Court : Mumbai
Reported in : [1966]61ITR572(Bom)
..... to consider what the position was prior to the introduction of chapter ix-a on the statute book. section 6 of the income-tax act enumerates the various heads of income chargeable to income-tax in the manner provided in the act. salaries is or of the heads. section 7 deals with salaries. sub-section (1) of section 7 provides that profits ..... joshi placed strong reliance. his argument is two-fold. first he says that the allowance of this expenditure is prohibited under section 10(4) (c) of the income-tax act. secondly, he contends that it is not a proper deduction. with the first part of his argument we will deal with later when we proceed to consider the ..... 1-7 is allowable as a deduction in arriving at the commercial profits under section 10(1) or is an allowable deduction under section 10(2) (xv) of the income-tax act in the computation of the assessable business profits ?' 5. sub-section (1) of section 58k runs : 'where an employer who maintains a provident fund (whether recognised or .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1970Bom351
..... section 44 of the income-tax act, 1922, prior to its amendment by act 11 of 1958 which read as follows :'where any business, profession or vocation carried on ..... to the two earlier decisions of the supreme court in : [1961]41itr425(sc) . and commr. of income-tax v. angidi chettiar. : [1962]44itr739(sc) . and distinguished those cases on the ground that section 44 of the income-tax act set up a machinery for assessing the tax liability of firms which had discontinued their business, because the ..... said provision was an express provision for assessing a dissolved firm. in : [1961]41itr425(sc) . the supreme court had to construe the effect of .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1970Bom30; 1969MhLJ574
..... under section 34 have not been issued in the present case and the notices that are issued are under section 23(2) of the income-tax act, 1922 or under section 143(2) of the income-tax act, 1961. even if the notices that are issued are described as under section 23 (2), they could be taken to be as notices under ..... assessment and the dates on which the assessee was required to attend the income-tax office. one such notice may be reproduced below. it runs:'notice under section 23(2) of the indian income-tax act, 1922/under section 143(2) of the income-tax act, 1961.dated 6-4-1967.no. rule 201.to,ramkrishna ramnath(huf). kamptee. dear sir ..... to the assessee.4. on 6th of april 1967 the income-tax officer, central circle iii, nagpur, issued notices dated 6th april 1967 for each of these seven years to the assessee under section 23(2) of the indian income-tax act, 1922 or section 143(2) of the income-tax act, 1961. all the notices are similar in substance excepting the year of .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]239ITR523(Bom)
..... 15 lakhs. the controversy arose whether the assessees are entitled to claim exemption in respect of the capital gains under section 54 of the income-tax act, 1961 ('the act'). the income-tax officer rejected the claim of the assessee on the ground that the flat in question was not occupied by the assessees as owners for ..... 1) of the income-tax act, 1961, the income-tax appellate tribunal has referred the following question of law to this court for opinion at the instance of the revenue :'whether, on the facts and in the circumstances of the case, the asses-sees are entitled to exemption under section 54 of the income-tax act for the assessment ..... to him, was a condition precedent for exemption under section 54 of the act. the assessees appealed to the commissioner of income-tax (appeals). the appeal of the assessees was rejected by the commissioner (appeals). however, in further appeal to the income-tax appellate tribunal ('the tribunal'), the tribunal accepted the contention of the assessees. .....
Tag this Judgment!Court : Mumbai
Reported in : [2001]250ITR755(Bom)
..... computation of the total income under the income-tax act, 1961 ? (2) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the applicant was not a company in ..... h. kapadia, j.1. the following three questions have been referred to this court under section 256(1) of the income-tax act, 1961, for our opinion :'(1) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the liability for the payment of surtax is not an admissible deduction in the ..... are to be treated as remuneration for the purposes of computing the disallowance under section 40(c) of the income-tax act, 1961 ?' 2. in view of the judgment of the supreme court in the case of smith kline and french (india) ltd. v. cit : [1996]219itr581(sc) , question no. 1 is answered in the affirmative, i.e., in favour .....
