Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)19ITD381(Mum.)
..... this clearly shows that even according to the view of the government but for the provision introduced by sub-clause (vi) of clause (2) of section 17 inserted by the taxation laws (amendment) act, 1984, the difference between interest at the notified rate and the interest actually charged by the employer on loans granted to the employees for certain purposes was not a perquisite liable ..... according to the speech of the hon'ble finance minister while presenting the budget for the financial year 1985-86, the provision made by the taxation laws (amendment) act, 1984 was with a view to subject the salaried taxpayer to tax on the perquisite represented by the loans granted by the employer interest-free or at concessional rates of interest for certain purposes and as a measure of further ..... where loans are given by an employer at concessional rates of interest or free of interest, they amount to benefit and, consequently, constitute a 'perquisite' within the meaning of sub-clause (iii) of clause (2) of section 17, the value of the perquisite being determined by the fair rate of interest on the loans advanced and the interest actually charged by the employer. ..... it might perhaps not be out of place to mention here that a new sub-clause (vi) was inserted in clause (2) of section 17 to provide that where the employer had advanced any loan to an employee for building a house or purchasing a site or a house and a ..... however, by the finance act, 1985 this clause was deleted with effect from 1-4- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1990)32ITD454(Mum.)
..... whether equally applicable to sub-section (1a) inserted by finance act, 1980. ..... (2) section 80j(1a) was inserted by the finance act, 1980 adopting the provisions made in rule 19a. ..... any profits and gains derived from an industrial undertaking or a ship or the business of a hotel, to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gams (reduced by the deduction, if any, admissible to the assessee under section 80hh or section 80hha of so much of the amount thereof as does not exceed the amount calculated at the rate of six ..... [1987] 167 itr 671 the learned commissioner had no jurisdiction to invoke section 263 of the act; and (ii) that, on merits, for both of the assessment years, it was the assessee's case that the bracketed words in section 80j(l) have application only when the profits and gains of the new industrial undertaking were entitled to relief under both the sections, viz. ..... 1983-84 and 1984-85 on 14.3.1986 and 30.3.1987 respectively were erroneous in so far as they were prejudicial to the interests of revenue for the following reasons :- it was seen that the i.t.o. .....
Tag this Judgment!Court : Mumbai
Reported in : [1996]217ITR622(Bom); 1995(2)MhLj413
..... in their assessments to corporation tax, they claimed that this expenditure qualified for capital allowance under section 41 of the finance act, 1971, as plant used in the carrying on of their respective trades. ..... phillips [1982] 55 tc 188 , the controversy was whether lighting and other apparatus installed in shop premises qualified as 'plant' within the meaning of sections 40 and 41 of the finance act, 1971. ..... the expression 'plant' has been defined in clause (3) of section 43 of the act to include 'ships, vehicles, books, scientific apparatus and surgical equipment used for the purposes of the business or profession'. ..... hence, this reference under section 256(1) of the act at the instance of the assessee. 7. ..... by this reference under section 256(1) of the income-tax act, 1961, made at the instance of the assessee, the income-tax appellate tribunal, bombay bench 'c', bombay, has referred the following questions of law to this court for opinion: ' (1) whether items of tube-well, plumbing, drainage, ..... its intention is to enlarge the meaning of the expression 'plant' occurring in the act to include not only such items as are commonly known as 'plant' but also those which are enumerated therein. .....
Tag this Judgment!Court : Mumbai
Reported in : [1989]176ITR449(Bom)
..... section 85c was introduced into the income-tax act, 1961, with effect from april 1, 1966, by the finance act, 1966 ..... , commission, fees or any similar payment received by it from a company which is neither an indian company nor a company which has made the prescribed arrangements for the declaration and payment of dividends within india (hereinafter, in this section, referred to as the foreign company) in consideration for the use of any patent, invention, model, design, secret formula or process, or similar property right, or information concerning industrial, commercial or scientific knowledge, experience or skill made available or ..... the question which we have to consider in this reference made under section 256(1) of the income-tax act, 1961, at the instance of the revenue, reads thus :'whether, on the facts and in the circumstances of the case, the commission of rs ..... section 85c was deleted with effect from april 1, 1968, by the finance (no ..... on november 23, 1972, the additional commissioner passed an order under section 263 of the act bringing the said amount of rs. ..... the assessee made an application to the department of industrial development and company affairs, government of india, for approval of the terms and conditions of the said letter under section 85c of the income-tax act, 1961. ..... 4,59,000 was wholly exempt under section 80-o of the income-tax act, 1961 ?'2. ..... 2) act, 1967, which introduced section 80-o ..... 4,59,000 thereof was exempt under the provisions of section 80-o of the act. .....
