Judgment Search Results Home > Cases Phrase: income tax act 1961 section 115vzc exclusion from tonnage tax scheme Court: mumbai Page 9 of about 168 results (0.261 seconds)

B.M. Desai Vs. V. Ramamurthy, I Income-tax Officer, A-iii Ward, Bombay ...

Court : Mumbai

Reported in : [1958]34ITR409(Bom)

..... income-tax, madras also took the view that section 44 of the indian income-tax act only applies when there has been a discontinuance of a business, and that when a partner retires and the other partner continues the business, and that when a partner retires and the other partner continues the business, the section applicable is section 26(2) and not section ..... that liability of iyer cannot be imposed upon him and that the treat held out of the income-tax officer was not in conformity with law and the income-tax officer should be prevented from putting into execution that threat. 2. ..... found, then the assessment can be made on the successor, and even when the person succeeded has been assessed but does not discharge his liability to pay tax, tax may be recovered from the successor both with regard to the year in which the proviso to this sub-section cases a liability upon the successor to the business when the person succeeded does not discharge his liability. ..... but what the taxing department is seeking to do is to recover the tax from the person succeeded because the successor has file to pay the tax; and to complete the picture, we might took at the second proviso to section 26(1) which deals with a situation to which neither the expression 'discontinuance' nor 'succession' can be applied - a situation in which there is merely change in the constitution of a firm ..... from our decision turning on the clear language used by the legislature in section 44, if we look at the scheme of the act .....

Provident Investment Co. Ltd. Vs. Commissioner of Income-tax, Bombay C ...

Court : Mumbai

Reported in : AIR1954Bom95; (1953)55BOMLR804; [1953]23CompCas260(Bom); ILR1953Bom1281

..... and which was paid to the assessee company as compensation for the loss of the managing agency of the two mills, resulted in a capital gain liable to tax under section 12b, income-tax act. ..... company by a policy agreed to pay on the death of the person insured a certain sum measured by an amount fixed for each month, and the policy provided that the assured can obtain, as a loan from the insurance company an amount not exceeding the sum fixed for every month, and in accordance with these conditions the insurance company lent various sums to the assured, and the question that arose ..... and by way of earnest money and the assessee company will have to arrange to get the transfer of the managing agency sanctioned by the general body of the shareholders within the period of 40 days from the date of acceptance; and the letter went on to state:'as soon as the transfer is sanctioned, we will pay the balance of the purchase price. ..... turning to section 12b, it provides that the tax shall be payable by an assessee under the head 'capital gains' in respect of any profits or gains arising from the sale, exchange or transfer of a capital asset effected after 31-3-1946, and ..... of performance, but it substitutes an entirely different contract for the original contract entered into and the transaction that would have been effected by reason of the original contract is an entirely different transaction from the one which was ultimately effected by reason of the modified contract arrived at on 7-10-1346. .....

Vodafone International Holdings B.V. Vs. Union of India (Uoi) and anr.

Court : Mumbai

..... in india international agreements on the avoidance of double taxation, such as the one with mauritius, are sanctified by section 90 of the income tax act, 1961.section 5(2) and section 9(1) : identification of nexus :78. ..... in capital assets, in our opinion, there was no reason for parliament to specifically include income (a) through or from any property in india, (b) through or from any asset or source of income from india, and (c) through or from sale of a capital asset situate in india.the very fact that in terms of section 9 of theact, the transfer of a capital asset situate in india has been brought within the purview of the deemed income under section 9 of the act and rule 10(ii) of the rules, the intention of parliament was not to bring within ..... cit (supra), the supreme court once again emphasized that the scheme of sub- sections (1), (2) and (3) of section 195 and section 197 leaves no doubt that the expression "any other sum chargeable under the provisions of this act" would mean a "sum" on which tax is leviable. ..... c.i.t.43 the appellant which was a company incorporated in india, had a permit to fish in the exclusive economic zone of india and was engaged in the sale and export of sea food. ..... cit,55 thus: now it is perfectly clear that it is envisaged under our constitutional scheme that parliament in india may make laws which operate extra-territorially. .....

