Court : Mumbai
Reported in : (1993)114CTR(Bom)344; [1993]204ITR674(Bom)
..... particulars of such income for the purposes of clause (c) of this sub-section.' 12. it may be mentioned that the above explanation was inserted by the finance act, 1964, with effect from april 1, 1964, and it continued in the same form till march 31, 1976, when it was substituted by four new explanations ..... thousand rupees, the income-tax officer shall refer the case to the inspecting assistant commissioner who shall, for the purpose, have all the powers conferred under this chapter for the imposition of penalty.' 14. counsel for the revenue submits that having arrived at a definite finding that the explanation offered by the assessee was false, ..... to that effect in both the assessment orders and referred the case to the inspecting assistant commissioner ('the iac') as required under section 274(2) of the act. the inspecting assistant commissioner, after allowing the assessee opportunity of being heard and on a consideration of the explanation submitted by him, held that he was satisfied .....
Tag this Judgment!Court : Mumbai
Reported in : [1994]210ITR69(Bom)
..... a guest house :'8. this is a non obstante clause. it is applicable notwithstanding anything contained in the other provisions of section 33. it was inserted by the finance act, 1965, with effect from april 1, 1965, to take out of the purview of section 33 'plant and machinery' specified therein. this subsection thus carved out ..... p, dated october 11, 1965, of the central board of direct taxes explaining the provisions of the finance act, 1965, wherein it has been stated that the effect of the newly added sub-section (6) to section 33 of the act is that development rebate will not be admissible in respect of machinery such as air-conditioners, frigidaires, ..... counsel for the assessee is that the items specified in the memorandum explaining the provisions of the finance bill, 1965, and the board's aforesaid circular dated october 11, 1965, clearly go to show that section 33(6) of the act is applicable only to 'machinery and plant' such as air-conditioners, frigidaires, room heaters, electric .....
Tag this Judgment!Court : Mumbai
Reported in : [1994]210ITR409(Bom)
..... included in its total income of the previous year (as computed before making any deduction under chapter vi-a of the income-tax act) is not less than fifty-one per cent. of such total income;' 3. paragraph f of the schedule to the finance act prescribes a concessional rate of income-tax in case the assessee is an industrial company within ..... board accepted the correctness of the decision of the high court of calcutta in the above referred case in addl. cit v. a. mukherjee and co. (p.) ltd. : [1978]113itr718(cal) . in paragraph 2 of the said circular, it is specifically stated that book publishing companies were liable to be treated as industrial companies for the purposes of section ..... the attention of the court to the judgment of the high court of calcutta in the case of addl. cit v. a. mukherjee and co. (p.) ltd. : [1978]113itr718(cal) . in this case, the assessee carried on business as a publisher of books. the question before the court was as to whether the assessee can be considered as .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1995Bom19; 1994(2)MhLj1398
..... , exchange or otherwise dispose of any land vested in or acquired by it under the provisions of the act. chapter vii of the act provides in respect of the taxation while chapter viii provides for the finance. section 77 provides that the duty imposed by the indian stamp act, 1899 on the instruments of transfer of the immovable property situated within the area to which the ..... of the charges and expenses incidental to the several matters in this act, and to any other purpose for which by of under this act or under any other enactment for the time being in force powers are conferred or duties imposed upon the trust. this chapter generally provides for the finances which come or are accured to the nagpur improvement trust. section 82f .....
Tag this Judgment!Court : Mumbai
Reported in : (1995)123CTR(Bom)256; [1995]211ITR557(Bom)
..... the factory to bombay forgings pvt. ltd., it should be still deemed to be an 'industrial undertaking' within the meaning of section 2(8) (c) of the finance act, 1975. according to the assessee, it continued its business of manufacturing goods in the year under consideration through the instrumentality of the lessee, bombay forgings pvt. limited. the ..... -company was not engaged in the business of manufacturing of goods within the meaning of the definition of an industrial company under section 2(8) (c) of the finance act, 1975 ?' 2. the assessee is a private limited company. this reference pertains to the assessment year 1975-76, the corresponding previous year being the year ended on ..... before making any deduction under chapter vi-a of the income-tax act) is not less than fifty-one per cent. of such total income.' 5. from a reading of the above definition, it is absolutely clear that a company can be termed as an industrial company under section 2(8) (c) of the finance act, 1975, only if it .....
Tag this Judgment!Court : Mumbai
Reported in : [1997]223ITR572(Bom); 1995(2)MhLj775
..... in certain cases of transfer. the main object in introducing chapter xx-c in the act is to check proliferation of black money in ..... the no objection certificate under s. 269ul(3) of the act without which the sale deed could not be registered in view of the provisions of s. 269ul(1) of the act. 3. it is material to see that the finance act, 1986, has introduced chapter xx-c in the act providing for compulsory purchase by the central government of immovable properties ..... the same, the transferee and to every other person who may be interested in the property. sub-s. (1b), also inserted in s. 269ud of the act by the finance act, 1993, with effect from the above date, requires the appropriate authority to specify the grounds on which the order of compulsory purchase is passed by it under .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
Reported in : (1997)(72)LC594Tri(Mum.)bai
..... under the provisions of one enactment and the customs law wherein it is the basic duty of customs that is prescribed in the customs act, while auxiliary duty is prescribed under the finance act (even though, there is only one order of assessment by the customs authorities). therefore, we hold that the appellants were not automatically ..... is not covered by notification 189/86 and it is excluded from the coverage of serial no.11(xii) of the notification which covers goods falling under chapter heading 84.19 viz. "machinery, plant or laboratory equipment, whether or not electrically heated, for the treatment of materials by a process involving a change of ..... case of certain nutritious substances, a ready cooking effect by which instant properties were obtained. the classification of the goods was confirmed by the lower authorities under chapter heading 8419.81 which is applicable to 'machinery, plant and equipment for making hot drinks or for cooking or for heating food'. the appellants came up .....
Tag this Judgment!Court : Mumbai
Reported in : 1999(5)BomCR752
..... the end of each financial year, to cause to be published in the official gazette a report giving an account of the activities financed under section 7-a.10. chapter v dealing with the 'procedure' contains provisions regarding the power to issue warrant and authorisation under section 41. section 42 deals ..... drugs and psychotropic substances consultative, committee. section 7 empowers the state government to appoint such officersas it thinks fit for the purposes of the act.9. under chapter ii-a dealing with national fund for control of drug abuse, the central government may constitute a fund called 'national fund' for control ..... , on information supplied byone tek chand dolwani to the additional custodian of evacueeproperty, the latter started proceedings under the bombay evacuees (administration of property] act, 1949 against one aboobaker.the additional custodian, after recording the statement ofaboobaker and examining the evidence produced by tek chanddolwani, held that the said aboobaker .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]237ITR472(Bom)
..... rs. 30,000 will apply in relation to all other gratuities under section 10(10)(iii) whether received from the statutory corporations or private employers. the finance act, 1974, has come into force with effect from april 1, 1975.7. in the light of the above discussion, the submissions made by learned counsel ..... a statutory corporation was equated to gratuity received by the employees of the central government, state government or local authority. section 10(10) as amended by the finance act, 1974, consists of three sub-clauses. retiring gratuities received by the employees of the central government, state government and local authority are fully exempted under sub- ..... rupees or fifteen months' salary so calculated, whichever is less ;'5. a bare reading of the above section as it stood before the amendment by the finance act, 1974, shows that gratuity payable to the employees of the government, local authority or a statutory corporation was totally exempted from payment of income-tax, whereas .....
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!