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Goldcrest Finance (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)105TTJ(Mum.)926

..... undisclosed income of the block period is to be made in accordance with the evidence found as provided under the provisions of section 158bb of the act. part of section was amended by finance act, 2002 with retrospective effect from 1st july, 1995 and it has been provided that the total income for the block period shall ..... not of assuming jurisdiction, any error committed in such action cannot render the whole assessment a nullity and that such errors are rectifiable by section 292b of the act.33. the learned authorised representative for the assessee during the course of his arguments has pointed out that the abovesaid decision of hon'ble ..... learned authorised representative for the assessee that in view of the settled position of law with regard to issue of notice under section 148, similar provisions being under section 158bc of the act non-compliance of the same makes proceedings invalid because of defect in the notice issued.24. the learned authorised representative further submitted .....

M. Sreenivasulu Reddy and ors. Vs. Kishore R. Chhabria and ors.

Court : Mumbai

Reported in : [2002]109CompCas18(Bom)

..... that mr. ram raheja does not come within the definition of the concept of a relative as defined under section 6 of the companies act and, therefore, financing done through mr. ram raheja cannot be said to be through a person acting in concert. as against that, mr. nariman points out that what should be noted is that regulation ..... the judgment of the supreme court in the case of punjab beverages (p.) ltd. v. suresh chand, : (1978)iillj1sc , wherein the supreme court had to consider whether the contravention of section 33(2)(b) of the industrial disputes act, 1947, made the dismissal order void particularly when a penalty was provided for such a contravention. the supreme court ..... v. aster [1949] 2 all er 155 (ca) which were further elucidated by the supreme court in para. 11 of union of india v. sankalhand himatlal seth, : [1978]1scr423 as follows (page 2337) : 'the normal rule of interpretation of a statute is that the words used by the legislature are generally,a safe guide to its intention. .....

The Commissioner of Income Tax-ii Vs. M/S. Brahma Associates

Court : Mumbai

..... of the aggregate built-up area of the housing project or two thousand square feet whichever is less. by finance act, 2010 clause (d) is amended with effect from 1/4/2010. it provides that section 80ib(10) deduction would be available where the built-up area of the shops and other commercial establishments included ..... / residential units and with effect from 1/4/2005 the legislature decided to extend the benefit of section 80ib(10) to projects consisting of commercial establishments to the extent permitted by section 80ib(10) as amended by finance act, 2004. accordingly, counsel for the revenue submit that the decision of the itat in the case of ..... was to promote house building activity so as to provide affordable dwelling units to a common man.13. by finance act, 1999, entire section 80ia was substituted by the newly introduced section 80ia & 80ib which were on the lines of the existing section 80ia but with certain modifications. the expression 'housing project' is not defined under the .....

Mahindra and Mahindra Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)61ITD129(Mum.)

..... of an assessee are received and entertained gratuitously or at a concessional rate. the court also referred to the provisions of sub-section (5) to section 37 of the act, that was inserted by the finance act, 1983, giving it a retrospective operation from april 1, 1979, clarifying that accommodation maintained by the assessee to provide lodging ..... 73. in order to place an effective check on lavish expenditure on maintenance of guest houses, section 37(4) was inserted by the finance act, 1970. this section is reproduced here as under : "(4) notwithstanding anything contained in sub-section (1) or sub-section (3) - (i) no allowance shall be made in respect of any expenditure incurred by ..... the relevant portion of the notes on clauses and memo explaining the provision in the finance bill : "sub-clause (c) seeks to insert a new sub-section (4) in section 37 of the income-tax act. under the proposed new sub-section (4), any expenditure incurred by a taxpayer on the maintenance of a guest house .....

Aamir Raza HusaIn and anr. Vs. Cinevistaas Limited and ors.

Court : Mumbai

Reported in : 2004(1)ARBLR248(Bom); 2003(3)BomCR827; 2003(27)PTC425(Bom)

..... filed on 20th august, 2002). issuance of a notice invoking arbitration is not a condition precedent to filing of an application under section 9 of the arbitration and conciliation act, 1996 as held by the apex court in sundaram finance v. n.e.p.c. india ltd. : [1999]1scr89 .submissions of rival parties in nutshell:12. the main submission ..... of the petitioners were preserved. he submitted that the petitioners had a copyright in the script of the film under proviso (b) and (c) to section 17 of the copyright act, 1957. alternatively, he submitted that in any case assuming that respondent no. 4 had any copyright in the script of the film, he had assigned the ..... november, 2002 that m/s. cinevistaas ltd. had parted with valuable consideration, and prima facie the application of proviso (b) and/or (c) to section 17 of the copyright act, 1957 cannot stand excluded. the relevant clauses of the agreement dated 24th november, 2002 would in fact attract the applicability of those provisions (para 11 of .....

