Court : Mumbai
Reported in : (1982)26CTR(Bom)129; [1982]137ITR42(Bom); [1982]8TAXMAN186(Bom)
..... justified in including the amount of rs. 1,59,50,000 for the purposes of computation of the capital employed by the assessee for giving relief under section 15c of the indians income-tax act, 1922 ?'2. it would appears to us that the answer to be given to question no. 1 is now concluded by our decision given this ..... be excluded on a proper application of r. 3(5). according to the company, the keeping of theses large amounts became necessary as it was accumulating funds to finance the entire cost of the streptomycin and tetracycline plants which were in fact commissioned in the subsequent years. according to the company, this keeping of money in fixed deposits ..... directors' report for the relevant years. it observed that it was prudent that a company like the assessee should set aside a large fund out of its profits for financing such expansions. in the view of the tribunal, accumulations of profits for such purposes have to be regarded as amounts required for the purposes of business of the .....
Tag this Judgment!Court : Mumbai
Reported in : 1981(8)ELT920(Bom)
..... goods was governed by the benefits granted by the notification of the ministry of finance (department of revenue and insurance) dated june 9, 1975, whereby the central government in exercise of powers conferred by sub-section (1) of section 25 of the customs act, 1962 (hereinafter referred to as the act), exempted endosulfan being imported into india in a commercially pure form from so much ..... the date of clearance and not the date of arrival of the consignment within the customs barrier. the two authorities found that in view of the provisions of section 157 of the customs act, the petitioners are to pay the duty in existence on the date of the clearance. the petitioners have filed the present petition to challenge the legality of those .....
Tag this Judgment!Court : Mumbai
Reported in : 1982(10)ELT394(Bom)
..... interest, i am not inclined to grant interest on the facts and circumstances of the present case as in my judgment, the authorities could not be said to have acted without any reason or basis. the respondents shall refund the amount to the petitioners within a period of three months. in the circumstances of the case, there will be ..... payable is 200% ad valorem as per the customs tariff item no. 63(20a) of the first schedule to the tariff act, 1934.4. the tariff item no. 63(20a) of the first schedule of the tariff act reads as under :-'stainless steel plates, sheets and strips and the rate of duty is 200% ad valorem.'the government of india ..... , ministry of finance (department of revenue and insurance), has published a notification dated may 29, 1971 which was subsequently amended by notification .....
Tag this Judgment!Court : Mumbai
Reported in : (1982)26CTR(Bom)244; [1982]137ITR427(Bom)
..... , the assessment was validly reopened under section 147(b) of the income-tax act, 1961 ? (2) whether, on the facts and in the circumstances of the case, the income-tax officer was right in withdrawing corporation tax rebate to the extent of rs. 90,472.40 having regard to the relevant provisions of the finance act, 1960 ?'2. we are concerned ..... ultra vires and contrary to the provisions of law. it also took the contention that the proviso to para. d in part ii of the first schedule to the finance act, 1960, had no application to the facts of the case and the same did not permit the withdrawal of the corporation tax rebate. the ito negatived the said contention ..... said finding of the tribunal is challenged before us.7. in this case the ito has sought to reopen the assessment under s. 147(b) of the i.t. act, 1961. the said section provides :'147. income escaping assessment. - if - ...(b) notwithstanding that there has been no omission or failure as mentioned in clause (a) on the part of the .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Mumbai
Reported in : (1982)26CTR(Bom)84; [1983]140ITR42(Bom)
..... that there was a deficit. finally, it was submitted that even the first part of, s. 47 equivalent to the first part of s. 7(2) of the finance act (u.k.) if construed property is introduced for the benefit of the accountable persons and not for totally disallow in such genuine debts. the argument was based upon the ..... bench, poona, has referred the following question for our consideration:'whether, on the facts and in the circumstances of the case, the tribunal was justified in involving section 47 of the estate duty act, 1953, and applying it to the facts of the present case ?'2. the reference is at the instance of the controller of estate duty, karnataka, ..... our opinion, no such difficulty really arises for applying the latter part of s. 47 subject to one necessary clarification which we must make. the latter parts of the section which we have already extracted earlier does not sue the words 'in the first instance', and the non-user of these words in the later part as contested with .....
