Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Sorted by: old Court: mumbai Page 90 of about 1,733 results (0.095 seconds)

Commissioner of Income-tax Vs. Rhone Poulenc Ltd.

Court : Mumbai

Reported in : (2001)168CTR(Bom)45; [2000]246ITR699(Bom)

..... the original returns filed on july 27, 1977, the assessee did not claim any depreciation which was subsequently claimed on the basis of the revised returns filed on august 30, 1978. the settlement was arrived at on the basis of the ad hoc arrangement. in the circumstances, the tribunal was right in coming to the conclusion that there was no concealment ..... the original returns for the assessment years 1976-77 and 1977-78, the respondent did not claim depreciation on the assets of the indian branch. however, for the assessment year 1978-79, it claimed depreciation on the original cost of the assets which were taken over by it and this depreciation was claimed on the original cost and not on the .....

Tribhovandas Bhimji Zaveri Vs. Assistant Commissioner of Income Tax

Court : Mumbai

Reported in : (2000)69TTJ(Mumbai)358

..... v. cit (supra) to the issue on hand. he was of the view that there is a distinction between the statutory scheme mentioned in section 24 of the finance (no, 2) act, 1965 (58 itr (st) 11, which was considered by the apex court in the said decision of jamnaprasad kanhaiyalal v. cit and the provisions of the amnesty ..... that amount in the gold ornaments allegedly acquired by them in that year.(d) all sellers have stereotyped answers to explain how they acquired gold ornaments in assessment year 1978-79. all of them have only pointed out to undisclosed sources without making any attempt to throw light upon the possible nature of such a source. sint. bindu ..... that the partners and the other family members disclosed the value of the jewellery/ornaments in the returns filed under the amnesty scheme, 1985, for the assessment year 1978-79. there is no dispute about the weight of the ornaments/jewellery either declared by them or alleged to have been sold to the assessee-firm subsequently. there .....

Tribhovandas Bhimji Zaveri Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... kanhaiyalal vs. cit (supra) to the issue on hand. he was of the view that there is a distinction between the statutory scheme mentioned in s. 24 of the finance (no. 2) act, 1965 [58 itr (st) 1], which was considered by the apex court in the said decision of jamnaprasad kanhaiyalal vs. cit and the provisions of the amnesty scheme ..... amount in the gold ornaments allegedly acquired by them in that year. (d) all sellers have stereotyped answers to explain how they acquired gold ornaments in asst. yr. 1978-79. all of them have only pointed out to undisclosed sources without making any attempt to throw light upon the possible nature of such a source. smt. bindu is ..... that the partners and the other family members disclosed the value of the jewellery/ornaments in the returns filed under the amnesty scheme, 1985, for the asst. yr. 1978-79. there is no dispute about the weight of the ornaments/jewellery either declared by them or alleged to have been sold to the assessee-firm subsequently. there is .....

income Tax Officer Vs. Estate of Late K.S. Engineer

Court : Mumbai

Reported in : (2001)70TTJ(Mumbai)161

..... receipt, if such sum would have been included in the total income of the aforesaid person had it been received before such discontinuance. 'section 176 appears under chapter xv under the heading 'l-discontinuance of business, or dissolution'. this sub-section brings to charge any sum received after the discontinuance of a profession in ..... executors of the estate of late frank summersgill. regenold mathalane and k.v. parekh were appointed as the executors under the will. the deceased was to act as a life director for a company. as per the agreement, upon termination thereof, summersgill or his legal heirs or executors were entitled to a proportionate part ..... vishwanath shastri's estate : [1980]121itr270(mad) relied by the assessing officer in the assessment for invoking provisions of section 176(4) of the income tax act, and treating the executors as recipient thereof within the meaning of section 176(4) and thereby erred in deleting the addition made by assessing officer under section 176 .....

Commissioner of Income Tax Vs. Associated Builders

Court : Mumbai

Reported in : (2000)163CTR(Bom)370

..... firm (supra) did not deal with the valuation of a capital asset. however, the above passage from pickles finds place in the book pickles on accountancy and under the chapter of dissolution of firms, it is clearly laid down that all assets, on dissolution, must be taken at fair value. it is, therefore, true that this principle will ..... correct value may be either the market price or the cost price. in that matter, on facts, the commissioner initiated proceedings under section 263 of the income tax act on the ground that the order passed by the assessing officer was prejudicial to the revenue. according to the commissioner the immovable property was a stock-in-trade as ..... the ground of under valuation. after referring to the judgments referred to hereinabove, the high court took the view, with respect rightly so, that the department under the act has to ascertain the fair value of the asset and if it comes to the conclusion that the book value does not correspond to the fair value, then the .....

