Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2007)106ITD1(Mum.)
..... trust is an object of general public utility under section 2(15) of the income tax act, 1961 (2) whether, the provisions of section 11(4a) introduced w.e.f. 01.04.1984 are applicable to assessee's case (3) whether, the provisions of sub-section (4a) of section 11, as substituted by finance (no. 2) act 1991 w.e.f. 01.4.1992 are ..... unless the separate books of accounts are maintained in respect of such business activity in the assessment year 1984-85, in the light of the amendment in section 2(15) and the corresponding amendment in the scheme of the act by insertion of section 11(4a), the issue as to whether the assessee trust can be said to be eligible for ..... '. question no. (1) : whether the object of the assessee trust is an object of general public utility under section 2(15) of the income tax act, 1961 answer : yes. in the light of the amendments in section w.e.f. 1^st april 1984, the assessee trust is eligible for being treated as pursing an object of general public utility under .....
Tag this Judgment!Court : Mumbai
Reported in : 2008(6)BomCR340
..... act. sub-section (2) of section 34 provides that the provisions of rd act or rules made thereunder shall be in addition to, and not in derogation of the industrial finance corporation act, 1948, the state financial corporations act, 1951, the unit trust of india act, 1963, the industrial reconstruction bank of india act, 1984, the sick industrial companies (special provisions) act ..... , 1985 and the small industries development bank of india act ..... with the subject of jurisdiction, powers and authority of such tribunals under the rd act. section 17(1) thereunder provides that a tribunal shall exercise on and from the appointed .....
Tag this Judgment!Court : Mumbai
Reported in : (2004)186CTR(Bom)772; [2004]265ITR204(Bom)
..... effect from april 1, 1984, and was made operative from july 1, 1984. the income-tax department, in the course of searches carried out from ..... provisions of section 269ss, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit so taken or accepted. (2) any penalty imposable under sub-section (1) shall be imposed by the joint commissioner.' section 269ss was inserted in the income-tax act by the finance act of 1984 with ..... inspection (investigation) v. kumari a.b. shanti : [2002]254itr258(sc) . sections 269ss and 271d of the income-tax act read thus :'269ss. no person shall, after the 30th day of june, 1984, take or accept from any other person (hereafter in this section referred to as the depositor), any loan or deposit otherwise than by an account- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1989)28ITD499(Mum.)
..... the settlement commission on 29-8-1983. the tribunal allowed the appeal against the cit(a)'s order to be withdrawn by their order dated 25-8-1983. section 245f (which was omitted by finance act, 1987 with effect from 1-6-1987) read as under: 245m (1) notwithstanding anything contained in this chapter, any assessee who has filed an appeal to the ..... the present case, we are concerned with a stage when appeals are pending before the tribunal.now, show-cause notice, as stated earlier, was issued by the cit in march 1984 long after the date on which the assessee made the application before the settlement commission. therefore, the revision proceedings will not fall within the definition of the term 'case'.besides .....
Tag this Judgment!Court : Mumbai
Reported in : 1996(5)BomCR564
..... winter v. inland revenue commissioners, reported in 1963 a.c. 235. in this case the deceased person had 'control' of a company within the meaning of section 65 of the finance act, 1940, during the five years ending with his death on march 29, 1953. thus the shares held by him in the company fell to be valued ..... 1952, resulting in additional income tax and profits tax assessments at the current rates. the question was whether under section 50(1) of the finance act of 1940 as applied by section 55(2)(a) of the act, any allowance could be made for the balancing charge that would have been due at the date of death in valuing ..... been defined in section 2(43) to mean income tax and super tax (so long it was leviable). it is different from penalties, fines and interest levied under the act : [1979]116itr620(kar) , but it includes the surcharge and additional surcharge, if any, levied under the relevant finance act : [1972]83itr346(sc) . tax and penalty are different : [1984]149itr233(ker) though .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)91ITD116(Mum.)
..... -section (1) of section 72 or sub-section (2) of section 73 or sub-section (1) of section 74.the taxation laws (amendment) act, 1984 further amended section 80 with effect from 1st april, 1985, substituting the words under section 139' by the expression "within the time allowed under sub-section (1)of section 139 or within such further time as may be allowed by the income-tax officer. " finance act, 1987, again amended section ..... 80 with effect from 1st april, 1988 to include the reference to sub-section (3) of section 74 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)39ITD197(Mum.)
..... )(c) of the finance act, 1978, the hon'ble high court was ..... undertaken by it, was engaged in "processing of goods".therefore, being an industrial company, it was entitled to be taxed at the concessional rate of tax contemplated under section 2(6)(c) of the finance no. (2) art of 1971. relying on yet another decision of the hon'ble bombay high court in the case of hoechst dyes & chemicals ltd. v. k ..... of the act would not be applicable in its case by virtue of sub-clause (4) of that section. in this connection he also invited our attention to the decision of the hon'ble calcutta high court in the case of g.a. renderian ltd. v. cit[1984] 145 itr 387 and pointed out that while interpreting the provisions of clause 2(7 .....
Tag this Judgment!Court : Mumbai
Reported in : 2002(5)BomCR19; (2003)1BOMLR888; (2002)175CTR(Bom)651; [2002]256ITR20(Bom); 2003(1)MhLj302
..... has been using the term 'book' or 'books of account' right from its inception. but, these terms are defined in the act for the first time by the finance act, 2001, with effect from june 1, 2001. section 2(12a) defines the said terms to mean :'(12a) 'books or books of account' includes ledgers, day-books, cash books, ..... by doing so, the assessee could have escaped the liability of penalty under section 271(1)(c).22. in order to plug the aforesaid loop hole, explanation 5 has been inserted by the taxation laws (amendment) act, 1984, with effect from october 1, 1984. the newly inserted explanation 5 enacts a deeming provision and has application to a ..... tax, together with interest, if any, in respect of such income.' legislative intention :21. prior to the insertion of explanation 5 to section 271 by the taxation laws (amendment) act, 1984, with effect from october 1, 1984, an assessee, who is found to be the owner of any money, bullion, jewellery, etc., recovered during the course of search, .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(111)BomLR4550
..... to, and not in derogation of, the industrial finance corporation act, 1948 (15 of 1948), the state financial corporation 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), the sick industrial companies (special provision) act, 1985 (1 of 1986) and the small ..... the appointed day, the jurisdiction, powers and authority to entertain appeals against any order made, or deemed to have been made, by a tribunal under this act.'section 18: bar of jurisdiction: on and from the appointed day, no court or other authority shall have, or be entitled to exercise, any jurisdiction, powers ..... the tribunals to distribute sale proceeds among the secured creditors in accordance with the provisions of section 529a of the companies act;(vi) the laying of notifications issued under sub-section (4) of section 1, section 2 and sections 8 of the act before the parliament.5. the bill seeks to replace the said ordinance.11. as can .....
Tag this Judgment!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 .....
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