Court : Mumbai
Reported in : [2001(91)FLR536]; 2002(1)MhLj824
..... had been facing serious financial difficulties since 1998 due to a recession in demand coupled with the unavailability of finance. on 20th december, 1999, the petitioner had issued a notice of change under section 42(1) of the bir act by which it had intended to discontinue the working of several departments situated in the textile mill of ..... india ltd. v. presiding officer and ors., reported in 1993 1 clr 753. the judgment of srikrishna, j. was affirmed in appeal by a division bench reported in 1994 2 clr 494. a full bench of this court in p.l. mayekar v. agichend narayan 57 blr 1000ici india ltd. v. presiding officer and ors., reported in ..... which has been urged on behalf of the petitioner is concerned, it would be necessary to advert to the provisions of section 22 of the sick industrial companies (special provisions) act, 1985. section 22 provides as follows :'22. suspension of legal proceedings, contracts, etc. --(1) where in respect of an industrial company, an inquiry under section 16 .....
Tag this Judgment!Court : Mumbai
Reported in : (2004)87TTJ(Mumbai)840
..... , to kissan products limited for a lump-sum consideration of rs. 675 lakhs. before sale, the appellant had obtained the requisite clearance under chapter xx-c of the income tax act from the appropriate authority. this division was sold to kissan products ltd., whereas shares in kissan products ltd. held by ub ltd., appellant's ..... has more subsidiaries and associates than the amalgamation ltd. the subsidiaries and associates of the ub group enjoy common management, inter-linked in business, marketing and finance, etc. even the affairs of ubel were closely managed by the group and the shareholders of ubel were none other than the group companies. thus the ..... had guaranteed to uco bank together with accumulated interest till the date. after considerable negotiation, the vice-chairman of the ub group vide letter dated 7-2-1994, accepted the liability to settle the guarantee, subject to reduction of interest quantified by the bank . thereafter, the company agreed for a total liability consisting .....
Tag this Judgment!Court : Mumbai
Reported in : 2002(2)ALLMR369; (2002)172CTR(Bom)696; [2001]252ITR673(Bom)
..... on the ground that the assessee had adopted the hybrid system of accounting. he pointed out that by the finance act, 1995, which received the assent of the president on may 26, 1995, section 145(1) of the income-tax act came to be amended, that, before the said amendment, income was computed by following one of the ..... that deduction for purchase has been claimed and allowed when the assessee has, in fact, not paid for such purchase. hence, the judgment in the case of citibank : [1994]208itr930(bom) has no application to the facts of the case present case. in the present case, the assessing officer has found that certain purchases remained unpaid. that, ..... on behalf of the petitioner, contended that the petitioner followed a hybrid system of accounting.6. that, in the present case, we are concerned with the assessment year 1994-95. that, at that time, it was permissible for the assessee to follow either of the three prevailing systems of accounting, viz., the mercantile system of accounting, .....
Tag this Judgment!Court : Mumbai
Reported in : 2002(1)BomCR419
..... that the provisions of the act shall be in addition to, and not in derogation of the provisions of any other law for the time being in force. 55. the regulations framed by the sebi came into force with effect from 7-11-1994. regulation 3 makes the provisions of chapter iii of the regulations inapplicable ..... narrow the definition. the process of construction, therefore, combines both literal and purposive approaches. we are tempted to quote from the judgment in rbi v. peerless general finance & investment co. ltd. air 1987 sc 1023, where justice o. chinnappa reddy, speaking for the court observed:-- 'interpretation must depend on the text and the ..... them and utilised for acquiring the shares of herbertsons ltd.; that admittedly, in the case of mahameru trading co. p. ltd., (defendant no. 4) and shirish finance & investment p. ltd. (defendant no. 5), the allegedly defaulting shareholders and directors of these companies were continued as directors even after they were directly taken over by .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
Reported in : (2002)(147)ELT478Tri(Mum.)bai
..... therefore, sought to justify the decision of the commissioners on the point. the dr further argued that, such the retrospective amendment of section 3 of the central excise act by the finance act 2000, it became inescapable for 100% eous like the appellants to pay (towards duty of excise on their products cleared to dta) the sum of the basic customs ..... on the assessees. shri nagarkar's order-in-original no. 59-61/95 was passed against m/s fabworth in adjudication of three scns covering the periods, september 1994, october- december 1994 and january - march 1995 and the same has been challenged in appeal nos.e/902-904/96. sh. k.c. singh's order-in-original no. 111 ..... % eou at butibori is engaged in the manufacture of various kinds of yarns viz. all-wool yarn and poly-wool yarn falling under chapters 51 and 55 of the schedule to the central excise tariff act), and export thereof.2. 100% eous like the appellants' units at butibori-approved as 'hundred percent export-oriented undertakings's by the .....
