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Walchand Hindustan Ltd. Vs. the Asst. Cit [Alongwith Int. T.A.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD331(Mum.)

..... the finance act, 1983, ..... (iv) a loan company, that is to say, a company [not being a company-referred to in sub-clauses (i) to (iii)] which carries on, as it principal business, the business of providing finance, whether by making loans or advances or otherwise; v) a mutual benefit finance company, that is to say, a company which carries on, as its principal business, the business of acceptance of deposits from its members and which is declared by the central government under section 620a of ..... of banking, public financial institutions, state financial corporations and other financial companies the term "financial company" is defined in section 2(5b) of the act to mean a hire purchase finance company, an investment company, a housing finance company, a loan company, or mutual benefit financial company, a company which carries on the business consisting of one or more of the ..... finance act, 1980 which amended the interest-tax act, 1974, extended the scope of interest-tax act ..... finance act, 1985, suspended the operation of the act ..... the act, as already stated, has included some other companies within the fold of "financial company" as mentioned in section 2(5b) there of a hire purchase finance company is again a company whose principal business is hire purchase transaction and an investment company, whose principal business is acquisition of shares, stocks, etc, also becomes a financial company a housing finance company which carries on its principal business of financing of acquisition and .....

Schradar-scovtll Duncan Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)16ITD18(Mum.)

..... this context, he has invited our attention to the background in which sub-section (5) was introduced in section 37 by the finance act, 1983, with effect from 1-4-1979. ..... the provisions of sub-section (5) have been inserted in section 37 by the finance act, with effect from 1-4-1979 and the sub-section begins with the expression 'for the removal of ..... regards section 37(5), it is admitted that it has been inserted with retrospective effect from 1-4-1979 by the finance act. ..... in holding that the following expenses incurred by the company in regard to a flat owned by it and used by the managing director of the company at bombay as his residence are disallowable under section 40(c)(i) and (ii) of the income-tax act, 1961: it is pertinent to mention that the ito had computed the disallowance under section 40a(5) of the act by including the municipal tax, telephone expenses and flat maintenance expenses in their entirety as perquisites. ..... fairly admitting that the tribunal has, for elaborate reasons given in paragraphs 18 to 34 of the order dated 23-1-1983 for the assessment years 1975-76 to 1977-78, confirmed the disallowance for the earlier years under section 37, it is submitted by shri doshi, the learned counsel for the assessee, that the tribunal has failed to ..... 1983, dated 2-8-1983] where again it has been held that a finding that the remuneration paid to the director-employee is excessive is not necessary for the purpose of computing the disallowance under section 40(c) of the act. .....

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

Court : Income Tax Appellate Tribunal ITAT Mumbai

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

..... 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. ..... 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 be regarded as income earned in india.therefore, the decision of the ..... no doubt, the finance act, 1983 has introduced with retrospective effect an explanation but he submitted that even if the explanation is applicable, this amount cannot be brought to tax. ..... he pointed out that the reimbursement can be treated as profit in lieu of salary within the meaning of section 17(3) of the income-tax act, 1961 ('the act'). ..... the commissioner (appeals) had held against the assessee relying on the explanation to section 10(14).he had pointed out that the assessee was deputed for work in india and he had remained here from 1-12-1981 to 28-2-1983. ..... it cannot be deemed to accrue or arise in india under section 9(1)(a) of the act either. ..... shri khare for the assessee first submitted that the salary receivable in united states as per service contract entered in united states does not accrue or arise in india under section 5(2) of the act. ..... he further held that the living allowance is not exempt under section 10(14) of the act. .....

Rupal Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)49ITD484(Mum.)

..... if we look at the original section 80hhc, introduced by the finance act, 1983 with effect from 1-4-1983, the scheme for deduction in respect of export turnover was quite ..... thereafter, section 80hhc was substituted by the finance act, 1985 with effect from 1-4-1986 and a different scheme of deduction was ..... the case of jamshedpur motor accessories stores (supra), the patna high court was considering the amendment to section 43b, by the finance act, 1987, with effect from 1-4-1988. ..... the learned departmental representative, on the other hand, relied on the order of the commissioner under section 263 of the act and also emphasised that explanation (ba) below section 80hhc does not use an expression "for the removal of doubts" and gives a specific date of 1 -4-1987 for retrospective ..... assessee excluded the freight and insurance from the total turnover also in the computation of export profit, as per section 80hhc(3)(b) of the act and the assessing officer accepted the computation in the assessment order, without any discussion.4. ..... on these facts, the commissioner of income-tax passed an order under section 263 of the act, holding that the assessment was erroneous and prejudicial to the interests of the revenue insofar as freight and insurance had been deducted from the "total turnover" and he directed the assessing officer to ..... this regard, we have also noted that the order under section 263 of the act was passed on 30-12-1988 when the benefit of the amendment brought by the finance (no. .....

Khandelwal Industrial Gases Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)75ITD70(Mum.)

..... 80vva was introduced by finance act, 1983 and was operative from the asst. yr. ..... 80vva was introduced by the finance act, 1983. ..... this section was subsequently amended by finance act, 1988, w.e.f.1st april, 1989, which reads as under : "if an assessee fails to pay the tax or any part thereof in accordance with the provisions of sub-s. ..... 140a(1) of the act is that of the tax payable as per the income required to be returned by the assessee. ..... 80vva of the act and cannot claim any advantage by filing an incorrect return. ..... 80vva of the act and since it was a bona fide mistake, penalty is not exigible merely for technical default.6. ..... 140a(3) of the it act.he further contended that the return was filed overlooking the provisions of s. ..... 140a(1) of the it act, tax is payable on the returned income and not on the income that might have been correctly shown or that might have been arrived at by the ao after making certain adjustments as per law. ..... 80vva of the act and assessee-company is also assisted by a qualified chartered accountant for auditing and finalising its accounts and therefore, the plea of ignorance of law cannot be raised to prove the bona fide.4. ..... 140a(3) of the act is the subject-matter of dispute.2. ..... 80vva of the act. ..... 140a(3) of the act. ..... 140a(3) of the act. ..... 80vva of the it act. .....

