Court : Mumbai
Reported in : [1990]184ITR252(Bom)
..... 230(1) of the income-tax act, 1961. section 230(1) requires certain persons leaving india for abroad to obtain a clearance certificate before their departure. that tax clearance certificate has to be a tax clearance certificate from his or her assessing income-tax officer to the effect that that person has no liabilities under the income-tax act, excess profits tax act, business profits tax act, wealth-tax act, expenditure tax act and gift-tax act. in case. for some ..... petition under article 226 of the constitution of india, the petitioner has challenged the demand made against her by the tax recovery officer by his noticed dated august 24, 1983, under a guarantee given by her section 230(1) of the income-tax act 1961, on april 26, 1966. it is pertinent to mention that one lisbet holmes, a canadian citizen, was having some business .....
Tag this Judgment!Court : Mumbai
Reported in : [2004]271ITR370(Bom)
..... and payable on the assessment of the defendant of its operation in india would become payable by the plaintiff under sections 160 and 161 of the income-tax act, 1961.26. the plaintiff submits that the defendant be ordered and decreed to pay to the plaintiff the sum of rs. 5,00,00,000 (rupees five crores ..... complied with all the terms under the said wet lease agreement and the provisions of the income-tax act, 1961. the plaintiff submits that it has deducted tax at source from the payments it has made to the defendant and has paid over these sums to the tax authorities. apart from the provisions of clause 11.1 of the wet lease agreement, the ..... money immediately.'17. para. 15 of the plaint reads thus :'another order dated march 27, 2000, was also issued by the income-tax department under section 226(3) of the income-tax act calling upon the plaintiff to pay to the income-tax authorities the amount payable to the defendant which amounted to rs. 132,65,21,397 (us $ 28.22 million) and .....
Tag this Judgment!Court : Mumbai
Reported in : [1953]23ITR365(Bom)
..... v. barr [1953] 32 a. t. c. 93, the report of that case appears to show that the concluding words of section 17(1) of the income tax act, 1945, were overlooked by the court. counsel for the company recognised this and found difficulty in supporting this decision by independent reasoning. we were informed that barr's case ..... accordingly is restricted to this narrow proposition, that the successor to the company being his majesty in person, the word 'person' in the charging sections of the income tax acts cannot be construed as including his majesty. it is said that it is not necessary to examine the nature of the royal prerogative which includes exemption from taxation, ..... of madras succeeded to the business which the company had carried on until that time. 8. the next step leads to a consideration of section 17(1) of the income tax act, 1945, which provides that : '(1) subject to the provisions of this section, where, on or after the appointed day, any of the following events occurs in .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1951Bom207; [1951]19ITR227(Bom)
..... it deals under sub-section (1) with the case of a business which is discontinued and which has not been subjected to double taxation having paid tax under the provisions of the indian income-tax act, 1918, and the provision of sub-section (1) is that if a business is discontinued in the middle of a year, then the business which ..... . the facts giving rise to this reference may be briefly stated. the assessee is a hindu undivided family. it is a dealer in cloth and was taxed under the provisions of the indian income-tax act, 1918. its accounting year was samvat year, and the joint family was disrupted on aso vad 30th, samvat year 2000, that is to say on ..... its discontinuance. turning to sub-section (4) with which we are concerned, it deals with a business which had paid tax under the indian income-tax act, 1918, and that sub-section deals not so much with the mode of taxing a business which is discontinued as with giving relief to a business from double taxation. in sub-section (4) what is .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1959Bom100; (1958)60BOMLR926; ILR1958Bom1149
..... was rs. 17,591/-. the contention of the assessee was that these amounts were not subject to tax. the tribunal held that these amounts constituted an income and were liable to tax under section 10 or 12 of the indian income-tax act.2. now, every receipt that a man receives is either a revenue receipt or a capital receipt ..... with a fair regularity. but even if a receipt is a revenue receipt, it may bot be subject to tax if the assessee establishes that the receipt is exempted from tax under one of the provisions of the income-tax act, and mr. thakkar, on behalf of the assessee, has strongly pressed upon us that these particular receipts ..... is an untenable proposition that the amounts received by the assessee were income which was exempted under the provisions of the indian income-tax act. 7. now, mr. thakkar wanted to argue that even if these receipts constituted 'income', he was entitled to deductions permissible under the income-tax law. no question has been raised on this reference and we .....