J.C. Thakkar Vs. Commissioner of Income-tax, Central, Bombay

Court : Mumbai

Reported in : AIR1955Bom340; (1955)57BOMLR464; [1955]27ITR658(Bom)

..... if the intention of the legislature was that whenever there is a firm, the firm should be assessed with regard to its profits and not the individual partners, we should have expected some indication to that effect either in section 3 or in some other provision of the income-tax act, and, as we shall presently point out, there is absolutely no prohibition in any provision of the income-tax act prohibiting the assessment of a partner until the firm of which he is a partner has been assessed. 5. ..... now, as has often been pointed out, the assessable entity under the income-tax act is different from a legal entity. ..... but all that we wish to point out is that in the charging section itself, far from there being a prohibition against a partner of a firm assessed to tax, there is a legislative fiat as it were in favour of the income-tax department if they chose to assess a partner and not the firm of which he was a partner. mr. ..... palkhivala concedes, after having taken us through all the relevant sections, that he cannot lay his finger on any express prohibition; but what he maintains is that when we look at the scheme of the act if will be clear that there is an implied prohibition against the procedure followed by the taxing authorities. .....

Sheraton Apparels, Vs. Assistant Commissioner of Income-tax

Court : Mumbai

Reported in : 2002(5)BomCR19; (2003)1BOMLR888; (2002)175CTR(Bom)651; [2002]256ITR20(Bom); 2003(1)MhLj302

..... the tribunal, while confirming the said order, also upheld levy of penalty under section 271(1)(c) of the income-tax act, 1961 ('the act' for short).factual matrix2. ..... the income-tax legislation has been using the term 'book' or 'books of account' right from its ..... for the assessment year 1990-91 has been given to the assessee by the assessing officer by virtue of clause (2) of explanation 5 since the return for that year had not become due with the result immunity from penalty under section 271(1)(c) was granted to the assessee for the year 1990-91, the year in which a raid took place but denied the same for earlier years. ..... prior to the insertion of explanation 5 to section 271 by the taxation laws (amendment) act, 1984, with effect from october 1, 1984, an assessee, who is found to be the owner of any money, bullion, jewellery, ..... books or diaries can hardly be designed or accepted as books of account for the purposes of explanation 5 of section 271(1)(c) of the act, so as to afford immunity from penalty. ..... words in explanation 5 'books of account, if any, maintained by him for any source of income' are important words signifying the legislative intent embodied in the explanation warranting grant of immunity from penalty. ..... , these terms are defined in the act for the first time by the finance act, 2001, with effect from june 1, 2001. ..... order to plug the aforesaid loop hole, explanation 5 has been inserted by the taxation laws (amendment) act, 1984, with effect from october 1, 1984. .....

M/S. Kec International Ltd. Vs. Kamani Employees Union and Others

Court : Mumbai

Reported in : 1998(3)ALLMR259; 1998(3)BomCR590

..... 'it is, therefore, important to note that a scheme framed under section 10(10-c) of the income tax act to enable an employee to get exemption under section 10 of the income tax act must result in over all reduction in the existing strength of the employees.on account of the scheme all that happens is that the money received by the workmen is exempt from income tax. ..... section 10(10-c) of the income tax act excludes any payment received by an employee at the time of his voluntary retirement in accordance with the scheme framed from payment of income tax which meets the requirement of rule 2-ba. ..... summarising what has been decided the following conclusions emerge :--(i) voluntary retirement scheme as approved by the income-tax authorities is not non est at its inception unless the approval itself is contrary to the provisions of section 10(10-c) of the income-tax act and rules framed thereunder. ..... one of the requirements of section 16(10-c) of the income tax act is that the scheme to be drawn up must result in over all reduction in the existing strength of the employees. ..... a scheme for the purpose of section 10(10-c) of the income tax act must be in terms of rule 2-ba. ..... the effect on those who continue in employment as can be seen, could be increased working hours, increased work load and for that matter exclusion of certain provisions of various statutes on account of decreased work force. .....

