Court : Mumbai
Reported in : [1993]202ITR74(Bom)
..... report of the commissioner under sub-section (1) or sub-section (3).'9. section 245h of the act confers power on the settlement commission to grant immunity from prosecution and penalty. section 245ha of the act was inserted by finance act, 1987, with effect from june 1, 1987. this section confers power on the settlement commission to send ..... file statements of facts on december 24, 1976, and december 27, 1976, for income-tax and wealth-tax, respectively. the petitioner files statements on march 7, 1978, and reserved his right to make alterations and additions as subsequently deemed necessary.3. the petitioner belonged to the kamani family which is in charge of several indian ..... appearing on behalf of the petitioner, it is necessary to briefly refer to the relevant provisions of the income-tax act relating to settlement of cases set out in chapter xix-a of the income-tax act. the income-tax settlement commission is set up under section 245b and consists of a chairman and as many vice- .....
Tag this Judgment!Court : Mumbai
Reported in : (1990)87CTR(Bom)71; [1991]188ITR224(Bom)
..... section 161(1a) was inserted in the income-tax act, 1961. this amendment has been inserted by the finance act, 1984, with effect, from april .1, 1985. we are, therefore, concerned with the relevant provisions of the income-tax act prior to that date.3. chapter xv of the income-tax act, 1961, deals with tax liability in certain special ..... cases. this includes, inter alia, the liability of representative assessees. the relevant portions of the sections in chapter ..... observed that even though the income to be assessed is the income of a trustee, it must be assessed under one of the heads mentioned in chapter iii of the act and the provisions laid down with regard to the computation of that, income must be carried out. section 41 will come into play after the .....
Tag this Judgment!Court : Mumbai
Reported in : (1990)90CTR(Bom)116; [1991]187ITR353(Bom)
..... qualify for deduction under any other provisions under the heading 'c' of chapter vi-a including section 80-o. in this context, it is desirable to mention that section 80hhb was brought into the income-tax act by the finance act, 1983, with effect from april 1, 1983. the finance bill, 1982 was introduced in the lok sabha on february 27, 1982. ..... apply only where the consideration for the execution of the project or such work is payable in foreign currency..'5. clause 48 of the memo explaining the provisions in the finance bill, 1982, reads as under :(134 i.t.r. (statutes section) 140) : '48. deduction is respect of profits and gains from projects outside india, it is ..... 80hhb were perhaps, not entitled for any relief before the introduction of section 80hhb. the provision also in respect of their foreign earnings, when the bill finally became an act. however, sub-section (5) was added to it. there is no indication available as to why sub-section (5) which was not there in the original bill .....
Tag this Judgment!Court : Mumbai
Reported in : 1991(2)BomCR283; (1990)92BOMLR596
..... countries is the profits of public undertakings. in under-developed countries public enterprises fostered on public revenues are expected to play a more positive role in financing the countries' development than similar enterprises do in developed economies. in determining the price policies of these undertaking considerations of maximising revenue will not play as ..... of an income as it should. therefore, it inserted an advertisement which was published in various newspapers including the times of india issue dated 30th august, 1978. the advertisement invited proposals from consultancy firms/practising valuers to undertake an exercise to ascertain the market value of lands of the entire bpt, including land ..... be considered in the background of section 33, 34, 49 and 52 of the mpt act. these are given below with the headings of the chapters in which they are to be found. sections 49 and 52 appear in chapter vi. its heading is thus :---'imposition and recovery of rates at ports'.the two sections .....
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 : 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 : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1993)44ITD170(Mum.)
..... 176/86-ce, dated 1-3-1986, to cover inputs and end products classifiable under the specified chapters of central excise tariff act, 1985, by introducing rules, 57a to 57p in the central excise rules, 1944. the finance minister's speech provides the following basics of the scheme : 114. the modvat scheme provides a transparency ..... and implement the modvat scheme in stages. as a first measure, i propose to introduce modvat scheme for a goods covered by 37 specified chapters of the central excise tariff act, 1985. the scheme as a result would cover products of chemical and allied industries, paint and packaging materials, plastics, glass and glassware, rubber ..... known as countervailing duty. set off will also be available for packaging materials, consumables paints, though these are not strictly raw materials. items, outside these chapters availing proforma credit and benefits of set off under any erstwhile schemes would be allowed to continue to get the relief to the extent the revised tariff .....
Tag this Judgment!Court : Mumbai
Reported in : [1993]201ITR348(Bom)
..... draw of lucky ticket. 3. the state governments and the union territories running lotteries are, therefore, requested to deduct tax at source at the rates prescribed by the annual finance act in respect of 'lotteries or crossword puzzles' from 'lucky dip' prizes by lottery agents. 4. this clarification may please be brought to the notice of all concerned under ..... concerned, it speaks of the totality of the income which not only accrues or arises, but includes also the income which is deemed to accrue or arise. 43. chapter iii relates to income which does not form part of the total income and section 10(3) clearly excludes any receipts which are of a casual and non-recurring ..... of the constitution. 20. the nearest case on locus in so far the present case is concerned is the decision in indian explosives ltd. v. commissioner, sales tax [1978] 41 stc 315 . the question was whether, in the matter of inter-state sale on supply of naphtha through pipelines from bihar to u. p., the purchaser from .....
Tag this Judgment!Court : Mumbai
Reported in : (1993)122CTR(Bom)201; [1993]205ITR569(Bom)
..... way of dividend'. further, in the reported case, the court has considered the first part of the explanation inserted in rule 1 of the first schedule to the surtax act, by the finance act, 1981, which was made applicable from april 1, 1981, that is from the assessment year 1981-82 while, in the present reference, we are concerned with the second ..... , could not be invoked for the purpose of reducing the capital base proportionately having regard to the deductions the assessee-company had obtained in terms of chapter vi-a of the income-tax act in the computation of its total income ?(2) whether, on the facts and in the circumstances of the case, the tribunal was right in law in ..... the total income under that clause shall be only the amount of such income or profits and gains as computed in accordance with the provisions of the income-tax act (except chapter vi-a thereof), and in a case where any deduction is required to be allowed in respect of any such income or profits and gains under the said .....
Tag this Judgment!Court : Mumbai
Reported in : [1994]205ITR569(Bom)
..... way of dividend'. further, in the reported case, the court has considered the first part of the explanation inserted in rule 1 of the first schedule to the surtax act, by the finance act, 1981, which was made applicable from april 1, 1981, that is from the assessment year 1981-82 while, in the present reference, we are concerned with the second ..... , could not be invoked for the purpose of reducing the capital base proportionately having regard to the deductions the assessee-company had obtained in terms of chapter vi-a of the income-tax act in the computation of its total income (2) whether, on the facts and in the circumstances of the case, the tribunal was right in law in ..... the total income under that clause shall be only the amount of such income or profits and gains as computed in accordance with the provisions of the income-tax act (except chapter vi-a thereof), and in a case where any deduction is required to be allowed in respect of any such income or profits and gains under the said .....
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