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Haridas Achratlal Vs. Commissioner of Income-tax, Bombay North, Kutch ...

Court : Mumbai

Reported in : (1955)57BOMLR425; [1955]27ITR684(Bom)

..... , the first previous year which must be taken into consideration is the year 1949 and not the year 1948. now, 'previous year' is defined in the income-tax act itself and it is a period of 12 months according to the method of accounting of the assessee. a previous year is never a broken period of a ..... few months. undoubtedly, the company is liable to pay tax on the profits made by it during this broken period, but the income-tax act provides a special machinery for taxing an assessee whose business is discontinued during particular period. therefore, for the purpose of the income-tax act the period 1st january, 1949, to the 30th april, 1949, ..... and its business was discontinued, but as we said before, although the income-tax act might lay down the machinery and provide the procedure for assessing the income of the company during this broken period, it does not follow that for the purpose of the income-tax act this broken period becomes the previous year for the purpose of the proviso .....

Radheshyam Makhanlal Vs. the Union of India and ors.

Court : Mumbai

Reported in : (1960)62BOMLR11

..... petition against respondents 2 and 3. (67) the petition was filed and rule nisi was granted before section 49ee as inserted in the income-tax act by section 3 of the income-tax (amendment) act, 1959. the petition was, therefore, allowed to be amended. a further amendment of the petition was sought by mr. amin in the ..... duly recorded by the commission.(5) in the meanwhile, s. 34 of the indian income-tax act was amended by the income-tax and business profits tax (amendment) act, 1948 (act 48 of 1948). under section 34, after it was amended. if (a) the income-tax officer had reason to believe that by reason of the omission or failure on the ..... fall to be determined: (i) whether the union parliament was competent to enact section 3 of the indian income-tax (amendment) act. 1959 (act no. 1 of 1959) whereby section 49ee was incorporated in the indian income-tax act, 1922, prohibiting the entertainment of claims for refund of money paid or security furnished pursuant to settlements relating to .....

Radheshyam Makhanlal Vs. Union of India and ors.

Court : Mumbai

Reported in : AIR1960Bom353; [1960]40ITR624(Bom)

..... petition against respondents nos. 2 and 3. 83. the petition was filed and rule nisi was granted before section 49ee was inserted in the income-tax act by section 3 of the income-tax (amendment) act, 1959. the petition was, therefore, allowed to be amended. a further amendment of the petition was sought by mr. amin in the ..... duly recorded by the commission. 6. in the meanwhile, section 34 of the indian income-tax act was amended by the income-tax and business profits tax (amendment) act, 1948 (xlviii of 1948). under section 34 after it was amended, if (a) the income-tax officer had reason to believe that by reason of the omission or failure on the part ..... provisions do not provide for any payment of interest and result in discrimination between payments made under a settlement and advance payment under the provisions of the income-tax act. 85. in order to examine the arguments on the several points canvassed before us by learned counsel on either side on this question of constitutionality of .....

Mcdermott International Inc. (No. 2) Vs. Union of India and Others

Court : Mumbai

Reported in : (1988)70CTR(Bom)53; [1988]173ITR164(Bom)

..... also issued to mazgaon dock ltd. (respondent no. 7), three notices dated august 10, 1985. september 11, 1985 and september 13, 1985, under section 226(3) of the income-tax act, 1961. under these notices, mazgaon dock ltd. was informed that sums of rs. 15,73,727, rs. 8,82,253 and rs. 3,67,55,170 were due from the petitioner ..... services of a technical nature for a period of less than 90 days, the petitioner reasonably believed that their salaries were exempt from income-tax under section 10(6)(vi) and section 10(6)(viii) of the income-tax act, 1961, for the assessment year 1979-80. the petitioner has filed with the respondents full particulars in respect of each of these 291 employees ..... , much less interest or penalty, if any, payable by the petitioner. the notices, therefore, are contrary to the provisions of section 226(3) of the income-tax act, 1961. the respondents are liable to return the amount of rs. 3,92,11,150 together with interest thereon at the rate of 15% p. a. to mazgaon dock .....

