Judgment Search Results Home > Cases Phrase: finance act 1978 section 2 income tax Court: mumbai Page 10 of about 34,211 results (0.183 seconds)

Commissioner of Income-tax, Bombay City-ii Vs. Neo Pharma Private Ltd.

Court : Mumbai

Reported in : (1982)28CTR(Bom)223; [1982]137ITR879(Bom); [1982]10TAXMAN218(Bom)

..... activities included in its total income for the previous year is not less than fifty-one per cent. of such total income.'3. definitions in the other relevant finance acts are in pari materia with this definition. the additional commissioner of income-tax by his consolidated order dated december 11, 1970, in respect of the aforesaid assessment ..... facts and in the circumstances of the case, the business of the assessee consisted mainly in the manufacture or processing of goods for the purpose of section 104 of the income-tax act, 1961 ?'4. at the outset, we may point out that mr. butani, the learned counsel for the commissioner, did not dispute that the ..... 'manufacture'.7. mr. butani next placed reliance on the decision of a division bench of the madras high court in addl. cit v. chillies export house ltd. : [1978]115itr73(mad) . in that case the assessee, an exporter of chillies, purchased the chillies, sorted them, graded them as per agmark specifications, clipped and stemmed them, and .....

Metal Rolling Works Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : (1982)31CTR(Bom)116; [1983]142ITR170(Bom)

..... , the assessee claimed that, in any event, the said amounts constituted export profit eligible for rebate of tax under the aforesaid section of the finance act, 1966, for the assessment year 1966-67, and the aforesaid section of the finance act, 1967, for the assessment year 1967-68. the ito rejected all these contentions of the assessee and included the aforesaid amounts ..... year 1967-68, were the income receipts and were not of a casual or non-recurring nature. the assessee's claim for rebate under the aforesaid sections of the respective finance acts was also rejected by the tribunal. it is from this decision of the tribunal that the aforesaid questions have been referred to us.3. we propose ..... to appropriate relief on rs. 99,021 for the assessment year 1966-67, under section 2(5)(a)(i) or (ii) of the finance act, 1966, and rs. 1,71,982 for the assessment year 1967-68, under section 2(4)(a)(i) or (ii) of the finance act, 1967 ' 2. the facts giving rise to the reference are as follows i .....

Commissioner of Income-tax Vs. Godfrey Philips India Limited

Court : Mumbai

Reported in : (1986)52CTR(Bom)32; [1986]161ITR684(Bom); [1986]25TAXMAN29(Bom)

..... revenue under section 256(1) of the income-tax act, 1961, reads thus :'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the interim dividend of rs. 7,50,000 should not be taken into account for the purpose of levying tax at the rate of 7.5 per cent. under the finance act, 1968 ..... or after january 10, 1968.5. the income-tax officer applied the provisions contained in sub-clause (b) of part i of paragraph f of the first schedule to the finance act, 1968, and calculated the total dividend declared during the relevant previous year to be rs. 15,50,000 and charged additional tax at the rate of 7.5 per cent ..... it could not be clubbed with the final dividend for the purpose of applying the aforestated provisions.7. the relevant portion of paragraph f of the first schedule to the finance act, 1968, reads thus :'paragraph fin the case of a company, other than the life insurance corporation of india established under the life insurance corporation .....

Standard Mills Co. Ltd. Vs. Commissioner of Income-tax, Bombay City I

Court : Mumbai

Reported in : [1963]49ITR218(Bom)

..... of the expression 'any premium received in cash by the company on the issue of its shares' in the explanation to paragraph d of part ii of the indian finance act, 1956. 2. the question arises in the following manner : the standard mills company limited, bombay (hereafter referred to as the standard mills) is a public company ..... which the court had to consider therefore, was whether the excess received was premium whether in cash or otherwise within the meaning of the provision of section 56 of the companies act. it was contended before the court on behalf of the shareholder, that the transaction of the nature that had taken place in the amalgamation could not ..... conclusion that the excess was premium otherwise received by the company, and therefore, was liable to be set apart in the share premium account under the provisions of section 56. the case no doubt helps mr. kaka for his submission that the word 'premium' may include any excess which the company has received over the nominal .....

Commissioner of Income-tax Vs. Swadeshi Mills Co. Ltd.

Court : Mumbai

Reported in : [1995]215ITR229(Bom)

..... clear that the amount of profits and gains derived from exports with reference to which deduction of tax is admissible under clause (i) of sub-section (5) of section 2 of the finance act, 1963 (referred to as the 'qualifying income'), has to be computed in accordance with the provisions contains contained therein. in that view of the ..... on the computation of profits and gains derived by the assessee from the exports for the purpose of allowability of deduction of tax admissible under section 2(5)(i) of the finance act, 1963. the income-tax officer was, therefore, bound to compute the amount of profits and gains derived from such exports strictly in accordance ..... commissioner and dismissed the appeal of the revenue. while doing so, the tribunal observed that the assessee was entitled to export profit rebate as provided in section 2(5)(i) of the finance act, 1963, on export profits determined in the manner laid down in rule 2(3) of the income-tax (determination of export profits) rules, .....

