Court : Mumbai
Reported in : AIR1947Bom331; (1947)49BOMLR66
..... servant or employee of the company. that being so, the sum in question does not, in my judgment, fall to be taxed under section 7 of the indian income-tax act, but must be brought to tax as income received from other sources under section 12. accordingly the question should be answered in the negative. the assessee must pay the costs.chagla ..... remuneration of rs. 40,000 received by the assessee from messrs. tata sons ltd. in the year of account is salary chargeable under section 7 of the indian income-tax act ?2. the assessment year was the year 1942-43, in respect of the accounting year, which is the calendar year 1941, in which year the sum of us ..... , j.15. i agree. under section 6 of the indian income-tax act are enumerated the five heads under which income is classified and which are chargeable to income-tax, and the following sections lay down the mode of computation. section 7 deals with salaries and it provides the various heads .....
Tag this Judgment!Court : Mumbai
Reported in : 2006(2)BomCR225; (2005)198CTR(Bom)521; [2006]280ITR345(Bom); 2005(4)MhLj490
..... v.c. daga, j.1. by this reference under section 256(1) of the income-tax act, 1961 ('act' for short), the income tax appellate tribunal has referred the following question of law, at the instance of the assessee, for the opinion of this court :'whether, on the facts and in the ..... ) and chose to follow the earlier orders denying exemption. the tribunal upheld the orders of the commissioner of income tax; holding that interest earned on surplus funds does not qualify deduction under section 10(22) of the act. the tribunal, at the instance of the assessee, has referred the above-mentioned question to seek opinion of this court as to ..... to the educational activities. the trust filed return for the assessment year 1978-79 showing interest income earned from the investment of surplus income (funds) of the schools run by it and claimed exemption under section 10(22) of the act. the said exemption was denied by the income tax officer ('i.t.o.' for short) holding that the source from which the .....
Tag this Judgment!Court : Mumbai
Reported in : (1948)50BOMLR306
..... the years 1938-39 and 1939-40; and the questions referred to us are whether the claims for refund are maintainable. an application for refund can be made under the income-tax act only under section 48 thereof. sub-section (1) of that section is in these terms:if any individual, hindu undivided family, company, local authority, firm or other ..... him. now the very scheme of section 48 makes it clear that only those individuals can apply for refund who are liable to be assessed to tax under section 3 of the income-tax act. it is only an individual who can be made liable as an assessee who can apply for refund. the very foundation of sir jamshedji's application ..... a sovereign he is not subject to the municipal laws of india. therefore, the indian income-tax act does not apply to him. he is not liable to pay tax on his income and he cannot be treated as an assessee for any purposes under the income-tax act. sir jamshedji's contention is that the ruler of the baroda state has been subjected to .....
Tag this Judgment!Court : Mumbai
Reported in : (1996)135CTR(Bom)163; [1996]221ITR77(Bom)
..... hand, on a comparison of the language used in these two clauses with that of cl. (22), it becomes abundantly clear that to get the exemption of its income from income-tax under the act the university or educational institution must 'exist solely for educational purposes'. 11. though we are in agreement with the contention of the learned counsel for the assesses that in ..... . the assesses is oxford university press, bombay ('press'). this reference pertains to asst. yr. 1976-77. the assesses filed its return under the it act, 1961 ('act') for the said assessment year showing an income of rs. 19.94 lakhs. as in the past, the above return was signed by the general manager of the indian branch of the assesses-press. it was, however, later ..... dr. b.p. saraf, j.1. by this reference under s. 256(1) of the it act, 1961 made at the instance of the revenue, the tribunal, bombay bench, bombay has referred the following question of law to this court for opinion : 'whether, on the facts and in .....
