Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)7ITD553(Mum.)
..... and rs. 6,711 had been allowed in those three assessment years, respectively, on the aforesaid items of machinery. he invoked the provisions of section 155(5) of the income tax act, 1961 ('the act') and passed orders withdrawing the aforesaid development rebates in the three years under consideration.3. according to the ito, the sale was made within eight years of the installation of ..... we feel fortified in our decision by the oft-quoted dictum of justice rowlett in cape brandy syndicate v. irc [1921] 2 kb 403 to the effect that "in a taxing act one has to look merely at what is clearly said. there is no room for any intendment. there is no equity about a ..... a common issue for decision. hence, they are heard together and disposed of by this common order for the sake of convenience.2. the assessee is a limited company deriving income from business in the manufacture and sale of chemicals. in the course of the assessment proceedings for the assessment years 1978-79, 1979-80 and 1980-81, the ito .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)7ITD689(Mum.)
..... year also. at any rate, the aac has only remitted the matter back to the ito to work out the correct profit for the year. under section 145 of the income-tax act, 1961 ('the act'), according to the learned counsel, fixing the correct profit for the year is within the power of the ito. that has to be done even if proper accounts are ..... . in keshav mills ltd.'s case (supra) the supreme court held that section 13 of the indian income-tax act, 1922, is an integral part of computation of total income of an assessee and is binding on the income-tax authorities. being a mode of computation of income, the income-tax authorities are under an obligation to accept the mode of accounting regularly adopted by the assessee except where .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)5ITD91(Mum.)
..... non-resident company.4. for the assessment year 1973-74, for the previous year ended 31-12-1972, the ito issued a notice under section 147(a) of the income-tax act, 1961 ('the act'), in response to which the assessee filed a 'nil' return. in part iii of the return, the assessee stated that a sum of rs. 5,00,000 ..... out under clause 5.2 of the agreement brought the assessee within the mischief of section 9(1) of the act and that, therefore, there was business connection giving rise to accruing or arising of income taxable under the income-tax act in this country. the assessee's case is that this guarantee performance test could only be carried out in india, ..... but, this fact alone would not justify the inference sought to be drawn by the revenue in regard to accruing or arising of income taxable under section 9 and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD245(Mum.)
..... should be considered as a manufacturing process. it was, therefore, argued that the assessee would be entitled to investment allowance in accordance with the provisions of the income-tax act, 1961 ('the act'). the commissioner (appeals) agreed with these contentions and directed the ito to allow the assessee's claim in respect of the investment allowance in both the years ..... revenue, they are disposed of by a common order for the sake of convenience.2. the assessee is a company, which derives income from photocopying of documents. these appeals relate to its income-tax assessments for the two assessment years 1979-80 and 1980-81, for the previous years ended 31-3-1979 and 31-3-1980, ..... definition requires a company to manufacture or process goods--an expression in substance the same as manufacture or production of article or thing in section 32a of the 1961 act. so, whatever may be the nature of the article or thing, it must be meant for sale. it should be a mercantile commodity. it should be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD518(Mum.)
..... for the assessment year 1978-79, the two issues raised by the assessee are the computation of capital for the purpose of section 80j of the income-tax act, 1961 ('the act'). the assessee's contention is that borrowed capital should also be considered as capital employed.this contention has to be rejected in view of the retrospective ..... in the absence of any direct authority, it would be open for us to consider certain analogous provisions contained in the indian income-tax act, 1922 ('the 1922 act') and the excess profits tax act.in the 1922 act, section 42(2) contained a similar provision. where a person not ordinarily resident is carrying on business with a resident and ..... produces to the assessee more than the ordinary profits which might be expected to arise in the business of the industrial undertaking or the hotel, the income-tax officer shall, in computing the profits and gains of the industrial undertaking or the hotel for the purposes of the deduction under this section, take the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD890(Mum.)
