Court : Mumbai
Reported in : (1982)28CTR(Bom)227; [1982]138ITR564(Bom); [1982]10TAXMAN10(Bom)
..... question were exempt from tax under section 12(1) of the income-tax act, 1961, as income derived from voluntary contributions ?4. whether, on the facts and in the circumstances of the case, the contributions received by the assessee-trust ..... of the trust ?2. if the answer to question no. 1 is in affirmative, whether the provisions of section 4, section 11 and section 12 of the income-tax act, 1961, apply to the capital trust fund or corpus of the trust ?3. if the answer to question no. 1 is in the negative, whether the receipts in ..... were derived from 'property' held under trust as contemplated under section 11 of the act ?'4. before considering the submissions advanced by the respective counsel .....
Tag this Judgment!Court : Mumbai
Reported in : (1961)63BOMLR1011; [1963]47ITR214(Bom)
..... in british india, and, therefore, the said profits had accrued in british india. after examining the relevant sections of the income-tax act, their lordships held that the provisions of the indian income-tax act do not mean that the situation of the source of the profits should determine the place where the profits arose or accrued. ..... in law, it accrued to her in british india and, in this connection, he referred to certain provision of the act and certain amendments introduced in the income-tax act. clause (3a) of the section 2 of the income-tax act modified up to 1st july, 1948, defined 'british india' as follows : 'british india means, as respects any ..... promulgated and published in the gazette of india, extraordinary, dated 26th august, 1949. by sub-section (1) of section 3 of the ordinance, the indian income-tax act, 1922, and all rules and orders made thereunder, which were in force immediately before the commencement of this ordinance, were extended and brought into force in all .....
Tag this Judgment!Court : Mumbai
Reported in : [1971]80ITR308(Bom)
..... one lakh seventy thousand) in the assessment year 1946-47, constituted remittances of profits to the taxable territories within the meaning of section 4(1)(b)(iii) of the indian income-tax act.' 3. in the two previous years relevant to this reference one r. m. raja was alive. he died later in february, 1955. he was assessed as an individual and resident ..... 25th october, 1946 to 12th november, 1947) in these two assessment years the sums of rs. 1,73,000 and rs, 4,80,000 have been brought to tax under the provisions of section 4(1)(b)(iii) of the income-tax act, 1922, under the order of the tribunal out of which this reference arises. these two amounts have been brought to ..... mody, actg.c.j.1. this is a reference under section 66(2) of the income-tax act, 1922. it concerns the assessment years 1946-47 and 1948-49, the corresponding accounting years being samvat year 2001 (18th october, 1944, to 4th november, 1945), and samvat year 2003 ( .....
Tag this Judgment!Court : Mumbai
Reported in : (1993)95BOMLR975; (1993)113CTR(Bom)358; [1993]202ITR375(Bom); 1993(2)MhLj1758
..... assessment year 1970-71, by an order dated february 11, 1972, the income-tax officer assessed the total income of the assessee at rs. 82,72,020 and allowed interest under section 214 of the income-tax act, 1961 (hereinafter referred to as 'the act'), on advance payment of tax in excess of the tax determined on regular assessment. the matter went in appeal up to the tribunal ..... dr. b.p. saraf, j.1. by this reference under section 256(1) of the income-tax act, 1961, the income-tax appellate tribunal has referred the following question of law to this court for opinion at the instance of the assessee : 'whether, on the facts and in the ..... . in consequence of the order of the tribunal passed on february 12, 1974, the total income of the order of the assessee was reduced .....