Universal Capsules (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Mumbai

Reported in : (2000)68TTJ(Mumbai)817

..... a revenue deduction. in this context, he has relied on the following decisions:(1) cit v. bombay cycle & motor agency ltd. : [1979]118itr42(bom) ;(2) cit v. hoechst pharmaceuticals ltd. : [1978]113itr877(bom) ;(3) cit v. cinceita (p) ltd. : [1982]137itr652(bom) ;(4) richardson hindustan ltd. v. (1988) 169 itr 516 ;(5) cit v. khandelwal mining & ores (p) ltd. : [1983]140itr701 ..... assessment year 1986-87.2. the first ground is that the commissioner (appeals) erred in confirming the disallowance of rs. 10,000 under section 37(2a) of the income tax act.3. the assessee has incurred an expenditure of rs. 25,000. it is claimed that the factory of the assessee is at dahanu. i.e., at a distance of 100 .....

Commissioner of Income Tax Vs. Dr. M.K.E. Memon

Court : Mumbai

Reported in : [2000]112TAXMAN96(Bom)

..... is required to estimate the undisclosed income. we agree with the contention of the department that this estimation involves guess work. however, the assessing officer under chapter xiv-b cannot act arbitrarily, while estimating the undisclosed income. in the present case, the assessing officer has not considered the adverse impact of the gulf war. in the present ..... and order passed by the tribunal dated 4-5-1999 for the block period 1-4-1986 to 11-12-1996 under chapter xiv-b of the income tax act, 1961 (hereinafter referred to as 'the act').4. the assessee is a doctor by profession. his main source of income has been by way of medical examination and ..... be assessed under the regular assessment vide section 143(3). this exercise under section 143(3) of the act for regular assessment stands on a different footing in contrast to the exercise undertaken by the assessing officer under chapter xiv-b where the assessing officer has to assess only the undisclosed income. therefore, the scope of .....

Director of Income-tax (Exemptions) Vs. Bharat Diamond Bourse

Court : Mumbai

Reported in : [2000]245ITR437(Bom)

..... bharat diamond bourse. accordingly, the decision to set up the bourse was taken at the level of the government of india and at the level of the finance and commerce ministries. this was essentially for the purposes of increasing the exports of polished diamonds from india. at this stage, it may be mentioned that ..... congestion in the customs at the airport is avoided. similarly, the imported diamonds could be cleared expeditiously for home consumption in accordance with the provisions of the customs act. moreover, these diamonds are generally exported or imported in small wrappers. these are precious goods which need to be stored. therefore, it was decided that in ..... except in accordance with the permission of the proper officer. accordingly, on november 22, 1984, the collector issued a notification under section 8 of the customs act, approving the premises of the mmtc situate at diamond plaza building near opera house as a customs area for the purposes of storage and clearance of diamonds, .....

Nimesh JaIn Vs. Commissioner of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (2000)(69)ECC665

..... tribunal chose to limit the deposit to rs. 50,000 when the penalty imposed was rs. 5 lakhs. even then the possibility existed that the applicant had finances which would enable him to deposit the penalty in its entirety but for the representation made by him. in that case, the tribunal chose to give liberty to ..... considered the submissions. section 35f in its entirety reads as below: deposit, pending appeal, of duty demanded or penalty levied--where in any appeal under this chapter, the decision or order appealed against relates to any duty demanded in respect of goods which are not under the control of central excise authorities or any penalty ..... levied under this act, the person desirous of appealing against such decision or order shall, pending the appeal, deposit with the adjudicating authority the duty demanded or the penalty levied: .....

ito Vs. Smt. Kalavati R. Agarwal

Court : Mumbai

Reported in : (2001)71TTJ(Mumbai)792

..... and income from other sources. earlier, there was one more head of income, which was interest on securities which has been omitted with effect from 1-4-1989, by the finance, act, 1988, and the same is now assessable under the head 'income from other sources'. in the case of united commercial bank ltd. v. cit : [1957]32itr688(sc) , the ..... relief under section 80hhc in this connection, we may refer to the decision of the supreme court in the case of cambay electric supply industrial co. ltd. v. cit : [1978]113itr84(sc) to understand the meaning of the expression derived from as appearing in sub-section (1) of section 80hhc the supreme court in that case observed on p 93 ..... requires any other meaning.'the kerala high court had also the occasion to consider the meaning of the expression 'derived from' in the case of cochin co. v. cit : [1978]114itr822(ker) . in that case the court observed as under :'profit or gain can be said to have been derived from an activity carried on by a person only if .....