Court : Mumbai
Reported in : (2000)163CTR(Bom)580; [2000]112TAXMAN311(Bom)
..... dividends from the domestic company. gross total income has been defined under section 80b(5) to mean income computed in accordance with the provisions of the act, before making any deduction under chapter vi-a. hence, the supreme court held that income by way of dividends from a domestic company included in the gross total income, would be ..... , the learned counsel has also relied upon section 80b(5), which defines gross total income to mean total income computed in accordance with the provisions of the act, before making any deduction under chapter vi-a. mr. desai placed reliance on the judgments of the supreme court in the case of motilal pesticides (i) p. ltd. v. cit : ..... [2000]243itr26(sc) , so also in the case of cambay electric supply industrial co. ltd. v. cit : [1978]113itr84(sc) . he also relied upon the judgment of the .....
Tag this Judgment!Court : Mumbai
Reported in : [2000]246ITR443(Bom)
..... income was income from other sources. if that be the case, then such an income cannot come within the ambit of section 28 to 44d of the income-tax act. it cannot come under profits and gains of business. therefore, looking at this matter from either point of view, the appeal needs to be allowed.5. accordingly, ..... view that business profits were required to be computed under the head 'profits and gains of business' which, in turn, refers to section 28 to 44d of the income-tax act. in the case of cit v. k. k. doshi and co : [2000]245itr849(bom) (ita no. 77 of 2000), this court has once again reiterated that even ..... business profits in the following formula, viz., business profits x export turnover total turnoverto arrive at export profits on which the assessee claimed deduction under section 80hhc of the act. the department treated the income from interest as income from other sources. however, the tribunal included the said interest income in the business profits. hence, the department has .....
Tag this Judgment!Court : Mumbai
Reported in : (2000)163CTR(Bom)440; [2001]112TAXMAN523(Bom)
..... finality has been attached to the said order. the order may be final and conclusive in between two stages of the same proceedings initiated under chapter xix-a of the act as observed by the apex court in satyadhyan ghosal v. smt. deorajin debi air 1960 sc 941, but it cannot be said to be conclusive ..... in sub-sections details of which are already enumerated while taking stock of the legislative provisions in this behalf. section 245l of the act declares that any proceeding under this chapter before the settlement commission shall be deemed to be judicial proceeding within the meaning of sections 193 and 228 and for the purposes of ..... the direct taxes enquiry committee headed by justice wanchoo.it is also necessary to notice a few provisions relevant herein.section 245a of the act defines certain expressions occurring in the chapter.section 245b provides for constitution of the income tax settlement commission. the relevant provisions read as under:'income tax settlement commission-(1) the .....
Tag this Judgment!Court : Mumbai
Reported in : [2000]246ITR439(Bom)
..... be noted that the section had undergone various changes from time to time. our attention was invited to the note on the finance act of 1990 as reported in [1990] 182 itr 306. it was contended that in the same amendment act, the legislature has specifically provided for different types of amendments ; some of which are expressly made retrospective. as an illustration, it .....
Tag this Judgment!Court : Mumbai
Reported in : AIR2001Bom26; 2001(1)BomCR44; (2001)2BOMLR273
..... there was a simitar observation made by the comptroller and auditor general of india. this prompted the port trust to move in the matter and therefore on 30th august, 1978 a public advertisement was issued inviting tenders from the experts in the field to take up the work of evaluation of the immovable properties of the trust. pursuant thereto, tenders ..... raised from 31 paise per square metre per month (psm/pm) in 1950 to 37 paise psm/pm in 1951,' and thereafter were raised in 1968, 1972, 1976, 1977, 1978, 1979, 1980 and 1981, yielding a rent of rs. 1.69 in 1981. rents at the maximum level in the coal depot area were raised during the same period ..... the basis of the said report, in an elaborate judgment after referring to the provisions of the major port trusts act, 1963 particularly sections 33, 34, 49 and 52, on the basis of the last two sections as appearing in chapter vi, the learned single judge proceeded to examine the question. the crucial question as to fairness or otherwise is dealt .....
