Court : Mumbai
Reported in : 2003(2)BomCR56; (2003)2BOMLR184; [2003]260ITR6(Bom); 2003(2)MhLj963
..... july 15, 2002, being exhibit j. 1 to exhibit j. 3 issued under section 226(5) read with the third schedule to the income-tax act, 1961, under which the deputy commissioner of income-tax--respondent no. 1, has prohibited twinstar holdings limited--petitioners from receiving shares mentioned in the impugned notices. by the said notices, the depository ..... law.point for determination;21. whether the impugned attachment was in consonance with the provisions of section 226(5) read with the third schedule to the income-tax act, 1961, is the issue, which arises for determination in this case. for that purpose, one also has to examine the applicability of section 281 to the ..... approval on february 16, 2001. that, in the meantime, the official liquidator obtained noc on june 15, 1999, from the assessing officer under section 178 of the income-tax act. as stated above, on december 8, 1999, there was a search, which ultimately resulted in block assessment orders to be passed on december 31, 2001, and .....
Tag this Judgment!Court : Mumbai
Reported in : (1965)67BOMLR413; [1965]58ITR40(Bom); 1965MhLJ640
..... made out of property of the assessee for charitable purposes is the same as under the income-tax act for exemption of income-tax for donations and gifts of income made for such purposes. even under the indian income-tax act, donations and gifts of incomes made for charitable purposes or for the purpose of founding charities or charitable purposes are not ..... the appellate tribunal as entitled to exemption. 13. mr. joshi has argued that the scheme for exemption of gift-tax under the gift-tax act is the same as for exemption from income-tax under the indian income-tax act so far as gifts or donations to charities are concerned. he has, therefore, invited our attention to section 15b ..... the exemption in respect of gifts made to institutions or funds, which satisfy certain qualifications, which are laid down in section 15b of the indian income-tax act. in view of that intention it would be reasonable to hold that all gifts made to such institutions or funds are intended to be exempted irrespective .....
Tag this Judgment!Court : Mumbai
Reported in : 2000(4)BomCR313
..... mehta group. the observations made by me in this preface should not be read as binding in the pending proceedings before various authorities under the income-tax act including ao/cit (appeals)/tribunal. lastly, this court is also required to take into account the ground realities, which have emerged, in its working during the ..... above claims are finally adjudicated upon by this court or by the high court in its writ jurisdiction or by the various appellate authorities under the income-tax act, the date of distribution cannot be said to have arrived particularly, when according to the notified parties, the department has made best judgment assessment. according ..... may mention that the observations in the preface are only to show that on one hand, the notified parties claim that their liabilities under the income-tax act have not crystallised and on the other hand, they have not even produced the relevant documents/statements of assets and liabilities before the court appointed chartered .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1951Bom297; (1951)53BOMLR86
..... be that it deals under sub-section (1) with the case of a business which is discontinued & which has not been subjected to double taxation having paid tax under the provisions of the income-tax act, 1918, & the provision of sub-section (1) is that if a business is discontinued in the middle of a year, then the business which is ..... .j. 1. the facts giving rise to this reference may be briefly stated. the assessee is a hindu undivided family. it is a dealer in cloth & was taxed under the provisions of the income-tax act, 1918. its accounting years were samvat years, & the joint family was disrupted on aso vad 30th, samvat, year 2000, that is to say on 17-10 ..... to its discontinuance. turning to sub-section (4), with which we are concerned, it deals with a business which had paid tax under the income-tax act, 1918, & that sub-section deals not so much with the mode of taxing a business which is discontinued as with giving relief to a business from double taxation. in sub-section (4) what is dealt .....
Tag this Judgment!Court : Mumbai
Reported in : [1958]34ITR409(Bom)
..... of assessment, there is a well marked distinction between discontinuance and succession - a distinction which is recognised in the english law of income-tax and adopted provided for in the indian income-tax act. the conception of succession therefore excludes the conception of discontinuance.' 4. apart from our decision turning on the clear language used by the ..... and to be in line with similar decisions upon the english income tax acts.' 3. there is also a judgment of the madras high court reported in karuppiah pillai v. commissioner of income-tax, madras also took the view that section 44 of the indian income-tax act only applies when there has been a discontinuance of a business, ..... four partners were allocated to each one of them under the provisions of the income-tax act and each of the partners was assessed to tax on his share of the profits. the petitioner and the other three partners paid the tax which they were liable to pay in respect of their respective assessment. iyer failed .....