Videsh Sanchar Nigam Ltd. Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)111ITD190(Mum.)

..... system or through cellular system. the other systems, even for voice communication were, therefore, not intended by the legislature while amending the provisions of section 80-ia by finance act, 1995.92. in view of the above discussion, it has to be held that voice communication through satellite, based on latest technology, was outside ..... other. this system is entirely distinct and different from the cable or cellular system. this view is also fortified by the subsequent amendment in section 80-ia of the act by finance (no. 2) act, 1996 [sic-(1998)] effective from asst. yr.1997-98 [sic-asst. yr. 1999-2000], whereby, after the words "whether basic ..... basic or cellular no way qualify, restrict the amplitude of the words "telecommunication services".39. the learned counsel further relied on the finance (no.2) act, 1998 which has inserted the following in section 80-ia(4c) w.e.f. 1st april, 1995 after the words telecommunication services, whether basic or cellular "including radiopaging, .....

Bajaj Auto Finance Ltd. Vs. Commissioner of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (2007)5STR139

..... and education cess of rs. 16,72,844 confirmed as a result of holding that, since the applicants were engaged in hire purchase finance, they were liable to service tax under section 65(10) of chapter v of the finance act, 1994, which covers "banking and other financial services" which inter alia means "financial leasing services including equipment leasing and hire purchase by a ..... body corporate", and penalty of amount equal to the service tax and cess, under section 78, in addition to rs. 200 per day during which .....

Shri Jhamu U. Sughand Vs. the Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)284ITR82(Mum.)

..... the nature of business transaction. according to him, an advance in lieu of business venture or a commercial obligation does not fall within the purview of section 2(22)(e) of the act the learned counsel for the assessee pleaded that the term "dividend" does not include any advance or loan made to a share holder in the ..... that the consideration for such financial transaction was that they shall not charge any interest on the money advanced to the producer and their consideration for giving the finance shall be finance commission as mentioned in clause no. 3 as well as 50% perpetual share in the future right and negatives of the film as mentioned in the agreement ..... of ventures were that shri ram gopal verma, the proprietor of m/s. verma creations, would direct the film without charging his professional fees and the assessee would finance the film without charging interest.instead both would get the share of profit to the sale of the film.encouraged by the success of the film 'rangeela' the .....

Mrs. Prema P. Shah and Sanjiv P. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD60(Mum.)

..... purchased and the sale of the old juhu property. the source is in india. the learned departmental representative further submitted that section 54e is very clear. the change brought in the section by the finance act, 1979, with effect from april 1, 1979, which reads as "whole or any part of the net consideration" clearly ..... , learned counsel concluded, that the assessing officer and the commissioner of income-tax (appeals) were clearly wrong in denying the benefit of investment under section 54 of the act.21. replying to the above, the learned departmental representative submitted, the assessee has not utilised the gains he got out of the transaction. the ..... , which is claimed by the assessee as acquired residential property, against which the assessee claims the exemption.4. the assessing officer held section 54 of the income-tax act speaks of purchase of residential property or construction thereof within a stipulated period, so that long-term capital gains would be exempted from tax .....

Dy. Cwt Vs. Mustaq Abdullah Khatri

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... wealth of the assessee on which no wealth-tax was payable under the provisions of the act. but, after the amendment by the finance act, 1992, clauses under section 5 have been renumbered and as per the renumbered clause (vi) to section 5 of the act, it has been provided that 'one house or part of house belonging to an ..... his wealth under the provisions of wealth tax act. the said provisions of section 5 are in addition to section2(ea) which is the definition clause under the act. the wealth tax act has undergone amendment by the finance act, 1992 with effect from 1-4-1993 and various provisions of the act have been omitted and various other provisions have ..... been inserted with effect from 1-4-1993. initially section 5(1)(iv) provided that value of one .....