Judgment Search Results Home > Cases Phrase: income tax act 1961 section 115vzc exclusion from tonnage tax scheme Court: mumbai Page 17 of about 168 results (0.217 seconds)

Petrosil Oil Company Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : [1999]236ITR220(Bom)

..... (b) section 108(b) of the income-tax act, 1961, makes specific provision in respect of some of the subsidiary companies for the purpose of exclusion thereof from section 104 of the income-tax act, 1961. ..... ' 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. ..... in that case, the controversy pertained to the true meaning of the expression 'speculative transaction' which is defined in sub-section (5) of section 43 of the income-tax act, 1961, to mean a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips. ..... learned counsel for the assessee relied upon several judgments of the supreme court and our court to buttress his contention that section 4 of the companies act (1 of 1956) coupled with the statutory illustration appended thereto be treated as incorporated in section 108(b) of the income-tax act, 1961, for the purpose of interpreting the expression 'subsidiary' in section 108(b) 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 of section 2(6) (a) of the finance (no. .....

Virendra Kumar Jhamb Vs. N.K. Vohra

Court : Mumbai

Reported in : (2009)221CTR(Bom)88; [2009]176TAXMAN11(Bom)

..... petitioner is challenging certain notices issued by the commissioner of income-tax and wealth-tax dated 9-2-1990 and 13-3-1990 under section 25(2) of the wealth-tax act, 1957 and section 263 of the income-tax act, 1961 respectively, for the assessment years 1980-81 to 1986-87 ..... assessment order was though passed by the income-tax officer, it was based on the directives of the commissioner of income-tax, as it is explicitly apparent from the original assessment order dated 5-1-1988. ..... in fact the xerox copy of the same also has been taken on record, which clearly indicates that the petitioner had approached under the amnesty scheme and after discussion with the commissioner of income-tax, it was agreed that rate of taxable income should be 8 per cent instead of 4 per cent and accordingly he was directed to file revised return at 8 per cent. ..... sahadevan also could not controvert, that as it was apparent from the record that the original commissioner of income-tax, after discussion with the assessee, it was agreed that the income should be computed at 8 per cent of the profit and accordingly, he was directed to file ..... (2) no order shall be made under sub-section (1) after the expiry of two years from the end of the financial year in which the order ..... by the cbdt are legally binding on the revenue and this binding character attaches to the circulars even if they be found not in accordance with the correct interpretation of the section and they depart or deviate from such construction.15. mr. .....

Mr. Hassan Ali Khan Vs. Settlement Commission,

Court : Mumbai

Reported in : (2008)217CTR(Bom)163; [2008]299ITR127(Bom)

..... 2423 of 2007 is concerned, the tests applicable for consideration of application under the wealth tax act are different from what has to be considered while dealing with the applications under the income tax act as in so far as wealth tax act is concerned, the application is based on the assets disclosed. ..... the case of the petitioners is that at any stage of a case it was open under the provisions of section 245(1) of the income tax act to make an application. ..... on a consideration of section 245ba(5a) of the income tax act it is clear that power is conferred on the chairman for disposal of a particular case to constitute a special bench. ..... khan is concerned, it is set out that no documents were found from her possession and as such there were no reasons to reject the application made by her under the provisions of the income tax act before the settlement commission.6. ..... for that purpose we may reproduce relevant portion of section 245c (1) which reads as under:(1) an assessee may, at any stage of a case relating to him, make an application in such form and in such manner as may be prescribed, and containing a full and true disclosure of his income which has not been disclosed before the assessing officer, the manner in which such income has been derived, the additional amount of income-tax payable on such income and such other particulars as may be prescribed ..... chapter xix is a part of the it act and must be construed consistent with the overall scheme and object. .....

Mumbai 400 020. Vs. Jeevan Bima Marg, Mumbai.

