Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)3ITD92(Mum.)
..... the year concerned did not show the interest accruing on the advances.5. the ito completed the assessment on 12-7-1978 without making any addition on account of the interest due from the subsidiary company.6. the commissioner, acting under the powers vested in him under section 263, held that this order of the ito was erroneous and prejudicial ..... conditions are satisfied, the department cannot refuse to notice the change in the method of accounting.14. shri makhija relied on the decision of the bombay high court in con-finance ltd.'s case (supra). this was not a case of change of accounting. in this case, the assessee, who is a money-lender, did not bring into account ..... bombay high court case, the facts were found to be against the assessee.15. the reference made by shri makhija, to the fact that the assessee-company continued to finance the subsidiary company, is not very relevant to the question before us. it may have some relevance, if our decision has to be based on a finding that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)2ITD552(Mum.)
..... . section 79 is a sort of an exception to such a normal rule. it reads as under : notwithstanding anything contained in this chapter, where a change in shareholding has taken place in a previous year in the case of a company, not being a company in which ..... (appeals) also referred to the decision of the bombay high court in the case of italindia cotton co. (p.) ltd. v. cit[1978] 113 itr 58.4. the revenue has come up in appeal before the tribunal and the ground taken by it reads as follows : 1 ..... and claimed set off of the previous losses.2. the ito disallowed losses on the ground that section 79 of the income-tax act, 1961 ('the act') applies to the facts of the case. this is what the ito stated in his order : the face value of the ..... it available for use and enjoyment by the assessee himself. in order to attract the applicability of section 44f of the income-tax act, 1922, it is not enough that there is mere incidental escapement of tax liability as a result of the transaction entered into by .....
Tag this Judgment!Court : Mumbai
Reported in : (1982)84BOMLR427
..... it has not to be forgotten that even the huge donation from the state appears to be suspect and if we peruse the statements of the then finance minister it would seen that even the members of the legislature were to some extent misled.79. a very pertinent comment which was made was that the ..... cement and they have submitted that detailed procedure for the distribution, allotment and sale of cement has been provided for under maharashtra govt. resolution dated september 12, 1978 read with maharashtra cement (licencing and control) order, 1973. the petitioners have alleged that distribution of cement was done from the mantralaya in violation of the ..... as to the processing, clearly substantiates the claim of the petitioners that these allocations were made principally and to a very large extent by the 2nd respondent acting sometimes directly, but sometimes through the o.s.d., sometimes through the minister of state, sometimes through the high powered committee and sometimes through the department .....
Tag this Judgment!Court : Mumbai
Reported in : 1982(1)BomCR677; 1982(10)ELT917(Bom)
..... they result.29. a reference has been made to note on clauses in the finance bill no. 14 of 1964 which was enacted as finance act of 1964 by which new item 15a in the excise act was inserted. the note in respect of the relevant clause was as follows :-'sub ..... , plasticizers, etc.41. a reference to fibres, films, plastics and rubbers by roff and scott will show that there is an independent chapter on plasticines (section 56) and a plasticiser is described as a substance added to a high polymer to reduce brittleness or impart flexibility, or ..... of 'banned items' and list of 'restricted items' as follows :-------------------------------------------------------------------------years entry list of banned entry list of restrictedno. items. no. items.------------------------------------------------------------------------1978-79 415 polyamide/polyester 246 polyester metallised film.resins, and chipsor textile grade.1979-80 405 polyamide and 258 polyamide and polyesterpolyester resins. chips of .....
Tag this Judgment!Court : Mumbai
Reported in : [1983]54CompCas469(Bom)
..... by a pari passu charge on the same security as that provided for the debentures. on may 17, 1978, uti wrote to the company with reference to its letter dated may 17, 1978, and expressed the view that financing by the consortium of banks would be costly. uti said that it was prepared to take up, subject ..... acquiescence, laches and ratification. it was submitted that, having regard to the knowledge of the plaintiffs as shareholders or their means of knowledge, and the plaintiffs' acts of positive assent, the plaintiffs were not entitled to the equitable relief of rectification. it was submitted that by reason of the plaintiff's acquiescence at the ..... the consents or permissions received from the various authorities. the last recital states that the debentures trustee had, at the request of the company, 'consented to act as trustees of these presents and for the benefit of the debentureholders on the terms and conditions hereinafter appearing'.63. clause 1 of the debenture trust deed defines .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1983Bom88; 1983(2)BomCR185; (1982)84BOMLR509
..... premier automobiles' case where the supreme court has observed :'it has to be appreciated that the subject-matter of contractual bailment has been dealt with in chapter ix of the contract act, and section 148 defines 'bailment' to mean the delivery of goods 'upon a contract'.'reference was also made to the observations of the supreme ..... shri zaiwala relied upon the decision of the supreme court in the case of m/s. vishnu agencies (pvt.) ltd. v. commercial tax officer reported in : [1978]2scr433 . in our judgment, the submission of the learned counsel is not accurate. the question before the supreme court was whether in the context of the control orders ..... the services include receiving,, removing, shifting, transporting, storing or delivering goods brought within the board's premises. chapter vi of the act deals with imposition and recovery of rates at ports and s. 48 of the act demands every board from time to time to frame the scale of rates and the statements of the conditions under .....
