Court : Mumbai
Reported in : [1991]189ITR88(Bom)
..... question has been decided in favour of the assessee by a decision of this court in cit v. century spg. and mfg. co. ltd. : [1978]111itr6(bom) . in the circumstances, we do not see any reason for allowing the application because, even if the question is framed and referred to us ..... court, as far as we are concerned, we would be bound by our own decision in cit v. century spg. and mfg. co. ltd. : [1978]111itr6(bom) . a similar view was taken in income-tax application no. 179 of 1983 decided on february 27, 1984, to which one of us (mrs ..... , we will have to answer it in the light of the above decision in c/t v. century spg. and mfg. co. ltd. : [1978]111itr6(bom) .2. it is pointed out by mr. jetley that a special leave petition from the above judgment is pending before the supreme court. that ..... sujata v. manohar, j. 1. this is an application under section 256(2) of the income-tax act, 1961, for directing the income-tax appellate tribunal to state the case and refer to this court a question for .....
Tag this Judgment!Court : Mumbai
Reported in : [2002]254ITR697(Bom); 2002(1)MhLj892
..... business of banking as defined in clause (b) of sub-section (1) of section 5 of the banking companies act, 1949 and includes any society which is functioning or is to function as an agriculture and rural development bank under chapter xi.... .... . ..... .....(31) 'working capital' means funds at the disposal of a society inclusive of paid ..... by various co-operatives.'15. the deputy governor of the reserve bank of india, vide his letter dated 5th october, 1989 addressed to the principal secretary, finance department, government of maharashtra has extended no objection to the cooperative banks and/or such other institutions in the state of maharashtra for making investment in ivps. ..... into service by the learned counsel for the assessee was the decision in the case of cambay electric supply industrial co. ltd. v. c.i.t., : [1978]113itr84(sc) . in this case while construing the expression 'profits and gains attributable to the business' in section 80(e) which provides for deduction in respect of .....
Tag this Judgment!Court : Mumbai
Reported in : [2000]246ITR429(Bom)
..... domestic company, 'gross total income' has been defined under section 80b(5) to mean the income computed in accordance with the provisions of the act, before making any deduction under chapter via. hence, the supreme court held that income by way of dividends from a domestic company included in the gross total income, would be income ..... computed with reference to sections 28 to 44d. in the circumstances, the judgment of the supreme court in the case of cambay electric supply industrial co. ltd. v. cit : [1978]113itr84(sc) , has no application to the facts of the present case. in the case of distributors (baroda) p. ltd. v. union of india : [1985]155itr120(sc ..... 1997]225itr29(ker) . mr. desai has placed reliance on the judgment of the supreme court in the case of cambay electric supply industrial co. ltd. v. cit : [1978]113itr84(sc) . in that matter, the apex court was required to construe the expression 'profits and gains of business' as computed in accordance with the other provisions of the .....
Tag this Judgment!Court : Mumbai
Reported in : (1987)63CTR(Bom)79; [1988]169ITR44(Bom)
..... of dividends. if it does, the next step to take is to compute the assessee's gross total income. this is the total income computed under the act but without the deductions under chapter vi-a or section 280-o. only if the gross total income is found to be a positive figure, can the deductions permissible under ..... the decisions upon which the tribunal had relied had been, in effect, overruled by the judgment of the supreme court in cambay electric supply industrial co. ltd. v. cit : [1978]113itr84(sc) . this is not in dispute.10. mr. dhanuka relied upon the judgments of the calcutta high court in cit v. bengal assam steamship company ltd. : [1985 ..... and madras high courts in the judgments aforementioned.12. mr. dastur, learned counsel for the assessee, drew our attention to the phraseology of section 80m of the income-tax act, 1961. he stressed that the allowance thereunder was 'a deduction from such income by way of dividends'. these words, in his submission, meant that the deduction had to .....
Tag this Judgment!Court : Mumbai
Reported in : (1980)14CTR(Bom)44; [1980]122ITR995(Bom); [1979]4TAXMAN89(Bom)
..... had previously been closed to the company. its true purpose was to facilitate trading by enabling the company to engage a more competent manager and to borrow money required to finance the company's traditional trading operations under modern conditions.' 8. certain observations from lord wilberforce's speech may also be quoted. lord wilberaforce has observed at page 74 as follow ..... sponsored by the state government and claimed a sum of rs. 39,696 being the purchase price as a deduction under s. 10(2)(xv) of the indian i.t. act, 1922, as being in the nature of welfare expenses. it was held by the madras high court that the expenditure was incurred wholly and exclusively for the purpose of the ..... kania, j.1. this is an application under s. 256(2) of the i.t. act, 1961, for directing the tribunal to state a case and to refer to this court for determination the following question : 'whether, on the facts and in the circumstances of the .....
