Judgment Search Results Home > Cases Phrase: income tax act 1961 section 115vzc exclusion from tonnage tax scheme Court: mumbai Page 1 of about 168 results (1.019 seconds)

Commissioner of Income-tax Vs. I. Chatterji

Court : Mumbai

Reported in : (1986)50CTR(Bom)129; [1986]161ITR535(Bom); [1986]24TAXMAN251(Bom)

..... at the instance of the revenue, this reference is made under section 256(1) of the income-tax act, 1961, to pose the question :'whether the tribunal was right in holding that the deduction for municipal taxes was allowable under section 23(1) of the income-tax act, 1961, while determining the annual value in the case of self-occupied property ?'2. ..... cit : [1947]15itr319(bom) , that, in arriving at the annual value of property, being the sum for which the property might reasonably be expected to let from year to year, for the purposes of income-tax, local or municipal taxes cannot be deducted.5. mr. ..... the income-tax officer computed the income from this self-occupied house property at rs. ..... of the total income of the owner (the total income for this purpose being computed without including therein any income from such property and before making any deduction under chapter vi-a or section 280(o) the excess shall be disregarded.explanation. ..... authority in respect of the property shall, to the extent such taxes are borne by the owner, be deducted in determining the annual value of the property :provided further that in the case of a building comprising one or more residential units the erection of which is begun and completed after the 1st day of april, 1961, the annual value as determined under this sub-section shall, for a period of three years from the date of completion of the building, be reduced by a sum .....

Mahindra and Mahindra Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)61ITD129(Mum.)

..... the rent and the other expenses on the guest house, that was confirmed by the first appellate authority by rejecting the contention that rent was allowable under section 30 and in respect of the maintenance expenses under section 31, and, therefore, neither section 37(3) of the income-tax act, 1961, nor any rules made thereunder were applicable to the case. ..... ' is to mean only those premises from where business is normally carried on to the exclusion of those premises from where business is either occasionally carried on or is used to facilitate in the carrying on of the business, like transit homes, guest house, in my humble view is erroneous.it remains to be seen whether the law makers thought that the provision contained in sub-sections (3) and (4) of section 37 of the act because they override what is contained in section 37(1) of the act, it would not only cover the ..... principal and interest as aforesaid on the debentures repurchased under the buy-back scheme shall be made by cheque or bank draft within a period of 15 working days from the date of receipt by the company of the offer for sale of ..... under the scheme of cumulative interest payment, the cumulated interest from the date of allotment up to the date of buy-back will be deemed to have become due on the date of payment and shall be paid, subject to deduction of tax as mentioned above, along with the outstanding principal amount of the debentures bought back (except during the 8th and 9th year where interest payment will .....

Asstt. Cit Vs. Crystal Granite and Marble Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... we shall now turn to the issue whether the total income of the assessee falling under section 115ja is chargeable to advance tax.section 4(l) of the income tax act creates charge of income-tax in respect of the total income of the previous year of every person at the rate or rates, which may be prescribed by the finance act every year.sub-section (2) of section 4 mandates that income-tax shall be deducted at source or paid in advance where it is so deductible or payable under any provisions of the income tax act in respect of the total income chargeable under sub-section (1) of section 4. ..... honble karnataka high court has held that interest cannot be levied under sections 234b and 234c on book profit computed under section 115j of the income tax act as the entire exercise of computing income under section 115j can only be done at the end of the financial year, and the provisions of sections 207, 208, 209 and 210 cannot be made applicable until and unless the accounts are audited and the balance sheet prepared.4. ..... (supra) against which the appeal filed before the honble supreme court has been dismissed, it may be relevant to mention that the said judgment was rendered in the context of the provisions of section 115ja of the income tax act which has ceased to be effective from the assessment year 1991-92. .....

Cit Vs. Kotak Mahindra Finance Ltd.

Court : Mumbai

Reported in : [2003]130TAXMAN730(Bom)

..... he contended that the scheme of advance tax under chapter xvii-c is that it shall apply to all assessees irrespective of the fact whether they have assessed under normal provisions of the income tax act or under section 115j of the income tax act. mr. ..... however, in view of section 115j of the income tax act, the tax liability increased from rs. ..... he contended that the entire that the concept of advance tax was that the assessee must pay the tax during the financial year when he earns income because, in a cost push economy, the money value falls each day and, therefore, whether the assessee is assessed under normal provisions of the income tax act or under section 115j of the income tax act was immaterial. ..... he, therefore, contended that provisions of section 207 to section 211 of the income tax act are separate and distinct from section 115j as the former apply, only to the income arising during the financial year whereas, for the provisions of section 115j the curtain rises only when the accounts are duly audited by the auditor. ..... section 234b along with section 234a and section 234c were inserted by direct tax laws (amendment) act, 1987 with effect from 1-4-1989. ..... the assessee is a leasing and financing company having its income from lease rent, bill discounting and service charges. ..... that, its income was from lease rent, service charges and bill discounting. ..... the matter can be looked at from another angle. .....

Mashreq Bank Psc Vs. Dy. Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 26.2 the finance act has inserted a new section 44d in the income tax act, 1961, which lays down special provisions for computing income by way of royalties and fees for technical services received by foreign companies from indian concerns.... ..... 61), section 40a(3), section 40a(12), section 37(2a) and section 43 b of the income tax act, 1961 ................ ..... this is an appeal filed by the assessee and is directed against the order dated 10-1-2001 passed by the commissioner (appeals), in the matter of assessment under section 143 (3) of the income tax act, 1961, for the assessment year 1996-97.2. ..... the rates of income-tax to be applied in respect of such income have been specified in new section 115a of the income tax act and are as follows (iii) income by way of fees for technical sei-vices received by a foreign company from an indian concern in pursuance of an approved agreement made on or after the 1-4-1976, will be charged to tax at the rate of 40 per cent on the gross amount of such fees ..... it is, therefore, too far-fetched to suggest that availability of certain tax exemptions to aliens shows that reverse discrimination is generally permissible under the scheme of indian income tax act. ..... vogel has also observed as follows: protection against discrimination does not include special tax privileges granted to public bodies of taxing state and non-profit institutions, provided that their activities are performed for the purposes of public benefit exclusively specific to that state. .....

