Court : Mumbai
Decided on : Apr-22-1993
Reported in : (1994)116CTR(Bom)442; [1994]206ITR647(Bom)
..... above decision was based on the meaning of the word 'association'. 22. the expression 'person' has now been defined in section 2(31) of the income-tax act, 1961, which included 'an association of persons or a body of individuals, whether incorporated or not'. the legislature had definitely some purpose in mind while specifically including ..... the shares of both the members of this body of individuals in the corpus and the income of the communion property are definite and ascertainable; and (iii) that being so, section 26 of the income-tax act, 1961, will apply to the income of such association of persons or body of individuals from house property which provides that in ..... treated as a 'body of individuals' as defined in section 2(31) of the income-tax act, 1961. in the assessment on the body of individuals for the assessment years 1973-74 and 1974-75, income from the following sources was included : (i) income from business in the name of messrs. margao maritime; (ii) share of profit from .....
Tag this Judgment!Court : Mumbai
Decided on : Sep-22-1993
Reported in : [1999]236ITR220(Bom)
..... is such a company as is referred to in section 108 of the income-tax act.' section 108 of the income-tax act, 1961, refers to two different categories of companies for the purpose of excluding such companies from the purview of section 104 of the income-tax act, 1961. section 108 of the income-tax act, 1961, reads as under : '108. nothing contained in section 104 shall ..... a 'domestic company' and the assessee was a company referred to in section 108 of the income-tax act, 1961. learned counsel submitted that if the assessee fell under section 108(b) of the income-tax act, 1961, for purposes of the income-tax act, it could not be held that it did not fall under the said section for the purposes ..... should be no order as to costs of this reference. s.n. variava j.63. this is a reference under section 256(1) of the income-tax act, 1961, whereby the income-tax tribunal had referred the following questions of law to this court for opinion : '1. whether, on the facts and in the circumstances of the .....
Tag this Judgment!Court : Andhra Pradesh
Decided on : Dec-31-1993
Reported in : 1994(2)ALT87; (1994)119CTR(AP)184; [1994]207ITR508(AP)
..... was justified in law in holding that 'loss' as it appears in section 205(1) first proviso, clause (b) of the companies act, 1956, read with section 115j of the income-tax act, 1961, means 'including depreciation' 3. whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in ..... of declaring dividend cannot be adopted for the purpose of computing the taxable income under section 115j of the income-tax act. the purpose of computation of profit and loss under the companies act, 1956, is different from the purpose of computing the income under the income-tax act, 1961. we have given our reasons for this and it is not necessary ..... placing reliance on the central board of direct taxes' circular no. 495 (see [1987] 168 itr 87), dated september 22, 1987 4. whether, .....
Tag this Judgment!Court : Gujarat
Decided on : Dec-10-1993
Reported in : [1994]210ITR358(Guj)
..... ) trust : [1977]108itr555(sc) 'it may be noted that, while interpreting the corresponding provisions in section 41 of the indian income-tax act, 1922, and section 161 of the income-tax act, 1961, this court in c. r. nagappa v. cit : [1969]73itr626(sc) approved the following observations made by chagla c. j., in regard to the scheme of section 41 of ..... an association of persons'. the trustees of a discretionary trust have to be assessed in the status of 'individual' and, consequently, deduction under section 80l of the income-tax act, 1961, was allowable.' 15. as regards what should be the approach of the high court on the interpretation of the section of a statute, which is an all-india ..... ' means 'to join in any purpose' or 'to join in action'. therefore, 'association of persons' as used in section 2(31)(v) of the income-tax act, 1961, means an association in which two or more persons join in a common purpose or common action. the association must be one the object of which is to produce .....
Tag this Judgment!Court : Gujarat
Decided on : Oct-01-1993
Reported in : [1994]209ITR993(Guj)
..... 1. the points debated at the time of hearing of this matter are confined to the interpretation of section 30, 32 and 37 of the income-tax act, 1961 (hereinafter referred to as 'the act'). it was contended that, once the claim for deduction by the assessee is not covered by the specific provisions under section 30 or 32, ..... of the registered office situated at sagar mahal, ahmedabad. it also claimed deduction of expenses under clause (b) of section 30 of the income-tax act and depreciation under section 32 of the income-tax act with regard to the premises, which are part of mittal chambers, nariman point, bombay. the assessee had purchased the said office premises in ..... counsel for the assessee that by the order dated august 18, 1980, the tribunal allowed the deduction of ground rent and maintenance charges under section 37 of the income-tax act. 6. thereafter, the assessee filed a reference application no. 398/ahd. of 1980 before the tribunal. by order dated june 15, 1981, the tribunal .....
