Court : Mumbai
Reported in : AIR1954Bom550; (1954)795BOMLR56; [1955]27ITR245(Bom)
..... result would be that the assessee, viz, the shareholder, would have no right of appeal against any assessment made on him, for under section 30, income-tax act, the only right of appeal allowed against an order under sub-section (1) of section 23a is to the company and not to the shareholder.now, of course, ..... to the appellate assistant commissioner and from the appellate assistant commissioner to the tribunal, with a right of reference to the high court in the manner provided by the income-tax act. mr. palkhivala's contention is that if we were to hold that section 23a is a self-contained section for the entire process of assessment, then the ..... company itself came on a reference against an order made under section 23a. what was argued in that case was that the order of the income-tax officer was barred under section 34(2), income-tax act. we repelled that argument taking the view that the order was not made in course of assessment under section 23, but it was made .....
Tag this Judgment!Court : Mumbai
Reported in : [1989]180ITR609(Bom)
..... . this sale was in 1974 as is evident from the letter addressed by the official liquidator. the principle underlying section 178 of the income-tax act is that the claim of the income-tax department is to be set apart and it is only on setting it apart that other claims are to be satisfied. if it is ..... which has been scrutinised by three courts below and a particular finding of fact has been recorded. he also urged before us that the remedies permitted under the income-tax act have not been followed, though available, and, therefore, this court should not exercise its extraordinary jurisdiction. as a matter of fact, regarding the maintainability of ..... utpanna bazar samiti v. ito : [1986]158itr742(bom) repelled the arguments that the extraordinary jurisdiction should not be invoked when the alternative remedy under the income-tax act is available. this court observed that a pure question of law having an impact on several public bodies is involved and the petition are already filed more .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1960Bom347; [1960]38ITR462(Bom)
..... are called upon the decide is 'whether in the circumstances of the case the assessee is liable to pay penal interest in respect of his dividend income under section 18a(6) of the income-tax act'. we answer the question in the affirmative. the assessee to pay the costs of the commissioner. s.t. desai, j. 11. i ..... departure from the scheme of the english income tax act under which subject of assessment is the income of the year of assessment through the amount ..... reference has been made, and the question of which falls to be determined is whether dividend income of an assessee who is a resident falls within the section 18 of the income-tax act. 2. under the indian income-tax act, tax is assessed and paid in the succeeding year upon the results of the previous year of account. this makes a .....
Tag this Judgment!Court : Mumbai
Reported in : [1995]213ITR361(Bom)
..... the assessee in respect of interest paid on the non-refundable deposits of the shareholders either under section 28 or section 37 of the income-tax act, 1961. the income of the assessee must be treated as income from trade or business. 8. the second limb of the argument of shri jetley, learned counsel appearing for the department, is based ..... where the shares entitle him to occupy a certain unit, he would not be regarded as the owner and accordingly the benefit conferred by section 54 of the income-tax act, 1961; where a residential house is sold and another residential house is purchased, may not be held to be available to him. he conceded that the consequences ..... whether, on the facts and in the circumstances of the case and in law, the tribunal was justified in cancelling the order passed under section 104 of the income-tax act, 1961, thereby deleting the additional demand of rs. 22,242 for the assessment year 1970-71 answered in the affirmative in favour of the assessee. (3) whether, on .....
Tag this Judgment!Court : Mumbai
Reported in : [1992]194ITR148(Bom)
..... of rs. 4,26,090.2. it also appears that action was taken against the petitioner under section 132 of the income-tax act, 1961, (hereinafter referred to as 'the said act'), on september 13, 1982, and all his business as well as residential premises were raided as a result of which thirty drafts which were deposited by the petitioner ..... mistry appears to be attractive but i am unable to persuade myself to agree with him for the simple reason that, while interpreting the provisions of section 245 of the income-tax act, we cannot give such a restricted meaning to the word 'refund'. it is important to bear in mind in this connection that the expression 'refund' is a commonly ..... if the said amount was a refund due to an assessee. thus, i find no substance in the argument of mr. mistry that 'refund' and 'interest' in the income-tax act are two different things.8. the second argument of mr. mistry is that, even if the provisions of section 245 apply and the interest amount payable to the petitioner .....