Tag this Judgment!Court : Mumbai
Reported in : [1995]215ITR793(Bom)
..... the case, the tribunal was right in law in holding that the provisions of section 40a(8) of the income-tax act, 1961, were not applicable in respect of interest payments of rs. 1,73,002, rs. 2,87,000 and rs. 1,49,127 on the ground that the interest payments were ..... capital reserve account by the assessee-company in respect of the provisions for contractual liability taken over by the assessee-company was not chargeable to tax under section 41(1), 176(3a) or 28(iv) of the income-tax act, 1961 ?' 2. the assessee is a private limited company. it was incorporated in the year 1973. its business is that of manufacture of ..... dr. b.p. saraf, j. 1. by this reference under section 256(1) of the income-tax act, 1961, made at the instance of the revenue, the income-tax appellate tribunal, bombay bench 'a', bombay, has referred the following questions of law to this court for opinion : '1. whether, on the facts and in the circumstances of .....
Tag this Judgment!Court : Mumbai
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
Reported in : [1999]98CompCas818(Bom); [2000]242ITR275(Bom)
..... it is contended then it must be held that under section 178 of the income-tax act, tax dues of the department are a preferential claim over all secured creditors.4. for that purpose it would be essential to consider section 178 of the income-tax act, 1961. section 178 reads as under :'178. company in liquidation.-(1) every person ..... short but interesting question that arises in this matter is whether capital gains tax payable under section 45 of the income-tax act, 1961, has precedence over the claims of other secured creditors covered by section 530 read with section 529a of the companies act, 1956.2. the company is under liquidation. the workers of the company ..... followed it will be impossible to construct section 178 of the income-tax act and sections 529a and 530 of the companies act harmoniously. section 178 of the income-tax act was introduced in 1961, whereas section 529a and the amendment to section 530 of the companies act have been brought by an amendment in the year 1985. section .....
Tag this Judgment!Court : Mumbai
Reported in : 2000(1)ALLMR188; [2000]241ITR865(Bom)
..... advance tax which, according to him, is in excess of the amount due as per the returns submitted pursuant to the said notices. ..... writ petition, the petitioner seeks a direction to the income-tax officer, satara, to complete the assessments of his income for the assessment years 1987-88 and 1988-89 on the basis of the returns submitted by him pursuant to the notices under section 148 of the income-tax act, 1961 ('the act'), and to refund the amount paid by him as ..... the subject. the supreme court considered the decisions of the various high courts which had held that once valid proceedings under section 147 of the income-tax act are started, the income-tax officer has the jurisdiction and duty to complete the whole assessment de novo. the supreme court considered the observations in its earlier decision in v. .....
Tag this Judgment!Court : Mumbai
Reported in : [1990]184ITR50(Bom)
t.d. sugla, j.1. the challenge in this petition is to the notice issued by the income-tax officer under section 148 of the income-tax act, 1961, for the assessment year 1980-81. her case is that she filed her return for the year originally on december 30, 1980, and a revised return on october 20, 1981. ..... so far as she is aware, the assessment was not made. placing reliance on the supreme court decision in the case of cit v. ranchhoddas karsonadas : [1959 ..... and loss account and the valuation report. the return was incomplete and thus an invalid return. to this, shri pandit's contention is that section 139(9) of the act requires the income-tax officer in the case of an incomplete return to bring the said fact to the notice of the assessee so that the return to the extent it is deficient .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]236ITR553(Bom); [1999]103TAXMAN403(Bom)
..... , the tribunal referred the following questions, for the opinion of this court for the assessment years 1967-68 and 1968-69 under section 256(1) of the income-tax act, 1961.'1. whether, the assessed -organisation derived profits and gains of business of rs. 94,77,142 for the assessment year 1967-68 and rs. 8,75 ..... ,000 for the assessment year 1968-69 chargeable to tax under section 28 of the income-tax act, 1961 ?2. whether the principle of mutuality, as enunciated in styles' case was satisfied in the assessee's transactions with its members and the ..... which arises for consideration is : whether the assessed -organisation derived any income chargeable to tax under the income-tax act, 1961 ?to complete the chronology of events, it may be mentioned that the income-tax officer held that the assessed -organisation in its transactions with its members derived income which was taxable in its entirety. he came to the conclusion that the .....
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