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Commissioner of Income-tax Vs. Voltas Ltd.

Court : Mumbai

Reported in : [1994]205ITR569(Bom)

..... conclusion, he once again urged that since in the case of banque nationale de paris : [1992]194itr167(bom) , this high court was not directly concerned with the issue involved in the present reference, certain observations made by the court in connection with the explanation inserted in rule 1 of the first schedule to the surtax act, with effect from april 1, 1981, by the finance act, 1981, should not influence our mind in deciding the question referred to us. 10. ..... , could not be invoked for the purpose of reducing the capital base proportionately having regard to the deductions the assessee-company had obtained in terms of chapter vi-a of the income-tax act in the computation of its total income (2) whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the excess provision for taxation is includible in the capital base of the assessee-company for the purpose ..... , under section 57(iii) of the 1961 act, should be excluded from the total income in determining the chargeable profits as per the first schedule to the surtax act and not the amount of dividend arrived at after considering the deduction granted under section 80k/80m of the 1961 act, as was done by the surtax officer. ..... from an indian company' refer to the gross dividend received by the assessee as reduced by expenses permissible under section 57(iii) of the 1961 act or whether they refer to the net dividend after deduction allowed under section 80k/80m of the 1961 act also. .....

Commissioner of Income-tax Vs. Voltas Ltd. (i.T.R. No. 177 of 1980).

Court : Mumbai

Reported in : (1993)122CTR(Bom)201; [1993]205ITR569(Bom)

..... in conclusion, he once again urged that since in the case of banque nationale de paris : [1992]194itr167(bom) , this high court was not directly concerned with the issue involved in the present reference, certain observations made by the court in connection with the explanation inserted in rule 1 of the first schedule to the surtax act, with effect from april 1, 1981, by the finance act, 1981, should not influence our mind in deciding the question referred to us.shri dwarkadas, learned ..... in any clause of this rule, the amount of any income or profits and gains which is required to be excluded from the total income under that clause shall be only the amount of such income or profits and gains as computed in accordance with the provisions of the income-tax act (except chapter vi-a thereof), and in a case where any deduction is required to be allowed in respect of any such income or profits and gains under the said chapter vi-a, the amount of such income or profits and gains computed as aforesaid as reduced ..... , under section 57(iii) of the 1961 act, should be excluded from the total income in determining the chargeable profits as per the first schedule to the surtax act and not the amount of dividend arrived at after considering the deduction granted under section 80k/80m of the 1961 act, as was done by the surtax officer.we have considered the submissions made by learned counsel for the assessees and have carefully gone through the decision of this court in the .....

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)

..... scheme of the act and relevant changes in chapter xix-a of the act by the finance act, 2007.prior scheme(i) an application to the settlement commission was submitted in accordance with form 34b in appendix ii to the income-tax rules.the annexure to form 34b required the applicant, inter alia, to state - (a) amount of income which has not been disclosed before the assessing officer; (b) additional amount of income-tax payable on such income; and (c) the manner in which the income disclosed before the ..... income of the applicant being determined by the assessing officer or cit (a) not having wide knowledge and experience of the scale that the members of the commission have, being equivalent in status to the members of the central board of direct taxes ..... under sub-section (1) of section 245d; or(ii) an application made under section 245c has not been allowed to be proceeded with under sub-section (2a) or further proceeded with under sub-section (2d) of section 245d; or(iii) an application made under section 245c has been declared as invalid under sub-section (2c) of section 245d; or(iv) in respect of any other application made under section 245c, an order under sub-section (4) of section ..... the basis of the recommendations in the final report (submitted in december 1971) of the direct taxes enquiry committee. ..... titled 'finance act, 2007 - explanatory notes on provisions relating to direct taxes' purports to provide the identical reason for the said amendments to chapter xix-a of the act. .....

Glaxo Laboratories (India) Ltd. Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)18ITD226(Mum.)

