Judgment Search Results Home > Cases Phrase: improvement boards act 1976 Sorted by: old Court: income tax appellate tribunal itat mumbai Page 1 of about 427 results (0.103 seconds)

Sixth Wealth-tax Officer Vs. B.R. Shelly

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)16ITD76(Mum.)

..... improvement trust board ..... in a dual capacity, was involved, the assessee could easily sell the property free from any encumbrances, such as the rent control act, since it was also easy to get the consent and co-operation of the tenants in the present case. ..... are in the possession of tenants and the tenants cannot either be evicted and the rent payable by them enhanced except in accordance with the provisions of rent control act, the only appropriate method of evaluation is to capitalise the annual rent by a certain number of years' purchase. ..... a city, which buildings are in the possession of tenants, and the tenants cannot be either evicted or the rent payable by them enhanced except in accordance with the provisions of the rent control act, the only appropriate basis is to capitalise the annual rent by a certain number of years' purchase. ..... relation between the tenant and the landlord of this property, the rent control act could not, according to the learned counsel, in any way affect the property ..... referring to the provisions of section 16a(1) of the wealth-tax act, 1957 ('the act'), it is pointed out that a statutory valuation made under this section can be countered only by another valuer's report and after rejecting the contentions and the claims ..... and the building separately and adding up the values was also held to be improper in such cases because they would ignore the impact of the rent control act on the value of the land and the building.in corporation of calcutta v. ..... 1976 .....

investment Corporation of India Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1982)1ITD880(Mum.)

..... this negative expenditure should be added to the cost of the acquisition of the shares while determining the capital gains on their sale under section 7.2 shri palkhivala further contended that the directors of the company merely acted as trustees of the shareholders who were, in fact the masters of the company inasmuch as they could remove the directors and even amend the articles of association in order to get any amount of profits by way of dividends ..... he, therefore, pleaded that the assessee-company had not incurred any "expenditure" which enhanced the value of the shares held by it and as such in the cost of the improvement of the shares, as claimed by the assessee, could not be deducted from the sale price of the shares for computing the capital gains.11. ..... on appeal, the aac remarked that shareholders of a company had no absolute right or entitlement as such to any profits of the company, that they were entitled to only such dividends as may be recommended by the board of directors and that they had no power to force the directors to increase the quantum of dividend at the time of the annual general meeting. ..... he also observed that the "cost of improvement" of the capital asset under section 48(a) of the act meant the "positive" cost and not the "negative" cost of improvement. ..... during the accounting periods relevant to the assessment years 1975-76, 1976-77 and 1977-78, the assessee-company, namely, investment corporation of india ltd. .....

Rajneesh Foundation Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)4ITD409(Mum.)

..... shri rajneeshji as the adviser of the trust shall nominate up to 5 (five) (maybe at a time or from time to time but the total number of members so nominated shall not exceed 5) members on the board of trustees and the trustees nominated shall constitute a committee for the time being and at the first meeting to be held after such nomination ; the committee shall have powers to co-opt up to six members of trustees ..... , the learned counsel has pointed out that not only does such a claim not make it a university, it does on the contrary contravenes the provisions of section 23 of the university grants commission act, 1956, by calling himself a university in the subsequent years, the assessee cannot succeed in claiming exemption under section 10(22) for those years or analogically claim the same exemption for the earlier years as ..... as entitled to exemption as a charitable institution ; that the commissioner granted the benefit of section 80g for several years and above all that the assessee has been treated as a charitable institution under the bombay trust act.while all these may have a relevance to their respective situations, in so far as we have to find out as a matter of fact and law the assessee's eligibility for the exemption claimed these cannot ..... (g) to establish, promote, improve, control, diffuse and impart medical knowledge by way of 'sadhana' and other ..... filed a return on 23-7-1976 with 'nil' income ..... 1976 ..... filed a return of income before the ito, bombay, refund circle 23-7-1976. .....

Vijay Tank and Vessels (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1991)36ITD51(Mum.)