Tag this Judgment!Court : Mumbai
Reported in : 1993(2)BomCR583; [1995]216ITR321(Bom); 1993(1)MhLj738
..... of a piece of land belonging to the government of maharashtra with an intention of constructing a building which could be used as commercial premises. in order to raise finances for the construction, the company devised a scheme. under the scheme, the shareholders of the company were to enter into a standard form of agreement which would confer ..... thus, each of these societies received during the assessment year in question certain amounts in this fashion. in the case of the assessee-society in it ref. no. 64 of 1978, a sum of rs. 66,209 was so received in the asst. yr. 1971-72. the amounts so received vary from society to society, but they are substantial. ..... arises in these it reference. for the sake of convenience, we are setting out the facts of it ref. no. 64 of 1978. 2. the assessee is a co-operative society registered under the bombay co-operative societies act, 1925. the society took on lease certain lands in juhu-vile parle from the bombay housing board constituted under the bombay .....
Tag this Judgment!Court : Mumbai
Reported in : 1994(3)BomCR133; (1993)115CTR(Bom)318; [1994]207ITR1077(Bom)
..... very nature, must be specified and it must relate to a specific individual or entity or a class of individuals under the income-tax act. it is also necessary to note that under chapter xiii-c, whenever a power is required to be exercised in connection with a future proceeding, it is expressly so provided, e.g. ..... such notices and ask for blanket information. 6. in this connection, it is necessary to examine the scheme of chapter xiii of the income-tax act, 1961. chapter xiii deals with income-tax authorities. part a of chapter xiii deals with appointment and control of income-tax authorities. part b deals with their jurisdiction and part c deal with ..... calcutta high court in the case of dwijendra lal brahmachari v. new central jute mills co. ltd. : [1978]112itr568(cal) , in support of his conclusion, which are relevant. these are to the effect that all statutory bodies must act for the purposes of the stature. secondly, a statutory power cannot be exercised without application of mind to .....
Tag this Judgment!Court : Mumbai
Reported in : [2008]304ITR95(Bom)
..... directors who are employed?question at the instance of the assessee:whether the tribunal was not right in sustaining the addition of rs. 1,60,000 in the assessment for 1978-79; rs. 1,40,000 in the assessment for 1979-80 as income derived from extraction of silver from hypo solution after processing the film by making an estimate ..... under the proviso to section 145 of the income-tax act, on the facts and in the circumstances of the case?2. as regards the two questions forwarded at the instance of the revenue, mr. sahadevan, learned counsel appearing ..... whether, on the facts and circumstances of the case, the commissioner of income-tax (appeals) was justified in holding that the proviso to section 145 of the income-tax act, 1961, was applicable or not. though the tribunal has forwarded a statement of the case to that effect, on perusal of the order passed by the tribunal it is .....
Tag this Judgment!Court : Mumbai
Reported in : (2006)203CTR(Bom)434; [2006]283ITR283(Bom)
..... the affirmative, i.e., in favour of the assessee and against the revenue.29. before dealing with the rival contentions it will be relevant to consider the scheme of chapter xvii regarding advance tax payment. briefly a synopsis of the relevant sections is as under :statutory provisions :order by income-tax officer :section 207(1) : this section ..... by the commissioner of income-tax (appeals) and the income-tax appellate tribunal are as under :an assessment in the case of the respondent-assessee for the assessment year 1978-79 was completed on a total income of rs. 16,79,938, after june 15, 1979; i.e., after the last date on which the assessee was ..... has any taxable income in the latest completed assessment. in such circumstances there was completed assessment, there was no question of levy of interest under section 217 of the act. in this view of the submission, ms. jagtiani, learned counsel for the respondent-assessee submits that the question set out in the opening part of this judgment .....
Tag this Judgment!Court : Mumbai
Reported in : [1993]203ITR979(Bom)
..... moneys are borrowed provides for the repayment thereof during a period of not less than seven years. explanation. (i) 'approved source' means the government or the industrial finance corporation of india or the industrial credit and investment corporation of india ltd. or any banking institution. . . the scheme of section 84 and section 80j as ..... , while making the distinction between the concept of a debt owed and a debt due. the division bench in the case of national organic chemicals industries ltd. : [1978]115itr56(bom) considered the question of computation of capital for the purposes of section 80j. the division bench in that case, however, did not consider the question of ..... the case of cit v. gynamij india ltd. : [1990]181itr265(bom) . in that case, the division bench has also considered section 84 of the income-tax act, 1961. the second question which was referred to the division bench was : 'whether only those liabilities which are due and payable on the relevant date should be .....
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