Court : Mumbai

..... therefore, in the facts of the present case, the decision of the income tax appellate tribunal in holding that even after insertion of section 10(23aab), the loss incurred from the pension fund like jeevan suraksha fund had to be excluded while determining the actuarial valuation surplus from the insurance business under section 44 of the income tax act, 1961 cannot be faulted. ..... in other words, the pension fund like jeevan suraksha fund would continue to be governed by the provisions of section 44 of the income tax act, 1961 irrespective of the fact that the income from such fund are exempted, or not. ..... the fact that the income from such fund has been exempted under section 10(23aab) with effect from 1st april 1997, does not mean that the pension fund ceases to be insurance business, so as to fall outside the purview of the insurance business covered under section 44 of the income tax act, 1961. ..... as regard questions (c) and (d) are concerned, the dispute is whether the loss incurred by the assessee from jeevan suraksha fund is liable to be excluded in computing the actuarial valuation surplus in view of the fact that the income from jeevan suraksha fund is exempt under section 10(23aab) of the income tax act, 1961. 16. .....

Ambalal Himatlal Vs. Commissioner of Income-tax and Excess Profits Tax ...

Court : Mumbai

Reported in : [1951]20ITR280(Bom)

..... this reference has given an opportunity to sir jamshedji kanga to advance before us a very interesting and ingenious argument based on the construction of section 25(4) of the income-tax act. ..... it is also found as a fact that only the money-lending business had paid tax under the income-tax act of 1918. ..... further when you look at sub-section (4) as a whole, apart from the use of the expression 'income, profits and gains' it is clear that the conditions required for obtaining of relief under this sub-section are firstly, carrying on any business, profession or vocation; secondly, tax being charged on this business, profession or vocation under the act of 1918; and, lastly, succession to any such business, or vocation in such capacity by another person. ..... the ingenious argument advanced by sir jamshedji is that when you look at the frame-work of section 25(4) it is clear that the legislature intended to give relief not merely in respect of a particular business which was assessed to tax under the act of 1918 and in respect of which there was a succession but the relief contemplated was in respect of the total income of the assessee whose business was succeeded to. ..... that sub-section does not contemplate any relief in respect of any other sources of income of the assessee who was carrying on the business which was assessed to tax under the act of 1918 and in respect of which there was a succession. .....

Commissioner of Income-tax, Bombay Vs. Sir Chunilal V. Mehta and Sons ...

Court : Mumbai

Reported in : [1967]65ITR50(Bom)

..... 2,34,000 will not be liable to tax, but the amount of interest thereon will be taxable under section 10(5a) of the indian income-tax act in the assessment year 1956-57. ..... now the income received from business comes in for computation under the income-tax act according to the other provisions laid down in the income-tax act. ..... commissioner of income-tax, wherein it is held that the fiction enacted is section 10(5a) is that what is not a revenue receipt is deemed to be profits and gains of a business and the legislature has not enacted further that the amount made taxable would necessarily be an income from a new source. ..... agreement that except for the four special cases specified in clause (15), if the managing agents were deprived of the office of the agents of the company for any reason or cause whatsoever, they would be entitled to receive from the company as compensation or liquidated damages for the loss of their office a sum equal to the aggregate amount of the monthly salary of not less than rs. ..... section 10(5a) having merely created a fictional item as an item of income from business has not in any further way interfered with the method of the computation of the said item but left it to be computed according to the usual provisions contained in the act. ..... it was, however, a capital receipt of the business before the introduction of section 10(5a) and now by the fiction the nature of the receipt is changed from capital to income. .....

Yezdi Hirji Malegam, a Chartered Accountant and a Partner of S.B. Bimm ...

Court : Mumbai

Reported in : (2007)109BOMLR1900; (2007)213CTR(Bom)161; [2008]299ITR329(Bom)

..... at the instance of the applicant-assessee, the income tax appellate tribunal, mumbai has forwarded the following questions of law for the opinion of this court under section 256(1) of the income tax act, 1961.1. ..... any deduction made in accordance with the provisions of sections 192 to 194, section 194a, section 194b, section 194bb, section 194c, section 194d and section 195 and paid to the central government shall be treated as a payment of tax on behalf of the person from whose income the deduction was made, or of the owner of the security or of the shareholder, as the case may be, and credit shall be given to him for the amount so deducted on the production of the certificate furnished under section 203 in the assessment (including a provisional ..... assessment under section 141a), if any, made for the .....