..... to mention here that the approval granted by the central board of direct taxes for the benefit under section 80-o of the income-tax act, 1961 does not improve the case of the assessee firstly because the letter of the board has clearly mentioned that the grant of deduction from the gross total income will be subject to the assessee fulfilling the other conditions laid down in the act in that behalf; and secondly because neither in section ..... 80mm nor in section 80-o there is such conditions as prescribed in sub-section (1a) of the act and therefore the said ..... similarly, it is not clear that the idbi's approval dated 27-2-1978 would be relevant to the rbi's remittance permission dated 13-11-1976. ..... obviously, this cannot constitute basis for payments whose remittance have been allegedly authorised by the rbi on 13-11-1976 i.e. ..... originally, the permit was valid up to 12th december, 1976. ..... , 1976. .....

M. R. Muchhala Vs. Fourth Income Tax Officer. (Also

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... chartered accountants, was accepted in the meeting of the board of the purchaser company held on 30th march, 1984. ..... the amount of the capital gain will be ascertained by deducting, from the amount of the compensation, the aggregate of the cost of acquisition of the undertaking and the cost of any improvements thereto. ..... 23rd march, 1984, appeared in writing in the report on 28th march, 1984, and further acted upon in the agreement on 29th march, 1984. ..... 23rd march, 1984, had already been acted upon and had become final. ..... 28(iiia) of the act, the price received by the assessee on account of the transfer of import entitlements is liable to be taxed cannot be ..... 41(2) of the act and/or capital gains with reference to actual cost/written down value of the furniture and fixtures as per the assessment ..... said provision relates to the profits on sale of a licence granted under the imports (control) order, 1955, made under the imports & exports (control) act, 1947. ..... the existing banks will be liable to tax on the capital gains arising to them as a result of the transfer of their 'undertakings' to the corresponding new banks in pursuance of the act of 1970. ..... 41(2) of the it act, in relation to transfer of assets on which depreciation has been allowed to the existing banks in past ..... 41(2) of the it act and/or capital gains in relation to these amounts with reference to the actual cost/written down value as per the assessment ..... and 4 relates to the charge of interest under ss.139(8) and 217 of the act. .....

Tata Power Co. Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1998)66ITD321(Mum.)

..... before us it was emphasised by the assessees' counsel that, but for the scientific method of disposal of ash and solidifying of the land, there would have been objections from the pollution control board and the reclamation of land under such circumstances is only incidental.the counsel proceeded to submit that the expenditure on bund in a given year at a heavy cost in comparison to other years is for the reason ..... 16th september, 1974, for which consent was given on 19th october, 1976, mentioned to maharashtra prevention of water pollution board that the method of disposal of rejected materials was mixing the same with sea water and use ..... according to him, though the land was marked as no development zone, since these companies were governed by the electricity act, they have the privilege for acquiring the land for public purposes and, therefore, the assessee right from the beginning knew that it would be in a position to gain maximum benefit ..... as the expenditure on earth filling which required a bund, is an improvement of capital asset and was incurred for making the land usable for the purposes of business, this according to the ao ..... 1986 to the assessee group of companies from maharashtra pollution control board, which prescribes "use of coal in replacement unit will not ..... putting boulders, levelling the same, putting murrum, again levelling the same by bulldozers and plantation of trees are nothing but clear acts of the assessee to reclaim the land for future use as a capital asset. .....

institute of Banking Personnel Vs. Assistant Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1998)67ITD160(Mum.)

..... (appeals) for the assessment year 1991-92 gave an elaborate order and held that the objects of the appellant are not charitable within the meaning of section 2(15) of the income-tax act and he also observed in para 5 of his order that the assessee carried on a commercial activity and the expenses incurred on staff salaries, travelling, paper and printing are like the ..... any profits in its decade long existence and the constitution of the governing board headed by the governor, reserve bank of india, to our mind, indicates that this is not a commercial organisation but a semi-government organisation that has come into existence only to improve the performance and efficiency of the financial sector in the country. ..... the other hand, contended that the activities of the appellant society serve to improve only efficiency of the member banks and no benefit accrues from such activities to ..... in the memorandum prohibiting the appellant society to distribute profits but the dissolution has to be done in accordance with sections 13 and 14 of the societies registration act and underthese sections on the dissolution of the society, any surplus remaining shall be given to some other society and no member is to receive profit on dissolution ..... (3) provide services directly to banks and financial institutions or through their departments/agencies like banking service recruitment boards in regard to designing, developing and printing of tests/tools, assessment of answer papers and processing results ..... 1976 .....