Tag this Judgment!Court : Mumbai
Reported in : 1992(1)BomCR210; [1994]207ITR929(Bom)
..... trading co. p. ltd.'s case : [1986]159itr624(sc) . (ii) the second contention raised by the assessee regarding the sanction under section 151 of the income-tax act, 1961, being invalid is also rejected in view of the material placed before us in this case which shows that the authority concerned had applied its mind to the reasons ..... holding (i) that even if the assessee had adopted a regular system of accounting, it was the duty of the assessing officer under section 145 of the income-tax act, 1961, to consider whether the correct profits and gains could be deduced from the accounts so maintained. if he was of the opinion that the correct profits could ..... the scrutiny of the reasons reproduced above would, prima facie, show that they are good reasons justifying exercise of the power under section 147(a) of the income-tax act, 1961. 20. we have given our anxious consideration to the rival contentions raised by both learned counsel. in our view, the contentions raised by shri dastur are wholly .....
Tag this Judgment!Court : Mumbai
Reported in : (1991)96CTR(Bom)54
..... factual background of the case, we must hold that the compensation amount received from the shareholders must be taxed in the hands of the assessee-company as income from property exigible to tax under section 22 of the income-tax act, 1961. he contends that once there is any property consisting of buildings and/or and appurtenant thereto, of ..... in palai central bank's case : [1984]150itr539(sc) , cited with approval lists earlier judgment in cit v. b. c. srinivasa setty : [1981]128itr294(sc) , and held that, under the scheme of the income-tax act, 1961, change of tax will not get attracted unless the case or transaction falls under the governance of the relevant computation provisions. ..... whether he uses it himself, keeps it locked or lets it out, he is chargeable to tax under section 22 of the income-tax act, 1961, with regard to the annual value of the property as determined under section 23 of the act. in the present case, the assessee had not fully parted with the ownership rights and, .....
Tag this Judgment!Court : Mumbai
Reported in : 2001(2)ALLMR215; 2001(3)BomCR596; [2001]251ITR348(Bom)
..... engineering consulting charges will come under technical services. as indicated above, the explanation to clause (vii) of explanation 2 to section 9 of the income-tax act has clearly defined what is ''technical services'. 'technical services' have been defined as managerial, technical or consultancy services including the provision of services of ..... entire amount of 183,000 canadian dollars will fall under the definition of 'royalty' as meant under explanation 2 to section 9 of the income-tax act. learned counsel for the department, however, has strongly contended that the 20 per cent, rate is only applicable to technical engineering consultancy charges ..... drew our attention to what is 'fee for technical services' as explained in explanation to clause (vii) of explanation 2 to section 9 of the income-tax act. the aforesaid explanation has explained the 'technical services' as 'managerial, technical or consultancy services including the provision of services of technical or other personnel.' .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1971]80ITR547(AP)
..... the meaning of clause (i) of section 2(1)(b) of the bengal agricultural income-tax act (iv of 1944). under that act 'agricultural income' was defined somewhat in similar terms as it is defined in the income-tax act, 1961. section 2(1)(b)(i) of that act reads as follows:'any income derived from such land by- (i) agriculture, or (ii) the performance by a cultivator or receiver of ..... paid for the area in which it was grown; and (iii) such amount as the income-tax officer finds, having regard to all the circumstances in each case, to represent a reasonable profit.' 6. agricultural income is defined in section 2(1) of the income-tax act, 1961, as follows:'2. (1) agricultural income means- (a) any rent or revenue derived from land which is used for agricultural .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [2002]253ITR68(AP); [2002]120TAXMAN378(AP)
..... the appellate assistant commissioner and referred the following question directly to the apex court under section 257 of the income-tax act, 1961 (page 197) ;'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was correct in holding that the sum of rs. 46,460 transferred to the contingencies reserve ..... reddy, j.1. r. c. no. 256 of 1991 : at the instance of the revenue, the income-tax appellate tribunal, hyderabad bench-a, hyderabad, referred the following questions under section 256(2) of the income-tax act, 1961 (hereinafter referred as 'the act'), arising out of its order dated february 27, 1982, in i. t. a. nos. 243 and ..... the assessee has lost its domain, cannot be considered as a part of its real income or its profit. it is, therefore, required to be excluded under section 28 of the income-tax act, 1961, for the purpose of calculation of income.'17. the bombay high court while arriving at the above decision, considered the following decisions .....
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