Tag this Judgment!Court : Mumbai
Reported in : [1984]7ITD74(Mum)
..... . - i.e., 713000 and 713827 subsequently is not known. since this is not relevant, this is ignored.)(iii) copy of cit (a)-iis order no. cit (a) ii/av/24/1978-79 dated 21-11-1980 in the case of the assessee for assessment year 1975-76.(iv) a copy of cit, bombay city viis order no. bc. vii/rp-1 ..... insofar as they were prejudicial to the interests of the revenue for the following reasons :'the income-tax officer has allowed weighted deduction under section 35b of the income-tax act, 1961, on melting and refining charges of rs. 25,17,966 for assessment year 1976-77 and of rs. 7,87,447 for assessment year 1977-78. copies of the ..... (bom.) of 1981 against the order of the commissioner, who passed an order section 263 of the income-tax act, 1961 (the act) directing the ito to withdraw the weighted deduction allowed by him under the provision of section 35b of the act in the assessment years 1976-77 and 1977-78 with reference to the melting charges and to recompute the total .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)3ITD677(Mum.)
..... 'article' i.e., the building. but, the assessee's case rests on a reference to explanation 2 to section 80j(1). this explanation introduced retrospectively by the finance act, 1980 does not support the assessee's case. this explanation refers to computation of capital employed only, which, earlier, formed part of rule 19a. even otherwise, when ..... conclusion. (pp. 379-80) 16. the bombay high court had before them a case of interpretation of an 'industrial company' under section 2(7)(d) of the finance act, 1966.there were expressions 'construction' and 'manufacture' in the provision to be construed. the high court has pointed out that the legislature 'does not want to include ..... various persons on ownership basis.3. in the assessment proceedings for the assessment year 1979-80, for which the accounting year was the year ended 30-6-1978, the assessee claimed that they were entitled to deduction under section 80j. the ito held that the assessee was not eligible for the deduction, while, on appeal .....
Tag this Judgment!Court : Mumbai
Reported in : [1984]56CompCas229(Bom)
..... of the four galas is void.13. i have been referred to a decision of the delhi high court in the case of tanwar finance p. ltd. in re [1979] 49 com cas 827. in that case, the voluntary winding up became subject to the supervisionof ..... the company, the landlord of the said building, m/s. janata industries , filed a r.a.e. suit no. 1527/57664 of 1978, against the company for ejectment. on the winding-up of the company, the suit was continued by the landlords after obtaining leave of ..... for consideration was whether the landlord could execute the decree without the leave of the court as required by s. 537 of the companies act, 1956. the said report was adjourned on the application of shri k.dalpatria, the learned advocate appearing on behalf of the petitioning ..... also to be considered in this respect. section 446 is placed in chapter i of part vii under the sub-heading 'consequences of winding-up order', while s. 537 is placed in chapter v of part vii under the sub-heading' effect of winding-up on .....
Tag this Judgment!Court : Mumbai
Reported in : (1982)84BOMLR587
..... the four galas is void.11. i have been referred to a decision of the delhi high court in the case of tanwar finance p. ltd. in liquidation v. kanwar ram chandar (1979) 49 comp cas 827. in that case the voluntary winding up became ..... company, the landlord of the said building m/s. janata industries filed a r.a.e. suit no. 1527/5464 of 1978 against the company in ejectment. on the winding-up of the company, the suit was continued by the landlords after obtaining leave of ..... for consideration was whether the landlord could execute the decree without the leave of the court as required by section 537 of the companies act, 1956. the said report was adjourned on the application of shri k. dalpatrai, the learned advocate appearing on behalf of the ..... legislature has also to be considered in this respect. section 446 is placed in chapter 1 of part vii under the subheading 'consequences of winding-up' while s. 537 is placed in chapter v of part vii under the sub-heading 'effect of winding up on .....
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