Court : Mumbai
..... am unable to accept the contentions of the applicant appearing in person. the statement of objects and reasons of the amendment act, 2011 reads as under:- under the existing provisions of the bombay civil courts act, 1869 (act no.xiv of 1869), the pecuniary appellate jurisdiction of the district court with regard to the amount or value of the subject ..... the pecuniary jurisdiction of the courts of the civil judge (junior division), with regard to the amount or value of the subject matter is upto rupees one lakh. 2. with the passage of time there is a tremendous appreciation of the value of the properties situated in the cities and moffusil areas since the year 1999, when these ..... may deal with such suit from the stage which was reached before such transfer or from any earlier stage or de-novo as such court may deem fit; (2) all appeals in which the amount or value of the subject matter does not exceed rupees ten lakhs and pending before the high court immediately before such commencement, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
..... and perused the facts relating to the issue raised before us. it is undisputed fact that the assessee has two different projects, namely (i) link corner project and (ii) gym view project. total income of the assessee includes the business income from both the projects. assessee recognized income from both the projects based on the 'project completion ..... required to be substituted by percentage completion method in the absence of any finding of the ao that the completed contract method distorts the profits of a particular year. 2. cit vs. tata iron and steel co. ltd. 106 itr 363 held: it would be difficult for a company which carries on business of the magnitude ..... be said to be against any provisions of law, having regard, particularly, to s.13 of the indian it act, 1922. 3. shapoorji pallonji and co (rajkot) (p) ltd. vs. ito , 49 itd (bom) 479. ............... we therefore, find no error in the assessment orders. considering the nature of business and the manner in which it was carried on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
..... -1 to the agreement provide that the bonds were to be issued in the registered form in the denomination of us$ 1000 each. as per clause 3.2, no individual certificates in respect of interest (share) in any bonds were to be issued in exchange for the global certificate except in the circumstances provided in clause 3 ..... assessee claimed that it was deductible business expenditure. the a.o. accepted the explanation and allowed the deduction. the cit issued notice u/s 263 of the act on the ground that the order of the assessing officer was erroneous and prejudicial to the interests of revenue on the question of allowance of deduction of the ..... cit v. nalwa investments ltd. [(2011) 338 itr 522 (del.)]. in this case the assessee was a non-banking finance company engaged in the business of investment in shares, securities, other debt instruments and financing loans and providing guarantees. the income of the assessee comprised of interest on loans and securities, professional income as well as .....
Tag this Judgment!Court : Mumbai
..... or direction by the borrower to the contrary, to pay to the lender, the sum due and payable by the borrower to the lender under the finance documents. the guarantor hereby unconditionally, irrevocably and without any qualifications whatsoever guarantees to and covenants with the lender, that the guarantor will pay sums as ..... should provide a irrevocable and unconditional guarantee in favour of the lender to secure the facility granted (or intended to be granted) by the lender under the finance documents (the secured obligations) which guarantee shall be valid and effective until the secured obligations have been fully discharged (the guarantee) and clauses 1, 18, ..... under the loan facilities given by defendant no.1 and also provided/agreed to provide security for such repayment as stated hereinafter. the defendant no.6 is a depository participant under the depositories act, 1996. certain shares of defendant no. 5 which were /are owned and held by defendant nos. 2 to 4 and have been provided .....
Tag this Judgment!Court : Mumbai
..... and a subsidiary of defendant no.1. defendant no.5 inter alia carries on the business of air transport services and chartered aviation services. the defendant no.6 is a depository participant under the depositories act, 1996. certain shares of defendant no.1 which were /are owned and held by defendant nos.2 to 4 and have been ..... the plaint in its favour or in the alternative in favour of defendant no.7 who has originally granted facilities to defendant no.1, and in whose favour the agreements including the security agreements have been executed by the defendants. the finance/term loan agreement dated 11th july 2012 executed by and between the ..... plaintiff - future corporate resources ltd. (fch) as "lender" and the defendant no.1 deccan chronicle holdings limited. as "borrower" is annexed and marked as exhibit- .....
