Court : Mumbai
Reported in : [2001]79ITD49(Mum)
..... that the provisions do not intend to allow as deduction what is not otherwise allowable under the act.explanation 2 inserted by the finance act, 1989, with retrospective effect from 1-4-1984 in the provisions of section 43b puts the matter all the more clear.explanation 2. for the purposes of clause (a) as in force at all material times, 'any sum payable ..... excise duty and, therefore, covered by the provisions of section 43b.12. we find that in the decision of modipon ltd. (supra), the special bench of the tribunal decision in the case of kcp ltd. (supra) has not been noticed. we also find that the provisions of explanation 2 inserted by the finance act, 1989 have also not been taken into consideration.13 .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1964Bom213; (1964)66BOMLR147; 1964CriLJ384
..... not depend on skill, contrary to section 26, sub-section (1) (b) of that act. the defendants' counsel conceded in his arguments that if they were liable under the first two summonses, they could not escape liability under ..... and the words 'success in which does not depend to a substantial degree upon the exercise of skill' are used in s. 26 but not in section 22 of the act.24. in coles v. odhams press ltd. (1936) 1kb 416, a newspaper published an advertisement of a crossword puzzle competition with a money prize ..... two summonses charged that the defendants in publishing the advertisement of a crossword competition published an advertisement of a lottery contrary to section 22, sub-section (1) (c) of the betting and lotteries act 1934, and the other two summonses charged that the defendants in publishing that advertisement conducted a competition in which success did .....
Tag this Judgment!Court : Mumbai
Reported in : 2006(3)BomCR520; 2006(4)MhLj194
..... derogation of, the industrial finance corporation act, 1948 (15 of 1948), the state financial corporations act, 1951 (63 of 1951), the unit trust of india act, 1963 (52 of 1963), the industrial reconstruction bank of india act, 1984 (62 of 1984) and the sick industrial companies (special provisions) act, 1985 (1 of 1986).the provisions of section 34(1) clearly state ..... has not qualified the expression 'proceeding' by the word 'in the said suit or' or by the words 'therein'. when parliament enacted the amending act of 1978, it has similarly not qualified the expression 'a decree or order' by the requirement that it must be of any court against the debtor. 14. sub ..... -section (2) of section 9 allows the creditor to serve an insolvency notice on the debtor under sub-section (3) where the creditor has obtained 'a decree or order against him .....
Tag this Judgment!Court : Mumbai
Reported in : (1947)49BOMLR184; [1946]14ITR618(Bom)
..... respect of one part of the expenditure, it should also be permitted in respect of the other part. in our view this argument overlooks the express words of section 10(2)(vi) of the act. that clause provides for an allowance in respect of depreciation of such buildings, machinery, plant, or furniture, being the property of the assessee, a sum equivalent ..... property as being buildings, machinery, plant or furniture; it provides for a written down value thereof on a certain percentage basis, which may be fixed by the rules. the section therefore clearly contemplates, as is ordinarily understood, the depreciation in value of the assessee's own assets. the argument of the assessees is that the cost incurred in replacing the ..... kania, j.1. this is a reference made by the tribunal of appeal under section 66(1) of the indian income-tax act. the relevant facts which are found in the statement of case are these :2. the assessee company started converting the supply of electric energy from dc to ac system .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1921Bom452; (1921)ILR45Bom1064
..... terms which became necessary owing to the businesses which were excepted being entered in a schedule instead of in the body of the act.' the last paragraph of section 39 of the english finance act made it clear that certain businesses were included in the term 'all trades and businesses' and did not come within any of the ..... . now the proviso which comes after no. 3 in schedule i is obviously taken from section 39, chapter 89, of the english finance act (no. 2) of 1915. that section provided that the trades and businesses to which that part of the act applied were all trades or businesses (whether continuously carried on or not) of any description ..... reference is unnecessary.3. the collector and the chief revenue-authority decided that the petitioners were liable to be assessed under the excess profits duty act, as under section 8 the act was applied to every business other than the business specified in schedule i. the petitioners contend that they come within one of the exceptions in .....