Tag this Judgment!Court : Mumbai
Reported in : 2002(3)ALLMR660; 2002(5)BomCR653
..... provisions referred to by all the counsel.the relevant provisions 52. some of the sections which are relevant for our purpose are following:(a) maharashtra housing and area development act, 1976, chapter iii- functions, duties and powers of the authority and board '28. functions, duties and powers of authority.- (1) ......... (2) ......... (3) the authority ..... the n.o.c. was given by mhada. in his submission large projects like the present one would not be developed by mhada inasmuch as considerable finance expertise and co-operation of the occupants was required which could not be assured by mhada. all these years mhada had failed to do anything in that ..... 2001, the steps taken from 1993 onwards for re-development of this property have been placed on record. it points out that quotations were invited in august 1994 for soil investigation work. initially by july 1995, m/s. shashi prabhu and associates were appointed as architects to process reconstruction scheme. in july 1996, shri .....
Tag this Judgment!Court : Mumbai
Reported in : 2002(1)ALLMR993; 2002(2)BomCR484
..... the development plan. the planning authority is to revise the development plan twenty years after it has come into operation (the period was 10 years prior to amending act 39 of 1994). this court, as would be noticed shortly hereafter, has held that the lapsing of a reservation has to be distinguished from the lapsing of the public purpose. ..... is now necessary and whether the first respondent is in fact in a position, whether by itself or together with the third respondent, to implement the reservation by financing the cost of the acquisition of the land. the first respondent shall make this determination within a period of three months from today and will take necessary steps in ..... sections 22 to 31 shall apply in respect of such revision. section 42 mandates that on the coming into operation of any plan or plans referred to in the chapter, it shall be the duty of every planning authority to take such steps as may be necessary to carry out the provisions of such plan or plans.20. .....
Tag this Judgment!Court : Mumbai
Reported in : (2004)89TTJ(Mumbai)24
..... and 74 of the paper book-i) which are extracted herein for immediate reference :'the definition of 'recipient' refers to a person receiving any remittance under chapter ii of the said immunities act. however, 'remittance' as defined in section 2(b) means remittance made in foreign exchange by any person resident outside india to a person resident in ..... v. income tax officer & an.r. : [1981]131itr597(sc) .(4) object was to attract large inflow of foreign exchange to meet difficult balance of payments situation (finance minister's speech (pp. 90-91 of paper book 11 and objects and reasons for introducing this immunities scheme (pp. 76, 77, 80, 162 of paper book no. ..... in this regard, he relied upon the decision of the hon'ble bombay high court in the case of raymond woollen mills ltd. v. ito & ors. : [1994]207itr929(bom) . he also submitted that once the assessing officer has formed a reasonable belief to reopen the assessment, subsequent developments, such as retraction by mr. sanjeev goel, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)83ITD511(Mum.)
..... respect and held that for asst. yr. 1990-91 the assessment as short-term capital gains is not correct and the income is required to be assessed as business income. finance act, 1983, inserted w.e.f. 1st april, 1984, sub-section (4a) to section 11 which reads as under : "(4a) sub-section (1) or sub-section (2) or sub-section ( ..... lease. income-tax is an annual levy of tax in respect of the total income of the previous year to be computed in accordance with the provisions of the act. chapter iv of the act, which deals with "computation of total income", does not draw any distinction as such between sale and lease and the classification thereunder is under the "heads of ..... for asst. yr. 1989-90 on 13th sept., 1993. the assessee's appeal against the assessment order for asst. yr. 1990-91 was taken up subsequently on 23rd feb., 1994. in this relatively brief order, the successor cit(a) has time and again relied upon the order of his predecessor for asst. yr. 1989-90.however, the learned cit(a .....
Tag this Judgment!Court : Mumbai
Reported in : 2002BomCR(Cri)835; 2002CriLJ1723
..... been categorised as a dangerous person under section 2(b-1) of the m.p.d.a. act because the said provision provides that if a person either singly or as a member or a leader of gang habitually commits offences punishable under chapter xvii of the indian penal code, he would be a dangerous person thereunder. in the instant case ..... he was acting singly. since the statements of both the witnesses show that he was habitually committing the offence of extortion (habit means more than once), punishable under chapter xvii of the indian penal code, he could have been detained as a dangerous person on the basis ..... the in-camera statement of the witness 'a' shows that he was acting as a member of the dawood gang and that of witness 'b' discloses that .....
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