Court : Mumbai
Reported in : 2008(111)BomLR261; [2009]151CompCas358(Bom); [2009]89SCL169(Bom)
..... the assumption that the property of the company is the property of the shareholders of the company.25. in the case of bacha guzdar v. gajgaj v. commissioner of income tax, mumbai : [1955]27itr1(sc) , the supreme court has held that the assets of the company belonged to the company and are not held in trust for the ..... velji raghavji patel v. state of maharashtra : 1965crilj431 , etc. besides the judgment of the assam high court in the case of mahabir prasad goradia v. the state of assam 1961 (2) cr.l.j. 457 and of the madhya pradesh high court in the case of state of m.p. v. pramode mategaonkar 1965 cr.l.j. 562 to ..... subsequent user is a continuing offence of the same type which was initially committed in changing the complexion of user. in order to constitute a continuing offence the acts complained of must at every moment of continuance reflect all the ingredients necessary for constituting the offence. as we have seen conversion or transitional phenomenon of complexional change .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(111)BomLR462; (2009)221CTR(Bom)440; [2009]310ITR310(Bom); [2009]176TAXMAN316(Bom)
..... , under section 260-a read with section 246(1)(a) of the income-tax act, 1961 (hereinafter referred to as 'the act' for short), has been preferred by the assessee seeking to challenge the order of the authorities below, i.e., the assessing authority, appellate order of the commissioner of income-tax (appeals) and further appellate order dated 13.3.2001 passed by the ..... assessee under section 143(1) or 143(1b) shall be deemed to be an appealable order for the purposes of section 246 of the income-tax act.23. the amended provision of section 143(1) of the act, as applicable with effect from april, 1st 1989 reads thus:143. (1) where a return has been made under section 139, or ..... laid down by the supreme court in the case of ito v. b.c. srinivas shetty reported in : [1981]128itr294(sc) .(ii) the deputy commissioner of income-tax erred in levying interest under section 234(c) of the act and failed to appreciate that the section is very clear and as far as the said section is concerned no advance .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(4)BomCR414; 2009(111)BomLR502
..... such report before both houses of parliament, provision in section 31 stipulating that the authority shall be deemed to be a company within the meaning of income tax act, 1961 are all considered in paragraph 15 of this judgment by hon apex court. sections 33 and 34 which confer power upon central government to issue direction to ..... of the central government did not make any difference to that position.21a. the decision of this court in the andhra pradesh state road transport corporation v. income-tax officer, but it is not a government department nor do its powers fall within the province of government'. in pennington's company law, 4th edition, pages ..... authority one of which as prescribed by clause (v), is to provide the municipal services as specified in sections 123 and 124 of the m. p. municipalities act, 1961. section 69 which defines the powers of the authority. shows that those powers are conferred inter alia, for the purpose of municipal administration. surely. the functions, .....
Tag this Judgment!Court : Mumbai
Reported in : [2009]316ITR409(Bom)
..... the issue asraised in the present case. the question before the apex court considered the assessment of profit under section 10(2)(vi) (section 41(2) of the income tax act, 1961). the question of terminal allowance under section 32(1)(iii) was not considered by the apex court as the case before it was one of sale effected at a ..... the disallowances out of expenditure incurred on payment of salaries and provision of perquisites to employee directors should be made under the provisions of section 40(c) of the income tax act and not under those of section 40a(5) ?(7) whether on the facts and in the circumstances of the case, the tribunal was right in law in ..... the disallowances out of expenditure incurred on payment of salaries and provision of perquisites to employee directors should be made under the provisions of section 40(c) of the income tax act and not under section 40a(5) ?(5) whether on the facts and in the circumstances of the case, the tribunal was right in law in holding that the .....
Tag this Judgment!Court : Mumbai
Reported in : [2009]181TAXMAN260(Bom)
..... giving directions to the income-tax officer that the quantum be worked out as per the tax ultimately fixed by the itat in assessee's quantum appeal2. the assessment year to which the question pertains ..... which has been referred to us under section 256 of the income-tax act is as follows:whether on the facts and in the circumstances of the case, the income-tax appellate tribunal was correct in law in holding that the assessee's case clearly attracted the application of section 271(1)(c) of the income-tax act, 1961 and as a sequel thereto confirming the penalty and further .....