Reliance Industrial Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... for different goods specified in the schedule : provided that for computation of such turnover of sales, the turnover related to the goods in respect of which tax under the bombay sales-tax act, 1959 has been paid on any earlier transaction, shall not be taken into consideration : provided further that in computing the tax payable by a dealer under this section on the turnover of ..... policies from time to time and our original insurance policies and premium receipts to the lessor and maintain such insurance in full effect and not do or omit to be done in act deed or thing which might prejudicially vitiate or affect such insurance : provided that for the entire tenure of the lease period, the properties shall in any event be insured for value ..... is bound to compute the profits by appropriate adjustments from the accounts maintained by an assessee where a system of account is regularly employed : "the only departure made by section 13 of the indian it act from the legislation in england is that whereas under the english legislation, the commissioner is not obliged to determine the profits of a business venture, according to the method of accounting adopted by the assessee, ..... that the expenses by way of filing fees on enhancement of authorised shares capital was only for the purpose of improving the existing business and cannot be said for the purpose of new business. ..... we enclose herewith a copy of board of resolution passed at annual general meeting held in january, 1995 authorised .....

Echjay Industries Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)257ITR1(Mum.)

..... ramaiya's on company law, it is clearly mentioned with reference to case laws that where a compromise or settlement is shown to have been arrived at between the parties to the proceedings under sections 397 and 398 of the companies act, as is in the present case, the court has to consider whether such settlement was in the interests of the company as well as in public interest and if it is not so, the court is not bound to accept and record the ..... from the annual report of the company appearing at pages 18 to 36 of the paperbook, which show that the profits of the company, which were going down, improved considerably.therefore, from this angle also it is dear that the expenditure incurred was for the benefit and smooth functioning of the assessee-company. ..... administration, page 2292, given on section 402, wherein it is mentioned that where a compromise or settlement is shown to have been arrived at between the parties to a proceedings under sections 397 and 398 of the companies act, 1956, the court has to consider whether the said settlement was in the interests of the company as well as in public interest and if it is not so, the court is not bound to accept and record the same. ..... itr 176 (bom), there was a litigation between the share-holders and the board of directors of the company in which the assessee had incurred an expenditure for ..... that where the expenditure was incurred to defend the appeal relating to a matter concerning the shareholders and the board it was not allowable. .....

Vidarbha Irrigation Development Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD1(Mum.)

..... 22 of the maharashtra irrigation act, 1976, which deals with construction of drainage works, assessee's counsel submitted, whenever it appears to the appropriate authority that any drainage work is necessary for the public health or for reclamation of land, or for the improvement of cultivation etc.etc. ..... the second requirement is that such an authority must have been constituted for the purpose of dealing with and satisfying the need of housing accommodation, like the housing board or for the purpose of planning, development and improvement of cities, towns and villages or for both.this obviously refers to the preamble regarding the purpose for which the enactment has been made and also the ..... book as legislature felt that the income of the housing boards or statutory authorities set up for the purpose of dealing with or specifying needs for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages necessarily to be exempted ..... clause, the expression "local authority" means (i) panchayat as referred to in clause (d) of article 243 of the constitution; or (ii) municipality as referred to in clause (e) of article 243p of the constitution; or (iii) municipal committee and district board, legally entitled to, or entrusted by the government with, the control or management of a municipal or local fund; or (iv) cantonment board as defined in section 3 of the cantonments act, 1924 (2 of 1924); section 10(20a) omitted by the finance .....