Tag this Judgment!Court : Mumbai
Reported in : [2001]112TAXMAN503(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 ..... that the words 'derived from' indicated a direct nexus between the profits and gains on one hand and the industrial undertaking on the other hand since under section 80hhc, the expression used is 'derived from industrial undertaking'. in that matter, on facts, the supreme court held that since export entitlements were made available ..... . hence, the assessing officer de-linked the service charges from business profits and then computed the export profits for the purposes of calculating the deduction under section 80hhc. no reasons have been given by the first appellate authority for setting aside the above finding of fact recorded by the assessing officer. the only .....
Tag this Judgment!Court : Mumbai
Reported in : (1998)149CTR(Bom)454
..... this lacuna in the law which is evident, from the following excerpts from the notes on clauses of finance act, 1995 contained in the departmental circular no. 717, dt. 14th aug., 1995 :'22.1 under section 10(13) of the income tax act, any payment from an approved superannuation fund on the death of a beneficiary or any payment to an ..... the fact that the parliament itself has since noticed this anomaly and with a view of bringing such receipts within the provisions of the law, by the finance act, 1995, amended section 17(3)(ii) of the act to restrict the exclusion from the definition of 'profits in lieu of salary' only payments which are covered under ..... received by an assessee from superannuation fund is exempted from tax by virtue of the provisions contained in sub-clause (iv) of clause (13) of section 10 of the act. section 10 of the act sets out incomes which do not form part of the total income. clause (13) thereof deals with payments from approved superannuation fund. the said clause, .....
Tag this Judgment!Court : Mumbai
Reported in : (1987)63CTR(Bom)225; [1988]170ITR17(Bom)
..... in the case of any other asset, its market value on the valuation date.'8. it is interesting to note that in section 5 which deals with exemptions in respect of certain assets, clause (xa) was introduced by the finance act, 1983, with effect from april 1, 1984. it states :'in the case of an assessee who is carrying on a ..... , the amount due to the assessee under that debt, and where such amount or part thereof has been allowed as a deduction under clause (vii) of sub-section (1) of section 36 of the income-tax act, 1961, in computing the total income of the assessee for the relevant year for the purposes of assessment under that ..... (orissa) , upheld the order of the appellate assistant commissioner and dismissed the appeals.5. section 2(e) of the wealth-tax act, 1957, defines 'assets' as 'property of every description, movable or immovable'. section 3 charges to wealth-tax, the net-wealth of the assessee. section 7, sub-sections (1) and (2)(a) are very relevant and read thus :'7. value of .....
Tag this Judgment!Court : Mumbai
Reported in : (2001)168CTR(Bom)434
..... circumstances, of the case, the tribunal was right in holding that the applicant was not a company in which the public are substantially interested within the meaning of the finance act, 1976 ?3. whether, on the facts and in the circumstances of the case, the tribunal was right in holding that commission payments made to a director are ..... pai paper and allied industries (p) ltd., the commission of rs. 14,600 paid to the directors constituted part of the remuneration and, accordingly, applied section 40(c) of the act. being aggrieved by the decision of the first appellate authority, the matter was carried in appeal to tribunal which followed the decision in pai paper and allied ..... assessee debited total amount of rs. 14 lakhs against the cost of production of the above two pictures. the assessing officer did not accept the deduction in view of section 40(c). he, therefore, disallowed the deduction to the extent of rs. 13 lakhs in the computation of the total income. it was held by the bombay .....
Tag this Judgment!Court : Mumbai
Reported in : (1998)147CTR(Bom)300
..... to it and seeks to get the order of the concerned authority reversed, subject however, to any statutory provision to the contrary (viz., s. 43b of the it act, 1961, as inserted by the finance act, 1983, w.e.f. 1st april, 1984, which provides that certain liabilities can be deducted only on actual payment).'on consideration of the facts of that case ..... , however, pointed out that, on the proceedings being dropped by the excise authorities in december, 1982, the amount in question was added back under s. 41(2) of the act in the subsequent year to the income of the assessee. learned counsel submits that, in that view of the matter also, the question referred to us should be answered in ..... to allow deduction of rs. 90,22,783. aggrieved by the above order of the tribunal, the revenue is before us with this reference under s. 256(1) of the act.3. we have heard mr. t. u. khatri, learned counsel for the revenue, who submits that the controversy in this case is squarely covered by the decision of this .....
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