Tag this Judgment!Court : Mumbai
Reported in : (1982)26CTR(Bom)240; [1983]139ITR833(Bom); [1982]8TAXMAN202(Bom)
..... [1980]122itr382(bom) . in the said decision, given by a bench of which i was a member. we have fully set out the provisions of the companies act and of the finance act. but it is important to note that the assessee-company was claiming that two other companies, referred to as standard and sassoon in the decision, were its subsidiaries, ..... basis of shareholding but on the basis of the other parts of the definition of 'subsidiary company' contained in s. 4 of the companies act.9. we may immediately turn to s. 4 of the companies act. section 4 gives the meaning of 'holding company' and 'subsidiary'. sub-s. (1) of s. 4 provides that a company shall be ..... of the assessee-company that the word 'holding directly of indirectly.'14. mr. joshi, then drew our attention to various sections of the i.t. act, 1961, and submitted that where the intention was to include nominees, the act specifically provided for the same. since in his submission expln. ii did not provide for holding in the name of nominees .....
Tag this Judgment!Court : Mumbai
Reported in : [1983]141ITR777(Bom); [1982]9TAXMAN177(Bom)
..... was the natural son of prahladrai brijlal seksaria who along with kufilal was controlling the affairs of the assessee-company and it cannot certainly be allowed as a deduction under section 10(2) (xv) and/or/ u/s. 10(4a).'10. in appeal, the aac concurred with the ito. this is found in para. 9 of the appellate order. the aac ..... recovering anything it was written off as bad debt in the course of money-lending business during the year in question and rightly claimed as deduction under the income-tax act.'4. the three partners in the firm of m/s.hindustan film syndicate were (1) gajadhar chandiprasad (brother-in-law of prahladrai, a director of the assessee-company), (2) d ..... and was accordingly right in holding that it could not be allowed as a deduction either under s. 10(2)(xv) or s. 10(4a) of the indian i.t. act, 1922.16. in the circumstances of the case, the parties will bear their own costs of the reference. .....
Tag this Judgment!Court : Mumbai
Reported in : (1982)26CTR(Bom)262; [1983]141ITR626(Bom)
..... expenses, the amount might be presumed to have been spent for his personal domestic expenses. i do not consider that this amount is admissible under section 10(4a) of the i.t. act.'10. the matter was carried by the assessee before the aac. the aac has in his order commented that no details were furnished to support ..... tribunal it had been pointed out that the assessee-company was at the relevant period the managing agents of seksaria sugar mills ltd., and was responsible for arranging finance and looking after the business of the managed company. kudilal seksaria used to stand guarantee for the loans obtained for the managed company, and for rendering such service ..... given the use of rent-free quarters fully furnished. this is what the ito has stated while disallowing the amount under s.10(4a) of the indian i.t. act, 1922 :'... on going through the account of the company, it found that the assessee has already debited substantial amounts by way of entertainment expenses, etc., shri kudilal .....
Tag this Judgment!Court : Mumbai
Reported in : [1983]140ITR73(Bom); [1982]9TAXMAN79(Bom)
..... under:'whether, on the facts and in the circumstances of the case, the expenditure of rs. 59,183 claimed by the assessee as deduction is allowable under section 37(1) of the income-tax act, 1961 ?'2. the assessee is the hingir rampur coal co. ltd. it has its registered officer in bombay but owned a colliery in orissa. in the assessment ..... november 18, 1966, was excited between the assessee-company and the coal mines labour housing board (hereinafter referred to as 'the board') constituted under the coal mines labour welfare fund act, 1947. a copy of the said agreement is annex. a to statement of case. the agreement was to remain in force for a period of 15 years from the dated ..... year 1967-68, it claimed as deduction under s. 37(1) of the i.t. act, 1961, a sum of rs. 59,183 which is put under the head 'staff welfare expenses'. this amount was spent by the company by way of expenditure incurred on the .....
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