Judgment Search Results Home > Cases Phrase: finance act 1978 section 2 income tax Court: mumbai Page 6 of about 34,211 results (0.360 seconds)

income-tax Officer Vs. Homi Mehta and Sons (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)14ITD64(Mum.)

..... of rs. 31.8 lakhs cannot be treated as part of the capital employed in view of the retrospective amendment of section 80j.according to the department, it would show that there is a mistake which requires rectification.3. the finance act, 1980 has amended the provisions retrospectively and as per the amended provisions, it is not open for the assessee to include ..... based on the retrospective amendment.5. shri dastur then referred to another decision of the calcutta high court in the case of cit v. general electric co. of india ltd. [1978] 112 itr 246 wherein the calcutta high court has held that no rectification is possible even in respect of retrospective amendment.now, this particular decision has been considered by the .....

M/s. Vijay Udhyog, Akola Vs. The Commissioner of Income Tax, (Vidarbha ...

Court : Mumbai Nagpur

..... absence of factory for manufacturing facility of its own, where assessee company utilizes facilities of others on payment, and found assessee entitled to relief as contemplated under section 80-i of the income tax act, upholding those findings. other judgment of this court reported at (1991) 191 itr 92 (bom) (cit .vrs. anglo french drug co. (eastern) ltd ..... dated 12.09.2014 (bombay high court) cit .vrs. lic housing finance ltd. (3) (2010) 321 itr 92 grassim industries ltd. .vrs. cit (4) (1993) 203 itr 108 (bom) cit .vrs. gabrial india ltd. 6. in order to show that the provisions of section 80-i does not prohibit the assessee from taking machinery or plant on ..... hire for the purpose of his manufacturing activity, he has relied upon the following three judgments. (1) (1979) 119 itr 145 (cal). griffon laboratories (p) ltd. .vrs. cit. (2) (1978) 113 itr 718 (cal). addl. cit . .....

Bakulesh T. Shah Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)78TTJ(Mum.)358

..... was for quashing and setting aside notification no. s.o. 1028, dt. 7th nov., 1988. this notification having been superseded by section 26 of the finance act, 1989, this relief was clearly not available. action under section 147 in respect of five of the companies was initiated in delhi, all the respondents were located in delhi and the ao recorded his ..... prevalent prior to the merger of sikkim with india is maintained. this has been made clear by the dy. secretary of the ministry of finance, new delhi in his letter dt. the 7th nov., 1978. in para 3 of his letter he has mentioned that for the purpose of income-tax 'sikkim has to be treated outside india'. once ..... the legislature is evident from the letter dt. 7th nov., 1978 vide no. e. no. 275/118a/77-ii(b) of the dy. secretary, ministry of finance, government of india, addressed to the government of sikkim. the relevant portion of this letter reads as under : "though the indian it act, 1961 has not yet been extended to sikkim by any .....

Manubhai A. Sheth and Others Vs. N.D. Nirgudkar, 2nd Income-tax Office ...

Court : Mumbai

Reported in : (1981)22CTR(Bom)41; [1981]128ITR87(Bom); [1980]4TAXMAN381(Bom)

..... of ss. 53, 54 and 54b and 54d (which were inserted by the finance act, 1973, with effect from april 1, 1974) and 54e (which was inserted by the finance (no. 2) act, 1977, with effect from april 1, 1978), which sections are referred to in s. 45(1). section 45 also contained, earlier, a reference to s. 54c, which reference was deleted ..... by the finance act, 1976, with effect from april 1, 1976. we are equally not concerned with ..... that sub-cl. (iii) of cl. (14) of s. 2 of the i.t. act, 1961, as substituted by the finance act, 1970, read with the other relevant sections of the said act, does not operate to levy a tax under the i.t. act, 1961, on the profits or gains arising from the transfer of lands which are used for agricultural .....

Chetan Kotan (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1982)1ITD652(Mum.)

..... to the carrying on of its business and the expenditure was incurred on the ground of commercial expediency. the same is, therefore, allowable as revenue expenditure under section 37 of the act.4. in support of his case, the learned representative of the department has relied upon the order of the appellate tribunal in the case of fourth ito ..... the opinion that the assessee deserves to succeed. sales tax is a trading liability and the payment of interest in respect thereof is of the nature of a financing charge allowable as business expenditure. the reason is that the assessee would have paid much higher rate of interest by arranging funds from other sources for payment of ..... 8,500 paid by the assessee to the sales tax department as interest for the belated payment of sales tax is an allowable expenditure.2. for the assessment year 1978-79, the assessee-company did not pay the sales tax due from it to the sales tax department within the statutory period. the sales tax department, therefore, .....

Earl. W. Tallent Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)20ITD512(Mum.)

