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 : [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 .....
Tag this Judgment!Court : Mumbai
Reported in : (1984)43CTR(Bom)329; [1986]159ITR756(Bom); [1984]18TAXMAN119(Bom)
..... operation of the income-tax act, 1961, and are carried forward and set off under section 24(2b) of the indian income-tax act, 1922, or (after the coming into force of the income-tax act, 1961) are carried forward and set off under section 24(2b) of the indian income-tax act, 1922, read with section 74 of the income-tax act, 1961. if section ..... indian income-tax act, 1922, which is similar to section 80 of the income-tax act, 1961. the only provision under the indian income-tax act, 1922, which can be considered in this connection is section 22(2a). section 22 of the indian income-tax act, 1922, deals with the return of income. it is comparable to section 139 of the income-tax act, 1961. under ..... being carried forward and set off in the assessment year 1964-65.31. to conclude, there is no provision under the indian income-tax act, 1922, or under the income-tax act, 1961, which requires the assessee-company which has suffered a loss under the head 'capital gains' in a previous year relevant to .....
Tag this Judgment!Court : Mumbai
Reported in : [1963]48ITR376(Bom)
..... is contended on behalf of the appellant company that no portion of the appellant's profit from the dyeing, printing and bleaching department can be assessed to tax under the indian income-tax act. it is conceded that most of the purchases were made in the taxable territories. but mr. mulla argues that the profit on the purchases is negligible ..... is contended on behalf of the appellant company that no portion of the appellant's profit from the dyeing, printing and bleaching department can be assessed to tax under the indian income-tax act. it is conceded that most of the purchases were made in the taxable territories. but mr. mulla argues that the profit on the purchases is negligible ..... 2) dated 29th august 1961, in i.t.r. no. 11 of 1959, in the case of bhor industries ltd. v. commissioner of income-tax (central), bombay, we hereby draw up an agreed statement of the case and refer it to the high court of judicature at bombay under section 66(2) of the indian income-tax act, 1922. the question .....
Tag this Judgment!Court : Mumbai
Reported in : (1984)38CTR(Bom)210; [1985]151ITR461(Bom); [1983]15TAXMAN491(Bom)
..... .1. the question to be answered in this reference under s. 256(1) of the i.t. act, 1961, reads thus :'whether the assessee-firm was entitled to relief under s. 84 of the income-tax act, 1961, in its assessment, though similar relief was allowed by the income-tax officer in the assessments of the partners ?'2. the assessee is a partnership firm consisting of three partners ..... . it set up a new industrial undertaking in the accounting year relevant to the assessment year 1967-68. the ito allowed partial exemption from tax under s. 84, relating .....
Tag this Judgment!Court : Mumbai
Reported in : [1979]119ITR266(Bom); [1979]2TAXMAN68(Bom)
..... express language of the statute. in so deciding the point, i am aware of the decision of the supreme court in the case of c. a. abraham v. income-tax officer, kottayam : [1961]41itr425(sc) , wherein it has been held that, in interpreting a fiscal statute, the court cannot proceed to make good deficiencies, if there be any; the ..... as the case may be...... (2) in the case of any person who, in the income-tax officer's opinion is assessable under this act, whether on his own total income or on the total income of any other person during the previous year, the income-tax officer may, before the end of the relevant assessment year, serve a notice upon him requiring ..... ultimately confirmed by the tribunal. the high court was moved in its writ jurisdiction, inter alia, because it was contended that s. 271(1) of the i. t. act, 1961, infringed art. 14 of the constitution. we are not concerned with this aspect in the present reference save to note that the challenge was rejected. however, one other .....
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