Commissioner of Income-tax, Bombay City Ii Vs. Daulatran Nayar

Court : Mumbai

Reported in : [1976]105ITR843(Bom)

..... to substitute the fair market value of the goodwill on january 1, 1954, under the third proviso to section 12b(2) of the indian income-tax act, 1922 ?' 2. the question relates to the assessments of the assessee, shri daulatran nayar (huf), and his seven other partners for the assessment year 1960-61, for which the ..... tulzapurkar, j.1. this is a reference under section 66(1) of the indian income-tax act, 1922, in which at the instance of the commissioner of income-tax, bombay city ii, bombay, the following question has been referred to us for our opinion : 'whether, on the facts and in the circumstances of the case, the assessee was entitled ..... to be paid by the assessee and his seven partners on the sale of the goodwill to which each one of them was entitled. the income-tax officer held that the entire amount of rs. 62,500 without any deduction under section 12b(2) of the act was a capital gain made by each of the partners and the same was liable to .....

Phaltan Sugar Works, Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : (1949)51BOMLR725

..... upon as such. now, i refuse to read clauses (15) and (16) of the agreement as bringing about the same result as section 4, sub-clause (3), of the income-tax act. sir jamshedji has argued that the raja of phaltan was all powerful and that he combined in himself the executive, the legislature and even the judiciary, and therefore we must ..... one anna in a rupee on the net profits of the said sugar factory. in calculating the net profits the usual deductions in respect of depreciation etc. permissible under the income-tax act for the time being in force in phaltan state shall be allowed. now, as i read these two clauses, all that they mean is that although there may be ..... a liability on the company to pay tax under the income-tax act, the phaltan state agrees not to recover that tax from the assessee company for a period of ten years or, to put it in a different language, the company and the state agree that .....

income-tax Officer Vs. Amersey Exports (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)11ITD74(Mum.)

..... assessee received interest of rs. 56,972 from the government under section 214 of the income-tax act, 1961 ('the act'). the assessee credited this amount in profits and loss account and treated this amount as part of the business income of the relevant years. the ito treated this amount as income from other sources. in appeal, the commissioner (appeals) directed the ito to treat this amount ..... , in respect of any business to which this act applies, be charged, levied and paid...a tax". under the income-tax act, the levy of the tax is not in respect of any business but on chargeable income. secondly, under section 12 of the excess profits tax act, the tax was an allowable deduction for computation of the profits, while the income-tax under the 1961 act is not an allowable deduction. in these .....

Indian Seamless Enterprises Limited

Court : Mumbai

..... ? 12. at this stage it will also be apposite to notice the definition of dividend ? as contained in the income tax act, 1922 and the income tax act, 1961. the definition of dividend ? contained in the income tax act, 1922 is as follows: "2. in this act, unless there is anything repugnant in the subject or context 6(a) dividend ? includes ? the definition of ..... 07 and ay 2007-08 respectively. iii) penalty proceedings in respect of ays 2006-07 to 2012-13. 29. relying upon section 281 of the income tax act, 1961, the income tax department has contended that the gift of the shares of taal by the petitioner to its shareholders as proposed under the scheme is void. it is ..... shares of taal by the petitioner company to its shareholders constitutes dividend as specifically defined in the various sub-clauses of section 2(22) of the income tax act, 1961. 13. i will first consider the argument of mr. tulzapurkar that the petitioner company is conferred with the widest powers to formulate any kind of .....

Bhawanidas Binani Vs. Commissioner of Wealth-tax

Court : Mumbai

Reported in : [1980]124ITR783(Bom)

..... particular item of income is completely alien to the income-tax act. in fact, it would be wholly inappropriate under the income-tax act to speak of quantification of tax liability on a particular item of income. the charge of income-tax referred to ..... as also against the scheme of the income-tax act. in the first place, the charge under the income-tax act is on the total income of the previous year and not on any particular item of income. section 3 of the indian income-tax act, 1922, as also section 4 of the income-tax act, 1961, do not levy the charge of income-tax on a particular item of income. the concept of a charge on a .....

The Commissioner of Income-tax Vs. Kotak Mahindra Finance Limited

Court : Mumbai

Reported in : (2003)183CTR(Bom)491; [2004]265ITR119(Bom); 2003(3)MhLj876

..... tax. under section 207 of the income-tax act, advance tax is payable during any financial year in respect of the current income. the words 'current income' are very crucial. the words 'current income' refer to computation of total income under the provisions of the income-tax act including section 115j. under section 207 of the income-tax act, the words 'total income ..... ' have been equated to the expression 'current income ..... shall apply. that, section 234b and section 234c have not curved out any exceptions for section 115j of the income-tax act. he, therefore, contended that in this case both sections 234b and 234c are applicable. mr. irani learned counsel .....