..... courts' decisions on this point. normally, we should have adopted the ratio laid down in that decision. however, as the commissioner (appeals) has pointed out the section has been amended by the finance act, 1983 with retrospective effect from 1-4-1979 and explanation has been added. this explanation reads as follows : explanation : for the removal of doubts, it is ..... the decision of the gujarat high court in the case of cit v. s.g. pgnatale [1980] 124 itr 391. the commissioner pointed out that by the finance act, 1983 a retrospective amendment has been made and an explanation has been inserted which states that if the salary income is payable for services rendered in india, it will ..... indian company and that company was not the employer. however, the commissioner relying on the bombay high court's decision in the case of emil webber v. cit [1978] 114 itr 515 held that such payment of taxes is also an income.in the result, he rejected the assessee's appeal.10. the assessee is on further .....

Nalini Prakash Ambagade and Another Vs. The State of Maharashtra, thro ...

Court : Mumbai Nagpur

..... charge-sheet filed against them by the anti corruption bureau, nagpur, for the offence punishable under section 13(2) read with section 13(1)(e) of prevention of corruption act and under section 109 of indian penal code. 3. applicant no. 1, who is now dead and who ..... was of rs.1,40,192/-. this would only show that the applicant or accused no. 2 was capable of acquiring self financed assets in her own name. at least, some of the assets shown in the charge-sheet , as standing in her name ..... judge of the special court by the order passed on 3.5.2007. therefore, both the accused preferred the present application under section 482 of code of criminal procedure seeking their discharge from the case and seeking quashing of criminal proceedings. 5. during the pendency ..... 2 as disclosed by declared earnings in the income tax returns discussed above. there is only one asset acquired in the year 1978, which is the ninth asset shown to be culpable. it is an agricultural land prized at rs. 30,000/- in which .....

Bank of India Ltd. Vs. Commissioner of Income-tax, Bombay City Ii

Court : Mumbai

Reported in : [1969]39CompCas238(Bom)

..... up its reserve fund with the share premium amounts received by it, for the purpose of complying with the provisions of the said section 17, that the legislature has, by the explanation to the finance acts of 1956, 1957 and 1958, required the maintenance of a separate share premium account. this argument of mr. joshi appeared attractive on ..... . g. n. joshi has strenuously urged against the construction which we have placed upon the explanation in the finance acts in question. mr. joshi's argument was founded mainly on the provisions of section 17 of the banking companies act of 1949 which, as it stood at the material time, read as follows : 'every banking company incorporated ..... for the purpose of availing itself of the rebate in regard to super-tax granted by the finance acts in question, it is not necessary for us to consider the contention of mr. palkhivala that section 78 of the companies act of 1956 applies only to published accounts which would include the balance-sheet and that, in view .....

Commissioner of Income-tax Vs. Ambalal Kilachand and (Late) Tulsidas K ...

Court : Mumbai

Reported in : (1995)124CTR(Bom)252; [1994]210ITR844(Bom)

..... cannot be added back to his income in the absence of any such provision in our income-tax act, 1961. 12. the law in the united kingdom after 1973 is governed by the finance act, 1972. under the finance act, 1972, section 84 provides that where a company resident in the united kingdom makes a qualifying distribution after april 5, ..... an amount of corporation tax (to be known as 'advance corporation tax') in accordance with this section. under sub-section (2) of section 84, this corporation tax is payable at the rate prescribed therein. under section 85 of the u. k. finance act, 1972, advance corporation tax paid by a company in respect of any distribution shall be set against ..... , it is a moot point whether the provisions of section 91 would be attracted in any event, after the u. k. finance act, 1972, or whether the ratio of the supreme court judgment in the case of cit v. clive insurance co. ltd. : [1978]113itr636(sc) would govern the present case. since the question in the present reference .....

Star Television News Limited Vs. Union of India (Uoi) Through the Secr ...

Court : Mumbai

Reported in : 2009(111)BomLR3617; (2009)225CTR(Bom)140; [2009]317ITR66(Bom); [2009]184TAXMAN400(Bom)

..... for prosecution and which was treated as confidential even if the petitioners application was not allowed to be proceeded with. what would be effect of section 278ab introduced by the finance act 2008, will be considered separately. 36. similarly, consequent to the amendment, if the application abates even for the reasons of the settlement ..... exhaustive review of almost all decisions bearing on the question of article 14, this court speaking through chandrachud, c.j. in re. special courts bill. 1978 restated the settled propositions which emerged from the judgments of this court undoubtedly insofar as they were relevant to the decision on the points arising for consideration ..... settled 1213 cases of which only one case was admitted by the supreme court. the direct tax laws committee in its final report submitted in september, 1978 further recommended that all restrictions on the powers of the settlement commission to entertain cases should be removed. as a result of this recommendation w.e. .....