Tag this Judgment!Court : Mumbai Aurangabad
..... appeal and held that the sugarcane purchase price paid to the members as well as non members cannot be disallowed by invoking provisions of section 40a(2) and 37(1) of the income tax act, 1961. the appellate authority, thus, directed to delete addition made to the tune of rs.9,86,08,069/-. that, so far as ..... r.m. borde, j. heard mr.alok sharma, assistant solicitor general for the appellant. none appears for the respondent, though served. 2. admit. 3. the respondent is a society registered under the maharashtra co-operative societies act, 1960. the society deals in manufacturing and sell of sugar. the co-operative society purchases sugarcane both from members and non members. ..... state) i.e. state advised price), is liable to be disallowed under section 40a(2) and 37(1) of the income tax act, 1961 and computed as taxable income of the assessee? 8. an identical question has arisen for consideration in tax appeal no.54 of 2010 and the division bench of this court, following the judgment in the .....
Tag this Judgment!Court : Mumbai
..... 25 may 2004). the legal position according to the department is that there is no prohibition on proceeding with the recovery of a confirmed demand even immediately after an order has been issued, when no stay is in operation. section 87 of the finance act 1994, it is submitted, does not provide for suspension of the original order when ..... appeals). the circular stipulates that a recovery should be initiated after the expiry of the statutory period of sixty days for the filing of an appeal. sr. no.2 deals with a situation where an appeal is filed without a stay application to the commissioner (appeals), in which event recovery has to be initiated after the appeal ..... informed the petitioners that the stay application together with the appeal stood adjourned to 5 february 2013. on 22 january 2013 the superintendent of service tax, group ii, division v, mumbai 400 002, the third respondent, issued a summons directing the officers of the petitioners to appear before him on 24 january 2013 inter .....
Tag this Judgment!Court : Mumbai
..... -clause (iiiab) any university or other educational institution existing solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the government; sub-clause (iiiad) any university or other educational institution existing solely for educational purposes and not for purposes of profit if the aggregate ..... of the college including for the purchase of library books and the improvement of infrastructure. with the advancement of technology, no college or institution can afford to remain stagnant. the income-tax act 1961 does not condition the grant of an exemption under section 10(23c) on the requirement that a college must ..... petitioner from the government form a substantial part of the total receipts, the petitioner does not fall within the purview of section 10(23c)(vi); (ii) the petitioner does not meet the requirement of an institution existing solely for educational purposes and not for the purposes of profit and that, consequently, .....
Tag this Judgment!Court : Mumbai
..... one hour. the reasons would be communicated within three-four days. 9 the petitioners filed an application under sub-section (2) of section 13 read with sub-section (3) of section 12 of the arbitration act requesting respondent no.4 to decide upon impartiality and in the meantime to stay further proceedings. till date, the decision, if any, passed ..... , yet on the basis of the evidence on behalf of the plaintiff the decree cannot be passed against him. iv) booz allen and hamilton inc. vs. sbi home finance limited and ors. (2011) 5 scc 532). a lis for sale, foreclosure or redemption of mortgaged property should only be tried by a public forum and not by ..... to take note of basic principles of cpc and evidence act before assessing and/or giving findings relying upon the documents and material on record as there was other agreed procedure. this court in prakashkumar (supra), referring to sahyadriearth movers vs. l and t finance limited (2011(4) mh. l. j. 200), has already observed as under:- 14. .....
Tag this Judgment!Court : Mumbai
..... learned single judge has directed that the defence filed by the appellant to the petition instituted by the respondent under section 47 of the arbitration and conciliation act, 1996 be struck off. 2. the facts before the court lie in a narrow compass. on 25 october 2007 a contract of affreightment was entered into between the appellant and the ..... 47 and 9 respectively, the former seeking a declaration of enforceability of the arbitral award as a decree of this court and the latter, interim reliefs arbitration petition nos.24 and 25 of 2010. on 20 december 2010 a learned single judge of this court passed orders on the arbitration petitions. the learned single judge was of ..... of order 39, rule 11 of the cpc held as follows : "we are concerned with the question whether sub-rule (1) of rule 11, order 39 leaves no discretion on the court and that it obliges the court to visit the defaulting party with the penalty prescribed therein irrespective of the circumstances that default is not wilful or .....
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