Judgment Search Results Home > Cases Phrase: finance act 2007 section 132 amendment of section 37 Court: mumbai Page 98 of about 4,156 results (0.177 seconds)

Khandelwal Ferro Alloys Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : [1990]186ITR111(Bom)

s.p. bharucha, j.1. paper-books dispensed with.2. the questions to be considered at the instance of the assessee read thus :'1. whether, on the facts and in the circumstances of the case, the sum of rs. 12,10,279 realised on the sale of 'import entitlements' was exempt under section 10(3) of the income-tax act, 1961, or was a non-taxable, capital receipt and2. whether, on the facts and in the circumstances of the case, the aforesaid sum was eligible for rebate under section 2(4)(a)(i) and (ii) of the finance (no. 2) act, of 1967 ?'3. counsel are agreed that both the questions must be answered in the negative and in favour of the revenue, in view of the judgment of this court in metal rolling works pvt., ltd. v. cit : [1983]142itr170(bom) .4. the questions are so answered.5. no order as to costs.

Atul Bhaurao Khulge Vs. Union of India (Uoi)

Court : Mumbai

Reported in : 2009[16]STR257; [2010]24STT324

..... correct value of the taxable service and to discharge the amount of service tax along with the amount of interest at the appropriate rates provided under the provisions of the finance act, 1994 and the rules framed thereunder, and to file prescribed periodical returns on the basis of the compliance.3. the grievance of the petitioner is that before this order was .....

Commissioner of Wealth-tax Vs. J.S. Sabavalla

Court : Mumbai

Reported in : (1987)62CTR(Bom)194; [1988]171ITR191(Bom)

..... made at the instance of the revenue. the question raised is this :'having regard to the fact that the amendment to section 5(1)(viii) of the wealth-tax act, 1957, was expressly given retrospective effect by section 32 of the finance (no. 2) act, 1971, whether the tribunal was right in holding that the wealth-tax officer was not competent to rectify the assessment ..... of the assessee to tax the value of jewellery on the ground that there was no mistake apparent from the records capable of rectification under section 35 of the wealth-tax .....

Flotech Welding and Cutting Systems Limited, a Company Registered Unde ...

Court : Mumbai

Reported in : (2004)188CTR(Bom)268; 2004(3)MhLj87

..... the authorities below are in accordance with law.15. we have heard the counsel on both sides and perused the records placed before us.16. section 139(9) was inserted by finance (no. 2) act, 1980 with effect from 1st september, 1980. prior to 1st september, 1980, that is, till 31st august, 1980 there was no specific ..... in that case, the return of income filed by the assessee for the relevant assessment year was not accompanied by the statutory audit report mandated by section 44ab of the act. the assessee had not rectified the defect within the stipulated time and had not sought extension of time either before the assessing officer or before the ..... petitioner fairly stated that after treating the revised return for assessment year 1991-1992 as invalid, the assessing officer has passed assessment order under section 143(3) of the income tax act ('i.t. act' for short) and the appeal filed against the said assessment order is pending. he submitted that the petitioner is willing to peruse .....

Mohandas I. Chatlani of Mumbai Vs. Varad L. Ullal

Court : Mumbai

..... a suit as summary suit, is clearly devoid of merits. also not sustainable is the argument that the security had to be given up. under section 176 of the indian contract act, plaintiff has a right to retain pledged goods, until such time defendants makes payments and then only need return of the pledged goods. the judgment ..... has to be rejected. 10. this court in the case of elegant capitals pvt. ltd. (supra) has reiterated the law laid down in the case of suraj sanghi finance ltd. 11. in the case of state industrial and investment corporation of maharashtra ltd. (supra), relied upon by the learned senior counsel for the defendant, admittedly the debt ..... as collateral security for the loan and further agreeing not to seek revocation until the said amount of rs. 50 lacs with interest was paid. on 8 february 2007 another collateral agreement similar to agreement dated 26 june 2006 came to be executed by and between the plaintiff and defendant. according to plaintiff, the defendant had issued .....

Shri Pradip Nanjee Gala, Karta of Hindu Undivided Family of Pradip N. ...