..... contained in the finance act, 1955, in respect of section 2(6c)(iii) was thus applicable to the assessment year 1955-56 and was rightly invoked by the income-tax officer." ..... [1954] 25 itr 58 was considering the applicability of the finance act, 1950 to 'united states of rajasthan' for the assessment year 1950-51 and they observed that the income for the assessment year 1950-51 became assessable to indian income-tax in respect of the previous year 1949-50 ..... . the court came to this conclusion on analysing the language of section 23a as well as the amendment introduced by the finance act, 1959 which, according to the high court, intended the revised percentages to be applicable only prospectively from 1-4-1960.the court further observed that tax cannot be levied by implication.the court, therefore, was of the opinion that the revised percentages would not be applicable and only the percentages operative in the ..... . nor can we import 'purposive approach' to hold that though section 40a(8) was clearly directed to be operative with effect from 1-4-1976 for the assessment year 1976-77, yet, according to us, it would apply only to expenditure on interest ..... . observes at p.28 under chapter 2 while discussing the general principles of interpretation that the primary rule ..... . 64 under chapter 'construction where the meaning is plain' under the heading 'meaning and legal effect distinguished' observes : "there is no place for interpretation or construction except where the words of the statute .....

Agrima Project Engg. and Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)32ITD421(Mum.)

..... assessee in terms of the decision of the central board of direct taxes and this is what the learned commissioner of income-tax (appeals) has directed the assessing officer to do as and when the said decision is available and then to invoke section 154 of the act for the purpose; (ii) that the approval of the central board of direct taxes under section 80-0 of the act cannot be made a subject matter of appeal since no appeal is provided for the purpose; (iii) that if the aac/cit(a) could not decide ..... provisions of section 80aa, which was, to repeat, made retrospective in effect as from 1-4-1968 and section 80ab, which was made prospective in effect as from 1-4-1981 by the same finance (no.2) act, 1980.their lordships quoted extensively from the finance minister's address to the parliament at the time of introduction of finance (no.2) bill and concludingly the high court observed that, 'interpretation of a statutory provision is always a question of law on which reasons stated by the mover of the amendment can only ..... 473/221/85-ftd government of india ministry of finance department of revenue foreign tax division central board of direct taxes, new delhi, the 19th august, 1987. ..... from 1-4-1981 and in this view of the matter for deduction under section 80m, section 80aa is to be taken note of while for deductions under section 80 as contained in chapter via, section 80ab is to be taken note of; (viii) that the very fact that finance (no. .....

Raj Nair Vs. S.K. Laul and ors.

Court : Mumbai

Reported in : (2008)217CTR(Bom)409; [2008]299ITR389(Bom)

..... earlier the section contained the following words 'free from all encumbrances' by the finance act, 1993, with retrospective effect from november 17, 1992, the same was substituted by 'in terms of the agreement for transfer' referred in sub-section (1) of ..... instant case, as we have noted the agreement was of june 30, 1992, before the amendment by the finance act, 1993, which came into effect on november 17, 1992, and the section as it then stood.13. ..... to be paid within a period of 30 days from the receipt of no objection certificate under section 269un (3) of the income-tax act 1961. ..... 3 served notice under section 269ud(1) of the income-tax act, 1961. ..... before this court was about the interpretation of applicability of the definition of apparent consideration under section 269ua(b) of the income-tax act, 1961. ..... high court appears to have overlooked the purpose of chapter xx-c and the definition of 'apparent consideration' thereunder ..... the respondents are, therefore, directed to refund the said amount in favour of the petitioner with simple interest at the rate of 8 per cent, per annum from the date of retention ..... was the owner of the flat and by an agreement entered into on june 30, 1992, agreed to sell the said property, namely, flat no. ..... as is apparent from the judgment would be that in so far as 'apparent consideration' is concerned what can be deducted are only the amount as statutorily provided under the section in the chapter and no other amounts. ..... (iii) rule is made absolute partly in .....