Tag this Judgment!Court : Mumbai
Reported in : (2004)186CTR(Bom)390; [2004]266ITR418(Bom)
j.p. devadhar, j.1. this tax appeal under section 260a of the it act, 1961 is filed by the assessee against the order of the income-tax appellate tribunal ('itat' for short) dt. 4th jan., 2001 relating to the asst. yr. 1989-1990.2. according to the assessee the following substantial questions of law arise out ..... of rs. 81,33,667 from the book profits as defined in section 32ab(3) of the it act, 1961?3. whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that interest from customers, sales-tax set off and other refunds, claims, etc. do not form part of the business profit for calculating ..... desai submitted that the decision of this court in the case of kinetic motor co. ltd. v. dy. cit : [2003]262itr330(bom) relied upon by the assessee is distinguishable on facts, because, in that case while computing total income under section 115j of the it act, the ao doubted the change in the method of accounting adopted by the assessee. in the present case .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1955Bom340; (1955)57BOMLR464; [1955]27ITR658(Bom)
..... of a joint venture, he should not have been assessed at all until the unregistered firm had been assessed. in our opinion the income-tax act adversely and clearly gives an option to the income authorities either to assess the unregistered firm and then proceed to assess each individual partner of that firm or not to assess the ..... we should have expected some indication to that effect either in section 3 or in some other provision of the income-tax act, and, as we shall presently point out, there is absolutely no prohibition in any provision of the income-tax act prohibiting the assessment of a partner until the firm of which he is a partner has been assessed. 5 ..... has provided for a partner of an unregistered firm being liable to pay income-tax, the assessee's contention must be accepted. now, as has often been pointed out, the assessable entity under the income-tax act is different from a legal entity. the object of the income-tax act is to spread its net wide and to include in that net .....
Tag this Judgment!Court : Mumbai
Reported in : 2002(5)BomCR19; (2003)1BOMLR888; (2002)175CTR(Bom)651; [2002]256ITR20(Bom); 2003(1)MhLj302
..... bench, mumbai ('the tribunal' for short). the tribunal, while confirming the said order, also upheld levy of penalty under section 271(1)(c) of the income-tax act, 1961 ('the act' for short).factual matrix2. the factual matrix lies in a narrow compass and it is this :3. the appellants are partnership firms engaged in the business of ..... compilation or collections of sheets in one volume. the books of account referred to are those books of account which are maintained for the purposes of the income-tax act and not diaries which are maintained merely as a man's private record ; prepared by him as may be in accordance with his pleasure or convenience ..... have been exhibiting record of the factual facts, contemporaneously made but they were never maintained for the purposes of the income-tax act to draw the source of income or for the computation of total income to offer income calculated therefrom for the purposes of taxation. such books or diaries can hardly be designed or accepted as books of .....
Tag this Judgment!Court : Mumbai
Reported in : 1998(3)ALLMR259; 1998(3)BomCR590
..... v.r.s. is framed by the employer, it has to satisfy the requirement of the provisions of the income tax act. the authorities under the income tax act if they are satisfied that the scheme complies with the requirements of the income-tax act will grant sanction and/or approval to the scheme. therefore, the scheme on approval does not become null and ..... or shift, not occasioned by circumstances over which the employer has no control. i have earlier referred to the fact that once the approval is taken under the income tax act the scheme of v.r.s. must necessarily result in decrease in the existing strength of workers. therefore, prima facie it must result in reduction of posts ..... of the employees.'it is, therefore, important to note that a scheme framed under section 10(10-c) of the income tax act to enable an employee to get exemption under section 10 of the income tax act must result in over all reduction in the existing strength of the employees.on account of the scheme all that happens is .....
Tag this Judgment!Court : Mumbai
Reported in : [2008]297ITR419(Bom); 2007(6)MhLj211
..... . 1 launched prosecution against the applicants, on 28th february, 1990, before the addl. chief metropolitan magistrate alleging that the failure to deduct tax at source amounts to an offence under section 276b of the income tax act, 1961, as it stood prior to 1st april, 1989. the applicant nos. 2 and 3 and applicant no. 1 were also proceeded against ..... offence, in other words, it was not an offence at the time when the prosecution was launched. he submits that since the change in section 276b of the income tax act amounts to an omission, all actions under the omitted part should stop at the point when the omission takes place. mr. sathe relied upon the judgments of the ..... provisions:11. before considering the rival submissions, it is necessary to turn to the statutory provisions. the following are the relevant extracts of section 276b of the income tax act prior to 1st april, 1989 and after 1st april, 1989.section 276b (as on 1-10-1975 and upto 10-9-1986)if a person, without reasonable .....
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