Tag this Judgment!Court : Mumbai
Reported in : [1978]111ITR650(Bom)
..... first place the proper principles of law as are applicable to the question of re-opening of assessment under the provisions contained in section 34(1)(b) of the indian income-tax act, 1922. however, before doing so, one further argument which counsel for the assessee sought to advance before us may be stated and rejected. it was submitted by him that ..... in the records of the assessee itself, on which information the officer could have decided to apply or not to apply the provisions contained in section 16 of the indian income-tax act, 1922. it is to be remembered when this question is posed that this was not the very first year in which the two assessments were made. the assessments ..... dealt with the assessments of the assessee for the years from 1950-51 up to 1956-57, and had not applied the provisions contained in section 16 of the indian income-tax act, 1922. it is to be borne in mind that if we were to accede to the suggestion of mr. joshi and seek fresh findings from the tribunal, such .....
Tag this Judgment!Court : Mumbai
Reported in : [2001]247ITR727(Bom)
..... of the tribunal, directing the addition of rs. 1,53,02,226 for the assessment year 1988-89, this appeal has been filed under section 260a of the income-tax act, 1961, by the assessee.facts :the assessee is a partnership-firm. it is engaged in the business of dealing in bullion, gold and jewellery. for the assessment year 1988 ..... individuals on march 27, 1987. thereafter, all 18 individuals sold the said jewellery to the assessee. the assessing officer summoned all 18 individuals under section 131 of the income-tax act. 14 out of the 18 individuals attended the office of the assessing officer. they stated to have sold the jewellery to the assessee-firm. that, the jewellery was ..... ,02,226 for the assessment year 1988-89. according to the department, gold ornaments were not found in 1982 when action was taken under section 132 of the income-tax act and, therefore, the sale could not have taken place in favour of the firm in 1987 as the gold ornaments did not belong to the individuals. hence, .....
Tag this Judgment!Court : Mumbai
Reported in : [1968]38CompCas475(Bom); [1968]69ITR174a(Bom)
..... sale of investment and in doing so he relied upon the special rules of computation of the profits and gains insurance business contained in the schedule to the income-tax act. he relied upon rule 6 read with rule 3 of the schedule. 5. the assessee on its part contented that these properties never formed part of its ..... indicating the commencement of an 'investment business' or 'non- insurance business'. secondly, they have found that no part of the income from such property was ever brought to tax under section 9 of the indian income-tax act under which it ought to have been submitted for taxation between the years 1943 and 1949, because if these properties were the ..... sum of rs. 2,36,416 (rupees two lakhs thirty six thousand four hundred and sixteen) has been rightly assessed as the income of the petitioner company under para. 6 of the schedule to the income-tax act ?' 2. in stating the second question we have corrected an arithmetical error in that in the original question no. 2 the figure .....
Tag this Judgment!Court : Mumbai
Reported in : [1963]49ITR244(Bom)
..... before the tribunal that the assessee was entitled to the benefit contained under section 25(3) of the indian income-tax act even in respect of capital gains assessed to tax under section 12b of the indian income-tax act and consequently, no tax was liable to be paid by the assessee in respect of the said capital gains. it was further contended ..... referred the additional questions. these further questions, which will be numbered as nos. 3 and 4, are as follows : '(3) whether section 12b of the indian income-tax act, 1922, at all applied to the applicant's case (4) whether on the facts and in the circumstances of the case, the tribunal misdirected itself in law and/or ..... of which were framed by the tribunal on an application under section 66(1) of the indian income-tax act made by the assessee and the other two on a requisition made by this court under section 66(2) of the income-tax act. all the four questions relate to the capital gains which were found to have accrued to the assessee .....
Tag this Judgment!Court : Mumbai
Reported in : [1967]65ITR179(Bom)
..... the firm as well as the partners are being assessed in india as non-residents. the petitioner-firm was duly registered under the indian income-tax act, 1922, and also under the income-tax act of 1961. in the original assessments of the firm for the relevant assessment years with which we are concerned, the assessments were made on the ..... of the firm cannot be regarded as a mistake apparent from the record. 3. now, the power of the income-tax officer under section 35 of the income-tax act, 1922, or the corresponding section 154 of the act of 1961, is limited to rectification of mistakes which are apparent from the record. it is well settled that the error ..... firm had not been charged at the maximum rates of income-tax under section 17(1) of the act of 1922, corresponding to section 113 of act of 1961, and he, therefore, proposed to rectify the assessment and enhance the tax under section 154 of the indian income-tax act of 1961. the petitioners replied to the said notice contending that there .....
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