Court : Mumbai
Reported in : (1987)63CTR(Bom)51; [1987]167ITR501(Bom)
..... the balance-sheet shall not be treated as assets, namely :- (a) any amount paid as advance tax under section 18a of the indian income-tax, 1922 (11 of 1922), or under section 210 of the income-tax act, 1961 (43 of 1961); (b) any amount shown in the balance-sheet including the debit balance of the profit and loss ..... ) of clause(i) of explanation ii referred to above. section 219 of the income-tax act, 1961, which envisages adjustment of advance tax paid towards the tax payable on completion of regular and/or provisional assessment lends further support to this practice. if advance tax paid is shown as an asset, the provision for taxation has, of necessity, ..... 88itr192(sc) was concerned with the interpretation of the expression 'the amount of tax, if any, payable by him' as used in section 271(1)(a)(i) of the income-tax act, 1961. the penalty under that provision is levied with reference to and for the tax payable as determined on regular assessment. the situation envisaged is, thus, post- .....
Tag this Judgment!Court : Mumbai
Reported in : 2002(2)MhLj685
..... . the question reads as follows:--'whether on the facts and in the circumstances of the case, the assessee was entitled to weighted deduction under section 35b of the income tax act 1961 on brokerage and commission on freight paid in foreign countries for the assessment year 1977-78? in view of the judgment of the supreme court in the case of ..... . 586 dated 28th november, 1990. vide para 2 of the said circular, the board has clarified that after the amendment made in section 6 of the income tax act 1961 by the finance act, 1990 with effect from 1-4-1990 an indian citizen who is the member of a crew of an indian ship as defined in section 3(18) ..... floating staff for the period of employment outside india should not be considered for the purpose of disallowance under section 40a(5)(a) of the income tax act, 1961?2. for the sake of brevity the facts in income tax reference no. 444 of 1995 are taken into consideration.3. the assessee - m/s indo oceanic shipping company ltd. is a limited company. .....
Tag this Judgment!Court : Mumbai
Reported in : (1979)9CTR(Bom)62; [1980]121ITR442(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. s. 3 of the indian income-tax act, 1922, as also s. 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 .....
Tag this Judgment!Court : Mumbai
Reported in : [1971]79ITR613(Bom)
..... company also claimed relief under the provisions of the third and fourth sub-sections to section 25 because they alleged that they had been assessee to income-tax under the provisions of the indian income-tax act of 1918. it appears that this claim of the assessee failed because it was held that provision of the law was not attracted in that ..... of the statement of the case : 'whether, on the facts and in the circumstances of the case, the second proviso to section 10(2) (vii) of the indian income-tax act, 1922, was applicable to the receipts on the sale of the assessee-company's buildings, machinery and plant ?' 10. on behalf of the department objection was taken to ..... assessee wanted to be referred, whether on the facts and in the circumstances of the case, the second proviso to the section 10(2)(vii) of the indian income-tax act, 1922, was applicable to the receipts on the sale of the assessee-company's building, machinery and plant. the question is couched in wide terms and would include .....
Tag this Judgment!Court : Mumbai
Reported in : [1983]141ITR239(Bom)
..... 214 of the income-tax act, 1961, will be payable on the advance tax paid for the assessment year 1976-77, which will be adjusted against ..... the advance tax demand for the assessment year 1977-78.'4. the ito asked the petitioners to intimate to him whether they were ..... 1, 1975, and ending on april 30, 1976.(c) the advance tax paid by the assessee-company for the assessment year 1976-77 on the basis of estimate file under section 212(3a) of the income-tax act, 1961, will be transferred and adjusted against the advance tax payable for the assessment year 1977-78.(d) no interest under section .....
Tag this Judgment!Court : Mumbai
Reported in : (1986)53CTR(Bom)113; [1986]161ITR631(Bom)
..... the ground that he has not paid interest under section 217 and section 139(8) of the income-tax act, 1961. under the relevant provisions of section 273a, the commissioner may exercise his discretion if he is satisfied that the petitioner has 'either paid or made satisfactory arrangements for ..... or not. in the present case, this has not been done.8. mr. devadhar, learned advocate for the respondents, pointed out that under section 273a of the income-tax act, 1961, the petitioner should have paid the full amount of interest levied before asking for the benefit of section 273a. the petitioner, however, has not been denied relief on ..... 1979, was issued for a sum of rs. 13,173. pursuant to the said notice, the petitioner paid in october, 1979, income-tax amounting to rs. 2,145, interest under section 220(2) of the income-tax act, 1961, of rs. 1,710 plus further interest under section 220(2) up to date of rs. 145. the petitioner made an .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1978Bom307; 1978TAXLR924
..... to sub-section (1) of section 139 and to the levy of penal interest under section 215(1) of the income-tax act, 1961 ?' on behalf of the assessee reliance was placed upon section 246(c) of the act which provides for an appeal to the a.a.c. against an order of the i.t.o. 'where the assessee ..... that the phrase 'where the assessee denies his liability to be assessed under this act' in section 246(c) means the assessee who denies his liability to be charged to tax under the 1961 act and that the word 'tax' means income-tax or, in some context, income-tax and super-tax, but not penal interest and hence under section 246(c) no appeal would ..... decisions -- one of the gujarat high court and the other of gauhati high court --viz. commr. of income-tax, gujarat v. sharma construction co. : [1975]100itr603(guj) and k. b. stores v. commr. of income-tax, assam -- both rendered under the 1961 act.9. on the other hand, mr. dastur for the assessee contended that the phrase 'assesses denying his liability .....
Tag this Judgment!Court : Mumbai
Reported in : [1977]108ITR961(Bom)
..... to the levy of penal interest under section 215(1) of the income-tax act, 1961 ?' on behalf of the assessee reliance was placed upon section 246(c) of the act which provides for an appeal to the appellate assistant commissioner against an order of the income-tax officer 'where the assessee denies his liability to be assessed under ..... phrase 'where the assessee denies his liability to be assessed under this act' in section 246(c) means the assessee who denies his liability to be charged to tax under the 1961 act and that the word 'tax' means income-tax or, in some context, income-tax and super-tax, but not penal interest and hence under section 246(c) no ..... arose was whether the levy of interest under section 18a amounted to levy of tax under the act and, relying upon two supreme court decisions in c. a. abraham v. income-tax officer : [1961]41itr425(sc) and commissioner of income-tax v. bhikaji dadabhai & co. : [1961]42itr123(sc) , took the view that the ratio that emerged from those two .....
Tag this Judgment!Court : Mumbai
Reported in : [1949]17ITR499(Bom)
..... 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 today tax under 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 .....
Tag this Judgment!Court : Mumbai
Reported in : 2004(1)MhLj761
..... of commissioner v. phalton sugar works limited reported in : [1980]121itr920(bom) , mr. joshi submitted that when the proportionate expenditure on g.m.'s expenditure has been allowed under the income tax act, 1961, the balance expenditure of rs. 3,150/- on g.m.'s perquisites ought have been allowed as expenditure pertaining to agricultural operations. we find merit in the submission made by ..... .o. v. h.n.s. iyengar reported in : [1962]44itr437(sc) as the said decision pertained to the interpretation of the provisions contained in the income tax act, 1961 and not with reference to the provisions contained in the agricultural income tax act, 1962. according to mr. joshi, in the case of h.n.s. iyengar (supra), the apex court was concerned with the interpretations of the .....
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