Tag this Judgment!Court : Mumbai
Reported in : 2010(112)BomLR1017,(2010)230CTR(Bom)232,[2010]189TAXMAN1(Bom)
..... section 47(ii) was subsequently omitted by the finance act of 1987 with effect from 1st ..... -section (4) of section 45 came to be inserted by the same finance act. ..... the first respondent could not be of a reasonable person properly instructed in law; (iii) even assuming that the stand of the department is that the amount is chargeable as business income, the reliance placed on clauses (iv) & (v) of section 28 to sustain the belief is completely misplaced; and (iv) the basis of the belief, namely that the commissioner of income tax (a) had in his order in the case of the partnership firm allowed the claim of payment of rs. ..... ito : [1988] 174 itr 714, a division bench of the calcutta high court has held that where a notice issued under section 148 of the income-tax act, 1961, after obtaining the sanction of the commissioner of income-tax is challenged, the only document to be looked into for determining the validity of the notice is the report on the basis of which the sanction of the ..... in these proceedings is to the notices issued by the first respondent under section 148 of the income tax act, 1961 proposing to assess the income of the petitioner for assessment years 2005-06 and 2006-07 on the ground that there is reason to believe that income chargeable to tax had escaped assessment, within the meaning of section 147. ..... filed by the first respondent, it has been stated that the order of assessment has been recalled on 3rd december, 2009 under section 154 of the income tax act, 1961.7. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)39ITD197(Mum.)
..... to 20 of its paper-book containing the order of the cit(a) for the self-same year, in an appeal filed by the assessee, against the order of the iac under section 143(3)/147(b) of the act, the learned counsel for the assessee pointed out that in the said order, the cit(a) has held that the assessee is an industrial company for the purpose of applicability of the ..... cit[1984] 145 itr 387 and pointed out that while interpreting the provisions of clause 2(7)(c) of the finance act, 1978, the hon'ble high court was pleased to hold that the assessee, engaged in mixing and blending different qualities of tea, was engaged in ' ..... of the paper-book containing the computations of commercial profits and distribution of the same for the purposes of applicability of section 104 of the act and highlighted the fact that here also the assessee has declared large dividend than that required of it in respect of ..... thereafter, he referred to page 6 of his paper-book containing calculation of distributable income and additional tax payable under section 104 of the act and pointed out that the provisions of section 104 would not be applicable in respect of profits attributable to manufacturing activity, however, in respect of the profits attributable to trading activity, the assessee ..... and blending 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. .....
Tag this Judgment!Court : Mumbai
Reported in : [1973]92ITR105(Bom)
..... he, therefore, having regard to the language in this section 40 of the finance act, held : 'it is sufficient to say that it cannot so enlarge the meaning of the words 'paid to the settlor' as to include payment to some other person than the settlor for his own use and ..... the prior debit balance the revenue claimed that the provisions in section 40 of the finance act, 1938, were applicable and the large payments on account of surtax made at the instance of the settlor were capital sums paid indirectly to the settlor in the relevant year of assessment by the trustees of a settlement within the meaning of the above section. ..... was that as regards the question that had arisen under section 12(1b) read with section 2(6a)(e) the true amount of the accumulated profits was liable to ascertained on the footing of the depreciation calculated at the rates permitted under the income-tax act and accordingly granted in the previous assessment orders. ..... to the position of the assessee in these accounts with the company in connection with the assessment year 1955-56, the income-tax officer was of the view that the provisions in section 12(1b) read with section 2(6a)(e) of the income-tax act were applicable. ..... no dispute about the fact that in connection with the questions which arose between the parties the provisions of section 23a of the act were applicable to the company. 3. ..... in this reference under section 66(1) of the indian income-tax act, 1922, the two questions law referred to us read as under .....