Tag this Judgment!Court : Karnataka
Decided on : Mar-01-1993
Reported in : (1993)111CTR(Kar)294; ILR1993KAR1018
..... the property as indicated in the letter of permission shall not be construed as the value of the property for the purposes of the income-tax act, 1961, the gift tax act, the wealth tax act or any other tax law for the time being in force. under these circumstances, the fact that the reserve bank of india has accepted or approved the ..... observed as under: 'we may clarity that as far as completed transactions are concerned, namely, where after the order for compulsory purchase under section 269ud of the income tax act was made and possession has been taken over, compensation paid to the owner of the property and accepted without protest, we see no reason to upset those transactions ..... has held as under: 'this brings us to the question of relief. we find that the order for compulsory purchase under section 269-ud(1) of the income-tax act which was served on the petitioner in the night of 15th december, 1986, has been made without any show cause notice being served on the petitioner and without .....
Tag this Judgment!Court : Chennai
Decided on : Apr-21-1993
Reported in : [1995]214ITR93(Mad)
..... , and hence, offends article 14 and also article 19(1)(g) of the constitution of india. the said section 21 is also contrasted with section 132 of the income-tax act, 1961, which provides for such search and seizure. only where the officer concerned has the requisite 'reason to believe', then only such search or seizure would be possible. but ..... : [1967]66itr664(sc) and ito v. lakhmani mewal das : [1976]103itr437(sc) were relied on. here again, there is no doubt, just as in the income-tax act and other taxing enactments, the requisite 'reason to believe' must be there on the part of a fairly high official before launching upon such search or seizure and there must also be ..... ) , relied on by one of the counsel for petitioners will have no application to the present case, because that only dealt with a case of 'business' under the income-tax act. but, here we are concerned not only with the term 'business', but also with a much wider term 'calling'. in 100 lw 450 (supra) also a division .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Sep-07-1993
Reported in : AIR1993SC2529; 1994(45)ECC1; [1993]204ITR412(SC); JT1993(5)SC346; 1993(3)SCALE726; (1993)3SCC631; 1994Supp(1)SCC280; [1993]Supp2SCR185; [1993]91STC450(SC)
..... is to the following effect: 'whether on the facts found by the appellate tribunal, the assessee is entitled to the benefit provided under section 80-hh of the income-tax act, 1961?' the assessment years concerned are 1974-75 and 1975-76. the respondent-assessee is a firm of contractors constituted for the purpose of construction of a dam in ..... by a specialised patented method known as pressure piling. for the assessment years 1963-64 and 1964-65, it claimed the benefit under section 84 of the income-tax act, 1961 on the ground that it is a newly established industrial undertaking within the meaning of the said provision. the i.t.o. denied the said relief on ..... the circumstances of the case, the assessee - company was engaged in the 'manufacture' or 'production of articles' within the meaning of section 84(1) of the income-tax act, 1961, for the assessment year 1963-64, and relief under section 84(1) and section 101 for the assessment year 1964-65?16 the high court examined the process by .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Mar-26-1993
Reported in : AIR1993SC1888; (1993)111CTR(SC)171; [1993]201ITR538(SC); JT1993(3)SC579; 1993(2)SCALE233; 1993Supp(2)SCC520; [1993]2SCR645
..... by the firm in the year ending march, 1950 could be assessed to tax under section 44 of the indian income-tax act, 1922, after the firm was dissolved.13. the learned judge set out the un-amended section 44 and its object as adumbrated in abraham, : [1961]41itr425(sc) and observed thus : [1964]51itr823(sc) :section 44 operates in ..... of this court and that it is too late in the day to reagitate the said question.8. section 44 of the indian income-tax act, 1922 prior to its amendment by the finance act, 1958, read as follows:liability in case of discontinued firm or association:where any business, profession or vocation carried on by a ..... , kottayam : [1961]41itr425(sc) and shivram poddar v. income-tax officer, central circle ii, calcutta : [1964]51itr823(sc) . in abraham, the firm stood dissolved on the death of a partner and the penalty under section 28 of the act was imposed after its dissolution. it was contended by the assessee that such imposition was illegal, which contention was .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Jan-11-1993
Reported in : 1993(1)ARBLR386(SC); 1993(41)BLJR543; [1995]212ITR592(SC); JT1993(1)SC278; (1993)1MLJ41(SC); 1993(1)SCALE141; (1993)1SCC589; [1993]1SCR58
..... specified shares. the trust brought a sum of rs. 50,000/- as its capital in the new firm. the new firm applied for registration under section 26-a of the income tax act, 1922 but the application was rejected by the authorities. the tribunal held that the deed of relinquishment being unregistered could not legally transfer the rights and the title to the ..... firm had installed various items of machinery in respect of which it had received development rebate under section 33 of the i.t. act, 1961. on dissolution, the income tax officer took the view that section 34(3)(b) of the act applied on the premises that there was a sale or transfer of the machinery by the firm whereupon he withdrew the development rebate .....
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