The Commissioner of Income Tax-24 Vs. Knr Patel (Jv)

Court : Mumbai

..... of its decision proceeded on the basis that the revisional jurisdiction had been exercised by the cit only on the basis of the explanation inserted into section 80ia(13) by the finance act of 2007. that ex-facie is not a correct reading of the order passed by cit. the tribunal referred to the orders of its jaipur ..... v. dcit : (2005) 94 itd 411 (mum). however, the decision in patel engineering was distinguishable on facts; (iv) in any event, the retrospective amendment to section 80ia(4) by finance act of 2007 would lead to the conclusion that the order passed by the assessing officer was erroneous. the cit has adverted to the provisions of ..... the itat. the tribunal in paragraph 3 of its order, proceeded on the basis that the revisional jurisdiction under section 263 has been exercised by the cit in view of the explanation inserted into section 80ia by the finance act of 2007 with retrospective effect from 1st april, 2000. the tribunal observed that but for the explanation, there is .....

Ms. Mina Fusade, Legal Heir of the Late Prince Sayajirao Gaekwar Vs. M ...

Court : Mumbai

Reported in : (2005)107BOMLR1160; (2006)201CTR(Bom)207; [2006]285ITR229(Bom)

..... monaco in the south of france.4. the respondent no. 1 is the commissioner of income-tax, who is the designated authority under section 87(b)(i) of the finance (no. 2) act, 1998 ('finance act' for short), vide order-cum-intimation dated 10th march, 1999 rejected the applications-cum-declarations made by the petitioner under kvs scheme enacted ..... 21st and 22nd january, 1999. the petitioner's chartered accountant, therefore, requested respondent no. 1 to issue certificate in favour of the petitioner under section 90(1) of the finance act with respect to declarations made on 28th january, 1999 under the kvs scheme for the assessment years in question. the aforesaid submission made on behalf ..... under chapter-iv of the finance act. the deceased had suffered best assessments under the act, inter alia; for assessment years 1969-70 to 1978-79; 1981-82; and 1984-85 to 1986-87 along with penalties, inter alia; under sections 18(1)(a); 18(1)(b) and 18(1)(c) of .....

Commissioner of Income-tax Vs. Boots Company (i.) Limited

Court : Mumbai

Reported in : (1994)120CTR(Bom)85; [1995]214ITR175(Bom)

..... to the amount of income-tax computed in accordance with the provisions of paragraph e of part i of the first schedule to the finance act, 1976.9. clause (8) of section 2 of the finance act, 1976, however, relieves a company from the levy of surcharge if it makes a deposit with the idbi, of a sum equal ..... surcharge on income-tax was levied on the assessee in view of the fact that the assessee availed of the option given to it under sub-section (8) of section 2 of the finance act, 1976, and deposited the amount with the industrial development bank of india ('idbi') as contemplated therein in lieu of surcharge. the assessee claimed deduction ..... deal with the other submissions of learned counsel for the assessee based onthe principles of reasonable and beneficial interpretation. it was urged before us that :(i) section 2(8) of the finance act, 1976, creates a legal fiction which should be carried to its logical conclusion ; (ii) the interpretation placed by the assessee is reasonable and in .....

Commissioner of Income-tax Vs. London Star Diamond Co. (i) Ltd.

Court : Mumbai

Reported in : [1995]213ITR517(Bom)

..... of the clear opinion that the assessee is engaged in the business of processing of goods within the meaning of sub-clause (c) of clause (8) of section 2 of the finance act, 1975. 11. in the instant case, we are, however, not in a position to ascertain and hold whether the assessee fulfils the requirement of the ..... is conspicuous by its absence in the above definition. as against this, the expression used in the definition of 'industrial company' in clause (c) of section 2(8) of the finance act, 1975, is 'engaged in the manufacture or processing of goods'. the use of different expressions by the legislature in the definition of the same expression for different ..... facts and in the circumstances of the case, the tribunal was right in law in holding that the assessee was an industrial company within the meaning of section 2(8) of the finance act, 1975 ?' 2. this reference pertains to the assessment year 1975-76. the assessee is a limited company which deals in diamonds. its main activities .....

In Re: Trikamlal Maneklal and anr.

Court : Mumbai

Reported in : AIR1958Bom351; (1958)60BOMLR63; ILR1958Bom694

..... assessed on 14-2-1940 to income-tax for the accounting year 1938-39. the governor of bihar enacted regulation i of 1941 which declared inter alia that the indian finance act, 1940, should be deemed to have come into force in the area on 6-4-1940. this regulation received the assent of the governor-general on 13-6-1941. ..... appeal on 12-1-1954 and no application having been made within sixty days from the date oh which the order was made, by the operation of sub-section (6) of section 33 that order became final and that finality of the order is not liable to be challenged merely because the tribunal at a subsequent stage of the remand proceedings ..... the quantum of interest to be allowed was not contested but it was pleaded that deduction of interest claimed by the assessee could not be allowed under section 12(2) of the income-tax act. that argument was founded on a decision of this court in bai bhuriben lallubhai v. commissioner of income-tax, bombay north : air1956bom41 (a). the tribunal .....