Tag this Judgment!Court : Mumbai
Reported in : [2000]246ITR671(Bom)
..... 1. search and seizure action was taken under section 132 of the income-tax act, 1961, pursuant to which loose sheets of paper came to be detected in the form of a3, a4 ..... , a3, a4 and a6 nowhere records the turnover of the assessee as found by the tribunal and yet on the wrong basis of the incoming and outgoing cash transactions, the assessing officer has arrived at the turnover. moreover, the peak investment was rs. 40,14,806 for three ..... that in cases where material is detected after search and seizure operations are carried out, the assessing officer is required to determine the undisclosed income. in such cases additions are generally based on estimates. in matters of estimation some amount of latitude is required to be shown to ..... saidpeak investment was worked out on the basis of a3, a4 and a6. the figures mentioned in a5, a4 and a6 were only incoming and outgoing cash transactions and, therefore, the tribunal came to the conclusion that on the basis of the said three files the addition of .....
Tag this Judgment!Court : Mumbai
Reported in : (2001)170CTR(Bom)45; [2001]250ITR570(Bom)
1. this appeal is preferred against the decision of the tribunal whereby the tribunal deleted the addition made under chapter xiv-b of the income-tax act, 1961.2. the facts giving rise to this appeal, briefly, are as follows : during the course of search, stock worth rs. 1,32,52,685 was found in the factory/business ..... pure estimated basis. thus, the tribunal found that the assessing officer's order was self-contradictory and, accordingly, the tribunal deleted the additions made under chapter xiv-b of the income-tax act.3. mr. desai, learned counsel appearing on behalf of the department, contended that the tribunal erred in deleting the addition. he contended that during the course of search, stock worth .....
Tag this Judgment!Court : Mumbai
Reported in : [1998]234ITR319(Bom)
..... of its decision, learned counsel submitted that the ratio of the said decisions would not apply to assessment under the income-tax act, 1961 ('the 1961 act'), in view of the provisions of that act, which, unlike the indian income-tax act, 1922 ('the 1922 act'), do not provide for assessment of the individual members of an association of persons in respect of the ..... as individual in respect of one source falling under any head of income against her income from any other source under the same head or against her income for that assessment year under any other head. learned counsel further submitted that under the income-tax act, 1961, an association of persons being a separate person than an individual and ..... b.p. saraf, j. 1. by this reference under section 256(1) of the income-tax act, 1961 ( 'the act'), made at the instance of the revenue, the income-tax appellate tribunal has referred the following question of law to this court for opinion :'whether, on the facts and in the circumstances of .....
Tag this Judgment!Court : Mumbai
Reported in : [1994]208ITR31(Bom)
..... on its borrowings was business expenditure and was allowed as a deduction either under section 10(2)(xv) of the indian income-tax act, 1922, or under section 37(1) of the income-tax act, 1961. these observations were made in connection with the interest paid on borrowings for purchasing shares of western india theatres ltd., ..... of associated bombay cinema pvt. ltd., the tribunal held that the claim of the assessee should be allowed under section 57(iii) of the income-tax act, 1961, since it could not be denied that the monies were borrowed for the purpose of purchasing shares from which the assessee expected to receive dividends. ..... iii) or section 10(2)(xv) of the indian income-tax act, 1922, or equivalent provisions of the income-tax act, 1961. without prejudice, it was also claimed that the payments constituted admissible deductions under section 12(2) of the indian income-tax act, 1922, or the corresponding provision of the 1961 act.4. the tribunal held that the transaction of acquisition .....
Tag this Judgment!Court : Mumbai
Reported in : (1993)115CTR(Bom)12; [1993]201ITR1050(Bom)
..... land at the time of the acquisition by the assessee-hindu undivided family, i.e., march 25, 1970, is, in view of the provisions of section 55(3) of the income-tax act, 1961, to be taken as the cost thereof to the assessee for the purposes of computation of the capital gains ?'2. the assesses is a hindu undivided family known as ' shri ..... this case relates to the ' cost of acquisition ' of certain land which had been acquired by the government under the land acquisition act from the assessec for the purpose of computation of capital gains under the income-tax act, 1961 (for short 'the act').3. to appreciate the real controversy in a proper perspective, it may be expedient to give a brief resume of the facts ..... b.p. saraf, j.1. by this reference under section 256(1) of the income-tax act, 1961, the income-tax appellate tribunal has referred the following question of law to this court for opinion at the instance of the revenue :' whether, on the facts and in the circumstances of the .....
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