Tag this Judgment!Court : Mumbai
Reported in : [2009]317ITR241(Bom)
..... , ito v. volkart brothers and ors. : (1971) 82 itr 50 (sc). in this case, the supreme court which was considering the scope of section 154 of the income tax act, 1961 made the following observations:a mistake apparent on the record must be an obvious and patent mistake and not something which can be established by a long drawn process of ..... pass a fresh order in this respect.(f) by his further order dated 20-3-1975, purporting to be an order passed under section 154 of the income tax act, 1961, the income tax officer granted the benefit as sought by the assessee under rule 3(6).(g) however, though there was no prayer in the assessees application, the ..... question of law as referred to us under section 256(1) of the income tax act is as follows:1. whether the tribunal was right in law in holding that when the income tax officer is directed to rectify his order under section 154(2)(b) of the income tax act, 1961, on the basis of the application for rectification filed by the assessee in time .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(111)BomLR2507
..... of supply of gas to rel and reliance patalganga pvt. ltd. stands transferred to and vested in rnrl.demerger is not defined in the companies act, but is defined in the income tax act, 1961 ('the income tax act'). section 2(19aa) of the income tax act reads as under(1 9aa) 'demerger', in relation to companies, means the transfer, pursuant to a scheme of arrangement under sections 391 - 394 of ..... undertaking and telecommunication undertaking of ril under the scheme of arrangement will be effected under the provisions of sections 391 - 394 of the companies act, 1956. the demerger complies with the provisions of section 2(19aa) of the income tax act, 1961 such that(i) all properties of the demerged undertaking (as defined hereinafter) being transferred by ril immediately before the demerger become the properties .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(111)BomLR2947; (2009)224CTR(Bom)473; [2010]320ITR554(Bom); [2009]182TAXMAN243(Bom)
j.p. devadhar, j.1. this appeal filed by the revenue under section 260 a of the income tax act, 1961 (`act' for short) was admitted on 29-04-2009 on the following substantial questions of law : a) whether on the facts and circumstances of the case and in law, the itat ..... ,562/-, thereby earning long term capital gains amounting to rs. 1,75,520/-. the said return was processed under section 143(1)(a) of the act on 23-7-1999. 5. on 30-3-2000, the income tax authorities conducted a survey at the business premises of mr. trivedi, proprietor of m/s.dhananjay diamonds. during the course of survey proceedings statement was ..... recorded on 30/3/2000 wherein mr. trivedi stated that he was in the business of trading and manufacturing of diamonds. however, in this statement recorded under section 133a of the act on 31 .....
Tag this Judgment!Court : Mumbai
Reported in : (2009)227CTR(Bom)247; [2009]318ITR102(Bom)
..... . this application was followed by the application for approval under section 35(1)(ii) of the income tax act, 1961 dated 28.8.2001 for the period 01.04.2001 to 31.3.2004 addressed to director general of income tax (exemption), kolkata, through director of income tax (exemption), mumbai and submitted in the latters office on 29.08.2001. the ministry of science ..... for the period from 1.8.2003 to 31.3.2006 the petitioner made another application to the director of income tax (exempt9ion), mumbai on 26.12.2003 for approval under section 35(1)(ii) of the act for the period 1.4.2003 to 31.3.2006 with a view to cover the period of recognition granted ..... department of scientific and industrial research (dsir) for renewal of recognition as scientific and industrial research organization (siro). thereafter, the petitioner also applied to the director of income tax mumbai for renewal of approval under section 35(1)(ii) for the period 1.4.2006 to 31.3.2009. 5. it is the case of the petitioner that .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(111)BomLR3416; (2009)226CTR(Bom)145; [2009]317ITR47(Bom); [2009]182TAXMAN346(Bom)
..... from an ordinary bank except that it lends money to and receives deposits from its shareholders and that by itself does not make its income any the less income from business within section 10 of the indian income tax act. 12. in c.i.t. v. royal western india turf club limited : [1953]24itr551(sc) the assessee was a ..... societies are not included in this section though the aforesaid associations are looking after the mutual interest of the members thereof. section 80p of the income tax act would indicate that the societies are taxable. reliance is placed in c.i.t. v. presidency coop. housing society ltd. : [1995]216itr321(bom) , to ..... income of the assesee. 19. in c.i.t. v. adarsh cooperative housing society ltd. : [1995]213itr677(guj) , the issue again was whether on transfer of lease, the amount received by the society from the member out of the premium received by him from the purchaser was exigible to tax. after considering the provisions of the gujarat cooperative societies act, 1961 .....
Tag this Judgment!