ltd. v. union of india : [1985]155itr120(sc) ; h. h. sir rama varma v. cit : [1994]205itr433(sc) ; cit .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]240ITR16(Bom); 2000(2)MhLj352
..... case and in law, the tribunal was justified in holding that the payment of rs. 36,045 representing finance charges on the loan taken from d.d. foundationtrust and on accumulated finance charges was, allowable as deduction for the assessment year 1978-79 ?'2. the assessee is a private limited company. the shares of the assessee are held by ..... (appeals). it was observed :'. . . in our opinion, the income-tax officer is undoubtedly entitled while considering claim for deduction under section 36(1)(iii) of the act to examine whether the amount paid as interest is really 'interest' and if he finds that it is not wholly interest but partly interest and partly payment for extra commercial ..... under section 36(1)(iii) only to that part which represents interest and to disallow the balance. in our opinion, under section 36(1)(iii) of the act, the assessee is entitled to deduction only of that part of the amount paid by him for money borrowed which can genuinely be regarded as interest. any and .....
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