Tag this Judgment!Court : Mumbai
Reported in : [2009]180TAXMAN208(Bom)
..... order of the commissioner of income-tax (appeals) holding that the assessing officer was within his powers in making the impugned rectification order under section 154 of the act?facts of the case2. under the normal provisions of income-tax act, 1961 (i.e., under sections 28 to 44d), the assessee computed the income which was adjusted against the ..... brought forward losses and depreciation of the earlier years and accordingly, the total income was computed at rs. nil the ..... it is the case of the assessee company that on 8-1-1992 when the second order under section 154 of the act was passed by the deputy commissioner of income-tax, the issue regarding deduction of unabsorbed carried forward depreciation and unabsorbed losses of the earlier years from the profits of the business .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(111)BomLR3617; (2009)225CTR(Bom)140; [2009]317ITR66(Bom); [2009]184TAXMAN400(Bom)
..... , j.1. the petitioner herein is a non-resident company. they filed an application before the income tax settlement commission on 5th march, 2007 under section 246-c of the income tax act, 1961 (hereinafter shall be referred to as the act) for settlement of the cases. by the present petition the petitioners seek to challenge the constitutional validity ..... and legality of the provisions of section 245ha(1)(iv) and section 245ha(3) of the income tax act as inserted by finance act, 2007 (hereinafter referred ..... of on or before 31st march, 2008 it would abate and consequently all the information is available to the a.o. and other authorities under the income tax act. in the instant petition we are not concerned with the issue of an application made to the settlement officer after 1st june, 2007.9. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2008)113ITD85(Mum.)
..... on such interest payments and if it was not so deducted, then calling upon them to show as to why the provision of section 40(a)(i) of the income-tax act, 1961 ("the act" for short), should not be invoked in the assessee's case and why the entire interest paid outside india should not be disallowed in the course of assessment. after ..... court in the case of iswara bhat. in that case, the hon'ble high court considered the issue in the context of the kerala agricultural income-tax act, 1950. however, the ratio is equally applicable under the income-tax act. the hon'ble kerala high court came to the said conclusion on the basis of the general principle of law that it is trite law ..... crude oil. the company was incorporated in 1988 as india's first joint sector company to carry out a grass root refinery project. a survey under section 133a of the income-tax act was carried out on 28/8/02 at the premises of m/s. mrpl, arcadia, 7^th floor, 195, ncpa marg, nariman point, mumbai. during the course of .....
Tag this Judgment!Court : Mumbai
Reported in : [2001]75ITD467(Mum)
..... learned commissioner (appeals) i, mumbai, erred in confirming disallowance of rs. 1,37,50,000 in respect of mortgaged debt while computing capital gain under section 45 of income tax act 1961.2. on the facts and in the circumstance of the case, the said learned commissioner has also erred in not setting off mortgaged debt of rs. 1,37,50, ..... while dismissing the reference, remarked towards the end of the report that the questions raised by the assessee in the application submitted under section 256(2) of the income tax act do not raise any arguable question of law and so it held that the application had been rightly rejected by the high court. it may be observed that the ..... the learned counsel for the assessee. the computation of capital gains has to be worked out as per a self-contained code - sections 45 to 55a of the income tax act. the starting point of the computation is the cost of acquisition of the asset and the terminal point is the sale consideration. the fact that the asset had been .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1994)48ITD77(Mum.)
..... by the company on the assessee, the director, and that benefit should have been taxed as income under the provisions of section 2(24)(iv) of the income-tax act, 1961. he, therefore, gave a notice under section 263 of the income-tax act on january 5, 1989, to the assessee requiring the assessee to show cause by january ..... under consideration was erroneous being prejudicial to the interests of the revenue ?" 20. this is a reference made to me under section 255(4) of the income-tax act, 1961, for my opinion as a third member on the following point of difference of opinion, that arose between the members of the bombay bench 'a' ..... 1989, on the question of jurisdiction of the commissioner of income-tax under section 263 of the income-tax act, 1961. the appeal was against the order passed by the commissioner of income-tax under section 263 of the act and the issue before the tribunal was whether the commissioner of income-tax exceeded his jurisdiction while passing the order under section 263 .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1944Bom143; [1944]12ITR358(Bom)
..... there would be even less difficulty in applying the provisions of section 18(3d) of the income-tax act. in either view of the case it is impossible to say that super-tax would not have been deductible under section 18(3d) of the income-tax act if the income-tax act had come into force on april 1, 1938, instead of in 1939; and, i ..... dividends in respect of which the individual or hindu undivided family is deemed, under the provisions of section 49b of the indian income-tax act, 1922, to have paid income-tax imposed in british india, or consists of income falling under more than one of those heads -'(and it is admitted that the assessees case falls within that part of the ..... to understand why if the only reason for enacting that sub-section was to make it possible to arrive at the rates of super-tax without the machinery provided by section 17 of the income-tax act, that sub-section should have been so clumsily worded. but, even assuming, as the learned chief justice has pointed out, that it .....
Tag this Judgment!