Tag this Judgment!Court : Mumbai
Reported in : (2000)163CTR(Bom)472; [2000]245ITR849(Bom)
..... which the assessee had derived from industrial undertaking. the division bench held in favour of the assessee on the basis of the retrospective amendment to section 28 of the act by the finance act, 1990, making such receipts taxable as business profits. it was held by the supreme court that the word 'derived' is followed by the word 'from' which meant arising from ..... deduction under section 80hhc. the first appellate authority and the tribunal allowed the claim of the assessee. hence, this appeal by the department under section 260a of the income-tax act.4. on behalf of the department it was contended that the word 'derived' in section 80hhc(1) clearly indicated that any income which does not accrue from export activities of .....
Tag this Judgment!Court : Mumbai
Reported in : (2000)163CTR(Bom)596; [2000]245ITR769(Bom)
..... [1992] 195 itr 154), dated december 19, 1991 chaturvedi and pithisoria, fifth edition, page 3535). he contended that the above position is also explained in the memorandum to the finance (no. 2) bill of 1999 (see [1991] 190 itr 270). he accordingly contended that the object of the amendment was to bring on par, the export turnover vis ..... meant the value of that which is turned over in the business. he contended that the special definitions under the other enactments cannot be imported into the income-tax act without looking at the context. he contended that the definition of 'total turnover' excluded freight and insurance to remove an anomaly in the earlier law as otherwise, ..... preferred an appeal. the tribunal upheld the order of the commissioner of income-tax. hence, the department has come in appeal under section 260a of the income tax act. the appeal was admitted. it came up for final hearing.3. this appeal raises an important question of law as to whether sales tax and excise duty ought .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)81ITD314(Mum.)
..... upon the decision of hon'ble jurisdictional high court in the case of s.k. manekia v. cst 1978 tlr 1625. he pointed out that in this case the assessee had challenged the service of notice. in the st act, chapter xi of the rules deal with service of notice. rule 47 provides the mode of service and there also ..... seized or requisitioned shall be handed over, to the ao having jurisdiction over such other person and that ao shall proceed against such other person and the provisions of this chapter shall apply accordingly." from a plain reading of the above section, it is clear that the above section can be invoked (i) where the ao is satisfied, ..... jurisdiction over the assessee, issued notice under section 158bd on 5th march, 1998, i.e., just within 3 days. therefore, the ao having jurisdiction over the assessee has acted very promptly. the learned counsel for the assessee has pointed out that the satisfaction note was recorded by the dy. cit, hyderabad, after one year of section 158bd proceedings .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
Reported in : (2000)(72)ECC165
..... started their business on 3rd october 1973. they were engaged in manufacture of manual and automatic powder coating and liquidating equipments and their spare parts falling under chapter heading 84.24,84.28 and 84.31 mentioned in schedule of ceta, 1985. they also manufacture painting equipment in collaboration of german company m/s. ..... 3. all the group of appellants as per the respective appeal memorandum and the synopsis of the case filed reply to show cause notice stating that right from 1978 certain technically qualified appellants like mr.y.g. ghaisas, mr. s.r. apte and mr. m.r. apte started a partnership firm. thereafter, floated ..... charge of violation is fragmentation of the production, which according to appellants is contrary to law. hence, the present appeal.the appellants was registered under the companies act, 1956 on 24th july 1982. they entered into partnership with miniature electricals ltd. the partnership was engaged since 1984 in the business of electrical and electronics .....
Tag this Judgment!Court : Mumbai
Reported in : (2001)163CTR(Bom)508
..... acquired by them out of their income from undisclosed sources. that, the income was earned during the assessment year 1978-79. that, the income earned was invested in purchase of the jewellery. that, this was disclosed under the amnesty scheme by filing a return in march 1987 for ..... the sales to the firm were not genuine. hence, the tribunal erred in dismissing the miscellaneous application filed by the appellants under section 254(2) of the act.findings5. at the outset, it may be mentioned that there is a difference between source of income and genuineness of the sale of ornaments by the individuals in ..... 27-3-1987. thereafter, all 18 individuals sold the said jewellery to the assessee. the assessing officer summoned all 18 individuals under section 131 of the income tax act. 14 out of 18 individuals attended the office of the assessing officer. they stated to have sold the jewellery to the assessee-firm. that, the jewellery was .....
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