Tag this Judgment!Court : Mumbai
Reported in : (2002)74TTJ(Mumbai)624
..... taken into account interest on government of india securities (hereinafter referred to as the government securities ), debentures and bonds for the purpose of chargeable interest under the act as the same could not be classified as interest on loans and advances under section 2(7) of the interest tax act, 1974 (as amended by the finance act, 1994).4. ..... by any corporation or bank referred to in sub-clause (a) or sub-clause (b) or sub-clause (c) or sub-clause (d) of clause (9) for the import of capital plant and machinery from a country outside india'.amended definition :section 2 :'(7) 'interest' means interest on loans and advances made in india and includes(a) commitment charges on unutilized portion of any credit sanctioned for being availed in india; and(b) discount on promissory notes and bills of exchange ..... interest on securities is intended to be taxed under the provisions of the interest tax act (45/1974) as amended by finance act, 1992. ..... on promissory notes and bills of exchange drawn or made in india;but does not include(i) any amount chargeable to income-tax, under the income tax act, under the head 'interest on securities';(ia) interest referred to in sub-section (1b) of section 42 of the reserve bank of india act, 1934 (2 of 1934);(ii) discount on treasury bills;(iii) interest on any term loan sanctioned before the 18th day of june, 1980 where the agreement ..... cit : [1987]164itr28(cal) is referred to for the proposition that it is not necessary that in the case of loans .....
Tag this Judgment!Court : Mumbai
Reported in : [1990]32ITD331(Mum)
..... now the issue for our decision is whether the explanation appended to sub-section (1) of section 263 of the act, which was substituted by the finance act, 1988 with effect from 1-6-88 will apply and, if so, to what ..... the memo explaining provision in finance act, 1988, vide para 48, dealing with the topic, amendment of provisions relating to revision of orders prejudicial to revenue, it is stated in very clear terms and that speaks volume of the intention of the legislature that, these amendments will take effect from 1st june ..... have to take that to be so, which, in this case, is then explanation appended to sub-section (1) of section 263 of the act, which was substituted (as mentioned above by finance act, 1988), is to be effective from 1-6-88. ..... in other words in interfering with the vested rights, which was not the intent of the legislature.in interpreting fiscal statutes, no amendment or a statute can be said to have retrospective effect until and unless there is a clear provision and the statute speaks to that effect, since the intention to impose a tax has to be shown by clear and unambiguous ..... : [1987]167itr671(bom) , the honble jurisdictional high court having laid down the following ratio in the above referred decision :-'the principle underlying section 263 of the income-tax act, 1961, corresponding to section 33b of the indian income-tax act, 1922, is that it is only the order of the income-tax officer which can be revised by ..... ito [1987] 20 itd 1 (delhi) to which the present .....
Tag this Judgment!Court : Mumbai
Reported in : 2006(2)ALLMR507; 2006(2)MhLj726
..... under rule 6 of the bank rules, the guarantee fund shall be maintained by the finance department of the state government in the public accounts section of the state accounts and all contributions to the fund and interest earned on investment made from the fund shall be credited direct to the fund ..... these volumes and other documents show that:(a) the bank was registered on 11th october, 1911 under the cooperative societies act, 1904 with the object of serving as a balancing centre for co-operative societies in the state, to organize the provision of credit for agriculturists in the state, to promote economic interest of the members of the bank, to grant loan to co-operative ..... co-operative institutional service board constituted under section 122 of the societies act as well as to the service rules framed by the appellant under regulation 102 of the service regulations ..... (b) in exercise of power conferred on the state government by section 30 of the bank act, rules have been framed called 'the u. p. ..... the powers and functions of the trustee shall be governed by the provisions of the bank act and by the instrument of trust executed between the appellant and the trustee as modified or substituted from time to time by their mutual agreement and with the approval of the state government ..... (f) if we refer to the bank act, it will be seen that under section 3, there shall not be more than one state land development bank for the whole of the state of uttar pradesh and that sole bank is the .....
Tag this Judgment!