Court : Mumbai
Decided on : Mar-31-1993
Reported in : (1993)122CTR(Bom)201; [1993]205ITR569(Bom)
..... dividend'. further, in the reported case, the court has considered the first part of the explanation inserted in rule 1 of the first schedule to the surtax act, by the finance act, 1981, which was made applicable from april 1, 1981, that is from the assessment year 1981-82 while, in the present reference, we are concerned with ..... on the decision of this court in the case of cit v. tata chemicals ltd. [1988] 169 itr 314, he submitted that the circulars issued by the central board of direct taxes are binding on the income-tax authorities and, therefore, the surtax officer ought to have accepted the assessees contention in this regard. learned counsel ..... 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 counsel for messrs standard mills co. ltd .....
Tag this Judgment!Court : Mumbai
Decided on : Mar-31-1993
Reported in : [1994]205ITR569(Bom)
..... dividend'. further, in the reported case, the court has considered the first part of the explanation inserted in rule 1 of the first schedule to the surtax act, by the finance act, 1981, which was made applicable from april 1, 1981, that is from the assessment year 1981-82 while, in the present reference, we are concerned with ..... on the decision of this court in the case of cit v. tata chemicals ltd. [1988] 169 itr 314 he submitted that the circulars issued by the central board of direct taxes are binding on the income-tax authorities and, therefore, the surtax officer ought to have accepted the assessees' contention in this regard. learned ..... 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. shri dwarkadas, learned counsel for messrs standard mills .....
Tag this Judgment!Court : Mumbai
Decided on : Jan-14-1993
Reported in : [1995]216ITR584(Bom)
..... has to be determined with reference to explanation 1, sub-paragraph i(b) of paragraph f of the finance act, 1968. 7. in this connection, we may refer to the decision of the madras high court in the case of madurai district central co-operative bank ltd. v. third ito : [1969]73itr479(mad) . in that case the ..... . this contention also does not appeal to us. the income-tax officer had clearly made a mistake in overlooking the provision relating to additional income-tax under the finance act, 1968, while making his assessment. this is a mistake which is apparent on the record. he has, therefore, rightly resorted to the proceedings under section 154 ..... ,00,000. therefore, the excess dividend so declared amounted to rs. 3,90,000. such excess dividend entailed an additional income-tax under the provisions of the finance act, 1968. the income-tax officer, however, failed to take note of this fact at the time of the assessment proceedings. he thereupon initiated rectification proceedings under section .....
Tag this Judgment!Court : Mumbai
Decided on : Dec-02-1993
Reported in : [1994]210ITR409(Bom)
..... commissioner came to the conclusion that the assessee was 'mainly engaged in the manufacture of goods' within the meaning of section 2(8) (c) of the relevant finance act and was thus an industrial company as defined therein. 12. the income-tax appellate tribunal reversed the decision of the appellate assistant commissioner, inter alia, on the ..... with clause (d) of sub-section (1) of section 209 of the companies act, 1956, the central government has made the cost accounting records (tyres and tubes) rules, 1967. by rule 2 of the said rules, it is provided that the said rule ..... required to maintain records containing particulars relating to utilisation of material or labour or other items of cost as may be prescribed. section 233b of the companies act empowers the central government to direct the statutory audit of cost accounts of such company. in exercise of the powers conferred by sub-section (1) of section 642 read .....
Tag this Judgment!Court : Mumbai
Decided on : Sep-22-1993
Reported in : [1999]236ITR220(Bom)
..... of income-tax applicable to it. the rates of tax applicable for the assessment year 1971-72 are prescribed in the finance (no. 2) act, 1971 (hereinafter referred to as 'the finance act'). paragraph f of the finance act contains the rates applicable to 'companies' other than the life insurance corporation of india. for the purpose of rate of ..... or acquired unconditionally by, and were throughout the relevant previous year beneficially held by - (a) the government, or (b) a corporation established by a central, state or provincial act, or (c) any company to which this clause applies or any subsidiary company of such company where such subsidiary company fulfils the conditions laid down in ..... 89. as regards the second question, both sides fairly state that this question is squarely covered by the ratio laid down by the supreme court in that case of central provinces manganese ore co. ltd. v. cit : [1986]160itr961(sc) . the assessee has claimed that they were not liable to levy. thus, they have .....