A. Shenoy and Co. and ors. Vs. N.D. Kadam and ors.

Court : Mumbai

Reported in : [2008]297ITR419(Bom); 2007(6)MhLj211

..... chief metropolitan magistrate alleging that the failure to deduct tax at source amounts to an offence under section 276b of the income tax act, 1961, as it stood prior to 1st april, 1989. ..... sathe, learned senior counsel for the applicants submits that the amendment to section 276b of the income tax act with effect from 1st april, 1989 amounted to 'omission' and not 'repeal'. ..... shall not be less than three months but which may extend to three years and with fine.section 276b (from 10-9-1986 but prior to 1-4-1989)failure to deduct or pay taxif a person, fails to deduct or after deducting, fails to pay the tax as required by or under the provisions of sub-section (9) of section 80e or chapter xvii-b, he shall be punishable,(i) in a case where the amount of tax which he has failed to deduct or pay exceeds one hundred thousand rupees, with rigorous imprisonment for ..... : [2002]257itr338(sc) , it was held by the apex court that section 276dd was omitted with effect from 1st april, 1989 and hence complaints which were filed prior to the omission could not be proceeded with since section 6 of the general clauses act applied only to repeal and not to omission.15. ..... the change in section 276b of the act with effect from 1st april, 1989 amounts to 'omission' and hence section 6 of the general clauses act cannot save the present prosecution. .....

Commissioner of Income-tax Vs. Central Bank of India Ltd.

Court : Mumbai

Reported in : (1990)92BOMLR31; [1990]185ITR6(Bom)

..... this is a reference made at the instance of the revenue, under the provisions of section 256(1) of the income-tax act, 1961. ..... company or a company which has made the prescribed arrangements for the declaration and payment of dividends (including dividends on preference shares) within india, the assessee shall be entitled to a deduction from the income-tax with which it is chargeable on its total income for any assessment year of so much of the amount of income-tax calculated at the average rate of income-tax on the income so included (other than any such income on which no income-tax is payable under the provisions of this act) as exceeds an amount of twenty-five per cent. ..... income by way of dividends received by it from an indian company which is not such a company as is referred to in section 108 and which is mainly engaged in the business of generation or distribution of electricity or of construction, manufacture or production of any one or more of the articles or things specified in the list in the fifth schedule the amount of income-tax deductible under this section shall be so much of the amount of the income-tax calculated at the average rate of income-tax so included (other than any such income on which no income-tax is payable under the provisions of this act .....

Himatlal Motilal Vs. Commr. of Income-tax and E.P. Tax

Court : Mumbai

Reported in : AIR1951Bom428; (1951)53BOMLR610; ILR1952Bom373

..... this reference has given an opportunity to sir jamshedji kanga to advance before us a very interesting & ingenious argument based on the construction of section 25(4), 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 & 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; & lastly, succession to any such business, profession or vocation in such capacity by another person. ..... the ingenious argument advanced by sir jamshedji is that when you look at the framework 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 & 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 assesses who was carrying on the business which was assessed to tax under the act of 1918 & in respect of which there was a succession. .....

Shastri Sales Corporation and Others Vs. Income-tax Officer

Court : Mumbai

Reported in : 1996CriLJ449; [1998]229ITR628(Bom)

..... consequently, the assessing authority initiated proceedings under section 271(1)(c) of the income-tax act, 1961 (for short 'the i.t. ..... . the income-tax appellate tribunal under the income-tax act is the final authority on facts and unless the said finding of fact suffers from any error of law or gives rise to any question of law, the said finding of fact recorded by the income-tax appellate tribunal is unassailable ..... ' from a bare perusal of the aforesaid judgment of the supreme court and the judgment of the punjab and haryana high court which has been also reported in the very same volume of income tax reports at page 911 (volume 133), it would be clear that the apex court has laid down the law that in cases where an authority under the act having expert knowledge, after considering the entire materials on the record, has come to a conclusion ..... however, the income-tax appellate tribunal did not find any merit in that application and held that the order was concluded on facts and no question of law arose from the said order warranting reference to the high court. ..... dissatisfied with the common order passed by the income-tax appellate tribunal, rejecting the appeals filed by the department, an application under section 256(1) of the income-tax act was filed by the department before the income-tax appellate tribunal for referring the questions of law arising from the said order to the high court. .....