Commissioner of Income-tax Vs. Lunidaram Tulsidas Panjabi

Court : Mumbai

Reported in : (1993)114CTR(Bom)344; [1993]204ITR674(Bom)

..... is also relevant, at the material time, stood thus : '(2) notwithstanding anything contained in clause (iii) of sub-section (1) of section 271, if in a case falling under clause (c) of that sub-section, the amount of income (as determined by the income-tax officer on assessment) in respect of which the particulars have been concealed or inaccurate particulars have been furnished exceeds a sum of twenty-five thousand rupees, the income-tax officer shall refer the case to the inspecting assistant commissioner who shall, for ..... it may be mentioned that the above explanation was inserted by the finance act, 1964, with effect from april 1, 1964, and it continued in the same form till march 31, 1976, when it was substituted by four new explanations with which we are not concerned in the present case. ..... the purpose, have all the powers conferred under this chapter for the imposition of penalty.' 14. ..... was also nothing improper on the part of the income-tax officer in relying on circumstantial evidence for this purpose inasmuch as no directed evidence of such shady transaction is ever possible.' .....

Wallfort Shares and Stock Brokers Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... inserted by the finance act, 2001 with retrospective effect from 1.4.1962 read as under:- "14a for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act:" on a plain reading of the above quoted provision we find that if any part of the expenditure claimed by the assessee as deduction against his income chargeable to tax is found ..... in the penultimate paragraph of the judgment hon'ble supreme court directed:- "if the transfer of the personal asset by the assessee to a partnership in which he is or becomes a partner is merely a device or ruse for converting the asset into money which would substantially remain available for his benefit without liability to income-tax on a capital gain, it will be open to the income-tax authorities to go behind the transaction and examine whether the transaction of creating the partnership is a genuine or ..... 2) act, 1991 with retrospective effect from 1.4.1972; insertion of section 14-a by the finance act, 2001 with retrospective effect from 1.4.1962; explanation to section 36(1)(viii) by finance act, 1992 with retrospective effect from ..... to why the matters should suddenly change course for the reason only that certain kinds of returns from investment are exempt under the provisions of chapter iii.there is also the question as to how many times cost of acquisition can be attributed. .....

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96ITD1(Mum.)

..... 10(33) could not, therefore, be caught in the net of tax by operation of the provisions of section 14-a.the main provision of section 14a inserted by the finance act, 2001 with retrospective effect from 1.4.1962 read as under: "14a for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act:" on a plain reading of the above quoted provision we find ..... , the assessee is not disentitled to have the loss arising from these transactions set off against his income from any other transactions or source.in the result, we direct that the assessee be allowed loss as claimed in the assessment year 2000-2001 and assessment year 2001-2002 in relation to transactions considered by us in these ..... in the case of azadi bachao andolan was a clear affirmation of the fact that it was substance of the transaction that mattered.the learned cit, dr then made, without prejudice, the following proposition: "proposition iii: on the application of the principles governing the determination of the nature of a transaction, the purchase and sale of units cannot be viewed as a trading transaction. ..... 2) act, 1991 with retrospective effect from 1-4-1972; insertion of section 14-a by the finance act, 2001 with retrospective effect from 1-4-1962; explanation to section 36(1)(viii) by finance act, 1992 with retrospective effect from 1-4-1987 and .....

Deputy Commissioner of Income Tax Vs. Syncome Formulations (i) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106ITD193(Mum.)

..... above explanation brought under section 115j(1a) by the direct tax laws (amendment) act, 1989 with effect from the asst. yr. ..... , the bench has fairly referred the following question to the hon'ble president for constituting a special bench: whether, on facts and in law, the assessee, while computing book profits under section 115ja of the it act, 1961, is entitled to reduce the net profit as per p&l a/c by- (i) the profits eligible for deduction under section 80hhc actually computed under clauses (a), (b) or (c) of sub-section (3) or sub-section (3a) as the case may be; ..... when sections 115ja and 115jb were reintroduced and substituted later, the same object was declared by the finance minister in the parliament which again reflected in similar terms in the relevant circulars and notes on clauses and the memorandum explaining the objects of ..... 115j to employ the expression "attributable to the business, the profits from which are" for the reason that the reductions contemplated in sections 80hhc and 80hhd were to be reduced from the total income attributable to the business whereas in section 115ja, the reference was only to section 80hhc. ..... the imbalance between the deduction under chapter vi-a and deductions under clauses (i) to (ix) of the explanation to section 115ja is inherent in ..... it has been made very clear while introducing clause (iii) to explanation under section 115j that the mat scheme should not take away the benefits given ..... 98 ctr (p&h) 182 : (1992) 194 itr 749 (p&h) 29. .....