..... order of the commissioner (appeals) upholding the order of the ito that the assessee was not eligible for exemption under section 11 of the income-tax act, 1961 ('the act') in respect of a part of its income.2. virji peraj, by a settlement deed dated 8-6-1931, settled certain movable and immovable properties, including certain interest in two registered ..... the appeal and who happeas to be sitting on the present bench, that the requirement under section 80j(6a) of the act that the audit report should be filed along with the return of income for claiming relief under section 80j was only directory and on facts there was sufficient and proper compliance with this requirement. the ..... exceeded rs. 25,000, the accounts of the trust were required to be audited under section 12a(b) of the act and the trustees were expected to have furnished along with the return of income for the relevant assessment year, a report of such auditor in the prescribed form as required under the aforesaid section.the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD208(Mum.)
..... /e/it/1982-83, for the assessment year 1979-80 is brought in appeal, wrongly directed the ito to allow interest under section 214 of the income-tax act, 1961 ('the act') in respect of excess payment of advance tax which had been made after the close of the financial year 1978-79.2. to understand the question some facts must necessarily be stated.the respondent ..... -assessee made an application to the commissioner on 13-3-1979 requesting extension of time of 30 days for filing the estimate of income and for payment of shortfall of advance tax under the proviso to section 212(3a) of the act. the requisite permission was granted by the commissioner vide his letter dated 16-3-1979.thereafter, the respondent paid the balance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD698(Mum.)
..... also, which raises only the following two grounds relating to the disallowance of a portion of the assessee's claim for weighted deduction under section 35b of the income-tax act, 1961 ('the act'): the learned commissioner (appeals) erred in holding that 'as regards law charges rs. 2,49,815, auditor's fees rs. 4,51,403, repairs ..... the circumstances of the case and in law, the learned commissioner (appeals) erred in holding that the assessee was entitled to relief under section 35b of the income-tax act, 1961. 4. without prejudice to ground no. 3, the learned commissioner (appeals) erred in holding that the assessee was entitled to relief under section 35b to ..... held that the law charges incurred for recovering loans and for other litigations, central office expenses, entertainment expenses, depreciation, loss on sale of asset and income-tax paid would not qualify for weighted deduction under section 35b(1)(b)(iv). it was further argued that on the same parity of reasoning, the other items .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)9ITD847(Mum.)
..... of the 1957 act are not attracted in the assessee's case. in the income-tax assessments it is the assessee's claim that the aac erred in upholding ..... in the wealth-tax appeals it is the contention of the assessee, who are the trustees of smt. rajkumari radhakrishna ruia charitable trust, that the assessee was entitled to exemption in terms of section 5(1)(i) of the wealth-tax act, 1957 ('the 1957 act') and that the provisions of section 13(2)(a) of the income-tax act, 1961 ('the act') and section 21a ..... 29-10-1980 : as the provisions of sections 13(2)(a) and 13(1)(c)(ii) is attracted in this case for income-tax purposes, therefore, the provisions of section 21a of the wealth-tax act is attracted.similar was the decision of the wto in the assessments for the three later years.5. on appeal, the seven appeals .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)9ITD477(Mum.)
1. in the course of assessment proceedings for the assessment year 1980-81, the assessee-company claimed deduction under section 80m of the income-tax act, 1961 ('the act'), in respect of the dividend income received by it from the unit trust of india. the ito observed that the deduction under section 80m was allowable in respect of the dividend declared by a ..... , therefore, the unit trust of india cannot be treated as a domestic company within the meaning of section 80b(2) of the income-tax act, 1961. no interference with the ito's action is called for.3. aggrieved by the order of the commissioner (appeals), the assessee has filed the present appeal.4. ..... , provides as follows : (3) subject to the foregoing sub-sections, for the purposes of the income-tax act, 1961 (43 of 1961),-- (a) any distribution of income received by a unit holder from the trust shall be deemed to be his income by way of dividends ; and 5. it is obvious from the section quoted above that the unit trust of india is a .....
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