Goodlass Nerolac Paints Ltd. Vs. Income-tax Officer.

Court : Mumbai

Reported in : [1985]11ITD767(Mum)

..... [1979]116itr292(bom) as the explanation 2 to section 37(2a), inserted by the finance act, 1983, would apply only from the assessment year 1976-77 onwards. ..... year 1978-79, in view of the amendment brought about by section 17 of the finance act, 1983. ..... therefore, considering the language and the spirit behind section 32(2a) as well as the facts that, subsequently, the legislature has itself omitted item 26 by the finance act, 1981, with effect from 1-4-1982, i hold that the appellant is entitled to the deduction of investment allowance claimed by it in respect of plant and machinery which is used for the ..... regards the new plant and machinery installed for the manufacture of synthetic resin, the commissioner (appeals) held that the act is a self contained code and assistance, if any, is to be sought only if there is any ambiguity ..... after examining these order and the relevant provisions of the act, the commissioner (appeals) allowed the assessees claim in the following words in paragraph 4 ..... sales promotion allowance paid to the assessees employees as entertainment expenses, though these allowances partook of the character of entertainment allowance and as per the explanation given to section 37(2a) of the income-tax act, 1961 (the act), it had to be considered as part of the entertainment expenses. ..... we may also refer to section 133(4) of the said act which clearly requires that the names and addresses of the persons to whom commissions are alleged to be paid, must be disclosed to .....

Echjay Industries (P.) Ltd. Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1988)26ITD259(Mum.)

..... sub-section (5) was inserted in section 37 by the finance act, 1983 with restrospective effect from 1-4-1979. ..... distinction has to be made between those workmen who not only joined in such strike but also took part in obstructing the loyal workers from carrying on their work and took part in violent demonstrations or acted in defiance of law and order on the one hand and those workers who were more or less silent participants in the strike on the other. ..... it is equally true that the decision of the supreme court does not automatically have the effect of vacating the order of the tribunal which has been statutorily made final under section 254(4) of the act and which has already been given effect to.in the case of travancore sugars and chemicals ltd. ..... 2,20,00,000 relating to back wages and compensation sprang up suddenly in the accounting year merely by the act of intimation by the solicitors of the fact that a particular decision had been delivered and in view of that decision the appellant was likely to lose before ..... to shri harish, who represented the appellant-company, the company had acted correctly in removing the workers after giving them independent notices and public ..... , the appellant herein, was taken over with effect from 1-1-1983 as per scheme of arrangement approved by the bombay high court by their order dated 3-9-1986 by a company called ..... page 345 as under: it was vehemently urged before us that section 80j(1a) of the act has now been held to be valid by the supreme court. .....

Khandelwal Industrial Gases Ltd. Vs. Assistant Commissioner of Income ...

Court : Mumbai

Reported in : [2001]75ITD70(Mum)

..... section 80vva was introduced by finance act, 1983 and was operative from the assessment ..... 80vva was introduced by the finance act, 1983 ..... officer observed that the provisions have come into operation from assessment year 1984-85 onwards and since the year under consideration is 1986-87, the assessee is well aware of the provisions of section 80vva of the act and assessee-company is also assisted by a qualified chartered accountant for auditing and finalising its accounts and therefore, the plea of ignorance of law cannot be raised to prove the bona fides.4. aggrieved ..... .'this section was subsequently amended by finance act, 1988 with effect from 1-4-1989 which reads as under:-lf an assessee fails to pay the tax or any part thereof in accordance with the provisions of sub-section (1), the assessing officer may direct that ..... . the learned counsel appearing on behalf of the assessee submitted that on a plain reading of section 140a(i) of the income tax act, tax is payable on the returned income and not on the income that might have been correctly shown or that might have been arrived at by the assessing officer after making certain ..... further contended that the return was filed overlooking the provisions of section 80vva of the act and since it was a bona fide mistake, penalty is not exigible merely for ..... the correct interpretation that requires to be placed on the language used in section 140a(1) of the act is that of the tax payable as per the income required to be returned by the assessee .....

Surat Cotton Spg. and Wvg. Mills Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)41ITD458(Mum.)

..... commissioner has rejected the working under rule 1bb and worked out the value of these flats as provided in section 40(3) of the finance act, 1983. ..... the contention of the assessee was that the flats and rights in structures were not being in the nature of building and land as mentioned in section 40(3)(vi) of finance act, 1983. ..... wto [1983] 5 itd 508 (chd. ..... cwt [1991] 189 itr 613, in support of his contention that the appellate authority is entitled to refer the question of valuation to the valuation officer under section 16a of the wealth-tax act, 1957. ..... cwt [1987] 168 itr 82, it was submitted that an appellate authority cannot direct the wealth-tax officer to refer the valuation under section 16a of the wealth-tax act. .....

income-tax Officer Vs. Srichand Hariram

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... reply - section 80hhc as inserted in the income-tax act by the finance act, 1983 with effect from 1-1-1983 is not applicable to the export of agricultural primary commodities but not the produce of plantations. ..... cit(a) erred in allowing deduction claimed under section 80hhc of the income-tax act on the exporting of agricultural primary commodities." 3. ..... (5) the act of planting." 11. ..... mangoes, apples and grapes to arabic countries during assessment year 1983-84. ..... this appeal by the revenue is directed against the order of the deputy commissioner of income-tax (appeals), c-range, mumbai, and pertains to the assessment year 1983-84.2. .....