Court : Mumbai

Reported in : 2006(3)BomCR147; 2006(3)MhLj508

..... matunga, bombay - 400 019. dear sir, with reference to the petition addressed to the minister for finance, government of maharashtra, bombay, i have to draw your attention to the provision in section 18 of the bombay sales tax act, 1959 which provides that the liability in the case of partnership firm is joint and several. the amount ..... wanted to inform the petitioner that although an application has been made to the state minister for finance seeking settlement, such a settlement is impermissible in view of the express provisions contained in section 18 of the b.s.t. act. 24. however, without assigning any reasons, the commissioner of sales tax in the said ..... has been passed by the state minister for finance approving the settlement. on the contrary, immediately after referring to the settlement application made by the petitioner, the commissioner of sales tax draws attention of the petitioner to the provisions of section 18 of the b.s.t. act whereunder the liability of the partner in .....

The Commissioner of Income Tax-8, Mumbai and Others Vs. M/s. Sulzer In ...

Court : Mumbai

..... such conversion has been permitted by or under government orders. in paras 1 and 2 of this circular, the department refers to the introduction by finance act, 1983 w.e.f. 1st april, 1984 of section 43-b. then, in para 3, it refers to several representations received from various state governments and others that cases of deferred sales tax payments ..... of karnataka noted the rival contentions in para 5 and 6. those were admittedly raised on the factual background that deferred sales tax was to be paid in the year 2007. the state government itself determined the npv of the amount, which was receivable in 2017, calculated the same and treated it as payment of deferred tax. 45. in ..... nandan aggarwal (1992) supp. 1 scc 323(80). the similar view has been reiterated recently in cit vs. tara agencies (2007) 292 itr 444 (sc). this being so we are of the view the first requirement of section 41(1) has not been fulfilled in the facts of the present case. 35. a perusal of these findings shows that the .....

Commissioner of Income-tax, Bombay City-i Vs. K.M. Mody

Court : Mumbai

Reported in : [1983]141ITR903(Bom); [1982]8TAXMAN118(Bom)

..... to call upon the guarantor, that is, the said k. m. mody, to pay the outstanding amount under the collateral agreement which was annexed as ex. c to the financing agreement. the second agreement called the 'distribution agreement' was also executed on the very same date between minerva movietone, called the 'producer'. mody pvt. ltd., being the ..... main source of his income was income chargeable under the head 'other sources' under s. 12 of the indian i.t. act, 1922. the tribunal also found that there was no material before it that any financing business had been carried on by the assessee in the years under consideration. it rejected the contention advanced on behalf of the ..... assessee, which was to the effect that he had guaranteed the loan out of commercial expediency. the loss was not allowed under s. 12 of the said act, as it did .....

Commissioner of Income-tax, Bombay City-1 Vs. Investa Industrial Corpo ...

Court : Mumbai

Reported in : [1979]119ITR380(Bom)

..... indicate. 5. it is true that in the memorandum of association or articles of association of the assessee-company there is no obligation cast upon the assessee-company to finance the managed-company nor was there any such obligation to be found in the agreement dated december 7, 1946. but it was not disputed before us by mr. joshi ..... be regarded as an allowable deduction as a trading loss while computing the business income of the assessee-company for the relevant assessment year under s. 28 of the act. mr. joshi appearing for the revenue urged before us that if due regard be had to the memorandum of association of the assessee-company it would be clear that ..... the loss sustained was incidental to the assessee's business and, therefore, the same was deductible while computing the business income of the assessee under s. 28 of the act. on behalf of the department, the orders passed by the taxing authorities were sought to be supported. it was contended that the amount was neither a bad debt nor .....

Eco Valley Farms and Foods Limited Vs. the Commissioner of Central Exc ...

Court : Mumbai

..... decision and could not have taken a view contrary to the view taken by the commissioner of central excise (a). 33. the fact that section 11a of the 1944 act as amended by the finance act 2000 empowers the central excise officer to demand excise duty for a period of one year prior to the issuance of show-cause notice even if ..... .1,76,21,021/in respect of dta clearances of fresh mushrooms effected by the assessee during the period from 1st december 2006 to 30th november 2007 by invoking the proviso to section 3(1) of the 1944 act. according to the ao, fresh mushrooms became excisable on being specifically covered under entry 07095100 in chapter 7 of the 1985 ..... nil, then, in respect of dta clearances effected by the assessee covered under the proviso to section 3(1) of the 1944 act would also be nil. 12. however, by a show-cause notice dated 28th december 2007 issued under section 11a of the 1944 act, the ao sought to recover excise duty equivalent to the customs duty leviable on the imported .....