Tag this Judgment!Court : Mumbai
Decided on : Oct-19-1993
Reported in : [1994]210ITR69(Bom)
..... , fans, refrigerators, etc., will not qualify for development rebate. our attention was also drawn to circular no. 3-p, dated october 11, 1965, of the central board of direct taxes explaining the provisions of the finance act, 1965, wherein it has been stated that the effect of the newly added sub-section (6) to section 33 of the ..... a guest house :'8. this is a non obstante clause. it is applicable notwithstanding anything contained in the other provisions of section 33. it was inserted by the finance act, 1965, with effect from april 1, 1965, to take out of the purview of section 33 'plant and machinery' specified therein. this subsection thus carved out of ..... act is that development rebate will not be admissible in respect of machinery such as air-conditioners, frigidaires, room heaters, electric fans, etc., in any office .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : May-07-1993
Reported in : (1993)46ITD185(Mum.)
..... to do so. therefore, it affects a substantial right. in my opinion", therefore, it could not be given retrospective effect particularly in view of the specific provision in the finance act that it would be effective from a date when the amended provisions received the assent of the president, which, as aforesaid, was admittedly after 31st of may, 1989 or ..... this has been the subject matter of judicial scrutiny.7. in sto v. k.i. abraham [1967] 20 stc 367 (sc), section 8(4)(a) of the central sales tax act, 1956 provided for a declaration to be filed in the prescribed manner, if one opted for the applicability of sub-section (1) thereof. no law of limitation was provided ..... a time limit within which a declaration is to be filed by a registered dealer. there also section 13 of the sales tax act, 1956 authorises central government to make rules like section 295 of the income-tax act. the declaration was filed in form 'c within a reasonable time and it was held to be a compliance with regard to .....
Tag this Judgment!Court : Mumbai
Decided on : Feb-10-1993
Reported in : 1993(3)BomCR387; (1993)IILLJ568Bom
..... the request quite legitimate and has drawn and adverse inference that the petitioner company was paying attractive sums of pensions to the management staff and had adequate finances at their disposal to absorb the increase in pension expenditure for non-management staff also. since the company has given a further increase in the pensionary benefits ..... , even if the dispute or difference with regard to pension fell within the purview of section 2(k) of the act, the central government has no power under sub-section (1a) of section 10 of the act to refer such a dispute to a national industrial tribunal for adjudication. in his submission, the qualifying clause' whether it ..... no concerns comparable to the company in the entire country, the question of application of the industry-cum-regional principle did not arise. it also held that finance was not at all a problem for the petitioner-company which could stand in the way of further revision of the pension scheme and further that the petitioners .....
Tag this Judgment!Court : Mumbai
Decided on : Jul-30-1993
Reported in : [1996]85CompCas325(Bom)
..... the book value of the shares at the time of transfer of shares was itself rs. 90. after transfer of the shares, the shaw wallace group arranged for finances and other facilities to bda breweries and distilleries, including the following : (a) deferment of amount due from bda to cruickshank amounting to rs. 2,25,00,000 ..... the important resolution dated may 4, 1990, nor is there anything on record to connect him with the application moved to the central government under section 30(c) of the monopolies and restrictive trade practices act, 1969. admittedly, he is not a director of this company. a vague allegation has been levelled against defendant no. 3, ..... for three reasons : (a) to bring down the cost of labour, (b) easier access to finance from banks, and (c) to prevent the stifling of growth on account of restrictions contained in the companies act, 1956, and the monopolies and restrictive trade practices act, 1969, due to 'interconnection' (see documents at pages 431, 393, 396, 397 and 441 .....
Tag this Judgment!Court : Mumbai
Decided on : Sep-23-1993
Reported in : 1995(3)BomCR13
..... where the question for decision turned on the interpretation and construction of the expression 'in the manufacture of goods' in section 8(3)(b) of the central sales tax act, 1956. in paragraph 8 of the report the supreme court observed :---'the expression in the manufacture of goods should normally encompass the entire process carried on ..... it is subject to the payment of customs duty. the product thus manufactured by the first petitioner falls under chapter 59 of the schedule to the central excise tariff act which comes under the heading 'impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use'.under heading no. ..... out that the matter was carried by the revenue in appeal before the supreme court and the supreme court in the decision of union of india v. kamlakshi finance corporation ltd., reported in : 1991ecr486(sc) , rejected the contention of the revenue and for that matter even upheld the strictures made. mr. usgaokar thereafter .....
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