Dhun Dadabhoy Kapadia Vs. Commissioner of Income-tax, Bombay City Ii

Court : Mumbai

Reported in : [1963]48ITR882(Bom)

..... construed the meaning of the expression 'actual cost to the assessee' occurring in clauses (a) and (b) of sub-section (5) of section 10 of the act in considering the question of depreciation allowable to the assessee in income-tax reference no. ..... to find out what is the position under the indian income-tax act. ..... shares to which the member is entitled, and limiting the time within which the offer, if not accepted, will be deemed to have been declined; and after the expiration of such time or an receipt of an intimation from the member to whom such notice is given that he declines to accept the shares offered, the directors may dispose of the same in such manner as they think most beneficial to the company.' 7. mr. ..... this should be taken to be the actual cost of the right within the meaning of sub- clause (ii) of sub-section (2) of section 12b of the act for the purpose of determining the capital gains arising to the assessee as a result of the transaction in question. ..... our opinion, therefore, the meaning of the expression 'actual cost to the assessee' as used in sub-section (5) of section 10 of the act would be what the assessee has, in fact, expended or laid out for the purpose of acquiring the depreciable ..... the case of the assessee before the income-tax officer and the appellate assistant commissioner was that through undoubtedly a certain gain arose to the assessee, it did ..... 1961, decided on 8th august, 1962, wherein we have observed : ''actual cost', however, is not defined in the act .....

Cable and Wireless Ltd. Vs. V.H. Gangal and anr.

Court : Mumbai

Reported in : [1973]90ITR84(Bom)

..... the further submission was that under the scheme of section 46(2), read with other relevant sections of the income-tax act the relevant year for assessing and taxing capital gains made by a shareholder on receiving moneys from a company in liquidation was the 'previous year' in which the moneys are received and that, therefore, there was in law no basis for the contrary findings made by the first respondent. ..... finding made by the first respondent are challenged in this petition various grounds, including the ground that if the construction and effect of section 46 of the income-tax act was in accordance with the findings made by the first respondent, the section was unconstitutional and contravened the petitioner's fundamental rights guaranteed under article 14 of the constitution. ..... 81,32,335 were distributed respectively on september 12, 1949, november 16, 1953, and september 18, 1961, to the assessee-company as these payments were made to the assessee-company because under the companies act contributories have a right to participate in the distribution of the assets of a company in ..... the income chargeable under the head 'capital gains' shall be computed by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely :- (i) expenditure incurred wholly and exclusively in connection with such transfer; (ii) the cost of acquisition of the capital asset and the cost of any improvement thereto.' .....

P.H. Hamid Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : (2005)198CTR(Bom)441; [2005]278ITR112(Bom)

..... the assessee invested the sale proceeds in specified assets under section 54e of the income-tax act, 1961, and claimed exemption from payment of tax on long-term capital gain amounting to rs. ..... (2) whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the assessee is liable to tax on profits under section 41(2) of the income-tax act, 1961, even though depreciation was claimed by the partnership firm which was dissolved and the machinery were allotted to the assessee who sold the same after dissolution of the firm ..... learned counsel submitted that in order to attract the provisions of section 41(1) of the income-tax act, 1961, the identity of the assessee for the previous year and the subsequent year must be the ..... 4,500, as deemed income of the firm under section 41(1) of the income-tax act, 1961, as also rs ..... by this reference under section 256(1) of the income-tax act, 1961 ('the i. t ..... dissolution after discharge of liabilities is nothing but a mutual adjustment of rights between the partners and there is no question of any extinguishment of the firm's rights in the partnership asset amounting to a transfer of asset within the meaning of section 2(47) of the income-tax act, 1961. ..... 232) treating it as profits earned by the assessee under section 41(2) of the income-tax act, 1961.3. ..... the income-tax officer held that the amount was taxable under section 41(1) but the appellate assistant commissioner directed exclusion of the amount from the .....