Mohananlal M. Shah Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)105ITD669(Mum.)

..... this appeal by the assessee is against the order of cit(a), central-ill, mumbai dated 23-10-2002 relating to assessment year 1999-2000 against the order under section 143(3) of the income-tax act, 1961. ..... and separately and the heads of income are as under: section 14a of the income-tax act was inserted by the finance act, 2001 with retrospective effect from 1-4-1962, which provided as under: section 14a - for the purpose of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act: provided that nothing contained in this section shall empower the assessing officer either ..... or up to the date of purchase of shares could at best be said to be capital expenditure and could be allowed as a deduction while computing the income from capital gains in the year of sale but once the shares had been acquired, the interest pertaining to the period after acquisition would be revenue expenditure and allowable under section 57 of the income-tax act, while computing the income of the assessee from dividend in view of the decision of hon'ble supreme court in the case of rajendra prasad mody . .....

Mashreque Bank Vs. Dy. Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 26.2 the finance act has inserted a new section 44d in the income tax act, 1961, which lays down special provisions for computing income byway of royalties and fees for technical services received by foreign companies from indian concerns.... ..... 5 relates to the findings given by the commissioner (appeals) holding that in view of article 111(3) of dta with japan, no disallowance can be made under rule 6d, section 40a(3), section 40a(12), section 37(2a) and section 43b of the income tax act, 1961. ..... this is an appeal filed by the assessee and is directed against the order dated 15-1-2001 by the commissioner (appeals) in the matter of assessment under section 143(3) of the income tax act, 1961, for the assessment year 1997-98.2. ..... it is, therefore, too far-fetched to suggest that availability of certain tax exemptions to aliens shows that reverse discrimination is generally permissible under the scheme of indian income tax act. ..... vogel has also observed as follows: protection against discrimination does not include special tax privileges granted to public bodies of taxing state and non-profit institutions, provided that their activities are performed for the purposes of public benefit exclusively specific to that state. .....

Sunderlal Daga (Decd.) and Another (Through Lrs) Vs. Tax Recovery Offi ...

Court : Mumbai

Reported in : [1997]225ITR10(Bom)

..... as indicated, by the impugned order, the first respondent rejected the claim on the ground that the alleged sale deeds in favour of the writ petitioners are violative of section 230a of the income-tax act, 1961 (for short 'the i.t. ..... in the context of the aforesaid factors and arguments, it would be convenient first to advert to the question whether as per section 230a of the income-tax act, the sale deeds in favour of the petitioners are vitiated, as the question as to the relevancy of title in a summary proceeding under rule 11 of the rules and whether a contest against the validity of the alienation as per section 281 of the income-tax act is contemplated can be gone into later. ..... apart from that, it is pointed out, that the said sale deeds in favour of the writ petitioners do not violate section 230a of the income-tax act. ..... apart from finding that the aforesaid sale deeds are violative of section 230a of the income-tax act, the first respondent also found that the property did not belong to the aforesaid firm; and that section 281 of the income-tax act has no application as the sale deeds in favour of the petitioners were not executed by the defaulters. 5. ..... the scheme of the act would reveal that the assessing officer has to issue certificate. ..... the very scheme of rule 11 shows that the enquiry would include the question whether the possession of the claimant is on behalf of the defaulter or independently of him. .....

Elphinstone Spinning and Weaving Mills Co. Ltd. Vs. Commissioner of In ...

Court : Mumbai

Reported in : (1956)58BOMLR32; [1955]28ITR811(Bom)

..... to tax anything other than the total income which alone attracts tax under the scheme of the indian income-tax act. ..... , the plain language of the proviso indicates that the tax is to be charged on the total income and on nothing else : but quite apart from it, as i have pointed out earlier, the entire scheme of the income-tax act is that income-tax or super-tax is payable on the total income of the previous year and in prescribing a rate or rates applicable to the total income, which is all that section 2 of the indian finance act, 1951, purports to do in terms of the first schedule of that act, it cannot conceivably be held that the legislature intended to subject .....

Tata Chemicals Ltd. Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... in the earlier part of section 244(1a) of the income tax act, 1961, would refer to not only the tax but also the interest, and the expression 'amount' is a neutral expression and it cannot be limited to the tax paid in pursuance of the ..... 's case (supra) had held that where excess amount of tax is collected from assessee, the revenue must compensate assessee and the compensation in this case is by way of interest under section 244a of the act for the period when the amount was with helearned accordingly, we direct the assessing officer to allow the interest under section 244a(1)(b) of the income tax act on the amount due to the assessee pursuant to the order passed ..... of one-half per cent for every month or partof a month comprised in the period from the 1st day of april of theassessment year to the date on which the refund is granted: provided that no interest shall be payable if the amount of refund is less than ten per cent of the tax as determined under sub-section (1) of section 115we or sub-section (1) of section 143 or on regular assessment; (b) in any other case, such interest shall be calculated ..... the appeals is the grant of interest under section 244a of the income tax act on the amounts paid by the assessee, in compliance to the order issued under section 195 of the income tax act.the learned ar for the assessee pointed out that the facts in the present two appeals are similar to the effect that the permission was sought from the assessing officer to remit the amounts to .....